Penfold, the digital workplace pension provider, has appointed Jonathan Schneider as chairman, adding one of the UK’s most experienced FinTech founders and investors to its board.

Schneider joins as Penfold accelerates its growth within the workplace savings market. With a 25-year career spent building and backing high-growth finance firms, he brings a track record of scaling platforms from early-stage disruptors into major institutional players.

Notably, Schneider was a founding investor in Iwoca, helping steer the lender to a £1bn trading book. He brings deep experience of supporting businesses through their scale-up phase, and has founded and sold businesses including Capital Step and, most recently, the 2025 sale of Provira to an Ares-backed group.

Author: Chris Maguire

The Information Commissioner’s Office (ICO) has opened a formal investigation into Grok, the AI tool on Elon Musk’s social media platform X.

Grok sparked outrage when it allowed users to ‘undress’ images of real people to create sexualised images.

Now the ICO has launched formal investigations into X Internet Unlimited Company (XIUC) and X.AI LLC (X.AI) covering their processing of personal data in relation to the Grok artificial intelligence system and its potential to produce harmful sexualised image and video content.

William Malcolm, executive director regulatory risk & innovation at the Information Commissioner’s Office, said: “Our investigation will assess whether XIUC and X.AI have complied with data protection law in the development and deployment of the Grok services, including the safeguards in place to protect people’s data rights. Where we find obligations have not been met, we will take action to protect the public.”

Earlier this month, X introduced changes that prevented users of Grok being able to ‘undress’ images of real people.

Venture capital firm Molten Ventures has appointed Franco Danesi as senior partner and promoted Inga Deakin and George Chalmers to partner positions.

Danesi brings over 25 years of experience in financial services, including 18 years on the buyside investing in high‑growth companies. He was previously a partner at European venture capital firm Korelya Capital and before that an investment director at Kinnevik, a listed Swedish investment firm focused on technology.

Deakin and Chalmers both joined Molten, which has a focus on high‑growth technology businesses, in 2020.

Deakin leads investments across HealthTech, while Chalmers heads up the firm’s energy and industrial technologies investment strategy.

Author: Chris Maguire

Dragons’ Den star Peter Jones is reportedly in talks to buy retailer American Golf.

According to Sky News, the keen golfer is in ‘advanced talks’ with private equity firm Endless to add Europe’s largest golf retailer to his burgeoning portfolio of more than 30 businesses.

Neither the 59-year-old serial entrepreneur or Endless have commented publicly but any deal would combine Jones’ love of retail and golf.

The Dragons’ Den star’s business interests include the iconic UK photography retailer Jessops and Localised, a local-first e-commerce for brands expanding globally.

Endless acquired Warrington-based American Golf in 2018, following an accelerated sale process completed in only two weeks.

Series 23 of Dragons’ Den returned to our screens last week and Jones has been an ever present on the hit show.

SmartyPlants, a UK‑based technology startup focused on improving everyday plant care, has received £190,000 in funding from the British Design Fund (BDF) to support the development of its smart‑sensor system for house plants.

Founded in 2023 by Ben Beavers, SmartyPlants was created to address a common challenge faced by householders – knowing when and how to care for their plants with confidence. The startup aims to help the millions of UK plant owners to understand exactly what their houseplants need, through the use of its smart sensors.

In 2023, UK adults spent £700 million on houseplants, according to a report by the Horticultural Trades Association. Inconsistent watering routines, poor light conditions, and limited insight into plant health can all prove fatal for plants. SmartyPlants’ sensors and companion app aim to simplify the process by providing real‑time information on soil moisture, light levels, temperature, humidity, and nutrients.

Author: Mark Boost, CEO, Civo

It’s exciting to see Government ambition to develop AI‑led tech towns outside the traditional tech hubs, and Barnsley’s designation as the UK’s first Government‑backed ‘Tech Town’ marks a bold step in bringing AI into schools, healthcare and local business.

However, there’s a real risk that the way this is playing out leans too heavily on US tech giants like Microsoft.

This approach can help bootstrap innovation in the short term, but it also means the UK may end up importing the technology and value rather than building its own sovereign capabilities here. Much of the data, infrastructure and ultimately the commercial value created may flow back overseas, rather than staying in the UK to support future British AI leadership.

