Accel Partners and 83North invest in CelonisThe Munich-based big data provider plans to use the capital for global expansion. Munich Startup had the opportunity to ask co-founder Bastian Nominacher a few questions about the investment.
Facebook investors Accel Partners and 83North are investing a total of $27.5 million in Celonis. With this funding, the provider of a big data technology called "process mining" aims to advance the global use of its software.
The Munich-based startup's technology makes it easier for companies to analyze their ongoing processes and provides insight into workflows, hidden cost drivers, and weak points. The technology is already used by over 200 customers from more than 15 industries and 25 countries, including medium-sized companies and Fortune 500 companies such as Siemens, KPMG, Deloitte, Bayer, and Vodafone. Celonis was founded in 2011 by three students at the Technical University of Munich: Martin Klenk, Bastian Nominacher, and Alexander Rinke. Laurel Bowden, Partner at 83North Europe, says:
"Celonis offers a superior product that provides an objective and holistic view of companies' value creation. This goes far beyond what previous data analytics technologies can achieve. The benefits are clear and immediately understandable for customers – the effect is quickly reflected in profitability and revenue growth. The market is enormous: all companies, regardless of their size, can use Celonis's process mining technology. We will see many more use cases for the technology."
Harry Nelis, Partner at Accel adds:
“We are very excited to be working with the Celonis team and helping them achieve their ambitious goals in building the process mining category globally.”
“A long list of large, multinational customers”
Nelis further praises the founders:
"Alex, Bastian, and Martin built a fast-growing and profitable company straight out of university. Today, they boast a long list of large, multinational clients, all without any external financing. We look forward to helping them take the next step in their growth—especially in the US market."
In 2015, Celonis was launched as part of the Deloitte Fast50 Awards recognized as the fastest growing technology company in Germany – with growth of almost 4000 percent in the past four financial years. US magazine Forbes names co-founder Alexander Rinke among its “30 under 30 Europe”
Interview with Celonis co-founder Nominacher: “Accel and 83North have a wealth of experience”
How did you get in touch with the investors? Who made the contact?
The contact came about through a direct inquiry from investors, who had become aware of us due to our very strong growth and success in the market.
How long did the negotiations last?
The negotiations were concluded quickly within a few months.
How exactly do you want to invest the capital?
We will use the capital to further expand our global sales and service infrastructure so that customers in all relevant markets—especially the US and Asia—can use our process mining technology. Furthermore, we will invest heavily in the further development of our technology so that customers can use our process mining technology even faster and for additional application areas.
Do the investors offer you additional support in addition to capital, such as know-how or contacts?
A key factor in our decision was the expertise and network of our investors. Accel and 83North have extensive experience in building successful global software companies and creating new technology markets. This investment will allow us to access a comprehensive global network of executives, subject matter experts, and industry experts, leveraging them to support Celonis's growth. This will enable us to work even faster and more effectively on turning our vision into reality.
What does the investment mean for you personally?
Personally, this investment represents a great opportunity for us and our vision of establishing a new category of analytics software for process mining. With Accel and 83North as partners, we can turn this vision into reality and successfully build a global software company.
