Modulr raises £14 million investment led by Frog Capital to fuel growth

  • New investment will accelerate its tremendous growth, customer momentum and innovation in commercial and wholesale.
  • Capital provides global opportunity as B2B transactions processed by pureplay digital operators will reach $14 trillion by 2023, up from $6.7 trillion in 2018, according to Juniper Research reportfeaturing Modulr.

  • Funding follows the launch of major partnerships with Sage and Paxport in Q1 2019.

Modulr, the Payments as a Service API Platform for digital businesses, today announced that it has completed an investment of £14m.  The investment round has been led by new investors Frog Capital as well as further investment from existing investors including Blenheim Chalcot.

This scale-up capital takes the total amount raised to £24.5m and will enable Modulr to accelerate its vision of enabling partners and direct clients to quickly and easily integrate new payment services into their core products. The Modulr platform delivers a fully integrated service providing a fast, easy and reliable digital alternative to processing payments via traditional business and corporate banking. Modulr partnered with Sage this year to improve the payments offerings available to small and medium-sized enterprises (SMEs) and accountants, helping to bring much needed innovation and competition to the UK SME banking and payments market.

Modulr is already moving billions of pounds for businesses across alternative lending, employment services, accounting platforms, marketplaces, FinTech companies and the travel industry. The total value of payments in and out of Modulr’s platform exceeded £10 Billion this month, since the start of 2017. The capital will help increase the speed at which new payment types and functionality are added to the Modulr platform which will accelerate growth into existing industry verticals as well as supporting entry into new industry verticals.

The capital will support the continued growth of the teams located in London and Edinburgh, two of the UK & Europe’s leading FinTech hubs.  The recent establishment of an additional office in Dublin will be the focus for expansion into Europe.

Myles Stephenson, Chief Executive, Modulr, said: “We’re extremely pleased to have completed our latest funding round, led by Frog Capital, and to have found a likeminded investor to work closely with the leadership team and our existing lead investor, Blenheim Chalcot, to pursue the significant global opportunity for our business.  We’ve rapidly demonstrated the size of the market opportunity having processed more than £10bn of payments through the platform in our first two full years of operation.  The investment allows us to take the next step in pursuing our vision to become the world’s leading digital alternative for commercial & wholesale payments”.

Jens Düing, Senior Partner, Frog Capital, said: “Ever since the second Payment Services Directive (PSD2) we have monitored the markets across Europe for leading innovative scale-ups addressing this sizeable segment. Modulr stood out with the quality of its team, its product and the unrivalled traction the company has already managed to achieve.”

Rob Devey, Chair & Senior Non-Executive Director, Modulr, & Advisory Partner, Blenheim Chalcot, said: “We are delighted to have Frog onboard and we are greatly looking forward to working together to capture the massive opportunity that lies ahead.”

– END –

About Modulr
Modulr is the Payments as a Service API platform for digital businesses and can be integrated into any product or system.  Modulr’s new type of payment accounts are built for businesses that need a faster, easier and more reliable way to move money.  Once integrated, businesses can instantly set up as many accounts as they need.  Getting paid, reconciling and making payments is fully automated and can be managed in real-time, 24/7 through their existing software applications.  Modulr’s API makes it easy for businesses to streamline existing services, launch new products and scale more efficiently.  Modulr combines its API enabled platform with authorisation from the UK’s Financial Conduct Authority as an Authorised Electronic Money Institution to deliver a fully regulated service.

For further information – please go to www.modulrfinance.com.

About Frog
Frog is a specialist European software investor, investing in companies at the Scale-Up stage. They invest in businesses that have proven product-market fit, strong momentum and positive unit economics, typically with €3m+ revenues and 40% growth.

Frog work with the companies they invest in using their ‘Scale-Up Methodology’ to help continue their growth. With a team of VC/PE investors, operational experts and entrepreneurs, they provide the required advice and skill-set at the Scale-Up stage across a broad range of sectors. This reduces downside risk, while creating value and maximising the upside.

For further information – please go to www.frogcapital.com.

