Welcome to the Scale-Up 50, our annual list in partnership with CFC, Cooper Parry, HSBC Innovation Banking & Scaling Europe, spotlighting the top tech scale-ups in the UK. Since 2023, we’ve selected 50 companies each year that are innovating, growing rapidly and making an impact in their respective industries.
Previous lists featured recognisable names including Carmoola, Griffin, Flo, Stream, Olio, Moneyhub, PolyAI & Luminance.
Rising to the challenge
If there’s one word that captures scale‑ups in the last year, it’s resilience. Despite macroeconomic uncertainty, these businesses have continued to survive and thrive with impressive revenue growth.
Reaching true scale‑up stage is exceptionally rare. Only a small fraction of start-ups secure funding, find product‑market fit, and build the revenue needed to break out.
The companies in our Scale-Up 50 have beaten the odds, turning innovative ideas into real teams, loyal customers and sustained growth. But the next stage brings its own pressures: international expansion, complex governance, investor expectations, and the kinds of issues that can stall progress such as IP disputes, employment challenges, cyber incidents and more.
Capsule exists because momentum is fragile. We work with UK scale-ups to help ensure that one unexpected event doesn’t derail what they’ve worked so hard to build. These companies are shaping the next chapter of UK tech; our role is simply to help keep them moving.
Looking back at 2025
We saw the largest ever Series B round in European history and phenomenal global expansion across the board. Yet, crucially, there’s also been a noticeable trend for keeping HQs on home soil, signalling much-needed confidence in the UK as a base for scalable innovation. There’s a sense of optimism out there, and investors clearly feel it too with UK tech scale‑ups raising around £6.8bn in Q3 2025 alone, and growth capital also surging. These are all great signs for the strength of the ecosystem.
AI and deep-tech continue to drive big rounds of investment, and the government is actively building institutional support and policy frameworks. While there are still challenges, the foundation is set for the UK to achieve its potential as a global powerhouse for large-scale investment and innovation.
Celebrating the game changers
At Capsule, we’re hyper-focused on the growth journeys of both the scale-ups we partner with and the wider playing field. This is what we’re celebrating here with another Capsule Scale-Up 50 – our definitive guide to the UK’s boldest, brightest and most exciting tech scale-ups of the year gone by. From next-gen FinTechs to game-changing MedTechs, you’ll find a great range of sectors making up the list.
So without further ado, let’s celebrate the UK pioneers, category creators, innovators and scalers that have stood out and made the world take notice over the past year…
Funding amounts have been converted to GBP where applicable. Figures are accurate as of December 2025.
Capsule Scale-Up 50 2026 List
Alchemab
Led by Chief Executive Jane Osbourn OBE, Alchemab has been transforming drug discovery since 2019. From its London HQ and labs in Cambridge, Alchemab harnesses its AI-enabled platform to identify protective autoantibodies from individuals who are naturally resilient to various diseases, developing therapies that can work for everyone else, creating a happier, healthier world.
Alchemab describes its AI‑enabled platform as operating “like a search engine for the immune system.” It sifts through their DataCube, a database of more than 6,000 patient‑derived antibody samples, to find shared, protective immune patterns that don’t appear in people with fast‑progressing disease.
In 2025, Alchemab moved its first ALS drug candidate into the clinic, secured a major licensing deal with Eli Lilly in May worth $415 million, and just four months later, a £23.4 million Series A extension – bringing its total Series A investment to date to £83.4 million.
Ascendx Cloud
In just three years, Ascendx Cloud has grown to support more than 500 enterprise clients across 40 countries by layering AI onto the systems businesses already use.
Led by co‑founders Ufuk Civilo and Bertan Ilbak, Ascendx builds tools that make CRM systems, like Salesforce, smarter and more efficient, helping teams automate tasks, manage customer data, and work faster at scale.
In 2025 alone, it raised £85.4 million in a joint equity and debt round led by Osprey Investors and Columbia Lake Partners, and signed off the year with a definitive agreement to acquire GRAX and merge it with CapStorm.
Attio
Attio's mission is to build the AI-powered CRM for the next era of companies, letting teams model their own workflows, automate complex processes, and build go‑to‑market systems without the constraints of legacy tools, with their latest Series B funding round led by GV (Google Ventures) helping them achieve it.
With participation from existing partners, including Redpoint Ventures and Balderton Capital, Attio raised £38.1 million, taking its total funds raised to £91.3 million.
With it, founder Nicolas Sharp is scaling engineering, expanding globally, and accelerating the development of the software that will reinvent CRM for the AI era, with Capsule providing insurance support as Attio continues to grow.
Clove
Clove has emerged from stealth to make ‘make money make sense’ in the modern day.
Serial entrepreneurs Christian Owens (founder of UK FinTech unicorn Paddle) and Alex Loizou (co-founder of retail discovery platform Trouva) burst onto the scene in October 2025 with a £10 million pre-seed round already under their belt, led by Accel.
