Oxford Innovation EIS Growth Fund has backed the manufacturer of cold corrugation equipment in a follow-on funding round.
"Despite appearances, corrugated board is not easy to make and over the last 50 years there has been little to no innovation in the manufacturing process. With the majority of global goods now being bought online and demand for sustainable packaging increasing, it was time for a revolutionary solution to the current energy and water intensive manufacturing processes. Our cold corrugation process uses 80% less energy, is one tenth of the price, and allows for decentralised, on-demand production that reduces manufacturing costs by up to 30%. This recent investment will allow us to continue the manufacture of our innovative machines and enable more customers to harness the benefits of self-manufacturing their corrugated board more sustainably."
Maven Capital Partners backed McKenzie Intelligence Services in a strategic funding round to support international expansion and product development.
"The geospatial analytics and catastrophe insurance markets are forecast to continue double digit growth per annum over the next 5 to 10 years, driven in large part by the severe global weather events that are happening more often. Consequently, insurers are having to take more steps to defend against a rising tide of natural catastrophe losses and are turning to technology solutions to anticipate the level of claims more accurately to significantly reduce claim handling costs."
The funding round was led by the European Space Agency, alongside Big 5 Investors, InsurTech NY and ACF Investors.
"This capital injection will be used to fuel growth in the London and US Property and Casualty markets, and to accelerate the development of our Exposure Management and natural catastrophe modelling capabilities. This progress will be critical for improving the speed and quality of underwriters risk selection and exposure management — critical considering the increasing frequency and severity of global climate change-induced natural disasters."
The financing was supported by the company network of angel investors.
"Over the last few years, we have built an exceptional network of predominantly angel investors, and the successful completion of this investment round is a testament to their faith in our technology, our team and our vision. In the current climate, where investment has become more cautious, this achievement is particularly significant."
The investment was led by Sixth Street Growth to support international expansion and product development.
"Our mission is to create a world where everyone can build a thriving business. The consistent growth SumUp has shown over the past eleven years is a direct result of the success of the merchants we serve, and it would not be possible without the unwavering trust and support of the investor community. We are excited to have Sixth Street join that community. This funding gives us additional firepower to pursue growth opportunities and accelerate products that empower small businesses."
