Category: Startups

• Cambridge tech ecosystem valued at $191B, representing 18% of UK’s tech ecosystem, ahead of Spain and Italy combined
• Cambridge leads in delivering value from VC investments, producing 16.9 times return
• University of Cambridge is top science hub in Europe, producing valuable spinouts
• Top 10 largest tech funding rounds of 2024 in Cambridge include Quantum Technology, AI platform for lawyers, and precision medicine startups
• Cambridge alumni founders have raised significant funding, with ties to notable companies like Arm and DeepMind

Cambridge Tech Funding Ecosystem Overview

Cambridge, often referred to as the science unicorn capital of Europe, has been making significant strides in the tech industry. Read more

• Dora Factory secures $10 million in strategic funding from various institutional investors to accelerate adoption and expansion of its decentralized governance and public goods funding tech stack
• Core products of Dora Factory include Public Good Staking infrastructure, Dora Vota appchain, MACI voting infrastructure, and Quadratic Governance protocol stack
• Recent approval by Cosmos Hub community for a $1 million grant via Dora Factory’s Voting appchain for public good builders in the ecosystem
• Dora Factory previously raised $17.5 million in 2021 and has supported over 2,000 startups with $20 million in grants through its infrastructure
• Future plans for Dora Factory include innovations in multi-chain quadratic funding, expanding the use of anonymous MACI, and developing new governance apps on Dora Vota to support frontier technologies

Dora Factory Funding: A Game-Changer in Decentralized Governance

In a significant development for the decentralized governance space, Dora Factory recently announced securing $10 million in strategic funding. Read more

• Health-tech start-up Portl raises $3 million funding led by Bharat Innovation Fund
• Funding to expand product range and customer base in India and overseas
• Participation from existing investor Kalaari Capital and new investor T-Hub Foundation
• Portl Studio integrates AI for personalized fitness experiences at home, hotels, and gyms
• AI personalization engine provides custom workout plans in real-time, adaptable to various hardware platforms

Health-tech start-up Portl raises $3-m funding

Introduction to Health-tech start-up Portl

Health-tech start-up Portl has recently secured $3 million in funding, marking a significant milestone in its journey towards revolutionizing the fitness and wellness industry. Read more

• Conexus Venture Capital (CVC) launches second $30M fund for Saskatchewan tech startups
• Fund II aims to invest in early-stage Saskatchewan-based technology startups
• CVC’s first fund made 17 investments in Prairie-based startups, contributing to the growth of the Saskatchewan tech ecosystem
• CVC’s new leadership team includes Jordan McFarlen, Gabrielle Schubach, and Harrison Lars-Hansen
• CCU reaffirms commitment to CVC’s second fund, expressing confidence in the revamped team and the Saskatchewan tech ecosystem

Conexus VC Launches Second $30M Fund for Saskatchewan Tech Startups

Saskatchewan’s tech ecosystem is undergoing a significant boost with the launch of Conexus Venture Capital’s (CVC) second $30-million CAD venture capital fund. Read more

• Nigerian startups received 29% of the $15 billion total investments in Africa over the last five years, leading in funding among African countries.
• The report by ‘Africa: The Big Deal’ highlighted Nigeria as part of the Big Four in the African startup ecosystem, along with Kenya, South Africa, and Egypt, which attracted 84% of all startup funding in Africa since 2019.

• Minister Vandal announces federal funding of $2,571,000 from PrairiesCan to support Co.Labs’ tech incubator in Saskatchewan
• Co.Labs has successfully incubated 201 tech start-ups in Saskatchewan, raising over $37 million in private investment and creating over 800 jobs
• Federal investment aims to continue the growth of Saskatchewan’s tech ecosystem through programs like the XiR program and the UP conference
• The XiR program provides strategic advice to high performing founders and companies to accelerate growth
• PrairiesCan’s investment demonstrates commitment to Saskatchewan’s tech sector growth, unlocking new expertise for local startups

Federal Funding Boosts Saskatchewan’s Technology Sector

In an exciting development for Saskatchewan’s technology ecosystem, Minister Vandal has announced a significant federal funding injection aimed at strengthening and expanding the province’s tech sector. Read more

