£6m loan for London startup notonthehighstreet.com from Silicon Valley Bank
The London-based tech startup notonthehighstreet.com has won a £6m loan from the Silicon Valley Bank.
The website, which was founded by Holly Tucker and Sophie Cornish, brings together lifestyle products from over 5,000 small businesses and makes them easy to buy. It will use the money from the new loan to expand the business further.
Chief financial officer of notonthehighstreet.com Andy Botha said: “This financing will enable us to further our growth ambitions.”
The firm said it had a turnover of £127m last year. At a previous funding round in 2012, the growing e-tailer raised £10m from a consortium of venture capital investors.
Andrew Hunter, director at Silicon Valley Bank, added: “Notonthehighstreet.com has built a unique platform that engages small businesses in an innovative way.”
The Silicon Valley Bank was founded to give loans to startups in America’s tech heartland. With the growth of tech firms in London, around Old Street’s Silicon Roundabout, it opened a branch in the City in 2012.