Global Founders Capital, the German VC launched by the Samwer brothers, and Redline Capital Management have announced a €6.1 million ($8.3 million) investment in UK startup Iwoca. Existing investors Beyond Digital Media and Talis Capital also contributed to the round.
Launched in March 2012, Iwoca provides short-term loans to UK-based eCommerce services. The startup plans to use the latest funding round to grow its UK operations and expand to Europe.
This is the fifth investment Global Founders Capital has announced after launching early last year – the VC also holds shares in European startups Lingoda, Kreditech, Videdressing and Girl Meets Dress. Headed up by former Delivery Hero cofounder Fabian Siegel along with Rocket Internet founders Marc and Oliver Samwer, the €150 million fund is stage-agnostic – able to invest anywhere between €100,000 and €10 million.
“We invest in proven concepts with huge market potential”, Siegel said on the Iwoca investment. “We will put our expertise in building internet companies and our global network at their disposal to help them drive growth.”
Iwoca CEO Christoph Rieche added: ”Our highly innovative approach to data-analysis and credit scoring coupled with Oliver Samwer’s experience in franchise building puts us in an incredibly strong position to take advantage of the structural change within the business lending industry.”
This story originally appeared on VentureVillage.
iwoca is the only provider of short-term finance to online retailers based in the UK. iwoca aims to empower entrepreneurs and to help fuel the growth of ecommerce by providing its customers ... All iwoca news »