In this episode of United Kingdom Tech - Weekly Deals Roundup: United Kingdom Tech saw 25 companies including Paddle, Token, BVNK and others raised Close to $395 million from investors such as KKR, Cota Capital, Tiger Global Management, among others
Welcome back to United Kingdom Tech Weekly Deals Roundup, a weekly podcast by Tracxn for key startup deals in the United Kingdom from last week.
In this edition, we will cover funding rounds of Paddle, Token, BVNK, and more. In exits, we will cover the acquisition of Blue Sky Network by ACR Group, among others.
Starting with our deep dive into funding rounds, tech companies in the United Kingdom raised close to $395 million of funding across 25 funding rounds during this week.
In a major funding round event, FinTech startup, Paddle, raised $200 million in a Series D funding round led by KKR with participation from Kindred Capital, Notion, 83North, and others. Paddle provides SaaS-based payment routing solutions for merchants. Paddle offers a checkout service on the merchants' website to enable customers to pay with multiple payment options. Paddle provides solutions for recurring payments, revenue delivery, data compliance, and more. Founded in 2012, Paddle has raised $293 million till date.
FinTech startup, Token, raised $40 million in a Series C funding round led by Cota Capital and TempoCap with participation from PostFinance, Element Ventures, SBI Mutual Fund, and others. Token provides open banking solutions. Token offers an operating system allowing banks and developers to develop open banking applications. It offers TokenOS - which allows payment service providers and merchants to access direct payments and account information. Founded in 2015 by Massachusetts Institute of Technology alumni, London-based Token has raised around $90 million till date.
London-based FinTech startup, BVNK, raised $40 million in a Series A funding round led by Tiger Global Management with participation from The Raba Partnership, Avenir Growth Capital, Concentric, and others. BVNK is a provider of crypto-based treasury and payment solutions for businesses and partners. The platform integrates crypto and fiat banking with payments, trading, custody, and yield into users' accounts. Additionally, it offers cross-border payment solutions. Founded in 2019, BVNK has raised $40 million till date.
This was all from the funding updates, moving on to the exits. United Kingdom Tech observed 5 exits during the week of 15 May 2022.
Newport-based Transportation and Logistics Tech startup, Blue Sky Network, was acquired by ACR Group. Blue Sky Network provides GSM and iridium-based fleet management and satellite tracking solutions. The company offers solutions for aviation, land, and marine industries. Its features include fleet management, safety, asset tracking, flight tracking, flight following, personnel tracking, logistics or business process improvements, supply chain management, and more. Founded in 2001, Blue Sky Network has raised $1 million till date from Aspect Investors, Bradford Brown Capital Partners, Iron Creek Partners, and others.
E-commerce startup, Trouva, was acquired by MADE. Trouva is an online retailer of multi-category fashion products. The product catalog includes clothing, footwear, fashion accessories for men, women, and kids. Trouva also offers lifestyle products, home care, garden supplies, and more. Founded in 2013 by University of Cambridge alumni, London-based Trouva has raised over $40 million till date from LocalGlobe, Pillion Capital, Index Ventures, and others.
This was all for today, we will be back next Monday with more updates. You can subscribe to our podcast on Google Podcasts, Spotify, and Apple Podcast to stay updated. If you have any feedback, please reachout to us at podcast@tracxn.com. Thank you for tuning in today, see you next week.