UK-based invoice financing provider Sonovate secured £110m ($135m) in combined equity and debt financing on Monday in a round co-led by e-commerce group Rocket Internet and life insurance firm Prudential.
Investment manager MXB Holdings and venture capital fund Dawn Capital also co-led the round. Prudential participated through M&G Investments, a part of its savings and investment division, M&G Prudential.
Founded in 2011, Sonovate offers invoice financing to recruitment agencies, consultancy firms and on-demand vendors, helping to free up cashflow, chasing contractors for the debt and offering protection against insolvency.
The company has financed in excess of $1.17bn of invoices across more than 2,500 business and 39 countries to date.
Sonovate plans to now target businesses with a turnover of up to roughly $62m, and the cash will be used to expand its core offering with features such as outsourced credit control. It will also increase headcount and enter the German, Dutch and US markets.
Global Founders Capital, the venture capital firm formed by Rocket Internet’s co-founders, led the company’s $11m series B round in October 2016, with Sonovate picking up $6.1m in debt financing at the same time.
Dawn Capital had provided $5.5m in series A funding for Sonovate in February 2016 that was raised alongside $16.5m in debt from Shawbrook Business Credit.
