You are not logged in and only seeing 7 days of articles. Please sign up or login to view more
Wednesday 30 September 2020

Datto files for IPO on NYSE

Datto logoUS-headquartered provider of cloud-based software and tech Datto, has publicly filed papers for an IPO with the US Securities and Exchange Commission (SEC). The number of shares and price range has not yet been announced, but it’s thought the total value of the IPO could be considerably higher than the placeholder offering of $100m.  

Backed by Vista Equity, Datto’s mission is to provide enterprise-grade technology for small and medium enterprises through a global network of 17,000 managed services provider (MSPs) partners, so it’s very fitting that the firm has chosen to list on the New York Stock Exchange under the ticker symbol ‘MSP’.

Founded in 2007, Datto, which merged with fellow Vista-backed acquisition Autotask in 2017 (see Autotask and Datto to merge), has been growing rapidly over recent years. Its SEC filing reveals that subscription revenue grew at 19% year-on-year in the six months to June 2020, at which point its ARR was $507m. Profitability also appears to be improving - whilst it made a net loss of $31m in 2019, in the six months to end of June 2020 net income was $10m and adjusted EBITDA $64m.

Vista clearly believes the time is now right for an IPO. Datto’s focus on the SMB market via MSPs means that it is well placed to benefit as digital transformation becomes a strategic imperative for more smaller firms, in part driven by the coronavirus crisis, and they increasingly turn to MSPs for technical expertise. According to Datto CEO Tim Weller, MSPs now manage well over 10% of the global SMB IT spend, which is $159bn and growing. 

Avid UKHotViews readers may recall that our interest in Datto began when it became the home of one of our original Little British Battlers, CentraStage, via the Autotask merger. CentraStage’s product, now known as Datto RMM (for remote monitoring and management), occupies a prime position in the Datto portfolio with over 4,000 IT service provider customers globally at last count (see LBB ‘CentraStage’ continues to prosper at Datto). As such, we will be particularly interested to follow the course of Datto’s IPO in the coming months.

Posted by: Tola Sargeant

Tags: ipo  

Twitter   Facebook   LinkedIn   Email article link
Wednesday 30 September 2020

Acin looks to transform management of non-financial risks

AcinUK fintech, Acin, has successfully raised a $12m investment as it looks to further develop its innovative risk management platform. The startup’s latest funding has come via Notion Capital and was supported by Fitch Ventures, (part of the US group that is home to the eponymous credit-ratings agency).

Acin was founded in 2018 by Paul Ford, a former COO of Barclays Wealth. The company’s core offering is designed to help financial services organisations to manage operational and non-financial risk across the enterprise. The cloud-based platform, known as Terminal, uses metadata to map risks and controls so that potential exposures can be identified and benchmarked against a peer group of similar companies.

Acin plans to use its latest cash injection to augment the functionality of Terminal by adding additional risk and control inventories as well as enhanced integration options. The company also has ambitions to expand its reach beyond financial services into other industry sectors.

Non-financial risk is a challenging area for large financial institutions and the sophistication of existing controls varies widely. Understanding relevant exposures and effectively quantifying the likely risk is a challenge, however, the widespread impact of the coronavirus is a very good example of why this sort of modelling and preparation can be vital.

Posted by: Jon C Davies

Tags: RegTech   Acin  

Twitter   Facebook   LinkedIn   Email article link
Wednesday 30 September 2020

IDE revenue mix altered by COVID

IDEFirst half financial data from Croydon-based cloud and IT managed services provider, IDE Group, shows revenue dropped to £12.4m (six months to end June 2020) from £14.7m in the comparable period last year. Adjusted EBITDA was £400k, down from £1.2m last year.  

The firm said that while COVID drove “significant additional business activity” around supporting mobile working for customers, this was unfortunately offset by “the majority of our customers” opting to defer projects into H1 and possibly 2021.

While IDE was able to initially save jobs through the furlough scheme, it has since had to make some of those staff members redundant. The company’s cash position looks finely balanced, and it’s possible it may have to seek additional funding if the economic situation turns out to be worse than it has forecast.

