September has already seen a flurry of exciting business funding activity. We’ve summarised some of the top deals of the month so far:
Funding amount: $100m
Backer(s): Clermont Group, Coltrane Asset Management, EDBI, Government of Singapore Investment Corporation, NIBC Bank
Date: 6th September 2018
OakNorth is the UK’s first challenger bank unicorn. According to Reuters the bank received a $2.3b valuation through their latest round, though as their holding company is registered in Jersey, we were unable to corroborate this. In contrast to Revolut and Monzo, OakNorth provides finance to entrepreneurs and growing companies, as opposed to consumers. Another distinction from Revolut and Monzo – OakNorth is profitable, with profits linked to their British registered operations soaring from -£2.4m to £10.6m in 2017.
Funding amount: £50m
Backer(s): Three Hills Capital Partners
Date: 16th September 2018
A quickly-growing recycling company and social enterprise, Recycling Lives has used it’s fast-growing revenue from various waste management services to rehabilitate homeless and ex-offenders, providing training and bringing them back into the workplace. Their turnover jumped from £32m to £46m in 2017.
Funding amount: $60m
Backer(s): Augmentum Capital, International Airlines Group, Investec, Paypal, Kinnevik
Date: 6th September 2018
Funding amount: $39.5m
Backer(s): Atomico, GP Bullhound, Tiger Global Management
Date: 17th September 2018
Proptech and alternative finance startup LendInvest operates a peer-to-peer lending marketplace. Investors put money into their LendInvest accounts, which are then pooled and loaned out as real estate mortgages. Investors then receive a return on this loan, through the payment of interest. LendInvest takes a slice of the interest too. Revenues jumped from £22m to £36m in 2017, and the business has been profitable since 2015. That is an impressive start for a company that incorporated in 2012.
Funding amount: $15.4m
Backer(s): Advance Venture Partners
Date: 12th September 2018
Founded by architect-turned-entrepreneur Adel Zakout, Clippings operates on online marketplace through which interior designers can buy the latest furniture products. Current clients include the in-house design team at WeWork. Company filings indicate this round gave the business a pre-money valuation of £40m.
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