Obillex secures £3m to “help fill in the small business funding gap”
Dawn Capital and MMC Ventures lead funding round in platform which allows buyers and suppliers to access wholesale supply chain finance
Obillex, an early-stage invoice financing company, has raised £3m investment in a round led by Dawn Capital and MMC Ventures in return for an equity stake in the business.
Set to support the product development and national roll-out of its service, the deal sees Dawn Capital partner Josh Bell join the financial technology (FinTech) start-up’s board of directors.
Established in 2010, Obillex provides an invoice financing “solution” for banks and private investors to support small and medium businesses which are struggling to get paid on time.
“Filling in the funding gap”, the FinTech company links investors to supply chain finance transactions “at a low cost” and is said to be suitable for businesses across the public and private sector.
Obillex founder, Damian Crowe, said he was “delighted” with the news:
“It’s exciting to have such experienced investors joining our team and to know that Obillex now has the runway to deliver our business system into the market and to be able work closely with our existing clients and partners to develop capabilities consistent with the structural changes taking place in the market.”
New board member, Josh Bell, added: “Dawn Capital is always looking for novel and cutting edge new FinTech solutions. Supply chain finance is a sector ripe for innovation and we believe Obillex’s proprietary product and strong team are well-placed to win in this market.”