Become, an online platform for SMBs to find and optimise their funding solutions, today announced the closing of a £8.8m Series A investment round led by Benson Oak Ventures and Magenta Venture, supported by RIO Ventures Holdings, iAngels, and Entrée Capital.
The company has also secured an additional £1m in venture debt from Viola Credit.
The funds will be used to scale up operations in the United States and Australia in order to execute Become’s mission to remove ecosystem friction and enable more SMBs to “become” the businesses they aspire to be.
Become’s new marketplace feature allows multiple lenders to offer tailored loan offers, encouraging them to compete for SMBs. This gives each SMB the power to compare and choose the loan that’s right for them, directly from Become’s platform
Eden Amirav, CEO and co-founder of Become said: “We strongly believe it is time to disrupt conventional and ‘alternative’ lending practices. Become’s technology provides SMBs with the transparency and insights they need to improve their unique financial profiles to attract legitimate funders. This creates a new market for alternative lenders and opens opportunities for formerly ‘unfundable’ SMBs to become bigger, better and more successful. This funding will allow us to expand our global reach and change the industry for the better, as we ensure that every business that deserves funding has the tools to make it happen.”
Robert Cohen, Managing Partner of Benson Oak Ventures commented: “We’ve known the team at Become for years, and have witnessed their agility in meeting new demands as the market has shifted. We are thrilled to be part of Become’s journey as they develop into a global business that is setting new industry standards, upending everything we know about lending and having a real impact on SMBs around the world.”