“We have the potential for unlimited growth”: In conversation with UrbanChain CFO Paul Martin
Having worked for numerous startups that have scaled and raised hundreds of millions of pounds, Paul Martin explains why he has joined UrbanChain and the unlimited possibilities that lie ahead.
For those who don’t know you Paul, could you tell us a little bit about yourself?
Prior to my current position as UrbanChain CFO, I worked on a one-year contract at Cult Wines, a fine wine investment firm, where I worked on fundraising and restructuring efforts. I have experience in various startup and scale-up environments. Before Cult Wines, I was at Zapp, a rapid delivery company, joining as employee number 15 and experiencing rapid growth to 4,500 employees in 15 months while raising over £300 million in funding. Before that I worked in the energy sector at Igloo Energy, a challenger brand in the domestic space, where I contributed to scaling the company from approximately £25m to £150m. My background includes training at PwC and working with several large PLCs, but my passion lies in the startup and scale-up space.
Why have you joined UrbanChain and why now?
The green energy sector is important to me, especially since becoming a parent and thinking more about the future. I wouldn't call myself a militant environmentalist, but my family built our own house in 2020, based on Passiv house standards, with an air source heat pump and EV charge points. We plan to install solar panels as well.
It's important for me to work for a company that's trying to make a positive impact on the world, and I find Somayeh to be an inspiring leader. I believe I have the skills and experience to help her implement her aspirational ideas.
Talk to us about where UrbanChain are and how far they could go?
In our financial year up to May 24, we achieved a turnover of approximately £25m. This calendar year, 2025, I think we can push for a turnover growth of several multiples.
With careful management of our resources and the right alignment, we could potentially achieve even more growth. I see no reason why we can't achieve 10x growth from last year within the next three years, potentially even sooner.
Beyond that, given the global implications of what we're doing and the huge global market, we could achieve unicorn status and beyond. The sky's the limit, and we are aiming to reach a turnover of £250 million, a billion pound turnover, and a billion pound valuation. I believe we have the potential for unlimited growth.
Will headcount line with growth?
Yes, I think so. We are at 75 now and I’d expect us to double headcount to 150 over the next 12-18 months.
To date, we have raised circa £20m of equity and debt and are delighted to have Stride Venture joining us as a venture debt partner. This is all important as we go forward with our current £50m+ Series B fundraise. We have some great people at UrbanChain and we are aligned in our thinking.
