Barclays has signed a GBP1.5 million money market loan agreement with Kimble, a business performance software provider.
The funding agreement was signed by Lorraine Ruckstuhl from Barclays and Sean Hoban from Kimble, to provide the business with working capital for future growth.
The funding comes from Barclays’ GBP200 million venture debt fund, which was established to help the UK’s high-growth firms compete with Silicon Valley. To date, Barclays has helped a range of high growth companies with business financing from this fund.
The fund was extended to GBP200 million earlier this year, in addition to the launch of Barclays Eagle Labs. The Labs provide fast growing businesses the space and resources to help them succeed and enable collaboration with other like-minded businesses, mentors and industry experts.
Richard Heggie, head of high growth and entrepreneurs at Barclays, says: “We’re really excited to be part of Kimble’s journey with this venture debt agreement – and in such a spectacular location. Kimble is an innovative business, with the potential to become a global-leader in its sector and this funding will prove invaluable in providing working capital to fuel its growth.
“Barclays is dedicated to fuelling growth and providing support for scale-ups at critical stages of their journey. In this economic climate, it’s important the UK’s most exciting pioneers feel supported and are able to fulfil their growth potential.”
Sean Hoban, CEO, Kimble, says: “The venture debt agreement means a lot for the business. Not only does it give us working capital to drive our growth, but it’s a vote of confidence from Barclays for the UK SME sector in general and high growth sector in particular.”
