Accept Software has just announced that it closed its Series B financing. Led by StarVest Partners, LP with the participation of existing investors Jefferson Partners and The Entrepreneurs Fund (TEF), the investment totaled just over $17m.

Founded in 2001, Accept Software is based in California and has an R&D center in Israel. It develops on-demand software for idea management, portfolio management and requirements management.

According to Israel Venture Capital Research Center (IVC) Online, Accept has raised $22 million to date, including the present round, from funders mentioned above and private investors.

The new funds will be used to respond to growing customer demand by accelerating development of the company’s product line and expanding sales and marketing.

Bryan Plug, Accept President and CEO stated: “We have grown year-over-year revenues in excess of 70 percent and significantly increased both the number and industry diversity of customers we serve.”