Category: Startups

• Dhruva Space secures ₹14 crore funding from DST’s Technology Development Board for Space Grade Solar Array Fabrication and Test Facility
• Project aims to innovate solar panel manufacturing for spacecraft applications using new materials like carbon fiber and resins
• Objective is to develop high-efficiency solar panels with a target efficiency of up to 30%
• TDB’s support aligns with promoting indigenous innovation and enhancing India’s capabilities in space technology
• Project includes end-to-end design, engineering, assembly, integration, and testing of spacecraft solar arrays for manned and unmanned space programs

Exploring the Impact of Space Funding on Dhruva Space

In a significant development in the realm of space technology, the Department of Science & Technology’s Technology Development Board (TDB) has allocated a substantial financial boost of ₹14 crore to Dhruva Space, a pioneering space startup based in Hyderabad. Read more

• ADQ and QIA launch $180m tech-focused Jasoor Fund to boost digital economy in Oman and MENA region
• Fund to support high-growth technology companies in sectors like fintech, edtech, healthtech, cleantech, food/agriculture, and logistics
• Focus on innovative tech companies in Oman and regional startups at various stages of development
• Partnership aims to unlock economic potential and create lasting value for stakeholders
• UAE-Oman companies sign multi-sectoral deals during Sultan Haitham bin Tariq’s state visit, including Dhs117bn industrial and energy project

ADQ and QIA Launch $180m Tech-Focused Fund

In a strategic move to capitalize on investment opportunities in Oman’s key sectors, Abu Dhabi-based investment and holding company ADQ, in collaboration with the Oman Investment Authority (OIA) represented by ITHCA Group, has launched the $180 million technology-focused Jasoor Fund. Read more

• CyNam awarded Barclays Eagle Labs funding to improve collaboration between cyber security and emerging technology clusters
• Funding will enable fast-track entrepreneurial programs, mentoring, events, and workshops
• Project aims to connect cyber experts with tech start-ups, host knowledge-sharing symposiums, attract investment, and expand mentoring
• Barclays Eagle Labs supports projects like CyNam to empower tech entrepreneurs in regional ecosystems
• CyNam’s mission is to accelerate growth in Cheltenham and Gloucestershire’s cyber security and emerging technology sector

CyNam Receives Barclays Eagle Labs Funding

CyNam, the organization dedicated to fostering collaboration within Cheltenham and Gloucestershire’s cyber security community, has recently been awarded funding from the prestigious Barclays Eagle Labs Ecosystem Partnership Programme. Read more

• Emerging economy startups commit to ‘give forward’ for equitable innovation in UNICEF’s Venture Fund Pledge
• UNICEF Venture Fund has supported 149 open tech solutions benefiting over 110 million people, 34.3 million being children
• 26 alumni startups, focusing on frontier technologies, pledge to support the Fund’s mission voluntarily
• Fund aims to catalyze a diverse tech startup ecosystem for social impact, with alumni startups pledging to ‘give back’
• Alumni companies have generated significant follow-on funding, with pledges crucial for sustaining the Fund’s mission and accelerating progress for children globally

Tech for Good: 26 Startups Join UNICEF’s Venture Fund Pledge

In a world where technology is rapidly advancing, it is heartening to see startups coming together to use tech for good. Read more

• Tangent secures early funding to democratize referrals for UK tech workers, addressing the issue of low representation from lower-income backgrounds
• White House announces $7 billion Solar for All program to bring cheaper solar energy to 900,000 low-income households
• Michigan raises $53 million to green healthcare services, aiming to reduce greenhouse gas emissions
• Science Based Targets Initiative faces challenges in meeting corporate climate action plans
• Galway Sustainable Capital adds new vice presidents and executives, while Rochdale Capital appoints new members to its loan committee

Tangent Secures Early Funding to Democratize Referrals for UK Tech Workers

In the world of tech, where connections and referrals can often make or break a career opportunity, UK tech workers from lower-income backgrounds often face barriers due to the sector’s tight-knit referral networks. Read more

• Lancashire Digital Hub and Manchester Digital receive tech funding through Barclays Eagle Labs program
• Funding will support expansion of activities at Lancashire Digital Hub and Manchester Digital
• Lancashire Digital Hub to increase Tech Talks, Digital Leaders meetups, and Techy Tuesday sessions
• Manchester Digital’s Startup Activator program to support 200 startups and founders in Greater Manchester
• Emphasis on diversity in building innovative tech businesses across Lancashire and Greater Manchester

Expanding Tech Funding in Lancashire and Greater Manchester

The tech industry in Lancashire and Greater Manchester is set to receive a significant boost with the recent funding injections into the Lancashire Digital Hub and Manchester Digital through the Barclays Eagle Labs Ecosystem Partnership Programme. Read more

