Eurazeo invests $33m in series-B for Thought Machine

This round of $42m of additional funding was led by Eurazeo Growth alongside British Patient Capital and SEB.

Eurazeo is currently investing from its Growth Fund III, which held an interim close on €155m in December 2019.

Thought Machine reported an operating loss of £19.5m in 2018 from turnover of £5.4m. The company's founder, Paul Taylor, has said the company could reach a multi-billion pound revenue within 5-10 years, according to Unquote sister publication Mergermarket.

The company will use the fresh capital to internationally expand and continue developing its product set.

Previous funding
In 2016, the company received an undisclosed investment from IQ Capital and Backed VC.

In 2018, Lloyds Banking Group provided £10m in equity, with a further £8m provided by other investors. The funding round gave the company a valuation of £100m, according to press reports.

Draper Esprit led an £83m funding round for Thought Machine in March 2020.

Company
Founded in 2014 and based in London, Thought Machine operates an office in Singapore. Its core product is a cloud-based, banking engine built for both established and challenger banks.

People
Eurazeo Growth – Yann du Rusquec (partner).
Thought Machine – Paul Taylor (CEO).

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• Topics
• Expansion
• UK / Ireland
• Technology
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• Draper Esprit
• Eurazeo
• SEB
• British Business Bank