The Stanford University spinout has attracted $10.6m in an Entertainment Partners-backed series B round, a week after closing $10m in series A funding.
Exactuals, the US-based developer of a software platform that organises entertainment payments, has raised $10.6m in series B backed by entertainment sector-focused payroll services provider Entertainment Partners (EP).
Financial services firm City National Bank led the round, which included venture capital firm TTV Capital. Exactuals closed its $10m series A round, co-led by City National and TTV Capital with participation from Stanford University’s StartX Fund, last week.
Founded at Stanford University’s Graduate School of Business in 2011, Exactuals has built a software-as-a-service platform for the entertainment industry that organises residuals, royalties and other complex payments.
In addition to the investment, Exactuals and EP have entered into a partnership that will allow EP to execute payments via Exactuals’ platform, which is called PaymentHub. Darren Seidel, chief finance officer at EP, will join the company’s board of directors.
The company has secured $21.5m to date. Mike Hurst, chief executive of Exactuals, said: “We built Exactuals with this relationship in mind. Entertainment Partners is the perfect investor and partner to champion our mission to modernise entertainment payments.”
– A version of ths article originally appeared on our sister site, Global University Ventures
