IONATE raises £13.6M Series A led by AlbionVC to modernise power systems as demand intensifies globally
IONATE has raised £13.6M in a Series A funding round led by AlbionVC, with participation from In-Q-Tel, JGC MIRAI Innovation Fund, Santander InnoEnergy Climate Fund, Antares Ventures, and existing investors. The London-based deeptech startup has developed a hardware-software solution for modernising electricity grids, addressing the inefficiencies of legacy infrastructure. Its Hybrid Intelligent Transformer (HIT) replaces traditional transformers with a smart alternative, offering real-time power monitoring and AI-enabled grid control through its Aurora software platform. With electricity demand set to double by 2050, IONATE’s technology aims to enhance grid resilience, efficiency, and renewables integration at a lower cost.
The company is already working with energy giant EDP in Portugal and Spain and expanding its reach into data centers. This funding will drive its commercialisation efforts, expand operations into the US, and accelerate product development. CEO Matthew Williams highlighted the urgent need for modernised grid infrastructure, stating that IONATE is uniquely positioned to strengthen energy resiliency, flexibility, and efficiency. AlbionVC partner David Grimm emphasised IONATE’s first-mover advantage and transformative potential, positioning it as a key player in the global transition to smart grids.
Sokin secures £12.15M debt funding from funds and accounts managed by BlackRock
Sokin, a UK-based payments firm, has secured £12.15M in debt funding from funds managed by BlackRock, following a recent strategic investment of $31M by Morgan Stanley Expansion Capital. The new funding will support Sokin's rapid growth, enabling the company to expand its market share, develop new products, and accelerate its global expansion. Since the previous investment, Sokin has experienced significant growth, with a 51% increase in new account openings and a 130% rise in headcount. It also acquired Norwegian fintech Settle Group AS, gaining a European EMI license and unlocking new regional growth opportunities.
The company, which enables global businesses to transfer, hold, and exchange over 100 currencies via its multi-currency IBAN and local currency accounts, operates at an annual transactional volume run-rate of over $4.5B. With high-profile investors such as Gary Marino, Mark Britto, and Rio Ferdinand, Sokin is positioning itself as a leading global payments provider. The latest funding will allow Sokin to enhance its product offering, expand its international team, and scale into new markets, with plans to open offices in cities such as New York, Toronto, and Dubai.
Vroon Modgill, CEO and founder of Sokin, emphasised the company’s mission to become a key player in the global payments sector. Tim Fenwick, Director at BlackRock Growth Debt, expressed support for Sokin's compelling proposition and rapid growth trajectory, welcoming the company into BlackRock's portfolio of high-growth companies.
ElevenLabs raises £145M Series C to make speech the new standard for digital interaction
ElevenLabs has raised £145M in a Series C funding round led by a16z and ICONIQ Growth, valuing the AI audio company at $3.3B. This investment will support advancements in expressive and controllable voice AI, expand developer tools, and enhance AI safety. Since its 2023 launch, ElevenLabs has gained widespread adoption, with over 60% of Fortune 500 companies using its platform. The company’s technology spans speech generation, AI-powered dubbing, conversational AI, and sound effects, serving industries from media and gaming to education and accessibility.
With this funding, ElevenLabs plans to deepen its presence in key global markets, including Asia, LATAM, and EMEA, and continue its research in AI audio intelligence. The company has also expanded into Poland and India to bolster AI development and language coverage. CEO Mati Staniszewski envisions a future where digital interactions are seamlessly voice-driven, positioning ElevenLabs as a leader in AI-powered audio solutions.
Shopblocks raises £2M and rebrands to Symphony Commerce
Shopblocks, a pioneer in digital commerce based in Stockport, has raised £2M in funding from NPIF II – Mercia Equity Finance, Mercia Ventures, the Greater Manchester Combined Authority (GMCA), and private investors. This investment coincides with the company’s rebranding to Symphony Commerce, marking its expansion into the global B2B enterprise market. Symphony Commerce offers tailored e-commerce solutions for wholesalers, distributors, and manufacturers, addressing complex B2B challenges such as pricing strategies and personalised customer experiences. It integrates with leading ERP, finance, and marketing software to streamline business operations.
