Online finance portal smartfundit.com has secured £3.5 million
(€3.8 million) of funding from BayTech Venture Capital.

Justin Floyd, smartfundit.com’s chief executive officer, said he
expects up to three more rounds of venture capital funding before
the company’s initial public offering, which is expected within the
next three years.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Smartfundit.com will use the funding to grow its business,
particularly in the European markets, where it will be able to
leverage the expertise of German-based BayTech.

The company will also use BayTech’s knowledge for a number of
targeted acquisitions, which Floyd said are currently under
consideration.

“We are looking at either the acquisition of companies as a
whole, specifically in the broker market; or to buy portfolios from
a couple of major leasing companies,” Floyd said.

BayTech has taken an undisclosed percentage shareholding of the
platform. Jude Ngu’Ewodo, a partner at BayTech, has also been
appointed to smartfundit.com’s board of directors.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Discussions with three potential funders started only five
months ago, and smartfundit.com selected BayTech not only for its
proximity to the German market, but also because of its good track
record of investment in other web platform companies.

In the first nine months of 2008, smartfundit.com recorded a 69
percent growth by value, and 73 percent by volume of new
finance.

Floyd said that his company’s platform, which sees an average
deal size of £65,000 (€74,000), has an 80 percent acceptance rate.
Last month, smartfundit.com recorded its largest transaction for
technology worth over £1 million with Harrods.