About Blenheim Chalcot
Blenheim Chalcot is the UK’s leading digital venture builder, investing more than just funds; they invest knowledge and experience, ideas and infrastructure.  They specialise in digital businesses that transform industries. Their approach is to identify high growth sectors, typically undergoing some market, technology or regulatory discontinuity, and look to build scalable platforms that satisfy real customer needs. Blenheim Chalcot aim to build profitable companies, with sustainable business models.

Working alongside entrepreneurs and co-founders, they support ventures from start-up to scale-up to exit, giving them access to the global networks and services they need to grow. This support is bolstered by the innovative partnerships they forge with big businesses. Blenheim Chalcot’s digital expertise helps their ventures be more agile, while their partners’ global scope helps them scale faster.

For further information – please go to www.blenheimchalcot.com.

Urban closes £8.45 million Series B investment led by ADV

On-demand wellness app Urban closes $10M Series B to double down on beauty and fitness.

Europe’s number one wellness services app, Urban, has raised a further $10M to double down on its mission of empowering city-dwellers to prioritise their wellbeing.

This latest round of investment comes at a time when the company is nearing profitability. Led by patient venture investor, Accelerated Digital Ventures (ADV), it will enable Urban to accelerate towards its goal of becoming a one-stop shop for on-demand wellness services.

Existing investors Passion Capital and Felix Capital also participated. To support the expansion, Urban is in the process of recruiting a team of 30 engineers in Lithuania. “Our new Vilnius office will be instrumental in helping to evolve our service,” says Giles Williams, co-founder and CTO of Urban. “The Lithuania team will work on all aspects of our marketplace platform, including its award-winning client apps, practitioner business software, corporate offering and data science projects.”

In November 2018, the London-headquartered company expanded its on-demand services beyond massage to include osteopathy, facial, and nail services. These services have been widely embraced, with 80% of new service revenue driven by existing customers.

In a world where wellness means something different to everyone, Urban cuts through the noise. They make it easy for city-dwellers to take time for treatments that help them feel at their best, be it a rejuvenating facial or a deep tissue massage.

But rather than thinking of these things of one-off rewards, Urban conceives of them as an integral part of wellbeing, unlocking individual potential. That’s why, with more services in the pipeline, their goal is to be the go-to destination for the wellness needs of anyone who lives in a city.

Their philosophy aligns perfectly with major investor ADV, which prioritises longevity over short-term gains.

Lee Strafford, ADV’s CEO says: “Urban is building an ecosystem of wellness offerings for a modern society with a highly varied set of needs. We really like Urban’s vision of delivering on consumer needs while making wellness a better business for therapists on the platform. So we’re delighted to partner with the team as they execute on their ambition.”

Urban founder Jack Tang says: “We’re excited to partner with ADV in the next stage of our growth and ambition. ADV’s long-term investment philosophy aligns with our plans to grow sustainably and organically, improving our already robust unit economics.”

We have a super exciting roadmap ahead. Our newly expanded engineering team means we can empower even more wellness practitioners to build thriving, independent businesses with Urban.

Our goal is to become the one-stop shop for on-demand wellness services, and with the services we offer today, we’re just getting started.”

ENDS

Notes for editors
Key business highlights

  • Aug 2016 £3.5m Series A led by Felix Capital – unannounced as we focused on delivering the best experiences for our customers (therapists and end-users)
  • Sep 2016 Paris launch – third largest city market globally for wellness spend after NYC and London
  • Nov 2017 introduced £49 off-peak massage in a bid to reduce the barrier to wellness services
  • Feb 2018 Milk Beauty (at-home B2C) and Freauty (B2B) acquired to bolster our corporate wellness offering
  • May 2018 therapist ambassador scheme for UK and FR launched to ensure the community’s voice is well considered for any policy planning to deliver best-in-class experience for the professionals
  • Aug 2018 Seedrs crowdfunding raised £3.5m convertible note / advance subscription with 800+ new investors to help us shape the future and roadmap (majority of the investment was from current customers, therapists, staff and current VC backers)
  • Nov 2018 Urban massage rebrands as Urban, introducing osteopathy, nails and facial services, delivered in partnership with brands such as Dermalogica and Aveda
  • May 2019 Urban closes $10M Series B to double down on its mission of empowering city-dwellers to prioritise their wellbeing.

