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Mouro Capital leads $26m financing round in Uncapped, which provides non-dilutive funding to European entrepreneurs | Fintech Finance

September 23 2020

Mouro Capital leads $26m financing round in Uncapped, which provides non-dilutive funding to European entrepreneurs

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Mouro Capital, the $400 million successor fund of fintech-specialist Santander InnoVentures, has led a $26 million financing round including debt and equity in Uncapped, a company changing the way growing online brands fund marketing and inventory. Spain-based venture capital fund All Iron Ventures and existing investors Global Founders Capital, Seedcamp, and White Star Capital also participated. They were joined by notable European angel investors/founders, Taavet Hinrikus (Transferwise) and Carlos González-Cadenas (GoCardless), among others. 
 

Uncapped’s technology provides founders with growth finance for a flat fee of 6% in a day. Businesses only repay the capital as they make revenue with no set repayment date and no compounding interest, equity or personal guarantees. Uncapped is available to businesses that take online payments, have at least €10,000 of monthly sales and a trading record of at least six months. It is a solution that has broad appeal, but ideal for companies in sectors such as ecommerce, software as a service (SaaS), direct-to-consumer (DTC), gaming and app development.

 

This funding announcement comes following huge demand from European entrepreneurs for this fair and flexible solution to their financing plans. Spain was the next market for Uncapped because the local startup ecosystem has been growing rapidly. Uncapped is the first investment by Mouro Capital, the $400M assets under management fund targeting early to growth fintech investment opportunities across Europe, North America and Latin America and recently spun-out of Banco Santander.

 

The company was founded by entrepreneur Asher Ismail and venture capital investor Piotr Pisarz. 
 
Manuel Silva Martínez, General Partner, Mouro Capital, said: “We’re proud for Mouro Capital’s first investment since launch to be in Uncapped. Piotr and Asher are exceptional individuals, extremely well connected into the population they serve, with first-hand experience of why what they are building matters. And there is no better moment to be building for the digital economy. Uncapped is a perfect example of the values Mouro Capital stands for: ambitious entrepreneurs solving real-life problems for underserved clients.”

Asher Ismail, co-founder of Uncapped, said: “Uncapped was born out of frustrations I faced launching and running my first business. I couldn’t take financing and venture capital wasn’t ideal either as I didn’t want to lose equity, so I repeatedly missed out on growth opportunities. With this further funding Uncapped is ideally positioned to help hundreds of more businesses across Europe and Spain grow to their full potential.”  Piotr Pisarz, co-founder, said: “As a VC I met hundreds of founders who had great businesses but needed a better funding model. Often founders would give up equity to finance marketing and inventory expenses because they had no other choice. We started Uncapped so entrepreneurs could access funding on their terms and spend their time executing rather than fundraising.’’
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