The Stanford University spinout has attracted $10.6m in series B capital just a week after closing a $10m series A round that included the StartX Fund.
Exactuals, a US-based developer of a software platform that organises entertainment payments backed by Stanford University, today raised $10.6m in series B financing led by financial services firm City National Bank.
Entertainment Partners (EP), an entertainment sector-focused payroll services provider, and venture capital firm TTV Capital also contributed to the round
Founded at Stanford University’s Graduate School of Business in 2011, Exactuals provides 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, called PaymentHub. Darren Seidel, chief finance officer at EP, will join Exactuals’ board of directors.
The company has secured $21.5m to date. Only a week ago, Exactuals closed a $10m series A round, co-led by City National and TTV Capital, with participation from Stanford University’s StartX Fund.
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.”
