Venture capital firm Augmentum Fintech has placed nearly $9 million in three B2B FinTechs, reports this week said.
The company provided $3.8 million to Tide, which raised a total of $10.2 million in preparation of expansion in the U.K. and development of new financial products for its SMB customers. Alongside Augmentum, Anthemis, Creandum, Local Globe and Passion Capital also provided funding, reports said.
Augmentum also invested $2.6 million in U.K.-based Previse, a B2B payments firm that targets friction in the accounts payable space by using machine learning for faster supplier payments. The investment was part of the firm’s $6.8 million Series A funding round, in which Bessemer Venture Partners and Hambro Perks also participated.
Finally, DueDil saw $2.6 million from Augmentum as part of its $10.2 million Series C funding round. The company, also based in the U.K., also saw funding from Oak Investment Partners, Notion Capital and VentureFounders. The funds will be used to bolster its proprietary technology, which connects data from an array of sources for companies to monitor opportunities and risks within the enterprise. The company provides a digital platform and API for businesses to manage their compliance and risk monitoring efforts.
Its targeting of B2B FinTechs follows Augmentum’s initial public offering earlier this year, which saw the company secure more than $120 million via its listing on the London Stock Exchange.
“Since our IPO, we have built an exciting pipeline of FinTech investment opportunities and are delighted to announce the completion of these three investments, each of which fit perfectly with our approach to investment,” said Augmentum Fintech CEO Tim Levene in a statement. “These companies deliver propositions that are disrupting their markets, challenging incumbents and bringing huge efficiencies to the end customer.
“At Augmentum, we look for opportunities where we can add value to a company beyond a simple financial contribution,” he continued. “In particular, we seek out talented, driven management teams and help them achieve their potential.”