Holtzbrinck Ventures, the venture firm spun out of publisher Georg von Holtzbrinck, contributed to a €31.5m ($35.3m) series B round closed by Germany-based online lending platform Spotcap on Tuesday.
The round was led by private equity firm Finstar Financial Group, and brings Spotcap’s total debt and equity financing to €49.5m in under 18 months.
Launched by e-commerce holding company Rocket Internet in September 2014, Spotcap operates an online platform that provides businesses with short-term credit lines and loans.
The company plans to use the series B capital to expand geographically, and to grow its business in Spain, the Netherlands and Australia, all markets in which it is already active.
Toby Triebel, co-Founder and CEO of Spotcap, said: “This long-term strategic partnership with a leading investor is a validation of Spotcap’s solid business model and our goal to become a leading global provider of online business loans.”
Rocket Internet, Holtzbrinck Ventures and conglomerate Access Industries provided $16.5m in series A funding to Spotcap in late 2014 before Kreos Capital supplied €5m in debt financing to the startup.