Clove is redesigning the advice process from the ground up. Today, much of what financial advisers do isn’t actually advice, it’s admin. Their model uses AI to automate those administrative tasks, allowing regulated advisers to spend more time giving real guidance. This makes advice cheaper to deliver, easier to access, and scalable to far more people than traditional firms can reach.
Their hybrid AI‑and‑human model positions them to deliver high‑quality advice at scale, ahead of a full UK launch planned later this year.
CoMind
CoMind was founded by now-25-year-old James Dacombe when he left school at 16, and it has been revolutionising brain healthcare with its non-invasive technology ever since.
CoMind’s tech uses low‑power laser light to measure critical brain parameters without drilling into the skull, offering a safer and more accessible alternative to traditional invasive monitoring.
Its latest funding injection of £76.7 million was led by Plural with participation from other key investors, and will advance regulatory approval of its first product: CoMind One.
With £107.5 million raised in total, the funds will also support the completion of additional clinical trials, team expansion, and manufacturing partnerships – with aims to start selling CoMind’s medical device in 2027.
Connected Kerb
Connected Kerb has been supporting the UK’s transition to electric vehicles since 2017 through the delivery of smart, community-focused charging infrastructure. The company specialises in providing long-life, future-proof solutions for residents without access to off-street parking, working closely with local authorities to install and operate charge points on residential streets and in public car parks.
Its approach places critical hardware underground to protect it from damage, while modular above-ground chargers can be upgraded without additional street works. The infrastructure is designed to support smart charging and emerging technologies such as 5G, IoT connectivity and air-quality monitoring, enabling long-term adaptability.
Beyond on-street residential charging, Connected Kerb delivers solutions for workplaces, retail destinations, commercial real estate and residential developments. In early 2025, the company secured £65 million from the government’s National Wealth Fund and existing shareholder Aviva Investors to support continued growth and nationwide rollout.
Recognised for excellence in delivery and customer experience, Connected Kerb was named Best On-Street EV Charging Provider 2026 by Zapmap EV drivers and included in The Sunday Times Hundred Tech 2026, celebrating Britain’s fastest-growing private technology companies.
Committed to inclusivity, convenience and reliability, Connected Kerb’s ambition is to ensure no one in the UK lives more than a five-minute walk from a charge point, supporting the expansion of accessible public charging at scale.
Gravitee
Founded in 2015 by a team of open-source pioneers, Capsule client Gravitee helps companies manage the ever‑growing complexity of APIs by giving them one place to design, secure and monitor all the connections their systems rely on.
This means businesses can avoid blind spots, spot issues faster, and keep their digital services running smoothly. Already serving more than 200 businesses from offices in London, Denver and Lille, 2025 has been a pivotal year for the company.
In 2025 it announced £44.8 million in Series C funding led by Sixth Street Growth, bringing its total funds raised to an incredible £92.4 million. This new investment is helping Gravitee improve its platform, expand into new markets and make it easier for companies to manage APIs, real‑time events and emerging AI‑driven systems.
Many companies already have AI agents running without proper oversight. By giving firms simple tools to keep these agents’ API actions safe and controlled, Gravitee is filling a critical gap in modern systems and becoming a trusted partner for organisations pushing into more advanced automation.
HIVED
Delivering the goods from the footy pitch to the streets, former Manchester City Women’s youth team captain Murvah Iqbal, alongside Mathias Krieger, founded B Corp-certified HIVED in her mid-20s, building what became the UK’s first fully electric, tech‑enabled parcel delivery network designed for ecommerce.
Five years later, it has delivered more than 6.5 million parcels across London for the likes of John Lewis, H&M and Gousto, achieving a 99% on‑time rate through its AI‑powered HIVEDmind platform.
In May 2025, HIVED announced a £31 million Series B funding round led by NordicNinja and expanded into eight UK cities later that same year, making it the exciting scale‑up to watch in the sustainable logistics arena!
Hubber
In 2024, three members of Tesla UK’s Supercharger team left to start the specialist EV charging infrastructure platform Hubber.
Harry Fox, Connor Selwood and Hugh Leckie oversaw the delivery of more than 100 Tesla Supercharger sites and 1,200 ultra-rapid chargers nationwide in their previous day job.
With Hubber, they set out to fix what they call the “urban charging gap” by transforming overlooked spaces into high‑powered charging hubs built for taxis, delivery drivers and other city‑based fleets.
In August 2025, they secured £60 million in funding led by former Head Trader at Elliott Advisors James Bayliss and former CFO of the British Business Bank Christopher Fox. With it they immediately opened their first Hubber charging site, with 30 more on the horizon.
Hyperlayer
Hyperlayer was founded in 2023 as the B2B venture of UK FinTech HyperJar and is led by CEO Robert Rooney. The company lets financial firms build and launch personalised products quickly through its modular platform.
It sits on top of a bank’s existing systems, allowing teams to set rules in plain language that the platform turns into compliant code, and it connects directly into their current tech so new features can be launched without major changes.
They’ve already totalled £75.8 million in funds raised after completing a £30 million round in October 2025 led by CDAM, and stand out for giving financial institutions a faster, lower‑risk way to innovate.
