SPRK announces £3.5m capital raise to accelerate their innovation led UK SME lending platform

SPRK Capital

SPRK, the leading provider of non-dilutive finance to companies in the innovation sector, today announces the closing of a £3.5m capital raise to facilitate further growth and investment in technology for its UK SME lending platform.

The round, led by a UK impact-focused asset manager, reflects a significant premium to SPRK’s seed round in October 2021 and validates SPRK’s commitment to sustainability.

Since commencing lending in early 2022, SPRK has experienced extremely strong growth, also launching their Grant Advance product to support UK SMEs with the cash flow timing of their grant payments. The transaction follows their appointment as the global servicer of the Fundsquire loan portfolio in November 2022, which had been the largest UK lender in this space, and SPRK’s previously announced £50m institutional funding facility earlier that year.

Dominick Peasley, CEO of SPRK said, “We are extremely excited by our next phase of growth. We have attracted an experienced team and
built a technology-based lending platform providing funding to SMEs to support innovation-led UK growth.

Our own growth in lending and loans under management has been increasing at over 100% quarter on quarter as UK SMEs look to diversify their funding sources.
We are proud to have provided finance to companies that are key to driving the UK’s innovation targets, supporting both social and environmental goals. This was reflected in our latest capital raise from an impact-focused asset manager. We have funded companies across sectors such as quantum computing, energy storage and biotech research, providing loans and facilities from £50,000 to £5m.

This level of support by our investors and demand from UK SMEs demonstrates that there is a clear need for alternative sources of capital to drive innovation-led UK growth through smart funding solutions. SPRK is well positioned to maintain its place as the go-to provider for UK innovation lending.”

About Sprk:

SPRK’s lending focuses on the four pillars of the UK’s innovation strategy, unleashing businesses who want to innovate, making the UK the most exciting place for talent, meeting the needs of businesses across the UK and stimulating innovation to tackle the major challenges faced by the UK driving capabilities in key technologies.

SPRK does this by providing non-dilutive debt solutions to companies innovating in the UK. Their two funding products, tax credit loans and grant advance loans, help solve the cashflow requirements of SMEs as they innovate and grow. Their founder-friendly terms do not charge percentage upfront fees and are structured to ensure companies do not pay capital and interest through the duration of the advance.

Working with a panel of accountancy, advisory and VC firms, SPRK ensures that companies on the cutting edge of innovation at all stages of growth qualify for its lending.

Enquiries:

SPRK Capital

Dominick Peasley

T: 0800 0025 100

Interested in finding out more about how SPRK could benefit your business?

We’re local and always keen to connect and discuss how we can help you meet the needs of your business.

 

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