Close of Series A funding round and appointment of CEO

SPRK Capital

SPRK Capital (“SPRK”), the innovative online provider of R&D tax credit funding, today announces the successful closing of its £2.5m Series A funding round. The oversubscribed funding round was led by a consortium of 42 investors, providing a diversified equity base of industry experts.

This equity raise provides SPRK with the operational cashflow to launch and expand its online R&D lending platform in the UK.

SPRK is also pleased to announce the appointment of Dominick Peasley as CEO to drive its growth into the UK market. Dominick joins from Funding Circle where he spearheaded the institutional capital growth of the business and led their participation in Government loan scheme programmes through the pandemic.

Tony Brennan, Chairman of SPRK, “We are grateful to all of our equity backers who have put their faith in SPRK to revolutionise and simplify the world of R&D tax credit financing in the UK.

In appointing Dominick as CEO we have ensured that the right person is in place to drive the business forward, helping SMEs access to the finance they need to grow and innovate.”

Dominick Peasley, CEO of SPRK, “SPRK is uniquely positioned to lead the way in providing SMEs with non-dilutionary capital against their eligible R&D spend.

SPRK’s online lending platform ensures speed and certainty, R&D companies no longer have to wait to access their R&D tax credits. Companies can now borrow against their R&D expenditure as they incur it, revolutionising the cashflow potential for thousands of SMEs.

The UK leads the way in Research and Development and SPRK’s financing solutions can now help SMEs accelerate this growth further, supporting British businesses.”

About SPRK:

SPRK provides SMEs the ability to access cash sooner from their eligible R&D spend using its proprietary online platform, ensuring credit decisions are made swiftly with certainty of funding.

Providing loans of up to £1m, SPRK’s unique proposition is designed to optimise cashflow for borrowers through a non-dilutionary source of capital without charging upfront fees.

SPRK was founded by its Chairman Tony Brennan following the successful launch, build and subsequent sale of Radium Capital in Australia. Radium has become the largest specialty lender for R&D tax credits in Australia in the four years since it launched.

Enquiries:

SPRK Capital
Dominick Peasley, +44 7748 474 952

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