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This brings the total amount raised by the company since its foundation in 1998 to over USD56 million. The company raised USD16.5 million at the end of 2001.
The current round of funding was raised from existing shareholders Doughty Hanson Technology Ventures and Cross Atlantic Capital Partners, as well as from new shareholders Gartmore Group, AMT and SYBEX.
"Marrakech is pleased to have secured funding from such high quality investors," said Kelly Murphy, Marrakech's chief executive in a statement. "This round of funding will provide the resources for Marrakech to continue growing its customer base."
Marrakech's primary line of business is an Internet-based network called the Marrakech Global Commerce Network. The e-procurement system is a trading platform that allows companies to interact and trade goods and services, regardless of their size or location. These services are run through Marrakech's own software, which it hosts on its own servers. The company's revenues are derived from transaction fees associated with the services as well as from professional services.
"The fact that we've managed to sign up companies like British Sugar and Jefferson Smurfit shows that this is a good business model," Collin Lewis, head of marketing at Marrakech told ElectricNews.Net. "It is also borne out by new business that we're seeing in the pipeline."
Marrakech employs 120 people, mostly in its Dublin and London operations, which has been reduced from 200 in August 2001 due to the economic downturn.
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