Xcelerate, a Singapore-headquartered governance, risk & compliance (GRC) and environmental, social & governance (ESG) platform, announced the successful close of an equity raise of above $25 million.
Xcelerate provides comprehensive solutions to corporates to help them maintain the highest levels of governance standards, manage risk and ensure compliance with various statutes, laws, and regulations, both internal and external. The company is focused on organic and inorganic growth with the current round of funding to be deployed for strategic acquisition opportunities and ongoing investment into the business’ operations, team and technology.
The latest round was led by Federated Hermes Private Equity, a global private equity investor with assets under management of $6.4 billion (as at September 31, 2023) and a 30-year track record of investing in innovative and high growth businesses.
The round also saw strong participation from existing institutional investors, Altair Capital and Exacta Capital Partners. Co-founders of Xcelerate and other existing shareholders also further invested into this round. Altair Capital is a private equity firm focused on buyout and significant minority investments in Southeast Asia, and is the ASEAN affiliate of Polaris Capital Group, a leading buyout group in Japan. Exacta Capital Partners is a Southeast Asia-focused lower middle market private equity fund manager since 2013.
Xcelerate offers tech-enabled, scalable compliance solutions in highly regulated and complex industries, and has made significant investments in the social compliance and risk management segments in India with concrete plans to expand into APAC and other markets in the near future.
Madhujeet Chimni, co-founder of Xcelerate, said in a statement that along with partners the team will “aggressively expand into new segments under the GRC and ESG sectors” and has confidence “in executing the business plan to build a regional platform with technology-led solutions.”
Sean Yoo, partner and head of APAC at Federated Hermes Private Equity, is set to join the Board of Xcelerate. He said in a statement: “As the global regulatory and compliance reporting demands on businesses continue to grow, they are increasingly turning to high quality providers such as Xcelerate to meet these obligations in the most efficient manner.”
Gary Ng, partner at Altair Capital, said in a statement, “We are very pleased to pledge our continued support for Xcelerate to execute its business plan and deliver on its strong pipeline of acquisitions.”
Sng Yeow Hua, managing director at Exacta, said in a statement, “This investment round marks a significant milestone in Xcelerate’s journey and we are confident that the team will build Xcelerate into the region’s leading GRC and ESG solutions platform.”