In this episode of United Kingdom Tech - Weekly Deals Roundup: United Kingdom Tech saw 27 companies including Allica Bank, Payhawk, etc raised over $431 million from investors such as Atalaya Capital Management, Warwick Capital Partners and Greenoaks, among others.
Welcome 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 Allica Bank, Payhawk, Ieso Digital Health, and more. In exits, we will cover the acquisition of Weezy by Getir, among others. Starting with our deep dive into funding rounds, tech companies in the United Kingdom raised around $431 million of funding across 27 funding rounds during this week.
In a major funding round event, FinTech startup Allica Bank, raised $147.2 million in a Series B funding round led by Atalaya Capital Management and Warwick Capital Partners. Allica Bank is a digital bank for individuals and businesses. Allica Bank provides digital services like savings and current accounts, money transfers, business loans such as commercial mortgage and investment loans, bill payments, finance management, and more. Allica Bank also offers personal savings accounts for consumers. Founded in 2017, London-based Allica Bank has raised $180.8 million till date.
London-based FinTech startup, Payhawk, raised $112 million in a Series B funding round led by Greenoaks with participation from QED Investors and Earlybird Venture Capital. Payhawk offers corporate credit cards and expense management software for businesses. Payhawk provides both virtual and physical cards, and includes features such as automated data extraction from invoices and receipts, live budget tracking, invoices and notifications after each transaction, real-time reconciliation, and accounting integration. Payhawk allows users to set a spending limit, view expenses in real-time, send automatic reminders to employees for payment proof, and enable or disable ATM cash withdrawals. Payhawk is available on a monthly subscription basis, and its app is available on both Android and iOS platforms. Founded in 2018, Payhawk has raised $136.2 million till date.
HealthTech startup, Ieso Digital Health, raised $53 million in a Series C funding round led by Morningside Group with participation from Sony Innovation Fund, IP Group, Ananda Impact Ventures, and others. Ieso Digital Health is the provider of an online platform for mental health therapy. Ieso Digital Health provides a secure virtual environment for patients, and a platform for written communication with accredited therapists. Ieso Digital Health also includes features such as patient appointment management, KPI data collection and reporting on progress and outcomes for providers. Ieso Digital Health caters to individuals, healthcare professionals and businesses. Founded in 2011, Ieso Digital Health has raised $89.1 million till date.
This was all from the funding updates, moving on to the exits. United Kingdom Tech observed 11 exits during the week of 28 Nov 2021.
London-based online grocery platform, Weezy, was acquired by Getir. Weezy is the provider of an app for on-demand grocery ordering and delivery services. Weezy enables users to order bakery products, beverages, household goods, fruits and vegetables, meat and seafood, frozen foods, and more. Weezy's app is available across both Android and iOS platforms. Founded in 2019, Weezy has raised $21.3 million till date from Left Lane, DN Capital, Heartcore Capital, and others.
InsurTech startup, Insurwave, was acquired by Incubex. Insurwave is a blockchain-enabled software suite for the marine insurance industry. Insurwave offers solutions for risk management, data management, data exchange, capital and client management, and more. Insurwave also provides blockchain-enabled insurance processes using smart contracts and the Proof-of-Concept consensus mechanism. Founded in 2018, London-based Insurwave has raised $6.4 million till date.
Entale, a London-based Radio Tech startup, was acquired by DMGT. Entale is a UK-based podcast network. Entale allows content creators to create and distribute podcasts, monetise content through advertisements and subscription plans, and add proprietary media and metadata. Entale allows users to listen to stories based on their interests, and provides data and engagement metrics to publishers. Founded in 2017, Entale has raised $2.5 million till date from Ascension and DMG Ventures.
This was all for today, we will be back next Monday with more updates. You can subscribe to our podcast on Google Podcasts 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.