nCino, the fast-growing Wilmington startup focusing on taking the bank industry to the “cloud,” is gearing up for further global expansion and more hiring after raising a new round of venture capital.
Kathryn Cook, Director of Public Relations for nCino, told The Skinny late Tuesday night about the company’s plans and filled in details about the new funding that was disclosed in a securities filing earlier in the day.
“As reported in the SEC filing, nCino raised approximately $17.85 million. The majority of that capital came from Salesforce Ventures, Salesforce’s corporate investment group,” Cook explained in responses to a series of questions.
“They have been an investor in nCino since 2014 and increased their investment with this round.”
Three investors in all participated in the funding. The two others were not disclosed.
Launched in 2012 with the goals of increasing efficiency, regulatory compliance, customer relationship management and revenue growth for banks, nCino has been on a rapid growth curve ever since. Investors have fueled the growth with more than $80 million after the latest round. The company raised almost $16 million in June 2016 and $29 million in 2015.
And nCino has big plans for the new cash.
The firm on Tuesday hosted a “meet and greet” at its recently opened offices in London as a tweeted graphic included with this post shows.
Noting that the London outpost is “our first international office,” Cook says more growth is planned, saying “global expansion” is on the growth to-do list.
The help wanted sign is out as well with the company planning to invest more in product development.
“We are planning to hire additional employees this year – both domestically and internationally – with a primary focus on expanding our product development and engineering and customer success teams,” Cook explained.
Headcount at nCino is now some 325, according to Cook. Most of those are based in Wilmington.
Is nCino done with fundraising?
On the SEC form, nCino checked the box “No” when asked if the company expected the funding to last more than a year.