MarketInvoice boosted by £5m funding from Northzone and Indeed.com founder
Former Startups Awards winner set to scale operations to further develop peer-to-peer lending service
MarketInvoice, finalist and winner at the 2013 Startups Awards, has announced a £5m funding round backed by Indeed.com co-founder Paul Forster and technology investment firm Northzone.
As part of the deal, Northzone will join MarketInvoice’s board with the invoice finance start-up added to its impressive investment portfolio which includes the likes of Spotify, Trustpilot and SpaceApe.
Founded by Ilya Kondrashov and Young Guns Charles Delingpole and Anil Stocker, MarketInvoice enables small and medium businesses to raise funds by selling their outstanding invoices directly to investors.
Since its launch in 2011, the peer-to-peer lending specialist claims to have traded almost £300m across its platform; with £200m traded in the last year alone (see celebratory image above).
It plans to use the finance to “scale up company operations” as MarketInvoice CEO and co-founder, Stocker, explained:
“Whilst we’ve grown significantly over the past two years, we have plans and ambitions to go much further. By bringing Northzone and Paul Forster on board we are in a strong position to achieve our ambitious goals. Their experience in scaling businesses will be invaluable.”
On his decision to invest, Forster said:
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“Just as Indeed.com has redefined the recruitment industry, MarketInvoice is disrupting business finance with a best-in-class marketplace for working capital. The UK is emerging as a leader in financial technology and MarketInvoice is at the forefront.”
Jeppe Zink, Northzone general partner, echoed Forster’s predictions:
“Invoice finance is a huge opportunity for disruptive online businesses and we look forward to being part of MarketInvoice’s ongoing success story.”
The news comes on the back of MarketInvoice’s recent partnership with accountancy software firm Kashflow to increase access to small business funding.