• DiscreteHeat, a Dragons’ Den alumni, secures £250,000 loan to expand into Europe and North America
• Manchester-based DiscreteHeat develops skirting board radiator to save space and improve efficiency
• Founder Martin Wadsworth aims for £80m turnover in 5 years and £300m in 10 years through international growth
• Just Bee Honey, another Dragons’ Den participant, plans to double revenue and create jobs with funding for automation
• Just Bee Honey partners with Made Smarter to create a “smart factory” for efficient production

DiscreteHeat’s International Expansion

Dragons’ Den alumni DiscreteHeat, based in Manchester, is gearing up for significant growth across Europe and North America after securing a £250,000 loan to support its expansion plans. Read more

• TheyDo secures $34 million in Series A+ funding led by Blossom Capital to enhance R&D and expand in the US
• mmERCH, a Web3 fashion startup, raises $6.4 million in seed funding to launch its inaugural collection
• Greenly raises $52 million in Series B funding to lead in decarbonisation efforts globally
• Pandion secures $41.5 million in Series B funding to enhance its e-commerce residential delivery network
• Gather AI receives $17 million in Series A-1 funding to scale its warehouse inventory monitoring solutions

Ten Retail Technology Funding Rounds You Need to Know About

In the fast-paced world of retail technology, staying informed about the latest funding rounds can provide valuable insights into the direction of innovation and the companies making waves in the industry. Read more

• Women Who Code, a non-profit organization educating women about tech opportunities, is closing due to lack of funding
• Organization’s achievements include hosting events, awarding scholarships, and providing job opportunities
• Closure means loss of support for women entering tech industry and fewer learning opportunities
• Message left by Women Who Code emphasizes the importance of diversity in tech industry
• Despite closure, hope remains that women in tech will continue to make the industry inclusive and welcoming

Women Who Code Faces Closure Due to Lack of Funding

Women Who Code, a non-profit organization dedicated to empowering women in the technology sector, is facing closure after a decade of impactful work. Read more

• HR tech startup Rippling valued at $13.5 billion after Coatue-led funding round
• Investors buy back $590 million of stock in separate tender offer
• Founders Fund commits $310 million, marking its largest single financing check
• Rippling’s revenue doubles annually, CEO plans regular tender sales for employees
• Company offers workforce management platform, expanding globally with plans for new products and international markets

HR Tech Startup Rippling Soars to $13.5 Billion Valuation

In the latest update, the HR tech startup Rippling has made significant waves in the industry by securing a valuation of $13.5 billion. Read more

• Women Who Code, a non-profit organization supporting women in the tech industry, is being dissolved due to the loss of critical funding.
• Founded in 2011, Women Who Code aimed to make the tech industry more diverse, inclusive, and equitable, with a network of over 360,000 members in 145 countries.
• The organization, headquartered in Atlanta, Georgia, hosted numerous events, awarded scholarships, and shared job opportunities, but will now cease all program services and events.

• Egyptian HRTech Startup bluworks secures $1 million pre-seed funding from Khawarizmi Ventures, Camel Ventures, Acasia Ventures, and angel investors
• bluworks, founded in 2022, offers a cloud-based SaaS platform for managing blue-collar employees in sectors like retail, construction, and healthcare
• The platform automates HR and operational tasks to streamline processes, optimize costs, and reduce errors in managing blue-collar workforce
• With thousands of blue-collar workers already on board, bluworks plans to expand into new industries and potentially international markets
• Investors see potential in bluworks’ localized workforce management solution for Egypt and other regional markets, praising its niche focus and rapid scalability

Egyptian HRTech Startup bluworks Secures $1 Million Pre-Seed Funding

In the realm of HR technology, innovation continues to flourish with startups like bluworks making significant strides. Read more

• TLcom Capital raises $154 million for Africa’s largest early-stage Tech VC Fund, focusing on Sub-Saharan Africa and Egypt
• The fund supports talented entrepreneurs and high-growth startups addressing Africa’s challenges
• TLcom Capital doubles the size of its first fund, attracting new and returning investors
• The firm provides early-stage funding and ongoing support for portfolio companies
• TLcom Capital plans to deploy more capital into female-founded African tech startups, with a majority-female partnership and investment committee

TLcom Capital Raises $154 Million for Africa’s Largest Early-Stage Tech VC Fund

TLcom Capital, a prominent venture capital firm focused on technology investments in Africa, has successfully raised $154 million for its latest fund, making it the largest early-stage tech VC fund in the region. Read more

• Dhruva Space secures USD 9 million funding from IAN Alpha Fund, Technology Development Board, and others for space technology development
• Series A corpus valued at USD 14 million, with additional funding from various investors
• Funds to be used for spacecraft manufacturing facilities, business acquisitions, and product enhancement
• Dhruva Space founded in 2012, provides space engineering solutions to military and commercial customers globally
• CEO Sanjay Nekkanti highlights the importance of funding for team growth, capability development, and international expansion

Space Technology Funding: Dhruva Space Secures USD 9 Mn

Space-tech startup Dhruva Space has recently secured USD 9 million in funding from various investors, including IAN Alpha Fund, Technology Development Board, and others.

