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Manchester leaders join forces as Ladbible and Onthebeach founders back Fearless Adventures

2025-06-02 11:59:09 By

Dominic McGregor

Ladbible Group's CEO Solly Solomou and Onthebeach founder Simon Cooper have thrown their support behind the venture capital firm Fearless Adventures.

Wilmslow-based Fearless Adventures, which is steered by Dominic McGregor, the former business associate of Dragons' Den personality Steven Bartlett, has welcomed investment from Mr Solomou through his London-based family office, Solo. Mr Cooper is set to take on the role of chairman, as reported by City AM.

The latest seven-figure investment in Fearless, established by Mr McGregor alongside David Newns and Charlie Yates in 2021, follows an earlier boost from Musicmagpie's Steve Oliver. Tech luminaries such as Simba Sleep's James Cox and entrepreneur Alex Packham have also previously backed the venture.

Fearless Adventures boasts a diverse portfolio including Pets Purest, Shipster and Swim Society, and has recently initiated a £5m fund aimed at investing in up to 12 businesses over the next 18 months, with a focus on e-commerce and technology sectors

Mr McGregor expressed excitement about the new additions, stating: "We are thrilled to welcome Simon Cooper and Solly Solomou to the Fearless Adventures family. Their investment and involvement are strong endorsements of our vision and potential.

"With their guidance, we are confident in our ability to drive growth, innovation, and success in our sector."

Mr Cooper, who stepped down as CEO of Manchester-based Onthebeach in 2023, said: "I am excited to be part of Fearless Adventures and support its dynamic team. The company's innovative approach and commitment to excellence align perfectly with my values and experience. I look forward to contributing to its continued success and growth."

Mr Solomou added: "Fearless Adventures is at the forefront of its industry, and I am delighted to be part of its journey. The team's passion and dedication are truly inspiring, and I believe we can achieve great things together."

Very Supportive

Middlesbrough games studio Radical Forge creates jobs with £2.6m funding

2025-06-02 11:59:09

A computer games firm founded by two Teesside University graduates seven years ago has landed £2.6m of investment that will lead to new jobs. Radical Forge, which already employs about 70 people in Middlesbrough, will create 15 roles following the injection from the Northern Powerhouse Investment Fund II, via Mercia Equity Finance. Its bosses say the move comes as the Boho Five-based firm is gearing up to take on new and larger contracts as it also prepares to launch its own game, the "weird farming meets silly physics" Southfield, early next year. Founders Bruce Slater and Freddie Babord set up Radical Forge in 2017 in an effort to take what they say was an alternative approach to building and running a studio. Since then, it has grown and contributed to games such as Sea of Thieves, Gang Beasts, Golf With Your Friends and Zombie Army 4. It also produces its own titles and has recently launched a publishing division. The murder mystery puzzler Bright Paw was its first launch in 2020 and won Best Puzzle Game at the NYX game awards. And Southfield is billed by Radical Forge as a "flip-flopping farming game allows players to combine chaotic crops with unpredictable effects, build their dream farmstead, and experiment with playful machinery". Bruce Slater, CEO, said: “Freddie and I are beyond happy to have secured this funding for Radical Forge. It will enable us to realise our ambitions for every team member and continue to build the studio while preserving the culture that is so important to us.” Radical Forge is the second Middlesbrough studio to receive funding from Mercia. SockMonkey Studios secured investment from the Northern Powerhouse Investment Fund in 2020 and was acquired by Canada’s largest games publisher, Behaviour Interactive, three years later. Chris McCourt of Mercia Ventures added: “Radical Forge are a talented team with a vibrant culture that has helped them attract and retain skilled developers. We believe the current environment holds real opportunities for the business. With many of the big players in the industry downsizing their teams, they have the chance to attract top talent, expand their skills base and win larger and more complex projects. The NPIF II funding will enable them to pursue their expansion strategy and provide a further boost for Middlesbrough’s growing games industry.”

