Sugar, a UK-based financing platform that was created to provide capital to games and apps studios with growth ambitions, recently announced it secured £1.5 million through its pre-seed funding round, which was led by Passion Capital and included participation from Velo Partners as well as strategic angel investors, including Victoria van Lennep of Lendable.
Founded in 2019, Sugar claims it provides quick, fully automated, data-driven finance to help game and app studios scale-up, without them having to raise equity finance.
“Our range of flexible loans and products can significantly boost your growth without taking any equity away from the founders. We provide funds quickly and painlessly, so you can focus on running your business and smooth out any cashflow speedbumps along the way.”
Speaking about the investment, Matt Frenchman, Sugar CEO, stated:
“We’re so excited to be working with Passion and delighted to have expert fintech investors on board. Like us, Passion sees access to finance as a big problem in the games and apps world. With this round of funding, we can focus on developing our platform, growing the team and ultimately giving studios quick and easy finance to scale up.”
Sugar went on to add that the primary use of the investment funds will be used for key hires and scaling the platform to support even more studios in key markets.