Dawn Capital and MMC Ventures back Obillex

UK-based Obillex, an early payments finance tech firm, has received 3 million pounds in funding. Dawn Capital led the round with participation from MMC Ventures. In addition to the funding, Josh Bell, a partner at Dawn Capital, has been added to Obillex’s board of directors.


London, 17 November 2014. Early payments finance technology business, Obillex has secured £3m funding, led by Dawn Capital and supported by MMC Ventures to underpin and accelerate Obillex’s product development and roll-out in the UK.
The financial services industry is currently undergoing great disruption, and supply chain finance is no exception. The Obillex platform has been developed over the past three years in recognition of the pain points felt by businesses in the current supply chain finance transaction market. Obillex provides a new solution for organisations to rapidly settle supplier invoices, and is suitable for businesses of all sizes across both public and private sector. The patented solution, which works by linking multiple participants to supply chain finance transactions, also provides significant benefits to business stakeholders such as capital market investors and e-invoicing providers.

Dawn Capital, supported in the round by MMC Ventures, is investing £3M to support Obillex’s further product development and rollout in the UK. Josh Bell, Partner at Dawn Capital will join the board of directors.

Josh said, “Dawn Capital is always looking for novel and cutting edge new FinTech solutions. Supply Chain Finance is a sector ripe for innovation and we believe Obillex’s proprietary product and strong team are well-placed to win in this market.”

Jon Coker, Partner, MMC Ventures, said, “Obillex is building its UK presence at time of change in supply chain finance – making the opportunity to invest and support the company all the more exciting. We’re looking forward to working with Damian and his team and to watching the company’s next stage of growth.”

Alan Morgan, Chairman, Obillex, said, “We think there is an opportunity to enable institutional finance to participate directly in funding suppliers. Obillex aims to enable this process and we are delighted that Dawn Capital and MMC Ventures have backed us in this development.”

Obillex’s founder Damian Crowe is delighted to welcome Dawn Capital and MMC Ventures as shareholders. He said, “It’s exciting to have such experienced investors joining our team and to know that Obillex now has the runway to deliver our business system into the market and to be able work closely with our existing clients and partners to develop capabilities consistent with the structural changes taking place in the market.”

About Obillex
Obillex is a supply chain finance technology company. In 2010 our team of technology, funding, payments and trade finance experts set out to solve the finance problem faced by small and medium sized businesses in getting paid on time. In conjunction with discussions with the government, we established the Obillex platform so that accredited investors can help fill the funding gap faced by SMEs. The Obillex solution enables bank and non-bank investors to directly support SMEs at a low cost and helps safeguard the future prosperity of the UK.

About Dawn Capital
Dawn Capital is a London based early stage venture capital firm led by experienced entrepreneurs and investors who love tech and the entrepreneurs who make it happen. As a result, the team has co-founded several successful technology companies and profitably managed significant portfolios through several booms and downturns. To cap it all, it has led to the Dawn team being involved in several high profile rapid growth technology businesses such as Advertising.com<http://advertising.com/>, Mimecast, iZettle and Self Trade.

About MMC Ventures
Founded in 2000, MMC Ventures is an active investor and award-winning venture fund manager, focused on technology-enabled sectors where the UK is a world leader -particularly financial and business services, business software, digital media and e-commerce. With over £125 million under management, and investing £15 million+ annually, MMC was ranked aas one of most active early-stage UK investors for 2012, 2013 and first half 2014.

MMC’s existing portfolio includes AlexandAlexa, Boticca, iJento, Interactive Investor, Knowledgemill, Love Home Swap, Masabi, NewVoiceMedia, Reevoo, Safeguard, Small World, Somo, TotalMobile, and Tyres on the Drive.

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