Press release |
BEITEN BURKHARDT Advises the Fintech awamo on Execution of a Seven-Digit Financing Round
Frankfurt am Main, 21 September 2018 – The international commercial law firm BEITEN BURKHARDT provided advice to the Frankfurt FinTech awamo GmbH also during its third seed financing round. With this seven-digit investment the financing volume of awamo could be further extended. The parties have agreed not to disclose the exact amount of these participating interests.
Apart from the previous shareholders and industry experts, the listed FinLab AG is among the investors of the current financing round. This company is one of the first and largest company builders and investors in Europe that has focused on the Financial Services Technologies sector. FinLab's prime area of activities is the development of German FinTech start-up companies as well as the provision of venture capital for their financing needs whereas a long-term participation and assistance with the investments is pursued.
FinTech awamo GmbH was founded in 2015 by Benedikt Kramer, Philipp Neub and Roland Claussen and operates in the microfinance sector. It offers mobile, biometric comprehensive solutions to non-regulated microfinance institutions in the sub-Saharan region of Africa. The software digitises business processes, thus facilitating the work of the lenders. This way people with no regular access to financial services can for the first time obtain credits. The start-up awamo GmbH has its registered office in Frankfurt am Main and maintains a subsidiary with two branch offices in Uganda. The fresh capital from the third financing round shall be fully used to further develop the software and promote the expansion in East Africa.
This third assignment by awamo to the BEITEN BURKHARDT team in Frankfurt demonstrates clearly the clients' grown confidence in the expertise of the Venture Capital practice of the law firm. BEITEN BURKHARDT frequently advises participation rounds on both the investor and the start-up side and is committed in many ways providing support to the start-up scene in Germany.
BEITEN BURKHARDT: Dr. Gesine von der Groeben (in charge) und Sherjeel Chaudhry – both Corporate / M&A und Frankfurt am Main.