The newly raised capital will help the start-up grow its team and expand into markets such as the UK, Ireland and the Netherlands.
Poland’s Booste has raised €12m from investors to bring its revenue-based financing system to e-commerce businesses in more countries – including Ireland.
The Warsaw-based start-up provides flexible financing to companies, with a particular focus on the e-commerce sector, to help them fund digital ads, marketing campaigns and inventory spend.
It charges a flat fee and customers pay back the funds on a flexible timescale, depending on their revenue. This method of financing is growing in popularity and competitors in the space include Irish start-up Wayflyer, which recently raised $76m for international expansion.
Booste was founded by Jakub Pietraszek and Michael Kacprzak, who are familiar with Poland’s start-up scene. Pietraszek was previously general manager for Uber Eats in Poland, while Kacprzak co-founded SaaS platform TiqDiet and also worked at e-learning company Babbel.
The company is supported by Tar Heel Capital Pathfinder, a venture builder that backed it from the beginning. Booste’s platform was launched earlier this year after an initial seed round in January 2021.
The €12m funding round announced this week was led by Polish fintech DialCom24.
This investment will allow Booste to grow its 15-person team and scale up its platform to reach more businesses across Europe, focusing on markets including the UK, Ireland and the Netherlands.
According to The Irish Times, it also plans to hire a number of people locally as it enters the Irish market.
“The past year has seen a surge in e-commerce businesses launching with more people shopping online than ever before. But this means the competition is much harder too,” said Pietraszek, who is CEO of the business.
“Booste allows e-commerce business owners to cut through the noise by offering funds they can access and use to grow on their own terms. We’re excited to expand Booste to more businesses across Europe thanks to this funding.”
Kacprzak, who is CPO, added that the newly raised capital will help the start-up implement further automation and language localisation for its platform.