On The Rise: Startups That Received Funding In August 2023
Last month was another highly successful month for a number of groundbreaking startups. And as advocates of cutting-edge ventures, we’re excited to present our carefully curated round-up of the cream of August’s crop.
Ready for another captivating journey through the dynamic universe of disruptive innovation? Buckle up – below are the most recent funding wins for the startups transforming industries, redefining possibility, and ultimately saying no to the status quo…
First up is Context.ai. At the forefront of the large language model (LLM) revolution, this artificial intelligence (AI) venture offers an analytics platform that gets straight to the heart of user behaviour and product performance. Its mission? To empower businesses to craft exceptional AI products. Context.ai’s platform tracks chatbot conversations, identifying their strengths and areas where they can be improved. Last month spelled exciting news for the team – generating a game-changing $3.5 million in funding from investors including Google Ventures and Theory Ventures as well as Synthesia founders Victor Riparbelli and Steffen Tjerrild. Powered by these funds, Context.ai is poised to broaden its operations and reach.
This next one might be a familiar name – if you’re a gig connoisseur, you probably already have DICE in your app library. An innovative mobile ticketing and live-music tracking app, DICE combats ticket scalpers with fair prices and a secure purchasing system – all the while fuelling vibrant music scenes by letting fans know when and where their favourite artists are playing. While navigating the turbulence of the industry, DICE elevated their presence with $65 million in funding led by investment firm Music. Other notable investors include BGF, SoftBank, and Structural Capital. The funds will enable DICE to open new offices, with Austin, Texas among the proposed locations.
Meet ENOUGH, a team of visionaries united in their mission to revolutionise sustainable protein production. With their cutting-edge ABUNDA mycoprotein – cultivated through environmentally friendly fungal fermentation – they’re transforming what’s possible in the protein world, with their approach to production delivering up to 15 times more efficiency than traditional sources. Last month, ENOUGH closed a groundbreaking €40 million funding round, co-led by European venture capital firm World Fund and food tech investor CPT Capital. Born out of the University of Strathclyde in 2015, it now has a bustling London commercial hub as well as two state-of-the-art factories in the Netherlands. This fresh injection of capital will allow it to double its team and ultimately propel its mission to new heights.
As a Capsule client, this next one’s particularly close to our hearts! Jitty is the brainchild of a dynamic team of early-stage Deliveroo talents led by visionary Graham Paterson, renowned for his impactful work at both Wise and Deliveroo. They’ve crafted a clever AI-powered property search engine that’s set to reinvigorate the way we navigate the housing market. Ultimately, Jitty’s aim is to make the search for your dream home, well, a dream. Currently headquartered in the UK, Jitty plans to expand its reach to Europe and beyond – and it has already garnered a strong $2 million in support from leading investors such as Gradient Ventures, Sequoia, and Atomico, as well as renowned angels including Doug Monro (former Zoopla COO). Keep an eye on Jitty as it takes its first steps towards real estate innovation.
Led by innovative CEO Orla Shields and another client of Capsule’s, Kamma is a pioneering geospatial technology company making waves in the world of property-related businesses. Situated in the vibrant heart of London, this exciting proptech specialises in crafting cutting-edge data and SaaS products tailored for mortgage lenders, letting agents, and surveyors. With an impressive track record including a staggering 36 million properties and more than 4,000 users, Kamma has rapidly become an industry frontrunner. To date, it’s backed by a number of notable investors – including the likes of Clean Growth Fund, Triple Point, and Pi Labs. In August it raised £3.6 million towards the expansion of its data engine, which serves both the UK residential and commercial property markets. Watch this space!
Founded in 2015 by an enterprising group of lawyers looking to drive positive change within their industry, Legatics has emerged as a beacon of legal innovation. The lawtech platform serves as a digital haven for lawyers, offering seamless management of legal transactions. With the power to add clarity, limit risk, and save precious time, Legatics has transcended borders – making its mark in more than 60 countries. Allen & Overy, DLA Piper, and Hogan Lovells have all entrusted their legal transactions to the pioneering platform, which recently closed a £4 million investment from FINTOP Capital and Gresham House Ventures. This latest funding round will be channelled into refining the platform and expanding further into the US.