• Honeywell India partners with IISc to fund deep science startups, providing research and financial support to 37 Indian startups with a total capital of ₹9 crores over four years.
• The focus is on agri-tech, clean-tech, health-tech, and green-tech sectors, with ₹2.4 crores funding in FY23-24 to eight startups and five entrepreneurship-in-residence programs.
• Collaboration aims to address environmental, agricultural, and health challenges by offering seed funding and research support to startups in deep science.

• Kiwi tech skills startup NextWork secures $2.3 million pre-Seed raise led by Kiwi VC GD1
• NextWork aims to upskill workers globally with tech talents through personalized learning platform
• Founder Amber Joseph emphasizes the need for credible and effective online education in tech
• Initial focus on entry-level AWS certification course for non-technical candidates
• NextWork’s approach includes career preparation, industry connections, and interview assistance, leading to potential pay rise

Kiwi Tech Skills Startup NextWork Secures $2.3 Million in Pre-Seed Funding

In the bustling world of startups, securing funding is often a crucial milestone that can propel a young company forward. Read more

• Honeywell India boosts innovation by funding deep science startups through partnership with IISC, supporting over 40 startups in the last 4 years
• Plans to onboard 10 startups in FY24-25 in areas like sustainability, med-tech, clean-tech, and more
• Collaboration influences progress in sustainability, healthcare, agriculture, and environment conversations
• Honeywell provides seed funding and research support to startups focusing on environmental, agricultural, and health challenges
• Partnership with IISC offers access to facilities, industry stakeholders, global networks, and financial support for startups

Honeywell India Boosts Innovation Through Deep Science Startups

In a bid to foster innovation and support cutting-edge research, Honeywell India has partnered with the Indian Institute of Science (IISc) to fund deep science startups in India. Read more

• Improving Credit Score: FSDH Merchant Bank partners with CRC Credit Bureau to host a webinar for startups on understanding creditworthiness and ratings to access funding.
• Small to medium businesses in Nigeria face challenges accessing investment funding despite their significant role in modern finance.
• Recent closures of Nigerian startups, despite raising substantial funds, emphasize the need for thorough due diligence in investment decisions.

• UK tech funding deals this week include companies like Skyports, Orbex, Lawhive, and more
• UKTN tracked £196.6m worth of tech funding deals, showing a 363.7% week-on-week increase
• Skyports, a flying taxi company, secured Series C funding from investors IRIDIUM and Groupe ADP
• Orbex, a space tech company, is preparing for the launch of its satellite transportation rocket
• Various other startups in sectors like health tech, fintech, and professional social media also received funding

Exploring the UK Tech Funding Landscape: A Deep Dive into This Week’s Deals

In the fast-paced world of technology, funding plays a crucial role in driving innovation and growth. Read more

• MYStartup accelerator has selected 25 startups for Cohort 3, offering each startup US$52k in funding.
• The accelerator program focuses on tech startups in sectors like AI, machine learning, healthcare, and software development.
• Startups in previous cohorts saw significant growth, with some securing investments and achieving increased valuations.
• Cradle, the focal agency for startup growth in Malaysia, emphasizes mentorship and support beyond monetary assistance.

• Online education start-up NextWork raises $2.3m in funding
• NextWork aims to upskill non-tech workers for the AI-driven future
• Company plans to recruit 1000 participants for free Amazon Web Services certification course
• Founder Amber Joseph emphasizes self-paced, personalized learning
• NextWork’s goal is to quickly upskill individuals for evolving technology landscape

Revolutionizing Education with NextWork: A Game-Changer in Online Learning

In the realm of education, the rise of technology has paved the way for innovative solutions, particularly in the form of online education start-ups. Read more

• African startups in e-health, agri-tech, fintech, mobility and logistics, green-tech, and women in tech sectors are actively pursued by the Global Startup A.
• ClusterLab, a Tunisian-born AI startup based in the UAE, secures $600,000 in pre-seed funding for research and development of its Arabic audiobook summarization app, Reedz.
• The funding from investors like Karim Beguir and early InstaDeep supporters will enhance ClusterLab’s AI and NLP technology initiatives.

