Billion Group secures £2mn investment from Future Fund scheme
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UK-based Billion Group Ltd, recently, completed its £2 million investment supported by the Future Fund scheme. The company secured investment commitments from angel investors and VCs of £1 million matched by the UK government through the British Business Bank for an additional £1 million. As part of the agreement, Billon can attract additional private investments for up to £500,000 by the end of October 2020, with all investments in the form of convertible loan notes.
The Future Fund Scheme is available to emerging UK tech businesses during the pandemic. It was established by the UK government in a bid to support startups and companies affected by COVID-19. The fund, until now, has invested a total of £320 million in 320 companies. The funding program requires private sector investment with the contribution of the government on a match-funded basis.
Wojtek Kostrzewa, CEO Billon Group, commented, “The Future Fund agreement allows Billon to stay focused on helping clients pursue digital transformation and new business models for a world changed by the pandemic. I am very grateful to our investors and the Future Fund for an immediate and positive response at the height of this crisis.”
Billion, the British-Polish FinTech, has recently raised around $13 million of equity from investors, including the recent close of its Series A. The company has also received an additional $6 million in R&D grants from programs such as EU Horizon 2020 (now rebranded as EIC Accelerator), the Polish National Centre for Research and Development, and Innovate UK.
Anand Phanse, CFO Billon Group, added, “This new funding in 2020 will support the next phase of Billon’s development, and represents an endorsement that investors seek pure distributed ledger technology companies that are better suited for solving national currency and personal data challenges than certain early blockchain architectures. The pandemic will open new opportunities for innovative companies like Billon.”
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