Kennet Raises €266 Million for Sixth Fund to Back European B2B SaaS Stars

London-based growth equity firm Kennet has secured €266 million for its sixth fund, marking its largest fundraise to date. The firm plans to invest in high-potential B2B SaaS companies across Europe, building on its successful track record of backing early-stage tech businesses.

Kennet has already deployed capital from the new fund into promising European SaaS startups, including Screendragon and Fluid Topics. The firm's 25-year history of backing tech innovators has yielded impressive returns, with recent exits such as Eloomi, Nuxeo, Dext, CrossBorder Solutions, Rimilia, and Impartner generating significant value.

Kennet specialises in partnering with founder-led B2B SaaS companies that demonstrate strong growth potential and capital efficiency. The firm provides growth capital to help these businesses expand internationally, strengthen their management teams, and enhance their strategic value.

Michael Elias, Managing Director at Kennet Partners, said: “At a time when the market has recognised that ‘growth at any cost’ is no longer rational, our long-standing conservative strategy has appealed to investors. Kennet’s risk-balanced strategy provides investors with the growth associated with innovative technology, while maintaining a low failure rate. We have proven over numerous fund cycles that capital efficient B2B SaaS businesses offer attractive investment opportunities and that helping entrepreneurs build outstanding management teams and enter global markets remains a winning formula.” 

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Eatron Technologies Secures Multi-Million Dollar Investment

Warwick-based AI battery software specialist Eatron Technologies has raised a substantial investment to fuel its growth.

The company has successfully closed its A2 Series funding round, securing a multi-million dollar injection led by LG Technology Ventures. Existing investor MMC Ventures, who led Eatron’s Series A, participated alongside 100th Year Venture Capital and the Türkiye Development Fund (TDF).

This significant financial backing will empower Eatron to accelerate the development of its cutting-edge AI-powered software platforms. The company will focus on expanding its suite of embedded and cloud-based features, designed to optimise battery performance, efficiency, and safety for electric vehicles and battery manufacturers worldwide.

Eatron’s comprehensive software solutions, spanning from device-level to cloud-based systems make them a leading developer of AI-powered battery management software for the automotive sector. Headquartered in Warwick, UK, the company’s technology is used by global electric vehicle and battery manufacturers to optimise battery performance.

“Securing funding in a difficult global financial market can be a challenge, so naturally we’re delighted that our expertise and achievements have been recognised as we continue to lead the way in software-defined batteries,” said Dr Umut Genc, founder and CEO of Eatron.

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London-based pension fintech Jarvis secures £1.8 million in seed funding

Jarvis, a fintech company focused on helping employees plan for their ideal retirement, has raised £1.8 million in seed funding. The London-based startup will use the investment to expand its operations and develop new products that integrate with the wider pension ecosystem.

The funding round was co-led by Ascension VC and Cornerstone VC, with participation from Tokio Marine Future Fund.

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GigPig Boosts Live Music Scene with 471% Gig Growth

Manchester-based live music marketplace, GigPig, has experienced phenomenal growth, increasing the number of gigs facilitated by almost 500% in the past year. This surge has led to a significant boost in income for artists and revenue for venues.

With over 4,000 gigs organised monthly across the UK (up from 700 in June 2023), GigPig has connected 7,000 artists with over 1,500 venues. The platform’s mission to revitalise the live music scene is evident in the staggering 41,000 gigs hosted since its launch two years ago.

“It’s incredible to see our dream become a reality,” said GigPig co-founder Kit Muir-Rogers. “We have increased the number of venues growing with live music significantly, and this has helped create gigging opportunities for more than 7,000 artists.

“We’re starting to see the impact this is having in towns and cities across the country, with live music increasingly part of local pubs and bars offerings, while hundreds of artists are signing up to GigPig every week to earn some extra money gigging.

By simplifying the booking process for both artists and venues, GigPig has saved venues over £3 million in operational costs while injecting over £10 million into the artist economy. The recent launch of the GigPig artist app has further streamlined the experience for musicians.

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Flo Health, a fertility tracking app, secures $200 million investment

London-based Flo Health, a leading fertility and period-tracking app, has raised a substantial $200 million in Series C funding from General Atlantic. This investment propels the company's valuation to over $1 billion, marking a significant milestone as the first "purely digital" femtech app to achieve unicorn status.

Despite facing regulatory challenges and a broader economic downturn, Flo Health has experienced remarkable growth, boasting 380 million users globally and a monthly active user base of 70 million. To fuel further expansion, the company plans to invest in user acquisition, expand its offerings to include menopause and perimenopause support, and explore potential acquisitions.

"We believe Flo is a category leader and look forward to leveraging our deep expertise across disruptive consumer technology and subscription platforms to support the company’s continued growth.” - said Jessie Cai, principal at General Atlantic

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