The funding round was backed by investors including The FSE Group, Oxford Innovation Finance, Syndicate Rooms and Cambridge Angels.
"The biodiversity collapse is one of the top global risks identified by the World Economic Forum, with over half of the world’s GDP relying on nature. Our technology addresses the urgent need for accurate, scalable, and unbiased biodiversity monitoring around the world. This investment will enable us to enhance our platform and expand our reach, helping industries and government bodies make informed decisions backed by solid data."
Fuel Ventures led the investment round, which also saw participation from Active Partners and angel investors.
"The fragmented nature of the construction industry creates a frustrating trading environment for both customers and suppliers alike. Faced with an uncertain economic climate and ambitious government targets, maximising efficiency in the procurement process has never been more important. We are thrilled to be working with Active Partners, who bring a wealth of consumer-side experience, as well as Tom and James, whose expertise will play a pivotal role as we take this exciting next step in our journey."
The oversubscribed round was led by Oyster Bay Venture Capital to advance research and development on plant-based materials.
"Once optimised and patented, we will raise our next round to co-locate this continuous process alongside a brewery, enabling immense production outputs. We initially applied our technology to beer breweries and whisky distilleries because of their robust supply chains. As part of this raise, we will also prioritise commercial partnerships to introduce products to the fashion and other industries, starting on a small scale."
The funding round doubles the insurtech unicorn's valuation to over $2bn with backing from Portage, BlackRock, and Columbia Lake Partners.
"Our ambition is to become a one-stop-financial-shop for newcomers so they feel as though it’s easy to move to, and live in, a different country. We’ve already supported over one million people in the UK with their insurance needs, but we’re only just scratching the surface. There are still major financial services barriers that make it harder for newcomers to settle and take part in everyday life. This funding gives us the capital to solve these problems and deliver against our mission."
