Elderstreet Investments and ETF Group, the UK venture capital firms, have invested $8.5m (€9.3m) in Interbizz, the internet trade processing company.
Interbizz, which develops and sells retail and institutional trade processing systems, counts Goldman Sachs and Dresdner Kleinwort Wasserstein among its clients and is close to bringing a third big investment bank on board. Paull Robathan, chief executive at Interbizz, said: "We are aiming to use this funding to roll out our product throughout Europe beyond our existing bases in London and Sweden." Robathan added that the company could be back for a further round of funding before the end of the year to fund growth into Asia and the US.