Founded in 2015, Symphony Commerce serves over 2,000 customers, including major names like Toshiba and Daisy Telecom. With a recent surge in annual recurring revenue (ARR) to £1.4M, the company aims to triple its ARR within the next three years. The £2M funding will enable Symphony to enhance its platform, expand its team, and further develop its presence in the global B2B market, positioning itself for continued growth.
Kevin Jones, founder of Symphony Commerce, emphasised the platform's ability to provide clients with the agility and precision needed to stay ahead in the competitive B2B landscape. Robert Hornby from Mercia Ventures highlighted Symphony’s potential to become a leader in the field, solving complex problems that other platforms can't address. The funding and rebrand set the stage for the company’s next phase of growth.
Fimple raises £9.66M in Series A funding to pioneer composable, cloud-native banking solutions
Fimple, a London and Istanbul-based provider of cloud-native core banking solutions, has secured £9.66M in a Series A funding round led by DN Capital and Smartfin, with participation from Albaraka Portfolio and Tera Portfolio. Founded in 2022, Fimple offers a composable core banking platform designed to help financial institutions rapidly develop and deploy products. Already serving clients across five countries, including major investment banks in Turkey, the company plans to expand further into the MENA and CIS regions while enhancing its platform’s capabilities.Fimple's "Financial Function as a Service" (FFaaS) approach provides banks and fintechs with scalable and flexible solutions, including out-of-the-box support for Sharia-compliant finance.
The funding will accelerate its international expansion and drive product innovation. CEO Mücahit Gündebahar stated that the investment will enable Fimple to replicate its success in Turkey across new markets, while DN Capital and Smartfin highlighted the company's potential to modernise core banking infrastructure and help financial institutions compete with agile fintech players.
Astral Systems raises £4.5M to commercialise cutting-edge fusion technology
Astral Systems, a UK-based deeptech firm pioneering multistate fusion (MSF) technology, has secured over £4.5M in funding led by Speedinvest and Playfair, with participation from notable angel investors including Oliver Buck (founder of ITM Isotope Technologies) and Pete Hutton (former ARM President of Product Group). The investment will enable Astral to scale its compact fusion reactors and deliver them to customers by the end of 2025, positioning the UK at the forefront of nuclear innovation. The company’s breakthrough fusion technology, enhanced by NASA-backed lattice confinement fusion (LCF), achieves superior efficiency at a lower cost than traditional reactors.
Astral is focusing on tackling the global medical isotope shortage, which is severely impacting cancer diagnosis and treatment. Its reactors are designed to produce a stable supply of neutrons, enabling the continuous manufacturing of life-saving isotopes. The company has already established three commercial fusion facilities and generated over £2M in revenue through research contracts. By delivering an evergreen supply of medical isotopes, Astral aims to play a crucial role in improving global healthcare outcomes.
Beyond medical applications, Astral’s fusion technology has vast potential in clean energy, industrial processes, security, and space exploration. CEO and co-founder Talmon Firestone emphasised the company’s rapid transition from research to commercial viability, stating, “This financing supports our next stage of growth, helping us scale our sophisticated, compact reactors and increase production of disease-fighting medical isotopes.” With this latest investment, Astral Systems is poised to drive meaningful innovation in nuclear fusion, delivering both immediate and long-term societal benefits.
In other investment news
Mountside Ventures announces the selection of Europe' first Emerging VC Manager Programme
Mountside Ventures has launched Europe's first VC accelerator programme, aimed at supporting emerging venture capital managers. The program selected 20 funds from over 500 applicants, with a diverse mix of sectors, regions, and fund sizes. Forty percent of the chosen General Partners (GPs) are female, and the selected funds have bases in the UK, France, Germany, the Netherlands, Portugal, and other parts of Europe. These GPs will benefit from 1:1 mentorship, fundraising resources, and introductions to Limited Partners (LPs), as well as a series of workshops designed to help them close their next fund. The accelerator programme aims to address the need for more support for new and developing VCs, with a focus on driving growth and innovation in European tech.
