Next Gate Tech, a Luxembourg-based fintech that supplies data management software for the funds industry, has completed an €8 million funding round.
The investment was led by German exchange operator Deutsche Börse via its corporate venture capital division. Existing investors NewAlpha Asset Management, Volta Ventures, Expon Capital, and SeedX.
According to Next Gate Tech chief executive Davide Martucci, the capital will help to fund the firm’s product development and expansion into new markets.
For Deutsche Börse, the move represents further investment in data management vendors. Last year it acquired another Luxembourg-based fintech Kneip which has an existing relationship with Next Gate Tech.
Following the latest funding round, Kneip CEO Enrique Sacau will join the board of Next Gate Tech. “The logic of it is to add more value to our clients on the back of delivering both exceptionally high-quality data and bigger coverage of their value chain,” said Sacau.