Inicio AI Secures £2.6M Investment for Affordability Revolution
Deal News | Apr 15, 2025 | Midven Limited
Inicio AI, a Coventry-based fintech startup, has secured £2.6 million in seed funding to advance its innovative affordability assessment technology. The funding round, which involved contributions from entities such as Midven, Rigby Group PLC, and Morgan Stanley, follows Inicio AI’s victory in the OneToWin competition. The startup has developed a virtual agent called Budgie that utilizes conversational AI to streamline the traditional affordability assessment process, resulting in improved user experiences and significant reductions in assessment time. Budgie also identifies potential missed income opportunities for consumers. This financing will drive Inicio AI's expansion, including launching a new regulated service for affordability passporting in the UK, growing their headquarters in the West Midlands, and enhancing their technological capabilities. The investment highlights a strategic effort by the West Midlands Co-Investment Fund to support regional economic growth and innovation.
Sectors
- Financial Technology (FinTech)
- Investment Management
Geography
- United Kingdom – Inicio AI is based in Coventry, and the investment process involves multiple UK stakeholders, focusing on regional economic growth within the West Midlands.
Industry
- Financial Technology (FinTech) – Inicio AI is a FinTech company focusing on affordability assessments and financial solutions leveraging AI technology.
- Investment Management – The article discusses funding and investment from various firms like Midven, highlighting the growth in investment management and support of regional business innovation.
Financials
- £2.6M – Total seed funding secured by Inicio AI.
- £500,000 – Investment from the West Midlands Co-Investment Fund.
- £500,000 – Investment from Rigby Group PLC.
- £300,000 – Investment from Haatch Ventures.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Inicio AI | Target Company | Company | A Coventry-based FinTech company focusing on revolutionizing affordability assessments. |
| Midven Limited | Investment Company | Company | Part of Future Planet Capital, managing the West Midlands Co-Investment Fund, supporting regional SMEs. |
| West Midlands Co-Investment Fund (WMCO) | Investor | Fund | Provides equity investments to high-growth SMEs, supporting economic growth in the West Midlands. |
| Rigby Group PLC | Investor | Company | Investor participating in Inicio AI's funding round. |
| Haatch Ventures | Investor | Company | Contributed £300,000 to Inicio AI's funding round. |
| Morgan Stanley | Investor | Company | Among the investors providing funding to Inicio AI. |
| Angel Academe | Investor | Company | Participated in Inicio AI's seed funding round. |
| Mint Ventures | Investor | Company | Participant in Inicio AI’s investment round. |
| West Midlands Combined Authority (WMCA) | Government | Government | Partner in launching the WMCO to support the regional economy. |
| Rachel Curtis | CEO | Person | CEO of Inicio AI, leading strategic growth initiatives post-investment. |
| Richard Parker | Mayor of the West Midlands, WMCA Chair | Person | Supports investment in innovative regional businesses like Inicio AI. |
| Rupert Lyle | Investment Director at Midven, Fund Principal | Person | Oversees investments in regional high-growth companies like Inicio AI. |
| Shiventa Sivanesan | Assistant Director - Investment Management and Stewardship | Person | Represents West Midlands Pension Fund's strategic investment initiatives. |