Revenue-based financing platform Vitt emerges from stealth with $15 million pre-seed raise
Summary
Add another player to the revenue-based, non-dilutive financing game, as London/Berlin-based Vitt emerges from stealth today and has announced a $15 million (equity and debt) pre-seed funding round. The platform provides SaaS companies the option of raising growth capital based on annual recurring revenue streams, an attractive offer to traditional means of either restrictive debt or dilutive equity funding rounds. Vitt, which translates to ‘finance’ in Hindi, now joins the ranks of similar offers Ritmo, Requr, Viceversa, and recently announced player, Berlin’s re:cap in the cash-up-front game. With a baseline of a demonstrable ARR of £100,000, high-growth SaaS businesses simply need complete a 5-minute application process that includes connecting the company’s accounts to Vitt’s systems. “In addition to creating a valuable product for a customer that was previously limited in its choices when it came to raising capital, the rapid digitization of the economy has meant a rise in smaller opportunity businesses that use SaaS models but aren’t viable for venture investors.