With fresh investment behind it and growing demand from major financial institutions, Hyperlayer is now positioned to scale globally and push its programmable finance model into new markets. Their next phase of expansion signals a company moving quickly from rising innovator to essential infrastructure for modern financial services.
Jack & Jill
Founded by Matthew Wilson and Saaras Mehan, Jack & Jill streamlines recruitment for both candidates and employers through the power of conversational AI agents, with Wilson having previously co-founded and scaled HR tech company Omnipresent from a startup to a $600 million valuation in under three years.
In October 2025, seven months after its inception, Jack & Jill raised £14.9 million in seed funding led by Creandum to support its San Francisco launch as part of wider international expansion plans.
Beyond the raise, they have already worked with 50,000 candidates and hundreds of high‑growth companies, showing fast early traction.
As they scale into new markets and build out a more intelligent hiring ecosystem, they’re already part of the growing group of fast‑moving tech companies that trust Capsule for insurance support as they expand.
Marshmallow
Identical twins Oliver and Alexander Kent-Braham launched Marshmallow in 2017 to give people moving to the UK fairer access to car insurance, building the company with their co‑founder and chief architect, David Goaté.
Now, Marshmallow aims to create a holistic financial platform to meet the needs of migrants, and raised £68 million towards their refined mission in April 2025, with a combined debt and equity round to almost double its valuation to more than £1.5 billion, making it one of Britain’s first Black‑owned unicorns.
The company also stands out for its mission‑led approach, all reinforcing its ambition to support people moving not just to Britain but to countries around the world.
Maze
Founded in 2024, Maze develops AI agents that drop into cloud systems to investigate security issues, cut through false positives, and fix vulnerabilities that lead to breaches.
Led by an expert team with backgrounds at Tessian, Elastic, and Amazon, Maze built on its early momentum with an £18.4 million Series A round in June 2025, led by Theory Ventures alongside existing backers Cherry Ventures and Tapestry VC, taking its total funding to £23.1 million.
The company’s story began with months of conversations between security leaders who all described the same challenge - vulnerability backlogs getting worse while attackers moved faster with AI. This convinced the founders to build a new kind of security tool from the ground up.
Today, Maze stands out as a rising scale‑up using practical, self‑directed AI agents to make cloud security simpler, quicker, and far more effective.
Mimica
Mimica is bridging the gap between how work is done today and how it can be transformed with agentic AI. Led by co‑founders Tuhin Chakraborty and Raphael Holca‑Lamarre, the company uses AI‑powered task mining and process intelligence to capture employee workflows and convert them into detailed process maps. This gives organisations the context they need to train and operate AI agents reliably and at scale.
Supported by a £19.5 million Series B funding round led by Paladin Capital Group, Mimica has grown annual recurring revenue by more than 570% in the last 18 months and now works with over 30 large enterprises, including several Fortune 500s.
By uncovering the hidden rules and variations behind everyday tasks, Mimica solves one of enterprise AI’s biggest challenges and provides a clear blueprint for automation that actually works in the real world.
Modo Energy
Using its own AI-powered software systems, Modo Energy sets the global standard for benchmarking and valuing electrification assets such as batteries, renewables, data centres and flexible loads.
Behind the company are co‑founders Quentin Scrimshire and Tim Overton, whose focus on transparent forecasting and modelling has helped Modo become a trusted source for asset owners and operators across Europe, North America and Australia.
They ended 2025 on a high note with a £25 million Series B round led by Molten Ventures , taking total funding to £47.5 million and accelerating their plan to grow from 5 to 20 markets. Recent developments include the launch of an AI Analyst designed to help energy companies make clearer decisions and better understand the value of large‑scale battery assets.
Modo Energy is shaping how the world understands and values electrification, and its expanding reach makes it an influential company to watch in the transition to a cleaner, smarter energy system.
Mondra
Founded by Jason Barrett (who founded, grew and sold Sumotech), Mondra unlocks supply chain intelligence for food system resilience within food companies and retailers. Its platform uses digital twin technology to map supply chains in detail, helping businesses track carbon emissions, price volatility and climate‑related risks across its networks.
It also launched Sherpa, an AI assistant that lets retailers query emissions data in plain language and test changes, even helping one user cut the footprint of a lasagne by 18%.
In October 2025, it raised £10 million in Series A funding, taking its total funds raised to £14.6 million to accelerate its expansion into Europe and strengthen its AI-driven platform.
These advances, combined with its role in bringing unprecedented transparency to supply chains, make Mondra one of the standout climate‑tech companies reshaping how the food industry moves toward net zero.
Monet
Monet is a financial copilot platform for agencies in advertising, content production, and digital media, built to fix the sector’s long‑standing cashflow barriers and delayed supplier payments.
Their platform brings financing, payments, payroll, and campaign‑workflow tools into one system, giving agencies real‑time visibility and access to short‑duration credit underwritten against live campaign data.
The clever concept piqued the interest of senior banking figures and angel investors Paul Rippon of Monzo and Starling, Michael Fischer of Modern Capital Group, and specialist venture firm Force Over Mass. Together, they brought forward £17 million in early-stage capital in July 2025.
