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Welcome to another edition of 🔍 Startup Researcher - Europe, your essential digest delivering the latest news and premium insights on startups and venture capital across the region 🌍

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📰 Important News

• Revolut is hiring hundreds of banking staff as it nears full UK bank licensing, with a final regulatory decision expected by July.

• Swedish battery-maker Northvolt has filed for bankruptcy after failing to secure sufficient financial support.

• The EU has released a new draft of AI Code of Practice, raising concerns among tech companies over copyright obligations and compliance burdens.

• Arrival has shut down operations and laid off all staff after two planned sales collapsed, marking the final blow to the once $13 billion-valued company.

• Viva Wallet's CEO filed an injunction against JPMorgan to block further lawsuits and takeover attempts amid a legal battle over an investment in 2022.

💸 Top Funding Rounds

• UAE-based MGX invested $2 billion in Binance, marking the largest stablecoin-related deal and Binance’s first institutional investment.

• GoByBike secured $135.4 million in loan financing from Castlelake and Santander CIB to expand its employee bike service across Finland.

• Blackwall closed a $49 million Series B round to expand its cybersecurity solutions for SMBs, scale globally, and enhance its traffic protection tools.

• Alloyed raised $47.9 million in Series B funding, led by SPARX and the Development Bank of Japan, to expand its additive manufacturing capabilities.

• Beekeeper secured $35 million in growth financing from HSBC Innovation Banking UK to expand its mobile-first platform.

💰️ Notable Exits

• Klarna filed for an IPO aiming to raise $1 billion at a $15 billion valuation, marking a turnaround with $2.8 billion in revenue and $21 million in profit for 2024.

• Gleamer acquired Pixyl and Caerus Medical, expanding its AI-driven radiology portfolio to include MRI solutions.

• Euronext acquired Admincontrol from Visma for $436.5 million as part of its “Innovate for Growth 2027” strategic plan.

• UiPath acquired Peak to integrate its AI workflow tools into a new suite of AI agents, enhancing its automation platform and strengthening its vertical AI solutions strategy.

• Clio acquired ShareDo in its largest deal to date, accelerating its expansion into the enterprise legal market and strengthening its global presence.

🏦 About Investors

• Harry Stebbings announced Project Europe, a $10.9 million fund backed by 150 top founders and VCs, that will invest in young European entrepreneurs.

• OpenOcean has raised $109 million for its fourth fund, targeting $141.4 million by mid-2025 to invest in AI and PE-rollup startups.

• Vento launched a $81.7 million fund to support Italian tech founders globally, aiming for 375 investments over five years.

• IAG launched IAGi Ventures, committing up to $216.6 million over five years to invest in aviation technology startups.

• Unmanned.vc launched a $2.17 million fund to invest in autonomous systems startups, focusing on AI, robotics, space, and cybersecurity.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Klarna

Klarna, a Swedish fintech company founded in 2005 by Sebastian Siemiatkowski and Niklas Adalberth, has filed for a U.S. IPO, aiming to raise $1 billion at a $15 billion valuation. Operating as a payment intermediary that allows customers to delay payments or pay in installments, Klarna has become a major competitor to PayPal, expanding its services across Europe, the U.S., and the Asia-Pacific region. The company reported $2.8 billion in revenue and a $21 million profit for 2024, achieving this turnaround through AI-driven cost-cutting measures, including replacing 700 contract employees with an in-house ChatGPT-powered system.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Project Europe

Project Europe, launched by 20VC’s Harry Stebbings and backed by 150 top founders and VCs, is a $10.9 million fund investing annually in 10 to 20 young European entrepreneurs under 25 to build the next $100 billion companies. The initiative, supported by Klarna, Mistral, and Delivery Hero founders, along with VCs like Point Nine and Adjacent, offers funding in exchange for a 6.66% equity stake while providing mentorship from prominent European founders. Led by newly appointed CEO Kitty Mayo, Project Europe aims to revitalize Europe's startup ecosystem amid economic challenges by fostering technical innovation and reshaping the continent’s entrepreneurial landscape.

 🤑 Opportunity Radar

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