Burges Salmon advises procurement finance platform Reevoy on fundraising
Reevoy solves a number of supply chain and payments issues for Indian exporters to help them compete globally
The Corporate team from independent UK law firm Burges Salmon has advised invoice factoring start-up Reevoy on its seed fundraising led by 9Unicorns and VCATS. The round also saw participation from Better Capital and Earlsfield Capital Partners as well as angel investors Kunal Shah, Anupam Mittal, Ketan Patel and Hanumantha Kumar.
Reevoy is using technology to solve a number of supply chain and payments issues for the Indian exporters and help them compete globally. Founded in Oct 2020, Reevoy is a one of a kind procurement finance platform helping importers procure high quality products from Indian exporters, as well as providing working capital to help finance the transactions.
Reevoy’s end-to-end integrated tech platform is a one-stop destination for importers to find the right exporters, gain visibility on the entire production process – from design to final quality checks; and purchase the goods on credit. The funding will enable Reevoy to scale its technology and sales capabilities.
The Burges Salmon team advising on the deal was led by Danny Lee, partner in the firm’s Corporate team, alongside Niall Mackle, an associate in the Corporate team. This fundraising marked the third funding round Burges Salmon has advised Reevoy on, which has seen the company grow from incorporation through to an eight figure valuation.
Niall says: “We are delighted to have worked with Mohit, Ankur, Ishan and the wider Reevoy team on securing its latest round of funding. Reevoy’s focus on technology-driven underwriting will enable exporters to get fast funding approvals and further open up India’s supply chain to the world.”
Ankur Khetan, co-founder and Director at Reevoy, comments: “We are pleased to have worked with Danny and Niall on another important milestone for Reevoy. The Burges Salmon team’s commercial and pragmatic advice has been key in Reevoy’s growth during 2021 and we look forward to working with them again in 2022.”