Aquaint and ScrubMarine Secure Key Funding to Propel Growth
Deal News | Dec 12, 2024 | TLT
National law firm TLT has successfully acted on behalf of Northwest-based startup companies Aquaint and ScrubMarine, facilitating their acquisition of substantial funding from PraeSeed, a pioneering six-week cohort investment program. This program was established by Praetura Ventures and financially backed by NPIF II - Praetura Equity Finance under the Northern Powerhouse Investment Fund II (NPIF II). Aquaint, in Manchester, has crafted an innovative app to enhance communication within hospitality and food service enterprises, while ScrubMarine in Whitehaven, Cumbria, has engineered a submersible remotely operated vehicle for marine vessel cleaning. Among 12 startups in the cohort, Aquaint and ScrubMarine were selected to receive a portion of 1.4 million GBP funding from PraeSeed, a critical boost for their growth objectives. TLT's involvement, spearheaded by corporate legal director Kelly Clarke, supported the startups through crucial stages of fundraising and strategy development necessary for scaling. This initiative underscores the vibrant potential and investment appetite for promising startups in Northwest England.
Sectors
- Technology & Startups
- Venture Capital
- Legal Services
Geography
- United Kingdom – The startup and investment activities, facilitated by TLT and Praetura Ventures, are concentrated in the Northwest of England, specifically in Manchester and Whitehaven.
- Northwest England – This region hosts both Aquaint and ScrubMarine and is a focus area for the Northern Powerhouse Investment Fund's initiatives.
Industry
- Technology & Startups – Aquaint and ScrubMarine are technology-driven startups utilizing innovative solutions in their respective fields of business.
- Venture Capital – PraeSeed provides venture investments to early-stage startups, showcasing the industry's focus on fostering innovation and growth.
- Legal Services – TLT, a national law firm, played a major role in advising on this venture, highlighting the legal industry's involvement in investment agreements.
Financials
- 1.4 million GBP – Total funding distributed by PraeSeed to 12 startup businesses, including Aquaint and ScrubMarine.
- 200k GBP – Amount each of seven selected businesses, including Aquaint and ScrubMarine, received from PraeSeed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Aquaint | Target Company | Company | A startup based in Manchester focusing on improving communication in hospitality. |
| ScrubMarine | Target Company | Company | A Whitehaven-based startup developing a submersible remotely operated vehicle for marine cleaning. |
| Praetura Ventures | Bidding Company | Company | Venture capital firm that launched the PraeSeed program and funded the startups via NPIF II. |
| NPIF II - Praetura Equity Finance | Funding Source | Company | Part of the investment fund providing financial backing for PraeSeed. |
| Kelly Clarke | Corporate Legal Director | Person | Led TLT's legal team advising Aquaint and ScrubMarine on their investments. |
| Jayden Patel | CEO of Aquaint | Person | CEO expressing gratitude for investment and future expansion plans. |
| TLT | Legal Advisor | Company | National law firm assisting with the legal aspects of the investment process. |
| Northern Powerhouse Investment Fund | Funding Source | Company | Provides investment backing within the Northern Powerhouse initiative. |