IDE has been through a reorganisation and is now split into Partner and Direct businesses. While it has clearly faced some significant challenges, the company says there’s a strong pipeline of opportunities particularly in this recently formed Partner division. As the impact of COVID continues to bite, IDE will certainly not be alone in suffering from the fallout.

Posted by: Kate Hanaghan

Tags: results  

Twitter   Facebook   LinkedIn   Email article link
Wednesday 30 September 2020

1Spatial trading well through COVID

1SpatialInterim results from Cambridge-based geospatial software provider 1Spatial shows the firm trading well up to the end of July, having grown revenue 8% to £11.7m (H1 19 £10.9m). Profitability was broadly the same as this time last year with EBITDA up 1% YoY to £1.7m.

1Spatial had worked its way through a successful three-year turnaround plan before Covid struck, pivoting to SaaS that has driven an increase in its recurring revenue up 15% to £5.2m - recurring revenue now accounts for 44% of all revenue up from 42% a year ago. 

Whilst Covid did cause some delays to decision making, regionally the firm saw good growth in continental Europe up 14%, benefiting from the Geomap-Imagis acquisition from May last year (see here). The US also performed well growing 12% YoY and landing a $2.6m 5-year deal with the State of Michigan and a recent significant pilot with a major Federal Agency the US Geological Survey. In the UK, the Environment Agency chose 1Spatial to develop its new Digital Asset Data and Information system for developing digital twins of key assets and there was a second phase of the Greater London National Underground Asset Register project.

1Spatial increased its funding earlier in the year from corporate lenders to the tune of £1.8m to help it deal with COVID uncertainty and enters the second half of the year with a healthy order book providing decent revenue visibility. Assuming trading holds up management expects H2 revenue to be at a similar level to H1. Given the challenges of Covid it’s a pretty robust set of results. 

Posted by: Marc Hardwick

Tags: results   geospatial  

Twitter   Facebook   LinkedIn   Email article link
Wednesday 30 September 2020

Fashionistas back PSYCHE to sail the fashion recommendation OCEAN

logoIt is said that your psychology - your personality - is the biggest factor that influences your personal style. When I say, “it is said”, what I actually mean is that Anabel Maldonado, a fashion journalist and editorial consultant, and now founder of London-based fashion recommendation start-up, PSYKHE, says so.

Maldonado has a background in neuropsychology (she studied psychology, neurobiology and behaviour at York University). In order to get your personalised fashion recommendations, you need to take a personality test based on what she calls the ‘Big 5’ traits: Openness, Conscientiousness, Extroversion, Agreeableness and Neuroticism (acronym OCEAN). Your answers are analysed by, you guessed, algorithms, and out pops your fashion recommendations. PSYKHE also lets you shop by your mood and how you want to feel.

Maldonado has raised $1.7m in seed funding for PSYKHE (and well done for getting the PR in the Financial Times Companies section!). The round was led by SLS Journey, the new investment arm of privately owned US-based fashion distributor, MadaLuxe Group, along with various fashionista investors.

PSYKHE is now in ‘live beta’ and currently only handles women’s fashions, though menswear is part of the plan.

My burning question is this: can it also work in reverse? In other words, if I tell PSYKHE what’s in my wardrobe, will it assess my personality? Maybe let’s not go there …

Posted by: Anthony Miller

Tags: funding   startup  

Twitter   Facebook   LinkedIn   Email article link
Wednesday 30 September 2020

Sensyne makes progress despite the challenges

Sensyne Health logoSensyne Health plc has announced its full year results for the 12 months ended 30 April 2020. The Oxford-based clinical AI company achieved revenue of £2.1m (2019: £0.1m) with an adjusted operating loss from continuing operations of £16.0m (2019: £11.5m). Research and development expenditure was £11.4m (2019: £9.5m), and cash and cash equivalents at the end of the financial year stood at £31.7m (2019: £49.3m).

