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Opinion

On The Rise: Startups That Received Funding In November 2022

We’re back with this year’s penultimate round-up of startups that have been making a stir. As always, there were some strong contenders, and it’s been tough selecting the standouts. It's clear that today’s innovators are continuing to be creative, ambitious, and resilient in the face of new challenges.

So, who made the final cut? Read on for our carefully curated list of the most brilliant lightbulb moments to date – along with the investors funding their next bright ideas…

Photo by Andy Hermawan
Anything World

Anything World is using machine learning to power a new wave of creativity. This innovative platform allows developers to build interactive 3D experiences 40% faster and much more cost-effectively than anyone else. Already they’ve partnered with the Ministry of Sound on a voice-activated Snapchat filter. Their latest funding round saw them add £6.6 million to their £7.7 million total from investors – with Warner Music Group and GameTech Ventures among them. The funds will help grow the team and launch a new 3D model rigging and animation system.

Banked

Designed to slot neatly into modern banking infrastructure, Banked is a global payments network powering real-time payments for consumers, businesses, and banks alike. Self-described as ‘a better way to make and take payments’, the alternative banking platform has raised an incredible £32.3 million since its 2017 inception. And almost half of that was raised in the last month. The team plans to break America with the new funds – in fact, they’ve already opened an office in Palo Alto. Insight Partners, National Australia Bank, and Bank of America are supporting their expansion.

BeZero Carbon

As their name indicates, BeZero Carbon is on a mission to empower a greener future. Based in Kent, the climate tech startup brings greater transparency to the Voluntary Carbon Market – a place where anyone can offset their carbon footprint by purchasing credits – by building public markets information infrastructure. They raised a staggering £42.5 million from investors in November alone, including Quantum Energy Partners, Hitachi Ventures, and Illuminate Financial. This sum will go towards a brand-new location in Singapore and the expansion of their existing New York office.

Bike Club

Remember stretching to reach the handlebars of your sibling’s bike because it was just a little too big? And then, as a lanky teen, hunching over it when it became too small? So does the Bike Club team. That’s why they’ve come up with a solution: a bike subscription service for kids. This genius initiative ensures your child’s bike grows at the same pace they do. It’s completely flexible, with prices starting from £4.49 per month. Investors backing this sustainable bicycle venture include Circularity Capital and Codex Capital, with more than £50 million raised to date. Chaired by Fitness First founder Mike Balfour, Bike Club is pedalling fast towards national and European expansion – and they’re looking at an estimated £150 million IPO within the next couple of years.

Dropit

Maximising sales and distribution capacity, driving efficiency, and transforming the customer experience is all in a day’s work for Dropit. Meet the ultimate retail optimisation platform that boosts your reach across multiple channels while optimising fulfilment and delivery times. While relatively new to the scene, leading brands such as L’Occitane, Estée Lauder, and Dolce & Gabbana already rely on Dropit. And it’s just getting started. Their most recent funding round saw them raise £22.4 million from leading VCs like Vault Investments and Axentia. The funds will expedite their growth in existing markets – particularly in the US, where they’re already operating in Texas.

Eterlast

‘Built for sports fans, designed for gamers’ is the ethos of Eterlast, the startup using blockchain technology to welcome boxing and rugby fans to the metaverse. Powered by Immutable X, Eterlast teams up with global media and sporting organisations to build branded Web3 games that offer a highly immersive experience – one where users can collect and trade NFTs to take their games to the next level. Eterlast’s seed round raised £3.9 million from Supernode Global, Play Ventures, Active Partners, and more – supporting them as they prepare to launch their first officially licensed products to market.

Healios

The intersection of digital technology and healthcare services is truly transformative. One of the latest healthcare providers empowering people to take better care of themselves and their loved ones is Healios. This platform provides a leading digital solution for children and young people living with autism, ADHD, and mental health issues. Operating in partnership with the NHS, Healios offers health assessments, cognitive behavioural therapy, goal-based interventions, and post-diagnostic support. The startup also has a US subsidiary, Meliora Health, and plans to use the £14 million raised by the Autism Impact Fund, AlbionVC, and InHealth Ventures to grow this overseas presence.

Immersive Gamebox

Next on the list is a startup that’s not only caught the eye of the Capsule team, but also the BBC, the Evening Standard, Time Out, and Sky News. And it’s not surprising – Immersive Gamebox offers a captivating gaming experience like no other. This exciting new tech uses projection mapping, motion tracking, and surround sound to deliver a fresh take on gaming that’s enjoyable for all ages. They’re already rated in the top 10% of Tripadvisor’s worldwide attractions – and this is just the beginning for the augmented reality entertainment experience. Securing £16.9 million in November’s funding round and more than £70 million in franchise deals with worldwide retailers, this ambitious innovator has big international growth plans.

The Modern Milkman

On-demand groceries are the perfect shopping solution for on-the-go individuals. But are they the most friendly option for the environment? They are if you shop with The Modern Milkman. Since its 2018 inception, this modern take on the traditional milk round has been tackling plastic waste. They deliver fresh milk, pantry products, and other household items to your door – all in recyclable packaging. So far, they’ve saved more than 61 million plastic bottles. The team also limits their own carbon footprint by using data analytics to map out transport routes. A £50 million investment from Insight Partners, ETF Partners, and Praetura Ventures this month will help them continue to pursue packaging innovation, growth, and international expansion.

Treecard

Plant trees as you spend with Treecard, the fintech funnelling 80% of its profits into reforestation projects. Every time you use the card with a store, Treecard gets a small fee which they use to plant native trees where forests have historically grown. Their work also preserves animal habitats and supports local communities with agriculture opportunities – providing food and income to those who need it most. Powered by the green search engine Ecosia, the startup generated £19 million in a Series A funding round led by Valar Ventures, the firm of PayPal co-founder Peter Thiel. These funds will help them to continue growing their team and officially launch before the year’s end.

V7

Introducing the complete toolkit for your training data engine: V7. Using the latest technology, V7 helps companies build and train AI models ten times faster. It also provides teams with automated labelling tools, models in the loop, annotation services, and a powerful API. This consolidation allows teams to orchestrate their data through models and break new ground. It’s valued by some of the world’s best deep learning professionals – including those at Bayer, Siemens Healthineers, and Paige. V7’s solutions range from autonomous driving to potentially life-saving applications (like early cancer detection). Their Series A funding round attracted more than £27 million from Radical Ventures, Temasek, and Air Street Capital, among others. Their next step? Doubling the team ready for US expansion.

Worldr

“Who owns your data?” is the question Worldr is asking its users. And with leading organisations finding themselves vulnerable to data hacks, they’re not without good reason. Worldr builds zero-trust architectures on top of the world’s most popular communication platforms – such as Slack, Microsoft Teams, and WhatsApp. Helping businesses protect against growing data threats, Worldr ensures you and you alone have access control of the information you produce. With this technology in place, your employees can safely use the programs they love without ever compromising your data. Backed by almost £10 million in seed capital, they’re about to open a new office in New York and establish themselves in the Middle East.

Photo by Clemens van Lay
Let’s build your business

There you have it – real-life examples of people endeavouring to diversify and adapt, no matter the market outlook. Often you’ll find that, rather than stunting a company’s growth, challenging times can actually motivate teams to find new and better ways to operate. It’s all about pushing on to keep the entrepreneurial spirit alive.

At Capsule, we know a thing or two about protecting your vision. It’s why we’re the first choice for hundreds of high-growth startups and scale-ups seeking to change the world with their ideas. Think you’ve got what it takes to join these formidable founders? Talk to us to learn how we build insurance programmes that evolve alongside businesses.

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