Tuesday, April 23, 2024

The Most Notable Funding Rounds that Happened in July 2022

Another month, another sweeping wave of seed funding that looks to support some of the most intriguing and innovative businesses in the UK and Ireland. Well known as a hotspot for earning huge sums in funding rounds, Britain has, once again, emerged as Europe’s leader in July.   

With over 200 rounds securing a combined €433 million (£372 million), it wasn’t an overly active month, but still a significant one, with exciting projects in the realms of health, climate, and travel receiving significant funding in July. 

It’s clear that the process of receiving seed funding is becoming more streamlined, particularly in the UK, enabling inventive startups to grow and scale with relative ease. These are the businesses that have been able to make the most of the UK’s strong startup and seed funding environment in July 2022. 

Shackle, Suvera and Altruistiq headline July’s funding 

Kicking off the highlight reel of July’s seed funding is Suvera. Based in London, Suvera created a virtual care platform that works with GPs to help patients to get remote care. Specifically looking at chronic conditions, Suvera helps those with hypertension, diabetes, and the like. As reported by UKTN, their seed extension round brought in £5 million from the Google for Startups programme. 

Over in Ireland, Mark Abraham and his business, Shackle, attracted €5.4 million (£4.6 million) in funding from a whole host of big names. Guillaume Pousaz, the founder of Checkout.com, Li Fan, former head of engineering at Pinterest, Brad Bao, co-founder of Lime, Conrad Whelan, founding engineer at Uber, and Frontline Ventures all contributed to the seed funding of the Irish hospitality tech company, per BusinessPost

Raising the most among these UK and Ireland-based businesses in July 2022, Altruistiq also became one of the best-funded climate tech SaaS startups in the world, according to EU-Startups. Based in London, the business is looking to make the carbon reporting model effect more beneficial to climate action. Leading the funding was Molten and Norrsken, and joining them were Sir Ian Cheshire and Mudassir Sheikha. 

UK’s options put the country ahead of the curve 

Source: Pexels 

As noted, the UK is massively leading the way in seed funding when comparing what gets raised in each European country. In July, the €134 million secured by UK businesses more than doubled that of the next closest, Germany, with its haul of €66 million. 

While the innovation of the company founders cannot be understated, there’s also something to be said for the ease with which UK businesses can now get help to secure funding. For example, legal tech provider SeedLegals  helps startups create all the legal documents they need to start, raise and grow their company cheaper and quicker than a law firm. 

As online services are so accessible, businesses seeking to enter into seed funding can eliminate the stresses that come with the traditional middle man role; finding them, trusting them, and waiting for them to do their work.With a more streamlined approach, business owners can focus more on growth strategies and scale. 

July proved once again that the UK’s startup space is thriving and that those with the money to empower innovative businesses are certainly taking notice. 

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