Ritmo, a platform offering a growth capital and analytics suite of products directed at providing non-dilutive growth capital as well as insights to digital businesses, has closed its extension round bringing the total seed round to €13.8M, led by JME Ventures along with Inveready and Sabadell Venture Capital. Bynd Venture Capital and Wayra (Telefonica’s investment arm) also participated in this round along with a few international investors. This extension round comes within 8 months of the company starting its operations.
According to Ivan Landabaso, Partner at JME Ventures, “We’re thrilled to support Ritmo in their mission to transform growth capital for e-commerce. Their platform’s ability to deliver funds + insights is straightforward and powerful. We look forward to seeing them grow across Europe and LATAM in the coming months”.
Founded in November 2020 by Raimundo Burguera, Pablo Gasalla, Iñaki Mediavilla and Iván Peña, Ritmo is a Capital-as-a-Service platform offering recurring revenue based finance and insights to the new generation of e- commerce companies, especially sellers in marketplace (Amazon, Mercado Libre etc.). Its objective is to cover the growth needs of this segment by offering capital on a recurring basis investments in digital marketing and inventory.
“This new investment will help us accelerate our growth rate (currently 2x month-on-month) internationally with our objective of democratizing access to capital. The confidence shown by our investors in the project and in our future plans is a vital step towards achieving this objective. Ritmo will continue to expand our team with the best international talent and strengthen our embedded finance capabilities”, assures Raimundo Burguera, co-CEO and co-founder of Ritmo.
Ritmo will be focussed in Europe and LATAM in the short term and expand to other markets with its strategic partners.
Ritmo has also launched Ritmo Insights, its AI powered growth analytics and insights solution, which is currently being offered for free, to help entrepreneurs with growth recommendations enabling them to make more informed decisions about their business by analyzing their revenue, marketing and cash flow metrics through APIs. Ritmo is focussed on enhancing its API-first embedded strategy to incorporate itself in multiple platforms in the ecommerce ecosystem. This, along with its non-dilutive capital offering, has created a complete suite of products, to help marketplace sellers and e- commerce companies grow faster, tailored to their unique needs that often include many growth peaks due to inherent seasonality of this industry.
Ritmo analyzes clients by evaluating the digital business metrics via APIs and is able to undertake real time decisions using its data-driven approach.
Currently, Ritmo has more than 85 operations, and after this round, it intends to 10x its portfolio. With its rapidly increasing presence internationally and established embedded finance partnerships, Ritmo is on track to invest over 100m Euros to this segment over the next 12 months.