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- Startup Researcher - EMEA Weekly: Week 14
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Welcome to another edition of ๐ตStartup Researcher - EMEA Weekly, your essential digest delivering the latest news and premium insights on startups and venture capital across the region๐
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Without further ado, let's delve into the latest developments!
Europe
๐ฐ Important News
The EU Future Mobility task force, comprising 18 private mobility companies, urges action to advance Europe's transport innovation, presenting recommendations to European Commissioner Adina Vฤlean.
Finnish startup Silo AI has launched an LLM with Nordic languages to preserve Europe's linguistic diversity.
The EU and US issued a joint statement, committing to increased collaboration on AI, including safety, governance, and other tech issuesโฆ
Amazon Bedrock, the tech giantโs platform for constructing generative AI applications, has incorporated Mistral Large, the latest and most advanced LLM from Mistral AI, into its offerings.
Through an open letter, UK startups advocate for more favorable immigration policies for high-skilled tech workers, urging the Home Office to address potential harm caused by recent visa reforms.
๐ธ Top Funding Rounds
French unicorn Blablacar has raised a $108.49 million revolving credit facility to support additional acquisitions to enhance its position across its 21 markets.
SaaS company Pigment, which provides enterprise customers with an alternative to Excel has raised $145m in Series D funding to become France's latest unicorn.
Helsinki-based food-biotech company Onego Bio has raised $40 million in a Series A funding round led by NordicNinja, making it one of the largest A-rounds in the Nordics.
Stockholm-based debt financing platform Scayl emerges from stealth, announcing $108.49 million raised to offer lenders access to flexible and transparent funding structures.
Cambridge-based legal-grade AI company Luminance announced a $40 million Series B funding round led by March Capital.
๐ฐ๏ธ Notable Exits
London-based Prodigi, a global print-on-demand platform, acquires Amsterdam-based cloud printing solutions provider Peecho, as part of its strategy to strengthen its market position.
Manchester's content curation platform Wakelet has acquired Bulb, a digital portfolio provider popular among teachers and job applicants, advancing Wakelet's expansion into edtech.
Remote, an HRtech company, has acquired Compensation SaaS Easop, expanding its capabilities to include equity management for international employees.
Once For All has acquired the Spanish supply chain risk and compliance management software platform Nalanda, integrating its services into Once For All's broader product offering.
CData Software, a data connectivity provider, has acquired Data Virtuality, a global provider of data integration and management solutions.
๐ฆ About Investors
Main Capital Partners closes Main Capital VIII and Main Foundation II buyout funds, raising $2.65 billion and nearly doubling its previous fund size, bringing total AUM to about $6.51 billion.
๐ Deep Dive Bites
Discover the resilience of Europe's startups in Q1-2024, with $32.4 billion in investments driving growth, particularly in cleantech. Discover more insights for free!
Middle East
๐ฐ Important News
Fasset, a digital asset exchange, is expanding to the UAE after a successful launch in Indonesia, with $26.7 million raised in funding.
๐ธ Top Funding Rounds
Oman's adtech firm Mubashir received undisclosed funding from ITHCA Group, to expand into new markets and enhance its technological capabilities.
Bahrain's Daleel, a financial marketplace, secures undisclosed investment from Hambro Perks Spring Studios, Al Waha fund of funds, and Flat6Labs to accelerate its expansion in Saudi Arabia and the UAE.
Saudi's HAD edtech platform secures $5M pre-seed investment from Dar Al Majed Investment, to establish a business studio dedicated to edtech ventures.
Saudi Arabia-based logistics firm, a2b, has successfully raised a pre-seed funding round amounting to $1 million.
๐ฐ๏ธ Notable Exits
UAE's OSN+ merges with Lebanon's Anghami, with OSN+ now holding a majority stake of 55.45% at $3.69 per share, while MBC Group of Saudi Arabia acquired a 13.7% stake in Anghami the week before.
๐ฆ About Investors
The Research Development and Innovation Authority has launched a $83.2 million inaugural financial initiative aimed at strengthening research laboratories across Saudi Arabia.
๐ Deep Dive Bites
In Q1-2024, the Middle East witnessed a 43% drop in startup funding, highlighting regional challenges. Despite this, standout deals like Salla's pre-IPO round underscore resilience and promise. Discover our insights for free here!
Africa
๐ฐ Important News
South Africa has passed its digital nomad visa regulations with a minimum salary requirement of $53,000.
Nigerian startup Thepeer is closing down after three years due to compliance and product acceptance challenges. The company will return the remaining funds to investors as a pivot or merger is not an option.
Nigeria aims to convene 120 experts to develop an AI adoption framework during the National AI Strategy Workshop in Abuja from April 15 to 18.
Binance executive Tigran Gambaryan has been charged with laundering $35 million following a delay in the exchange's tax evasion case.
Kenya has introduced a draft National E-mobility Policy to drive local electric vehicle production, featuring zero-emission vehicle sales targets and investment criteria for government incentives.
๐ธ Top Funding Rounds
Triply, a Kenya-based travel startup, has raised $500,000 in funding from Y Combinator as part of its winter 2024 batch.
Zeepay, a Ghanaian company providing remittance and mobile money services, has secured a $3 million equity investment from Verdant Capital Hybrid Fund.
Legendary Foods, a food tech company headquartered in Kumasi, has received additional capital from the Climate Resilient Africa Fund, an impact-focused venture capital fund in Africa.
๐ฐ๏ธ Notable Exits
Ghanaian health tech firm Rivia has acquired Waffle, a local SaaS company focused on providing software solutions for SMEs.
Baobab Network has acquired the South African agency Reflector Marketing to boost its portfolio companies' success with specialized services.
๐ฆ About Investors
Sim Shagaya, CEO of uLesson, plans to launch The Honey Badger Fund, a venture supporting African entrepreneurs in tech projects.
Adenia Partners Ltd. has closed its largest Africa-focused fund, the Adenia Africa Fund, at $470 million, attracting investments from existing and new investors including Norfund AS, the US International Development Finance Corp., and Canadaโs Findev Inc.
๐ Deep Dive Bites
In Q1-2024, African startups faced an 81% decline in funding, yet standout performers like Moove in Nigeria showcased resilience. Read our full deep dive for free!
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