SBI in Series B round for Australia’s Panviva
A joint venture fund run by Japan's SBI Group and US-based Jefferies Group will provide A$4 million ($4.2 million) in Series B funding to Australian business software provider Panviva.
The capital, which came from the $124 million SBI Jefferies Asia Fund, will be used to support Panviva's cloud-based product development, accelerate its growth in the telecom and banking sectors, and consolidate its position in the US health insurance market.
SupportPoint, the company's flagship product, has a rapidly-growing blue chip customer base that includes British Telecom, HP, BUPA, Foxtel, Health New England, AvMed, Medibank Private, HBF, Health Alliance, National Australia Bank and Westpac.
"Panviva is already profitable, has market-leading products and technologies and a solid customer base in a rapidly growing market," said Masaki Takayanagi, managing director and CEO of SBI Ven Capital. "Panviva's success in its first markets and the scalability in the new markets make it a compelling partner for us, and we look forward to making a powerful contribution to its success."
SBI Ven Capital is the Singapore-based private equity arm of SBI, with more than $3 billion of committed capital. It primarily focuses on providing growth capital to promising companies in the mid-market sector in Asia.
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