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- Startup Researcher - EMEA Weekly: Week 16
Hello there,
Welcome to another edition of 🔍 Startup Researcher - EMEA Weekly, your essential digest delivering the latest news and premium insights on startups and venture capital across the region 🌍
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Without further ado, let's delve into the latest developments!
Europe
📰 Important News
A recent survey of 1,150 tech workers in Berlin shows that the average total annual gross salary has increased by 8.36% year-over-year, however, women are still earning 15% less than men.
London-based startup Stability AI has conducted a new round of layoffs following the departure of the CEO and several other high-profile individuals.
Seedrs, Europe's leading private investing platform, has teamed up with Microsoft to launch SERIES AI, an AI-focused accelerator for startups.
Apple started last week allowing web distribution for iOS apps targeting users in the European Union.
Rigetti has deployed a commercially available quantum computer in the UK, the second of its kind in the country, in collaboration with Oxford Instruments NanoScience for cryogenic cooling.
💸 Top Funding Rounds
Finnish space startup ICEYE has secured €94 million in growth funding led by Finnish sovereign wealth fund Solidium Oy.
Leonardo Di Caprio-backed Dutch startup-based Mosa Meat has secured €40M in a funding round led by Lowercarbon Capital and M Ventures.
Copenhagen-based startup Flatpay, which develops payment solutions for small and medium-sized businesses, has raised €45 million in a Series B funding round led by London's Dawn Capital.
GridBeyond, an Irish analytics and asset management provider, has raised a €52 million Series C round led by Alantra's Energy Transition Fund and Klima.
Berlin-based grocery delivery unicorn Flink has secured €100 million in funding to extend its runway and try to outlast its competitors.
💰️ Notable Exits
Trouva, an independent shop marketplace, has been acquired by Fy!, an AI-enabled home and living marketplace. This is the third time Trouva has been acquired in two years.
Rotterdam-based Umob has acquired MaaS Global, a Finnish mobility company operating in various cities across Europe, following MaaS Global's recent bankruptcy filing.
TokenEx, a data tokenization startup, is merging with payments platform IXOPAY to combine their software products and streamline payment journeys under the name "IXOPAY, a TokenEx Company."
SC Ventures, the venture arm of Standard Chartered Bank, has acquired a stake in ethical and Sharia-compliant fintech Algbra.
French software company Planisware went public with an IPO valuing it at €1.11 billion, marking the largest IPO on the Euronext Paris stock exchange in three years.
🏦 About Investors
Lazard is partnering with French VC Elaia to launch a growth fund, aiming to raise up to €1 billion from Lazard's clients. The new entity, Lazard Elaia Capital, will be 75% owned by Lazard and 25% by Elaia.
Former F1 World Champion Nico Rosberg's investment firm Rosberg Ventures has launched a new €70 million Fund of Funds, securing a first close at €30 million.
Eindhoven-based deep tech venture capital firm PhotonVentures has closed its second fundraising round, raising over €15 million and bringing the fund's total to its targeted €75 million.
Sweden has joined the independent VC firm NATO Innovation Fund as a Limited Partner, joining 23 other nations to invest in technology and science.
Polish investor bValue has closed its BVG growth fund at €90 million, to back tech startups and scaleups in Poland and the wider CEE region.
📈 Deep Dive Bites
Explore the dynamics of European micro-mobility startups in 2024, navigating bankruptcies, consolidation, and the quest for sustainability. Dive into our full article to gain insights into the industry's dynamics and prospects for urban transportation.
Middle East
🚀 Your feedback has been heard, and we're thrilled to reveal that Startup Researcher is now shifting its focus to each region individually. This platform and newsletter are now dedicated to investigating the dynamic startup landscape of the Middle East! 🌟 Explore the vibrant startup scene of the Middle East with us!
💸 Top Funding Rounds
Microsoft has partnered with UAE's G42 to deliver advanced AI solutions using Azure. Microsoft will invest $1.5 billion for a minority stake in G42 and join its board.
Saudi-based SaaS provider Penny Software has raised pre-Series A funding from Iliad Partners, GSI, Knollwood Investments, and existing investors.
Fortis, a UAE-based fintech company, has completed a $20 million Series A funding round led by Opportunity Venture.
UAE's Web3 services provider U-topia has secured $850,000 in funding from GDA Capital to enhance its platform with innovative features and technologies.
Jordan's healthtech startup Arab Therapy has raised a $1 million seed round led by Flat6Labs and Vision Health Pioneers.
🏦 About Investors
Beltone Venture Capital in Egypt has teamed up with CI Venture Capital from UAE to manage a $30 million fund for fast-growing startups.
📈 Deep Dive Bites
Is a merger between Tabby and Tamara a good strategic move? Both attained unicorn status simultaneously, are headquartered in the Middle East, and specialize in BNPL solutions. Check out our article where we examine the rise of these prominent BNPL players and the favorable conditions for a potential merger and the numerous benefits it could bring.
Africa
🚀 We've heard your feedback, and we're thrilled to announce that Startup Researcher is now focusing on each region individually. This website and newsletter are now dedicated to exploring the vibrant startup landscape of Africa! 🌟 Delve into the vibrant startup landscape of Africa with us! 🌍
📰 Important News
Mastercard and Onafriq are partnering to bring secure and innovative payment options to consumers and SMEs across Africa.
MarketForce, the Y Combinator-backed Kenyan startup founded in 2018, has decided to shut down its B2B e-commerce platform, RejaReja.
AfriLabs has teamed up with Saudi Arabia's Ministry of Investment to enhance tech and innovation collaboration between Africa and Saudi Arabia. Additionally, it has welcomed 16 new hubs, expanding its network to 478 hubs across 260 cities in 53 African nations.
Crypto exchange VALR has received regulatory approval from the South African Financial Services Conduct Authority, following similar approvals announced by Luno and Zignaly.
Nadeem Anjarwalla, the Binance executive who fled Nigerian custody, has been captured in Kenya. Nigeria is working to extradite him back for trial on charges of money laundering and tax evasion.
💸 Top Funding Rounds
Egypt's podcast production company "The Potcast Productions Company" (TPP) has secured early-stage financing through the Shark Tank program.
Kenyan insurtech firm Pula has secured a $20 million Series B funding round to forge new partnerships and expand its operations across Africa, Latin America, and Asia.
Spatialedge, an AI-driven software company based in South Africa, has secured $3.1 million from Hlayisani Growth Fund to accelerate its product launch and expand its customer reach.
Renew Capital has made its first investment in Mozambique by backing Roscas, a Mozambican fintech startup digitizing traditional savings groups for the informal sector.
💰️ Notable Exits
Vodacom has acquired Smile Communications in Tanzania for £22 million, following Saudi investors' rescue deal of $235 million+ just two years prior.
🏦 About Investors
Spark+ GP, the first impact debt fund focused on expanding the clean cooking sector across sub-Saharan Africa, has announced the second and third closings of the Spark+ Africa Fund, now with $64 million in Assets Under Management (AUM).
📈 Deep Dive Bites
Explore the journeys of pioneering female VC partners reshaping Africa's investment landscape in 2024. Learn about their paths to success, challenges overcome, and impactful contributions to innovation and growth.
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