While it might seem like most founders can’t wait to announce their latest funding round, more often than not startups keep quiet, according to research by data platform Beauhurst.
68% of all fundraises in the UK go unannounced — with the majority of those “stealth” rounds happening at seed stage. And as the tricky economic headwinds push more companies to raise flat or downrounds — something few founders want to shout about — it’s likely that figure will rise in the coming months.
Using data from Beauhurst and company filings, Sifted looked into the largest unannounced rounds in the UK of 2023 as of July 18. We haven’t included companies that have ceased trading or exited since raising.
1/ Netomnia
Round size: £36m (Beauhurst data)
Round date: February
Total funding: £684m (Beauhurst data)
HQ: Tewkesbury
Netomnia is an internet infrastructure startup, building a fibre optic network across the UK. The £36m equity raise — which CEO Jeremy Chelot tells Sifted is an extension of its £295m raise in 2022 — was for a 10% stake in the business, according to Beauhurst.
The company has also raised £230m in debt financing this year.
2/ Quell Therapeutics
Round size: £19.9m (Beauhurst data)
Round date: June
Total funding: £198m (Beauhurst data)
HQ: London
Quell Therapeutics is developing tech to manipulate patients’ immune systems by engineering regulatory T-cells, which can help fight disease.
The startup’s £19.9m equity round was part of a partnership with AstraZeneca that could be worth up to $2bn — which will see it collaborate on research and licence two of its treatments for autoimmune diseases to the pharma giant. AstraZeneca took a 9% stake in the company, according to Beauhurst.
The company confirmed there was an equity raise, but declined to comment on its size.
3/ All.Space
Round size: £18.8m (Beauhurst data)
Round date: July
Total funding: £124m (Beauhurst data)
HQ: Reading
Spacetech All.Space connects satellites and signal networks with its ground-based terminal — that helps the defence, aerospace and telecoms sectors boost connectivity. It raised £18.8m in July for a 19.2% stake in the business, according to Beauhurst.
The company declined to comment on the raise.
4/ Tide
Round size: £18.5m, confirmed by company
Round date: January
Total funding: £179m (Beauhurst data)
HQ: London
The neobank for businesses raised the £18.5m to (in part) fund its acquisition of business loan and cash management platform Funding Options, a spokesperson tells Sifted. The capital was raised from existing investors.
5/ ManageMy
Round size: £17.6m, confirmed by company
Round date: June
Total funding: £23.3m (Beauhurst data)
HQ: London
Insurtech ManageMy provides a customer engagement platform for insurance companies. Ventura Capital led the round, which also featured a number of strategic investors, ManageMy tells Sifted. The £17.6m raise was worth a 17.9% stake in the business.
6/ Garrison Technology
Round size: £15.5m, confirmed by company
Round date: March
Total funding: £54.7m (Beauhurst data)
HQ: London
Garrison is a cybersecurity startup selling solutions to large organisations and governments.
Its new funding will be spent on strengthening its business in the US — where it saw strong growth last year — and developing its suite of products, a company spokesperson tells Sifted.
7/ Shop Circle
Round size: £14.9m (Beauhurst data)
Round date: April
Total funding: £69.3m (Beauhurst data)
HQ: London
Shop Circle buys up e-commerce sellers and helps them grow with its platform of user experience and shop management tools. Its £14.9m raise was worth a 23.6% stake in the business, according to Beauhurst.
The company could not be reached for comment.
8/ Resolution Therapeutics
Round size: £14.9m (Beauhurst data)
Round date: April
Total funding: £58.5m (Beauhurst data)
HQ: Edinburgh
Resolution Therapeutics is a biotech developing treatments for inflammatory organ diseases via cell therapy. The raise was worth a 35.5% stake in the company, according to Beauhurst. The company last raised a £10m Series A in April 2022.
Resolution Therapeutics could not be reached for comment.
9/ Pollinate
Round size: £14.5m
Round date: March
Total funding: £135m
HQ: London
Pollinate is a SaaS startup that provides banks with a suite of digital tools to sell to merchants — including a payment management platform, digital loyalty schemes and marketing tools.
Pollinate declined to comment on the raise.
