The investment was backed by QED Investors, VentureFriends, InMotion Ventures, AlleyCorp, and u.ventures to accelerate market expansion.
"We are incredibly excited about this new investment. It’s a testament to the hard work of our team and the clear value we bring to car buyers by doing things differently."
The fintech company has raised £2m from existing backers Thomson Reuters Ventures and Love Ventures to accelerate product development and commercial growth.
"We’re reinvesting in Detected because we have a strong belief in the company’s long-term potential. As customers, we have seen first-hand the impact the technology has, and we’re excited about the momentum that Detected has developed in the market."
The oversubscribed round will support product development and international expansion for the asset management software provider.
"We are focusing on empowering financial service institutions to remove outdated legacy technologies and dramatically improve the cost efficiencies of their operations by using ZILO™ to transform to a modern digital solution supporting existing fund structures, new digital assets and improving client experiences."
— Philip Goffin, Founder and Chief Executive Officer
Gresham House Ventures backed the round to support product development and go to market scaling.
"Coming off the back of a very strong year of financial growth and strategic transition under Jim's excellent leadership, we believe these additional strategic steps in taking further investment, and making key new appointments will position Patchworks for even stronger growth in 2024."