On The Rise: Startups That Received Funding In August 2022
Exhaustive market research. Sleepless nights. Developing a brand identity. Drafting a solid business plan. Redrafting said business plan. More sleepless nights. There are a lot of things that contribute to turning an idea into a fully functioning business. One of the most important things, though, is funding.
Each month, we’ll be giving kudos to the start-ups that have been making waves across their industries – specifically, those who’ve received funding during the previous month. August 2022’s results are in, and here’s a list of the names you should be looking out for – some of which Capsule is delighted to have supported…
BankiFi
In their own words, BankiFi is a ‘Fintech that’s not really a Fintech’. This Manchester-based banking platform is on a mission to change banking for the better, helping banks to become customer-centric as opposed to product-centric. They’ve raised £8.1 million to date – with August’s funding round totalling £4 million. BankiFi’s investors include Praetura Ventures and Greater Manchester Investment Fund, and the capital will enable them to expand into the US market.
Ben
The pandemic gave the global workforce greater autonomy over where and when they work, and flexibility and other benefits are now a driving force when it comes to recruitment. At the heart of this is Ben, the company committed to reinvigorating the tired employee benefits system. Their total funding so far sits at £16.1 million – and £13 million of this is a result of the latest funding round. Ben’s investors include Atomico, Cherry Ventures, DN Capital and Seedcamp, and its clients include Deliveroo, Funding Circle and Zalando.
Cera
A digital healthcare provider, Cera is transforming the care system – providing at-home care for older people that can be scheduled via phone or the company’s website. Along with support with medical issues, carers offer personal services and run errands – empowering patients to live longer, better lives in the comfort of their own homes. Total funds raised to date are at £364 million – with a huge £264 million from the latest round of funding. Cera’s investors include Kairos HQ, Vanderbilt University Endowment, Schroders Capital and Robin Klein, and the investments will enable their expansion from serving 15,000 patients daily to 100,000.
DELLI
We all know the importance of supporting your local indie, and no one knows this better than DELLI. Dubbed the ‘Depop of food and drink’ (no wonder, it was created by founder Simon Beckerman), this exciting new app allows makers to sell their unique products – while buyers can support independent producers and broaden their horizons. The community-led platform raised £6 million in the last round of funding, making their overall total £8.5 million. The investors? Balderton Capital and HV Capital.
Duel
Bristol-based tech platform Duel is championing good old-fashioned word of mouth by using software to generate advocacy programmes that help brands drive organic growth and retention. Within the Duel app, customers are rewarded for completing tasks that boost brand exposure. In August alone, Duel secured £2.5 million in capital from SuperSeed – contributing to a total of £7.1 million. Duel users include leading brands like ASOS, Charlotte Tilbury and Monica Vinader.
Fair.xyz
Founded by former Meta and Goldman Sachs engineers, Fair.xyz aims to become the Amazon Marketplace of Web 3.0 by creating a one-stop shop for NFTs. Right now, they’re trading in digital art only – but their offering is set to include digital wearables, social tokens, music, architecture, fashion, and more. Fair.xyz’s investors include Eden Block, Firstminute Capital, NFX and OpenSea Ventures, and August was their first round of funding – raising £3.7 million in total.
Hadean
Since 2015, Hadean has been reimagining the computing for Web 3.0 and the metaverse. They’re on a mission to make computing more accessible – with a cloud-first operating system that allows applications to dynamically scale without the need for additional input from data scientists. The end goal? To enable the brightest minds to tackle humanity’s greatest challenges – from climate change to educational inequality. To date, the company has amassed £38 million in total (£14.7 million in August) from the likes of Tencent, In-Q-Tel, Future Fund, London Venture Partners and Molton Ventures.
Jiminny
Named after Pinocchio’s conscience, Jiminy Cricket, Jiminny is the fly on the wall for all your sales conversations – recording, transcribing, and analysing calls and meetings in real time to empower businesses to achieve their full potential. Jiminny is currently backed by £13.7 million – £13.5 million of which was raised just last month by investor Kennet Partners, marking its most successful funding round to date. This innovative platform lists brands including Just Eat and Informa among its clients.
Oxwash
Founded in Oxford, Oxwash is the on-demand laundry service revolutionising the industry. It works by combining next-generation cleaning and logistics to deliver a washing and dry-cleaning service that’s both simple and sustainable. Since its inception in 2018, Oxwash has received £16.3 million (£10 million of which was in August 2022) from investors including Untitled VC, Pentland Group, Holly and Sam Branson, and co-founder of Twitter Biz Stone. Oxwash became B Corp certified in July this year, so they certainly have Capsule’s backing.
Patchwork
Designed by healthcare professionals for healthcare professionals, Patchwork was born out of real-life experiences with the struggles of temporary staffing. They channel specialist expertise into industry-leading technology to deliver tailored solutions for healthcare organisations. Out of five funding rounds in total, August marked Patchwork’s most significant one to date – raising £20 million out of an overall figure of £27.9 million. Investors include Perwyn, Praetura Ventures and KHP Ventures, and Patchwork will channel funds into easing the strain on healthcare workers throughout the NHS.
Super Payments
Created by Funding Circle founder Samir Desai, Super Payments describes itself as ‘super powered cashback’. This fintech venture is an online checkout alternative to platforms like PayPal, Klarna and Apple Pay, and uses AI software to help businesses increase sales while customers get cashback rewards. August saw Super Payments bank £22.5 million in capital in its very first funding round – with Accel, LocalGlobe and Union Square Ventures all seeing promise in the company.
TRIP
Cannabis has long been used for the treatment of chronic pain, and CBD products have skyrocketed in popularity in recent years. Answering this demand is TRIP, the UK’s leading premium CBD brand. A trusted supplier of CBD oils and drinks, TRIP has been nicknamed the ‘Queen’s CBD’. August’s funding round proved to be highly successful for the brand – generating £10.2 million of a £13.9 million funding total. Angel investors include former Depop CEO Maria Raga, and film producer and serial entrepreneur Christian Angermayer. Co-founders James Edmunds and Olivia Ferdi have plans to pitch to the US marketplace.
Join the club
With all these emerging concepts, we think it’s safe to say that the future is in good hands. And who knows where this growth will take these ventures? One thing’s for sure, the Capsule team will be keeping a close eye on every one of them, and we suggest you do the same. In the meantime, look out for next month’s round-up of the start-ups you’ll want to keep tabs on.
Heading up an emerging start-up and want to learn more about protecting your future? Capsule can help. We specialise in insuring fast-growth businesses against evolving risks – staying in step with you at every stage of your evolution. We even support some of the brands in this list. Drop us a line.