Home Strategy Nitro raises US$15m to accelerate growth

Nitro raises US$15m to accelerate growth

Australian-founded document productivity solutions company Nitro is pushing further international expansion after completing a US$15 million capital raising led by global investment firm Battery Ventures.

Founded in Melbourne in 2005 and now headquartered in San Francisco, Nitro says its focus on vastly improving document productivity and workflow across large organisations is paying off, and claims it added more than 300 new enterprise customers in 2016 alone.

Sam Chandler, Nitro’s founder and chief executive, says in the APAC region, Nitro’s footprint is growing rapidly, with a 55% year-on-year increase in sales in 2016 and the addition of 35 new enterprise customers, including JLL, Bluescope Steel, and the Australian Bureau of Statistics.

Chandler says the funding round will support Nitro’s aggressive growth plans and further fuel R&D efforts “to continue on our mission to make documents smarter”.

Also participating in the Series C funding round were two Sydney-based Australian-based institutional investors – Regal Funds Management and Alium Capital.

“We’re proud of achieving another significant milestone in Nitro’s journey. Thanks to the continued support of Battery and our new investors, we’re in a strong position to fulfill our growth ambitions in the enterprise while continuing to scale our operations globally,” Chandler says.

“CIOs choose to work with us to accelerate digital transformation because we’re a true partner – not only do we offer solutions that solve the most common document productivity challenges while delivering measurable and meaningful ROI, we also provide a customer success and service experience that is second to none and a real value differentiator for our customers.”

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).