Invoicing business Obillex has raised $4.7m from Dawn Capital and MMC Ventures.
The Poole and London-based platform lets organisations rapidly settle supplier invoices.
Small businesses can settle invoices early by using the ‘pay-me-now’ function, with a private markets investor putting forward the funds. Obillex then work with a government regulated trustee to ensure everyone is paid correctly and on time.
The service is suitable for businesses of all sizes across both public and private sector.
‘Ripe for innovation’
Josh Bell, who is a partner at Dawn Capital and is joining the Obillex board, believes the supply chain financing industry is “ripe for innovation”:
We believe Obillex’s proprietary product and strong team are well-placed to win in this market.
The investment will be used for product development and the rollout of the service across the UK.