Fintech company Sanlo closes $10M Series A funding round
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Sanlo has closed a $10M Series A funding round. The company offers developers access to its tools, tech, and other assets to help reach healthy, scalable growth. If things go well Sanlo also offers funding to developers who can benefit from a direct injection of capital.
Konvoy Ventures led the round, with strong support from Initial Capital, Portag3 Ventures, XYZ Venture Capital, London Venture Partners and Index Ventures. It also landed a few new investors, including Fin Capital and GFR Fund, as well as other angel investors.
The latest funding round is mainly going to scale up the company’s financial operating system. This is the main piece of tech Sanlo uses to evaluate and assist game and app developers. Sanlo uses proprietary algorithms to democratize access to capital and makes clear financial insights readily available.
Sanlo’s OS is pretty user friendly. Developers can securely plug in a variety of data sources and wait a few hours. The system compiles all the data into a single destination. That destination lets developers receive non-dilutive growth capital, if they need it.
Non-dilutive capital is kind of a big deal
“We see Sanlo as the first player building a truly full stack of financial products with a clear focus on the needs of the game and app developers. Their first product of non-dilutive capital dramatically changes the funding landscape for the developers, globally. With an ample amount of data available for the underwriting processes, it is well overdue for the developers to have access to non-dilutive funding that is speedy and clear,” said Konvoy’s Josh Chapman, in a statement to GamesBeat. “We believe Sanlo is well positioned to bring a viable solution that is fantastic for a massive demographic of game and app creators as they grow. We are thrilled to be in their corner.”
A bit of that is kind of technical, but important. Non-dilutive growth capital is funding a company receives that doesn’t require them to give up equity or ownership. Basically, if a developer needs funding from Sanlo they won’t have to give up shares to get it.
Non-dilutive growth capital is Sanlo’s bread and butter. The company is very specifically not a venture capitalist company. It doesn’t take equity or charge compound interest. Sanlo also stays out of the development process.
Sanlo’s pool of capital is also bigger. The amount available to developers is $200M thanks to a partnership with HCGFunds.
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