If the UK truly wants to be a global AI trailblazer, we need to balance international partnership with UK‑owned and UK‑controlled data, cloud and AI platforms, so that skills, innovation and economic gains stay onshore and benefit communities like Barnsley as well as the wider economy.

Allica Bank is one of a select few firms invited to participate in the Prudential Regulation Authority (PRA) and Financial Conduct Authority’s (FCA) newly launched Scale-up Unit, a joint regulatory initiative designed to support fast-growing, innovative financial services firms to scale, invest and create high-skilled jobs across the UK.

The Scale-up Unit, launched by the Chancellor as part of the UK Government’s Financial Services Growth and Competitiveness Strategy, will provide scaling firms with dedicated regulatory resource to support their growth ambitions. It is designed to help financial services firms that are already scaling within their markets and are in a period of sustained growth to navigate complex regulatory challenges.

Since first opening its doors in 2020, Allica’s impressive growth means its total outstanding lending to established SMEs has now reached £3.5 billion. Named the UK’s fastest growing company in 2024, and the fastest growing UK FinTech ever in 2023, Allica is building on strong momentum to achieve its target of a 10% share of the established SME market by 2028.

University of Cambridge spinout Sparxell has raised £3.7m in pre-Series A funding to scale a biomimetic colour technology based on structural colour rather than chemical dyes.

The company’s patented process extracts and assembles cellulose crystals from wood pulp to reflect specific wavelengths of light, replicating the physical mechanisms responsible for colour in butterfly wings and beetles.

Unlike pigment chemistry, the colour is generated through structure, eliminating the need for petroleum-derived dyes, heavy metals, and plastics.

The round is led by SWEN Capital Partners’ Blue Ocean 2 fund, with participation from Alpha Star Capital and Cambridge Enterprise. The investment accelerates Sparxell’s transition from pilot programmes to commercial-scale manufacturing, with tonne-scale production facilities operational by 2026.

Commercial law firm Hill Dickinson has announced the appointment of Chris Williams, who joins the firm’s London City office as a partner in its commercial dispute resolutions team.

A highly regarded commercial litigator, Williams has a particular focus on technology-related disputes and intellectual property, including patents, copyright, trademarks and confidential information. He brings almost a decade of partner-level experience to the firm, joining from Clyde & Co’s London office.

He is a key adviser to organisations across a range of sectors, including marine, natural resources and energy, with a client base ranging from multi-nationals to owner-managed businesses. He regularly advises clients on the development, exploitation and enforcement of intellectual property rights and is experienced in running complex litigation and arbitration proceedings across multiple jurisdictions.

Chris is also highly active in the burgeoning AI space, with a strong emphasis on intellectual property considerations and the emerging regulatory landscape.

Refute has raised £5m in seed funding to accelerate its mission to protect organisations and democracies from the rapidly evolving landscape of hybrid warfare and disinformation threats.

The round was led by deep tech specialist Amadeus Capital Partners, with participation from Playfair, Episode 1, Osney Capital and the National Security Strategic Investment Fund (NSSIF), the UK Government’s deep tech venture capital fund that invests in dual-use technologies for national security and defence.

Refute’s founders have over 40 years of experience creating technologies to fight terrorist attacks and financial crime, and elevate internet trust. As hybrid warfare intensifies, threat actors are rapidly evolving their tactics, blending bot farms with influencers, deploying agentic AI for end‑to‑end automation, and increasingly targeting commercial organisations alongside governments.

Since emerging from stealth and closing its pre-seed round in 2024, Refute has built military‑grade AI capabilities now used by leading commercial and government customers. The platform surfaces early‑stage signals of online manipulation, providing intelligence and recommended response strategies at the pace of the attackers.

UK businesses to benefit from a landmark £11 billion lending package to help them invest and expand abroad, to grow their businesses and the economy.

The lending commitment, from the UK’s five leading banks, is one of the largest collective moves by the banking sector in over a decade.

Senior executives from NatWest, HSBC UK, Barclays, Lloyds and Santander finalised an agreement with the Government last week at a roundtable in Westminster convened by the Business Secretary and the CEO of UKEF Tim Reid.

