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 🌍

Exciting news! This week marks the final release of EMEA Weekly as we're splitting the newsletter into three separate editions tailored to each region within EMEA. After hearing your feedback, we're dedicated to providing you with more focused and relevant content.

Starting next week, this newsletter will become solely dedicated to Europe. If you’re interested in Africa or the Middle East, make sure to subscribe to:

🌍 Startup Research - Middle East

🌍 Startup Research - Africa

Each edition will provide in-depth insights, news, expert interviews, and more to keep you informed and ahead in this dynamic world. Subscribe now to receive the latest updates directly in your inbox!

Opt-Out Option: If you prefer to no longer receive updates on Europe and wish to unsubscribe from this newsletter, simply reply to this email, and we will promptly remove you from our Europe-focused list.

Happy reading and stay tuned for the new format next week!

Europe

📰 Important News

• CEE has launched AI Chamber with nearly 50 Polish members to advocate for responsible AI development, bridge funding, and regulatory gaps led by Startup Poland's Tomasz Snażyk.

• Amsterdam's Rodeo Software, a cloud-native project management provider, declared bankrupt after financial irregularity allegations, following the termination of payment suspension.

• TikTok has suspended its gamification feature in the EU following concerns over the addictive design and mental health risks, prompted by an investigation into TikTok Lite's 'task and reward' mechanism.

• UK-based Synthesia is enhancing its AI video avatars with emotions, improved lip tracking, and more expressive movements, aiming to address imperfections.

• French quantum computing leaders Pasqal and Welinq have joined forces to tackle complex neutral atom quantum computing challenges, focusing on error correction and qubit scaling.

💸 Top Funding Rounds

• Spain's PLD Space has secured €78M (~$83.5M) to launch MIURA 5 mission and establish Europe's largest private spacetech infrastructure, totaling over €170M (~$182M) funding.

• Berlin-based Parloa has secured a €61.7M (~$66M) Series B round led by Altimeter Capital to scale its AI-driven customer service platform.

• Tines, a Dublin and Boston-based workflow management startup, has raised €46.6M (~$50M) in Series B extension, bringing total funding to $146.2M.

• Payflows, founded by ex-Luko staff, has raised €25M (~$26.7M) from Balderton and Ribbit. Their platform simplifies financial management for companies by integrating with existing accounting systems.

• Paris-based FlexAI, led by ex-Nvidia, Tesla, Intel, and Apple experts, has secured a $30m seed round to tackle AI compute bottleneck and diversify hardware development.

💰️ Notable Exits

• Main Capital Partners sold Dutch-based Enovation to Legrand, marking its largest exit.

• AutoBinck Group fully acquired SnappCar, the Netherlands' largest car-sharing platform.

• Helsinki's One Click LCA has acquired Paris-based Buildrz, combining generative AI for real estate analysis with One Click LCA's expertise in carbon and sustainability.

• Swiss-based Teylor has acquired the German SME financing platform creditshelf to expand its debt product offering and client base. Further acquisitions and fundraising are planned to dominate European lending.

• Swiss-Italian agritech startup xFarm Technologies has merged with Greenfield and Spacesense, enhancing its geospatial AI capabilities and expanding internationally to lead in regenerative agriculture.

🏦 About Investors

• Paris-based VC Ternel has launched a new €120M fund (~$128M) to invest in 30 European startups, prioritizing climate, health, education, and inclusion themes.

• Isomer Capital has launched a £100M (~$125M) secondaries fund, targeting VC fund stakes, fueled by LPs including Nordic family offices and a German foundation, amidst Europe's growing VC secondaries market.

• British Patient Capital has invested $50.8M in Evolution Equity Partners' third fund, supporting cybersecurity and enterprise software firms focused on innovation.

• APEX Capital has secured €50M (~$53.5M) for an athlete-driven venture fund, targeting sports, media, and entertainment sectors.

• UK's Seraphim Space has launched a second spacetech fund, aiming to support 30 companies focusing on AI, communications, scientific breakthroughs, and space-based networks.

📈 Deep Dive Bites

Explore 16 Dutch startups shaping 2024, from AI-powered finance to sustainable energy solutions. Read the full article for insights on these innovative ventures!

