Advising Go Banana on £500k funding round
Our client, Go Banana, is the UK’s first marketplace for building supplies. It is now relocating from London to Cardiff, after having completed a seed funding round with £500,000 secured from the Development Bank of Wales, BSKG Holdings, and existing investors.
Laura Spendiff and Catherine James, from our corporate team, advised Go Banana on the deal.
Created in 2016 by the late Rami Noari, the tech business already lists more than 100,000 products on its online selling platform, and has more than 10,000 customers. The new funding will support its next phase of growth – including the development of new technology tools, customer acquisition and marketing. The product development teams will all be moved in-house and strengthened with the appointment of a team of new technical specialists.
Phoebe Bull, co-founder and chief operating officer at Go Banana, said:
We’ve been very impressed with the Capital team’s ongoing support throughout our seed fundraising round. They were always quick to respond and offer advice on the trickiest of situations, never failing to remain patient and professional throughout the entire process. A special mention goes to Laura Spendiff and Catherine James who were our main contacts – thank you for all your hard work and support and for helping us get the deal over the line!
Laura Spendiff, senior associate from Capital Law, said:
Go Banana is a great example of a business that spotted a gap in the market, and went for it. Five years on, their innovative ecommerce platform is more in need than ever: as well as offering buyers greater transparency, it gives greater visibility, efficiency on pricing and access to a huge catalogue of products from trusted merchants, including building and hardware, tiling and flooring, plumbing and heating, painting and decorating, and kitchen and bathrooms. It’s been a real pleasure working with Phoebe and the team to secure the funding they need to embark on this next phase of growth, and we look forward to welcoming them to Cardiff!
Read more about the deal here.
Read more about Go Banana here.