For more information, a quote or photography please contact press@urban.co

About Urban
Founded in 2014, Urban is an on-demand wellness app on a mission to empower people through wellbeing. At Urban, we believe that when you’re well, you’re better equipped to go after everything else in your life. It’s the easy way to book the treatments you need – massage, nails, skincare and osteopathy – in the comfort of your home, office or hotel. Urban is currently available in four cities across Europe – London, Manchester, Birmingham and Paris and is backed by some of London’s leading VC firms.

About Accelerated Digital Ventures (ADV)

ADV is a patient venture investment engine. Its team are entrepreneurs and operators who have learnt the hard lessons and want to pay them forward. Currently investing £150M, ADV takes the long view of business building, investing across the funding lifecycle of startups, scaleups and ‘scalebigs’. ADV champions the innovators – the people who build complex, technical, generation-defining businesses. ADV’s investors are British Business Bank, Legal & General and Woodford Investment Management.

This investment was from ADV’s British Business Bank ECF fund.

Say hello at www.accelerated.ventures | @AcceleratedDV

TransferGo lands £2.63 million Series B investment led by Seventure Partners

LEADING EUROPEAN VENTURE CAPITAL FIRM SEVENTURE PARTNERS INVESTS IN THE REMITTANCE COMPANY TRANSFERGO, AS THEY REACH 1,000,000 CUSTOMER MILESTONE

TransferGo hits landmark milestone following successful Series B funding round and an additional $3.4 million investment from Seventure Partners

LONDON, UK (May 07, 2019) – TransferGo, one of the world’s fastest growing money transfer companies, today announced that its global customer base has surpassed one million and continues to grow by more than 2,000 new users each day. This landmark follows a $3.4 million investment from Seventure Partners, one of the European leaders in venture capital.

Based in London, UK, TransferGo is the quickest, most reliable remittance company in Europe and with a Trustpilot score of 9.6 and an NPS score of 75, it has built a much-loved brand based on transparency, trust and user experience. Last year the company announced a fee-free offer – the first completely free international money transfer service.

Since launching in 2012 it has seen 100 per cent year on year growth and is now accessible in 47 countries. In December 2018 the company closed a Series B funding round for $17.5 million.

“TransferGo represents a new breed of FinTech companies that are really shaking up the remittance market. Its impressive growth and progress that really caught our attention, along with its customer-centric approach and commitment to continued innovation, make it the perfect fit for our investment strategy in the FinTech field,” said Ludovic Denis, Venture partner in the Digital technologies team at Seventure Partners. “We’re looking forward to working with the team and supporting their exciting development going forward.”

Commenting on the company’s landmark achievement, CEO and cofounder Daumantas Dvilinskas said: “We’re delighted that one million people around the world are now using TransferGo to send money to friends and family internationally. Our customers are at the heart of everything we do so reaching this milestone is a huge testament to the work we’ve put into creating new solutions that work for our users, as well as a service that exceeds customer experience expectations.”

Dvilinskas continued, “We’ve had an exceptional year so far that’s seen us hit $1bn in money flow as well as each one million customers- and we’re far from done. Currently, only twelve per cent of global remittances are digital and this space is expected to grow 11% CAGR over the next 5 years, which could be north of $400bn by 2023. We’re really committed to making the most of this opportunity and ensuring digital remittances are accessible to as many people as possible – and we’re delighted that Seventure Partners supports this vision.”

About TransferGo
Founded in 2012, TransferGo is the fastest, most reliable, remittance company in Europe and is the only Pan-European money transfer company that can guarantee your money will reach its destination in 30 minutes. We put the customer first and deliver transparency, and by prioritising customer experience, we’ve built a brand that thousands of clients trust and a product they love (rated Excellent on Trustpilot, with 96% 5* reviews NPS of 83) our vision is to make international financial services pain-free and without artificial borders.

Founder and CEODaumantas Dvilinskas was included in the 2017 Forbes 30 under 30 and the company was recently nominated for “Fastest Rising Startup of the Year” at TechCrunch Europa Awards 2018.

