Seven-figure funding to double headcount at Edinburgh fintech
An Edinburgh-based fintech is aiming to double in size over the next six months after securing a seven-figure cash boost from a consortium of investors.
Marktomarket, a data specialist that provides corporate financiers with fully verifiable data on private company valuations, has raised more than £1.7 million in equity finance.
A consortium comprised of 24 Haymarket, Techstart Ventures and Par Equity backed the firm in its latest funding round, alongside “significant” new commitments from existing shareholders, which include the leaders of a FTSE 250-listed IT services business and professionals from investment banking, private equity and fund management.
The fintech, which counts accountancy firm AAB and growth investor BGF among its clients, employs 19 staff at Codebase, the capital’s largest tech incubator. It will use the cash injection to double headcount over the next half-year as it seeks to meet growing demand, enter new markets and accelerate product development.
Under the deal Marktomarket has also secured Cahal Dowds, former vice chairman of Deloitte UK and current investor with 24 Haymarket, as a non-executive director.
Founded in 2017 by Douglas Lawson, Martin Clarke and Bertie Wilson, the fintech’s platform is designed to make private market data more transparent by using machine learning and data analytics.
Its first generation valuations product launched in September and has built a client base of more than 40 customers on subscription licences.
Marktomarket chief executive Lawson said: “This funding from a seasoned consortium of investors is a great endorsement of the technical and commercial progress the team has made since founding the business.
“This capital
injection unlocks the next stage of our growth into new markets and I hope will help us cement our growing reputation as a musthave product for private capital market operators.”
Dowds added: “From my experience of working in private capital markets I was acutely aware of the inefficiencies and missed opportunities thatcomefromoperatingwith poor quality data.
“Marktomarket immediately resonated with me as a platform that could supercharge the industry’s effectiveness and I had no hesitation in both investing via the 24 Haymarket network and accepting a position on the board.”
Ian Gray, co-founder of 24 Haymarket, described the platform as a “must-have tool for corporate finance, tax and private equity practitioners”.
David Wylie at Macroberts acted as adviser to Marktomarket, while 24 Haymarket and Par were advised by Rooney Nimmo and Techstart Ventures was supported by Tughans.