Together, the banks serve half of all British businesses across all corners of the country.

Dr Paul Bate will be stepping down as Chief Executive of the UK Space Agency at the end of March 2026 as it is absorbed into the Department for Science, Innovation and Technology.

Dr Bate has led the UK Space Agency for four and a half years. Working closely with ministers, he delivered two successful delegations to the European Space Agency Councils of Ministers, securing record investment levels, UK science leadership and three new UK astronauts.

The UK space sector now has access to a wider range of national space funding than ever before, with flagship initiatives such as the National Space Innovation Programme and Space Clusters Infrastructure Fund catalysing increasing levels of private investment.

“To be trusted to deliver the government’s civil space ambitions, and to lead an Agency of expert professionals who are passionate about their craft, has been the greatest privilege of my career and proof that space is a team sport,” he said.

“As the UK Space Agency becomes part of the Department for Science, Innovation and Technology (DSIT), now is the right time to pass the baton on. Whoever is successful will have one of the best jobs in the civil service, leading the new UK Space Agency, delivering innovation and world class science across space, working closely with Ministers, and combining policy, strategy, delivery and technical expertise to help make the UK a leading space nation.”

Big Technologies plc, a provider of electronic monitoring solutions including the Buddi prisoner tag, has appointed Simon Thomson as a non-executive director, with immediate effect.

Currently chairman of AIM-listed Rockhopper Exploration plc, he previously served as CEO of Cairn Energy PLC (subsequently Capricorn Energy PLC) from 2011 to 2023, having joined Cairn in 1995.

Author: Jonathan Symcox

A heavyweight duo of ex-unicorn leaders have joined forces to launch a new venture offering custom health and wealth products to people aged over 60.

Laura Ashforth, former managing director at InsurTech unicorn Zego, is the CEO of Lateral, which has raised £2.5 million seed funding.

Her co-founder is Steven Mendel, co-founder and ex-CEO of pet health unicorn ManyPets.

Author: Jonathan Symcox

Veremark has raised £19 million in Series B funding to expand globally.

The London firm provides background check and applicant screening technology to employers.

The round was led by Gresham House Ventures, with participation from existing investors Samaipata, ACF Investors and Stage 2 Capital – inclusive of a multi-million debt facility from Salica Partners. 

The funding will also be used to drive further investment in new products and AI.

Veremark grew its revenue run rate by 300% in 2025 and recently acquired Agenda Screening Services, a specialist background screening firm, offering every type of check available, including criminal checks, instant employment checks, global sanctions, credit and bankruptcy checks in over 180 countries.

Author: Chris Maguire

LBG Media, the social entertainment group behind the LADbible network, has revealed a small dip in profits after publishing its full-year results for the 12 months to the end of September 2025.

The Manchester-headquartered business reported a 7 per cent increase in total group revenue of £92.2m – compared to £86.2 in 2024.

Over the same period, profit before tax slipped 3 per cent from £14.5m in 2024 to £14m in 2025.

Cash and cash equivalents increased 13 per cent to £30.8m and the group has no debt.

CEO Solly Solomou said: “Our strong cash generation supports this investment and also selective add-on acquisitions where we see a compelling strategic fit.”

In May, Harry Stebbings, founder of Twenty VC and The Twenty Minute VC, joined as non-executive director.

LBG Media is listed on the AIM market and its share price is currently 86.29p – giving it a market cap of £191m.

Author: Jonathan Symcox

Barnsley is to become the first government-backed ‘Tech Town’ in the UK, with AI at the core of public services, healthcare, schools and jobs.

Tech giants Microsoft, Cisco and Adobe have backed the plans as the former South Yorkshire mining town looks to create a blueprint for the rest of the UK to follow.

The government said that today marks the start of a transformation designed to make life easier, fairer and more prosperous in Barnsley – from AI tools that help GPs triage patients quicker to new digital training for adults.

Over the next 18 months, the government says it will work closely with local business leaders, educators, NHS workers and more to train people for the jobs of the future, with local services ‘fit for the AI era’. 

It said AI could ensure communities left behind by the economic changes of the 20th Century – such as the demise of the mining and manufacturing industries, in favour of a more service-based economy – can seize the benefits of the 21st.

