Fuel Ventures, a leading UK venture capital fund, has led a 拢1.5m Seed funding round in Groov, a leader in embedded lending.
Supported by Aperture and a select group of industry-focused angel investors, this investment has aided Groov in its commitment to fostering transformative technology that addresses the needs of small and medium-sized enterprises (SMEs).
Mark Pearson, founder of Fuel Ventures, commented: 鈥淲hen speaking to Mark Hazzard (CEO) and Rakesh Jena (CTO), we immediately saw that they were onto something special.
鈥淭heir vision for innovating the SME capital space is bold and inspiring, and at Fuel Ventures, we embrace that kind of thinking.
鈥淭he combination of their cutting-edge platform and the strength of their team made us confident in our decision to invest in Groov.鈥�
Mark Hazzard, CEO of Groov, said: 鈥淲e鈥檙e incredibly excited to partner with Fuel Ventures and our other investors. This investment is a strong validation of our vision to responsibly empower SMEs with access to capital on their terms, exactly when they need it.鈥�
Groov鈥檚 mission is to bridge the $1.2 trillion funding gap faced by SMEs worldwide by delivering capital that is accessible, flexible, and available precisely when and where it鈥檚 needed.
Through their innovative Embedded Lending 2.0 approach, Groov鈥檚 APIs empower B2B SaaS platforms to seamlessly integrate lending products directly into user journeys鈥攚hether it鈥檚 for purchasing stock, covering marketing expenses, or managing sales invoicing.
A key innovation of Groov鈥檚 platform is its lender-agnostic approach, which opens access to a broad array of capital solutions for SMEs. This flexibility allows SaaS platforms to offer competitive terms, high approval rates, and a range of financing options, helping SMEs secure the best possible capital on their terms.
鈥淔or lenders, Groov provides access to a broader client base and reduces customer acquisition costs, making it a win-win for all stakeholders.
Fuel Ventures specialises in early stage high growth technology startup investments with disruptive and ambitious founders who strive to build global multi-billion dollar businesses.
Since its inception in 2014, Fuel Ventures has invested over 拢210m into more than 170 UK companies.