News
The Hut Group, the beauty and lifestyle online retailer, has secured a $1bn banking facility which will allow it to further expand its portfolio of businesses.
The ecommerce company is one of the biggest private companies in the UK and currently operates in over 160 different countries, offering a range of products but focusing primarily on beauty and wellness.
It has managed to get the additional funds of £195m from Barclays, HSBC, Santander, Citibank and JP Morgan. When added to the additional funds The Hut Group had already, the total now comes to £795m or $1bn.
To read more, click here.
In a bid to increase their appeal to Chinese customers Guess stores in the US are partnering with digital payment platform Alipay. This will allow Chinese travellers to use the Alipay Mobile Wallet app when making purchases. They will also be able to use the app to locate stores and be notified of any promotions.
This partnership with facilitate the shopping experience for customers by overcoming issues such as language and payment barriers.
To read more, click here.
Scandit, a Swiss company that develops mobile self-checkout technology for retail, has raised $30 million in a Series B funding led by Alphabet's GV (previously Google Ventures).
The company's software is currently being used by brands including Nike, Estée Lauder and Sainsbury's and has many uses such as self-checkout, scan-and-go and mobile shopping. Therefore making it appealing to companies wishing to compete with Amazon's cashier-less retail option.
Scandit will use the funds to expand globally
To read more, click here.
TrueLayer, a fintech company that provides an interface between financial institutions and third-party applications over an API, has managed to raise £5.77m in a Series A funding round led by venture capital fund Northzone. With additional investment from previous supporters Connect and Anthemis.
The London-based company was founded in 2016 by serial entrepreneurs Francesco Simoneschi and Luca Martinetti and has partnered with companies including Monzo, Starling Bank, Zopa, ClearScore, Canopy, Plum and Emma since the launch of Open Banking earlier this year.
The investment will be used to grow the company in Europe, starting with France and Germany, as well expand its team and develop new products.
To read more, click here.
Secret Escapes, an online 'affordable' luxury travel provider with apparently 50 million global members, has succeeded in raising an additional £52m from Old Mutual Global Investors (OMGI).
The British company launched in 2011 and has since expanded into 21 territories across Europe, Asia and the US. The new round brings its total raised to £104m.
The funds will be used to grow and boost the ongoing integration of the Slevomat Group, a travel deals and experiences company it acquired late last year, as well as initiate a range of strategic projects such as in-house hotel and flight packaging across established markets.
To read more, click here.
Care Sourcer, a care comparison and matching site, has closed an £8.5m funding round – the largest ever Series A funding round to be received by a digital tech company in Scotland.
Care Sourcer works by allowing anyone, from private individuals to GPs and social workers, to request care for older people on the website and then receive offers from local care providers within 48 hours. The purpose being to reduce NHS costs and waiting times, the Delayed Transfer of Care currently stands at over 150,000 days equating to a delay cost of £8m a day, as well as reduce stress and hassle for people going through the process of trying to find a carer.
The funds will be used to expand the area the company operates within, which is currently London, Edinburgh and Gloucester, as well as develop its technology and grow its workforce.
To read more, click here.
Founders Factory, a company that focuses on launching and scaling fast-growth startups across a range of sectors, and Marks & Spencer (M&S) are partnering up to create Founders Factory Retail, an initiative that will invest in startups and help them grow
As part of the collaboration M&S will become Founders Factory’s exclusive UK retail partner and will financially support a number of startups sourced through Founders Factory’s global network. This will form part of M&S's new digital strategy.
To read more, click here.
Farfetch, the online fashion platform, has acquired CuriosityChina, a Chinese tech firm, to boost its presence in China and in particular within the luxury apparel market.
The two companies will combine their social and marketing expertise with technological capabilities to offer brands different services. For example helping them launch an app or design their own brand website, operate a WeChat account and integrate everything with Farfetch.
These acquisition will also help Farfetch to compete with Yoox Net-a-Porter, which designs and manages online flagship stores for brands including Valentino.
To read more, click here.
Auro, a fitness app with a built-in AI-driven personal trainer, has closed its second seed funding round, bringing its total raise to £450K.
The company was launched in 2017 by ex Goldman Sachs banker Anta Pattabiraman, and is now backed by European tech entrepreneurs including the founders of Zoopla, LoveFilm and Passion Capital.
The workouts are created using content from world class instructors aided by motivating playlists and using AI that learns and adapts based on users' activity levels.
This funding will be used to grow the team and develop the product and its AI capabilities.
To read more, click here.
Seatfrog, an app which lets people bid for empty first-class rail or airline seats, has raised £4.5m in a Series A funding round led by European VC firm, Octopus Ventures.
The basic concept is that users can bid on available premium seats, which if successful means they can easily upgrade their seat after buying their original ticket up until the time of departure.
The funds will be used to increase the senior team in its London and Sydney offices, to grow the company and to develop its product.
To read more, click here.