About Seventure Partners
With €750m net commitments under management as of the end of 2018, Seventure Partners is a leading venture capital firm in Europe. Since 1997, Seventure Partners has been investing in innovative businesses with high growth potential in two fields: Life sciences across Europe, Israel, Asia and North America, and Digital technologies in France and Northern Europe. In Digital technologies, the three main areas of focus include FinTech/Insurtech, Retailtech, and Other digital innovative solutions.

Investments can range between €500 000 and €10m per round, or up to €20m per company, from early to late stage. Seventure Partners is a subsidiary of Natixis Investment Managers, which ranks among the world’s largest asset management companies. Listed on the Paris Stock Exchange, Natixis is the corporate finance, management and financial services bank of BPCE, the second largest banking group in France.

For more details: www.seventure.com / Twitter @SeventureP

Source: http://www.seventure.fr/wp-content/uploads/2019/05/TransferGo-1-million-customers-DRAFT-3-SP-final.pdf

Blu Wireless raises £12.7 million Series B investment from ARM and others for 5G rollout

mmWave System IP specialist Blu Wireless has raised £12.7m ($16.6m) in a growth funding round led by existing investors Arm, Calculus Capital, Kendall and MGL, and including major new investor Guinness Asset Management. The investment will be used to scale the worldwide deployment of devices exploiting Blu Wireless’s HYDRA mmWave technology across a range of 5G applications.

Blu Wireless is already working with tier-1 telecoms infrastructure providers and leading semiconductor companies in the US, Japan, the UK and mainland Europe as they look to deploy HYDRA based devices within applications demanding 5G levels of bandwidth and low latency connectivity. Ready to be integrated within 5G software defined ‘network of networks’ Blu Wireless’s carrier-grade mmWave technology has been designed for the key markets of 5G telecoms infrastructure, Industry 4.0 and high-speed transportation.

Recently, Blu Wireless announced a supplier partnership with leading international railway operator FirstGroup to deliver 5G track-to-train infrastructure in the UK. The partnership deal will enable rail operators to cost effectively address passengers’ future demands for super-fast and reliable onboard Wi-Fi connectivity.

Blu Wireless is a specialist provider of carrier grade connectivity using unlicensed spectrum to deliver multi-gigabit, fibre-level connectivity that is cost-efficient, low power and reliable. By leveraging the full 14 GHz of spectrum available in the 57-71 GHz band, the company is able to significantly lower barriers to entry for 5G applications for stakeholders, opening up new commercial opportunities and greatly accelerating deployment.

Blu Wireless CEO, Henry Nurser, said: “The strong financial foundation that our investors are giving us will be crucial to our ability to work with our partners to deliver large scale mmWave 5G deployments across a number of key markets. Working closely with our partners and their customers, we are seeing a diverse and growing range of emerging applications for our technology – whether it be for drone-to-drone communications or private enterprise networks. We’d like to thank all our shareholders for their continued support at this pivotal commercialisation phase.”

Noel Hurley, VP Strategy at Arm commented: “Blu Wireless’s mmWave technology offers an agility that will help drive the future of 5G connectivity. With their deep expertise and a proven track record, they continue to be an exceptional partner to Arm.”

Alexander Crawford, co-Head of Investments at Calculus Capital, stated: “Blu Wireless is establishing itself as a world leader in enabling multi-gigabit mmWave connectivity. We are very excited about the opportunities and prospects ahead for the company and the management team.”

Shane Gallwey, Fund Manager at Guinness Asset Management said: “We’re delighted to be backing Blu Wireless. We can clearly see the technology’s potential for existing and future applications in 5G. It was a straightforward decision for us to invest.”

To allow Blu Wireless to serve their growing international customer base and deliver commercial mmWave deployments worldwide, while continuing to drive the advancement of 5G technology, the company will be scaling their sales, software and customer applications support teams.

Congenica raises additional £13.25 million to reach a total of £23.3 million for Series B funding round

Cambridge, United Kingdom – 30th April 2019 – Congenica, the global clinical decision support platform provider, today announced it has raised a further £13.25 ($17.1) million in additional equity investment, led by Parkwalk Advisors. The round attracted new strategic investors, including Digital China Health Technologies Corporation Limited (DCHealth), alongside follow-on funding from existing investors. The total amount raised across its B round financings is now £23.3 ($30.1) million.