Monet is already being used by agencies producing major campaigns across TV, gaming, music, and social media, including teams behind high‑profile digital formats, building the financial backbone that creative businesses have been missing and giving agencies the ability to scale without friction.
Noah
Noah is the brainchild of ex-Visa and Adyen executives Shah Ramezani and Thijn Lamers, bringing a faster and cheaper alternative to cross-border payments than traditional counterparts.
Its platform runs on an innovative stablecoin‑powered payment system, designed to move money instantly across global markets. This technology will continue to develop following a £16.3 million seed round led by LocalGlobe in June 2025, which is also supporting Noah’s expansion into major fintech hubs across the US, Europe and Asia, alongside accelerated licensing efforts.
Noah is already proving why it matters. Its partnership with NALA enables instant USD settlement and fast payouts across emerging markets, showing how it solves long‑standing delays and high costs in global money movement.
Nourished
Award-winning entrepreneur and food technology visionary Melissa Snover brought 3D-printed personalised nutrient gummy stacks to the market in 2019 with her Birmingham-based company, Nourished.
The company uses 3D‑printing to create custom gummy vitamins based on a short lifestyle quiz, with each stack made fresh to order, vegan, sugar‑free, and packaged in plastic‑free, compostable wrapping. The idea began when Snover spilt a bag of vitamins at airport security and realised there had to be a simpler, all‑in‑one solution.
After landing 27 patents, expanding into four European countries in 2024, and launching in Boots and Holland & Barrett in 2025, it raised £9 million in funding in September from Suntory, ADM, UPSA and West Midlands Co-Investment Fund. Nourished plans to use it by expanding its manufacturing footprint, boosting capacity and supporting further market share gains across key regions like the US and Asia.
As it scales across new regions, Nourished continues to show how smart technology and simple ideas can transform an entire sector.
nPlan
nPlan uses AI to predict how major projects will perform in the future. Its platform analyses more than 750,000 completed project schedules to forecast risks, spot hidden delays, and keep complex infrastructure programmes on track, with its models already supporting over $500B in live projects worldwide.
They’re used by major infrastructure players, including HS2, Network Rail, the Transpennine Route Upgrade and Anglian Water, to improve the certainty and delivery of their programmes.
The company was founded to counter optimism bias in construction, later launching “Barry,” its AI project‑controls assistant used by major owner‑operators.
In October 2025, nPlan raised £11.9 million in Series B funding led by CapHorn, bringing its total funds raised to £28.1 million.
Together, these achievements position nPlan as a strong force shaping the future of global project delivery.
Nscale
Launched out of stealth mode in May 2024, Nscale provides the high‑performance computing power needed to train and run modern AI systems.
They have become one of Europe’s fastest‑growing AI infrastructure companies, receiving £115.7 million in Series A funding in December that year to develop data centres in Europe and North America, but this was dwarfed by its following funding round in September 2025. Marking the largest Series B in European history, it raised £821.4 million.
Days later, it announced the closing of a $433 million Pre-Series C SAFE and soon after signed an expanded deal with Microsoft to roll out around 200,000 high‑end Nvidia graphics processors across new AI data centres in Europe and the US.
Nscale sure does like to go large, this marked one of the largest AI infrastructure deals to date. Their scale, speed, and ability to secure billion‑dollar AI deals place it firmly among the most ambitious infrastructure builders shaping the next wave of global AI capacity.
Nu Quantum
Nu Quantum is on a mission to realise commercial quantum computing at scale, unlocking the projected $1 trillion quantum computing market.
The Cambridge-based company builds quantum networking technology that interconnects quantum processors into a more powerful distributed quantum computer.
Since starting in 2018, Nu Quantum has cemented itself as the category creator and leader in distributed quantum networking technology. And in December 2025, closed a $60 million Series A round led by National Grid Partners. The funding will be used to accelerate their mission to reach fault-tolerance, distributed quantum computing, and international expansion. Adding to this, Nu Quantum has opened new laboratory facilities to validate its technology and double its research capacity. These milestones position Nu Quantum as a key player in making large‑scale quantum computing commercially viable.
Numan
Numan is a digital health platform focused on prevention, longevity, and personalised care at scale. Founded by Sokratis Papafloratos, it brings together obesity management, hormonal health, diagnostics, clinician consultations, medication, and supplements in one seamless experience, helping patients proactively manage their health.
Over the past two years, Numan has scaled rapidly, growing revenues from £23m to more than £157m, with revenues more than doubling in the past year alone.
This growth reflects accelerating demand for personalised, holistic digital care, delivered at scale with strong patient outcomes.
Nyobolt
Co-founders Sai Shivareddy and Clare Grey spun Nyobolt straight out of Cambridge University to pioneer high-power ultrafast charging technologies. Their integrated energy solutions deliver up to 20x more power, charging power-intensive applications in minutes and slashing downtime to zero.
