Rezolve, a mobile shopping platform startup, is reportedly closing in on a funding round that would value the group at $750m (£540m).
According to Sky News, Dan Wagner, the company’s founder, is on the brink of finalising a $20m (£14.4m) cash injection for the group.
City sources told the publication that Rezolve’s investment round is backed by a company connected to the Estee Lauder cosmetics corporation.
Moreover, the UK Government’s future fund, established last year to support firms through the pandemic, is also linked with the investment round.
The scheme will reportedly convert the future fund interest into equity at a 20% discount to the fundraising’s valuation, resulting in British taxpayers holding a minor stake in the company at a $600m (£431m) valuation.
Wagner has previously been involved with an ecommerce startup in the shape of Powa, which collapsed into administration in 2016.
Working alongside Wagner on the project is Justin King, the former chief executive at Sainsbury’s, and Sir David Wright, a former British ambassador to Japan and Korea.
Retail Sector has contacted Rezolve for further comment.