Evolution Equity Partners are patiently building its second technology fund

British Patient Capital, a commercial subsidiary of the British Business Bank, has announced a $35m (£27m) commitment to The Evolution Technology Fund II run by Evolution Equity Partners.

The fund is expected to achieve a targeted $250m (£193.3m) final close in the coming months and is already investing in growing cybersecurity and enterprise software companies. Fund II portfolio companies include Quantexa where Evolution led a £51m Series C funding, and Arqit.

Evolution Equity Partners targets companies that make use of big data, machine learning, artificial intelligence, and SaaS.

PrimaryBid raises £38.6m Series B round

PrimaryBid, a London-based fintech company, has raised a $50m (£38.6m) Series B round, co-led by Draper Esprit, OMERS and London Stock Exchange Group, alongside Fidelity, and existing investors Pentech and Outward VC among others.

This investment follows Draper Esprit announcement it has successfully raised £110m on the London Stock Exchanges to continue investing in high-growth European technology businesses. The capital will be deployed across a combination of larger rounds, follow on opportunities and new deal flow (typically Series A and beyond), as well as investments in seed funds across Europe.

Denzel’s barking up the right tree after new funding

Denzel’s, the healthy dog snack start-up brand, has received investment from Holly Branson and a handful of strategic investors. Denzel’s launched in 2018 with initial funding from Virgin StartUp.

The money will be used to expand its product range, build the team and increase brand visibility through social media, PR and marketing.

Virgin StartUp is the not-for-profit entrepreneurial hub of the Virgin Group. Virgin StartUp distributes government-backed Start Up Loans ranging from £500 – £25,000 to entrepreneurs launching or growing a business that’s under two years old in England or Scotland.

KatKin look to feed its growth with a £4.5m investment

KatKin, a pet food company focusing on cat nutrition, has announced a seed round led by Octopus Ventures, taking the total amount raised by the company to £4.5m.

The investment will support KatKin’s plans to develop its range of personalised products.

KatKin joins Octopus Ventures’ portfolio of over 100 companies including Zoopla, Secret Escapes, graze.com, tails.com, Swiftkey, Elvie, Depop, Sofar Sounds, Big Health, Bought By Many, ByMiles, OLIO and Cazoo.

CodeSandbox gains almost £10m to play with

CodeSandbox, the Amsterdam-based startup that enables teams to build and host web applications, has gained $12.7m (£9.8m) in funding from a Series A round, led by the EQT Ventures fund.

CodeSandbox will use the investment to launch its forthcoming team product, Pro Workspaces, and scale its remote-first development team.

EQT Ventures is a multi-stage VC fund that partners with company founders in Europe and the US. The fund is based in Luxembourg and has investment advisors stationed in Stockholm, Amsterdam, London, San Francisco, Berlin and Paris.

Investors write Superscript £8.5m cheque to grow workforce

Superscript, a company that provides business insurance designed for small businesses, has announced a new £8.5m fundraise, led by existing investor, BHL Holdings, alongside investment from the Government’s Future Fund, Seedcamp, Concentric and the London Co-Investment Fund.

This additional investment follows Superscript’s £8m Series A funding in February 2020.

The investment will help the company to double its UK workforce over the next 12 months and further invest in its proprietary technology.

CorrosionRADAR finds backing from Mercia fund

CorrosionRADAR, a company that has developed technology that can detect and predict corrosion in pipelines, has raised a further £900,000 to expand its global client base.

The company which has offices in Cranfield and Cambridge, secured the investment from the MEIF Proof of Concept & Early Stage Fund, as well as the government’s Future Fund and existing shareholders.

The latest funding will help the company to boost overseas sales and enter new markets in preparation for a Series A funding round later this year.

Further reading

Deals of the Week, October 16 to 23 – Growth Business roundup