Berlin-based FinTech re:cap has extended its seed financing round to $15m following support from Mudadala Capital.
The seed round also includes $100m of liquidity raised for its funding platform alongside the $15m raise.
re:cap claims the addition of Mubadala Capital further strengthens re:cap’s international network and access to a broad base of successful software companies.
re:cap’s funding platform enales reccuring revenue businesses to convert up to 50% of their ARR into instant, non-dilutive upfront cash. The platform also grants institutional investors access to an entirely new asset class as they are able to invest directly in the recurring revenues of software companies.
Since December 2021, the ARR of companies on its platform has grown into the three-digit million range. It has also extended the features of its product, now allowing firms with annual contracts to trade on the platform. re:cap intends to further refine its product and start to expand internationally within Europe.
According to re:cap, the new funding will be invested into further expansion of its team as well as product and entering new European markets from its launch base of Germany.
re:cap CEO and co-founder Paul Becker said, “With its extensive global network and its impressive knowledge of the fintech space, Mubadala Capital is a fantastic fit for re:cap. We’re very excited to have convinced them of our business model, which matches companies of the subscription economy looking for growth capital with institutional investors aiming to invest in a new, fixed-income like product. We’re looking forward to jointly leveraging the massive potential of this partnership.”
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