Chancellor announces major investment in UK tech and creative sectors in Autumn Budget

2025-06-02 11:59:09

The Autumn Budget, presented by Rachel Reeves on Wednesday, proffered substantial backing for the UK's technology and creative sectors, with the Chancellor outlining capital investment strategies intended to "drive growth across the country." In her budgetary plans, Reeves articulated the intention to "capitalise" the National Wealth Fund, targeting support towards bustling future industries such as gigafactories, ports, and green hydrogen production, as reported by City AM. These initiatives are encapsulated within an expansive Modern Industrial Strategy, which aims to bolster sectors identified as having significant growth prospects through judicious investment. To reinforce these ambitions, the Budget set forth a collection of multi-year funding promises: £1 billion earmarked for aerospace, in excess of £2 billion channelled into the automotive industry focusing particularly on electric vehicle manufacture, and as much as £520 million dedicated to establishing a new Life Sciences Innovative Manufacturing Fund. Alongside invigorating tech and industrial segments, Reeves channelled improvements into tax incentives for the nation's thriving creative industries, with particular enhancements for VFX in television and film production. Moreover, £25 million has been designated to the North East Combined Authority for the transformation of the Crown Works Studios site in Sunderland, a project forecasted to generate 8,000 fresh employment opportunities. Reeves has reaffirmed the government's dedication to research and development, allocating over £20 billion for research funding in areas such as engineering, biotechnology, and medical science. Moreover, the Chancellor has pledged £500 million to enhance mobile broadband connectivity, particularly in rural regions, through the Department for Science, Innovation and Technology (DSIT). Additionally, Reeves has committed an extra £22.6 billion to the NHS budget, aiming for a two per cent productivity gain next year. This investment is intended to support the health service's transition "from analogue to digital" over the coming decade. Mark Leftwich, Philips UK & Ireland's managing director, expressed his support for the new funding, stating it "is a chance to start pulling the NHS back on track." "State-of-the-art technology is changing the way that care is delivered in pockets, but increased investment in digital and innovation is needed to accelerate this at scale," he commented.

Greater Manchester businesswomen named among Britain’s top Black entrepreneurs

2025-06-02 11:59:09

A Manchester robot specialist and a Salford children's entertainment creator have been named as Britain’s top Black entrepreneurs. KPMG has announced the four winners of its annual Black Entrepreneurs’ Awards, which have been held every year since 2018 and aim to identify the country’s most exciting business leaders. The winners were chosen from more than 150 entrants in areas from AI to retail and from recruitment to education. Each winner will receive £25,000 to invest in their business or to donate to the charity or community project of their choice, while all finalists can join a KPMG acceleration programme “designed to support Black heritage entrepreneurs and their businesses to grow”. The award for most promising large business was won by Ayaan Mohamed, founder of Manchester’s Digitech Oasis. Her business develops autonomous mobile robots and AI systems to help retailers and warehouse operators work more efficiently. She said: “It feels amazing to win, it means a lot to the company, a company that has come so far in the last four years. In terms of accelerating growth, hardware is very capital intensive so we need support. I think it will propel us to do greater things.” The award for most promising medium-sized business went to Anita Frost, founder of Green Bean Studios in Salford. The eco-conscious children’s entertainment brand aims to “empowers children globally to play, learn and go on fun adventures”. Anita said: “I’m so excited to have won this KPMG award, it’s going to propel Green Bean, the team and the brand into new spaces. I’m particularly really excited about the partnership with KPMG for 12 months so that we can improve our infrastructure and being ready to level up.” The most promising small business title was won by Yasmin Greenaway, founder at deep tech company Dermie.AI. Her London business specialises in building computer vision models and software for the detection and management of dermatological disease. Yasmin said: “I really appreciate winning because it’s so important that corporates ensure that we focus on diversity in AI because we’ve seen a lot of models coming out that aren’t working for everyone.” The most promising not-for-profit-business title went to Ben Lindsay OBE, founder at award-winning charity Power The Fight. The charity works to tackle violence affecting young people, working to connect policy-makers with communities and to create long-term solutions. Ben said: “I’m so excited that we’ve had this opportunity, it’s going to mean so much to us as a small charity to be associated with KPMG, but also the money makes such a difference to our digital offer which is going to impact young people and our training up and down the country.” The awards were founded by Olu Odubajo, a product manager at KPMG UK, in 2018. They have so far supported 48 Black heritage founders – with one winner going on to grow a global business valued at £12m with a presence in 27 countries. The 12 finalists at this year’s awards were invited to a pitch in front of live audience and a judging panel that included Margaret Sheyindemi, start up growth manager at BT, Ezechi Britton, MBE, CEO of the Centre for Finance, Innovation and Technology, and Zuleika Philips, head of channels at Intuit. Euan West, head of private enterprise for KPMG in the UK, said: “Research has shown that Black entrepreneurs in the UK receive a disproportionately low amount of venture capital investment, which often hinders business and economic growth. “Supporting the development and scaling of Black businesses in the UK is incredibly important, which is why we’re committed to helping more Black Heritage entrepreneurs to gain access to the resources they need to make their businesses a success. “We have been running the KPMG Black Entrepreneurs’ Awards for five years now. Every year we get to see some truly incredible and innovative businesses and this year has been no exception. Our four winners really stood out, not only for their entrepreneurship but the impact and reach their businesses could have. In fact, all the finalists showed great innovation in their businesses and should be proud of what they have achieved. We are looking forward to supporting all of them through our 12-month acceleration programme, helping them to grow their businesses.”

