UPDATED 11:06 28th July, with comment from co-founder Paul Haydock.
Manchester-based FinTech startup DueCourse has gone into administration, less than a year after raising £6.25m (£1.25m in equity funding and £5m of debt finance).
I contacted Charles Everitt of administrators Leonard Curtis and he confirmed the company entered administration on 14th July.
DueCourse, founded in 2014 by Tim Borden, Jon Grove and Paul Haydock, offered software aimed at small businesses who regularly invoice clients.
Linking to a company’s online accounting platform, DueCourse’s proprietary risk engine was used to assess and unlock cash tied up in unpaid invoices.
“We have decided to close one of the companies in the group as part of a planned restructure. Customers haven’t been affected,” said Haydock.
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It was in September 2016 that the firm closed its funding round, raising capital from angel investors Alex Chesterman, founder and CEO of Zoopla; VC firm Global Founders Capital and Angel investor Simon Franks.
In January of this year, the company was announced as one of the 33 early-stage tech startups joining the Tech City UK Upscale programme.
DueCourse has been contacted for comment, but had not responded at press time. This article will be updated when a response is received.