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We’ve secured £110m to help businesses invest in their growth

We’re excited to announce that Sonovate has secured £110m debt and equity finance led by M&G Investments, MXB Holdings Inc, Dawn Capital and Rocket Internet SE.

This represents an important step in our mission to ensure you get paid when you need it.

The working world is changing

We believe a new kind of world is emerging where people have more choice over how they work. Balancing work and home, working flexibly, doing what they do best and keeping themselves fresh. We believe this is the future of business.

We’re creating a support structure that gives businesses and individuals the security and flexibility they need to thrive.  Since 2012, we’ve helped thousands of recruitment businesses, consultancies and on-demand vendors access finance to support their speed of growth.

Our journey so far…

  • Over £950m invoices funded
  • 17,000+ contractors paid
  • Funding in 39 countries
  • 42% of agencies taking their first facility in 2018 chose Sonovate
  • Over 2,500 businesses use Sonovate
  • *Fastest-growing UK fintech and 12th fastest-growing private British business

Forever changing how people are paid

Our mission is to ensure you get paid when you need it. The injection of capital into Sonovate will enable us to:

  1. Optimise finance for startups and up to £50m turnover businesses
  2. Advance our core product offering (US, Netherlands, Germany, perm funding, outsourced credit control, instant profit / pay – all in the pipeline)
  3. Invest in our teams and attract the best talent on the market

What this means to us

“The world of work is changing rapidly with more and more highly skilled individuals deciding to work on a contingent basis.

“But businesses working with contract workers, including recruitment agencies and consultancy businesses, must pay their contractors multiple times before receiving payment from their clients, typically 45 to 90 days later. This severely impacts cashflow and poses a huge risk – Sonovate removes this burden and risk altogether.

Over 2,500 businesses use Sonovate to fund, run and manage contract placements. Since inception, we’ve funded nearly £1bn invoices in over 39 countries. 

This injection of capital into Sonovate will enable us to advance our core product offering, reach into new markets including Germany, the Netherlands and America and optimise finance for SME and mid-market businesses.”

Richard Prime, Co-founder and Co-CEO at Sonovate

The investors

M&G Investments is part of M&G Prudential, a savings and investment business which was formed in August 2017 by our parent company, Prudential plc and has £321 billion of assets under management (as at 31 December 2018).

“The experienced management team at Sonovate has a clear understanding of what companies in the recruitment and manpower sector require, resulting in an innovative offering fit for purpose for the digital age. This investment from our pension fund and institutional clients will enable Sonovate to expand its business, unlocking further much-needed capital to SMEs across the UK.” Kevin Haupert, Director at M&G Investments.

MXB Holdings Inc is Michael and Xochi Birch’s investment company. Michael and Xochi are tech entrepreneurs co-founding several startups including Blab, BirthdayAlarm.com, Ringo.com, and social networking site, Bebo. Michael and Xochi sold Bebo to AOL in March 2008 for $850 million.

“Michael and Xochi Birch are hugely successful entrepreneurs and investors in their own right. With their extensive experience in scaling businesses it’s great that they can join our journey.” Damon Chapple, Co-founder and Co-CEO at Sonovate.

Dawn Capital (“Dawn”) is the largest VC fund dedicated to B2B software and B2B fintech start-ups across Europe. Dawn invests from Series A onwards, backing companies that develop world-leading offerings with unbeatable economics.

 “Sonovate continues to provide game changing tech and finance options to the recruitment industry and contingent workspace. Its product set removes stress over payments, smooths cashflows and means firms can focus on adding value elsewhere, which is often what matters most. As a long-term investor in the company, we know there is huge potential for further growth ahead, particularly in entering new markets. This capital will play a vital role in helping the business to capture these opportunities.” Josh Bell, General Partner at Dawn Capital.

Take a look at some of the businesses on Sonovate

Ashley Lawrence, Trust in Soda

Liza Brookes, Venturi

George Richings, GiBe Finance

Want to scale your business faster?

We’re built for the fast digital world, because that’s the world you live in, and we’ll never cause you pain like the banks do.

Thousands of companies have already started with Sonovate because we’re really easy to work with and pay the full invoice (100%) rather than just part of it.

If you want to start getting money in from unpaid invoices, really quickly and easily, drop our team a call on 0207 112 4949

We’ll show you round the platform, so you can see how it works, and give you a personalised quote so you can feel confident jumping in when you want.

*Beauhurst and SyndicateRoom profiled the 100 fastest-growing companies based on how their valuations have grown over the past three years

Contract recruitment: everything you need to know

Are you looking to enter the world of contract recruitment?

Accounting for 86% of the UK’s £35.7bn recruitment industry turnover, contract recruitment is highly lucrative. 

From building contract teams to what type of KPIs work best for a contract recruiter, our ebook covers everything you need to know.

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