Tech firm Kromek remains loss-making despite record revenues

2025-06-02 11:59:09

North East technology company Kromek has reported record results but remains loss-making and has lined up new funding from one of its main shareholders. The County Durham firm makes radiation and bio-detection equipment and has made headlines for the use of its products at high profile diplomatic events, as well as on the battlefield in Ukraine. It has often been named as one of the country’s most innovative companies due to its high number of patents, but it has struggled to fully commercialise its technology and is yet to declare a profit since being founded as a spin-out from Durham University research in 2003. In new results for year ending April 30, Kromek said its revenue increased 12% to £19.4m and it achieved positive adjusted Ebitda of £3.1m. But it remained loss-making, though the loss before was more than halved from £7.3m last year to £3.5m. Its cash position worsened to stand at £500,000 but it also announced a new £4.9m loan from Polymer N2, an investment vehicle controlled by Dr Graeme Speirs, an existing shareholder who already provides finance to the firm. Kromek CEO Dr Arnab Basu said: "This has been a pivotal 12 months for Kromek where we recorded a third consecutive year of revenue growth and delivered on all our KPIs. We achieved record revenues, more than halved our losses and our positive adjusted Ebitda exceeded market expectations. “We have actively enhanced our operational efficiencies and seen excellent progress in both advanced imaging and CBRN detection where demand remains strong across both market segments. We expect to be broadly cash neutral in H1 and are comfortable that we have sufficient capital to deliver further growth in 2025. "Looking ahead, we anticipate demand for our CBRN products will continue to be driven by global geopolitical insecurity and the persistence of nuclear threats…Consequently, Kromek is well positioned to deliver future growth and value for shareholders." Kromek said it had seen significant progress in its medical imaging operations, including a $2.1m order in the US from an existing customer. It added that global insecurity continued to drive demand in its nuclear security products and in biological threat detection.

Sunderland cyber security firm seals £625,000 investment to trigger growth

2025-06-02 11:59:09

A North East cyber security business has become the first to secure investment from the Venture Sunderland Fund. FAT32 has secured a £625,000 finance deal, which includes £350,000 from the fund which was launched earlier this month by fund managers Northstar Ventures. The Sunderland business is making changes in the regulatory tech industry, helping to transform cyber-security compliance from a lengthy chore to an effortless process, with potential cost savings of up to 70%. The business says customers using its flagship OneClickComply tool can complete compliance tasks up to 20 times faster than traditional methods, putting it in a strong position to perform well in a cyber-security market estimated to be worth £11bn in 2023 – a figure set to almost double to £20bn by 2029. FAT32 was formed by Connor Greig, Conor Sizeland and David Warren, who share a passion for emerging technologies and have used their collective experience in software engineering and cyber security to create the solution. The founding team are supported by chairman Kelvin Harrison, former chair of Sunderland-based Clixifix and advisor, Jamie Whitcombe-Jones, ex CISO at Allianz. Northstar Ventures’ investment comprises £350,000 from the Venture Sunderland Fund and £200,000 from the North East Innovation Fund, supported by the European Regional Development Fund, with the rest coming from angel investors. The funds will aid development of the firm’s software while also support the expansion of the team. Co-founder Connor Greig said the company has ambitious aims to generate high-skilled jobs in Sunderland, adding to the growth of the of the cyber security cluster in the wider region. He said: “FAT32 is delighted to be the first investment from the Venture Sunderland Fund. We are truly passionate about levelling up the North East by creating skilled digital jobs in the region and are thrilled to be working with Northstar Ventures to do just that. “Cyber security is a pressing challenge that affects us all, and keeping on top of it is increasingly difficult due to the ever-evolving threat landscape. That’s why at FAT32, we have automated cyber security compliance to make it easy and affordable for all businesses. Our platform is the first to combine continuous monitoring with automated remediation. We highlight non-compliance issues and fix them automatically, helping companies navigate their compliance journey within a click, with no cyber experience required.”

