A software company with U.S. headquarters in Tampa has closed a fundraising round worth a hefty $75 million.
Coherent, a software-as-a-service firm that provides technology for insurance business logic and functionality, announced the close of its Series B round on Wednesday, bringing its total funding to $89 million.
The company credited the expanded use of its core software, Coherent Spark, for quadrupling its customer base since its Series A round in 2020, yielding recurring revenues that have grown by a factor of 10. The new funding will go toward expanding Coherent’s reach in the insurance industry and establishing more of a foothold in banking and asset management.
“Coherent Spark is on track to become the standard for managing business logic and operations ubiquitous in spreadsheets everywhere,” said Andrew Homan, senior managing director at Maverick Capital, which led the funding round. “We are excited to support Coherent’s talented team during this phase of hypergrowth.”
Maverick Capital was joined in the Series B round by previous investors Cathay Innovation and Franklin Templeton, along with Owl Rock and GreatPoint Ventures.
Coherent’s global headquarters are in Hong Kong, and it also has offices in Tokyo, Singapore, Shanghai and Manila, Philippines, with another coming in Thailand. Its U.S. CEO, Todd Buchanan, has served as chairperson of the Outback Bowl and sat on the board of the Tampa Bay Sports Commission.