The London-based fintech has raised capital from private investors alongside match funding from the government Future Fund.
"The UK government’s Future Fund has been hugely effective for many businesses and is a welcome addition to the business finance landscape, especially in the current climate. The fund is part of the government’s desire to support the UK’s most innovative companies to flourish and to drive economic growth. This fundraising will accelerate our international expansion as well as attract additional future investment sources, from both within the UK and externally."
The funding round was led by Mercia with participation from the Future Fund, Ascension Ventures, and Northstar Ventures.
"We’ve been extremely busy supporting our credit union partners during Covid-19. The lockdown not only escalated the need for credit unions to offer their members digital access, but also to communicate with them more regularly and effectively, something our technology also enables them to do. Credit unions have been at the forefront of supporting financially excluded and often vulnerable individuals and families over recent months, so we are delighted to offer them technology which not only better supports existing members in a digital world, but also enables them to promote their message of ethical, supportive banking to a wider audience."
The funding was secured from the MEIF Proof of Concept and Early Stage Fund alongside the Future Fund and existing backers.
"The ability to continuously monitor and predict corrosion onset will not only change the way industry approaches inspections and maintenance, but it will also reduce risk and save time and money. CorrosionRADAR is leading the way in using advanced digital technologies to respond to this global challenge and will continue to achieve its ambitious growth plans."
Bled by BHL Holdings, the fresh capital will be used to double the UK workforce and invest in proprietary technology.
"The current pandemic has hit small businesses a lot harder than their larger, established counterparts. The economy is experiencing significant turbulence right now and the business landscape will be unrecognisable in a year's time. As a small business championing small businesses, this investment will speed up our ability to deliver bespoke insurance to underpin individual business needs. Helping businesses to not only weather this storm, but scale and thrive."
The round was led by NPIF Maven Equity Finance with participation from the UK Government Future Fund.
"A number of the market sectors we operate in, such as Waste, Haulage, Civil Engineering and Telecoms are vital to keep the country going and even more so during the pandemic. The principles of our software solutions have always given our customers the ability to operate remotely and from anywhere through cloud-based control systems and mobile apps. This approach continues to support social distancing and sanitary working practices."
