Uncapped, the London-headquartered and Warsaw-based startup that offers “revenue-based” finance to European businesses so that founders don’t have to give up equity stipulated by venture capital, has raised $26 million in new funding.
The round was led by Mouro Capital (the recently spun-out fund previously called Santander InnoVentures), with participation from Iron Ventures and existing investors Global Founders Capital, Seedcamp, and White Star Capital. Various angel investors have also backed Uncapped, including Taavet Hinrikus (TransferWise), Christian Faes (LendInvest), David Nolan & Kevin Glynn (Butternut Box) and Carlos Gonzalez-Cadenas (GoCardless).
Founded last year by “serial entrepreneur” Asher Ismail (who was most recently CEO of Midrive) and former VC Piotr Pisarz, Uncapped has set out to use various marketing, sales and accounting data to be able to offer finance for young businesses based on their current (and projected) revenue. It was born out of the pair’s own frustrations with the limited funding