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The top startup fundraisings of September 2018

| Beauhurst

September has already seen a flurry of exciting business funding activity. We’ve summarised some of the top deals of the month so far:

OakNorth Bank

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. 

Recycling Lives

recycling lives

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

Monese, a lesser well-known fintech challenger bank, has received a sizeable capital injection of $60m. Their app allows immigrants to open a UK bank account without a permanent UK address. Earlier this year, they were featured on the Startups 100 high-growth list. 



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. 

This is just a small picture of the business funding activity taking place over the summer. If you would like to discover more, we’d love to show you the Beauhurst platform. 

Header image source: stevekeiretsu, Flickr

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