The company is structured in two divisions: Discovery Sciences and Software Products. Discovery Sciences includes its strategic research agreements with NHS Trusts, which are designed to address concerns about privacy, ethics and accountability surrounding the use of patient data and AI in healthcare (more here). Its Software Products division focuses on solutions that enable remote monitoring and management of patients.

Sensyne has made significant commercial and technological progress in the past 12 months, but it has also been impacted by a number of negative events.

Progress included partnering with Cognizant and Agorai, securing a major drug development agreement with Bayer, and signing agreements with Roche and Alexion. It also launched a clinical algorithm engine in partnership with Microsoft and launched a COVID-19 app—CVm-Health—with support from Microsoft and Cognizant.

However, it hasn't all been good news. The company was impacted by last year's collapse of Woodford Investment Management (WIM), which was Sensyne's largest institutional shareholder at the time. With the transfer of a portfolio of the ex-WIM holdings, including Sensyne, to Acacia Research Corporation this issue has now been resolved. The company also attracted negative publicity concerned with the payment of bonuses in 2018, leading to the replacement of Sensyne's CFO and claims of unfair dismissal. In August 2020, the Board decided to avoid further distraction and cost and settle the employment tribunal case.

The COVID-19 crisis has presented challenges for Sensyne, including adapting to new business practices and rapidly developing solutions to mitigate the impact of the virus, but it has not had any direct negative impact on the business. Sensyne shifted the focus of its work to support its NHS Trust partners during the pandemic, including helping them shift to remote patient monitoring. The company is already seeing increasing demand for its technology as a result of the pandemic and we expect that trend to continue. 

Posted by: Dale Peters

Tags: results   nhs   AI   clinical   healthcare   healthtech  

Twitter   Facebook   LinkedIn   Email article link
Wednesday 30 September 2020

Appnovation raises £6.8m to fuel European expansion

LogoVancouver-HQ’d digital SI Appnoavtion has received £6.8m in Series B equity financing from a partnership between the UK Business Growth Fund (BGF), the Canadian Business Growth Fund (CBGF) and Export Development Canada (EDC). The latest raise follows an initial investment of £8.8m made by BGF and CBGF just over a year ago. The funds will be used primarily to drive geographic expansion particularly in the UK and across Europe.

Founded in 2007, fast-growing user experience centric Appnovation reports that revenue increased by 20% last year. With 350 people on the payroll world-wide, the company counts leading brands including Amex, Pfizer, Disney, The Telegraph, Reebok and Samsung among its clients.

The Canadian SI’s European operations, which are now led out of the UK, were boosted by the purchase in 2016 of Benelex-based digital design agency Wonderkraut. With office in London, Cardiff, Ghent and Utrecht, the firm employs 70 personnel across the region.

Demand in the digital SI arena has proved both strong and resilient over the past several years as evidenced by the sustained high-growth performances of home-grown success stories BJSS, Kainos and Endava. The investors will no doubt be hoping that Appnovation follows in the footsteps of the latter, which became a dollar unicorn when it IPO’d two years ago.

Posted by: Duncan Aitchison

Tags: funding   systemsintegration   digital  

Twitter   Facebook   LinkedIn   Email article link
Wednesday 30 September 2020

Lots more dosh for Huboo’s hubs!

logoIt’s great to see a ‘David’ making its way in the market in the face of many‘Goliaths’, especially when one of them is Amazon!

I refer to Salisbury-based online, soup-to-nuts ecommerce fulfilment start-up Huboo, which recently completed a £14m Series A round led by Stride.VC, with participation from Hearst Ventures and existing investors, including Episode 1, Maersk Growth, Ada Ventures and True Capital.

Founded in 2017, Huboo had primed the Series A pump, so to speak, last March (see Fulfilment startups Huboo, James & James, fulfilled with funds) six months after a £1m seed funding round (see Backers fulfil funding for logistics startup Huboo). The current round brings the total Huboo has raised so far to £18m.

Huboo’s USP is the simplicity and affordability of its full-line ecommerce fulfilment service, based on ‘micro-hubs’ from which they store, pick, pack and deliver its customers’ orders. Huboo’s platform integrates with Amazon, ebay, shopify and other popular ecommerce platforms.

