The backers in this funding round were led by former Glencore senior executive, Nico Paraskevas, and existing investors, Cyrus Ardalan — former Barclays vice chairman and current chairman of OakNorth Bank and CAF Financial Solutions Limited — and Jean-Philippe Blochet, co-founder of macro hedge fund Brevan Howard.
Backed by family offices since 2019, the company also counts Publicis group chairman Maurice Levy’s family office among its existing investors.
Blend Network now draws less than 10% of its funding from retail investors, which used to make up the majority of its backing.
“Our platform has built a strong track record of improving the origination process for both developers and brokers — this success has not gone unnoticed among investors, and we are proud to have received such significant support in our latest funding round,” said Yann Murciano, CEO at Blend Network (pictured above).
Yann believes the latest funding reflects the scale of opportunity that the company is opening to developers and brokers.
- Property investors face 'huge risk' of stranded assets if they fail to decarbonise
- Blend Network launches light refurb product with up to 75% LTGDV
- Blend lends £2.6m for Gloucester refurbishment scheme
“It also illustrates our investors’ belief in our ambition and their satisfaction with the success to date.
“There is no doubt the new funds will enable us to accelerate our growth journey; we look forward to growing further with the support of our investors.”
The business will use the latest tranche of funding to scale its origination team and invest more money in its technology, which is set to include more services for brokers.
Cyrus added: “Property is not known as a sector that embraces change, but my fellow investors and I have been extremely impressed by how Blend Network is disrupting this traditional industry.
“It has built a simple, yet powerful and fully automated platform that tackles the main pain points for investors, property developers, and borrowers alike.”
Since 2019, Blend Network has doubled its lending volumes annually, despite the impact of the pandemic.
In January, the lender introduced a live underwriting service for brokers, which offers 20-minute one-on-one appointments to discuss deals.