The late seed round included participation from TMT Investments, Force Over Mass, and angel investor Chris Adelsbach.
"As a second time entrepreneur myself, I experienced first-hand the complex, timely and often imbalanced nature of the old-school financing routes. I knew there was another way and so decided to build it. Our ambition is for Outfund to be the place to go to grow your business without compromising your equity or wasting time fundraising. This is why we have spent time developing a way to make the process of securing money for growth easier, fairer and most importantly, faster. Our approach has been warmly received by founders and directors alike and so now we’re looking at how we can open this up to more businesses and continue to be part of their journey to success for a long time."
Fuel Ventures and 360 Capital Partners led the seed round for the ecommerce aggregator.
"With a proven business model and two excellent founders in Riccardo and Alessio, Heroes have the requisite tools needed to be the major player within the European FBA ecosystem. From our initial discussions all the way through to leading what is one of the largest seed rounds seen across Europe, we’ve been incredibly impressed by Riccardo and Alessio’s joint vision for the business and their plans to execute. Investing into Heroes was a golden opportunity and we couldn’t be more excited to be a part of their journey going forwards."
Fuel Ventures and Ascension Ventures backed the seed round to support product development.
"The UK is a country of renters with more than £85 billion collected each year. For landlords the time spent trying to manage the monies for more than one property – from rent collection to bookkeeping – can cause headaches. I know this first hand being a landlord myself. We wanted to alleviate this by developing new tech that automates the mundane duties of managing property portfolios and provides instant insight into how well each house or flat is performing. Having this new investment allows us to pursue our vision of reducing uncertainty and providing efficiency to landlords, ultimately helping them maximise profits. These savings in both time and money can then be passed onto the tenants: a win-win for the industry."
The online marketplace has raised £5m from Fuel Ventures and other investors to fund a rollout across 140 new territories.
"The injection of this additional funding not only allows us to substantially grow the operational side of the business, but it gives the OnBuy team backing from phenomenal investors who can bring an array of eCommerce experience and expertise to the table, bolstering an already strong globalisation strategy."
