UK – Adsum, a London, UK-based tax-based forward-financer, raised $5m in funding.
The round was led by Episode 1 and Digital Horizon, with participation from D2 alongside other prominent angel investors from London and New York.The funding came in addition to credit facilities established with institutional credit investors at the end of 2021. Founded in 2020 by Justina Tartilaite and Freddie Digby, Adsum is a cashflow solutions provider allowing users to grow fast by calculating and advancing a funding solution for all their UK Tax Receivables including VAT, Creative Industries and R&D Tax Credits. Through the use of its in-house technological solution, Adsum can auto-calculate VAT, R&D and creative industries tax credits and refunds, removing the need for tax consultant work. From here, a credit line is provided that is drawable against and repaid by its users’ tax credits and refunds. The company is able to provide capital in as little as twenty-four hours. The team also includes Ben Rodgers and Shreeya Arora, who joined the founders soon afterwards to build-out the technical and product teams respectively.23/05/2022
