Fieldfisher advises tech startups Quiqup and Goodlord on combined VC deals worth c.£30m
Fieldfisher has advised two innovative UK technology start-ups on significant series A and Series B venture capital financing deals totalling approx. £30 million in funding.
The Fieldfisher team, led by Tom Ward (Director, Corporate), advised both companies on their VC financings, supported by corporate solicitor Alex James, with equity incentives and share options advice provided by Mark Gearing (Partner, Equity Incentives).
The deals highlight the strength of Fieldfishers' venture capital practice, which is known for providing commercial and no-nonsense advice to both fast growing companies and investors, predominantly in the technology sector.
Quiqup, a London-based startup that offers on-demand logistics services to consumers and retailers of all sizes and across all industries, has announced a £20 million Series B financing led by New York fund, JOBI Capital. The new preferred equity funding round also involved participation from Transmed, a leading FMCG distributor, and existing investors. The investment will fuel Quiqups' plans for expansion to other major cities in the UK and abroad to meet the needs of on-demand delivery services for businesses and consumers.
In an environment where consumers are increasingly reliant on speed and convenience, Quiqup's proprietary technology empowers businesses of all sizes, as well as individuals, to make last-minute delivery faster, more efficient and more affordable than ever before. Unlike most on-demand delivery services, Quiqup’s services are not tied to a specific retail vertical or size of partner. The company works with a variety of retailers, both large and small, ranging from big-name brands like Whole Foods and Burger King to independent florists, pharmacists and grocers across London.
Bassel El Koussa, Quiqup’s CEO and co-founder said: "Fieldfisher has supported Quiqup right from the start and has always given us the best advice on fundraising and other matters. Tom Ward and the team have been instrumental in driving the whole process forward and have empowered us with the right tools for negotiating and positioning the deal favourably for all stakeholders. Today’s funding will be used to fulfil Quiqup’s vision. We will focus on expanding our algorithmic capabilities, strengthen our operations and create additional products to cater to a wider range of retailers and customers".
Commenting on the transaction, Tom Ward said "Quiqup has continued to drive significant year-on-year growth whilst also having pivoted the business model to cater for retailers as well as consumers. With this funding, they are now in an excellent position to scale the business both in the UK and internationally. It's been a pleasure to work with Bassel and the team, since their initial seed and Series A funding rounds, a convertible bridge round, and now with this significant Series B equity funding. We wish them all the success as they continue to pave the way in the last-mile delivery space."
Goodlord, a UK proptech startup, has closed the final tranche of a £7.2m Series A preferred equity financing led by Global Founders Capital, with participation from existing seed investor LocalGlobe and new backers including the Silicon-Valley based VC, Ribbit Capital, and US fund QED Investors.
Goodlord has built a platform to handle property rental transactions and replace the tedious paperwork that is normally associated with renting a home. Its Software-as-a-Service (SaaS) is designed to support all stakeholders, including traditional high-street letting agents, as well as landlords and, of course, tenants. The Goodlord SaaS enables letting agents to digitize the moving-in process, including utilizing e-signatures and collecting rental payments online. In addition to landlord insurance, new services are being introduced, such as rental guarantees, and tenant passports.
The deal, the first tranche of which was announced in March 2017, has subsequently involved the closing of a final tranche of £1m subscribed by QED Investors, the Virgina-based venture capital fund that actively supports high-growth businesses that use information to compete — and win.
Richard White, Goodlord's CEO and co-founder said: "Fieldfisher have been a pleasure to work with. We got the deal done with minimal fuss."
Commenting on the deal, Tom Ward said: "It's been great to work with Goodlord on this round. They have an incredibly talented team in place and an excellent investor base too for the platform to scale and succeed. The old process of renting property in the UK and many other jurisdictions was painful. Goodlord is disrupting this sector, and is a fantastic example of London's booming digital tech industry and why UK startups are attracting more venture capital than any other European city."