Welcome to The Week in Tech, your roundup of the latest top tech news. This week, we have a £4.67m venture round, Uber’s CEO taking some time out following company scandals, Verizon finally completing its acquisition of Yahoo, and much more.
G.Network, which provides fibre connectivity to businesses in central London, raised £4.68m from Albion Capital.
The funding will be used to expand the company’s broadband infrastructure, prioritising areas with significant business density.
Vita Mojo’s £3.28m
London-based software firm Vita Mojo raised £3.28m on equity crowdfunding platform Crowdcube.
Vita Mojo attracted the support of 1,179 investors for 14.15% equity and reached a post-money valuation of £23.1m. Its pre-money valuation was £19.8m.
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Mrs Wordsmith’s £2m
EdTech startup Mrs Wordsmith raised £2m in a Seed round led by Kindred Capital.
Reach Capital, SaatchiNvest, and Ropart Asset Management also invested in the London-based startup’s round.
Launched last year by CEO Sofia Fenichell as she sought to improve her children’s writing skills, the company is looking to change the way in which young people learn, retain and use words.
Huq Industries’ $1.5m
Huq Industries, a market intelligence data platform, secured $1.5m (£1.18m) in a Seed round led by 24Haymarket. Force Over Mass Capital made an undisclosed contribution to the round.
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Founded in 2014, Huq Industries enables customers to gain a real-time view of consumers’ behaviour.
London-based HealthTech startup Thriva raised £1.5m in Seed funding.
The company drew support from Alex Chesterman, founder and CEO of PropTech firm Zoopla; Simon Franks, founder of LoveFilm; and Taavet Hinrikus, founder of TransferWise.
Early stage venture funds Seedcamp, 500 Startups and the London Co-Investment Fund also participated in Thriva’s Seed.
UK VCs react to potential freeze of tech funding from EU
Changing Health, a spin-out company from Newcastle University and the Newcastle Hospitals NHS Foundation Trust, raised £1m.
Heresy, a London-based workflow and analytics platform, raised £755,000 in Seed funding.
UK PropTech startup Settled raised £1.2m in funding in a round led by Connect Ventures and Piton Capital.
Firstminute Capital’s $60m tech fund
New seed fund Firstminute Capital has raised $60m to back early-stage European technology entrepreneurs.
The London-based fund was created by Lastminute.com founder Brent Hoberman, and Spencer Crawley, formerly of AppDirect and Goldman Sachs.
Firstminute Capital is backed by VC Atomico plus 23 founders of billion-dollar tech businesses, and will look to invest between $250,000 and $750,000 in early-stage technology businesses across Europe.
Uber CEO steps down
Uber’s CEO, Travis Kalanick, announced he will take an indefinite leave of absence following the publication of a damning report on his company’s workplace culture.
A workplace review led by the law firm of the former US attorney general Eric Holder called on the company to “review and reallocate” Kalanick’s responsibilities. Uber’s board of directors voted unanimously to adopt the recommendations of the report.
Verizon completes Yahoo acquisition
Verizon Communications Inc closed its $4.48bn (£3.51bn) acquisition of Yahoo Inc’s core business. It was also announced that Marissa Mayer, CEO of the internet company, had resigned.
Verizon is to combine Yahoo with AOL to form a venture called Oath, led by AOL CEO Tim Armstrong.
Download of the week
Our download of the week is TSC Music, a music platform app that equalizes sound based on the user’s hearing capacity and prevents hearing loss.
Users take a quick hearing test to activate the app, then while listening to music, it adjusts the sound based on their hearing capacity.
A pair of vintage Apple trainers, designed exclusively for store employees in the early nineties, are now up for auction online with a starting bid of a whopping $15,000 (£11,590).
There’s a ‘buy it now’ price of $18,750, but the auctioneer estimates the shoes will sell for $30,000 or more. If you have money to burn, get your bid in by June 26th.