i23’s £4.9m Seed Arrived After Its Founder Control Record Changed
i23 raised £4.9m for an AI insurance broker after its founder subscribers ceased to be registrable PSCs, leaving the control chain unresolved.
Research topic
Evidence-led analysis of founder stakes, secondary sales, control rights and the value retained through private-market transactions.
Founder ownership changes through dilution, secondary transfers, reorganisations and control provisions. This collection traces those changes using shareholder lists and transaction documents rather than relying on headline estimates.
Where the records permit it, the articles separate ordinary-share ownership from voting control, preference economics and fully diluted positions.
i23 raised £4.9m for an AI insurance broker after its founder subscribers ceased to be registrable PSCs, leaving the control chain unresolved.
XRlabs raised an $8.4m Playground-led seed while filings show 621,130 Seed-2 shares and a founder still above 50% with majority board rights.
Rezzil’s $10m growth round sits beside parent-level allotments, a 19,300-share option authority and an unresolved strike-off notice for Exar.Live.
Ubitium’s $14m seed left its unchanged 25,000-share block at 51.69%, while Ibex became the largest new legal holder in the August 2026 register.
Matter Machine's £4m pre-Series A took a one-share founder company to 808,300 shares, cut the founder's PSC band and installed institutional governance.
1KOMMA5° announced €70m at a $1.35bn valuation, but its latest Hamburg shareholder list still shows €74,911 capital and a 300-share founder transfer.
Gaia Fertility's UK register moved from VC preference classes to 920,689 ordinary shares held by Gaia Family Inc, while founder Nader Alsalim remains an active PSC.
Hadrian's $40m round sits at a Dutch parent while UK accounts show 399,057 outstanding employee options, exposing a future-value claim absent from the announcement.
North Data's latest shareholder list shows Wiener Börse took 80% through existing shares, while founder Frank Debatin kept 20% and two 30% blocks exited.
Apheon announced a majority stake in Hager & Meisinger, but the latest operating-company filing still shows two family holding companies at 50/50.
Wiremind's €35m first financing says founders keep control. June statutes show how voting seats and quorum rules make that claim legally meaningful.
VoltR's €22m industrialisation package follows a 2025 capital repair: an emergency €400,002.76 issue, a rejected dissolution vote and a founder SPV.
Main's Raynet deal follows a four-step legal control chain from founders to rayASSETS, Rebella 3 and Raynet Holding, while 2026 seller details remain open.
Procuros announced a €20m Series A, but its 5 October shareholder list still records 39,676 shares and a 578-share transfer from its two founders to btov.
Kuro announced a €10m UVC-led round, while its May register filing maps UVC, Foundamental, Realyze and helloworld holdings without revealing cash terms.
Foundational's £8.2m pre-seed left 480,827 preferred shares ahead of founder ordinary stock, revealing the priority stack behind its satellite-laser launch.
DeepSlate's €7.7m seed put 42CAP at 16.94%; the latest register list shows Alstin at 11.27% after 384 founder shares moved, leaving founders at 55.76%.
Inbolt's €11m round came with only 1,700 net new shares, 65,495 non-voting shares and a BNP-specific 4.99% voting threshold in its statutes.
Depotcharge announced a €2.7m pre-seed, but Evolve Energy's latest register still shows founder vehicles owning 50% each with no investor allotment visible.
Campagnolo announced that SPAC SA will acquire a minority stake while the family keeps control; price, size and primary funding effect remain undisclosed.
Arlequin's €28m Series A follows a 31% seed issuance with ratchet protection and a 279,500-BSPCE capacity, while price and new stakes remain undisclosed.
FRYTE’s €3.5m seed sits beside a 43.89% share issue: founders fell from 94% to 52.74%, while 4impact and Rethink hold 21.88%. The legal list does not price the round.
Ground A's €9.1m pre-seed created 31.75% of new shares, leaving each founder vehicle at 22.75% and Vsquared Ventures III at 14.17% in the latest register.
