Startup Researcher - Europe: Week 25, 2024

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.

Let's delve into the core sections of our weekly newsletter:

• 📰 Important News

• 💸 Top Funding Rounds

• 💰️ Notable Exits

• 🏦 About Investors

• 📈 Deep Dive Bites

• 🚀 Startup of the Week

• 💼 Investor of the Week

• 🤑 Opportunity Radar

📰 Important News

• Northvolt, a Swedish battery manufacturer and one of the most funded climate tech startups in Europe is facing challenges as its €2 billion deal to supply battery cells to BMW has been canceled, and the company is undergoing a strategic review of a planned factory in Borlänge, Sweden.

• Philipp Triebel and Malte Horeyseck, the co-CEOs of SellerX, an Amazon aggregator startup backed by BlackRock, are set to depart the company, three years after each sold shares valued at least $7.1 million.

• Preqin and Measurabl have teamed up to provide a global dataset of real estate carbon and energy metrics, enhancing ESG data transparency and accountability for private markets.
  

• EU lawmakers are divided over a proposal mandating AI scanning of messaging app uploads for child sexual abuse material, sparking criticism from tech giants, privacy advocates, and legal experts who argue it risks privacy and encryption.
  

• Société Générale has announced plans to sell Shine, a French fintech startup offering bank accounts to freelancers and small companies, to Ageras, four years after acquiring it for €100 million.

💸 Top Funding Rounds

• London-based plant-based meat alternative startup THIS has raised £20 million in a Series C round from impact investor Planet First Partners.

• CuspAI, based in Cambridge and Amsterdam, has emerged from stealth with a $30 million seed round led by Hoxton Ventures, with participation from Lightspeed and other notable investors.

• Delft-based Qblox, a provider of scalable and modular quantum control stacks, has raised $26 million in a Series A funding round led by Quantonation and Invest-NL Deep Tech fund.
  

• Oxford-based post-quantum cryptography startup PQShield has announced a $37 million Series B funding round led by Addition.
  

• London-based fintech company FINBOURNE has raised £55 million (€65 million) in a Series B funding round led by Highland Europe and AVP.

💰️ Notable Exits

• Barcelona-based TravelPerk has acquired Chicago-based travel booking company AmTrav, aiming to expand its presence in the US market.
  

• Paris-based Wakeo, a provider of real-time supply chain visibility solutions, has acquired Veroo Software, a platform specializing in road transportation management and predictive analytics.
  

• Boston-based recruitment software firm Bullhorn has acquired Amsterdam's Textkernel, known for AI-powered recruitment solutions, in a deal valued at over €300 million.
  

• Iceland's health tech company Sidekick Health has acquired PINK!, a digital health company specializing in cancer support and women’s health.
  

• Global Payments, a US payment processing company, has acquired UK-based Takepayments for over $250 million, enhancing its presence in the UK market.

🏦 About Investors

• The NATO Innovation Fund (NIF), backed by €1 billion from 24 nations, has announced its initial investments in deep tech and defense technology startups as well as VC funds, including robotics and materials manufacturing sectors.

• Wind, a French early-stage VC founded by Thierry Vandewalle and Xavier Gury, has raised €90 million towards its €130 million fund aimed at European deep tech startups in the climate sector.

• Breega has launched a $75 million fund, "Breega Africa Seed I", to invest in early-stage African startups focused on sectors aligned with UN Sustainable Development Goals.
  

• Spanish venture capital firm Kfund has raised €70 million for its sixth fund, focusing on high-impact projects in southern Europe across pre-seed to Series A stages with investments from €100,000 to €10 million.
  

• London-based Copilot Capital, a private equity firm dedicated to supporting emerging European software leaders, has launched a $200 million fund, co-founded and seeded by an investment arm of The Friedkin Group.

📈 Deep Dive Bites

The Netherlands' startup ecosystem is vibrant, bolstered by a robust network of investors driving innovation and entrepreneurship. These investors not only provide essential capital but also offer strategic guidance and industry connections crucial for startup success.

These investors play a pivotal role in shaping the Dutch startup landscape, driving growth across diverse sectors. With their strategic investments and support, the Netherlands continues to solidify its position as a leading hub for entrepreneurial innovation and economic development.

Check out the full list for more details on each investor.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

FINBOURNE

London-based FINBOURNE, a fintech firm specializing in financial data management, has secured £55 million in a Series B funding round led by Highland Europe and AVP. This funding, coming three years after a £15 million Series A round in 2021, aims to bolster FINBOURNE's commercial expansion across the US, UK, Ireland, Singapore, and Australia.

Founded in 2016 and led by Thomas McHugh, FINBOURNE provides a secure cloud platform for storing investment data and maintaining a comprehensive history of transactions and adjustments. This helps businesses improve data access, streamline user interfaces, and reduce operational and capital expenses.

💼 Investor of the Week

Paris-headquartered VC Breega, renowned for its European investments in tech pioneers like Alice&Bob and Moneybox, has launched a $75 million seed fund specifically targeting African startups. With $52 million already secured and the remainder expected by year-end, Breega's expansion includes new offices in Lagos and Cape Town. Backed by investors including Bpifrance and FMO, Breega aims to leverage Africa's demographic boom and technological demands to drive impactful investments.

 🤑 Opportunity Radar

TagusInnov

Explore maritime innovation with Bluetech Home, an open-call initiative from the Port of Lisbon powered by the Portugal Blue Digital Hub. Designed to revolutionize leisure and tourism in marinas, this program invites startups across Europe with MVPs or prototypes to tackle real-world challenges such as waste management, safety protocols, streamlined bureaucracy, and enhanced communication tools. Accepted teams will engage in pilot projects, gain direct industry access, and benefit from expert mentorship, culminating in a showcase of their innovations in December 2025. Don’t miss your chance to shape the future of nautical sustainability and efficiency. Today is the deadline, so apply now to join this transformative journey!