Participated · Equity · Jun 2017

Zopa is a UK savings-and-lending bank focused on retail deposits and consumer lending, and it has been preparing to launch a Bank Account/current account product. The bank said the latest capital raise strengthens its balance sheet and positions it for the Bank Account launch. It raised additional capital ahead of its current account offering six months ago and described this new raise as non-dilutive. Zopa listed its first-ever bond on the London Stock Exchange as Additional Tier 1 capital to help meet regulatory capital requirements. The company reported a doubling of pre-tax profits to £31.5m in 2024. Management also said an IPO is not a priority given public market uncertainty. Zopa is a UK savings and lending digital bank with a UK banking licence that offers personal loans, credit cards, point-of-sale retail finance, car finance, savings accounts, and financial health tools. It reports about 1.3m customers and holds £5m in deposits. Zopa recorded its first full year of profitability in 2023, making a pre-tax profit of £15.8m for the year ending 2023, and says it expects to double profits in 2024. The company has raised a total of £768m to date, according to Crunchbase, including two £75m fundraising rounds in 2023. Most recently it raised over €80m (£66m) in an equity round led by AP Moller Holding with significant participation from existing investors including Silverstripe; SoftBank is also a known shareholder. Zopa did not disclose a valuation, though press coverage indicated the new funding keeps it above $1bn unicorn status. The funding is intended to support the launch of a current account proposition next year and development of a GenAI proposition. Zopa is a UK neobank that offers loans, savings and deposits, a BNPL product and ISAs to retail customers and now serves 1 million customers. The company launched BNPL and a long-term savings ISA this year and plans to launch two more products next year. It says it will continue building products alongside its lending and deposit businesses and is also eyeing acquisitions. Zopa has no near-term plans to expand outside the U.K., citing ample opportunity domestically. Financially, Zopa is EBITDA positive, on track to be profitable for the full year for the first time, and projects an annualized run rate of £250 million this year. The firm has raised capital previously and has attracted large strategic investors as it prepares for a future IPO when markets improve. Zopa provides consumer lending, credit cards and savings accounts and currently serves roughly 850,000 customers across its products. The company reports £3 billion in deposits in its savings business, £2 billion in its loans business, £8 billion in loans approved overall, and about 400,000 credit cards in circulation. Revenue has doubled year-over-year and Zopa says it is on track to be profitable for the full year 2023, the first time since it was founded 17 years ago. The firm plans to use new funding to build out additional financial products, acquire assets, and bring on more customers. Management also intends to explore business-targeted products and expand further into payments alongside its existing credit, loan and savings offerings. Zopa notes market growth for loans has slowed to near pre-pandemic levels, but says customer migration to digital services continues to drive volume growth for the company. Zopa operates a savings-focused neobank and a peer-to-peer lending platform, serving roughly 500,000 users in the U.K. The company originated P2P lending and has processed about £6 billion in loans to date. It launched plans to become a bank in 2018 and completed its banking launch last year, building most products in-house rather than via third-party APIs. Zopa is on a run rate of £85 million (~$116 million) and expects that to double to £170 million (~$233 million) by 2022. Management says the business is on track to reach profitability by the end of the year. The company plans to use new funding to expand savings products, develop tools to help consumers pay down credit cards, target solopreneurs with additional products, and pursue partnerships with other fintechs and neobanks.

Led · Series A · Jul 2015

Seedrs operates an online equity crowdfunding platform offering primary and secondary capital-raising and investor access. After the proposed merger with Crowdcube collapsed following a provisional CMA finding, the company says it is "back to business" and trading strongly. Seedrs has secured new financing in the form of a convertible loan note to drive growth as a standalone business and has launched an internal strategic review of potential products and features. Financially, Seedrs reported £5.3 million in revenue for 2020 (up 24% year-over-year) and reduced its operating loss from £5.1 million to £4.1 million. The company expects about £2 million in sales for Q1 2021, holds a little over £3 million in the bank, and says it is "just a whisker away" from profitability. Seedrs operates an online equity crowdfunding platform that enables investors to back private companies. The company recently raised £4 million from Woodford Investment Management, adding to a prior £6 million from the same investor. Seedrs has opened a concurrent crowdfunding campaign for new and existing investors to participate in the round. Management said the new funds will be used to develop more products for the platform. The company is reportedly valued at £40 million. There was a leadership change: founder Jeff Lynn stepped down as CEO to become executive chairman and COO Jeff Kelisky became CEO. Seedrs is an equity crowdfunding platform. It raised a $15.6 million Series A to fund expansion, including launching in the U.S. The company plans to expand marketing efforts in the U.K. and Europe and increase platform development activities. Seedrs also intends to launch a £2.5 million crowdfunding campaign to allow existing shareholders and new investors to participate; details will be announced later. The Series A values Seedrs at £30 million on a fully-diluted, post-money basis and Tim Levene of Augmentum is joining the board. Prior financing includes $7.2 million from Faber Ventures and Seedrs' own crowdfunding campaign. Seedrs operates a fully regulated equity crowdfunding platform that allows investors to back startups across Europe. Launched in July 2012 by CEO Jeff Lynn, the company is authorized and regulated by the UK Financial Conduct Authority. To date Seedrs has supported the pitches of 58 startups, which have raised more than £5.6m ($9.1m) through the platform. The company recently used its own platform to secure £2.58m ($3.5m) of its own capital. The article reports a new investment from AFT Holdings; the transaction amount was not disclosed. No additional future plans or financial details are provided in the article. Seedrs operates an equity crowdfunding marketplace that lets entrepreneurs pitch for seed capital in return for giving investors an equity stake. The platform has more than 25,000 registered members who can back businesses with investments from as little as £10. Since launching 16 months ago it has funded 48 deals and averaged three deals per month, and reports annual growth of more than 600%. Seedrs was the first equity crowdfunding platform to receive regulatory approval from the UK Financial Conduct Authority. The company is now expanding across Europe to open its platform beyond UK residents. Jeff Lynn, CEO and co‑founder, said the expansion will provide startups across the continent access to a wider pool of capital.

