BondAval raised $7 million in a round led by Octopus Ventures

BondAval, a London, UK-based financial services startup, announced the completion of a $7 million funding round.

The money was raised from investors led by UK-based VC Octopus Ventures, and joined by Insurtech Gateway, Expa, TrueSight Ventures and local British angels Tom Blomfield of Monzo, ComplyAdvantage’s Charlie Delingpole and Entrepreneur First’s Matt Clifford.

BondAval, founded in 2020 by Sam Damoussi and Tom Powell (CEO), developed a credit risk engine which allows them to create and sell financial products called MicroBonds, which provide investment-grade certainty to wholesalers when securing their stock and inventory. MicroBonds is currently available in the United States and United Kingdom and is an alternative to traditional bank guarantees and collateral-based instruments, with non-cancellable exposure coverage policies that use a credit risk engine, don’t require collateral and are available almost instantly online.

BondAval previously raised £1.2 million pre-seed funding from Insurtech Gateway alongside True Sight Partners in January 2021.