Sherrards Client Takes the FinTech Industry by Storm
Sherrards acted on a capital raising for Reward Cloud Limited, a start-up Fintech business.
Reward Cloud Limited is led by founders Gareth Gillatt and Alexander Preece, who sold Local Daily Deals to moneysupermarket.com in 2011. The business provides a digital and real-time software platform for the issuance and redemption of e-gift cards by retailers and customers respectively.
The Sherrards corporate team, led by Andrew Cooke, negotiated and concluded the deal with Passion Capital, an enterprise capital fund backed by the British Business Bank, and led by Eileen Burbidge and Robert Dighero. The deal will fund the scale-up of the business and enable its growth into other geographical territories in the short to medium term.
Passion Capital is a London-based early stage venture capital firm which has backed approximately 50 ventures since its creation in 2011. Passion is a hands-on investor providing financial support and mentoring to ventures at a very early stage, helping to build companies and prepare them for accelerated growth.
The Fintech industry refers to technological innovation in the financial sector, and in particular the disruptive innovation development of applications, processes, products or business models in the financial services industry. The industry is one of the most popular areas for investment currently, and on the global stage Britain is at the forefront. The UK & Ireland accounted for 2/5ths of all Fintech investment in Europe last year, according to Accenture.
Gareth Gillatt commented: “Having sold a business previously we were familiar with the due diligence process. However, this was the first time that Alex and I have raised VC money for a business that we conceived and built from scratch using our own personal funds. Therefore, we needed a law firm that had experience and expertise in advising on raising capital especially from prominent investors such as Passion Capital. We've been thoroughly impressed with Andrew's work and his ability to advise on the long-term implications of specific clauses within a contract. We see ourselves working alongside Sherrards for a number of years to come.”
Andrew Cooke commented: “It has been very exciting to assist Reward Cloud with this early stage of investment. The founders have very ambitious plans to grow the company beyond the United Kingdom. With their background and in-depth knowledge of the industry, and now this investment from Passion Capital, they have a wealth of opportunity to do that, and we at Sherrards are delighted to have assisted them on their first step. We look forward to working with them in the future to achieve their growth plans.”
Sherrards act for a number of Fintech businesses and can assist you at any stage of the life-cycle of your business, from start-up to established going concerns. Please contact Andrew Cooke for more information.”