Finance Friday: What businesses raised funding this week? November 13-17

A selection of some of the start-ups who announced successful funding rounds this week. Did we miss yours? Get in touch with us to feature

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Congratulations, you’ve made it to Friday!

As we’re in no doubt you’ve been working your socks off for the entire week (whether its on your start-up, scale-up or even just that little light bulb idea in your head), chances are, you’ve had your head buried deep in your own business.

So much so, that you’ve missed a whole lot of what’s been going on in the outside world.

Luckily for you, each Friday we’re going to compile a selection of the biggest and best funding rounds of that week – ensuring you never miss out!

A fierce competitor nabbing some finance? A sign a sector is ready to explode? Or even a place to find new ideas or potential investors.

You’ll find it all here, every Friday.

Without further ado, here’s some of the start-ups that raised funding this week:

Trouva bags $10m to “save the high street” and help shoppers find local boutiques

Who: Online marketplace Trouva
How much: $10m Series A (£7.6m)
Who are the investors: Led by BGF Ventures, Index Ventures and Octopus Investments. Also included Robin Klein of LocalGlobe, Playfair Capital, Downing Ventures and Silicon Valley Bank
For what: An online marketplace for independent boutiques, Trouva will look to expand its existing network of shops
What they said:

Mandeep Singh, co-founder and CEO of Trouva, said:

“We will be using the investment to further develop our unique platform at existing stores within the Trouva community, while funding expansion to new shops and boutiques across the UK, and ultimately further afield too.”

Harry Briggs, partner at BGF Ventures, said:

“I love the passion that independent boutiques bring to their craft – discovering wonderful products and creating a place that’s a joy to visit. Everyone’s discovered a boutique somewhere that’s full of things that feel made for their home.”

Suggestv raises $1m in seed funding

Who: Intelligent video discovery platform Suggestv
How much: $1m seed funding (£758,000)
Who are the investors: The round was led by Mark Pearson at Fuel Ventures
For what: To scale the number of videos the start-up serves
What they said: 

James Pringle, co-founder and CEO of Suggestv, said:

“With video advertising growing exponentially (46% year-on-year), the financial reward for publishers is there for the taking, but it’s often difficult for editorial teams to produce new video editorial to monetise.

“Suggestv takes this difficulty away and helps publishers scale the amount of monetisable pre-roll inventory they have.”

Mark Pearson at Fuel Ventures said:

“Fuel Ventures are proud to be investors in Suggestv based on their innovation in video technology and strong traction with top-tier publishers. We are excited to start working with James and the team to support their ambitious plans.”

Edtech SAM Labs raises £5.1m of Series A to help teachers tackle STEAM subjects

Who: London-based edtech SAM Labs
How much: £5.1m Series A
Who are the investors: Led by Touchstone Innovations and E15 Ventures
For what: This latest injection of cash to further develop a number of new products
What they said: 

Joachim Horn, founder and CEO of SAM Labs, said:

“This round of funding will increase our time spent working closely with teachers, administrators, and standards like NGSS to develop the most engaging teaching materials, hardware, and software to excite students about the possibilities of STEAM.”

Philip Liang, managing partner of E15 Ventures, said:

“E15 Ventures is proud to invest in tomorrow’s coding experts. We’re pleased to be a partner to SAM Labs as it drives mainstream interest in coding and computer science.”

Wrisk, an insurtech start-up that lets users make insurance claims via its app, raises £3m

Who: Insurtech Wrisk
How much: £3m
Who invested: Led by Oxford Capital
For what: The investment will fund the business up to and through its market launch in 2018
What they said: 

Niall Barton co-founder & CEO, Wrisk, said:

“As the last frontier of financial services to join the digital revolution, we believe that Wrisk has the potential to truly transform the user’s experience of the insurance industry through technology.”

Will Orde, investment manager at Oxford Capital, said:

“They have the entrepreneurial capabilities and vision to create a new and relevant force in the insurance market.

“Wrisk’s ability to strike early deals with leading insurers Hiscox and MunichRe and distributors, such as BMW, demonstrates the potential of the business.”

Hiring Hub raises £1.4m to put “trust and transparency” back into recruitment

Who: Recruitment marketplace Hiring Hub
How much: £1.4m
Who are the investors: Led by Maven Capital Partners on behalf of the Northern Powerhouse Investment Fund
For what: Hiring Hub will develop AI processes, grow its leadership team and boost marketing activity
What they said: 

Simon Swan, CEO at Hiring Hub, said:

“Recruitment was the original people business, yet nowadays it feels increasingly impersonal and commoditised, which has led to recruitment agencies being viewed as a necessary evil rather than professional advisors that deliver a valuable service.

“At Hiring Hub, we’re using technology to enable better relationships between employers and agencies, and address many of the industry’s core issues.

Graphcore takes total funding to $110m with latest Series C $50m investment

Who: Bristol-based AI chips company Graphcore
How much: $50m (£38.2m)
Who are the investors: Silicon Valley’s venture capital firm Sequoia Capital (who has previously backed Apple, Google and Whatsapp)
For what: Following a $30m Series B round, this latest cash injection will enable the business to finalise its machine learning chip and to hire more talent
What they said: 

Matt Miller, partner at investment firm Sequoia Capital, said:

“Machine intelligence will cause an explosion of new applications and services that will transform every industry. The unique nature of this workload and scale of this opportunity creates an opening where a valuable new chip company can be created.

“We believe Graphcore’s product architecture, team and early market interest make it the best positioned new entrant in this market. We look forward to helping them build a large and enduring company.”