• Space VC closes $20M Fund II to support frontier tech founders from day zero
• Larger venture capital firms now investing in hard tech startups at early stages
• Space VC focuses on investing at day zero, targeting founders just starting companies
• Space VC’s strategy includes ultra-high conviction investing in only 15-16 companies
• Founder Jonathan Lacoste believes in specialist firms’ ability to compete and provide value beyond funding

Space VC Closes $20M Fund II

Venture capital investment in frontier technologies has been on the rise, with even traditional sectors like space and defense attracting significant attention. Read more

• Birmingham is a thriving tech cluster within the West Midlands valued at £15.3B, home to successful startups like Gymshark and Conigital.
• Birmingham offers a robust startup funding ecosystem, with investors like Midven, UK Innovation Science and Seed Fund, and SFC Capital present in the region.
• The city boasts top talent from leading universities like the University of Birmingham, Aston University, and Birmingham City University, with a high graduate retention rate.

• Pixevia, a retail technology company, raised €1.5 million in new funding to expand in the US and Europe, focusing on integrating new venues like sports arenas and airports.
• OneStock, a provider of order management systems, secured a $72 million investment from Summit Partners to enhance omnichannel capabilities and customer experience.
• Quantia, a sales-boosting AI solution for consumer brands, received $1.2 million in pre-seed funding for product development and growth in Western Europe.

• Israeli Tech Fund 97212 Ventures closes $20 million fund to support Israeli tech founders
• Fund provides access to New York resources, senior advisors, and early customers for Israeli startups
• Founder Eyal Bino, previously involved in establishing NYC as a hub for Israeli tech
• Fund focuses on B2B enterprise technologies, digital health, fintech, prop tech, and logistics
• Fund has already invested in 14 startups, including Remepy, Beti, and Ritual

Israeli Tech Fund: 97212 Ventures Closes $20 Million Fund

Israel has long been known as a hotbed for technological innovation, producing a plethora of successful startups and unicorns. Read more

• The Scots Gov Funding package of £5 million aims to support high-growth businesses and entrepreneurs in Scotland.
• The funding is part of the Scottish Government’s commitment to implementing the recommendations of the Logan report and Ana Stewart’s Pathways report.
• Codebase and Scottish EDGE are partnering to enhance support for businesses and entrepreneurs.
• Deputy First Minister Kate Forbes highlighted the importance of innovation in Scotland’s economy and the government’s support for start-ups.

• Drexel University invests $450,000 in 3 new startups across manufacturing, sustainability, and cosmetics
• The Innovation Fund aims to support early-stage companies in the university’s ecosystem
• Selection criteria for winning companies include societal impact and founder passion
• Undergraduate students participate in due diligence process with investment advisory committee
• Course exposes students to the workings of early-stage startup companies and encourages innovation across various fields

Drexel’s Investment in Startups

In a move to foster innovation and entrepreneurship within its community, Drexel University has recently announced its investment of $450,000 in three new startups across various sectors. Read more

• UK tech funding roundup: £99.8m tracked across 12 funding rounds, a 95% decrease
• PolyAI secures Series C funding for AI voice generation technology in customer support
• Steel City Interactive receives early VC funding for a new boxing game
• Purple Dot raises Series A funding for an ecommerce platform reducing unsold stock waste
• Tiney secures Series A funding for a childcare platform supporting ‘micro-entrepreneur’ childminders

UK tech funding roundup: This week’s deals from PolyAI to Alchemie Technology

This week’s UK tech funding deals showcase the diverse range of innovative startups securing investments in various sectors. Read more

• New projects sought for €500m Disruptive Technologies Innovation Fund
• Fund aims to encourage collaborations between industry and research sector for innovative technologies
• Ministers launch Call 7 of the Fund in Mullingar, Co. Westmeath
• Fund supports projects in areas like quantum technologies, digital transformation, and AI
• Projects must align with Ireland’s Research Priority Areas and demonstrate positive contribution to sustainability targets

New Projects for the €500m Disruptive Technologies Innovation Fund

The Disruptive Technologies Innovation Fund (DTIF) has been a pivotal initiative in encouraging collaboration between industry and research sectors to develop and commercialize groundbreaking technologies. Read more

• Purple Dot secures $10 million in Series A funding for its e-commerce pre-order platform, aiming to expand reach and enhance its platform.
• Sona raises $27.5 million in Series A funding to enhance its workforce management platform for frontline employees.
• Laws of Motion receives $5 million in seed funding to expand its AI sizing technology for e-commerce brands and launch a licensing solution.

