The Series A round was co-led by Amadeus Capital Partners and Global Brain Corporation to support product development.
"Mobility is changing fast but transport decision-making is slow and expensive, based on poor data. Cities need to accommodate growth, improve resilience and serve an ageing population while improving accessibility, air quality and energy consumption. Operators are facing increasingly low margins and both market and technology disruption, and consumers are expecting an ever more seamless service. This is a large-scale system problem that requires digital transformation to integrate siloed assets and empower effective decision-making."
The Lincoln technology start-up raised the capital through Minerva Business Angels and Innovate UK.
"After seeing Tended pitch a couple of times at Minerva events, one of Blackfinch Ventures directors expressed an interest in investing. Initially, I thought it was just him acting as an individual Angel, so when I heard the investment was to be through Blackfinch and they were interested in investing £810k, it came as quite a shock! It also came at just the right time as we had a number of very exciting opportunities opening up, which required a much larger cash injection than previously anticipated."
Frog Capital led the investment round alongside existing backer Blenheim Chalcot to support international growth and product development.
"We’re extremely pleased to have completed our latest funding round, led by Frog Capital, and to have found a likeminded investor to work closely with the leadership team and our existing lead investor, Blenheim Chalcot, to pursue the significant global opportunity for our business."
The financing round was co-led by Balderton and Northzone, bringing the company's total funding to £40m.
"The feedback we are getting from private companies and public sector customers alike is that staff are happier, more productive and have greater financial security once they start using our service."
Triple Point Ventures led the seed financing to support product development and commercial expansion.
"The average consumer knows SMS as a simple, quick way to send messages. High open rates offer companies growing possibilities to use this platform. By increasing accountability and efficiency in the delivery of SMS messages, Augnet is in a strong position to help large corporates solve the significant challenge they face in targeting consumers via SMS technology. We look forward to working with Daniel, the management team and Augnet’s other investors to help realise this potential."
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