NoviCap, a London, UK- and Barcelona, Spain-based invoice trading marketplace, raised $1.7m in seed funding.
Backers included Partech Ventures, Techstars Ventures and Cabiedes & Partners.
The company intends to use the funds to solidify its position in Southern Europe.
Launched in 2014 by Federico Travella, CEO, Marc Antoni Macià, COO, and Nicolas Overloop, CTO, NoviCap allows small and medium companies to access financing by selling their outstanding invoices to professional investors including family offices, high-net-worth and corporate investors.
Small and medium companies can apply online and start discounting their invoices in less than 48h. Once registered, they upload invoices which can be sold to a pool of professional investors instantaneously.
NoviCap, a Barclays Techstars Accelerator alumni company, has a client base of mainly Spanish companies which are affected by the longest payment terms in Europe.
29/06/2015: Novicap, Interview with CEO Federico Travella