Investment to fuel global impact for one of the largest non-bank providers of working capital in the world.
February 27, 2018– C2FO, the world’s largest market for working capital, has completed a $100MM funding round led by Allianz X and Mubadala Investment Company, along with strong participation from existing C2FO investors: Temasek, Union Square Ventures, and Mithril Capital.
The $100MM investment will support key strategic initiatives including international growth, additional working capital solutions, and greater development of the C2FO customer community. Proceeds will also be used for secondary share purchases from earlier investors and associates.
At the end of 2017, C2FO reached a key milestone, providing $1B of funding per week to businesses in more than 100 countries, making C2FO one of, if not the largest non-bank provider of working capital in the world. By 2021, C2FO is forecasting $1B in funding per day. 99.5% of C2FO’s customers say that C2FO is their lowest cost and most convenient source of working capital.
The C2FO investment partners see the potential in C2FO to fix the broken global credit system
“As a strategic investor, we are excited to be part of C2FO’s next development steps,” said Dr. Nazim Cetin, CEO of Allianz X. “C2FO’s business model of connecting companies with working capital in real time is a unique solution to a critical aspect of trade financing.”
Allianz’s trade credit insurance specialist, Euler Hermes Chairman of the Board of Management, Wilfried Verstraete added: “The strength of this investment in C2FO is simple: it sets the foundations to a truly reciprocal and strategic partnership. This partnership will be a unique combination of Euler Hermes’ credit insurance expertise with the C2FO dynamic discounting model” said Verstraete. “Our first joint initiatives will further strengthen the C2FO technology platform and expand working capital and credit availability to businesses around the world.”
Ibrahim Ajami, Head of Mubadala Ventures, said, “C2FO is a leading technology marketplace that can drive significant market efficiency by unlocking the billions of trapped working capital. We are excited to partner with C2FO and believe Mubadala can help drive significant growth by leveraging its portfolio of assets and relationships. This investment is fully aligned with Mubadala Ventures’ strategy of investing in founder-led global category leaders.”
“When we launched C2FO in 2010, our goal was to be the most convenient and lowest cost source for business funding in the world,” said Sandy Kemper, C2FO Founder and Chief Executive Officer. “Today, 99.5% of our customers tell us we have achieved that goal. We continue to deliver tremendous value to our global corporate buyer customers while helping their suppliers access working capital at a fair price. We are honoured to have the support and confidence in C2FO from Allianz X, Mubadala and all our investors,” added Kemper.
C2FO continues to focus 100% on growing their working capital marketplace for buyers and suppliers
“We have scaled our global operations in EMEA and Asia-Pacific to keep up with supplier demand for easy and affordable access to working capital,” said Sanjay Gupta, recently promoted to C2FO President and Chief Operating Officer. “With this funding round, investment in our supplier customer network expansion continues to be our top priority,” added Gupta.
“We are excited to add Allianz X and Mubadala to our roster of outstanding global investors. The opportunities to partner with them and their diverse portfolio companies are significant and will further drive our already strong international growth,” said Kerri Thurston, C2FO Chief Financial Officer. “The strategic and operational alignment of C2FO and our investors assures that we will continue to gain momentum as the market leader in delivery of innovative working capital solutions,” added Thurston.
C2FO is the largest working capital marketplace in the world. Companies across the globe use C2FO to increase their operating income while simultaneously producing vital working capital flows to their supply chains. C2FO is a leader in retail, industrial, manufacturing, CPG, energy, healthcare, technology, telecom, and transportation sectors. C2FO is Collaborative Cash Flow Optimisation. Learn more about www.c2fo.com.
About Allianz X:
Allianz X is the digital investment unit of the Allianz Group, one of the world’s leading insurers and asset managers, and part of the Group’s Single Digital Agenda. Allianz X invests in digital growth companies that are part of our ecosystems related to insurance: Mobility, Connected Property, Connected Health, Wealth Management & Retirement, and Data Intelligence & Cybersecurity. We provide an interface between portfolio companies and the digital ecosystem within Allianz as well as drive innovation across Allianz’s operating entities and global lines of business.
About Mubadala Investment Company:
Mubadala Investment Company is a pioneering global investor, deploying capital with integrity and ingenuity to accelerate economic growth for the long-term benefit of Abu Dhabi. As Abu Dhabi’s leading strategic investment company, Mubadala is active in 13 sectors and more than 30 countries around the world, creating lasting value for our shareholder, the Government of Abu Dhabi.
Mubadala’s portfolio includes the development of global industrial champions in sectors such as aerospace, ICT, semiconductors, metals and mining and renewable energy, utilities, and the management of diverse financial holdings. Mubadala builds on its legacy expertise in oil and gas to invest across the hydrocarbon spectrum, and enhance the UAE’s growth potential through investments in healthcare, real estate, and defense services. The investment approach prioritizes partnership with best-in-class organisations and a commitment to the highest standards of governance.