Author: Chris Maguire

A global trading exchange startup founded by two Cambridge mathematicians has raised £7m ($9.5m) in seed funding.

Y Combinator are among the investors in QFEX, which was founded by Annanay Kapila and Joshua Wharton.

The duo met as freshers at Cambridge, bonding over a shared interest in maths and finance.

After studying maths and conducted quantum computing research, Kapila went to work as a quantitative trader at Flow Traders and Tower Research Capital in London,

US tech giant acquires Manchester startup

He is now building QFEX as the exchange he always wished he had to trade on and hopes it will eventually replace the entire $100bn exchange and clearing industry.

Most recently Wharton worked at Citidel.

Author: Chris Maguire

LBG Media, the social entertainment group behind the LADbible network, has appointed experienced Darren Singer as its new chief financial officer.

Singer will join the board of directors and take up his role on March 9th.

Dave Wilson, who has served as executive chair with a particular focus on supporting the finance, legal and investor relations teams of LBG Media since January 2025, will return to his non-executive chair role, and will oversee a smooth transition of responsibilities.

Solly Solomou, CEO and founder of Manchester-headquartered LBG Media, said: “We are pleased to welcome Darren to the board at an important stage in our growth.

“Darren brings significant experience of operating at scale across a range of digital media and technology businesses and his financial and operational expertise will be a valuable addition to the leadership team as we continue to develop and execute our growth strategy.

“I would also like to thank Dave Wilson for his contribution. The company is well positioned for the next phase of growth and we look forward to working with Darren as part of a strengthened leadership team, as we continue to deliver on our ambition to become the leading social entertainment powerhouse.”

Author: Chris Maguire

Fast-growing sports nutrition, health and wellness brand, Applied Nutrition, has secured planning permission from Knowsley Council for a new 84,000 sq ft global distribution centre and corporate headquarters.

Construction started this week and will increase the company’s total operational footprint to over 204,000 sq ft.

Fitness enthusiast Thomas Ryder founded Applied Nutrition in 2014 and floated the business in 2024.

The Liverpool-based business has enjoyed a period of record-breaking year of growth and Coleen Rooney recently increased her shareholding in the company.

The new distribution centre and corporate headquarters has been designed to support accelerating demand across both UK and international markets.

As well as acting as Applied Nutrition’s central global distribution hub, it will also act as the company’s new headquarters.

Commenting on the milestone, CEO Thomas Ryder said: “We’re incredibly excited to be embarking on this next chapter for Applied Nutrition.”

EdTech startup Plato has closed its latest funding round with SFC Capital, raising a total of £260,000.

The firm, based in Leeds, has developed an AI-powered personal study assistant designed to help higher education students achieve their academic goals.

By integrating with a university’s digital ecosystem, Plato is able to answer module-related queries ensuring students receive instant help while easing professors’ workload and allowing them to focus on delivering teaching.

The Financial Conduct Authority has appointed two new senior leaders.

Growth Lending has provided an £8m funding facility to GoodShape, a London-based absence management and return-to work platform backed by Marcol Private Equity. 

The funding refinances existing debt and provides additional capital to support the company’s continued expansion as it scales its recurring revenue base, onboards new customers, and enables further targeted investment in the platform’s technological and AI capabilities. 

GoodShape is a UK market-leading SaaS platform used by more than 800,000 employees across 250 organisations. The business works with employers across retail, healthcare, manufacturing and the public sector, helping them unlock greater value from their workforce and optimise the impact of existing employee health services. 

 

Author: Chris Maguire

Liverpool City Region Combined Authority has made two key leadership hires following a rigorous national recruitment process.  

Lorna Rogers has been appointed as director of transformation and digital while Andy King has been appointed as director of clean energy and net zero.

Rogers has almost 30 years’ experience in both public and private sectors and is a prominent UK leader in major programme delivery.

She has worked for the Combined Authority since 2018 and created the award-winning £30m LCR Connect full fibre programme.

King’s role will include leading the development of the Mersey Tidal Power Project.

Rogers said: “My focus will be on modernising our business systems so we can work more efficiently, support the delivery of the growth plan, and better serve our communities.

“As we build our capability in data and AI, I’m committed to an ‘AI for good’ approach – using technology responsibly, ethically and transparently to improve outcomes for people, place and the public sector workforce.”

FinTech Revolut has applied to the US Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation for a US national bank charter.

The entity, to be called Revolut Bank US, N.A., would give Revolut nationwide reach – across all 50 states – under one regulatory framework.

It would also give it direct access to payment rails like Fedwire and ACH, and allow it to directly offer personal loans and credit cards, as well as insured deposits, to customers in the US.

