Chief executive and founder Paul Aitken had barely signed off the announcement of a £16m injection of cash "to accelerate growth in the UK and US" when he was able to announce a further £20m lending facility through lending specialists Octopus Investments.
Octopus, who have been working with borro for 18 months, believe there is significant growth potential in the sector.
Octopus Investment Manager Hugh Costello said: "borro is in a strong position to grow in the UK and US and it is a well capitalised business. Its recent round of equity fundraising (£16 million) is testament to the confidence its investors have in its operational focus and loan book management. We look forward to continuing to support the business as it enters its next stage of development."
As reported in ATG previously, borro's scheme advances loans against high-value items being consigned for sale by auction or private treaty. The scheme will see loans granted of up to 70% of the estimated sale price of assets valued between £50,000 and £1m, such as fine art, jewellery and wine, with the lender recouping their costs and fees once the sale has been completed.
Borro say they will protect their investment by managing the sale of items against which loans have been issued.
The firm have also revealed that the average loan provided against jewellery and gem stones, including diamonds and sapphires, has risen 151% over the past two years.
