Mouro Capital leads $26m financing for Uncapped

By Robin Amlot

Uncapped is the first announced investment by Mouro Capital after its relaunch as an autonomous venture capital fund spun out of Banco Santander. Mouro Capital led a $26 million financing round including debt and equity in growth finance provider Uncapped. Spain-based venture capital fund All Iron Ventures and existing investors Global Founders Capital, Seedcamp, and White Star Capital also participated. They were joined by notable European angel investors/founders, Taavet Hinrikus (Transferwise) and Carlos González-Cadenas (GoCardless), among others. Uncapped’s first investment was £10m secured last year.

Uncapped’s technology provides founders with growth finance for a flat fee of 6% in a day. Businesses only repay the capital as they make revenue with no set repayment date and no compounding interest, equity or personal guarantees. Uncapped is available to businesses that take online payments, have at least €10,000 of monthly sales and a trading record of at least six months. It is a solution that has broad appeal, but ideal for companies in sectors such as ecommerce, software as a service (SaaS), direct-to-consumer (DTC), gaming and app development.

This funding announcement follows demand from European entrepreneurs for this solution to their financing plans. Spain was the next market for Uncapped because the local startup ecosystem has been growing rapidly.

Asher Ismail, co-founder of Uncapped, said: “Uncapped was born out of frustrations I faced launching and running my first business. I couldn’t take financing and venture capital wasn’t ideal either as I didn’t want to lose equity, so I repeatedly missed out on growth opportunities. With this further funding Uncapped is ideally positioned to help hundreds of more businesses across Europe and Spain grow to their full potential.”

Piotr Pisarz, co-founder, said: “As a VC I met hundreds of founders who had great businesses but needed a better funding model. Often founders would give up equity to finance marketing and inventory expenses because they had no other choice. We started Uncapped so entrepreneurs could access funding on their terms and spend their time executing rather than fundraising.’’