Dealflo, a frontrunner in providing end-to-end financial agreement automation services, made an announcement today for a £10 million investment round, led by Holtzbrinck Ventures, along with follow-on investment from Notion Capital, Frog Capital also participating.
The investment comes after Dealflo’s fast-paced growth delivering automated financial agreement processes through its cloud-based platform. With the new inflow of funds, Dealflo plans to expand its commercial operations into new sectors and spaces, along with investment in its innovative product roadmap. This latest round of funding brings the total amount raised to £13.5 million.
Since 2012, Dealflo has been assisting businesses to automate financial agreements, addressing issues of legal enforceability and compliance, representing a $15 billion global opportunity across motor finance, consumer credit, mortgages, pensions, and insurance. Dealflo’s services are used by leading financial services companies including BNP Paribas, BMW and Prudential.
Since its Series A funding round, Dealflo has grown its recurring revenue base by over 500%, being placed 34th on the Deloitte UK Technology Fast 50 in 2016. Today, it has more than 60 employees, with operations spread out across the UK and North America. Abe Smith, CEO of Dealflo, said:
In this round of funding it was important that we chose investors that understood the sectors we operate in, and who have the experience to help us to continue our growth in key international markets. We have seen phenomenal growth since we founded the business in 2012 and this investment will enable us to deliver to global clients on a global scale.
Barbod Namini, Principal at Holtzbrinck Ventures commented:
A significant and growing market such as financial services, combined with Dealflo’s unique SaaS platform, represented a highly attractive investment opportunity for Holtzbrinck Ventures. We saw a talented team with deep sector knowledge, a clear product vision and a proven track record of delivering into large enterprises. We are very excited to work with Dealflo to continue to scale their business in both new and existing sectors and territories.
Stephen Chandler, Managing Partner at Notion Capital also had something to add:
We are delighted with the progress at Dealflo since we first invested 3 years ago. The company is addressing a massive market opportunity with a truly differentiated product. Its track record of ‘big brand’ client acquisition and retention speaks for itself.
Mike Reid, Managing Partner at Frog Capital, meanwhile, was of the opinion that this is the kind of firm that “solves real problems”, with its triple formula of “more regulation, efficiency by going 100% digital and need for rock solid evidential back-up”.
