We have advised Tyk, a London-based global tech company, on its $35 million growth equity funding round led by new investors Scottish Equity Partners (SEP), alongside existing investors MMC Ventures. Tyk will use the funding to reach new markets and accelerate product development.
Tyk’s innovative API management solution helps to build mission-critical systems in highly regulated industries such as financial services, healthcare, and government. It is used by some of the world’s largest enterprises such as Societe Generale, Starbucks and Domino’s.
With businesses reinventing the way they work, software is now built across multiple clouds, locations, and teams. APIs are the backbone of this, and Tyk’s technology enables modern engineering teams to monitor, secure and manage all their organisation’s APIs in a single, functionally rich platform.
The investment will accelerate development of Tyk’s leading independent, open-source API and service management platform. The company aims to double headcount within the next 12 months with plans to increase its UK team and expand its presence in the US to the West Coast, and open new offices in Germany, Australia, and New Zealand.
Commenting on the transaction, corporate partner Howard Palmer said: "APIs are now fundamental to any digital transformation and Tyk is leading the way in this space. As a firm, we focus on working with real innovators across all industries and were pleased to support the team in securing this significant funding. We look forward to seeing the business achieve its ambitions for growth in this exciting next phase."
James Hirst, COO and co-founder of Tyk, added: “We received interest from a number of investors and are delighted to be partnering with SEP for the next stage of our growth. The funds will be used to continue disrupting the software industry by providing innovative solutions that empower our clients’ teams and put developers firmly in the driving seat when it comes to building and managing new products and services. We are extremely grateful to Howard and the team at Taylor Wessing which provided exceptional support and guidance throughout this process."
The team was led by partner Howard Palmer with support from associates Becca Gaunt and Joshua Gertner in the corporate team.