I noticed that Huboo has increased its pricing since last year. Subscrption rates now start at £10 p.m. for 30 items shipped (was £8) and its Large Letter rates have also increased. And although Huboo’s parcel rates have also risen, the £7.40 cost for a 20kg 24-Hour Tracked service is still a quarter of what Parcelforce charges.

Which takes me back to the issue I raised last year – can they make money at these rates? The PR talks about Huboo now having over 500 clients and generating monthly recurring revenues of £800k (40x growth in 18 months). But they now have 120 mouths to feed and vigorous competition from other start-ups as well as the 'usual suspects'. Scalability and profitability will surely depend more on the physical logistics of the business than the technology.

Posted by: Anthony Miller

Tags: funding   startup   ecommerce  

Twitter   Facebook   LinkedIn   Email article link
Wednesday 30 September 2020

BigDish with everything to prove

bigdishFull-year results out for BigDish, the main market-listed food technology firm shows it reducing losses but struggling to grow revenue even before COVID struck, leaving it with a huge amount of work to be done if it wants to secure its £5m lifeline.

BigDish secured revenue for the year to March 31st of just £22k (2019 £32k) generating a -£1.46m loss (2019 -£4m loss) as the company burned through its cash reserves. The closure of restaurants to dine-in customers has exposed the vulnerability of BigDish’s business model and the firm is now pivoting towards both on-premise and off-premise dining. 

The company has secured short term funding that will take it through to the end of Q2 2021 and the provisional agreement of £5m of further funding from a high net worth individual needed to guarantee the business as a going concern. However, the funding comes with some pretty hefty caveats and tasks that need to be completed (See here), that means that BigDish has everything to do in a pretty short space of time - all at a time when market conditions are horrible. On the flip side survive all of this into better times and investors will have a very resilient business on their hands.

Posted by: Marc Hardwick

Tags: results   saas   foodtech  

Twitter   Facebook   LinkedIn   Email article link
Wednesday 30 September 2020

*New Research* UK Financial Services Market Trends and Forecasts 2020

MTF2020SITS spend within UK financial services has enjoyed two consecutive years in which growth exceeded 4%, with the market having risen to £13.1bn by the end of 2019. Prior to the advent of the coronavirus, transformation initiatives were fuelling demand and the pace of change was gaining momentum across the industry.

Whilst COVID-19 has had a negative impact on headline growth it has also led to a re-evaluation of technology roadmaps. Despite the short-term hiatus, there has been increased recognition of the imperative to embrace digital innovation and business process transformation.

Subscribers to FinancialServicesViews can explore a detailed analysis of the latest trends in UK Financial Services SITS - Market Trends and Forecasts 2020. This comprehensive analysis of the prospects for growth provides detailed forecasts for SITS spend, including an examination of each of the industry's main vertical segments.

If you are not already a subscriber and would like to gain access to this report please contact Deb Seth for more information.

Posted by: Jon C Davies

Tags: financialservices   insurance   banking   financialmarkets  

Twitter   Facebook   LinkedIn   Email article link
Wednesday 30 September 2020

Talk to us about a featured Sponsored Post in our UKHotViews....

With the popularity of our daily UKHotViews e-newsletter increasing (we now have over 19,000 subscribers), TechMarketView is offering you the chance to have access to this audience as a critical part of your marketing strategy and success for 2020 and beyond.  


A sponsored post placed directly within our daily newsletter, and also hosted on the UKHotViews page of our website, will enable you to grow your network, make new connections, drive lead generation, promote a product or service, announce success stories or simply raise your profile.

What is a Sponsored Post?

A Sponsored Post closely resembles a UKHotViews article and appears within the body of the newsletter and website copy catching the reader’s eye in a prime location. Additionally, UKHotViews is posted directly to our Twitter feed where your ad will be viewed by our increasing number of Twitter followers.

All of this means your advert will be seen by many of the most influential decision makers within the UK tech sector, and with only ever one Sponsored Post in the UKHotViews newsletter your advert is guaranteed a high ‘share of the voice’.

