The London safety tech provider secured backing from angel investors including Marijn Muyser to grow its team and accelerate product development.
"This investment is testament to everything we have achieved over the last four years, building best-in-class technology and partnering with some of the biggest businesses in the world."
The investment round was led by Macquarie and Channel 4 Ventures to support the company platform.
"We are delighted to be supporting Raylo with its ambition to become a leading circular economy platform. The Raylo team has shown impressive traction in building a new consumer electronics proposition that is beneficial for both customers and the planet; and the launch of newer products, such as Raylo Pay and Raylo Insurance, demonstrate the company’s innovativeness and commitment to building a great customer experience. Our investment will enable Raylo to build awareness of its proposition throughout the UK and help it on its journey in becoming a household name."
Mercia Ventures led the seed financing round with participation from several backers to support platform validation and team growth.
"Enzymes play a wide-ranging role in disease, but current technologies are unable to develop drugs to tackle most of them. Our team at Kuano recognised the need to overcome these limitations."