Blend Network attracts £10m investment to boost origination team
Blend Network has raised £10m in an oversubscribed funding round.
The peer-to-peer property lender has attracted investment in an institutional fundraise led by venture capital investor Nico Paraskevas, a former senior executive at Glencore.
The fundraise was also backed by existing investors including OakNorth Bank chair Cyrus Ardalan, and co-founder of macro hedge fund Brevan Howard Jean-Philippe Blochet.
The move means Blend now draws less than 10 per cent of its funding from restricted retail investors.
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The platform said it will use this latest tranche of funding to scale its origination team, further strengthening the company’s lending capacity.
It will also be able to invest more money in its technology, which is set to expand to include more services for property brokers.
“Our platform has built a strong track record of improving the origination process for both developers and brokers,” Yann Murciano, chief executive of Blend Network, said.
“This success has not gone unnoticed among investors and we are proud to have received such a significant support in our latest funding round.
“We believe it reflects the scale of the opportunity that Blend is opening to developers and brokers alike. It also illustrates our investors’ belief in our ambition and their satisfaction with the success to date.”
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