Next we have Lindus Health, a rising powerhouse in the health and biotech arena. Rooted in analytics, it’s an innovative platform disrupting clinical trials with a comprehensive approach that encompasses trial design, patient recruitment, data capture, monitoring, and project management. Incredibly, it has already shattered through the glass ceiling of industry norms by delivering clinical trials three times faster than the standard – and has touched the lives of more than 20,000 patients across the UK, US, and Europe along the way. Its Series A funding round landed it a spectacular figure of $18 million, with investments from Stockholm’s Creandum (historic supporters of Klarna, Spotify, and Depop), as well as billionaire investor and co-founder of PayPal Peter Thiel. Promising breakthroughs lie ahead for Lindus Health as it plans to transform trials for conditions such as menopause and tinnitus.
Headquartered in Leeds, Mable Therapy is also changing lives – this time, of the 1.4 million children across the UK grappling with speech and language difficulties. Its innovative platform connects these children with a network of dedicated therapists offering engaging virtual one-on-one sessions. This August saw it achieve a significant milestone with a £3.1 million funding injection from Gresham House Ventures. The team also welcomed tech leader Oli White as CEO, bringing expertise in health and education tech, most recently as the Chief Commercial Officer at Doc Abode. This fresh investment will pave the way for an intra-therapy app designed to empower children beyond their sessions, along with screening tools designed to support educators in assessing students’ mental health, speech, and language needs.
Matter, a Bristol-based startup with a bold vision, strives to create a world free from harmful micropollutants – dedicating itself to capturing, harvesting, and recycling microplastics. Among its remarkable projects is a groundbreaking device designed to connect directly to washing machines – effectively removing microplastics from laundry. In a Series A funding round held in August, the cleantech secured an impressive $10 million with the support of VCs such as S2G Ventures, SOUNDWaves (backed by Hollywood actor Ashton Kutcher) and Regeneration.VC (supported by another Hollywood leading man, Leonardo DiCaprio). With this support, Matter plans to scale its microplastic filtration technology and accelerate its mission to provide meaningful solutions for both commercial and industrial applications.
Next up is groundbreaking fintech Orbital, a team levelling up the way businesses make payments. Licensed by the FCA, the blockchain startup combines traditional and blockchain rails to deliver a full suite of financial services – from crypto asset payments to fiat payments. Last month, in the midst of a challenging crypto market, it managed to raise £5 million as part of its first major external funding efforts. This achievement reflects the trust and confidence placed in Orbital by VCs such as Golden Record Ventures, New Form Capital, GSRV, Psalion, and Luminous Futures. With its newfound support, Orbital is on a fast-growth trajectory, ready to secure additional licences in new jurisdictions and further develop its offerings.
Evolving from its roots as a prepaid card service into a dynamic “financial super app”, Pockit is dedicated to empowering low-income and underserved communities. Within the banking app, users can benefit from a complete range of essential features such as current accounts, international remittance, salary advances, and direct debits. In August, the Cardiff-based startup was the recipient of an amazing $10 million in funding led by Puma Private Equity. Previously, they raised £15 million in a Series B funding round in December 2020. Notable investors to date include North East Development Capital Fund (managed by Maven Capital Partners) and Crowdcube.
Founded in 2022, Translucent is a promising financial management startup striving to improve the world of accounting for multinational businesses. With a steadfast commitment to simplifying complexity, Translucent’s platform efficiently consolidates financial data and workflows all in one place. The fintech’s tools enhance existing software such as Xero, QuickBooks, and Sage – making financial management a breeze. August saw it secure £5 million in seed funding led by Chalfen Ventures as well as LocalGlobe, which previously championed Translucent’s vision with a £2.7 million pre-seed round in March 2023. We don’t know about you, but we can’t wait to see where Translucent goes next.
And finally, a round of applause for Zeelo, which just last month added a further $14 million to its existing $12 million raise from August 2021. A game-changing force in the smart shuttle solutions landscape, Zeelo partners with businesses and schools to streamline commutes and slash travel time. The London-based transport trailblazer plans to channel the funds into the next phase of its exciting journey: planting roots in Boston, USA, with two of its co-founders relocating to establish a thriving North American hub. FlatzHoffman and IREON Ventures are among the VCs who believe in Zeelo’s vision – and the Capsule team does too, of course!
Eager to secure your own startup dreams?
If you’ve found yourself feeling inspired in the midst of all the funding noise, let’s do something about it. Your startup is not just an idea. It’s a vision waiting to become a reality. And that deserves protection from a robust insurance programme that evolves as you do.
Reach out to our team to discuss how we can build a future for your startup that’s not just secure – but extraordinary.