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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

• Fidji Simo is joining OpenAI as CEO of applications, reporting to Sam Altman, to lead ChatGPT and other products.

• Mistral launched Le Chat Enterprise to compete with Microsoft and OpenAI, offering generative AI tools tailored for businesses.

• The EU launched a $663.2 million initiative to attract scientists amid U.S. funding cuts and clashes under Trump.

• UK’s Future Fifty named 25 top startups including ElevenLabs and Abound, with $3.98 billion raised and employing more than 1,800 employees.

• 11x founder Hasan Sukkar stepped down as CEO amid scaling issues and internal controversy, with CTO Prabhav Jain taking over leadership.

💸 Top Funding Rounds

• Wagestream secured $400.1 million from Citi to scale Workplace Loans, offering flexible credit and boosting UK workers’ financial wellbeing.

• Quantum Systems hit unicorn status with a $181.2 million Series C round to scale dual-use AI drones for global defence and commercial markets.

• Parloa closed a $120 million Series C at over $1 billion valuation, to grow AI agents automating enterprise customer service in the US and Europe.

• FINOM landed $105 million from General Catalyst to boost SME finance after doubling revenue in 2024 and launching direct lending.

• TEKEVER raised funding that valued the company at $1.3 billion to expand AI drones and launch the UK’s $533 million Project OVERMATCH.

💰️ Notable Exits

• XData Group announced a $210 million SPAC merger with Alpha Star to go public on Nasdaq, boosting product development and banking operations.

• Function Health acquired Ezra to combine AI full-body MRI with biomarker testing, offering a $500 scan for broader preventive care access.

• Main Capital took a majority stake in Aritma to fuel growth in financial automation and drive international expansion via acquisitions.

• Faircraft bought VitroLabs' assets to lead the lab-grown leather space, expand IP, and scale sustainable materials for luxury markets.

• Innolink acquired Vibemetrics to strengthen HR services and boost decision-making through advanced analytics in the Finnish market.

🏦 About Investors

• Adams Street closed $305.8 million for its first European VC fund to back up to 20 GPs and hundreds of early-stage startups across the continent.

• Bosch launched Fund IV with $283.5 million to invest in deep-tech startups worldwide, focusing on energy, mobility, and automation.

• Marathon VC raised $85 million for its third fund to back early-stage tech across Europe, growing its total AUM to $233.3 million.

• Final Frontier launched a $5.1 million fund to support Nordic defence and space startups, backed by former Danish PM Rasmussen and other key figures.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Quantum Systems

Quantum Systems, founded in 2015 by Florian Seibel, is a Munich-based company specializing in AI-powered, dual-use eVTOL drones that combine edge computing, real-time AI, and autonomous capabilities for defense and commercial applications. The company has just raised $181.2 million in Series C funding led by Balderton Capital, with participation from Airbus, Hensoldt, and others, to scale mass production, expand globally, and enhance its autonomous drone and software capabilities, solidifying its position as a European leader in aerial intelligence.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Adams Street

Adams Street Partners, founded in 1972 and headquartered in Chicago, is one of the world’s largest and most established private markets investment managers, overseeing approximately $62 billion in assets across strategies including primary fund investments, secondaries, growth equity, credit, and co-investments. The firm recently closed its debut dedicated European VC fund at $305.8 million, which will support 10 to 20 general partners and hundreds of early-stage startups across the continent, with up to 30% of the capital earmarked for secondaries and co-investments, reflecting its continued confidence in Europe’s innovation ecosystem despite global macroeconomic uncertainty.

🤑 Opportunity Radar

Call for Applications: Y Combinator’s Summer 2025 Batch

Apply to Y Combinator’s Summer 2025 Batch by May 13, 2025, to accelerate your startup journey with one of the world’s most prestigious accelerators. The program runs from June to September in San Francisco, featuring in-person meetups, mentorship from experienced YC partners, and access to YC’s powerful alumni network. Selected startups receive $500,000 in funding immediately upon acceptance and benefit from exclusive investor connections. Don’t miss this chance to join a thriving community of founders—apply today!