For more information and details on our advertising services please contact Emily Mills

Posted by: HotViews Editor

Twitter   Facebook   LinkedIn   Email article link
Tuesday 29 September 2020

*NEW RESEARCH* Public Sector Software and IT Services Suppliers, Trends and Forecasts 2020-23

PSV report imageThe new UK Public Sector Software and IT Services Suppliers, Trends and Forecasts report is now available, but it looks a little different to previous years. This year we will be publishing in-depth analysis at a subsector level—the first of which has been published today (see UK Central Government Supplier & Market Analysis).

This report serves as an introduction to the subsector-level reports. It consolidates TechMarketView’s analysis of the public sector market in 2019, which grew in line with our expectations—but as always, there are nuances in the performance of the subsectors.

It also forecasts how the market will perform over the period 2020-23. In light of the unprecedented impact of COVID-19, TechMarketView has provided two distinct sets of forecasts for the UK Public Sector SITS market this year. Public sector suppliers are in a more fortunate position than those operating in or serving customers in leisure, retail, hospitality or travel and transport, but the pandemic has still had a significant impact on the market.

And finally, the report contains an update to our UK public sector SITS Top 20 supplier rankings based on the latest available financial information (as at end of June 2020). Top 20 rankings for central government and Top 10 rankings for each of the remaining subsectors (local government, health, education, police and defence) are also provided.

PublicSectorViews’ subscribers can download the research today. If you are not yet a subscriber, or are unsure if your company has a subscription, please contact Deb Seth to find out how you can access the research.

Posted by: Dale Peters

Tags: publicsector   markettrends   forecasts   rankings   suppliers  

Twitter   Facebook   LinkedIn   Email article link
Tuesday 29 September 2020

Revenue up, bookings down in Osirium H1

Revenue up, bookings down in Osirium H1Unaudited financial results reveal a mixed first half for privileged access management (PAM) firm Osirium Technologies. After a record first quarter, growth slowed considerably in the following three months as organisational priorities shifted to home working while parallel demand for identity access management (IAM) solutions did not translate to PAM solutions that cater for a much smaller subset of privileged users requiring greater levels of access protection.

Total recognised revenue increased 35% to £700k in the six month period ending June 2020 as a result, buoyed by a 100% retention rate for existing customers signed up to Osirium’s SaaS services. But delayed buying decisions and challenges signing new clients due to Coronavirus associated uncertainty pushed bookings down 25% to £770k in the same timeframe

Management are understandably cautious for the second half, recognising that any additional restrictions may further delay purchase sign-offs and impact revenue/bookings growth. Osirium is doing everything it can while it waits for customer confidence to fully return in the meantime: participating in several proof of concept (PoC) projects; updating the product portfolio; and revamping its digital marketing platform to lay a foundation for future growth. The implementation of tighter cost control measures that saw its freeze recruitment and negotiate a workforce 20% pay cut has also helped shrink operating losses to £1.57m from £1.71m in H119.

New contracts with a group of UK police forces, a university and an NHS supplier can drive domestic growth while the recent recruitment of 13 reseller and cloud partners in the Benelux, the Nordics, South Eastern Europe and Middle East should expand international sales next year (currently around 10% of the total). Management have already seen the tide start to turn and like TechMarketView hope that new restrictions don't put the brakes on progress in the second half.

Posted by: Martin Courtney

Tags: IAM   interims   privilegedaccessmanagement   PAM  

Twitter   Facebook   LinkedIn   Email article link
Tuesday 29 September 2020

*NEW RESEARCH* UK Central Government Supplier & Market Analysis

UK Central Government Market & Supplier Report imagePublished today, TechMarketView’s UK Central Government Software & IT Services: Suppliers, Trends & Forecasts 2020-2023 report is the first of six deep-dive reports providing TechMarketView’s UK public sector SITS subsector analysis from a market and supplier perspective.

The report accompanies the UK Public Sector Software & IT Services: Suppliers, Trends & Forecasts 2020-2023 report, providing a sector overview, which is also published today – see here. Over the next few weeks, it will be followed by a range of reports covering the local government, health, education, police, and defence markets.

