Tangible says it will use the funds to expand its team and develop new products.
A London-based fintech which helps companies access and manage debt finance has raised $4.3m in a seed funding round. The funding round in Tangible was led by Pale Blue Dot with participation from MMC, Future Positive Capital, Unruly, SDAC, Prototype Capital, and Aperture.
It follows a £4m ($5.45m) funding round Tangible carried out last year. Tangible helps tech companies access and manage debt financing. It helps the likes of robotics, climate, mobility and data centre companies or what it calls “hardtech” companies with financing.
Tangible works with a broad range of lenders, from private credit and hedge funds to equipment financiers and traditional banks.
It says “hardtech” firms don’t fit into the defined VC playbook, and the companies need well-structured debt alongside equity financing. It says most “hardtech” companies struggle to obtain scalable debt financing until they are deemed mature or “institutional-ready”.
Tangible says its AI-powered platform and finance experts standardise the data, documentation, and ongoing reporting that lenders need.
It says this reduces underwriting time and cost for lenders, and enables founders to run structured facilities without building an in-house structured finance team.
Tangible, which employs 13 people, says it will use the funds from the round to expand its team and develop new products.
William Godfrey, co-founder & CEO, Tangible, said: “As hardtech companies scale at speed, investors need modern infrastructure to deploy capital just as fast. And legacy processes that are reliant on bespoke documentation and manual coordination no longer cut it. This is the exact problem we’re trying to solve with Tangible – we provide the financial infrastructure that makes hardtech easy to diligence for institutional credit to allow companies to raise asset-backed financing faster, and with less friction.”