# Two Circles funding: rounds and investors

> Two Circles has raised $130M across 3 rounds since 2021. Every round with its source.

Source: https://millionrounds.com/company/two-circles (Millionrounds; every figure on the page links to its filing or article)

United Kingdom · [Funded startup](https://millionrounds.com/companies)

# Who invested in *Two Circles*

3 rounds we have observed, with the 0 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it.

Advertising & Adtech

Funding summary Updated 26 Oct 2026

**$130M** raised across 3 rounds since 2021, from 3 sources

**$1.3M** Round **$1.4M** Round **$128M** Round

- **Latest round:** Round, $128M Oct 2024
- **Step-up i:** 90.1×
- **Investors:** 0

See who backed them

## The funding story

Each circle is a round, placed by date and sized by amount. The line above is the running total.

2022 2023 2024

**$1.3M** Round

**$1.4M** Round

**$128M** Round

- **First round:** Round, $1.3M
- **Biggest round:** $128M
- **Usual gap between rounds:** 2.7 years

## The rounds

- **Oct 2024** Round **$128M** No investor was named in the report. Shares issued, filed with Companies House (SH01); no report of this raise yet
- **Mar 2024** Round **$1.4M** No investor was named in the report. Shares issued, filed with Companies House (SH01); no report of this raise yet
- **Jul 2021** Round **$1.3M** No investor was named in the report. Shares issued, filed with Companies House (SH01); no report of this raise yet

## Funding filed with regulators

Two Circles filed 4 raises, $130M in all. Filings say how much was sold and to how many investors; they never name the investors.

- Dec 2024 **$33M** UK share allotment
- Oct 2024 **$95M** UK share allotment
- Mar 2024 **$1.4M** UK share allotment
- Jul 2021 **$1.3M** UK share allotment

## Also claim to have backed them

This firm lists Two Circles as a portfolio company on their own website, but no report of a round names it. They are the firms' own claims, kept apart from the rounds above.

[Otro Capital](https://millionrounds.com/fund/otro-capital) Private equity Per its own site

## Quick answers about Two Circles

### How much has Two Circles raised?

Two Circles has raised $130M across 3 rounds since 2021.

### When did Two Circles last raise?

Two Circles's most recent round, $128M, was in Oct 2024.

### What was Two Circles's biggest round?

Its most recent round, $128M in Oct 2024, is also its largest on record.

### Where is Two Circles based?

Two Circles is based in the United Kingdom.

## Companies like Two Circles

In the same sector, and raised in the last eighteen months.

[**Velocity** $105M · Sept 2026](https://millionrounds.com/company/velocity)[**Adthena** $110M · Jul 2026](https://millionrounds.com/company/adthena)[**InfoSum** $164M · Jun 2026](https://millionrounds.com/company/infosum)[**Covatic** $10M · Jun 2026](https://millionrounds.com/company/covatic)[**Vector** $91M · May 2026](https://millionrounds.com/company/vector)[**Go Swag** $5.0M · May 2026](https://millionrounds.com/company/go-swag)

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