Voly, a fintech startup, provides financial management services to the yachting sector.
Founded by Ian Flanagan, Voly offers accounting and treasury management solutions with curated ancillary modules, enabling yacht owners, captains, management companies, and family offices to manage and report a yacht’s activities in real time with limited overhead resource.
Over the last five years, Voly has invested in its software and support capabilities, which has facilitated c.50 per cent growth per annum and the expansion into adjacent verticals of family offices and media.
The investment underlines Magenta’s approach of backing high-growth, niche businesses. The investment is the sixth of Magenta’s latest fund, which targets equity investments of £5m - £20m.
Tom Matthews, partner of Magenta, comments; “Ian and his dedicated team have built a solution with great growth potential. The yachting industry is large and underpenetrated, and we are equally excited about Voly’s fast start in the conterminous sectors of media and family offices. Further module releases over the coming 12 months will reinforce Voly’s outstanding proposition to these core markets and provide a superb platform for rapid expansion. We will also be on the lookout for interesting acquisition opportunities as the business scales.”
Ian Flanagan, founder and CEO of Voly, adds; “Magenta’s investment is testament to the amazing growth story of our business over the last 24 months – from industry challenger to clear market leader in yachting, successful entry into the asset management space for the UHNW family office client and the first steps into new verticals.”
Credit: The Superyacht Group