InsurTech firm BondAval, which aims to democratise access to credit terms, has raised $7m from a seed funding round.
The round was led by Octopus Ventures and also saw investment from Expa, TrueSight Ventures, InsurTech Gateway and several entrepreneurs, including ComplyAdvantage CEO Charles Delingpole. Octopus Ventures investor Tosin Agbabiaka will join the board of BondAval as part of the funding.
Founded in 2020, BondAval claims it seeks to address the imbalance of working capital solutions in supply chains between large corporate and smaller firms. The company said it identified that offering companies of any size access to efficient and affordable payment security in real-time has far-reaching positive impacts on supply chains.
BondAval has developed MicroBonds, an alternative to existing solutions in payment security to help companies realise their full potential. BondAval has office locations in London and Austin, Texas.
According to the company, it intends to use the newly raised capital primarily for growth, hiring out larger teams in the UK, US and new markets as it looks to expand, as well as continuing the build-out and scale of its proprietary platform and provisioning services.
BondAval CEO and co-founder Tom Powell said, ?We envision a world where the size of a business is no longer an inhibitor to it achieving its ultimate goals. Were building the infrastructure to give businesses of any shape and size access to the most efficient forms of capital in real time.
?This funding round is yet another great point of validation for BondAval. The interest and support of all our investors funds and angels alike is rewarding in the fact that they all see the opportunity ahead of us. The capital raised will help us to continue hiring the best talent available. Im proud of what this team has accomplished already and excited for the future.p>
?BondAval COO and co-founder Sam Damoussi added, ?BondAval is bringing a completely novel outlook to a space that has been crying out for innovation. MicroBonds are a revolutionary security instrument with clear benefits for both suppliers and merchants. They are also highly flexible. We are constantly validating new and innovative use cases, and this fundraise will provide us with the capacity to further roll out our product offering.p>
?Earlier this year, BondAval closed another previous seed round on $1.64m.
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