An operating capital financing insurer fintech organization, RITMO has declared the fortuitous closing of a $200 million debt funding round which was led by Avellina Capitals and i80 Group. In Europe and Latin America(LATAM), RITMO became the first e-commerce enterprise of finance business to do a funding round of this much amount.
With the support of institutional investors and tycoons, in just its 1st year of operation, RITMO has raised a total of $225M in debt funding as well as equity funding.
RITMO Enterprises
Spanish enterprise RITMO, was founded in 2021 by business tycoons and e-commerce veterans Raimundo Burguera, Ivan Pena, Inaki Mediavilla, and Prageet Sharma. Its head office is present in Madrid, Spain.
It is basically a managing platform for cash flow for the businesses of e-commerce in Latin America and Europe.
RITMO provides efficiency in managing cross-border payments to e-commerce companies and then helps in easy access to flexible funding. This helps the entrepreneurs of e-commerce to spend their extra time on structuring a tremendous business.
The company also assures its commitment for female entrepreneurs and sustainable-oriented businesses, by saying that they are making capital accessible for them.
In the past year, RITMO has achieved a growth rate of almost twelve times with 600 plus loans made in 5 countries, in 2 continents.
The Purpose Of This Fundraising
The RITMO company has said that the funding will be used for the following purposes-
- In assisting the fast boom of the RITMO company.
- It will help in ensuring the availability of capital for fueling the funding of almost 2 thousand e-commerce customers in the European and LATAM countries for over next eighteen months.
- It could be beneficial in assisting the global expansion of the RITMO company.
- Launching plans of expansion in new markets will be helpful in global expansion.
The CEO and Co-founder of RITMO’s group, Raimundo Burguera had said that “In just a few months of functioning, he is so glad and proud as well in saying that RITMO has completed one of the largest rounds of funding in the whole of Europe and LATAM, that can ever be done by any e-commerce financing company, sponsored by i80 Group and Avellinia Capital.
He further added that, With this capital he aims to scale up rapidly, thousands of e-commerce entrepreneurs and will also participate in overcoming the supply chain challenges and for this he had said to supply them the required tools and capital so that they can efficiently manage the flow of their cash cycles.”
Lead Investors Of This Round Funding
This round of funding was led by i80 Group and Avellina Capitals. Both are highly delighted to join the mission of RITMO.
The New York-based i80 Group is a financing firm that is especially originated to direct the innovation economy forward by emancipating growth and development. They work with firms to provide the starting financings from up to $25M and then significantly scaling them after.
Marc Helwani founded the i80 Group in 2016. Its head office is based in New York, New York, United States.
The Managing Director of i80 Group said that the sharp increase in productivity in the e-commerce marketplace ecosystem, in the past few years, we are thrilled to be a partner with a financing e-commerce firm like RITMO and glad to be a part of their mission of providing an innovative credit capitalizing solutions to the e-commerce businessmen.
London-based Avellinia Capital is a capital provider to responsible bankers, they are focused on convincing private credit investment opportunities in alternative banking.
Julian Schickel founded Avellinia Capital in 2017 in London, United Kingdom.
Julian Schickel founded Avellinia Capital in 2017 in London, United Kingdom.
The co-founder of Avellinia Capital, Christoph Pfundstein said that they are excited in providing an adaptable multi-jurisdiction and multiple currency financing lines to RITMO to pillar the additional growth of them, along with i80 Group.
He further added that the progress and teamwork of RITMO has impressed them immensely and they look forward to going with them on this journey shoulder-by-shoulder.
Conclusion
The Spanish company, RITMO has successfully closed the $200M debt funding round conducted by the investors, i80 Group and Avellinia Capitals. This has made the total fund raised by them till now to $225M which was secured in just a year of the foundation of this company.
This round has made RITMO the first firm in Europe and LATAM to raise the largest funding for any e-commerce financing. The investors Avellinia Capital and i80 Groups are highly excited to be a part of RITMO’s mission.
FAQs
i80 Group and Avellinia Capitals.
$200M.
In 2021.
To support the rapid growth of RITMO company and its global expansion in different markets.
In London, UK.
