Fuel Ventures leads £1.5M seed round in Groov to transform embedded lending for SMEs

Nov 13, 2024 - 05:00

Fuel Ventures leads £1.5M seed round in Groov to transform embedded lending for SMEs

Fuel Ventures, a prominent UK-based venture capital fund, has led a £1.5 million Seed funding round in Groov, a pioneering embedded lending platform focused on bridging the $1.2 trillion funding gap faced by small and medium-sized enterprises (SMEs).

Groov’s innovative Embedded Lending 2.0 platform empowers B2B SaaS providers to integrate lending solutions directly into their user experiences, offering SMEs seamless access to capital precisely when they need it.

The funding, which also included support from Aperture and industry-focused angel investors, will help Groov expand its product offerings and scale its presence across key markets. This investment aligns with Fuel Ventures’ dedication to supporting transformative fintech companies that address critical business needs and drive sectoral innovation.

Groov’s lender-agnostic model connects SMEs with a diverse range of capital providers, ensuring flexible financing options with competitive terms and higher approval rates. By integrating capital solutions directly into B2B SaaS platforms, Groov enables businesses to access the funds they need for stock purchases, marketing, invoicing, and more, without leaving their chosen platform.

Mark Pearson, Founder of Fuel Ventures, expressed his enthusiasm for the investment, stating, “When speaking to Mark Hazzard and Rakesh Jena, we immediately saw they were onto something special. Their bold approach to innovating the SME capital space aligns with our commitment to backing visionary fintech solutions.”

Groov CEO Mark Hazzard shared his excitement, commenting, “This investment from Fuel Ventures and our other investors is a strong validation of our mission to empower SMEs with capital on their terms. We’re excited to grow our platform and bring our vision to life.”

With Fuel Ventures’ backing, Groov is well-positioned to drive significant advancements in SME financing, ultimately helping to bridge the funding gap and support business growth worldwide.