Augmentum Capital, the technology and internet investment firm launched by Tim Levene and Richard Matthews, has led a £7.5 million funding round for online pawn broker Borro.com.
Augmentum Capital, the technology and internet investment firm launched by Tim Levene and Richard Matthews, has led a £7.5 million funding round for online pawn broker Borro.com.
Existing investors Eden Ventures and Rockridge Investments also participated in the round, which will finance the ramping up of sales and marketing initiatives for the UK-based company.
Borro is a short-term asset lender, which offers loans of between £100 and £1 million against assets of value including jewellery, luxury watches, fine art, antiques and other high-value items. Founded in 2008, the business concept involves customers applying for credit online with the loaned-against items being picked up and secured.
Augmentum Capital managing partner Tim Levene says the firm aims to make a number of capital growth deals of up to £10 million over the next three years. He adds that the investment in Borro is an ‘example’ of the type of business that will be targeted.
Levene comments, ‘This old fashioned industry has been slow to adapt to new technologies and the internet. Borro is a great example of a company that is breaking down historical barriers with a dynamic platform, talented team and fresh approach.’
Paul Aitken, founder and CEO of Borro, says the investment is a ‘major step forward’ for the company. He adds, ‘The business is growing fast and we will use this investment to aggressively drive new customer acquisition, and increase our awareness’
