The financing round was led by Force Over Mass, FMO and NN Group to support the company as it scales operations in Egypt.
"Egypt has around 2.4 million individual businesses and 104 million people, some 67% of whom do not have a bank account, while 94% have no access to credit. The dopay business model engages with business owners in the first instance, meaning they don’t have to attract individual customers. Each company signing up with dopay brings an entire workforce in a single transaction, and this is a very strong growth driver. Their new platform provides frictionless onboarding for employees, while enabling dopay to scale their business at pace."
The Series A round was led by Bessemer Venture Partners with participation from Dynamo Ventures and Episode 1.
"Most employees within freight forwarders spend the majority of their time communicating with the 10-25 different entities that might be associated with a given shipment and coordinating freight movement and documentation. Communication usually runs through email and attachments, so freight forwarders spend countless hours sorting through documents and manually copying data into a Transportation Management System (TMS), their core system of record. But they’re spending far too much time gathering data rather than analysing it, and they’re using outdated tools which are no longer fit for the complexity of today’s operational and logistical demands."
The Sheffield-based edtech platform raised the capital from Mercia funds to enhance its technology and grow overseas.
"Online learning now plays a key role in education but nothing can replace the benefits of one to one tuition. Tutorful offers the best of both worlds – it offers students easy access to some of the best teachers in the UK while leveraging the power of technology to make learning more fun and engaging. The platform has potential for use worldwide and this latest investment will help us to expand into other overseas markets."
The Series A round was led by Force Over Mass and included debt financing from Atalaya Capital Management.
"Koyo launched at the start of the global pandemic and has proven that innovative use of open banking data results in better risk decisioning and ultimately has enabled us to grow the business during one of the toughest economic times the UK has faced. I’m proud to have continued to give many people in the UK access to competitively priced credit, during a time where most traditional lenders were quick to scale back their lending."