Congenica was recently awarded a multi-year contract to be the exclusive provider of Diagnostic Decision Support Services for the world leading NHS Genomic Medicine Service, allowing clinicians to use its Sapientia™ platform and expert support services to interrogate the human genome to identify disease-causing variants. The company is now looking to accelerate growth, with commercial scale-up to support further penetration into international markets, to expand on the initial focus of the US and China.

In addition, the new capital will drive the development of an enhanced product platform that harnesses the power of statistics and machine learning technology to augment the ability of users to make diagnostic decisions. In parallel, new versions of the company’s SapientiaTM platform will incorporate extensive automation and broaden the clinical and commercial focus to support cancer treatment decisions, pharmacogenomics and health management.

Dr David Atkins, CEO of Congenica, said: “With the formalisation of our partnership with the NHS, we are now focused on accelerating the introduction of important new features to our platform. These funds will allow us to automate SapientiaTM, to support wider usage and reduce costs to healthcare providers, helping more clinicians provide accurate, rapid and cost-effective diagnoses to patients and their families.

“In addition, we can now begin to penetrate international markets. The deepening of our relationship with DCHealth gives us greater insight into the needs of the China market, with the recent development of an on-premise version of our platform the most notable example.”

Mr David Shi, CEO of DCHealth, commented: “As the provision of routine clinical genomics services continues to increase in China and other global markets, the challenge of analysis and interpretation of genomic data into meaningful, clinically-actionable results is coming into force. Our investment reflects Congenica’s proven abilities and track record and underlines our confidence that its platform and services will contribute to the new era of genomic medicine internationally.”

Dr Andy Richards, Chairman of Congenica, said: “Congenica is at the exciting scale-up stage of its commercial development, at the forefront of the fast-moving genomics market. Its recent successes demonstrate that, with the right investment and leadership, world-leading technology companies can be built from UK science. With this additional investment, Congenica is poised to become the leading clinical genomics service provider; and will benefit patients globally.”

Source: https://www.congenica.com/2019/04/30/congenica-raises-additional-13m-for-series-b-funding-round/

A Cloud Guru secures £25.37 million Series B investment led by Summit Partners to scale their cloud school

April 29, 2019 – A Cloud Guru (“ACG”) today announced that it has closed a growth equity investment led by Summit Partners, alongsideAirTree Ventures and existing investor Elephant. The company, a clear leader in online cloud computing training and talent development, will use the funding to accelerate hiring across the globe, expand its content library with specialized courses and labs taught by a growing roster of expert instructors and continue to build out features to help enterprises drive cloud adoption.

Founded in 2015 by brothers Sam and Ryan Kroonenburg, ACG is driven by a straightforward mission—to teach the world to cloud. What began as a single cloud certification course has expanded into a rich content library and hands-on labs covering Amazon Web Services, Google Cloud Platform and Microsoft Azure cloud platforms.

ACG has helped more than 850,000 users across 186 countries acquire the skills and certifications needed to pursue meaningful careers in the cloud. The state-of-the-art learning platform helps businesses and individuals rapidly develop cloud skills, prepare for certification exams, and progress through learning paths to become gurus in specialized disciplines.

“We are humbled by this level of support from our investment partners,” said Sam Kroonenburg, co-founder and CEO of A Cloud Guru. “We are eager to continue building our engineering, content, and go-to-market teams to support our customers and partners. We are now even better positioned to help more businesses and individuals learn to cloud.”

“Enterprise workloads continue to move to the cloud at an enormous pace, requiring a new set of IT skills to design, manage and secure applications,” said Tom Jennings, Managing Director at Summit Partners who has joined the company’s board of directors. “ACG’s platform uniquely enables organizations to develop their existing employees’ cloud skills and provide ongoing training to ensure continued aptitude in cloud architecture. And the results are impressive.”

