Dawn Capital in £110m round for Sonovate

The company has received both debt financing and equity in this round.

Dawn Capital is currently investing from its Dawn Capital Opportunities Fund, which closed on £125m in June 2019. The fund focuses on series-C rounds for startups offering B2B services. Part of the fund is dedicated to making larger investments in existing Dawn Capital portfolio companies.

The new capital will be used to expand into international markets, including Germany, the Netherlands and the US.

In 2018, Sonovate made a pre-tax loss of £6.1m on sales of £6.1m, up from a £4.4m loss in 2017.

Previous funding
In January 2016, Dawn, DN Capital and Avala Capital took part in a £20m funding round for Sonovate alongside Shawbrook Business Credit. The funding consisted of a £5m series-A led by Dawn and DN, in addition to £15m in debt funding provided by Shawbrook.

In October 2016, Global Founders Capital led a £9m series-B for the company, with participation from Dawn and Avala.

Company
Founded in 2012, Sonovate provides funding against unpaid invoices to companies that mainly use contractors. Based in Cardiff, the company also has an office in London and employs around 90 people, according to LinkedIn.

People
Dawn Capital – Josh Bell (general partner).
M&G Investments – Kevin Haupert (director).
MXB Holdings – Michael Birch (co-founder).
Sonovate – Richard Prime (co-CEO).

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• Topics
• Expansion
• UK / Ireland
• Financials
• United Kingdom
• Dawn Capital
• DN Capital