• State funding secured for P-TECH program in Rochester Public Schools
• Amendment in $43 million education finance bill allocates funds for P-TECH program
• Program is a public-private partnership with Mayo Clinic, IBM, and RCTC
• Funding will support program’s students and long-term outcomes study
• Superintendent and partners express gratitude for legislative support

RPS Reacts Positively to State Funding for P-TECH

In recent exciting news for the Rochester Public School’s P-TECH program, Minnesota state legislators have approved additional funding to support this innovative initiative. Read more

• Enterprise Ireland, the state agency, revealed its latest funding figures in a report, investing €24m in 156 Irish start-ups in various sectors and locations.
• The agency supports Irish businesses to scale abroad and was named the largest venture capital investor in Europe in 2022.
• Enterprise Ireland hosted its annual Start-Up Day, bringing together founders, investors, and accelerators for networking and discussions.

• Melbourne Uni-backed medical manufacturing startup Neo-Bionica secures $5 million from Breakthrough Victoria
• Neo-Bionica offers end-to-end medical device prototype development and manufacturing support
• The funding will enhance Neo-Bionica’s manufacturing capabilities, facilities, and market presence
• Neo-Bionica CEO Ludovic Labat expresses excitement for the company’s growth and expansion plans
• Breakthrough Victoria aims to support local startups in developing and manufacturing medical technology, despite facing criticism and funding challenges

Melbourne Uni-Backed Medical Manufacturing Startup Neo-Bionica Receives $5 Million Boost from Breakthrough Victoria

Medical manufacturing startup Neo-Bionica, backed by the University of Melbourne, has recently secured a significant investment of $5 million from Breakthrough Victoria. Read more

• Versogen, a greentech startup, secures $4.7 million federal funding for clean hydrogen research
• Delaware companies in pharma, finance, and greentech experience growth and financial strengthening in May
• Incyte acquires dermatology company Escient for $750 million to expand skin treatment innovations
• PSI, a semiconductor manufacturer, expands in Newark with grants totaling over $700,000
• Monthly Money Moves column highlights companies like JPMorgan Chase, Truveris, and Versogen in Delaware

Delaware Greentech Funding Boosts Versogen

In the bustling landscape of Delaware’s financial sector, the latest Money Moves report highlights the significant strides made by various companies, including the greentech startup Versogen. Read more

• Innovation Industries launches new €500M fund to support deep-tech startups in Benelux and Germany
• Fund receives contributions from Invest-NL, European Investment Fund, and pension funds PME and PMT
• Focus on investing in technology companies addressing societal challenges like energy, healthcare, and agrifood
• Invests €10 to 30M in companies with longer development timelines and positive impact on UN Sustainable Development Goals
• Innovation Industries manages €475M in three funds, collaborating with Dutch universities and research institutes

Amsterdam’s Innovation Industries Launches New €500M Fund

In a significant move for the tech investment landscape, Innovation Industries, a well-known fund manager, has unveiled its latest venture – the Innovation Industries Fund III. Read more

• IFC invests $5 million in Sturgeon Capital Fund to support tech startups in Central Asia
• Sturgeon Emerging Opportunities II, LP managed by Sturgeon Capital focuses on fintech, agritech, and healthtech startups
• Sturgeon Capital aims to help entrepreneurs scale businesses and create long-term employment opportunities
• The fund targets Central Asia but also seeks opportunities in other emerging markets like Egypt and Pakistan
• IFC’s investment in Sturgeon is part of the Startup Catalyst program to address funding gaps in venture capital ecosystems

Sturgeon Capital Fund: IFC’s $5M Investment in Central Asia Tech Startups

In a significant move to bolster the digital economies of Central Asia and provide vital support to early-stage tech startups in the region, the International Finance Corporation (IFC) has announced an investment of up to $5 million in the Sturgeon Emerging Opportunities II, LP fund. Read more

• Portuguese VC firm Shilling launches €50M Opportunity Fund to support growth-stage startups
• Shilling’s Opportunity Fund targets early-stage startups with investments of up to €5 million for Series A and beyond
• The fund aims to bridge the gap in funding for growth-stage startups in Portugal
• Shilling’s focus on supporting tech founders early has been key to its growth as a firm
• Other Portuguese VC firms, such as Indico Capital Partners, have also scaled up in recent years

