Blog by Briony Phillips, Investment Activator
With the long, bright days of June behind us, it’s time to reflect on the equity investment successes that were captured by our friends at Beauhurst as I do every month. Below you will find a little information about the ten companies that both raised equity funding AND announced the news publicly. There were an additional eight companies that successfully raised funding but they aren’t listed here because the news isn’t in the public domain yet.
To note, this month there are companies listed that can be found across the full region – Exeter, Cornwall, Poole and others feature much more so than they have done previously.
The next green startup set to make its mark on the world is Albotherm, after announcing a new stream of funding. The University of Bristol spinout develops passive cooling technologies to reduce energy usage in agriculture and the building sector.
Its investment of £1.6m was led by Green Angel Ventures and supported by Oxford Innovation Finance through its angel platform OION, Bristol Private Equity Club (BPEC), Cambridge Angels, Cambridge Agritech, and Science Angels Syndicate (SAS), along with a £500k Innovate UK grant. The investment will enable Albotherm to further develop its smart coating technology within the commercial building and greenhouse sectors.
Bristol-based international healthcare infrastructure specialist Archus is aiming for further overseas expansion after securing £9m funding from BGF, the growth capital investor. Archus, which was launched in 2017 with a mission to shape the future of healthcare, also plans to use the investment to recruit more senior staff to spur growth as well as boosting its innovation.
Gone Wild Events
The founder of Gone Wild Events, the operating company of Gone Wild Festivals, has secured investment to develop the business. Trowers & Hamlins advised on the deal. Station 12, an investment fund that specialises in the sports, entertainment and knowledge sectors, will support the next stage of Gone Wild’s growth journey in a bid to secure a “bigger and better festival” than the previous year. Gone Wild Festivals, with Bear Grylls, is held at Powderham Castle, Devon.
Husmus, a startup that is solving financial exclusion in housing, announced that it has secured funding from Google and Innovate UK. The funding will be used to accelerate Husmus’ growth and scale its impact. Husmus is an embedded insurance marketplace that matches people unserved by today’s financial products to new, innovative, customisable alternatives. Their focus is home and rental insurance.
Phoenix Equity Partners (Phoenix), a growth-focused UK private equity firm, has made an investment in UK-based cybersecurity specialist Logiq, the third from its 2022 Fund, following investments in risk analytics and modelling solutions provider 4most and data analytics business Dufrain. Financial terms of the transaction have not been disclosed.
Oort Energy, a UK-based next-generation hydrogen electrolyser developer, announced that it has closed its oversubscribed £5M Seed raise led by Energy Revolution Ventures (ERV), an early-stage electrochemistry specialist investor. This funding augments approximately £800k in non-dilutive grants awarded to the company by various UK and EU government bodies.
The major Seed round investors include TRIREC, an Asian based decarbonisation fund, as well as a corporate strategic investor. The funding will support the set-up of the company’s electrolyser stack manufacturing facility and the deployment of their first fully compliant demonstrator to produce green hydrogen from renewable energy.
A North Cornish drinks brand has secured a £500,000 investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF) as part of a wider £3m round. The cash injection will help fund the company’s growth plans, which include creating jobs. Pentire is a direct-to-consumer led business, with its non-alcoholic botanical spirits championed by chefs across Cornwall and the UK including Rick Stein, Nathan Outlaw, Paul Ainsworth and Emily Scott.
SageTech Medical Equipment Ltd (SageTech) has completed a £2.9 million pre-series A investment, including a £1.6 million investment introduced by specialist venture capitalist EMV Capital. As part of restructuring the company’s arrangements for the commercialisation of the business, EMV Capital’s parent company NetScientific PLC purchased GBP200,000 of shares, in line with its direct investment strategy and demonstrating the Group’s commitment to SageTech.
Trevethan Distillery has received an initial investment of £1 million (US$1.2m) after selling a minority stake in the business to the owners of Cornwall’s Ince Castle Estate. The investment will help the distillery increase its growth in the UK and abroad
The deal will also include long-term funding for the next 10 to 15 years. Furthermore, two new board members have been appointed by the investors. Trevethan Distillery is based in South East Cornwall and founded in 2015. It produces a Cornish Dry Gin and Cask Aged Golden Rum.
The Bristol office of growth finance group BGF has made a £15.5m investment in Troy UK, the country’s largest independent network for industrial and engineering supplies, with legal advice on the deal from the corporate team at Bristol-headquartered national law firm Burges Salmon. Other Bristol professionals involved in the deal included PwC partner Tom Ayerst, who also worked with BGF, while EY partner Matt Eves was among the Troy advisory team.
This article is written as part of the Investment Activator Programme (IAP) in the West of England. This programme is run by techSPARK and is kindly sponsored by TLT LLP, delaware, West of England Combined Authority, UWE, Sanderson, Engine Shed and Rocketmakers.
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