Moa Technology's £22.2m Round Put £44.4m First In Line
Moa Technology's £22.2m Series C created 46.4% of its issued shares and a roughly £44.4m first claim after accounts warned the round was essential.
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Research topic
Financing Structures
Analysis of share classes, liquidation preferences, founder loans, grants and other structures behind private-company financing.
Headline funding totals do not show who is paid first, whether capital is debt or equity, or which conditions still have to be met. These articles map the instruments and rights that determine the economic outcome.
The collection covers preference waterfalls, founder loans, grants, secondary transactions and gaps between announced financing and amounts visible in public records.
TidalSense's £14.2m Financing Put 71% First In Line
TidalSense's visible £10.31m equity put 70.9% of issued shares in the class paid first, while £3.89m of the £14.2m headline remains unmapped.
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Humanoid's $152m Round Recapitalises A Business With £50.5m Of Founder Loans
Humanoid raised $152m after ending 2025 with £43.5m of net liabilities and £50.5m in founder loans, while its founder appeared to retain 53% of ordinary shares.
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PaperShell's €40m EU Grant Leaves A €43m Financing Test
PaperShell's signed 2025 annual report links an €83m factory and €40m EU grant to a planned IPO, while private capital must still fund roughly half.
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FINN's €140m Round Shows The Financing Stack Behind A Mobility Unicorn
FINN's 2025 shareholder lists show a 17.2% wider share base, Planet First's 18.8% block and a new Picus vehicle before the €140m Series D round.
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