Posted Thursday 23rd May 2019
The latest funding round for Deliveroo reconfirming its Unicorn status and provides additional fire power for its expansion in the UK and US and with backers like Amazon, could this be a troubling development for Uber Eats?
Digital bank, OakNorth, continues its rapid expansion, growing its loan facilities to £2.2bn. The company is reporting an increase in pre-tax profits from £10.6m in 2017, up to £33.9m in 2018. With recent investment from Japanese tech giant SoftBank last month, the company valuation has climbed to $2.8bn. With a focus for investing in fast-growing British business, Chairman, Cyrus Ardalan, credits the company’s success to “addressing the specific needs of entrepreneurs” and remains confident that the company’s unique analytical platform will help maintain growth and withstand the challenges that surround the economy amid Brexit.
UK tech receives record investment from European investors
New figures released earlier this month show that European investment in UK tech firms reached a record high last year. The stats show that European funds invested £1.89bn into Britain’s tech sector last year, up from £1.66bn in 2017. Some 70% of the investment was in firms based in the so-called ‘Golden Triangle’ of London, Oxford and Cambridge. Overseas investment from other regions also rose, as the total number of funding deals involving overseas investors increased to 373 in 2018 from 361 in 2017.
The founder and managing director of Richer Sounds, a hi-fi, home cinema and flat screen TV retailer with sites across the UK, has agreed a deal to hand control of the business to the company’s employees.
Julian Richer said “I have always planned to leave my company in trust on my death for the benefit of the colleagues in the business. Having hit the ripe old age of 60 in March, I felt the time was right, rather than leaving it until I’m not around, to ensure that the transition goes smoothly and I can be part of it. The company’s banks, suppliers and customers should feel that the move is (hopefully) seamless and Richer Sounds carries on as normal.”
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Our monthly summary of recent news items relating to the M&A, Scale-up and Growth capital scene in the UK.
Our monthly summary of recent news items relating to the M&A, Scale-up and Growth capital scene in the UK.
