Fintech Stenn raises £38m in finance

Stenn, a digital financing platform for global SMEs, has secured $50m (£38m) in funding from investment firm Centerbridge Partners, valuing the start-up $900m (£685.5m).

The London-based start-up provides digital finance services in over 70 countries for SMEs engaged in international trade, providing cross-border capital within 48 hours. This capital is provided by some of the largest financial institutions in the world, with Stenn managing allocation of funds on their behalf.

Carmoola puts car buyers in the driving seat

London-based Carmoola, a motoring fintech start-up which helps car buyers calculate their budget in 60 seconds, has raised £27m in investment from Jaguar Land Rover’s investment fund InMotion Ventures, VentureFriends, BCI, Clocktower Ventures and a host of high-profile angels.

Doing away with broker commission, paperwork and inflexible contracts, Carmoola allows motorists to find cheaper finance and adjust terms and payments in-app. Users have the freedom to buy a vehicle instantly with a virtual card online at places like Cazoo or at a car dealership and can receive discounts for choosing green cars.

GripAble grabs £8.4m to deliver rehab programmes

GripAble, a London-based digital healthcare start-up delivering rehabilitation programmes to people with neurological and musculoskeletal conditions, closed $11m (£8.4m) in Series A funding led by IP Group, with equal investment from Parkwalk Advisors.

GripAble’s aim is to make care more accessible, delivering high volumes of personalised therapy. Digitally led, GripAble combines bespoke hand-held sensors, gamified app software and tele-therapy services to allow more patients access gold standard physical and cognitive rehab for longer.

Propelair flush with £4m investment

Propelair, an Essex-based manufacturer of what is believed to be the world’s lowest water-flush toilet system, has raised £3.75m from The Nobel Sustainability Fund managed by Earth Capital.

Currently focused on the commercial market, the technology has been designed to be retrofitted onto existing drainage systems. The Propelair toilet uses on average 84 per cent less water than standard toilets and reduces aerosolised germs in toilet cubicles by 95 per cent.

Hoxton Ventures supplies £2m for supply-chain software

Supply chain technology company Replan raised £2m in a round led by London-based VC Hoxton Ventures.

Replan’s intuitive user interface for supply chain planning allows companies to navigate and respond to increasing supply chain disruption. The software streamlines complex production plans, helping manufacturers improve operational efficiency and build more agile and resilient supply chains. The funding is the latest in over £5m raised to-date by the company.

Start-up on a mission to end loneliness gathers £1.1m

A start-up co-designed by a team of retirees has raised £1.1m in funding to tackle loneliness amongst older people. The Joy Club is a community-based platform designed to help retirees discover events, passions and friendships.

Loneliness is experienced by 1.4 million older adults in the UK and 40 per cent of retirees consider television to be their main companion.

The Joy Club offers this community access to over 50 events per month for a £5 monthly subscription fee. These include art classes, dance lessons, live music events, talks and lectures, fitness sessions and creative writing workshops.

Electric 4×4 manufacturer charged with £750,000 investment

Munro Vehicles, a Glasgow-based electric 4×4 manufacturer, has raised a pre-seed investment of £750,000 from Elbow Beach Capital.

Munro aims to steer carbon-intensive industries such as farming, mining and forestry towards net zero with the first fully electric 4×4 designed and built in the UK.

While the electrification of passenger cars has received significant investment in recent years, commercial 4×4 vehicles have not been so quick to get the green light despite their low fuel efficiency and reliance on diesel. Munro expects its Mark 1 to be production line ready later this year, with first vehicle deliveries to be made in 2023.

Bunsen ignites with £250,000 pre-seed round

Bunsen, a UK marketplace for the school supplies industry, has raised £250,000 in a pre-seed round. Investors include Fuel Ventures and prominent angels including a former executive at Airbnb.

Bunsen’s marketplace lets schools compare prices of education equipment, from microscopes to virtual reality learning systems. When equipment arrives, schools can then keep track of it in an integrated stock management app.

Bunsen is quickly gaining UK school and supplier market share, already offering the largest range of school science equipment in the UK from leading suppliers.

More Deals of the Week

Deals of the Week 4 April to 8 April – a Growth Business round-up 

Deals of the Week 28 March to 1 April – a Growth Business round-up 

Deals of the Week 21 March to 25 March – a Growth Business round-up