Virgin Media O2 divests further stake in Cornerstone Towers to Equitix for £186m amidst revenue dip

2025-06-02 11:59:09

Virgin Media O2 has confirmed the divestment of a portion of its stake in Cornerstone, the mobile towers joint venture, to infrastructure investment firm Equitix for a sum of £186m. The transaction reduces the telecommunications company's holding to just above 25%, following the sale of an 8.33% share. This is part of a larger 16.66% interest in a parent entity that possesses half of Cornerstone, as reported by City AM. Equitix's Chief Investment Officer Achal Bhuwania described Cornerstone as "the UK's largest telecom tower portfolio" and a piece of "critical national infrastructure which is central to our mandate to invest in core infrastructure." This move is reflective of a broader pattern within the telecom sector where businesses are looking to reduce debt and generate capital for significant investment initiatives. Last year, Virgin Media O2 engaged in a comparable transaction, offloading a 16.67% stake in Cornerstone to GLIL Infrastructure, a firm supported by British pension funds, netting £360m. Lutz Schuler, CEO of Virgin Media O2, remarked that this additional divestiture "follows the same logic and strategic rationale as our previous deal, allowing us to successfully monetise our infrastructure while retaining a controlling share in an important asset". He further noted that the company's deployment of 5G and fibre networks is advancing rapidly, with investments totalling £1.5bn directed towards network enhancements this year alone. In the third quarter, the fibre network expansion extended to an extra 281,100 premises, marking a 44% increase from the previous year, while 5G now covers 68% of the UK population. However, the telecom company, jointly owned by Liberty Global and Spain's Telefonica, also disclosed today a 2.4 per cent decrease in third quarter revenue, now standing at £2.7bn, attributed to a drop in handset sales. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) also suffered, falling 4.1 per cent year-on-year to £1bn, a decline the company ascribed to increasing investments in key growth sectors.

Founder of AI firm working with Google and Zoom named among UK's 'most ambitious' bosses

2025-06-02 11:59:09

The London-based founder of a fast-growing AI company has been named one of the "most ambitious" bosses in the UK. Yomi Tejumola established Algomarketing 2017 while working as a data scientist at Google to automate "mundane" tasks. The business now operates in 27 countries across six continents and counts tech giants Cisco, Google and Zoom among its customers. Mr Tejumola was recognised in a list of the top 50 most ambitious leaders of 2024 by LDC - an arm of Lloyds Bank - in partnership with the Times. All the entrepreneurs featured in the rankings are at the helm of high-growth companies that are creating jobs, promoting social equality, championing sustainability or expanding internationally. “It’s an incredible honour to be recognised as an LDC Ambitious Business Leader this year," said Mr Tejmola. "Since starting this journey in 2017, I’ve been on a mission to restore joy to the world of work. Through Algomarketing, I’ve built a global network of 200 Algos (or marketing super talent) who we deploy into big tech brand marketing operations globally. "By unlocking the power of algorithmic marketing, we can remove the 80% repetitive and mundane tasks that many marketers experience in their day-to-day roles. I'm striving to build a future where marketers leverage AI and automation to not only make them more productive, but improve their work-life balance, creativity, and general wellness." Algomarketing generates 65% of its revenue from outside the UK and has said it expects to reach a turnover of £150m by 2030.

