South West businesses raise more than £176 million in equity investment last month

Gapsquare CEO

Companies raised more than £176 million in equity funding in the SouthWest last month, according to Briony Phillips, writing for Tech Spark, the not-for-profit network for the digital technology cluster in the West.

That includes a $50 million Series D round by Bristol-based Ultraleap and $18 million in Moneyhub in their largest round yet.

Briony is Scaleup Lead at Rocketmakers, a Bath-based software development agency that designs technology for startups, scaleups and corporations.

Bristol-based XCD HR secured a further £3m from investors BGF to facilitate acquisition of recruitment software company Hireserve:Ultraleap, in Bristol, received its investment from Image Frame Investment, a Tencent subsidiary, of $50 million (nearly £35 million). The investment forms just the first phase of the company’s Series D round.

Bath-based Somnus Scientific has raised £600,000 to improve patient survival and recovery rates following anaesthesia. The funding comes from a combination of private investors and a cornerstone institutional investor Utilico Emerging Markets Trust plc.

Moneyhub Enterprise, an open finance data, intelligence and payments platform based in Bristol, announced its largest investment round to date. $18m will fund its rapid expansion into new markets.

Comentis, based in Stroud, secured £200,000, against a pre-revenue valuation of £2m. Funding has been secured from senior figures from legal and financial services, with the support of Invest West. The Cognitive Assessment Engine (CAE) – uses technology to deliver the clinical expertise of renowned mental health experts to legal firms during the risk assessment process.


August has already produce deals with Bristol-based TravelLocal and GapSquare announcing significant deals.