The programme includes mentoring from prominent VCs such as Robin Klein (LocalGlobe), Haakon Overli (Dawn Capital), and Sitar Teli (Connect Ventures). In addition to access to LPs through matchmaking events across Europe, the participants will also gain tailored training and workshops based on feedback from over 200 LPs. The goal is to ensure these emerging managers are well-equipped to scale their funds and navigate the complexities of fundraising, ultimately contributing to the success of European venture capital.
Mountside Ventures' accelerator is free for participants, funded by corporate partners who share the mission of increasing diversity and broadening access to venture capital. This initiative addresses the gap in support for VCs, especially in comparison to the widespread programs available for startup founders, and aims to empower the next generation of VC leaders across Europe.
In international investment news
Warmly closes $6M in Series A+ funding round led by RTP Global
Warmly, a sales intelligence platform for SMB-sized B2B companies, has raised $6 million in a Series A+ funding round led by RTP Global. This follows a year of impressive growth, with Warmly tripling its Annual Recurring Revenue (ARR) to $3 million and expanding its customer base to over 300, including major B2B companies like New Relic and CircleCI. The platform helps sales teams identify high-potential leads using intent signals, enabling personalized outreach through email and LinkedIn. Warmly stands out by focusing on individual-level intent rather than company-level intent, allowing for more effective sales engagement.
The new funding will allow Warmly to double its European team, increase its global headcount to 50, and expand its sales and marketing efforts. The company also plans to enhance its platform with AI-powered features, including new data quality functionalities to refine lead targeting. Warmly aims to continue its rapid growth trajectory, with a goal to triple its ARR again in 2025 while maintaining strong customer satisfaction. CEO Maximus Greenwald highlighted the growing demand for quality data to improve sales outreach, and RTP Global's support will help Warmly capitalize on this opportunity.
Stockly raises €26M to help e-commerce retailers stay in stock
Stockly, the French startup revolutionising e-commerce inventory management, has raised €26M in a funding round led by UK-based 83North, with participation from Anyma Capital, Square Capital, and existing investors Eurazeo and Daphni. Founded in 2018, Stockly enables online retailers to virtually share stock, ensuring that customers can complete purchases even when a retailer runs out of a product. Through its platform, retailers can sell items they don’t physically have in stock, with a partner retailer fulfilling the order. This innovative system helps retailers increase sales, reduce customer acquisition costs, and prevent lost revenue due to stock shortages.
Currently operating in 25 countries, Stockly counts major retailers like Galeries Lafayette, Leroy Merlin, and Decathlon among its clients. With around 100 employees, the company has already processed over 1 million transactions and claims that retailers using its platform see revenue increases of up to 20%. The new funding will support its expansion across Europe, including 30 new hires in 2025, primarily in tech and business roles. Stockly aims to achieve profitability by 2026 as it continues to scale its unique inventory-sharing solution.
Tana raises £11.34M to unlock the power of human-AI collaboration
Tana, the AI-native workspace aiming to revolutionise productivity, has raised £11.34M in Series A funding, bringing its total funding to $25M. Led by Tola Capital and supported by investors such as Lightspeed Venture Partners, Northzone, and Alliance VC, the company plans to use the investment to build AI agents and voice-powered workflows that enhance collaboration and knowledge work. The platform has already garnered significant interest, with over 160,000 users on its waitlist, including employees from more than 80% of Fortune 500 companies.
Founded by ex-Googler Tarjei Vassbotn, growth expert Olav Kriken, and productivity systems veteran Grim Iversen, Tana combines innovative technologies to create a next-gen knowledge graph that mimics the human brain, transforming unstructured information into structured workflows. The platform's standout feature, the Supertag, allows users to turn raw notes and voice recordings into actionable output, facilitating seamless AI-driven collaboration. Tana aims to eliminate “work about work,” unlocking efficiency and allowing teams to focus on high-value tasks.
Tana’s approach to knowledge management has already attracted prominent backers like Lars Rasmussen (Google Maps founder) and Dropbox co-founder Arash Ferdowsi. The company’s vision of transforming how professionals interact with information and AI is quickly gaining traction, with high-speed organizations already using the platform to adapt to the growing rate of change and information flow driven by AI.