Participated · Equity · Feb 2015

Borro is an international online platform offering loans secured against luxury assets such as fine art, antiques, jewelry, luxury watches, fine wine, and prestige and classic cars. It offers loans ranging from $5,000 to $10,000,000. The company was launched in 2008 and is led by CEO John Allbrook. Borro is based in London and has opened offices in New York and Los Angeles. Prior to the transaction, Victory Park Capital provided a credit facility in February 2014 to support Borro’s loan portfolio. Victory Park Capital will expand its involvement to include working capital financing and provide strategic and operational support. Borro operates an online lending platform that offers loans from $5,000 to $2,000,000 secured against luxury assets such as fine art, antiques, jewelry, luxury watches, fine wine, and prestige and classic cars. The company launched in the UK in 2009 and expanded to the U.S. in 2012, with offices in New York and Los Angeles. Since inception it has extended close to $200 million in luxury asset-backed loans. Borro says it will use new funding to continue growth across the U.S. and the U.K. Financially, the company has raised capital in multiple transactions, including a $112m debt raise from Victory Park Capital in 2014 and the most recent $19.5m funding round, bringing total capital raised to over $200m. Borro operates an online pawnshop platform that provides short-term loans secured by luxury watches, art, jewellery, cars, fine wine and other high-value items. Initial applications are made online, after which Borro’s network of object experts and logistics teams evaluate and collect items in person, typically lending around 65%–70% of an item’s value. Loan terms are short: items are usually kept about six months, average interest runs roughly 3.5%–4%, and items not reclaimed after about ten months may be sold via dealers or auction; excess sale proceeds above the consigned value are returned to customers. The company has seen strong growth: it lent about $50M in 2013 and expects to lend $100M this year, with revenues rising from $17M last year to just over $30M this year. Borro has increased average loan size (now about $12,000) and is seeing more $50,000-plus opportunities. The firm plans to use new capital to expand its available finance pool, scale localized U.S. operations (beyond its London and New York offices) and pursue partnerships with e-commerce platforms and other sales conduits. Borro operates an online collateral-loan service that appraises customers’ high-value personal assets via experts and issues secured loans—often up to $1 million. The platform targets an upscale market, with an average loan size around $8,000. Borrowers receive interest rates reported between 2.99% and 3.99% and typically have a six-month repayment period (extensions available). If a borrower defaults, Borro sells the collateral and returns any excess above the loan plus interest. The company emphasizes liquidity for owners of valuable goods who need cash without selling their assets. Recent funding is intended to support expansion in the U.S. and UK and to add new product features. Borro provides short-term loans ranging from £100 to £1m secured on high-value personal assets such as watches, jewellery, antiques and artwork. Valuations are performed by an expert valuations team based in London. The company is led by CEO Paul Aitken and serves a retail customer base seeking short-term liquidity against possessions. Proceeds from its recent financing are intended to fund Borro’s loan book and allow the company to continue servicing its customers. Borro’s equity backers include Eden Ventures and Augmentum Capital. Earlier related raises include a £10M round reported in March 2010 and a venture capital financing reported in March 2011.

Led · Series B · Apr 2012

Bathrooms.com operates an online retail business selling bathroom products direct to consumers and trade customers. The company collaborates with international designers and sources all of its own products from the Far East. It was founded in 2004 by CEO Ian Monk and employs more than 50 people across the UK and China. The business reports a turnover in excess of £5m. Bathrooms.com intends to use new funding to expand its share of the UK bathrooms market. Its core product offering is framed around curated bathroom goods sourced and distributed through its online platform. Bathrooms.com is an online retailer selling high‑end bathroom suites, baths, shower enclosures and furniture to consumers and trade via its website, with next‑day delivery throughout the UK. The company says it has been profitable since its launch in 2004 and has served over 100,000 customers to date, describing itself as one of the fastest‑growing bathroom retailers. Its offering emphasises exclusive lifestyle designs, quality product and customer service at "unbeatable prices." The new Series A funding is intended to boost its growth trajectory by adding additional brands and ranges and increasing exposure across marketing channels. Bathrooms.com also plans to expand into "key international markets" as part of its growth strategy. As part of the round, Chad Raube of Dawn Capital will join the board to help implement a five‑year plan to become the market leader.

Participated · Equity · Jun 2010

BullionVault operates an online platform allowing investors to buy and own 100% physical gold. Launched in April 2005 and based in London, it stores over 20 tonnes of gold for its users in accredited bullion-market vaults in London, Zurich, and New York. The company is a full member of the London Bullion Market Association (LBMA). BullionVault emphasizes physical ownership and professional custody in established market vaults. In June 2010 it received a £12.5m equity investment from new shareholders including the World Gold Council and Augmentum Capital.