The seed financing was led by Soma Capital and FoundersX with additional backing from Clear Haven Capital Management.
"Since securing our pre-seed funding and completing the Y Combinator programme, the total value of invoices we’re handling every month has increased tenfold. Traction is growing fast because suppliers and business buyers alike simply understand and like what Tranch can do for them. Against this challenging macroeconomic backdrop, buyers and suppliers have to ensure they can optimise their working capital cycle, and B2B BNPL is a commonsense way to achieve that. With our new investors and substantial credit facility in place, we’re in a great position to continue our growth in the US market out of our New York office so that every SMB that needs it can ‘pay with Tranch’ – flexibly and on their own terms."
Northern Gritstone led the Series A investment, with backing from Mercia and the Northern Powerhouse Investment Fund.
"We’re really excited to be backed by the Northern Gritstone team and continue to have the support of Mercia and the Northern Powerhouse Investment Fund. With this new funding we can realise our vision more quickly – enabling anyone, anywhere to access the power of digital twins and decision intelligence and make a quantifiable difference to some of the biggest challenges we face today. 2023 will be an exciting year as we accelerate the release of cutting-edge capabilities on this journey."
The funding round was led by the Cornwall & Isles of Scilly Investment Fund to support international expansion and team growth.
"Loving your clothes for longer is our company ethos. Our parents and grandparents knew how to care for their clothes and made them last so much longer than we do today. If people can extend the life of their clothes by just nine months, it will reduce the carbon, water, and landfill footprint of their wardrobes by up to 30%. We are delighted to be expanding our business so that more people are able to use our product range to wash, repair, and care for their clothes, helping them enjoy them for longer and keeping them out of the landfill."
