Finance Friday: What businesses raised funding this week? December 11-15

Our weekly selection of the successful start-ups who raised significant amounts of funding Dec 11-15. Did we miss yours? Read below on how to get featured

Email shaned@startups.co.uk to get your start-up included.

Missed last week’s funding rounds? Click here and get up to date.


Twin entrepreneurs raise £108,855 for their online marketplace for kitchen space

Who: Kitchup
How much: £108,855
Who are the investors: 112 investors on equity crowdfunding platform Seedrs
For what: For recruitment and investment in tech
What they said:

Emma Jones, co-founder of Kitchup, said:

“We are delighted to have overfunded with over 100 investors who share our vision.

“It’s great validation of the business and we are excited and energised for the future.

“The funds will be used to develop our technology and grow the team so we can support a growing demand for flexible and affordable kitchen space.”

Amicable, the divorce app that helps couples split up, raises £473,260

Who: Divorce app Amicable
How much: £473,260
Who are the investors: Various angel investors including Richard Stone and Tom Welch from Stone Welch Capital
For what: To further develop the app and expand consumer reach
What they said:

Pip Wilson, co-founder of Amicable, said:

“Our vision is to change the way the world divorces and to provide a lawyer-free solution that helps customers though the emotional journey of separation and family breakdown.

“We are delighted to have closed our second funding round with an inspiring group of angel investors who understand the social purpose of amicable and who can help us drive the business to the next level. With the addition of QVentures’ impressive network we were able to close the round quicker and get back to focusing on the business.

“Having already helped hundreds of couples through their divorce we are excited to be able to expand the business further and to continue to make a difference in fixing the broken divorce model.”

Young Gun-founded Paddle scoops $12.5m worth of Series B funding

Who: Paddle, an e-commerce platform for software businesses
How much: $12.5m Series B funding
Who are the investors: Led by Notion Capital, the investment round also included existing backers BGF Ventures and Kindred Capital, as well as MacPaw – the software company Paddle merged with earlier on this year.
For what: The fresh funds will help Paddle rapidly grow its team, and accelerate product development
What they said:

Christian Owens, CEO and founder of Paddle, said:

“At Paddle, we are on a mission to fundamentally change the way that software companies sell their products.

“Software vendors of all sizes have put up with a fragmented approach to selling their products for years

“We believe that Paddle has overcome these problems by creating a powerful unified commerce platform, and that we are poised to continue our rapid and exciting growth.”

Mobile couponing app GreenJinn raises £670,000 seed funding via Crowdcube

Who: GreenJinn
How much: £670,000
Who are the investors: 267 investors via crowdfunding site Crowdcube
For what: To support the growth in user numbers 
What they said:

Giuseppe Licari, CEO of GreenJinn, said:

“GreenJinn is the only cashback app on market actively promoting healthy living and developing personalisation. We aim to offer our users their best fit in terms of coupon selection, timing and convenience.

“Only what you like, when you need it. With the success of our seed round of funding we can continue to ensure this a reality and best of all, we have a brilliantly diverse community of investors alongside us.”

Pace raises £2.5m seed to automate hotel pricing in line with real-time demand

Who: Machine learning start-up Pace
How much: £2.5m seed
Who are the investors: Led by InterGlobe, the funding round also included participation from Seedcamp, Speedinvest and Amadeus Capital Partners.
For what: Pace will use the fresh funds to expand its science and engineering team
What they said:

Jens Munch, CEO and co-founder of Pace, said:

“Static and inefficient pricing has held hotels back for too long.

“Drawing on research from finance and aerospace, we want to raise the bar for revenue management and help hotels sell every room at the optimum price.”

Digital banking platform Loot bags £2.2m in Series A funding round

Who: Loot
How much: £2.2m
Who are the investors: The funding round was led by Power Corporation’s corporate VC, Portag3 and Speedinvest
For what: To “take on the competition”
What they said:

Ollie Purdue, founder and CEO of Loot, said

“I guess there are two types of competition for us at Loot. The banks and the money management apps. The banks have significant market share, but struggle with helping people understand their money, and, in my opinion, they also struggle with tech and branding.

