The Funding Report

By Luke C for Southbank Capital Jan 29, 2024

Welcome to The Funding Report – Your premier destination for the latest insights into Angel Investment, Seed Funding, and Series A fundraising deals within the dynamic landscape of the United Kingdom.

I am thrilled to be your guide on this journey. As the founder and principal consultant at Southbank Capital, my team and I are not just passionate about business success – we are dedicated architects of it.

Recognizing the pivotal role that funding plays in propelling growth, we have crafted this blog to be your go-to resource for inspirational success stories, showcasing the triumphs of innovative companies in securing funding.

Newcastle startup Grid Finder has been acquired by US-based motorsports venture group, RAFA Racing Club, in a significant 7-figure deal, 19 months after receiving local angel investment. The undisclosed sum, mostly in cash, will be used to expand the platform, which connects online racing gamers across PlayStation, Xbox, and PC. RAFA Racing Club plans to develop a global network of venues and experiences for motorsports enthusiasts. The acquisition allows Grid Finder to scale its product globally, providing value to the online racing community.

Scottish whisky discovery app, Bevvy, has successfully closed a £1.2 million seed funding round, primarily backed by Scottish angel investors, existing shareholders, and a family office based in Denver. The investment will play a crucial role in consolidating Bevvy’s leading position in the digital whisky space and expanding its consumer audience into new territories. Bevvy’s tech-led platform, founded in 2021, allows users to scan whisky labels using their mobile phones, accessing tasting notes and estimated valuations. The proprietary image-capturing software is supported by a vast database of over 200,000 whiskies, incorporating retail and auction pricing, along with market sentiment tracking.

London-based AI startup NumberEight has secured $2.7 million in Pre-Series A funding led by ACF Investors. NumberEight utilizes on-device AI to offer privacy-first identity solutions for the advertising sector. The technology, which identifies real user behaviours, allows advertisers to deliver precise, relevant ads without relying on traditional cookies or IDs, addressing privacy concerns. The investment aims to fuel commercial growth, enhance product development, and accelerate expansion into the US due to substantial market interest.

Bristol DeepTech startup iCOMAT, a spinout from the University of Bristol specializing in patented light weighting solutions for the aerospace, automotive, and space industries, has secured £4.8 million in funding from the UK Space Agency. The investment will support iCOMAT in leading a space infrastructure project. Founded in 2019, iCOMAT plans to utilize the funding to expand its workforce and expects to create an additional 60 high-value roles.

Zilo, a UK-based asset and wealth management software provider, has successfully raised £25 million in a Series A funding round, featuring participation from Citi, Fidelity International Strategic Ventures, Portage, and State Street. Zilo, which launched its SaaS technology platform for global transfer agency services last year, aims to offer a modern, cost-efficient alternative to legacy systems for asset and wealth managers. The oversubscribed funding round will be utilized for product development, user acquisition, market expansion, and strategic partnerships to enhance Zilo’s service offerings and transform financial service institutions by replacing outdated technologies.

WealthKernel, a wealthtech provider specializing in digital investment solutions, has secured £6 million in a Series A extension round led by ETFS Capital, with participation from XTX Ventures, the venture capital arm of algorithmic trading company XTX Markets. This funding is intended to fuel the company’s growth and will support the company’s mission of providing innovative and cost-effective solutions to everyday investors, following its recent foray into US equities trading.

The founders of Playdemic, the U.K.-based mobile games studio known for the Golf Clash franchise, have launched ForthStar, a new mobile free-to-play game studio in Manchester, with $10 million in funding from venture capital firm Griffin Gaming Partners. This move comes after the $1.4 billion sale of Playdemic to Electronic Arts in 2021. The founders aim to leverage their industry experience and the key figures from Playdemic to create exceptional games that captivate millions of players.

London-based platform Setmixer, designed to enable artists to record and mix live performances with studio quality, has secured £600,000 in seed funding in a round led by Raw Ventures. The funding will be used to launch its AI-assisted mixing process, aiming to produce a perfect result for instant releases and prevent live performances from being lost. Setmixer, founded by Pascal de Mul, recorded over 10,000 hours of live music in full multitrack studio quality in 2023. The platform’s mission is to bring live music recordings to venues in the UK and beyond.

London-based Metris Energy, an AI-powered solar energy platform, has raised £2 million in a pre-seed funding round led by Octopus Ventures and Aenu VC. Metris guides property owners through the entire solar journey, using AI to assess portfolios and calculate financial benefits of solar energy adoption quickly. The platform also streamlines the administrative process of selling solar energy to tenants through digital contracts. The funds will be used to further develop its AI platform and support Metris in driving the adoption of solar energy within commercial real estate.

London-based DefenceTech company Labrys Technologies has secured £4.3 million in seed funding. The platform aims to address the challenges faced by major defence and commercial entities in centrally coordinating secure verification, tracking, tasking, and payment for a global workforce. Led by Project A Ventures and joined by international DefenceTech-focused investors including MD-One, Offset Ventures, Marque Ventures, and Expedition Fund, the investment will be used to develop Labrys’ software platform.

Self Space, the world’s first on-demand mental health service on the high street, has closed a £2.25 million seed funding round led by Redrice Ventures. Self Space’s hybrid approach provides virtual sessions seven days a week. As demand for mental health services continues to rise, the funding will support the expansion of Self Space’s same-day mental health support across the UK. The company plans to launch two new high-street locations, hire 75 new therapists, and enhance its tech-led psychoeducation platform.

Concrete4Change (C4C), an advanced materials company specializing in permanently capturing and utilizing CO2 by mineralizing it in concrete, has raised £2.5 million in seed funding. Led by Zacua Ventures and Counteract, the investment will be used to scale C4C’s technology from the lab to pilot projects with leading concrete manufacturers, including Goldbeck and Siam Cement Group. C4C’s proprietary technology captures CO2, mineralizes it in concrete, and results in concrete that is not only 20% stronger but also serves as a permanent CO2 sink. The funding will support real-world pilot projects to advance the company’s mission of achieving net-zero concrete.

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(Disclaimer: The information provided in this blog post is sourced from publicly available materials and is intended for general informational purposes within the context of the United Kingdom. While we strive to maintain accuracy and currency, we do not make any representations or warranties, whether express or implied, regarding the completeness, accuracy, reliability, suitability, or availability of the information, products, or services presented in this post for any purpose. Readers should be aware that their reliance on such content is strictly at their discretion and risk. In no event will we be liable for any loss or damage, including but not limited to indirect or consequential loss or damage, or any loss or damage arising from data or profit loss in connection with the use of this blog post. We want to clarify that the mention of companies and investors does not imply any relationship or endorsement.)

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