2024 saw Nyobolt hit more than £6.7 million in revenue, and it’s recently added some funding to that figure too. In April 2025, it raised £22.6 million, thanks in large part to IQ Capital and Latitude, the sister fund of LocalGlobe. This brings the total raised to £90 million.
Nyobolt has quickly positioned itself as a leader in next‑generation electrification, with award‑winning innovations and deployments, from six‑minute‑charge EV demonstrators to integration inside autonomous robots. Showing why they stand out as one of the most exciting scale‑ups to watch in 2026.
OpenTrade
OpenTrade is bringing “yield-as-a-service” into reality for FinTechs, exchanges, and neobanks. Its platform provides the underlying infrastructure so these companies can plug stablecoin yields directly into their apps, turning a complex financial process into something users experience effortlessly. And thanks to their latest funding injection, it won’t be long before it goes to market.
In June 2025, OpenTrade raised £5.2 million in strategic funding, led by Notion Capital and Mercury Fund with participation from existing investors AlbionVC, a16z crypto, and CMCC Global.
An interesting part of their focus is on regions hit hardest by inflation, such as Argentina, Colombia, and Mexico, where they help everyday users earn meaningful yields that local banks often cannot match.
Ori
Ori provides the computing power and software that businesses need to run advanced AI. Instead of building their own data centres, companies use Ori to access high‑performance GPUs and a platform that lets them train, deploy and scale AI models easily and securely.
With 20 locations, partnerships with global firms like Supermicro and Dell, and status as one of the UK’s first AI infrastructure companies to deploy Nvidia’s H200 chips, Ori has hit milestone after milestone since launching in 2019. Its platform now helps large corporates, enterprises and AI scale-ups power and control their own AI clouds.
In early 2025, it opened the door to the Middle East, with strategic investment from Wa’ed Ventures to the tune of £140 million. Ori is also backed by Telefónica, NextEra Energy, Episode 1 Ventures, and 6DC.
The company is also deeply involved in shaping UK AI policy, meeting officials at 10 Downing Street to support the growth of AI cloud infrastructure. With rising revenue, strong investor interest, and a big role in Europe’s race to build AI capacity, Ori is making leaps forward.
Phoebe
Introducing the ‘first immune system for software’. Phoebe, a platform that uses swarms of AI agents to keep software running without downtime. It continuously watches live system data, spots issues as they start to form, and automatically generates code or configuration changes to fix them, often before customers ever feel the impact
They were founded in 2023 by Matt Henderson and James Summerfield (former CEO and CIO of Stripe Europe, respectively), and only two years later, announced £12.6 million in seed funding led by GV (Google Ventures) and Cherry Ventures as well as the public launch of their platform.
The founders’ motivation comes from years of dealing with software failures in high‑pressure roles, which led them to re‑imagine how incidents should be managed. The platform is already in production with companies like Trainline and PPRO, rare for a scale-up at seed stage.
Phlux Technology
Phlux was forged in the University of Sheffield in 2020, where it started building infrared sensors with the vision of a connected and clean future. They’re solving the long‑standing bottleneck of weak signal detection in optical communications by creating far more sensitive, ultra‑low‑noise infrared sensors, enabling systems to send and receive data much faster than traditional sensors ever could.
Since its £4 million seed funding round led by Octopus Ventures in 2022, the company has built a global, fabless supply chain to address high-volume markets, and it already serves customers in Asia, Europe and North America.
Ready to take things even higher, Phlux announced a £9 million Series A funding round in March 2025 led by BGF. With it, the team plans to enable the next generation of fibre broadband connectivity and drive expansion into the optical communications and sensing markets.
PhysicsX
PhysicsX is building an AI-native engineering platform embedding physics AI directly into industrial workflows to accelerate development cycles, maximise performance, and enable system-level optimisation across the full product lifecycle.
The company partners with leaders across aerospace & defence, automotive, semiconductors, materials, and energy to solve high-stakes, real-world engineering challenges.
Founded in 2019, PhysicsX is a team of 260+ machine learning researchers, engineers, and operators across London and New York.
In 2025, the company raised a $155M Series B from leading global investors, including Atomico, General Catalyst, NVIDIA, Applied Materials, and Siemens, to accelerate the transition to AI-native engineering.
PhysicsX is also collaborating closely with key ecosystem players through strategic, multi-year partnerships, including Microsoft and Deutsche Telekom.
Pulpex
Pulpex is a sustainable packaging technology company that has developed a unique, fibre-based bottle solution free from hidden plastic – manufactured from sustainably sourced wood pulp designed to be recycled in the same way as paper or card.
This is one of the first fully plastic‑free bottle solutions, backed by partnerships with companies like Diageo, PepsiCo, Unilever and Kraft Heinz, who are developing products using Pulpex’s technology.
Based in Cambridge, the sustainable tech scale-up keeps scaling, with £62 million raised in a Series D funding round in February 2025, led by National Wealth Fund and Scottish National Investment Bank.
With a total of £101.3 million raised to date, Pulpex’s first commercial-scale manufacturing facility near Glasgow comes into focus, capable of producing up to 50 million bottles a year and forming the UK’s first fibre‑bottle supply chain.
