When we started RITMO, we were convinced that companies needed a different way of funding that went beyond traditional ones; a non-dilutive, flexible and fair way.
We are proud to announce that we have just closed our first financing round at 3 million EUR. A round that has been led by Sabadell Venture Capital, Inveready and JME, as well as other investors such as Bruno del Ama, CEO of Finrebel and Alfredo Soriano, Senior Advisor of JB Markets.
Thanks to this capital injection, RITMO will maintain a hybrid of capital and venture debt in its financing structure which will allow us to meet our goal of financing 15 million euros to digital businesses with recurring or predictable revenues this year.
### What are we going to do with the capital achieved in this round?
We have three clear objectives:
- Evolve our Artificial Intelligence models
- Develop our product
- Expand into new markets
Since we started our adventure five months ago, we already have agreements to finance more than five million euros and various financial and technological agreements that will allow us to boost our growth.
What do our investors think about us?
At Inveready, Ignacio Fonts states “RITMO represents another link in the deconstruction of the financial system that fintechs are carrying out. Their approach to the credit assessment of companies, through the information they extract by connecting to their customers' applications, gives them a considerable edge over traditional credit providers”.
From Sabadell Venture Capital, Raúl Rodríguez points out that “at Banco Sabadell, as a banking institution, we believe that financing is a lever for growth and economic and social development. The RITMO team and their approach to the market are reinventing the way in which digital companies can finance the growth of their businesses in a more flexible way that adapts to their sales cycles”. And in line with this he adds “we are excited to partner with entrepreneurs like Rai and Pablo who share our mission, and we see that far from competing, they are a complementary solution that will strengthen the growth of the digital economy”.
JME Ventures, Samuel Gil highlights “RITMO is changing the way companies finance themselves. They offer a very attractive product thanks to their flexibility and speed. All of this is supported by technology, which is what really makes them stand out from other financing providers”.
For his part, **Bruno del Ama says “At FinRebel we only link with companies that share our values and that are focused on improving people's lives. RITMO meets those criteria because of its focus on helping entrepreneurs grow their digital businesses regardless of their gender, background or education, thus making digital investment democratic”.