Switzerland based SME financing startup Advanon has raised $13.3m in Series B funding from four investors including Swisscom, the country's biggest telecom company. Advanon is an online platform where SMEs can find funds for their short-term financing needs by selling invoices to financial investors
Advanon offers an online platform that allows SMEs to finance their open invoices directly through investors. They have now managed to close the second round and raised 13.5m CHF. Three quarters are available to invest over the platform and one quarter will be invested in equity. In addition to the biggest Telecom company from Switzerland, Swisscom, the two venture funds b-to-v Partners and VI Partners as well as the founder of Partners Group, Urs Wietlisbach, participated in the round. With the additional funds, Advanon plans to strengthen its leading position in Switzerland and expand into the German market. The online platform helps SMEs to bridge the long payment terms that they’re facing nowadays.