Ravio
Ravio gives companies real‑time compensation data so they can pay people fairly and competitively using current market information rather than outdated salary surveys. This replaces the old industry model where businesses rely on pay data that’s 12–18 months old, creating problems like underpayment, pay inequity, and poor hiring decisions.
With Ravio on their side, companies like Just Eat, Wise, Mollie, Adyen, Zoopla, Skyscanner, and Octopus Energy have changed how they manage compensation with real-time market data and tools that support faster, more accurate pay decisions.
Co-founders Merten Wulfert, Roy Blanga, and Raymond Siems originally got the idea for Ravio during the early days of building Deliveroo when running compensation reviews.
Fast-forward to May 2025, and a Series A raise of £9 million led by Spark Capital has brought Ravio’s total funds raised to £17.1 million. With this fresh backing and growing demand for live pay insights, Ravio is positioning itself as the new benchmark for fair, modern compensation.
Relay
Founded in 2022 by Jonathan Jenssen and Nicole Mazza, ecommerce logistics startup Relay is reshaping how goods move in the online era, enabled by AI. Instead of relying on large, central warehouses, Relay uses small local hubs and nearby couriers to pick up and deliver parcels quickly, a simpler, smarter model that shortens travel distances and cuts costs for retailers.
By significantly reducing shipping distances, consolidating deliveries, and automating workflows, Relay drastically cuts operating expenses for itself and its merchants.
A £27.6 million funding round led by Plural in early 2025 has supercharged the tech-enabled delivery network to build out its AI and machine learning capabilities.
With a delivery model that cuts travel distance by up to 95%, AI tools that have boosted delivery compliance by 82%, and major platforms like Vinted, TikTok and THG already relying on its network, Relay is emerging as one of the most advanced and ambitious new players in UK ecommerce logistics.
Rivan
Led and founded by 30-year-old Harvey Hodd, Rivan is on a mission to decarbonise heavy industry.
By designing and manufacturing modular synthetic fuel plants, it aims to capture gigatonnes of carbon-making synthetic fuels from the air that are cheaper than fossil fuels from the ground.
Thanks to £10 million in funding led by Plural in May 2025, Rivan can drive R&D on its electrolyser, direct-air-capture and Sabatier reactor modules, as well as scale its pilot plant up to 1MW.
Rivan is growing rapidly, proving that a small, engineering‑driven team can reshape industrial energy with clean‑fuel technology.
Shop Circle
Four rounds in four years, each at a higher valuation than the last. Shop Circle, a next-generation technology holding company, is building operationally critical software and compounding it with AI.
Shop Circle acquires and develops essential business software that companies rely on to operate efficiently. After acquisition, the company strengthens each product through operational improvements, AI-driven automation, the launch of AI-native features, and enhanced go-to-market execution. The objective is simple: take already successful software and make it more reliable, more intelligent, more efficient, and easier to scale.
In September 2025, Shop Circle announced the extension of its Series B funding round to a total of $200 million, evenly split between equity and debt. Investors include NFX, QED Investors, 645 Ventures, Nextalia, 3VC, firstminute capital, and i80.
An ambitious M&A roadmap is underway, with four to five additional acquisitions planned this year, alongside continued AI product development across the portfolio. Today, more than 165,000 customers rely on Shop Circle’s products, reflecting strong market demand and sustained adoption.
Sitehop
Led by co-founder and CEO Melissa Chambers, Sitehop is a UK deep tech company building hardware-based encryption infrastructure designed for telecom networks, AI-enabled data centres and regulated environments.
As data volumes accelerate and post quantum cryptography increases computational demands, traditional software-based encryption is becoming a structural bottleneck. It reduces throughput, increases latency, and increases power consumption.
Sitehop replaces this with specialised hardware that encrypts data at line rate with ultra-low, deterministic latency and enterprise-scale throughput. Its architecture is quantum-ready, enabling secure, high-performance data movement without the performance trade-offs typically associated with strong encryption.
The company is deployed with a tier one global telco across seven countries, with financial institutions and hyperscalers as end users. It was the first external company to trial at BT’s Adastral Park and manufactures within a 50-mile radius of Sheffield, strengthening UK sovereign capability in critical digital infrastructure.
A £7.5 million raise in October 2025 led by Northern Gritstone, alongside backing from Amadeus Capital, Mercia and Manta Ray, brings total funding to £13.5 million.
As AI infrastructure investment accelerates globally, Sitehop is positioning itself as the secure transport layer for enterprise and sovereign networks in a quantum-ready era.
Skyral
Skyral creates strategic digital twins that simulate how people and infrastructure behave across whole cities and countries, giving governments and enterprises a safe way to test decisions before acting in the real world.
Founded and led by co-founders Jason Kennedy and Naomi Hulme, and chaired by Tony Blair’s son Nick Blair, it has gained rapid market adoption across defence, national security, healthcare, and infrastructure sectors globally – with over £70 million already invested in R&D.
A £15 million funding round announced in June 2025, led by NOIA Capital, will accelerate team expansion and product development, strengthening its position in key markets across Europe, North America, and Asia.
