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Weekly Funding Highlights – 23 august 2023

New week – new closed funding rounds. This week’s funding highlights cover start-ups, biotechs, climate-conscious tech, RegTechs, and many more! Take a look at some major investments of this week.

Ramp announces $300m in Series D funding

Finance automation platform, Ramp, announced that it has raised $300m in Series D in an effort to expand into new areas and further develop its fintech product. The funding round was led by Thrive Capital and Sands Capital with additional support from General Catalyst, Founders Fund, and other existing investors, according to the New York-based fintech. “I couldn’t be more proud of our performance since our last raise. Read more

Nomad raises $61m in Tiger-led round

Brazil-based fintech Nomad has raised USD 61 million in an investment round held by Tiger Global Management. Founded in 2019, the firm offers Brazilians access to financial services in the US, including bank accounts, an investment platform, international remittances, and debit cards. The round’s proceeds will be used to expand the company’s investment platform and launch new products, including credit cards. Read more

Ghost raises $30m to grow B2B marketplace

Ghost has raised $30 million to grow its members-only B2B marketplace that helps brands and retailers move surplus inventory in its Series B funding round. The capital, which was raised in conjuncture with round leader Cathay Innovation, is set to be used to enhance Ghost’s product, bolster its engineering and design team, and further develop the platform. The Los Angeles – based organisation aims to provide brands and retailers with a new way to liquidate surplus inventory, allowing sellers to reach vetted buyers and monetise their surplus inventory discreetly and efficiently. Read more

Cynergy Bank lands £20m funding from British Business Investments

UK-based Cynergy Bank has secured a £20 million Tier 2 capital facility from British Business Investments to boost its growth plans. British Business Investments is a wholly-owned subsidiary of British Business Bank. The funding comes from its Investment Programme, which looks to increase access to finance for small businesses by increasing the lending capacity of challenger banks and non-bank lenders. Cynergy Bank was established in December 2018 following the acquisition of the UK branch of the Bank of Cyprus by Cynergy Capital. The deal was closed in July 2018 at a value of £103 million. Read more

London-based bags €18m funding from GEM Digital Limited

London-based, a biotech company that specialises in the secure monetisation of genomic data, announced that it has received a $20M (~€18M) funding commitment from GEM Digital Limited, a Bahamas-based digital asset investment firm. says it will use this funding to accelerate its technological growth and enable more clients to utilise its vault and reporting products. Aldo de Pape, co-founder and CEO, says, “We are delighted to have this commitment from GEM Digital.” Read more

Cerby’s innovative access management gets a $17m boost in funding

Cerby, the California-based access management startup founded in 2020, has garnered significant attention in the financial sector. The firm, notable for its dedication to ensuring application security beyond the support of conventional identity providers, has successfully raised $17m in its latest Series A funding round. Steering this noteworthy investment was Two Sigma Ventures. However, Cerby also secured backing from a slew of other investors including Outpost Ventures, AV8, Bowery Capital, Founders Fund, Incubate Fund, Okta Ventures, Ridge Ventures, Salesforce Ventures, and Tau Ventures. Read more

Kenyan FinTech Zanifu bags $11.2m for inventory financing expansion

Zanifu, a Kenyan FinTech that specialises in offering inventory financing to micro, small and medium-sized businesses, has successfully secured an impressive $11.2m in a recent funding round. This funding round witnessed a contribution of $11.2m in debt-equity and was spearheaded by Beyond Capital Ventures and Variant Investments, according to a report from TechCrunch. Several other investors, such as Founders Factory Africa, AAIC Investment, Google Black Founders Fund, and existing investor Launch Africa, also marked their presence in this round. Read more

StoreConnect raises $9m

With this funding round, StoreConnect is able to expand further its work on simplifying ecommerce complexities through its comprehensive all-in-one solution for small and medium-sized businesses. The importance of this funding also lies in StoreConnect’s aim to eliminate major barriers, allowing SMBs to connect with more customers, thereby possibly levelling the playing field in the ecommerce arena. Read more

Kamma raises £3.6m to tackle Net Zero in UK properties

London-based RegTech Kamma has raised £3.6m as it looks to deliver Net Zero in UK homes and commercial properties. The company sourced the investment in a funding round which was led by Clean Growth Fund, and also featured participation from previous backers in the shape of Triple Point and Pi Labs, and new support from Conduit EIS Impact Fund and Kiilto Ventures. The cash injection is set to allow the firm to expand its market-leading property data engine that acquires, integrates, and calibrates thousands of property data points in order to deliver optimal routes to achieve Net Zero in the UK property sector – across both residential and commercial property. Read more

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