• Beyond Odd Technologies secures $11 million funding led by VC firms Matrix Partners and Lightspeed
• Founded by former OYO and Unacademy executive Vivek Sinha, the company aims to address India’s skills gap
• Investors in the funding round include InnoVen Capital and Alteria Capital, along with prominent angel investors
• Emversity, the company’s first initiative, focuses on providing vocational skills-based education for grey-collar job roles
• The platform collaborates with universities to offer bachelor’s degree programs in allied health sciences, integrating industry-relevant skills

Odd Technologies Secures $11 Million Funding

Odd Technologies, a brainchild of former OYO and Unacademy executive Vivek Sinha, has successfully secured $11 million in seed funding. Read more

• Northern tech firms in England are advocating for the creation of a Manchester-based digital investment fund to challenge the dominance of London and the South East.
• Manchester Digital and various tech companies are urging Greater Manchester Mayor Andy Burnham to establish a collaborative tech cluster in the region.
• The Manifesto for the Northern Tech Economy proposes the formation of a Regional Digital Investment Fund to support startups in the north.

• Grand Valley State University’s $140 million tech lab project in downtown Grand Rapids, known as the Blue Dot project, has received a $2.5 million federal funding boost for operations and programs.
• The Blue Dot facility aims to be a training center for tech students, connecting entrepreneurs with economic development organizations and employers in the region.
• The project involves revamping the Eberhard Center at GVSU’s Pew campus to house computer science, data science, and transdisciplinary degrees.

• Kenyan agri-tech startup Pula secures $20 million Series B funding round to provide insurance to smallholder farmers in emerging markets
• Founded in 2015 by Rose Goslinga and Thomas Njeru, Pula offers innovative agricultural insurance and digital products to help farmers mitigate climate risks and improve incomes
• Funding round led by BlueOrchard aims to scale Pula’s operations and expand reach globally
• Pula partners with insurance and reinsurance companies, as well as distribution partners, across 22 countries to deliver insurance solutions
• Pula’s unique business model leverages AI, data collection mechanisms, and digital platforms to efficiently reach new markets and keep costs low

Kenyan Agri-Tech Startup Pula Secures $20m Series B Funding Round

Kenyan agricultural insurance and technology company Pula has recently announced the successful closure of a substantial $20 million Series B funding round. Read more

• Mistral AI, a French tech startup, is seeking a massive funding round that could value the company at $5 billion.
• The startup has attracted investments from notable firms like Andreessen Horowitz, Lightspeed Ventures, and Microsoft, with Microsoft integrating Mistral’s AI models into its Azure service.
• Mistral AI’s potential funding round highlights the opportunities and challenges in the AI sector, with European startups aiming to compete with Silicon Valley.

• SOSV closes $306M deep tech fund focused on human and planetary health
• Fund will support startups in decarbonization and reindustrialization for positive change
• SOSV operates startup programs in Newark, NYC, and San Francisco, with 200 investments yearly
• Limited partners include corporates, sovereign wealth funds, and private family offices
• SOSV invests in facilities and equipment to help derisk technologies, recently expanding in New York and Newark

SOSV Closes $306M Deep Tech Fund

SOSV, a multistage deep tech venture investor, has made headlines with the announcement of its latest achievement – the close of its $306 million SOSV V fund. Read more

• Consumer tech investing remains hot for Maven Ventures, securing $60M for Fund IV
• 16% of Maven’s portfolio has reached a minimum $500 million exit or valuation, exceeding industry average
• Despite shifts in venture capital focus, Maven Ventures sees opportunities in consumer tech trends
• Maven Ventures focuses on investing in game-changing health AI and robotics AI companies
• Fund IV brings total assets under management to $200 million, with investments in companies like Medeloop and Lutra AI

Consumer Tech Investing: Maven Ventures Raises $60M for Fund IV

Consumer tech investing remains a hot topic in the world of venture capital, and Maven Ventures is at the forefront of this trend. Read more

• Climate investing is described as a ‘war effort’ by SOSV founder as the firm closes a $306M fund
• SOSV’s new fund is one of the largest pools of deep tech venture capital raised recently
• Despite challenges in fundraising, SOSV concentrated on deep tech, particularly in climate-related industries
• The firm focuses on fewer companies but provides more capital, attention, and service to each
• SOSV’s new fund will prioritize investments in climate tech (70%), health tech (25%), and opportunistic ventures (5%)

Investing in Climate: A Vital ‘War Effort’

In a recent development, SOSV, a prominent deep tech venture capital firm, has successfully closed a substantial fund of $306 million. Read more