BondAval secures a $7m seed round led by Octopus Ventures
By Joy Dumasia
BondAval, the InsurTech start-up offering a new form of payment security, has announced that it has secured a $7 million seed round led by UK-based venture fund Octopus Ventures. The company, which has offices in London and Austin, also received co-investment from US-based fund Expa, along with support from existing investors Insurtech Gateway and TrueSight Ventures and several high-profile entrepreneurs, including Tom Blomfield (Monzo and GoCardless), Charlie Delingpole (ComplyAdvantage) and Matt Clifford (Entrepreneur First).
Founded in 2020, BondAval addresses the imbalance of working capital solutions in supply chains between large corporates and smaller businesses. Co-founders Tom Powell and Sam Damoussi identified that offering businesses of any size access to highly efficient and affordable investment-grade payment security in real-time has far-reaching positive impacts on supply chains. Currently, SMBs are forced to use sub-optimal instruments, which come with a high time, money, and opportunity cost.
BondAval is currently living in both the UK and the US, with North American operations being led by Charlie Evans, formerly of venture capital firm, Hedosophia. The company plans to use the funds primarily for growth, hiring larger teams in the UK, US, and new markets as it expands and continues the build-out and scale of its proprietary platform and provisioning services.
Tom Powell, CEO and Co-Founder of BondAval, said: “We envision a world where the size of a business is no longer an inhibitor to it achieving its ultimate goals. We’re building the infrastructure to give businesses of any shape and size access to the most efficient forms of capital in real-time. This funding round is yet another great point of validation for BondAval. The interest and support of all our investors funds and angels alike is rewarding in the fact that they all see the opportunity ahead of us. The capital raised will help us to continue hiring the best talent available. I’m proud of what this team has accomplished already and excited for the future.”
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