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  • 📈 £100M+ Backing: Vertice Goes Global

📈 £100M+ Backing: Vertice Goes Global

Forest Bags £13M to Pedal Past Cars

January 23, 2025

This is Cliff Equity, the UK’s business newsletter that keeps you informed on what’s important in tech, business and finance in less than 5 minutes

In today’s stories:

  • £100M+ Backing: Vertice Goes Global

  • Forest Bags £13M to Pedal Past Cars

  • Klarna Eyes $20bn US Listing, LSE Left Behind

The summary: Vertice is revolutionising procurement with its all-in-one platform, fresh $50M funding, and ambitious plans to scale globally, making spend optimisation smarter, smoother, and downright brilliant for businesses everywhere.

The details:

  • Funding boost: London-based Vertice lands $50M in Series C funding, taking its total haul past $100M. Lakestar led the oversubscribed round, with backing from Bessemer Venture Partners and others.

  • Big 2025 plans: Vertice aims to triple its engineering team, roll out snazzy new product features, and open regional offices worldwide to dominate the procuretech game.

  • Procurement made easy: Tackling messy approval processes, soaring prices, and compliance woes, Vertice offers a unified platform combining spend optimisation, contract negotiation, and AI-powered insights.

  • Global impact: Founded by the Tuvey brothers in 2021, Vertice now serves hundreds of big names like Santander and Euronext, boasting a hefty presence across the US, EMEA, and APAC.

Why it matters: Vertice is shaking up the clunky world of procurement by putting everything teams need into one clever platform, saving time, money, and a whole lot of headaches. With a fresh $50M injection, they’re gearing up to scale globally and triple their engineering firepower, making it even harder for rivals to keep up. For businesses, it means smoother workflows, smarter decisions, and no more overpaying for software—finally, a win for common sense!

The summary: Forest’s £13M funding boost is set to supercharge its mission to transform urban travel with eco-friendly, affordable e-bikes, new family-friendly models, and bold plans to expand while keeping profits—and pedals—spinning.

The details:

  • Big cash, bigger ambitions: Forest has bagged £13M in fresh Series B funding, including £10M in asset-backed finance from Fintex Capital, to turbocharge its e-bike empire.

  • New wheels incoming: Expect ForestCargo, ForestDuo, and ForestKid—three new e-bike types aimed at cutting car use and hitting gender parity among riders by 2027.

  • Eco meets budget-friendly: Founded in 2020, Forest’s affordable, renewable energy-powered bikes make ditching the car wallet-friendly and planet-approved. Bonus? Virtual parking bays and GPS to keep things tidy.

  • Pedal-powered growth: 2024 saw revenues triple and profits roll in, with 1.2M trips per month. 2025 plans? New cities, more bikes, and even bigger impact.

Why it matters: Forest’s funding spree signals a major boost for cities battling congestion and climate woes—fewer cars, more bikes, happier lungs. With gender parity goals and family-friendly e-bikes in the mix, it’s not just about pedalling—it’s about pedalling forward. Plus, profits and tripling revenues prove that doing good for the planet doesn’t mean skimping on the business savvy.

The summary: Klarna’s US IPO could send its valuation soaring back to dizzy heights, leaving the London Stock Exchange a tad miffed while investors eye a fresh opportunity to cash in.

The details:

  • Klarna’s shareholders have until 5 February to decide if they fancy cashing in some shares, as the BNPL behemoth gears up for a US listing expected to value it at $20 billion.

  • Goldman Sachs and Morgan Stanley are set to drop their equity research soon, signaling the IPO countdown clock is well and truly ticking.

  • Once a $46 billion darling, Klarna clawed back from a humbling $6.7 billion valuation in 2022. Now, it's betting on a $15-$20 billion range, though some investors are dreaming of a higher number.

  • Despite its Scandinavian roots, Klarna’s new UK-registered holding company couldn’t tempt a London listing, leaving the London Stock Exchange sulking as it eyes Wall Street instead.

Why it matters: Klarna’s US IPO could reignite confidence in the fintech sector, proving there’s life after a bruising valuation tumble. With Wall Street stealing yet another high-profile listing, the London Stock Exchange is left looking like the kid who didn’t get picked for the team. For investors, it’s a chance to cash out—or gamble on Klarna’s ability to reclaim its former glory in a choppy market.