📉 Tech Stocks Tumble

Doccla Secures £35m to Disrupt Global Healthcare

September 04, 2024

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:

  • Global Growth Woes: Tech Stocks Tumble

  • Doccla Secures £35m to Disrupt Global Healthcare

  • $130M Revenue Run Paves Zilch’s IPO Path

The summary: With recession fears spooking the markets and Nvidia’s stumble, everyone’s eagerly awaiting Friday’s jobs report for clues on the Fed’s next move.

The details:

  • Markets are wobbling like a tipsy penguin, as fears of a US recession send Asian and American shares diving, with tech stocks in particular taking a hammering.

  • Nvidia, the darling of AI optimism, nosedived by nearly 10%, partly thanks to US government subpoenas and a harsh reality check on its once-dizzying growth forecasts.

  • Global growth worries are hitting export-heavy Asian markets hard, with Japan’s Nikkei and South Korea's Kospi both stumbling, dragging major tech players down with them.

  • All eyes are on Friday's US jobs report, as jittery investors hope for clues on whether the Federal Reserve will play nice and slash interest rates.

Why it matters: The stock market’s tumble shows that investors are feeling as jittery as a cat on a hot tin roof, worried the US economy might be heading for a nosedive. Nvidia’s crash and the global tech slump suggest that even the AI hype train has hit a few speed bumps. All eyes are now on Friday’s jobs report, which will be the financial equivalent of a weather forecast for those hoping the Federal Reserve might ease up on the interest rate rain.

The summary: Doccla's £35m funding is set to supercharge its virtual hospital wards, freeing up NHS beds, expanding into new markets, and revolutionising patient care with a tech-savvy, stay-at-home approach.

The details:

  • Doccla, a startup offering virtual hospital wards, has clinched a cool £35m in Series B funding, led by Lakestar – a healthy boost to its operations across Europe and beyond.

  • Born out of co-founder Martin Ratz’s heart attack epiphany in 2019, Doccla provides real-time patient monitoring, saving hospitals space while keeping patients in the comfort of their homes.

  • Since entering the UK in 2020, Doccla’s been a darling of the NHS and international healthcare providers alike, proving its worth during the Covid-19 pandemic.

  • With backing from a slew of investors, Doccla is set to remain the UK's market leader while eyeing new ventures in the Life Sciences sector and global expansion.

Why it matters: Doccla’s virtual wards are shaking up the healthcare system by letting patients recover in their pyjamas at home, while hospitals keep tabs on them from afar – efficiency with a side of comfort. With a fresh £35m in the bank, it’s not just the NHS that’s benefiting; international markets and the Life Sciences sector are set to see a dose of Doccla’s magic. In short, it's a tech-forward prescription for modern healthcare, delivering results and profits in equal measure.

The summary: Zilch is rapidly outpacing fintech rivals, turning a profit, prepping for a bold IPO, and wowing customers with its clever AI-driven savings—all while attracting big names like Mark Wilson to its board.

The details:

  • Zilch has impressively outpaced fintech rivals like Revolut and Monzo by hitting a $130 million revenue run rate and achieving profitability, all while doubling revenues in just a year—quicker than most tech firms in both the US and Europe.

  • Former Aviva CEO, Mark Wilson, joins Zilch's board, keen to guide the company's bold march towards an IPO, as it pioneers ad-subsidised payments and saves its 4 million customers billions in fees.

  • Armed with a $125 million boost from Deutsche Bank, Zilch’s sights are set on a potential IPO within 24 months, expected to generate a staggering $10 billion GMV by 2026.

  • Zilch’s AI-driven approach to personalised finance is revolutionising customer engagement, converting sales at 10-20 times the rate of traditional platforms, making its daily-use app an irresistible force for both users and advertisers alike.

Why it matters: Zilch is shaking up the fintech world by not only growing faster than a toddler on a sugar rush but also turning a profit while others scramble to cut costs. With a former insurance bigwig like Mark Wilson on board, it’s clearly gearing up to storm the public market in style. Meanwhile, Zilch’s AI wizardry has advertisers and customers flocking to it like pigeons to a dropped sandwich—hard to ignore when it's saving people millions.