INSIGHTS / News

BOXARR team are delighted to raise £2.1m funding

• SETsquared Bristol ventures have raised over £4million in investment in Q1
• Investment is a mixture of Angel, VC, investor funds and crowd funding sources
• BOXARR lead the incubator with over £2million

SETsquared Bristol, part of the global number 1 incubator programme SETsquared, has today announced that over £4million in investment has been raised by its members in Q1 this year. Last year, saw the incubator’s most successful investment raise in a year with over £130 million and judging by this year’s January to March results, 2018 could easily achieve the same.

BOXARR lead the group having raised £2,100,000 to underpin its global growth plans to extend its sophisticated system modeling and analysis tools which help complex organisations such as aerospace, defence, automotive, manufacturing, transport and finance healthcare, to optimise their operational performance. YellowDog also scored significant investment to the tune of £1.2 million to spur business growth with their Limitless Compute business model into new markets.

Alasdair Pettigrew, CEO, BOXARR, said:

“We are delighted to have raised £2.1m recently to finance BOXARR’s drive to achieve global growth. This means we can now recruit the all-important technical sales team.  We will also push forward with key technology developments to further stretch our lead in solving our major blue-chip customers’ complexity challenges.  The support of SETsquared Bristol in helping our successful fundraise has been critical, in particular in instilling confidence with our existing patient and very supportive investors; IP Group and Parkwalk Advisors.”

Other members who successfully raised between January and March this year include AutonoMe with £350,000, Good Sixty who over funded on their crowd fund bringing in £193,000, Graphix Asset achieved £42,750, over £150,000 was raised by NuNano and Synseer brought in £100,000.

Crowd funding is an alternative route to investment that Good Sixty undertook in its recent raise. Chris Edwards, Good Sixty’s CEO, explains why:

“We chose to undertake a crowd funding route as we felt that the Good Sixty business model is appealing to many people who love great food and would love to support independent businesses. We not only succeeded but also overfunded and raised almost 130% of our target, which ensured us that there is a huge demand the Good Sixty service. This round of investment will give us an opportunity to expand Good Sixty to other cities, develop our platform, provide our customers with even better service and most importantly, help local independent food thrive across the UK.”

Commenting on the success, Emma Thorn, Centre Director said:

“Our members never fail to surprise me in their tenacity and ability to raise investment. With a collective total of over £4 million in just the first three months of this year, I’m excited about what can transpire for the remainder of 2018. We’ve got such an exciting array of start-ups particularly through our partnerships with Oracle and IoT Boost which means that expectations are high. Congratulations to all our members who have successfully raised investment – we’re proud of their achievements.”

Other members are actively progressing their investment plans and offers to be announced during the year. Any investors interested in SETsquared Bristol’s venture opportunities should contact Emma Thorn at [email protected]