Earlier this month, Banco Santander announced that its venture arm, Santander Innoventures was being spun off and renamed as Mouro Capital. Today, Mouro Capital is announcing its first investment leading a $26 million funding round in Uncapped.
The funding round was said to include both debt and equity in Uncapped.
Founded in 2019 by entrepreneur Asher Ismail and VC investor Piotr Pisar, Uncapped is a platform for online businesses to fund marketing and inventory. Uncapped provides business advances of between £10,000 and £2 million without credit checks, personal guarantees, warrants, equity, or compounding interest. The company generates revenue by charging a flat fee, currently 6% in a day. Financed businesses only repay the capital as they make revenue with no set repayment date and no compounding interest. Businesses must have at least €10,000 of monthly sales.
Ismail explained that Uncapped was born out of frustrations he faced launching and running his first business:
“I couldn’t take financing and venture capital wasn’t ideal either as I didn’t want to lose equity, so I repeatedly missed out on growth opportunities. With this further funding Uncapped is ideally positioned to help hundreds of more businesses across Europe and Spain grow to their full potential.”
Reportedly, Uncapped has received “huge demand” from European entrepreneurs seeking flexible financing solutions.
Spain is said to be the next market for Uncapped because the local startup ecosystem has been growing rapidly.
Mouro Capital GP Manuel Silva Martínez commented:
“We’re proud for Mouro Capital’s first investment since launch to be in Uncapped. Piotr and Asher are exceptional individuals, extremely well connected into the population they serve, with first-hand experience of why what they are building matters. And there is no better moment to be building for the digital economy. Uncapped is a perfect example of the values Mouro Capital stands for: ambitious entrepreneurs solving real-life problems for underserved clients.”
Piotr Pisarz, co-founder, added:
“As a VC I met hundreds of founders who had great businesses but needed a better funding model. Often founders would give up equity to finance marketing and inventory expenses because they had no other choice. We started Uncapped so entrepreneurs could access funding on their terms and spend their time executing rather than fundraising.’’