Hello there,

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 🌍

If you haven't subscribed yet, now's the perfect time. Don't miss the opportunity to supercharge your understanding and stay ahead in this dynamic world.

Ready? Let’s get right into it.

📰 Important News

• UK-based Builder.ai entered insolvency after leadership changes and financial restatements amid past challenges.

• Revolut announced a new Western Europe HQ based in Paris and will apply for French banking license to support regional growth.

• The UK announced new regulations on BNPL firms like Klarna and Clearpay starting next year to boost consumer protection and oversight.

• Voodoo reported $695.5 million revenue in 2024 and reached profitability as BeReal broke even with 30 million users after major cost cuts.

• Bankrupt battery maker Northvolt will cease production by the end of June as Scania stopped buying batteries despite sale efforts.

💸 Top Funding Rounds

• Butternut Box secured $84.2 million debt financing to build a second facility in Poland and expand fresh pet food delivery in Europe.

• Legora raised an $80 million Series B round led by Iconiq & General Catalyst, hitting a $675 million valuation with 250 clients in 20 markets.

• Flip closed a $28 million Series A extension to expand its AI platform for deskless workers automating workflows globally.

• Attensi obtained over $25 million in non-dilutive funds to grow its AI-gamified training solutions and enter the US market.

• Converge raised $22 million to optimize concrete production with AI and sensors, reducing carbon emissions worldwide.

💰️ Notable Exits

• French AI editor Photoroom acquired GenerateBanners to enhance automated text layout and launched Visual Ads Automation for ad campaigns.

• Big Idea Ventures acquired Vevolution to strengthen its global agrifoodtech platform connecting startups, investors, and innovators.

• Apex Group acquired a majority stake in Tokeny to boost institutional adoption of tokenized finance, integrating tech and expanding global reach.

• Online marketplace Onbuy acquired electrical specialist Comet to challenge long-established players within the UK’s consumer electronics space.

• Dutch firm Robidus acquired Amsterdam-based &niped to improve preventive health checks and employee employability.

🏦 About Investors

• QuantumLight raised $250 million to back Series B/C startups using its AI-driven investment model worldwide.

• Lunar Ventures raised a $56.1 million fund to support pre-seed deeptech startups in Europe and underserved US regions.

• European Investment Fund committed $45.3 million to Keen Ventures’ defence tech fund targeting cyber, AI, robotics, and spacetech startups.

• PSV Tech launched its second fund to accelerate Nordic early-stage deep tech startups in software, AI, and digital infrastructure.

• Marie Outtier joined Paris-based Ovni Capital as general partner, as the VC closed a $68.21 million fund to back deeptech startups with global ambitions.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Legora

Legora is a fast-growing collaborative AI platform for lawyers, founded in 2023 in Stockholm by Max Junestrand and his team, designed to transform legal work through AI-powered review, research, and drafting. The company recently raised $80 million in a Series B round led by ICONIQ and General Catalyst, reaching a valuation of $675 million and serving 250 law firms across 20 markets, including major global firms like Cleary Gottlieb and Goodwin. This investment will fuel Legora’s product innovation and deepen its client partnerships, accelerating adoption of AI to reshape legal workflows worldwide.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

QuantumLight

QuantumLight is a London-based quantitative venture capital firm founded in 2023 by Nik Storonsky, the CEO and founder of Revolut, one of Europe’s most valuable tech companies. The firm recently closed its inaugural $250 million fund, using its proprietary AI model, Aleph, to systematically invest in high-potential Series B and C startups across AI, Web3, fintech, SaaS, and healthtech. Beyond capital, QuantumLight supports its portfolio with practical operating playbooks like “Hiring Top Talent,” helping startups build world-class teams and scale efficiently with scientific precision.

🤑 Opportunity Radar

Call for Applications: Entrepreneurs for Resilience programme

Apply to the Entrepreneurs for Resilience programme by June 1st, 2025, to accelerate your social enterprise’s impact in healthcare. This opportunity supports ventures using innovative brick-and-click delivery models that combine in-person and virtual care to improve access to quality primary healthcare for low-income communities in low- and middle-income countries. Partnering with leading organizations like the Digital Connected Care Coalition (DCCC), UBS Optimus Foundation, and Sanofi’s Global Health Unit, the programme offers funding, expertise, and a powerful network to scale your solution. Submit your application in English before the deadline and join a movement dedicated to bridging healthcare gaps globally.