Deals round-up

Robotic lawn mower firm secures new funding

Funding has been agreed for a growing fleet of robots

A Glasgow technology company has secured a fresh round of funding for its robotic lawn mowers from the billionaire founders of Skype and Bolt, alongside Iron Wolf Capital, Specialist VC and Scottish Enterprise.

Kingdom Technologies, established in 2018 by Joan Kangro, will use the £1.4m raised to develop a new version of its mower and produce more than 100 units this year.

Since securing £2m in seed funding 18 months ago, Kingdom Technologies has doubled its headcount to around 20, and seen a surge in customer activity in Florida.

Kingdom Technologies has been supported in this, and previous funding rounds, by investment specialists at law firm Harper Macleod since 2019.

This latest round of funding is a precursor to the next, much larger, fundraising exercise which aims to raise a £20m Series A round by the end of this year to enable to grow the fleet to over 1,000 robots.

Equity Gap supports giving back

Equity Gap has become the first angel group in Scotland to invite investor members to make a discretionary donation from any exits achieved by companies supported by Scottish EDGE. 

The return of cash, or giving something back, was instigated in 2017 under the Scottish EDGE Pledge and comes after Equity Gap members have invested over £16m in 22 companies since 2014. 

These include online booking service Appointedd, microbiome therapeutics specialist Enterobiotix, zero waste Omega-3 producer MiAlgae, and digital compliance and onboarding platform Amiqus, which was founded by fellow Pledger Callum Murray. 

On average, 87% of eligible winning businesses in each round of Scottish EDGE sign the pledge. 

Alex Lusty, head of operations & compliance at Equity Gap, said: “Equity Gap investors have long recognised the value of Scottish EDGE in identifying high potential businesses. We anticipate many of our individual members will be happy to give something back to EDGE in the event of future successful exits.” 

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