Re:cap, a Berlin-based tech company, has extended its seed financing, increasing the $100 million in equity it raised last year by $15 million, the company announced Monday (April 11).
The digital funding platform enables institutional investors to invest in a company’s recurring revenue.
Its platform also allows these businesses to convert up to 50% of their annual recurring revenue into instant, non-dilutive upfront cash. The network provides institutional investors access to a new asset class as they can invest in software companies, according to the news release.
Mubadala Capital, the asset management arm of Mubadala Investment Co., a sovereign investor managing a diverse portfolio of assets in the United Arab Emirates, led the financing round. The new capital will be used to invest in hiring more staff, develop additional products and enter European markets.
“With its extensive global network and its impressive knowledge of the fintech space, Mubadala Capital is a fantastic fit for re:cap,” CEO and co-founder Paul Becker said in a statement. “We’re looking forward to jointly leveraging the massive potential of this partnership.”
Mubadala Investment Co. has a diverse portfolio. In March, it led the funding for Istanbul, Turkey-based grocery delivery startup Getir on a $768 million Series E funding round.
Related: Fast Grocery Delivery Service Firm Getir Raises $768M
The transaction brought the company’s valuation to nearly $12 billion, reinforcing its position as a decacorn — a private, venture-backed company with a value exceeding $10 billion. Getir said this latest investment will be used to support its growth, hire additional staff and position itself as a sector leader.
“This investment will enable us to further develop our proposition and technology, as well as invest in our employees to continue to attract the best talent,” Getir founder Nazim Salur said in a statement.
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