Total Expert, a St. Louis Park-based fin-tech company, has secured $52 million in Series C funding – one of the largest raises for a non-healthcare tech startup in recent years.
The round was led by Toronto-based Georgian Partners with participation from previous investors Emergence Capital and Minneapolis-based Rally Ventures.
Total Expert said in a statement that it will use the new capital to expand on its current team of 218 employees and will begin hiring additional data scientists, designers and industry experts, in addition to accelerating the development of its APIs, machine learning and AI capabilities.
Founded in 2012, St. Louis Park-based Total Expert makes marketing, compliance and reporting software that’s been especially popular with mortgage firms.
Total Expert's $52 million raise is likely the single largest round of funding for a Minnesota software company since Code42 raised $85 million in 2015, the Biz Journal reports. It's also the third biggest funding in 2019 behind Nuvaira's $79 million round and Puris' $75 million investment from Cargill.
News of the company’s new funding comes after a long period of growth. Over the past three years, Total Expert’s revenues have increased 3,206% and employee headcount has grown 130% in the last year. The company expects to grow its staff to 250 by the end of 2019.
Total Expert brought in $11.1 million in revenue last year and landed at No. 105 on Inc. Magazine’s list of the 5,000 fastest-growing companies in the United States.
Total Expert has now raised approximately $86 million in venture capital. It is now the second most funded SaaS startup in Minnesota behind Code42.
