UK tech: 10 funding rounds you may have missed in May 2021
In May 2021, investments pumped into the UK tech startups are relatively higher than compared to the previous months. Already, we saw some major funding rounds happening, such as crypto startup Copper, fintech companies Uncapped and Paysend, and many others.
As always, we at UKTN have made an effort to be proactive and acknowledge and motivate the aspirational tech companies in the UK. As we near the end of this month, here is a roundup of the investment rounds picked up by some ambitious tech startups in the country that are worth your attention.
Founder/s: Benjamin Peddie, Eduardo Gómez, Mauro Cozzi
Founded year: 2019
London-based AI-powered software platform Emitwise empowers businesses to measure, report automatically, and reduce their carbon footprint in real-time. Its unique AI technology lets businesses respond to the climate emergency, accelerating the transition to a net-zero carbon world by equipping them with all the tools they need to drive emissions cuts across their operations and supply chain.
Recently, Emitwise received a further £2.2 million that took its seed funding round to £4.6 million. The round was led by Specialist cleantech venture capital firm ArcTern Ventures along with angel investors, including Peter Harrison, the CEO of Schroders. Emitwise will use the funds to grow its team of carbon accountancy experts to support the corporate accountancy needs of more customers.
Founder/s: Dene Jones
Founded year: 2020
Farnham-based Cinch works with the mission to make it easy to buy cars online. As per the company press release, it is one of the largest online B2C marketplaces for used cars in the UK. Since its launch, Cinch has shifted over 45,000 cars and witnessed 45 percent month-on-month growth. Also, it has signed a number of high profile deals to increase consumer brand awareness.
This month, Cinch secured nearly £1 billion growth Capital stumped up from a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), GIC, Neuberger Berman client funds and Soros Fund Management LLC, for its European expansion.
Founder/s: Bill Scouller, Ryan McCabe
Founded year: 2012
Glasgow-based Odro develops industry-specific live video interview software. It provides video interviewing and engagement software to the recruitment industry. Its flagship product, the Odro Video Interview platform is designed with recruitment agencies in mind and works with more recruitment agencies than any other provider. Adecco Group, Robert Walters and Kelly Services use its video interviewing and engagement software.
A few days back, growth capital investor BFG (Business Growth Fund) completed a £5.2 million investment in Odro. Alongside the cash injection, Rob Crossland has joined as the company’s chairman to help lead its next phase of growth.
Founder/s: Danny Larsen, Dennis Kayser, Jens Duelund Højstrup Pallesen, Niels Frederiksen
Founded year: 2016
Forecast is a provider of a software platform for overseeing projects and teams. The company is headquartered in London and also has an office in Copenhagen. Its AI-native platform represents the most advanced technology ever applied to managing projects, resources and finances. The platform automates busywork, surfaces best practices, predicts outcomes, guides projects to success, and empowers every team member to do their best work.
Last week, Forecast raised $19 million (nearly 16.3 million) in a Series A funding round led by Balderton Capital. Existing investors including Crane Ventures Partners, SEED Capital, and Heartcore took part in the funding round. The company will use a part of the investment to expand to the U.S. and to continue building its platform and business.
Brooklyn Vendor Assurance
Founder/s: Jesse Lee
Founded year: 2018
London-based Brooklyn Vendor Assurance has developed an artificial intelligence platform to help procurement organisations maximise value for money. Earlier this month, the company secured £1.8 million seed investment led by venture capital firm Blackfinch Ventures along with participation from London-based Force Over Mass Capital.
Founder/s: Neil Garner
Founded year: 2013
Location Sciences Group based in London helps companies connect the online world with the offline world, using mobile location intelligence service. It is a one-of-a-kind location data optimisation and transparency platform.
The location data insight and verification company recently raised up to £3.85 million from new strategic shareholders including Founder and Group Executive Chairman at Boohoo Group plc, Mahmud Kamani and Founder at Zeus Capital, Richard Hughes. The investment will be used to continue development and commercialisation of its products and services and for general working capital purposes.
Founder/s: Dan McGuire
Founded year: 2011
cube19 from London is a cloud-based business intelligence and performance management solution for recruitment and staffing companies. It improves sales performance with analytics and gamification technology delivered through any connected device.
Last week, BOOST&Co provided £1.75 million term loan under the Coronavirus Business Interruption Loan Scheme (CBILS) to the company. This fund will let Cube 19 to capitalise on this surge in demand by developing its platform and accelerating its growth internationally, with a focus on the US.
Founder/s: Philippe Jenny
Founded year: 2012
UK-based Gelmetix is a diversified therapeuticbiomaterials company. It develops multiple grades of polymer gel to provide affordable non-invasive alternatives to surgery for conditions like chronic lower back pain and osteoarthritis. Its flagship product is a hydrogel for nucleus pulposus augmentation to relieve pain in patients suffering from chronic low back pain.
A few days back, Gelmetix closed £5 million in a Series C funding round. The University of Manchester spinout will use the funds to invest in its upcoming first-in-human (FIH) trial and for its pivotal study.
Founder/s: Andrew Skipsey, Matthew Skipsey
Founded year: 2016
UK-based Giganet revolutionises internet service provision for businesses and private users across Winchester and surrounding areas. Its highly-skilled, UK-based service team delivers a 6hr SLA connection with a minimum 24Mb Superfast and up to 1GB Ultrafast premium Internet connectivity. Based in Hampshire, the company has a track record of delivering award-winning connectivity and customer satisfaction.
Recently, Giganet announced that it will accelerate its growth plans following the acquisition of its parent company M12 Solutions and a £250 million funding from Fern Trading, advised by Octopus Investments. The funds will allow Giganet to offer high-speed full fibre connectivity to more than two million homes and businesses in the UK.
Founder/s: Matt Oldham, Tony Shawcross, Chris Donnachie
Founded year: 2015
London-based UniZest aims to give the best start for people coming to the UK for work or study. With Unizest, consumers can instantly apply for, and open, a UK-based e-account from anywhere in the world. Newly formed Neofin Ventures has secured a total of £300K in funding via Worth Capital and angel investors. This lets Neofin Ventures relaunch Unizest, a provider of e-accounts for new residents to the UK. The renewed Unizest brand will enter the market with support from established industry leaders Mastercard and Railsbank.