Startup Researcher - Europe: Week 8, 2025

17th February - 23rd February

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

  • France's 2025 budget keeps the JEI tax exemption for R&D startups but raises eligibility criteria, excluding some costs like GPU usage.

  • Revolut CEO Nik Storonsky reaffirmed the company's hybrid work policy despite a multi-million-dollar move to a new Canary Wharf HQ.

  • SellerX is cutting 20% of its workforce amid financial struggles, shifting focus to high-potential categories after avoiding a sale and restructuring its debt.

  • Karl Tuyls, cofounder of AI startup H Company, joined Meta’s AI lab in Paris to work on AI agent models with the Llama team.

  • Dutch unicorn Bird is leaving the Netherlands to consolidate operations into six global hubs, shifting back to office-based collaboration.

💸 Top Funding Rounds

  • Elvy secured $3.5 million in equity and $150 million in debt to offer 15-year energy tariffs with free assets like heat pumps and solar panels.

  • Ori raised $140 million to expand its compute-as-a-service business, rolling out access to Nvidia's H200 and GB200 chips, with a larger round expected in 2025.

  • Luminance closed a $75 million Series C round led by Point72 Private Investments to expand its AI-driven legal automation platform.

  • RoomPriceGenie secured $75 million from Five Elms Capital to accelerate global expansion and enhance API integrations.

  • 73 Strings raised $55.4 million in a Series B round led by Goldman Sachs Alternatives’ Growth Equity, with backing from Blackstone and others.

💰️ Notable Exits

  • Bankrupt Swedish battery maker Northvolt has sold its industrial battery division to Scania as part of a broader effort to offload non-core assets.

  • MNC acquired Grwth in a multi-million dollar deal to create a one-stop shop integrating media, venture funding, and advisory services.

  • FuturMaster acquired PlaniSense to enhance its Bloom platform with advanced scheduling solutions, strengthening end-to-end supply chain planning.

  • AI-driven meal prep platform Remy acquired UK-based food waste app Kitche to further its mission of reducing household food waste.

  • Estonian AI-powered 3D asset platform Alpha3D has acquired Netherlands-based moonlander.ai to integrate its “Text-2-Game” technology.

🏦 About Investors

  • Polestar Capital launched the $525.58 million PCEIF fund to finance zero-emission mobility projects in North West Europe.

  • NaturalX Health Ventures launched a $105.2 million fund to invest in European consumer health startups.

  • 4Founders Capital launched its $46.25 million third fund to invest in Spanish-linked tech startups, targeting around 40 companies.

📊 Investment Highlights

Estonia may be facing a broader slowdown in tech exits, but some startups have defied the trend with major acquisitions in 2024. From fintech to construction software, these resilient companies secured strategic deals, proving Estonia’s startup ecosystem remains strong. Check out the full list and see which Estonian startups made the biggest moves this year.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Ori

UK-based AI infrastructure startup Ori has raised $140 million to expand its compute-as-a-service business, enabling cloud-based access to high-performance Nvidia chips like H200 and GB200 for AI model training. The funding will support Ori’s expansion in the UK and Europe, strengthening its partnerships with data centers to meet the growing demand for AI computing power. Founded in 2019, the company had previously raised $18.1 million and is now preparing for a larger funding round expected to close in 2025, signaling its long-term commitment to scaling AI infrastructure.

💼 Investor of the Week

NaturalX Ventures Raises €100M Fund

Introducing our Investor of the Week 🏆

NaturalX Health Ventures

Berlin-based NaturalX Health Ventures has launched a $105.2 million fund to invest in early-stage consumer health startups across Europe, with a focus on proactive health solutions such as sleep, gut health, prevention, and mental well-being. Founded in 2023 by Marvin Amberg in collaboration with the Schwabe Group, the firm aims to address the funding gap in Europe’s consumer health sector by primarily backing Series A startups, with select investments in late Seed and Series B rounds. With initial investments ranging from $3.15 million to $5.26 million and follow-on funding of up to $10.5 million per company, NaturalX has already backed startups like mybacs, Flow Neuroscience, Kyan Health, and Meela, while also allocating 20% of its fund to other venture capital firms with a partial focus on consumer health.

 🤑 Opportunity Radar

Apply to the Global Entrepreneurship Challenge 2025 by March 4, 2025, for a chance to launch and scale your startup in Japan’s dynamic business ecosystem. Backed by the Tokyo Metropolitan Government, this program offers international entrepreneurs mentorship, networking with local businesses, and full travel support to Japan. Whether your innovation focuses on sustainability, digital transformation, education, or culture, this is your opportunity to establish your business in one of the world’s leading markets. Don’t miss your chance to be part of this global initiative—apply now and take your venture to the next level in Tokyo!

Thank you for joining us this week! We trust you found value in our latest edition. 🚀

Your feedback is invaluable to us, so please don't hesitate to share your thoughts by replying to this email. We're committed to continuously improving and delivering content tailored to your interests and needs 📩

If you're interested in staying updated on the latest trends, startups, and investments in other regions, don't miss out on:

  • 🌍 Startup Researcher - Africa: Delve into Africa's thriving ecosystem, uncovering cutting-edge trends, emerging startups, and investment opportunities.

  • 🌏️ Startup Researcher - Asia Pacific: Discover the latest innovations and startups in the Asia Pacific region, covering key markets, investment movements, and emerging tech hubs.

  • 🌎️ Startup Researcher - Latin America: Keep track of Latin America's fast-growing startups, investment trends, and disruptive technologies driving economic growth.

  • 🌍 Startup Researcher - Middle East: Explore the dynamic landscape of the Middle East, with comprehensive coverage of startups, entrepreneurial endeavors, and venture capital trends.

  • 🌎️ Startup Researcher - North America & Israel: Stay ahead with coverage of the North American and Israeli startup ecosystems, focusing on cutting-edge ventures, investment insights, and tech advancements.

Additionally, stay connected with us on LinkedIn for more insights and updates 🔗

Looking forward to staying connected and bringing you more exciting content next time!