Bondaval, a UK-based digital platform for B2B credit security, has secured an investment of $15m in its Series A funding round to accelerate business growth.
The funding round was led by investment firm Talis Capital.
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It was also joined by the company’s existing backers such Octopus Ventures, Insurtech Gateway, TrueSight, and Expa and new investors FJ Labs and Broadhaven Ventures.
The latest round takes the total funding raised by the company till date to $25m.
Bondaval, which was founded in 2020 by Tom Powell and Sam Damoussi, plans to use the money to expand team size, enter new overseas markets and add more use cases for its platform.
Powell commented: “We are honoured by the confidence shown by our existing investors and our new investors and the validation from our best-in-class clients.
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By GlobalData“We look forward to increasing access to more favourable financial security for all parties involved in B2B credit transactions and demonstrating more applications for our MicroBonds.”
The startup creates a capital-efficient form of receivables protection that can be issued, renewed, and claimed-on digitally by fusing credit research technology with S&P A+ rated insurance backing.
MicroBonds, a technology-enabled surety bonds that secure receivables, is the company’s key offering. It can be easily purchased, and managed, through the Bondaval platform.
As part of the deal, Thomas Williams, General Partner at Talis Capital, will get a seat on Bondaval’s board.
Williams added: “What the Bondaval team has been able to achieve in its first couple of years is truly remarkable. We rarely see this pace and thoughtfulness of execution, which is a testament to the talented team that Tom and Sam are assembling, combined with exceptional demand for this product.
“The simple elegance of MicroBonds unlocks several transformational use-cases, which have the potential to fundamentally alter credit markets. We see limitless potential for Bondaval and are delighted to partner with this world-class team.”
