Member Article

notonthehighstreet.com secures £6m Silicon Valley Bank loan

E-tailer notonthehighstreet.com has secured a £6m loan from the Silicon Valley Bank.

The London-based startup, which was founded by Holly Tucker and Sophie Cornish, works with over 5,000 small businesses to give them a platform to sell their wares.

Chief financial officer of notonthehighstreet.com Andy Botha said: “This financing will enable us to further our growth ambitions.”

The firm, which currently employs around 200 people across the UK, is currently growing at an annual rate of 151% each year

Last year, it reported a turnover of £127m and has recently announced plans to expand into Europe.

Andrew Hunter, director at Silicon Valley Bank, added: “Notonthehighstreet.com has built a unique platform that engages small businesses in an innovative way.”

The Silicon Valley Bank was founded to give loans to startups in America’s tech heartland.

With the growth of tech firms in London, around Old Street’s Silicon Roundabout, it opened a branch in the City in 2012.

This was posted in Bdaily's Members' News section by Ellen Forster .