Passion Capital leads $1.7m round for Chai

The firm is currently investing from its second-generation fund, which closed on £45m in 2015. Passion Capital III was announced in 2017. It is currently open to commitments and has yet to hold a final close.

Dynamo Ventures and MMC Ventures also participated.

The fresh capital will go towards expanding capabilities and has had four new members join the company in January 2020.

Previous funding
In April 2019, Chai received pre-seed funding of £200,000 from an undisclosed investor.

Company
Chai's platform predicts price fluctuations in raw materials such as oil, aluminium and copper for use by companies that rely on certain commodities but do not usually pay for in-house commodities pricing staff, such as shipping companies and fast-moving consumer goods companies. Founded in 2019 and headquartered in London, Chai employs 10 people.

People
Passion Capital – Eileen Burbidge (partner).
Chai – Tristan Fletcher (CEO).

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• Topics
• Expansion
• UK / Ireland
• Technology
• United Kingdom
• Passion Capital
• MMC Ventures