In May 2018, A Cloud Guru launched ACG for Business, a learning management and talent development platform designed to provide businesses with a scalable, predictable path for building a highly-skilled cloud workforce. ACG’s Accelerator Program and Learning Paths enable enterprises to quickly onboard their teams to the cloud and provide professionals with a step-by-step path from beginner to expert across specific IT domains. ACG for Business helps enterprises meet and exceed their cloud ROI goals and is the cloud training platform of choice for companies including Dow Jones, Capital One DevExchange, and Qualcomm.

“It’s amazing to think how far we’ve come since those early days in 2015,” said co-founder Ryan Kroonenburg. “To all of the awesome Cloud Gurus who have supported us along the way, we want to say thank you. You are the reason we are where we are today. With this round of investment, we have additional resources to do even more in support of the A Cloud Guru community. Keep being awesome, Cloud Gurus.”

About A Cloud Guru 
A Cloud Guru is the premier learning and talent development platform for cloud computing, delivering world-class courses by engineers, for engineers. Our state-of-the-art platform provides both businesses and individuals with the ability to stay current, stay relevant, and deliver results with cloud computing. To date, more than 850,000 students across 186 countries have taken our courses, labs, and quizzes. To learn how A Cloud Guru can accelerate your team’s adoption of cloud computing, please visitacloud.guru.

About Summit Partners 
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $19 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 480 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 190 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, please see www.summitpartners.com or on Twitter at @SummitPartners.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James’s Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

About Elephant 
Elephant is a venture capital firm focused on the enterprise software, consumer internet and mobile markets. The firm was founded in 2015 by Jeremiah Daly and Andy Hunt and has offices in Boston and New York. Elephant is currently investing out of its second fund.
www.elephantvc.com                            

About AirTree Ventures 
AirTree is a Sydney-based venture capital firm that partners with world-class Australian entrepreneurs to build the businesses of the future. AirTree provides early and growth stage financing, advice, connections and operational know how to technology companies around the globe. AirTree is the only Australian venture firm with a globally top decile track record. 
www.airtree.vc

Media Contact: 
Julie Sondecker
jsondecker@effectivespend.com
(512) 553-6875 ext. 216

SOURCE A Cloud Guru

Related Links

https://acloud.guru

Dog food company Butternut Box raises £15 million led by Five Seasons Ventures

Fast-growing fresh dog food company Butternut Box raises £15 million of new investment to fuel European and product expansion

●  Investment round is led by Five Seasons Ventures and White Star Capital with existing backers Passion Capital and Literacy Capital also participating

●  Money will be used to launch into Europe and fund the development of new dishes, snacks and toys

●  New investment will see former SkyBet chief executive Richard Flint join the board

London, April 26 2019 – ​Butternut Box, the London-based fresh dog food business, has raised £15 million of new investment in a round led by European venture capital firms Five Seasons Ventures and White Star Capital. Existing backers Passion Capital and Literacy Capital have also participated alongside debt financier Kreos Capital. The investment marks the fast-growing company’s intention to launch into Europe and build a leading pet wellness business.

Since launching in 2016, Butternut Box has produced more than 8 million meals for dogs across the UK and last year saw revenues grow by 700 per cent. Dishes are cooked with fresh ingredients and portioned according to a dog’s breed, weight, sex and exercise regime before they are delivered to customers.

Founded by best friends Kevin Glynn and David Nolan, the company has continued to stress the importance of transparency in the pet food sector and believes strongly in quality ingredients with easy-to-read labels on packaging. The new investment aims to bring healthy, balanced diets to more pets across the UK and Europe. Alongside the funding, former SkyBet chief executive Richard Flint will join the Butternut board.

Ivan Farneti, partner at Five Seasons Ventures, said: ​“Last year we were actively searching for a pet food investment opportunity around two key trends: the humanisation of pets and the increasing shift towards natural food, with the connected premiumisation of the overall experience. The team at Butternut Box was spot on in terms of their product positioning, their direct-to-consumer model and strong commercial traction. This is one of the strongest teams we have seen in foodtech in Europe over the last few years: we had to back them”.