Within UK Central Government Software & IT Services: Suppliers, Trends & Forecasts 2020-2023, you will find TechMarketView’s Top 20 central government SITS rankings for 2019, unveiling a new supplier pushing its way into the Top 10.  In addition, we uncover our view of those suppliers that are ‘on the rise’ and, therefore, threatening to unseat the leading players, and include a handpicked selection of suppliers that are worth keeping a close eye on, due to their renewed interest in the sector, recent successes, or differentiated approach.

After four years during which the UK central government SITS market shrank, we reveal a rather different picture in 2019, and predict a resilient market through to the end of our forecast period in 2023. Using our proprietary Digital Evolution Model (DEM), we also provide a view of the market by the ‘New’ - digital, platform and cyber security-led offering, and ‘Heritage’ - offerings focused on traditional systems and processes.

PublicSectorViews’ subscribers can download the research today. If you are not yet a subscriber, or are unsure if your company has a subscription, please contact Deb Seth to find out how you can access the research.

Posted by: Georgina O'Toole

Tags: publicsector   centralgovernment   markettrends   suppliers   MarketForecasts  

Twitter   Facebook   LinkedIn   Email article link
Tuesday 29 September 2020

Urban wellness app raises £5.9m

urbLondon-based Urban, a provider of “wellness services for busy people”, has raised £5.9m on crowdfunding website, Seedrs.

The funding campaign was helped considerably by investors BNF Capital, who put £4m into the pot.

The money will be used to expand the range of services, which already include in-person treatments such as massage, physiotherapy, facials, nails, lashes, and makeup (which may currently be difficult to deliver under COVID restrictions). Urban can also match busy people to private online sessions on fitness, mindful, yoga and nutrition. The funding will also be used to expand into new cities (beyond London, Paris, Manchester and Birmingham).

Posted by: Kate Hanaghan

Tags: funding   wellness  

Twitter   Facebook   LinkedIn   Email article link
Tuesday 29 September 2020

Blancco revenue up 9% yoy

Blancco revenue up 9% yoyAs indicated by its July trading update, Blancco has largely weathered the Coronoavirus storm so far though there were ups and downs in its fortunes.

Despite a lengthening of enterprise sales due to changes in staff working arrangements and people holding on to smartphones as supplies of new handsets dwindled, the device data erasure specialist reported limited exposure to hard hit industry segments like retail (which accounts for 2.9% of its revenue) and travel (0.1%). There was also a short term increase in demand for its secure IT asset disposal solutions as the shift to home working drove PC/laptop hardware upgrades.

Those trends helped Blancco increase its overall revenue 7% year on year in constant currency to £33.4m in the 12 month period ending June 2020, with around €1m contributed by the €5.25m acquisition of Inhance Technology (formerly late last year.

The lion share of growth was organic however, led by turnover from enterprise sales (up 11% yoy in cc to £11.7m) ahead of mobile (up 5% to £10.8m) and IT asset disposition (up 6% to £10.9m). Blancco’s adjusted EBITDA too saw a healthy 17% boost to £8.1m, while pre-tax losses halved to £200k over the period.

Inhance has now been fully integrated into the business and rebranded Blancco Ireland while strategic partnerships with Deloitte India and global insurance firm Aon should help the company further expand its international revenue (10% of turnover comes from the UK) particularly amongst retailers and telcos looking to offer mobile insurance to their customers.

Management confidence for FY21 looks therefore justified, with particularly high levels of activity expected again in the Enterprise segment as company environmental policies push IT departments towards data erasure rather than physical hardware destruction. The launch of its services on the Amazon Web Services (AWS) market place last June is also expected to help Blancco reach a new audience, though derivative revenue is likely to expand slowly over time from a small base.

