Fintech funding round-up: 12 April 2018
Following the fintech funding round-ups on 10 April and 11 April, welcome to part three. Features Intramezzo, Microsoft for Startups, Global Fintech Solutions, Eos Venture Partners and Supply Finance.
Executive recruitment firm Intramezzo has launched its new equity crowdfunding platform, Stakeholderz. Designed to help early stage UK tech companies secure investment, the platform is supported by Microsoft for Startups, a business accelerator in London.
Stakeholderz brings together ventures, senior executive talent, and an investor base. Companies listing on the platform are matched with directors from Intramezzo’s network, who help fill a gap at the company while also becoming a lead investor. Non-fintech firm Vortex IoT is the first to go live on the platform with a fundraising target of £500,000. According to Intramezzo, UK crowdfunding “continues to outperform government and angel networks”, with over £98 million of investment in the first half of 2017.
Global Fintech Solutions (GFS) has raised a new (undisclosed) funding round from several funds under the management of Da Vinci Capital and from its portfolio group, ITI Funds. Investment group Prytek was a co-investor in the round.
GFS says it acquires exclusive licences for tech products for further technology transfer into markets, including Russia. Its current product portfolio includes seven core technologies. The firm plans to enlarge its product portfolio twofold in 2018, boost its revenue to $20 million in 2019 and conduct an IPO in two-three years at an international exchange. It currently has offices in Luxembourg, Russia and Israel,
Eos Venture Partners (EVP), an insurtech venture capital investor, intends to raise a $100 million debut fund, EVP I. Eos was formed in 2016 and has made eight insurtech investments, with six going on to raise up-rounds. It mentions investments such as Neos, a connected home insurance firm, which raised $7 million from Aviva and Munich Re; and Digital Fineprint, a business that uses social media to enhance the insurance process, which raised $2.7 million from PenTech Ventures.
Eos currently has offices in London and Philadelphia, and this year will launch an insurtech innovation centre in India. It also (and coyly) announced a limited partner (LP) commitment of $20 million in EVP I from an unnamed global insurer; and a second $10 million commitment from an unnamed European insurer.
Over in Ireland, Supply Finance has raised €4 million in funding in Series A funding from European and Asian venture capital company Finch Capital, and US-based venture capital firm Fenway Summer Ventures.
The start-up is targeting the SME market by offering trade finance products. The money will be used for expansion into three European markets – with only Denmark named so far. Supply Finance says it has completed its first partnership in that country with a €1 million investment in liquidity provider Omniveta Finance.