Augmentum Fintech Plc New investments totalling GBP7 million
20 August 2018 - 4:00PM
UK Regulatory
TIDMAUGM
20 August 2018
Augmentum Fintech plc
Augmentum Fintech plc announces new investments totalling GBP7 million
Augmentum Fintech plc (LSE: AUGM) ("Augmentum" or the "Company"), one of
Europe's leading fintech venture capital investors, announces an aggregate of GBP
7 million of investment in three leading European fintech companies - Tide,
Previse and DueDil.
* GBP3 million in Tide, an emerging leader in SME challenger banking, as part
of an GBP8 million funding round alongside existing investors
* GBP2 million investment in Previse, the global instant supplier payment
company, as Lead Investor with Bessemer Venture Partners as part of a GBP5.3
million Series A funding round
* GBP2 million investment in DueDil, the private company information platform,
as part of a funding round of up to GBP8 million
Tide
Augmentum has invested a GBP3 million convertible note as part of an GBP8 million
funding round alongside existing investors. Tide (www.tide.co) is an emerging
leader in SME challenger banking, based in London. The new funds are being
raised as the company prepares for rapid expansion and develops more features
on its platform to ease the administrative burden faced by small businesses.
Existing investors participating in the investment include Anthemis, Creandum,
Local Globe and Passion Capital.
Previse
Augmentum has invested GBP2 million in Previse as part of a GBP5.3 million Series A
financing. Previse (www.previ.se) uses machine learning to give multinational
companies tools and incentives to pay suppliers instantly on receipt of
invoices. This avoids the costs and inefficiencies associated with delayed
payment terms whilst transforming the prospects of businesses, often SMEs,
which supply large global corporations. Previse, headquartered in London,
estimates that this market is worth US$300 billion annually. Co-investors in
this round alongside Augmentum include Bessemer Venture Partners and Hambro
Perks.
DueDil
Augmentum has invested GBP2 million as part of a Series C financing of up to GBP8
million in London-based DueDil (www.duedil.com), which is building the world's
most complete source of information on private companies and the people behind
them. DueDil's proprietary matching technology links together data from
authoritative sources, helping DueDil's customers find, verify and monitor
opportunities and risks. More than 400 leading financial services and
technology companies rely on DueDil's web platform and API as an end-to-end
solution for new business prospecting, compliance on-boarding and risk
assessment and monitoring. Co-investors in this round alongside Augmentum
include Oak Investment Partners, Notion Capital and VentureFounders.
Tim Levene, CEO of Augmentum Fintech, said: "Since our IPO we have built an
exciting pipeline of fintech investment opportunities and are delighted to
announce the completion of these three investments, each of which fit perfectly
with our approach to investment. These companies deliver propositions that are
disrupting their markets, challenging incumbents and bringing huge efficiencies
to the end customer. At Augmentum we look for opportunities where we can add
value to a company beyond a simple financial contribution. In particular, we
seek out talented, driven management teams and help them to achieve their
potential."
Ends
For further information, please contact:
Augmentum info@augmentum.vc
Tim Levene +44 20 3961 5420
Richard Matthews +44 (0)7802 362088
Nigel Szembel
Fidante Capital +44 (0)20 7832 0900
Tom Skinner
Nick Donovan
Newgate Communications augmentum@newgatecomms.com
Bob Huxford +44 (0)20 3757 6867
Robin Tozer
Notes
About Augmentum Fintech plc:
Augmentum Fintech plc is one of Europe's leading venture capital investors
focusing exclusively on the fintech sector. Augmentum invests in fast growing
fintech businesses that are disrupting the banking, insurance, asset management
and wider financial services sectors. Augmentum is the only listed
fintech-focused venture capital firm in the UK, having launched on the main
market of the London Stock Exchange in 2018, giving businesses access to
patient capital and support, unrestricted by conventional fund timelines.
END
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