Augmentum Fintech, a fintech venture capital investor,has announced an aggregate of £7m of investment in three European fintech companies – Tide, Previse and DueDil.
Augmentum has invested a £3m convertible note as part of an £8m funding round alongside existing investors. Tide is an emerging SME challenger banking, based in London.
The new funds are being raised as the company prepares for rapid expansion and develops more features on its platform to ease the administrative burden faced by small businesses. Existing investors participating in the investment include Anthemis, Creandum, Local Globe and Passion Capital.
Augmentum has invested £2m in Previse as part of a £5.3m Series A financing. Previse uses machine learning to give multinational companies tools and incentives to pay suppliers instantly on receipt of invoices.
This avoids the costs and inefficiencies associated with delayed payment terms whilst transforming the prospects of businesses, often SMEs, which supply large global corporations. Previse, headquartered in London, estimates that this market is worth £235bn annually. Co-investors in this round alongside Augmentum include Bessemer Venture Partners and Hambro Perks.
Augmentum has also invested £2m as part of a Series C financing of up to £8m in London-based DueDil, which is building a complete source of information on private companies and the people behind them.
DueDil’s proprietary matching technology links together data from authoritative sources, helping DueDil’s customers find, verify and monitor opportunities and risks. More than 400 leading financial services and technology companies rely on DueDil’s web platform and API as an end-to-end solution for new business prospecting, compliance on-boarding and risk assessment and monitoring. Co-investors in this round alongside Augmentum include Oak Investment Partners, Notion Capital and VentureFounders.
Tim Levene, CEO of Augmentum Fintech, said: “Since our IPO we have built an exciting pipeline of fintech investment opportunities and are delighted to announce the completion of these three investments, each of which fit perfectly with our approach to investment.
“These companies deliver propositions that are disrupting their markets, challenging incumbents and bringing huge efficiencies to the end customer. At Augmentum we look for opportunities where we can add value to a company beyond a simple financial contribution. In particular, we seek out talented, driven management teams and help them to achieve their potential.”
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