Sonovate, a London, UK-based provider of finance to the contract recruitment industry, raised £20m in total financing.
A £5m Series A round was led by Dawn Capital with participation from DN Capital. A further £15m debt financing was provided by Shawbrook Business Credit. In conjunction with the equity funding, Josh Bell, partner at Dawn Capital, will join Sonovate’s board.
The company intends to use the funds for product development, team growth, and expansion and into Europe and North America.
Led by Co-CEOs Richard Prime and Damon Chapple, Sonovate provides contract finance for recruitment agencies, which can receive 100% of their profit one week after an invoice is raised on demand, via cloud technology that allows them to manage their contractor payment cycle. Have a look at how the platform works here.
The company is hiring in London and Cardiff (read here).