Tinubu Square raises E4m

The B2B support services supplier will use the financing to develop its product range and to recruit additional staff.

Tinubu Square, a European B2B transaction and credit management firm, has raised E4m in a seed round of financing. The round was led by corporate investor Chrysalead, which invested E1.5m and included private equity firm Sitka Partners and several business angels. The company plans to launch a second round of financing in March 2001.

Tinubu Square provides online transaction and credit management solutions that facilitate and secure B2B sales of goods and services. It provides services such as credit information, receivables monitoring, credit insurance and debt collection for its clients. The new funds will allow the company to develop its credit insurance platform and to recruit additional international management for its expansion into Europe. The company has its headquarters in Paris.

Tinuba’s three founders CEO Jérome Pezé, CFO Pierre-Emmanuel Albert and CTO Olivier Placca, remain as majority shareholders. Pezé said: “ Tinubu Square will be the leading independent pan-European integrated solution provider for e-B2B platforms in this crucial value-added step to becoming fully on-line. Competing initiatives from major corporate players in the credit information, insurance industry or online initiatives provide only limited parts of the complete financial service chain or insufficient European coverage”.

Eric Clairefond who lead the Chrysalead investment team, said: “Tinubu Square fits our strategic goal of investing in promising pan-European companies providing the necessary infrastructure for tomorrow’s business.”

French corporate investor Chrysalead is a joint venture between private equity firms CVC Partners and GIMV, technology consultant Valoris and industrial consortium Danone. The vehicle has an E58m fund which invests in early-stage companies.