Eric Martineau-Fortin, co-founder and managing partner at White Star Capital, said: ​“We’ve been working closely with the team since our investment in early 2018. David and Kevin have created a product centric brand built on the foundations of an exceptionally strong community and a very special team culture. We’ve worked closely with companies such as Freshly and Dollar Shave Club to scale and Butternut Box is growing on a similar trajectory”.

David Nolan, co-founder at Butternut Box, said: ​“We’re so excited to have the backing of amazing investors to take Butternut Box to the next level and grow a leading pet wellness company in Europe. Even more exciting is that we will reach more pets and could help them to live healthier, happier lives. The transformation stories we hear from pet parents each day spur us on to make Butternut Box even better”.

Richard Flint, former chief executive of SkyBet, said: ​“A​lthough it might not seem that home-cooked dog food and online betting have much in common, I am learning that there are many parallels. Most importantly my passion is helping great teams to succeed and that’s why I am so excited to be joining the Butternut Box Board”.

About Butternut Box

Butternut Box was founded to bring fresh, nutritious and perfectly portioned meals to pets everywhere. Visit us at www.butternutbox.com to learn more.

Contact

Jodie Guildharry:​ ​Jodie@butternutbox.com

WeedingTech secures £2.2 million Series B investment from Earthworm

We’re delighted to announce that we have just received an investment from the environmental fund manager, Earthworm.

Earthworm only backs companies that have a positive social or environmental impact. Working with a variety of industry professionals across multiple sectors, a core part of Earthworm’s investment ethos is that companies within the Earthworm community must be ethically driven and contribute to the circular economy.

The investment from Earthworm fuels our position as Europe’s leading herbicide-free weed control technology and will help support our continued growth in North America.

The £2.2 million investment has come at a time when the herbicide-free sector is gaining huge traction around the world. The widespread use of traditional chemical herbicides has long been challenged, with international concerns about its impact on the environment and the potential threat it poses to human health.


Recent legislation around herbicides, and their use in built up public spaces, is increasing as the topic comes under ever greater scrutiny from the general public. Governments and regulators are increasingly restricting the use of these chemicals in their cities leaving the organisations that manage those cities in need of new technology.

Leo de Montaignac, our CEO commented on the funding:

“We believe the investment from Earthworm recognises two key things. Firstly, the success Weedingtech has had to date supplying the market with a popular and essential alternative to traditional chemical herbicides. And secondly, the global high-growth potential that the herbicide-free sector holds as organisations increasingly look to reduce their reliance on traditional chemical herbicides.

Weedingtech was founded on very similar values to Earthworm in that we wanted to develop and supply products that benefit the environment. It’s an exciting time to be in this sector and we are delighted to have a new investor who shares our vision and values.”

Investment Manager for Earthworm, Laurence Blair, said of the investment:

“Weedingtech is just the sort of business we are looking to support. It is vital for responsible businesses that are greener, cleaner and safer for the environment to have the opportunity to make their mark.”

Back in 2011 when Weedingtech began, our vision was to create highly-effective, environmentally-friendly systems for managing outside spaces, which are safe to use around people, animals and waterways, and available for organisations who want or need to reduce their reliance on traditional chemical herbicides. This is now the reality as our patented Foamstream process is now used extensively across the Americas, Europe and Australasia with high-profile clients including New York City Parks, The London Borough of Hammersmith and Fulham, The London Borough of Southwark, and Unified School Districts up and down the Californian coast.

To find out if Foamstream is right for your organisation or if you would like to understand more about using a herbicide-free approach to weed control, get in touch here

Source: https://www.weedingtech.com/blog/weedingtech-receives-2-2-million-in-investment-from-earthworm/

Cytora secures £25 million Series B investment led by EQT Venture

Portfolio company Cytora, that has developed an AI-powered solution for commercial insurance underwriting, has raised £25 million in a Series B round. New investorEQT Ventures led the round with Parkwalk, Cambridge Innovation Capital and a number of others investors participating.

A spin-out of the University of Cambridge, Cytora  was founded in 2014 and launched its first product in late 2016 to a number of large insurance customers, with the aim of applying AI to commercial insurance supported by various public and proprietary data. This includes property construction features, company financials and local weather, combined with an insurance company’s own internal risk data.

