Zennify, a cloud consulting firm for financial services companies, has raised $7.5 million from Chicago venture capital firm Tercera to grow the company, including forays into Mexico and Canada.
“This new investment from Tercera, alongside the continued demand for our services, validates the impactful work we’re delivering and highlights the opportunity ahead of us,” said Manvir Sandhu, co-founder and CEO of Zennify, in a news release.
Sacramento-based Zennify helps banks, insurance, mortgage and money management businesses implement technology for their customers, including customer relationship management systems from companies including salesforce.com inc. (NYSE: CRM) and nCino Inc. (Nasdaq: NCNO), which offers a cloud-based operating system for financial institutions to interact with their customers.
Launched in 2012, Zennify grew from a handful of employees in 2018 to 100 in early 2020, and in the past two years has doubled to more than 200 employees. In August, Zennify was listed on this year's Inc. 5000 list of fastest-growing private companies in America with 409% growth.
In the company's last fiscal year, its revenue was $25 million, according to Zennify.
“The financial services industry is undergoing massive change and is spending enormous amounts on information technology and cloud adoption to stay relevant in a digital-first world,” said Chris Barbin, CEO of Tercera, in a news release. “Zennify’s outcomes and capabilities in financial services drove Tercera’s initial interest in the company, but what sealed the deal was Manvir and the team’s commitment to culture, cultivating talent and embracing diversity.”
The new money will be used to develop the company’s technology and to reach out to more customers, Zennify said.
The company said it's on track for 50% revenue growth in its 2022 fiscal year, after recording nearly 30% growth in 2021.
Zennify is one of a cluster of financial technology companies based in the Sacramento area. In 2019, Zennify raised an undisclosed amount of investment from salesforce.com's Salesforce Ventures Trailblazer Investment Fund.
