Mouro Capital, the $400 million successor fund of fintech-specialist Santander InnoVentures, has led a $26 million financing round including debt and equity in Uncapped, a company changing the way growing online brands fund marketing and inventory. 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 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 comes following huge demand from European entrepreneurs for this fair and flexible solution to their financing plans. Spain was the next market for Uncapped because the local startup ecosystem has been growing rapidly.
Uncapped is the first investment by Mouro Capital, the $400M assets under management fund targeting early to growth fintech investment opportunities across Europe, North America and Latin America and recently spun-out of Banco Santander.
The company was founded by entrepreneur Asher Ismail and venture capital investor Piotr Pisarz.
Manuel Silva Martínez, General Partner, Mouro Capital, said: “We’re proud for Mouro Capital’s first investment since launch to be in Uncapped. Piotr and Asher are exceptional individuals, extremely well connected into the population they serve, with first-hand experience of why what they are building matters. And there is no better moment to be building for the digital economy. Uncapped is a perfect example of the values Mouro Capital stands for: ambitious entrepreneurs solving real-life problems for underserved clients.”
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.’’
All Iron Ventures participation in the funding round will further expand Uncapped’s access to Spanish entrepreneurs.
Hugo Mardomingo, Director at All Iron Ventures, said:“We have been on the other side as entrepreneurs and understand the difficulties and complexities of raising capital. Helping entrepreneurs find solutions to their needs is at our core and, in this regard, we think that Uncapped’s value proposition makes total sense for them. We are delighted to back Piotr and Asher to fuel Uncapped’s growth in Spain and abroad.”
ENDS
About Uncapped
Founded in 2019, Uncapped is changing the way growing online brands fund marketing and inventory. The company was born out of frustration with the limited financing options available for UK and European entrepreneurs to finance growth.
Uncapped provides business advances of between £10k and £2m without credit checks, personal guarantees, warrants, equity, or compounding interest. It makes money by charging a low flat fee which is paid back from future sales revenue.
Uncapped’s first investment was £10m secured last year from investors including Global Founders Capital, White Star Capital and Seedcamp.
Founder biographies
Asher Ismail
Asher was named Emerging Entrepreneur of the Year in 2017. He’s led multiple startups and raised capital from angels, VC, and crowdfunding. Along the way, he gave away more equity than he sometimes wanted and experienced the risk associated with debt. Prior to Uncapped, he was CEO at Midrive (now part of The AA), General Manager at Moneysupermarket and part of the early team at Skype. Asher is also a Board Member of Tech London Advocates (TLA) and Founder of InterTech Diversity Forum, organisations dedicated to improving the strength and diversity of the UK tech sector.
Piotr Pisarz
Piotr built a successful career in Venture Capital working with funds such as DN Capital and backing and growing European leaders including Finata, Divido, and Trussle. Prior to that, he spent four years at Google supporting top country managers to deliver growth. Outside of Uncapped, Piotr is co-founder of VEECEE.London, the largest organisation for emerging venture capital managers in London, which aims to educate the next generation of investors.
About Mouro Capital
Mouro Capital is a venture capital firm backing entrepreneurs who are shaping the future of financial services. With $400 million in assets under management and supported by Banco Santander, Mouro invests across the fintech value chain in early to growth stage start-ups across Europe, North America and Latin America. Mouro has invested in over 30 companies such as iZettle (acquired by PayPal), Kabbage (acquired by American Express), Creditas, Curve, Ripple, Tradeshift, Trulioo and Upgrade.
For more information, visit: https://www.mourocapital.com/
About All Iron Ventures
All Iron Ventures is a venture capital investor promoted by the founders of Ticketbis (sold to eBay in 2016) that mainly invests in marketplace, subscription and e-commerce business models, in both Europe and the Americas.
All Iron Ventures puts its entrepreneurial DNA and experience creating, scaling and selling companies at the disposal of its partner entrepreneurs to help them take their businesses to the next level.
More information available on http://www.alliron.vc
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