Tengelmann Ventures, the corporate venturing subsidiary of retailer Tengelmann, led a €12m ($14m) series B round on Thursday for Germany-based business finance platform Compeon.
Dieter von Holtzbrinck Ventures, the venture capital arm of publishing holding firm DvH Medien, and VC firm B-to-V Partners also participated in the round. All three investors had previously contributed to the company’s $2.8m series A round in 2015.
Compeon operates a marketplace enabling small and medium-sized enterprises (SMEs) to seek various forms of funding and debt financing from more than 220 partners, including financial services firms, savings banks, economic development fund managers and VC firms.
The funding will support growth and technology development, with the aim of strengthening Compeon’s market position. The company also hopes to extend its sales financing offering.
Christian Winter, chief executive of Tengelmann Ventures, said: “Compeon is a leader in the digitisation of SME financing.
“The Compeon team has demonstrated impressively how the high professional requirements of corporate finance can be integrated with the digital distribution channel. We look forward to Compeon’s continuing evolution.” [translated from German by Global Corporate Venturing]