“For example, since I started Loot, my Natwest app hasn’t materially changed in any way I would notice it. That’s too slow for me as a user. The new fintech banks are much better at this, but none of us are at scale yet.”

Creditspring raises £2m pre-launch to “fix the UK’s broken consumer credit market”

Who: Consumer credit start-up Creditspring 
How much: £2m
Who are the investors: The lead investor is ex-managing director of BDT Capital Chip Dunn
For what: To help fully launch in 2018
What they said:

Neil Kadagathur, co-founder of Creditspring, said:

“What do you do when the fridge breaks, the MOT bill is bigger than expected or your child has an unexpected school trip? For too many people, it’s a very narrow and very scary list of options. We’re building a product to change that.”

Professional network for “the future workforce”, The Dots, raises £4m

Who: The Dots
How much: £4m
Who are the investors: The funding round was led by Hambro Perks, while other notable investors included Sir John Hegarty and Tom Teichman’s investment fund The Garage Soho, and female focused investors Angel Academe
For what: The investment will be used to consolidate The Dots’ position as a British challenger to LinkedIn ahead of international expansion
What they said:

Pip Jamieson, founder of The Dots, said:

“Everyone thinks LinkedIn is insurmountable, but that’s exactly why I believe it’s ripe for disruption.

“LinkedIn was built around the networking needs of a traditional workforce of ‘White Collar’ professionals.

“However there is a new professional class emerging, called ‘No Collar’ professionals who have different networking preferences and need an alternative solution that reflects their behavioural and career preferences.”

Startups Awards 2016 finalist Senseye raises £3.5m in Series A funding

Who: Senseye Limited, a Southampton-based start-up that creates predictive maintenance software
How much: £3.5m Series A
Who are the investors: Led by MMC Ventures, the round also included existing investors Breed Reply, IQ Capital and Momenta Partners
For what: The start-up will use the fresh capital to meet fast-growing customer demand for its automated condition monitoring diagnostics and prognostics product
What they said:

Dr Simon Kampa, co-founder and CEO at Senseye, said:

“We’re delighted to have secured the right capital and strategic partners to help us to accelerate our success. We’re confidently on the way to making unplanned machine downtime a thing of the past and leading an emerging $5bn market.”

Consumer sector private equity fund True backs eight start-ups, and brings 10 on New York trade mission

Who: Hoxton Analytics, Localistico, Mishipay,Photospire, ADAY, All Shades Covered, Placed and VITL
How much: Collective sum of £6.5m
Who are the investors: London-based Retail investment fund True
For what: The recipients will use the funds for a variety of reasons including product development, range expansion, scaling of teams and improvement of operations
What they said:

Mike Tattersall, chief commercial officer at True, said:

“UK technology is at the forefront of a rapidly changing business environment. As with the UK, the US retail and consumer industries are being disrupted by constantly evolving consumer behaviour.

“All consumer-facing businesses must adopt and embed new technologies into core sales strategies and operational practices. The mission will result in over 70 targeted and purposeful introductions throughout the three days and showcase some of the very best technologies coming out of Britain.

“With our startups continuing to secure confidence and funding from the market, it’s a perfect time to demonstrate the depth of innovation in the UK startup community.”

Transdermal patch start-up and University of Warwick spin-off Medherant bags £3.8m

Who: Medherant Limited, a University of Warwick-spinout start-up that develops a transdermal drug delivery patch
How much: £3.8m
Who are the investors: The medtech business was primarily backed by Mercia Technologies
For what: The investment will help Medherant move into clinical development and the commercialisation of its ibuprofen TEPI Patch, as well as initiating development of its second product, a lidocaine TEPI Patch
What they said:

Nigel Davis, CEO of Medherant, said:

“We are grateful to have the continued financial support of Mercia and pleased to be working closely with the team as we move into the next exciting phase of Medherant’s development.

“Our TEPI Patch technology is generating global interest and we are now working with several leading pharmaceutical companies as we develop our own product pipeline.”