Portuguese VC Fund Shilling Launches €50M Opportunity Fund

Portuguese VC firm Shilling has recently announced the launch of a new €50 million opportunity fund aimed at backing growth-stage startups. Read more

• Stupa Sports Analytics secures Rs. 280 million in funding for talent acquisition, global expansion, and product enhancement
• The funding will attract top AI/ML talent and support expansion into the US, UK, Australia, and the Middle East
• Stupa plans to enhance product offerings for various sports disciplines and deepen partnerships globally
• Co-founder Megha Gambhir envisions empowering athletes and fans with data-driven insights
• Previous funding rounds totaled Rs.

• IFC will invest up to $5 million in Sturgeon Emerging Opportunities II, LP, a new venture capital fund managed by Sturgeon Capital, to support tech startups in Central Asia.
• The fund will focus on areas like fintech, agritech, healthtech, and ed-tech to help entrepreneurs scale their businesses and create long-term employment opportunities.
• Sturgeon Capital aims to address the funding gap in the tech ecosystem of Central Asia and other emerging markets like Egypt and Pakistan.

• Food tech company Pepper secures $30 million in Series B funding led by ICONIQ Growth, with continued support from existing partners.
• Pepper has experienced significant growth, doubling its customer base and introducing over 100 new product features to enhance its eCommerce solutions.
• Richa Mehta from ICONIQ Growth will join Pepper’s board of directors following the funding round.
• The funding will drive product innovation in core areas like eCommerce, CRM tools, generative AI, product content, and analytics for Pepper’s ads network.

• Paris-based VC firm Blisce launches climate tech fund with a target of $160M
• Fund aims to raise €150 million ($162 million) to invest in tech startups impacting climate change
• Blisce hires Pierre-Edouard Berion to lead the fund, with Lucie Basch as venture partner
• Blisce, led by Alexandre Mars, is known for investing in unicorns like Spotify and Pinterest
• New fund to focus on polluting industries like materials, food, construction, mobility, and energy

Blisce Launches Climate Tech Fund with a Target of $160M

Blisce, a Paris-based venture capital firm, has recently announced the launch of a new climate tech fund with a target of $160 million. Read more

• Accel, a prominent venture capital firm, has announced a new $650Mn Europe fund dedicated to supporting early-stage startups in Europe and Israel.
• The fund focuses on investing in promising early-stage startups in the AI and cybersecurity sectors, aligning with the emerging AI hubs in European cities like London and Paris.
• Accel’s investment in Europe and Israel aims to stimulate technological innovation and increase venture capital activity in the region.

• RecycleSmart is currently seeking $2 million in funding to expand its waste management services across Australia.
• The company, founded in 2019 in Sydney, aims to become the “Uber for waste” by collecting and recycling various items that cannot be placed in regular bins.
• RecycleSmart has a significant revenue opportunity in the Australian Waste Management industry, with a focus on diverting materials from landfill.

• Egyptian startup Waffarha secures a seven-figure investment in a seed funding round to enhance technology infrastructure and expand operations.
• Founded in 2012 by Tarek Magdy and Noha Hamdy, Waffarha offers daily discounts of 50% to 90% through its website and mobile app.
• The partnership with VMS aims to support Waffarha’s expansion in Saudi Arabia and improve marketing strategies for increased customer engagement.

• Seamfix secures $4.5 million in new funding from Alitheia IDF for expansion and technological infrastructure enhancement
• The funding will facilitate the rollout of digital ID and credential services in five additional African nations
• Seamfix, founded in Nigeria, offers digital identity solutions to organizations and government agencies across Africa
• The company’s solutions, including Veremark, cater to clients like NIMC, MTN, and financial institutions in Nigeria
• Seamfix’s innovative digital solutions have facilitated SIM registration, verification, and national identity linking for major telecom companies across Africa

Seamfix Secures $4.5 Million in New Funding

In recent news, Seamfix, a leading provider of digital identity solutions, has successfully raised $4.5 million in a private equity funding round from Alitheia IDF, a prominent gender lens investing fund. Read more