Summits Yellow

Investment Round: Metail, Darktrace, Provenance, Push Doctor

Alex Spencer

Investment Round is our weekly update on which firms have secured new funding, which areas are seeing the most financing, and who is putting up the cash that enables these companies to keep pushing the capabilities of mobile marketing further.

Metail gets £10m to take its virtual fitting room to Asia
Metail has raised a £10m Series B led by Hong Kong-based apparel manufacturer TAL.

Metail’s platform enables shoppers to create a 3D model of themselves, which they can ‘dress’ in the clothes being sold online, to give them a better idea of how they’ll fit, and reduce the number of returns for online retailers.

This is the second time TAL – which makes clothing for the likes of Burberry, Michael Kors and Under Armour – has invested in Metail, having led a £10m round back in 2014.

The funding will be used to scale Metail’s operations and presence in Asian markets.

"The Asian focus on innovation in the fashion supply chain has meant that TAL has looked to Metail to provide breakthrough technology for garment digitization and data collection,” said Metail founder and chief executive Tom Adeyoola.

$75m for Darktrace’s AI-powered ‘immune system’
Cybersecurity firm Darktrace has raised $75m in its Series D financing round.

The round was led by Insight Venture Partners, with participation from existing investors Summit Partners, KKR and TenEleven Ventures.

Darktrace’s Enterprise Immune System technology uses machine learning and AI algorithms to keep up with the evolution of cyberattacks, in order to detect and respond to them.

Founded in Cambridge in 2013, the company now has 500 employees, a figure that has doubled in the past 12 months. In the same period, it has also increased its total contract value by 140 per cent, to $200m.

“In just four years, Darktrace has established itself as a world leader in AI-powered security,” said Insight Venture Partners managing director Jeff Horing. “Insight is proud to partner with Darktrace to continue to drive its strong growth and superior product market fit.”

Provenance raises $800k to increase supply chain transparency – using blockchain
Provenance, a UK startup with an unusual application for blockchain technology, has secured $800,000 of private investment.

Provenance offers blockchain-based software which can assigns a ‘digital passport’ to food and drink products, tracking their journey so that customers have a more transparent view of the supply chain, in order to better inform their purchase decisions.

“Our mission at Provenance is to improve the lives and well-being of the people behind consumer products by bringing trusted, accessible information to commerce.” says Jessi Baker, CEO of Provenance. “This funding will help us develop our tools to meet the business need for more trustworthy supply chains whilst empowering shoppers to make a positive impact.”

Investors include Humanity United, startup accelerator Plug and Play Tech Center and a number of angel investors.

Provenance is launching its first 100 ‘transparent products’ this October, and is aiming to work with over 1,000 food and drinks businesses by 2025.

Push Doctor gets $26.1m for digital GP appointments
Manchester-based digital health firm Push Doctor has raised $26.1m in a Series B funding round.

Push Doctor offers a platform for connecting patients to UK GPs, booked and carried out on its website or app ‘in as little as six minutes’. It’s a similar concept to Sweden’s KRY, which landed €20m funding just last week.

Push Doctor’s round was led by Accelerated Digital Ventures and Draper Esprit, with participation from Oxford Capital, Partech Ventures and Seventure Partners.

“This recent funding round will see us boost our growth in customer numbers and take significant steps in our ambition to become the preferred consumer digital health care brand in the world,” said Eren Ozagir, founder and CEO of Push Doctor.

The company says it also intends to use the funding to bring new products to market, starting later this year, in order to expand its value proposition for patients.