Storfund, Xergy and HUBX Nab Funding

An e-commerce financing firm, an energetic tech startup, and a deal syndication platform for banks and brokerage firms all get a useful boost.

From Aberdeen all the way down to London, tech firms Storfund, Xergy and HUBX have picked up some funding.

E-commerce financing firm Storfund has got a warehouse line of £100 million in committed funds, led by Fasanara Capital, and it is extendable to £300 million.

Aberdeen-based tech startup Xergy closed a £4.25 million investment round to scale-up Proteus, its operating system for the energy sector.

HUBX, a deal syndication platform for banks and brokerage firms, secured two new investors, Mandalore Partners and ACF Investors’ Delta Fund. They join existing investors including Barclays and Basinghall Partners.

Storfund Sorted

London-based Storfund wants to meet e-commerce retailers’ demand for cashflow services, particularly in China where the firm is piloting its service this autumn.

“Storfund is a true tech-first company, capable of delivering globally; it just needs the funds to reach scale,” explains Fasanara Capital’s CEO, Francesco Filia.

This latest deal represents a “mega-raise” for the startup, which secured £26.5 million, led by Union Bancaire Privée (UBP), in its last funding round in February.

Storfund currently offers its services to e-commerce retailers in North America and Europe; and is looking to expand to Latin America and the Asia Pacific.

The firm says it is Amazon’s only approved global provider of factoring – immediate payment on sales – delivering its service in 17 out of Amazon’s 20 marketplaces.

Storfund’s founders set up the business in 2018. According to the company, worldwide sales from marketplaces have grown by 140% in the last five years, reaching £3 trillion in 2020.

Xergy is Excited

Xergy’s Series A+ fundraise was carried out at a pre-money valuation of £15 million, a 75% uplift on the previous 2019 round. The raise saw follow-on investment from a majority of existing investors, including an additional £1 million investment from Scottish Enterprise, which has previously supported the company with a Research and Development Grant of up to £425,000 and Early Stage Growth Challenge Fund investment. Other investors include early Proteus customers.

Proteus is its Software as a Service (SaaS) work automation management offering, and was launched last year.

In Greek mythology, Encyclopaedia Britannica explains that Proteus was “the prophetic old man of the sea and shepherd of the sea’s flocks”. In addition, Proteus “knew all things – past, present, and future – but disliked divulging what he knew”.

Xergy is happy to divulge what it knows and says Proteus provides clients with a solution for talent acquisition and project management in a cloud-based hub. It can bring data from third party software like Microsoft 365, Google Workspaces and ERP for real-time project oversight.

The firm also points to the continued rise of the gig economy and a growing demand for systems necessary for remote and hybrid work post-COVID, which have all helped boost Proteus’ growth.

Kerry Sharp, Director of Growth Investments at Scottish Enterprise, adds: “The [Xergy] technology is being used globally and creating employment opportunities for energy professionals across Scotland and this new round of investment will allow the firm to reach further across new markets as well as industries and continue to help organisations remain competitive.”

HUBX Goes Higher

Prior to today’s (27 October) news, HUBX raised a total of £4.2 million in February. The London-based firm was founded in 2015 and its clients and partners include Tier 1 banks, Finastra and Barclays.

HUBX’s platform allows financial institutions to digitalise their syndicated lending and private placement transactions by collaborating with other organisations without sharing private data.

Each platform uses actionable insights and structured data that connects via API with back-office systems such as Finastra’s Fusion Loan IQ.

Minh Q. Tran, Managing Partner at Mandalore, says: “Mandalore Partners invests in insurtech and focuses on decentralised finance with possible acceleration in adopting blockchain technology. Hence, we want to onboard more institutional investors on marketplaces or blockchain platforms to assess new alternative assets in private equity.”

Antony Peyton
Antony Peyton is the Editor of eWeek UK and has 17 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.

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