CMS has advised ApprovalMax, a cloud-based platform specialising in internal financial controls, on its USD 10m growth investment funding round, as well as an undisclosed secondary sale, with European growth equity firm Yttrium.
Founded in 2018 by industry experts and serial entrepreneurs Konstantin Bredyuk, Helmut Heptner and Peter Volynsky, ApprovalMax automates accounts payable and receivable processes, providing businesses with robust controls to combat fraud and workflow inefficiencies. It integrates with major accounting systems, adding an essential layer of protection to financial operations.
ApprovalMax is an alumni of CMS’ award-winning legal accelerator, equIP. Having joined the accelerator early in its journey, CMS is pleased to now add ApprovalMax’s name to the numerous success stories which have emerged from the accelerator.
CMS Corporate Partner Tom Jameson advised ApprovalMax on the deal. He comments: “I am delighted to have advised ApprovalMax on this successful funding round, a milestone development for the company who had until now self-funded. This deal paves the way for a new stage of growth for ApprovalMax and we look forward to continuing to support them on that journey.”
ApprovalMax CEO and Co-founder Konstantin Bredyuk adds: “Working with Tom and the team at CMS has been an exceptional experience. From the outset, Tom provided practical and commercial advice, foreseeing matters before they arose and expertly guiding us through the transaction process. His invaluable expertise has been instrumental in the successful completion of this important new stage of our journey.”
ApprovalMax plans to invest the money into expanding its engineering and product teams, alongside increasing its global reach. Additional details on the financing can be found here.