Posted by: Martin Courtney

Tags: results   dataerasure   FY20  

Twitter   Facebook   LinkedIn   Email article link
Tuesday 29 September 2020

IMImobile emphasises reasons to be cheerful

IMImobileCloud communications provider, IMImobile, has released a trading update ahead of today’s AGM, highlighting encouraging momentum across the group. The announcement, covering the six months to 30 September 2020, revealed that, helped by the addition of recent acquisitions, cloud communications products were expected to deliver an increase in gross profit of at least 20% 

IMImobile also cited continued momentum across its core sectors whilst those areas most badly impacted by the pandemic (healthcare and SMEs) had shown a "significant recovery" in the current quarter. The group has made good progress in North America during the last three months, where it has successfully secured a number of new customers across a variety of sectors, including financial services, mobile and retail.

On the downside, IMImobile indicated that its operator VAS (Value Added Services) and mobile payments business, were continuing to “experience headwinds” as the global economy slows in face of COVID-19. These operations account for around 10% of IMI’s gross profit.

The latest update follows a strong FY20 for IMImobile, with the group benefitting from extra demand stimulated by the impact of the coronavirus (see: COVID creates demand for IMImobile). Whilst the future is far from certain in the face of the evolving economic challenges, IMI’s management has reasonable cause to remain optimistic about the group’s prospects.

Posted by: Jon C Davies

Twitter   Facebook   LinkedIn   Email article link
Tuesday 29 September 2020

Backers see little risk in Insurtech Riskbook

logoInsurtech is one of the market hotspots at the moment, witness US-based Lemonade’s sparkling IPO back in July (see Lemonade investors celebrate first day fizz). Here in the UK Insurtech start-ups are alive and well though have yet to reach the glorious heights of their American counterparts (see the excellent analysis of UK Insurtechs by TechMarketView Financial Services Research Director, Jon Davies: Insurtech Innovation "New Kids on the Block").

Also joining the fray is Telford-based Riskbook, which does for the reinsurance sector, connecting insurers, brokers and underwriters. Founded in 2016, Riskbook raise initial funding from MMC Ventures in 2019 and has now gone on to raise a further £2m from MMC, Episode 1 Ventures and Seedcamp. Riskbook was approved by Lloyd’s of London as a recognised electronic placement system for open market reinsurance business earlier this year.

Good stuff!

Posted by: Anthony Miller

Tags: funding   startup   insurTech  

Twitter   Facebook   LinkedIn   Email article link
Tuesday 29 September 2020

OneDome raises dosh for its one- (or two-) stop proptech shop

logoHere’s a slightly different take on the raft of online estate agencies you can choose from to handle your property transaction.

London-based proptech start-up OneDome aims to be the proverbial ‘one-stop shop’ to buy, rent or sell your home. Or maybe that’s a two-stop shop, as OneDome also owns website where you can first check house prices in your chosen area (much as you can with better known Zoopla – which had more than twice as many transactions for my own postcode, by the way). OneDome acquired the website in 2019.

OneDome seems to be more of a marketplace aggregator than an agency in its own right, letting you search for ‘real’ estate agencies, conveyancers, mortgage providers et al from its website. OneDome also provides moving advice (as in the transport sense rather than the emotional sense) from its ‘concierge’ service and ‘a convenient tasklist that tracks the progress of your move in real time’. You can also message your estate agent and conveyancer ‘drastically reducing your phone calls and trips to the post office.’

Founded in 2016, OneDome has just completed a £5m Series A funding round backed by various family offices and angels. OneDome had previously raised some £8m in prior angel rounds. I’m not sure what OneDome’s business model is, but I assume they take a skim from the businesses they refer the punters to.

I can’t quite work out who OneDome’s service would really appeal to, but founder Babek Ismayil, a former distressed-debt trader, has convinced some high-profile backers that it’s a great idea. There are other ‘great ideas’ out there too for buying and selling property such as Movewise (see Movewise gets multiple backers for multi-agency proptech platform) as well as the usual suspect online agencies like Rightmove, PurpleBricks et al.

Let the market decide!

Posted by: Anthony Miller

Tags: funding   startup   PropTech  

Twitter   Facebook   LinkedIn   Email article link
Previous 1 2 3 Next 

© TechMarketView LLP 2007-2020: Unauthorised reproduction prohibited see full Terms and Conditions.