Obillex wins backing of venture capital firms
Poole-based Obillex has secured £3m to accelerate the early payments finance technology business' product development and roll-out in the UK.
Early stage venture capital firm Dawn Capital was supported by investor MMC Ventures in the funding round.
Dawn Capital partner Josh Bell will join the Obillex board of directors following the deal.
Obillex executive chairman Alan Morgan said: "We think there is an opportunity to enable institutional finance to participate directly in funding suppliers. Obillex aims to enable this process and we are delighted that Dawn Capital and MMC Ventures have backed us in this development."
The Obillex platform has been developed over the past three years to help businesses rapidly settle supplier invoices.
Founder Damian Crowe added: "It's exciting to have such experienced investors joining our team and to know that Obillex now has the runway to deliver our business system into the market and to be able to work closely with our existing clients and partners to develop capabilities consistent with the structural changes taking place in the market."
Dawn Capital, based in London, specialises in supporting technology entrepreneurs.
Josh Bell said: "Dawn Capital is always looking for novel and cutting-edge new FinTech solutions. Supply chain finance is a sector ripe for innovation and we believe Obillex's proprietary product and strong team are well-placed to win in this market."