Logistics: ThePackengers raises €14M to expand beyond art transportation
ThePackengers, a logistics startup specialising in the packaging and transport of high-value art, luxury, and vintage items, has raised €14M in a funding round led by its historical investors, including Transolution, Weber Investissement, and Reflexion Capital. This follows an earlier investment of €8M in 2022. The company, founded in 2019, has built a strong presence with warehouses in cities such as Paris, London, New York, and Los Angeles, working with auction houses, galleries, and e-commerce platforms. Its innovative logistics model offers cost-effective shipping solutions for fragile objects, making it 2 to 3 times cheaper than traditional market prices.
Looking to expand beyond art logistics, ThePackengers aims to tap into the circular economy with a new C2C mobile app launching in Q2 2025. The app will focus on providing tailored packaging solutions and logistics for non-packaged items. With the new funding, ThePackengers plans to enhance its predictive analytics tools and improve collection systems using artificial intelligence. Additionally, the company is set to open a new European logistics hub near Roissy-Charles de Gaulle Airport and expand its presence in the U.S. with new collection sites in cities like Dallas and Miami.
Backed by Y Combinator, Riot raises €30M to educate employees on cyberattacks
Riot, a French startup specialising in cybersecurity awareness for employees, has raised €30M in a Series B funding round led by Left Lane Capital. Founded in 2020 and born out of Y Combinator, Riot has developed a platform that helps businesses, particularly those with between 200 to 2000 employees, protect against cyberattacks, especially phishing, which has increased by 1200% in the past two years. Riot's platform offers phishing attack simulations, individual vulnerability assessments, and a "cyber companion" tool to help employees improve their security posture.
Currently serving 1500 clients, mostly in France, Riot aims to expand its reach in Europe and the U.S., with plans to open offices in Italy, Spain, and eventually the U.S. The funding will help the company grow its team and reach its goal of protecting 10 million employees by 2027. Riot's founder, Benjamin Netter, highlights the need for businesses to address emerging threats in cybersecurity, particularly in smaller companies that are often overlooked by traditional solutions.
Enduro Genetics raises €12M to unlock the future of scalable bioproduction
Enduro Genetics, a synthetic biology startup, has raised €12M in a Series A funding round led by Supernova Invest, NOON Ventures, and Sandwater. This investment brings the total funds raised to €18M, including previous grants. The company’s innovative technology, Enduro Sense, addresses a longstanding challenge in the bio-manufacturing industry—declining productivity at industrial scale. By “addicting” cells to high production, the technology ensures that only productive cells thrive, significantly boosting yields, reducing costs, and enabling scalable bioproduction.
The patented technology is applicable across various sectors, including biopharmaceuticals, alternative proteins, and biodegradable materials. Enduro Genetics' solution helps companies optimise existing bio-manufacturing processes and accelerate the development of new products, positioning the company as a key player in the growing bio-manufacturing market. The funding will support the expansion of its platform, drive commercialisation efforts, and enhance technology for biopharmaceutical expression systems, further solidifying its impact on sustainable, large-scale production in industries such as food, agriculture, and pharmaceuticals.
CIBC Innovation Banking provides financing to AI powered consumer research platform
CIBC Innovation Banking has provided an $8.45M debt financing package to GetWhy, a Copenhagen-based AI-powered consumer insights platform. GetWhy’s proprietary AI engine delivers qualitative, video-based consumer insights within 24 hours, helping global brands accelerate their go-to-market strategies and reach hard-to-access demographics. Since its inception, GetWhy has raised $64.5M, including a $34.5M Series A round from PeakSpan Capital in June 2024. The new funding will support its continued growth and expansion in the AI-driven insights space.
Niklas Laugesen, General Counsel at GetWhy, highlighted the significance of the funding in enabling the company to enhance its offerings and maintain its competitive edge. Charlotte Goggin, Director at CIBC Innovation Banking, underscored the importance of agile consumer insights for businesses adapting to rapidly evolving market trends. With a strong global customer base, including Fortune 100 companies, GetWhy is positioned to further its impact in the market research industry.