Sokin
Sokin aims to remove the borders, barriers and burdens of international payments. And it’s built a platform that does just that – streamlining cross-border accounts payable, receivable, and treasury operations for global businesses.
Its revenues have increased 100% year-on-year and are up 8x since 2022, its valuation has rocketed to £224 million, and in 2024 it acquired Norwegian FinTech Settle.
A £37.7 million Series B funding round led by Prysm Capital in December 2025 will further accelerate its global expansion and product capabilities.
It’s also backed by former senior PayPal leaders and high‑profile supporters like Rio Ferdinand, adding credibility as it pushes to become a major player in cross‑border finance.
StackOne
StackOne’s founders, Romain Sestier (CEO) and Guillaume Lebedel (CTO), have what you might call a strong working relationship, having built billion-dollar SaaS products together for Google, Oracle and Yieldify.
They’ve now taken that experience into StackOne, creating a platform that gives SaaS companies and AI builders one straightforward way to connect their products to the many tools their customers use, without the usual time‑consuming integration work.
In May 2025, StackOne raised £15.3 million in a Series A round led by GV (Google Ventures) and existing investors including Episode 1 and Playfair.
The funding will be used to continue building StackOne’s tool-calling LLM, invest in R&D, and further expand the number of integrations and depth of actions available in its platform. With this kind of progress, it’s easy to see why StackOne is gaining attention.
Sunsave
The UK has never had an FCA-authorised solar subscription service until energy startup Sunsave shone in 2021. Its model removes the upfront cost of solar panel installation, with the long-term goal to become an all-in-one home energy platform – combining software, hardware, and financing to help households save money and increase energy independence.
Its vision was propelled by a £113 million funding round in July 2025, made up of a £13 million Series A equity investment co-led by Norrsken VC and IPGL, and a £100 million debt facility from Crédit Agricole CIB.
Swap
Swap’s ecommerce operating system is connecting brands’ operations on one platform, empowering merchants with a seamless, fully integrated way to manage cross‑border pricing, taxes, returns, and inventory.
Not only does it offer agentic storefront infrastructure, but it also uses AI to forecast demand, optimise stock levels, and streamline global compliance, helping brands operate with more clarity and control.
In March 2025, it secured £32.2 million in Series B funding led by ICONIQ Growth. The investment will accelerate its expansion into the US and EU, open new regions including Australia and Canada, and further its mission.
Real customer results and strategic partnerships, including its integration with Signifyd to create a more secure cross‑border commerce experience, now place Swap as a fast‑rising leader enabling brands to scale internationally with far less friction.
TERN Group
Founded in 2023 by Avinav Nigam and Krishna Ramkumar, TERN Group helps hospitals fill critical staffing gaps by using AI to find, assess, train and relocate qualified nurses and clinicians from around the world. By bringing credential checks, visa support, training and onboarding into one platform, it replaces the slow and costly traditional international hiring process.
Healthcare systems everywhere are short of staff, with the World Health Organisation predicting a global shortage of around 18 million healthcare workers by 2030. TERN’s approach cuts hiring times by roughly 60%, reduces costs, and achieves a 96% long‑term retention rate.
Its Series A funding round led by Notion Capital raised £17.7 million. That brings its total funding to £24.8 million, which will drive expansion across Europe, the GCC, Japan, and the US. AI development and training and operations is also expected to get an injection of funds.
Hospitals say the platform gives them a reliable, compliant pipeline of permanent staff, helping reduce reliance on expensive temporary hiring.
TMT ID
Three billion phone numbers. 200 countries and territories. 100 million checks each day. That’s the data network and activity of TMT ID – leading global provider of mobile intelligence that provides age and identity verification using mobile network identity software.
In 2023, it completed the acquisition of Phronesis Technologies, a leader in mobile identity solutions. Since then, revenue from its identity and fraud product suite, which includes ‘know your customer’ and age verification, has been climbing – and it was up 80% in 2025. In November, the company secured a £30 million investment from BGF to accelerate its US expansion and innovation.
As digital fraud grows and regulation tightens, TMT ID is positioning itself as a core layer of trust for the next generation of online safety and identity assurance.
Treefera
Husband-and-wife dream team Jonathan Horn and Caroline Grey founded Treefera to shine a light on the “first mile” of global supply chains, the source of raw materials that often goes unseen but drives most supply‑chain risk.
Treefera turns satellite and drone imagery, land‑use data and environmental signals into clear, real‑time insights using adaptive AI and financial‑grade risk modelling. This gives companies a reliable view of what’s happening on the ground so they can manage risk, meet strict regulations and avoid costly disruption.
In June 2025, it secured £22.9 million in its Series B funding round led by Notion Capital. The investment will help Treefera deepen its AI-driven capabilities and data offerings, while broadening expansion into North America, APAC and Europe. Developments on the horizon include real-time commodity tracking, enhanced geospatial analytics, and regulatory compliance automation.
At its core, Treefera makes the invisible visible, helping businesses build more resilient, transparent and sustainable supply chains.
