SETsquared Bristol members raised over £82m in funding in 2018

Funding | Growth | South West | Start-up | Technology

SETsquared Bristol has this week announced its members raised a combined £82.1m in 2018. The university incubator has over 80 active members who have collectively created £43.5m in revenue in the past year. What’s more, SETsquared Bristol ventures have created 1,090 jobs in the city region, and efforts to increase the diversity of founders in the incubator have continued successfully.

In 2018, 26 SETsquared Bristol members secured funding to support business growth and further the development of their tech. Some of the biggest successes of the year have been Ziylo, who sold rights to their glucose binding molecules to Danish pharmaceutical giants, Novo Nordisk, in a deal potentially worth up to $800m, and Ultrahaptics, who raised £35m in an oversubscribed Series C fundraising round.

Some of SETsquared Bristol’s earlier stage startups that recently began seeking investment also achieved success in 2018, including KETS Quantum Security who raised over £2m, Good Sixty who crowdfunded £188,650, and LettUs Grow, who received £1m in a fundraise combining grant and equity investments.

Charlie Guy, Co-Founder of LettUs Grow, said: “The SETsquared partnership has provided our team with substantial support, actionable advice, and insightful training over the first few years of the company’s life. The value of their network is one of their strongest assets, they have made introductions to a wide variety of influential and experienced business mentors and associated businesses, giving us much wider exposure than we could have garnered alone, and making connections that we may not have thought of. We’re looking forward to continuing to work with the SETsquared team as we enter our next stage of growth.”

Commenting on the successes of 2018, SETsquared Bristol’s Centre Director Monika Radclyffe said: “2018 was a brilliant year for SETsquared Bristol. We have celebrated a number of notable successes, and will build on these achievements to set new goals for the future. We want to continue to grow our membership and expand our accelerator programme to suit ever-changing needs of technology startups. Bristol is known internationally as a diverse and creative city, and we hope that SETsquared Bristol can be representative of that as we continue to evolve our world-class business support.”

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