“Commercial insurance underwriting is inaccurate and inefficient,” says Cytora CEO Richard Hartley. “It’s inaccurate because underwriting decisions are made using sparse and outdated information. It’s inefficient because the underwriting process is so manual. Unlike buying car or travel insurance, which can be purchased in minutes, buying business insurance can take up to seven days. This means operating costs for insurers are extremely high and customer experience isn’t good leading to a lack of trust.”

To illustrate how inefficient commercial insurance can be, Hartley says that for every £1 of premium that businesses pay to insurers, only 60 pence is set aside to pay total claims. The other 40 pence evaporates as the “frictional cost of delivering insurance.”

Powered by AI, Hartley claims that Cytora is able to distill the seven-day underwriting process down to 30 seconds via its API. This enables insurers to underwrite programmatically and build workflows that provide faster and more accurate decisions.

Beauty booking platform Shedul.com raises £15.26 million Series B investment led by Partech Partners

April 11, 2019

Shedul.com, the world’s fastest growing booking platform for salons and spas, announced today a Series B investment of $20 million, valuing the company at $105 million

The round was led by Partech, an investment firm with hubs in Paris, San Francisco, and Berlin, along with participation from Berlin-based Target Global, Dubai-based BECO Capital, and New York-based FJ Labs. Additionally, the round included personal investment from entrepreneur Niklas Östberg, Founder and CEO of Delivery Hero AG. The fundraise was oversubscribed with additional secondary transactions of $3 million. The Series B round brings the total amount raised by the London-headquartered company to $32 million to date.

Shedul.com is an intuitive, free SaaS-enabled marketplace that salons and spas around the world use to streamline their business operations. In just a few years since launch, the company has captured a vast customer base of merchants in more than 120 countries, mainly in the United States, United Kingdom, Australia and Canada. Recently, the company launched its consumer marketplace Fresha.com, which connects merchants using the free business software to consumers online. The marketplace unlocks revenue potential for merchants by leveraging the power of online bookings and automated marketing through mobile apps and integrations to Instagram, Facebook and Google. 

Today, the company announced that a staggering 8 million appointments are booked on its platform each month, at a value of over $270 million and growing. Growth in active merchants is expanding at an average rate of 20% quarter-on-quarter, making Shedul.com the world’s fastest growing beauty and wellness platform. In just a few years since launch, the platform is on track to process $6 billion worth of appointment bookings by the end of 2019.

The company’s Co-Founders, William Zeqiri, and Nick Miller, shared how their strategy helped outpace conventional competitors to achieve hypergrowth. “Being customer-driven is ingrained into our team’s core,” explained CEO William Zeqiri. “Since day one, we have focused on solving major challenges to make our customers happy. We spend much time talking to our customers and acting on their feedback, enhancing our platform to suit their needs. That’s how we’ve built an award-winning product that can sell itself.”

“It’s not only the quality of our product which gives an advantage, it’s the unbeatable accessibility our platform offers customers” added Nick Miller, the company’s Chief of Product. “The market is highly competitive, crowded with legacy software providers who charge excessive fees to simply access their products. We’ve re-invented the business model by offering our business software totally free of charge, and instead monetise online bookings made through our marketplace. This strategy helps us consolidate the industry, building up a vast global network of merchants for our marketplace. We solved the chicken and egg problem of reaching marketplace liquidity, letting us rapidly scale and monetise the network.” 

Ultimately, this unique approach of powering a global consumer marketplace with a free SaaS platform attracted Partech to lead the Series B investment. “We believe the founders have built an excellent product and demonstrated impressive growth since inception with their unique business model,” explained Philippe Collombel, Co-Managing Partner of Partech. “They have a winning vision to deliver transformational change to the beauty and wellness industry, and we believe their strategy will propel them to become the largest booking platform for the multi-trillion dollar beauty market.”

“We’re ecstatic for Partech to join as our partner in supercharging growth of our platform,” said Zeqiri, commenting on the Series B investment. “The beauty and wellness industry is at a tipping point transitioning to an online model, the new investment secures our forefront position in leading this global shift”.

The company plans to use the investment to accelerate product development and support the ongoing worldwide rollout of its Fresha.com consumer marketplace.