# Groov Technology

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/groov-technology

- Industry: Software
- Headquarters: Edinburgh, UK
- Website: www.wearegroov.io
- Total disclosed funding: $3.7M
- Latest round: Seed (Nov 7, 2024)
- Investors on record: 3

## About

Based in Edinburgh, UK, and founded in 2021 by CEO Mark Hazzard and CPO Rakesh Jena, Groov Technology Limited, a.k.a. Groov operates as a financial technology company that focuses on providing an embedded lending platform. In November 2024, Groov Technology Limited raised GBP 1.5 million in seed funding led by Fuel Ventures, with participation from Aperture Venture Capital. 

Groov’s core offering includes a Software as a Service (SaaS) solution that allows businesses to access a variety of lending options from multiple providers via a single application programming interface (API). This platform is tailored to meet the specific needs of diverse client sectors, including SaaS platforms, business banking services, payment services, and marketplaces. By facilitating access to capital, Groov helps its customers address funding gaps, increase customer retention, and drive higher gross merchandise value (GMV). 

Groov employs a transparent revenue model based on a combination of subscription fees for platform usage and flat fees associated with each loan facilitated through its platform. Clients can choose from various pricing plans that cater to different user bases, ranging from startups with fewer than 5,000 users to enterprises with over 5,000 users, ensuring that the pricing flexes in accordance with the organization's size and usage. 

The company plans to use its proceeds from November 2024 funding to accelerate the development of its platform, focusing on building an orchestration layer for embedded finance and expanding its multi-region, multi-lending product offerings for SMEs. Additionally, the company plans to target new markets, including further expansion into Europe and North America, by mid-2025.

## Funding rounds

- Seed, Nov 7, 2024, $1.9M — Fuel Ventures, Aperture
- Seed, Aug 8, 2024, $1.7M — Fuel Ventures, Aperture Venture Capital

## Investors

- Fuel Ventures (https://capitalatlas.ai/funds/fuel-ventures) — Seed
- Aperture Venture Capital (https://capitalatlas.ai/funds/aperture-venture-capital) — Seed
- Aperture (https://capitalatlas.ai/funds/aperture) — Seed