SCOTTISH Equity Partners has taken part in a $35 million investment round in London-based tech company Tyk, which has a management platform used by Starbucks, Domino’s and Societe Generale, writes Scott Wright.
The undisclosed backing is the latest in a series of investments SEP has made in high-growth tech companies this year, which have included support for Glasgow-based AutoRek.
SEP has joined existing investor MMC Ventures in the latest funding round for Tyk, which provides API (application programming interface) solutions to highly regulated industries such as financial services, healthcare and government.
The investment will be used by Tyk to accelerate the development of its open-source API and service management platform, and to double its current headcount of around 100 in the next 12 months. Tyk, which was founded by Martin Buhr and James Hirst, plans to expand in the US and open new offices in Germany, Australia and New Zealand.
SEP director Martin Brennan said: “Martin and James have built a world-class team and the addition of this new capital will enable Tyk to accelerate the growth of its API management platform.”
SEP’s Keith Davidson has joined the Tyk board as a non-executive director.
Mr Buhr, chief executive of Tyk, said: “APIs are everywhere. Ordered a pizza online? You can thank APIs for that. Just applied for a credit card? That’s APIs from start to finish. The modern enterprise is at its core an API company, and those that want to survive are expanding their API ecosystems rapidly. With that growth comes an increasing need to manage, monitor and secure that complexity.
He added: “At Tyk, we make that easy We’re a progressive, global, remote-first, open-source company that puts our customers at the heart of everything we do, while pushing the envelope with continued market-leading innovation. That makes us an ideal partner for enterprises that are transitioning into, or levelling-up their API game.”
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