What is Sonovate?
Sonovate, founded in 2013 and headquartered in Cardiff, United Kingdom, is building the backbone for the future of work, enabling individuals to operate independently and empowering businesses of all types, from recruitment agencies and consultancies to tech-driven freelance marketplaces. The company provides essential funding and cash flow solutions to facilitate scaling and growth for its clients. Its mission is to support the burgeoning gig economy and flexible work arrangements by ensuring seamless financial operations for businesses and freelancers alike.
How much funding has Sonovate raised?
Sonovate has raised a total of $371M across 6 funding rounds:
Multiple Rounds
$46M
Debt
$126.7M
Debt
$198.3M
Series A (2016): $7.2M with participation from Dawn Capital and DN Capital
Debt (2016): $21.5M led by Shawbrook Bank
Series B (2016): $11.2M supported by Global Founders Capital
Debt (2016): $6.2M, investors not publicly disclosed
Debt (2019): $126.7M backed by Dawn Capital, M&G Investments, Rocket Internet SE, and MXB Holdings Inc
Debt (2022): $198.3M with participation from M&G and BNP Paribas
Key Investors in Sonovate
Dawn Capital
Dawn Capital is a venture capital firm focused on backing ambitious founders building leading business software companies across Europe. The firm partners early, brings deep sector expertise, and supports teams as they scale globally.
DN Capital
DN Capital is a global early-stage venture capital firm founded in 2000, with offices in London, Berlin, and San Francisco. The firm focuses on investing in Seed, Series A, and select Series B opportunities across four key sectors: Software, AI, Fintech, and Consumer Internet.
M&G Investments
Founded in 1931 and headquartered in London, United Kingdom, M&G is an international asset manager serving individual and institutional investors.
What's next for Sonovate?
With substantial enterprise-level funding and recent strategic investment, Sonovate is well-positioned for accelerated expansion. The company's focus on providing critical financial infrastructure for the future of work suggests a strategic direction towards enhancing its platform's capabilities, broadening its market reach, and potentially exploring new service offerings to further support its growing client base in navigating the complexities of flexible employment and contingent workforce management. This capital infusion is expected to fuel innovation and solidify its market leadership.
See full Sonovate company page
