Miami-based lending platform Boopos has reportedly raised $58m in its Series A round, composed of debt and equity.
The investment has $8m in equity and $50m in debt, according to a report from TechCrunch.
Bonsai Partners served as the lead investor. Fasanara Capital, which led Boopos’ $30m seed round, also joined the Series A, along with Noa Capital Partners, K Fund and Actyus.
The debt line will ensure Boopos will have the funds to lend. The equity will help Boopos hire more staff, with the plan to double its team of 25 over the next 12 months.
Boopos also plans to launch a mobile app, which is described as a business owner dashboard. It will allow users to explore and decide what businesses to buy and when a decision is made, they can add the business into their portfolio. Here they can view how the business is doing in terms of revenue and how the debt is going down.
While the specific numbers were not given, Boopos’s valuation is doubling from its seed round, and revenue has grown by between 30% and 50% month-over-month since late 2021.
The lending platform was founded in 2020 by Garcia Braschi to help business owners that use acquisitions as a way to grow their companies. These small business acquisitions often fail to qualify for bank financing, he said, which is where Boopos helps.
According to the TechCrunch report, Boopos qualifies buyers through an application and their LinkedIn profiles to ensure they have the risk skills and track record to succeed in business ownership.
It claims it can underwrite online businesses in under 48 hours.
Earlier in the week, Muse Finance raised a $20m debt facility to help support its customers. The company supplies business owners with up to a 90-day cash flow snapshot with quick access to finance.
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