Middle East

📰 Important News

• Ten Egyptian startups have won prizes in the Saudi-Egyptian program VMS Bridge, supporting entrepreneurship in both countries. Five will visit Saudi Arabia to meet investors, two will receive free business licenses, and three will access specialized training.

💸 Top Funding Rounds

• UAE logistics startup Shorages has raised $1M in a pre-Series A funding round led by Joa Capital through their S3 Ventures Fund.

• UAE e-commerce startup WEE has raised $12M in a pre-Series A round, with a $10M investment from SIG Investment, bringing its valuation to $40M.

• DocsInBox, an e-invoicing solution for the UAE's F&B sector, raised $500,000 to streamline operations and reduce processing time for accountants by 15%.

🏦 About Investors

• ADQ and Oman Investment Authority have launched $180M Jasoor Fund to support high-growth tech companies in Oman and the MENA region, focusing on sectors like FinTech, EdTech, HealthTech, and cleantech.

• UAE-based healthcare private equity firm TVM Capital Healthcare has invested $17M in Munich-headquartered healthtech company Neurocare Group AG.

• Bahrain-based Investcorp and China Investment Corporation (CIC) have launched the "Investcorp Golden Horizon" fund, worth $1B, to support emerging startups in the GCC region and China.

• Saudi Venture Capital Company (SVC) has reached an incredible milestone investing over $693.33M in 40 funds and 700 startups and SMEs.

📈 Deep Dive Bites

Explore Kuwait's startup ecosystem from 2021 to 2023, witnessing fluctuations in activity and investment. Dive deeper into funding rounds, active investors, and notable exits in the full article!

Africa

📰 Important News

• The Nigerian government has launched its first multilingual large language model (LLM) as part of the Ministry of Communications, Innovation, and Digital Economy's Artificial Intelligence development initiatives.

• Ghana's National Communications Authority has approved SpaceX's Starlink to operate in Ghana, enabling satellite broadband services in the country despite previous legal concerns.

• Kenya's government has established a Multi-Agency Group to oversee the operations of cryptocurrencies and virtual assets, aiming to protect users

• Nigerian fintech startup Thepeer has shut down after shareholders requested an audit revealing $1.2M missing. Investors are considering taking legal action.

• At Semafor's World Economy Summit in Washington DC, Flutterwave's CEO, Olugbenga 'GB' Agboola, announced that the company is preparing to become IPO-ready.

💸 Top Funding Rounds

• HyperionDev, a South African edtech, has raised R95M (approximately $5M), bringing its total growth investment to R595 million ($31.1 million).

• Fintech startup Bokra, based in Egypt, has closed a $4.6M round led by DisrupTech Ventures and SS Capital.

• Egyptian HR technology startup bluworks has secured a $1M pre-Seed investment round led by Khawarizmi Ventures.

• Egyptian Fintech startup Waffarha, a platform offering daily deals with big discounts, has raised a seven-figure Seed round by Value Makers Studio (VMS).

• Renew Capital has invested in Farm to Feed, a Kenyan B2B platform focused on reducing food waste by repurposing surplus and imperfect produce.

💰️ Notable Exits

• TransPerfect, the global leader in language solutions for business, has acquired South Africa-based Content Lab, a provider of audiovisual localization services for media and entertainment clients.

🏦 About Investors

• Nigeria plans to establish a $10B diaspora fund to attract investments from its citizens abroad, focusing on critical sectors such as infrastructure, healthcare, and education to stimulate economic growth.

• TLcom Capital, an Africa-focused venture capital firm, has closed its second fund, TIDE Africa Fund II, at $154M, targeting technology investments across Africa.

• Madica, an investment program launched by U.S.-based investor Flourish Ventures to back pre-seed startups in Africa, plans to invest in up to 10 ventures by the end of the year, ramping up its funding efforts after closing three initial deals.

📈 Deep Dive Bites

Africa's fintech scene has surged despite challenges. Top startups like MNT-Halan and OPay lead the pack, with notable exits like Sendwave and Paystack. Dive into the full article for insights on Africa's fintech evolution from 2019 to Q1 2024!

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 📩

Additionally, stay connected with us:

• Connect on LinkedIn for more insights and updates 🔗

• Follow me on X (Twitter) for real-time discussions and news 🐦

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