Finance Friday: What start-ups raised funding this week? December 4-8

Our weekly selection of the successful start-ups who raised significant amounts of funding Dec 4-8. 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.


WorldRemit raises $40m Series C to target 10 million global users by 2020

Who: Global money transfer service WorldRemit
How much:  $40m
Who are the investors: The round was led by LeapFrog Investments and also included existing investors Accel and TCV
For what:
This latest injection of funds will be used to expand its service into new markets and scale its mobile-first tech
What they said:

Ismail Ahmed, founder and CEO at WorldRemit, said:

“This new funding will fuel our growth, and help bring our service to millions more customers across the globe. We are pleased to attract LeapFrog Investments, a strategic investor whose profit with a purpose mission is aligned with ours”.

Tech start-up Cytora raises £4.4m to help insurers use AI to assess risk

Who: Cytora, an artificial intelligence spinout from Cambridge University
How much: £4.4m
Who are the investors: QBE Ventures, Cambridge Innovation Capital, Cambridge Enterprise, Parkwalk Advisors as well as angel investors such as Ilkka Paananen, CEO of Supercell; and Paul Foster, co-founder of Indeed.com. 
For what:
Cytora will use the funding to launch Risk Engine, which helps insurers select, target and price risk via use of AI
What they said:

Richard​ ​Hartley,​ ​CEO​ ​of​ ​Cytora​, said:

“Cytora’s technology opens up significant opportunities for the insurance industry.

“We are proud to be supported by pioneering technologists and leading insurers that share our vision for a new standard in risk selection and pricing that is underpinned by objective data and machine intelligence.

“The calibre of our investors and advisory board is a testament to our team, our technology and the scale of our vision.”

Andy Murray adds two more start-ups to his ever-growing investment portfolio

Who: Charity tech start-up GoodBox and doctor on-demand platform ZoomDoc
How much: Two undisclosed sums
Who are the investors: Tennis star Andy Murray via crowdfunding platform Seedrs 
What they said:

Andy Murray said:

“These two businesses provide innovative, much needed solutions. GoodBox has the potential to revolutionise the way we donate to charity, they’re already working with many trusted organisations such as Comic Relief.

“I’ve been involved in the digital health space for a while now, primarily getting schools focused on creating digital solutions for health problems, so ZoomDoc interested me.

“They provide trusted GPs to people who need help at home instantly and the company has shown impressive growth and feedback since it’s soft-launch.”

Israeli tech investment group Viola FinTech raises $100m to target global fintechs

Who: Israel-based VC Viola FinTech
How much: $100m
Who are the investors: Investors included banks and insurance companies such as Scotiabank, The Travelers Companies and Bank Hapoalim
For what: To invest in global fintech start-ups
What they said:

Danial Tsiddon, ex-CEO of Bank Leumi and chair of Leumi Partners, said:

“This fund provides financial institutions with the optimal response to cope with the fast-changing environment

“As regulatory, technological and cultural gaps all work to slow innovation adoption, Viola FinTech accelerates the integration of innovative ideas into financial institutions while providing the necessary resources to FinTech companies as they scale to transform the financial sector.”

Mercia Technologies raises £45.1m fund to invest in ambitious Northern businesses

Who: Venture capital fund Mercia Technologies
How much: £45.1m
Who are the investors: The fund was backed by institutions and private individuals, including three Mercia team members
For what:
To invest in fast-growth small businesses in the North of England
What they said:

Jonathan Diggines, executive director of Mercia Technologies PLC, said:

“EV Growth II will be investing in some of the most dynamic businesses in the UK regions, particularly in the North of England, which is one of Mercia’s core investment regions.

“We will typically take minority positions alongside the management team so that we can work together to generate growth and deliver attractive returns for management and for Fund investors.”

Self-checkout app MishiPay raises £1.6m to help shoppers skip the queue

Who: London-based MishiPay, an app that lets shoppers pay for an item using their phone by just scanning the barcode
How much: £1.6m
Who are the investors: European VC Nauta Capital
For what: The start-up will use the funds to help attract more retailers
What they said:

Mustafa Khanwala, co-founder and CEO of Mishipay, said:

“This round is a significant stepping stone for us.

“After having proven our technology in trials across 4 countries, we are now ready to work with major retailers to prove the clear value in rolling out our technology in their stores.”

Tech investment firm FundTMT raises £5m to back media and telecoms scale-ups

Who: Tech investment firm FundTMT
How much: £5m 
Who are the investors: Angel investors and high-net-worth individuals
For what:
To invest in UK scale-ups working across the technology, media and telecoms sectors
What they said:

Adam Zoldan, one of the fund’s co-founders, said:

“FundTMT is specifically geared to facilitate a flexible range of uses including partial cash outs, shareholder consolidation, MBOs and acquisitions, in addition to development capital. The fund is simply applying a private equity model for smaller but ambitious businesses.”

23-year-old young entrepreneur bags Scotland’s largest ever seed funding round

Who: TravelNest – an advertising optimisation site for holiday rental owners
How much: £3m seed funding
Who are the investors: Early stage venture firms Pentech, Mangrove Capital Partners and Frontline Ventures
For what:
The Edinburgh-based business will use the funds to expand its engineering team and further develop its product. Ex-COO at Skyscanner Mark Logan will also join TravelNest’s board
What they said:

Hans-Jürgen Schmitz, co-founder and managing partner of Mangrove Capital Partners, said:

“The TravelNest team is exceptionally gifted. They have built this business out of their garage, with the conviction that the fragmented supply in vacation rentals offers significant potential for growth through intelligence and automation.

“We are excited to part of this challenge as Doug and his team help property managers capitalise on the massive benefits of new technologies and the Internet”.

Deep learning start-up Chattermill raises £600,000 to help businesses better understand customer feedback

Who: London-based deep learning start-up Chattermill
How much: £600,000 seed funding
Who are the investors: Entrepreneur First, Avonmore Developments and angel investors including Jeff Kelisky, CEO of Seedrs
For what: The funding secured will be used to invest in technology and continue growing the team with hires that include data scientists, engineers and business developers
What they said:

Mikhail Dubov, CEO and co-founder of Chattermill, said:

“We’re thrilled to have the ongoing support of such a great list of investors. We’ve been lucky enough to help some of the world’s most customer centric businesses see genuine value by understanding their users at scale.

“Our platform not only challenges their assumptions, but gives them incredibly detailed insight in real-time, at a fraction of the cost of traditional customer experience research.”