Seed10 October 2019

New Vector secures £6.7m Series A funding from Notion Capital, Dawn Capital and firstminute Capital to develop Matrix.

The Series A round was led by Notion Capital with participation from Dawn Capital and firstminute Capital.

£6.7MSeed

New Vector provides applications and hosting services to support the growth of the open standard communication protocol Matrix. The company enables secure, decentralised collaboration as an alternative to proprietary messaging platforms.

New Vector has raised £6.7m in a Series A funding round led by Notion Capital, with participation from Dawn Capital and firstminute Capital. The capital will be used to accelerate the development of the Matrix communication protocol and expand commercial services for the company's hosting platform and Riot application. The financing follows previous investment secured by the team in 2018 to support user growth across public sector and enterprise deployments.

The firm provides infrastructure and client software for Matrix, an open standard designed to offer secure, interoperable messaging and VoIP as an alternative to centralised platforms such as Slack and WhatsApp. Adoption of the protocol has grown significantly, highlighted by widespread deployment across French government ministries and various international public sector organisations.

From the founder

"Ensuring there are Matrix apps out there which provide a credible alternative to Slack and WhatsApp will make it the natural successor to today’s instant messaging applications. New funding will allow New Vector to keep investing in Matrix products and services that will fuel growth of the network."

Matthew Hodgson

CEO and Matrix Co-founder at New Vector

Investor perspective

"With a digital platform that was both open and independent, the Internet heralded an exciting new era in communications. And yet over the last few years it feels like we have gone backwards with communication platforms like Slack and WhatsApp that are walled gardens where users have very understandable concerns over whether their data is secure and how it is being used."

Jos White

General Partner, Notion Capital