 

Elon Musk’s SpaceX is taking over xAI, his artificial intelligence startup, in a deal worth a reported $1.125 trillion.

In a memo, Musk said the merger would form an “innovation engine” – with AI, rockets, space-based internet and media in one place.

xAI is the creator of Musk’s controversial Grok chatbot, which attracted criticism around the world for allowing users to digitally undress women and children.

Last month, Musk’s electric car company Tesla announced a $2bn investment into xAI.

Author: Chris Maguire

The man hailed as Manchester’s ‘Mr Graphene’ has been appointed as chairman of a startup focused on treating waste water in an environmental way.

James Baker, who has recently stepped down as CEO of Graphene@Manchester, has joined Aqua Catalysis, along with fractional chief commercial officer, Mark Lancelott.

Luke Marden, founder and CEO of Aqua Catalysis, said: “The appointments of James and Mark represent a pivotal moment.

“As we enter Aqua Catalysis 2.0, their leadership and commercial expertise will be critical in helping us scale our technology and deliver meaningful environmental impact.”

The company’s patent pending photocatalyst technology is designed to address the challenges of pharmaceutical effluent treatment, supporting manufacturers in reducing environmental impact while meeting increasingly stringent regulatory and sustainability requirements.

As chairman, Baker will provide governance and strategic input with the board to support the company’s evolution from innovation-led development to broader market deployment.

Baker stood down as CEO of Graphene@Manchester in January, where he was responsible for commercialising graphene and 2D materials for products working with industry.

He’s also set up a consultancy business called Baker Graphene to continue supporting graphene startups.

Author: Chris Maguire

Experienced John Hughes has joined specialist finance and accounting recruitment company Sowena Group to support its next phase of growth.

After spending 29 years at KPMG, Hughes has held a series of high profile including being the current chairman of Cortus Advisory Group.

He’s also advised Modern Milkman, which last week secured a £10m investment from Salica Investments, taking total funding raised by the sustainable grocery delivery business to more than £60m.

Hughes has worked extensively as a non-executive chairman and chief executive of large organisations including Yodel.

Modern Milkman takes total funding to £60m with £10m raise

Sowena’s founder and chief executive Perran Cooke said Hughes’ experience and strategic insight would help to strengthen the company’s market position and support its expansion strategy.

The company, which Perran founded in summer 2024, now has a team of 12 based at The Tootal Buildings in Manchester city centre.

Sowena, which last year received a six-figure investment from fund manager River Capital to accelerate its growth, specialises in recruitment for high-growth businesses, pre and current private equity-backed companies and venture capital firms across the North West and beyond.

It recruits for chief financial officer, finance director, financial controller, head of finance and newly-qualified roles as well as for interim and fractional senior posts, with salaries ranging from £45,000 to £200,000.

Sowena places candidates across sectors including retail, technology, manufacturing, logistics, healthcare, fast-moving consumer goods, eCommerce, facilities management, professional services and wholesaling.

Perran said: “This is a really exciting moment for Sowena as we continue to build a business with scale, credibility and long-term ambition.

“Bringing John on board as non-executive director is a significant step for us. His experience from KPMG and Cortus Advisory, combined with his strategic insight, will be invaluable as he works alongside me to strengthen our market position and support the next phase of our growth.”

Hughes said: “Throughout my career, the constant has always been people. However strong the strategy or compelling the opportunity, businesses only succeed when they have the right people in the right roles, at the right time.

“I’ve known Perran for many years and have always been impressed by the way he approaches both clients and candidates – with integrity, commercial insight and a genuine understanding of what growing businesses really need.

“Sowena has built a business that reflects those values, and I’m looking forward to supporting the team as they help clients build finance functions that can scale, adapt and create long-term value.”

Meanwhile, Sowena has strengthened its team with the appointment of Alex Mackenzie as a director and Marcus Polledri as business manager.

Mackenzie brings more than 12 years’ recruitment experience in the North West working with executive-level finance professionals, and has previously held senior roles at Broster Buchanan and Michael Page. At Sowena he is specialising in senior and executive appointments.

Polledri, who has joined Sowena from Simpson Judge, has four years’ experience working in the private equity finance market in London and the south, covering a range of high-growth businesses.