UK competition watchdog launches probe into Alphabet's Anthropic investment

2025-06-02 11:59:09

The UK's Competition and Markets Authority (CMA) has officially launched an inquiry into the merger between Alphabet Inc. , Google's parent company, and AI safety firm Anthropic. The regulatory body had sought opinions on the deal earlier this year and confirmed on Thursday that it now has "sufficient information" to proceed with a formal probe, as reported by City AM. In a pivotal move for the AI sector, Alphabet channelled $500 million into Anthropic in 2023, alongside a future commitment of $1.5 billion over an undefined period. In addition, Anthropic relies on Google Cloud as part of its operational infrastructure. Anthropic is renowned for developing Claude, a sophisticated large language model that vies with OpenAI's ChatGPT. The CMA is tasked with determining by 19 December 2024 whether the Alphabet-Anthropic merger requires a deeper phase two investigation. Requests for comment from both Alphabet and Anthropic were not immediately returned. A previous statement from a Google representative emphasized the tech giant's dedication to cultivating a broadly accessible and innovative AI environment. They stated: "Google is committed to building the most open and innovative AI ecosystem in the world. Anthropic is free to use multiple cloud providers and does, and we don't demand exclusive tech rights." An official from Anthropic had also previously indicated the company's intent to engage fully with the CMA to present a comprehensive view of their collaboration with Alphabet. Another significant player, Amazon, made a substantial $4 billion investment in Anthropic last year and bolstered its stake recently with an additional $2.75 billion. This regulatory scrutiny comes as part of a broader action from the CMA, which, in April, initiated three separate investigations into partnerships between Microsoft, Amazon, and three different AI startups, including Anthropic.

GB Group shares soar after interim trading results beat estimates

2025-06-02 11:59:09

Shares of GB Group, the London-listed tech firm, soared 11 percent on Thursday morning following the announcement that its interim trading figures had surpassed expectations. The identity verification and location intelligence service provider reported first-half revenues of approximately £137m, a modest increase from the previous year's £132.4m and slightly above Peel Hunt analysts' projection of £135.5m, as reported by City AM. Adjusted operating profits showed a robust 21 percent uptick year-on-year, reaching £29m and topping analyst forecasts by two percent. On a constant currency basis, the combination of GB Groups two main sectors, identity and location, demonstrated a growth of 6.8 percent. Dev Dhiman, who stepped into the chief executive role earlier this year, had set forth four strategic priorities for the Chester-based company: simplifying operations; achieving global alignment; fostering a culture oriented towards performance; and speeding up the pace of innovation. "We have made encouraging progress in each of these areas," Dhiman said, "and this is translating into our performance with strong pipeline execution, ramp-up with a number of important customers, and some significant customer win-backs reinforcing our market leadership position in identity fraud and location software," he elaborated on the company's advancements.

Singapore's Winking Studios eyes London AIM market for dual listing, expansion plans

2025-06-02 11:59:09

Winking Studios, the gaming behemoth from Singapore, has revealed its intention to float on the London Stock Exchanges AIM market in a move aimed at consolidating its presence in Western economies. The firm, which is already a fixture on Singapore's Catalist board, views the dual listing as an opportunity to access the substantial tech investment resources of the UK and foster expansion within the "fast-growing industry", as reported by City AM. Since its inception in 2004 by CEO Johnny Jan, Winking Studios has ascended to become a leading name in game art outsourcing, securing the third position in Asia and fourth worldwide by revenue. Possessing an impressive global reach with nine offices throughout Asia and partnerships with 22 out of the top 25 global game developers such as Ubisoft, EA, Activision, and Tencent, Winking Studios has made significant contributions to blockbuster franchises including FIFA, Call of Duty, and Assassin's Creed. Choosing the UK capital for its strategic move, Jan remarked: "London feels like the obvious choice," acknowledging the city's comprehension of the global gaming sector and its propensity for supporting growth-driven international companies like theirs. Expanding on this, Jan added: "We believe Winking Studios has a significant opportunity to expand its presence globally, and dual listing on AIM will further support our global ambitions and position us to accelerate growth." "Operating in a fast-growing industry, with a proven track record of delivery and relationships with the majority of the world's biggest game developers, we plan to build on our success to date and capitalise on the fragmented nature of the industry landscape to drive future growth," Jan added. Winking plans to utilise its existing cash reserves of over $30m (£23.1m), along with the capital raised through the AIM listing, to expand its presence in Europe and North America, establish a UK regional hub, and pursue acquisitions of smaller studios in these regions. The company also aims to enhance its AI capabilities to maintain competitiveness in the gaming sector. This announcement comes after the recent delisting of British video game developer Keywords Studios from AIM following its acceptance of a take-private offer of £2.2bn. Earlier this week, reports revealed that the number of AIM companies has fallen below 700 for the first time since 2001, as London's junior market suffered amid rumours that the Chancellor might eliminate a key tax relief for AIM shares in her Autumn Budget.