 

TikTok specialist Morgan Digital has strengthened its senior leadership team with two key appointments.

With demand growing across its social and paid marketing services, particularly on TikTok, the Warrington-based digital agency has appointed Naomi Larkin as operations director and Holly McEvoy as marketing operations manager.

The company celebrated a record-breaking 2025 and has just secured its largest client to date.

Founded by Callum Morgan in 2017, the agency specialises in website design and development, social media marketing, and paid digital advertising offering.

Morgan said: “I’m genuinely delighted to welcome Naomi and Holly. In the short time they’ve been here, I can already see and feel the impact they’re having.

“These appointments reflect where the agency is heading. Despite the headwinds across the agency landscape, we’re incredibly grateful to the clients who trust us with their marketing spend.”

 

Vespertec, a Stockport-based technology company specialising in data centre and AI infrastructure, has secured a £1.8m export contract to Kenya.

The contract was supported by UK Export Finance (UKEF), the government’s export credit agency.

Vespertec more than doubled its turnover in 2025 and is seeing rising international demand for its data centre and AI infrastructure expertise.

Steve Evans, director of finance at Vespertec, said: “Demand for data centre and cloud infrastructure is growing rapidly across Africa, and this project reflects the trust international partners place in UK engineering and delivery capability.

“Support from UK Export Finance has helped us pursue opportunities of this scale and complexity, and to build on relationships that have developed over time.”

Peter offers £50k for 20% – and wants Deborah to do the same.

She will, as long as he’s happy to give up 40% of the business.

He tries to counter at 30% but the Dragons aren’t happy with that – and see that he’s very uncomfortable at giving up so much of his company, so they drop out.

“A quintessential British gentleman,” is the verdict when he’s departed.

 

Steven thinks that the approach is too scattergun. “I don’t have clarity on this business.” He’s out.

Touker is equally confused and is also out.

Susie sees a “fantastic product innovator” but says he needs to pick one and focus on that. She’s out.

Deborah couldn’t agrees less with Susie: “Your product is spice mixes.” But he needs to get on top of the branding.

She wishes he hadn’t asked for £100k.

Peter says “you could share it”… I sense a dual offer…

He tells Deborah that his ‘hero’ products are the gin and the rum botanicals kits.

The Natural History Museum wanted a tie-up but they haven’t done many collaborations.

He seems unsure of the best way to drive up sales.

The Wiltshire entrepreneur finishes his pitch and says he’s not looking forward to their questions – “that was terrifying!”

Gordon serves up some drinks created using his products.

He started the dog biscuit brand as he was worried that the former would fail.

He saw a spike in COVID from £150k to £580k, but it then dropped to £387k. However it then picked back up to £535k then £617k.

He believes the focus should be on the dog business.

Last up is Gordon Leatherdale, who is pitching two businesses.

He is behind Natural & Noble, launched in 2019, which allows people to create flavoured spirits and cocktails at home – including gin, rum, vodka and whisky infusion sets. It also sells cocktail kits such as espresso martini and pina colada. 

His second business is Dog by the Hob, launched in 2023, which sells kits that help owners bake their own pet treats.

Outside the Den, Helen says: “There were some honest opinions… then Deborah rode in at the end to save the day!

“I’m delighted that she’s coming on board to help us.”

Peter says they can double turnover without spending more money.

Deborah worries about their decision-making processes and says she can’t be there to help them make them every day.

She’ll make them an offer! She thinks they can build a profitable business ahead of the market.

They want £100k for 5%. She wants 15% for that money.

They agree!

 

“It’s almost impossible to invest in a business like this when you’re running it.” Ouch! Peter is out.

Steven admires the amount of revenue they are generating, but also says it is uninvestable.

Susie says it is not an area she is passionate about and is out.

Touker says that after 10 years of incorporation they don’t have room for an investor.

Deborah isn’t out yet and says there is much to admire. But what will change to turn revenue growth into profit?

The business, which does not hold kitchen stock and takes a 30% commission on sales, has been going for 12 years.

It does hold some kitchen appliance stock which is sold via a dropshipping model.

They have generated around £2m sales in each year since 2022-3, but made a net loss of £515k one year and are now breaking even.

Peter and Deborah wants to know why whey’re spending more than a million a year.

The answer: website development, wage costs, advertising, licensing fees… and consultancy fees.

The Dragons are incredulous.

Phil says it’s a challenge spending 24 hours a day with your wife… Helen says he still wants his lunch making every day!

They had the idea after buying a used kitchen for just £5k. It is a B-Corp business.

They are looking for £100k for 5% of the business.