London-based B2B software company Hullabalook, which works on building e-commerce sites for retailers, raised £6m ($8.2m) in a Series A funding round, the company announced on February 8.
Hullabalook’s platform allows companies to create user “journeys” that can be used by different types of businesses, including large and small businesses.
According to the release, Hullabalook saw its revenue at the end of last year triple.
The capital investment was led by Nauta Capital and was backed by existing investors Conviction VC and Passion Capital. The new funding will go towards more growth, as the company continues to navigate the way the world has changed over the past few years.
“We are thrilled to partner with Nauta Capital on this exciting next step in our growth journey,” said founder Bryony Elliott in the announcement. “When we started planning our Series A, our ideal investor was a B2B SaaS specialist, with deep knowledge of the retail industry, a strong pan-European presence and a team we could build long-term relationships with.
“In Nauta Capital, we have found the ideal partner to accompany us on our journey. We couldn’t be happier or more excited for the future.
PYMNTS recently wrote that as business evolves and companies seek new sources of capital, traditional credit scores have become “a bit of a relic.”
See also: Small businesses need credit, lenders need a better way to assess that risk
Small businesses have formed in record numbers and credit measurement has become more data-focused, using digital processing to see how a business is doing.
Tillful, a new company looking to transform underwriting with new metrics for small businesses, might be able to carve out a place for itself. Behind this is FlowCast, a small army of data scientists.
Tillful says there are over 40,000 small businesses registered on its platform and they’re looking for more than just capital – they also want to build credit for their businesses.