Atira's $17.5m funding headline maps to 16.92% across three Accel funds, while founder vehicles retain 58.54% of the latest visible register today.
r3leaf's shareholder list records a 50% founder block assignment before insolvency, while the public sale process leaves the recipient and price undisclosed.
Revier’s €6m seed financing left a 57.6% legacy share block in place, while KHAN II and Revier Invest held 29.9% of the latest 43,428-share register.
Oshen's founders held 94.5% before its $5m round, while June resolutions authorised a potential 24.3% share envelope and ratified earlier ASAs.
Gallos' open £35m round follows a filed £9.99m issue that lifted Lansdowne to 29.0% and diluted each founder below the PSC threshold without an evidenced sale.
Callosum's $100m seed maps to a filed £57.20m Series Seed 2 issue for 24.1% of its holdco, while Atomico and Plural-linked directors joined the board.
Amber's €7m Series A created 11,113 shares: Ventech and NRW.BANK took 99.19%, lifting their combined holding to 36.09% and diluting three founder vehicles.
Metal Morph raised £700,000 after its 50/50 founder structure changed 12 days after incorporation, leaving one active registered controller in the public record.
Kinematic Trees issued 185,714 ordinary shares for £584,999.10, about 15.7% post-money, as a founder's registered majority-board right disappeared.
Agon's $30m launch round became £23.02m of filed cash across four Seed classes, while founder and investor board rights moved into the articles.
Mindgard raised a $30m Series A after its founder fell below the UK PSC threshold and First Citizens took security over its entire US subsidiary.
Resurgens took majority control of Qarma through two new vehicles while three continuing shareholder vehicles retained a combined registered band of 25–40%.
Cytix's $7m Series A ended both founders' significant-control status, added Northern Gritstone to the board and followed a £1m convertible bridge.
Sudolabs' buyer vehicle took 100% of its Slovak operating company, while its former 35/35/30 parent was renamed and the founders stayed managers.
Before a possible £1 billion sale, iwoca funded about £14.5 million of shareholder purchases while Series D ranked first in the visible exit waterfall.
10x Banking raised £40 million after a £25 million convertible note matured, leaving the old note, a 15% warrant and founder control terms unresolved.
The latest visible SOWITEC owner list showed Frank Hummel at 74.91% and Vestas' vehicle at 25.09% when four core group companies entered insolvency.
PadelCity's €20m deal mixed €12m of fresh capital with €8m of secondary shares after a Schadeberg family vehicle bought 5.64% from key insiders.
Dwelly's filings show £44.3m of new Series B cash, 19,406 founder shares sold to EQT and General Catalyst, and Trinity secured across the business.
Before Cover Genius bought Friendsurance, founder Tim Kunde increased his stake from 8.03% to 11.11%, while Hevella entered the exit with 54.03%.
Version Lens Sweden entered liquidation 48 days before Lovable acquired the Nalvin team, separating the talent deal from the venture-backed company.
CuspAI's founders held 32.61% before its $450m Series B, while UK sovereign capital entered a company whose post-round ownership is not yet public.
Legora bought a Wexler that was 54% founder-owned on its last visible share count, but £4.66m of seed preference ranked ahead of ordinary shares.
Greyparrot's filed terms protect Series B as if a founder-led sale valued the company at £120m, with any shortfall deducted from founder proceeds.
UK filings show Axiom became Risk Ledger's largest individual shareholder as £18.5m of cash allotments trailed the announced £24m Series B headline.
Nuclear Turbines announced £15m, while its latest register shows founders at 57.6%, IQ Capital at 15.4% and about £6.2m of cash equity filed.
Ossprey's $2.65m pre-seed announcement followed a December share issue that gave investors 25.4% and preference rights while founders retained 68.5%.
Street Group's founders held 92.8% before Hg's deal valued the company above £200m, mapping to more than £185m of paper value at 12.5 times 2025 revenue.
German shareholder lists show Salesforce acquired 612 existing SPREAD shares from two founder vehicles, raising its stake from 5.5% to 6.7% without new capital.
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.