In The News > October 18, 2018

Gospel Technology could seek GBP 5m-plus Series B in 18 month, CEO says – MergerMarket

The company is planning to open an office in San Francisco next quarter

Gospel Technology, a UK-based developer of a blockchain-based secure data distribution platform,
could raise a Series B round in 18 months, which will be “significantly larger” than its GBP 5m Series
A, CEO and co-founder Ian Smith said.
The company announced its A round in September. Salesforce Ventures, the corporate venture
capital of Salesforce, and New York-based VC IA Ventures comprised the round’s
investors.
While Gospel plans to focus on growing its business and signing its first 100 customers in the coming
12 – 18 months, it hopes to begin building relationships with potential B round investors in coming
months, Smith said. The timing of the round will depend on the company’s growth in the coming year,
Smith said.
Gospel is generating “solid” revenues, Smith said, declining to detail specifics. The company is
aggressive, however, and a B round would allow it to target more customers, taking advantage of the
network effect among its customers, Smith said.
While Gospel is receptive to raising investment from all investor types, following the model of other
European companies’ B rounds, it could look at West Coast US investors, Smith said. The company is
planning to open an office in San Francisco next quarter, he added.