Elucidate raised €2.5 million investment led by 11.2 Capital

Elucidate, a Berlin, Germany-based financial crime risk quantification agency, has announced closing a €2.5 million ($2.8M) investment.

The money was raised from investors led by 11.2 Capital. Other participants in the round include Seed X Liechtenstein, Apex Ventures, Big Start Ventures and SixThirty Ventures.

Proceeds will be used to further develop the company’s flagship product, the Elucidate FinCrime Index (EFI), and its ability to measure financial crime risk.

Elucidate, founded in 2018 by Filipe Garcia and Shane Riedel, offers a SaaS platform for the standardised quantification, measurement and reporting of FinCrime risk.