Triver
Triver was founded in 2022 by a team led by Jerome Le Luel, former Funding Circle Chief Risk Officer and Global Head of Risk Analytics for Barclays. Triver focuses on a common pain point: UK SMEs are typically kept waiting on invoices to be paid, with about £150bn tied up at any time.
Triver leverages open banking data and AI to instantly and automatically underwrite the risk of small business borrowing, and it provides advances on client invoices 24/7 – faster and more easily than its high-street counterparts.
In September 2025, it announced it had secured up to £114 million, comprising a £14 million Series A round led by AlleyCorp and a part debt facility with HSBC Innovation Banking UK and Avellinia Capital.
Late payments block growth and put pressure on firms. Triver’s pitch is simple: make cash flow fast, predictable and embedded where businesses already work, so owners can spend less time chasing payments and more time running the business.
Trogenix
A spinout from the University of Edinburgh, founded in 2023, is developing a revolutionary approach to cancer treatment, and it goes by the name Trogenix.
The therapy is delivered into the tumour where it does two jobs: it is designed to switch on only inside cancer cells, where it kills them while aiming to spare healthy tissue, and like a ‘Trojan horse’, the therapy hides within the tumour to wake up the immune system and offer long-term protection against recurrence.
This dual power represents a paradigm shift from chronic disease management to a one-and-done treatment with potentially curative responses.
In October 2025, it secured £70 million in a Series A funding round led by IQ Capital, designed to advance its innovative cancer therapies into clinical trials.
Ultromics
Ultromics was founded out of the University of Oxford and is transforming the detection of heart failure using AI for echocardiography. Its solution makes it possible to catch deadly heart failure earlier by analysing the most common heart scan in the world and proactively alerting clinicians.
FDA-cleared, reimbursed by Medicare, and live in top US hospitals, Ultromics is now scaling nationwide to make early heart failure detection part of routine cardiac care, wherever patients get an echo. In July 2025, it raised £41 million in Series C financing, co-led by L&G, Allegis Capital, and Lightrock.
Unmind
Since 2016, Unmind has been capitalising on the ever-growing corporate movement to improve workplace wellbeing. Its platform combines Nova, its AI mental‑health agent that gives people instant, private guidance, with seamless hand‑offs to human care like therapy, coaching and a 24/7 helpline. It’s clinically designed with safety guardrails and is already used by major brands around the world.
Not long after its £26.1 million Series C funding in July 2025, it secured a further £19.2 million in growth capital from Trinity Capital in September – taking its total capital raised to £75 million. The fresh funding will help scale Nova and be reinvested in innovation and strengthening Unmind’s global reach.
Vertice
Brothers Eldar and Roy Tuvey founded Vertice in 2021 to help companies manage how much they spend on their many software subscriptions. In just four years, they’ve brought on major customers including the AA, ARM and Santander who all use its platform to review and negotiate purchases, and they selected Capsule as their insurance partner.
Alongside its London HQ, Vertice also launched hubs in the US, Australia, Czech Republic and South Africa. And, in early 2025, its total raised funds reached £79.8 million after completing a £39.3 million Series C led by Lakestar.
Xelix
Capsule client Xelix leverages AI to help accounts payable teams move beyond routine tasks. Its platform audits over 115 million invoices and more than £500 billion in spend annually across 130+ global customers such as Astra Zeneca, GSK and Virgin Atlantic.
Founders Paul Roiter and Phil Watts started the company in 2018, long before mainstream enterprise adoption of AI, to solve the inefficiencies they saw in AP processes. They set out to free finance teams from repetitive checks and create something that “just worked.”
In July 2025, it took a gigantic step towards major expansion and platform development with a £117.5 million Series B funding round – led by Insight Partners with continued support from other investors including Passion Capital and LocalGlobe.
YASO
Founded in 2022, YASO empowers global consumer brands to grow in China without needing local partners or building their own infrastructure. Its end‑to‑end platform handles everything from payments, logistics and compliance to tax, analytics and storefront operations.
China is the world’s largest e‑commerce market, yet its fragmented platforms make it difficult for overseas brands to enter - a challenge YASO directly solves.
In September 2025, it raised £8.25 million in a Series A investment round led by Puma Growth Partners and also backed by Guinness Ventures and Playfair Capital. This investment is now enabling YASO to scale its sales and marketing efforts, speed up client onboarding, expand its platform, and grow its operational capacity.
How we compiled this year's list
Our list curation process kicks off in Q3 2025, where we comb through criteria that indicate strong growth patterns and impressive narratives. Working alongside our head of research, Ying van de Walle, using her experience of collating other cohorts like the Sunday Times 100, Capsule and Ying refine the selection and start sifting through scale-ups to find gems.
As these businesses continue to evolve and expand, the need for reliable support and risk management becomes even greater. That’s where Capsule steps in. We specialise in insuring fast-growth companies, guaranteeing that your ambitions are protected as you scale.
Want to ensure your venture is ready for what’s next? Reach out to Capsule today, and let’s safeguard your ambitions with the tailored insurance you deserve.