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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:

• London-based event tech startup Hopin, which reached a $5.65 billion valuation in 2021, is undergoing liquidation for its UK parent company as it relocates its headquarters to Delaware in the US.

• Spain will create an open-source large language model trained in Spanish (Castellano), Basque, Catalan, Galician, and Valencian, according to Prime Minister Pedro Sánchez.

• Lithuanian fintech company Kevin has reportedly failed to pay its staff for two months.

• Klarna announced that it cut its losses by 69% in 2023 compared to the previous year amid rumors that the company is preparing for an IPO

• French music streaming platform Deezer has announced the resignation of its CEO, Jeronimo Folgueira, who cited a desire to pursue personal projects as the reason for his departure.

Top Funding Rounds:

• Paris-based GenAI startup Mistral announces a distribution partnership with Microsoft for its new model, Mistral Large, with Microsoft taking a minority stake in the company.

• French spacetech Unseenlabs has secured an €85 million Series C funding round. This investment will allow the company to expand its presence in North America and Asia.

• UK biotech startup Curve Therapeutics has closed a £40.5 million Series A financing round, led by Pfizer Ventures. The funding will facilitate the development of its cancer drug discovery platform.

• French Gen AI startup Photoroom has secured a $43 million Series B funding round, elevating the company's valuation to approximately $500 million.

• German solar startup Enviria has received $200 million in equity funding from BlackRock, solidifying the country's position as a solar tech hub.

Notable Exits:

• Germany's CONUTI, an IT solutions specialist, has acquired shares in Berlin-based powerdata, which offers AI and IT software solutions for the energy sector.

• French billionaire Xavier Niel is set to acquire a 19.8% stake in Swedish telecom company Tele2 for $1.26 billion through Freya Investissement, with plans to bolster Tele2's future growth.

• Espen Digernes, CEO of Brages Bilforretning AS, a car dealership in Ålesund, Norway, has acquired the Swedish electric motorcycle company Cake after its recent bankruptcy filing.

• Viopas Venture Consulting has acquired a majority stake in Peak Spirit.

About Investors:

• Oslo-based growth investment firm Verdane closes its Verdane Edda III fund at €1.1 billion, exceeding its target. This follows the closure of its Verdane Capital XI fund at the same amount six months prior.

• Amsterdam-based FounderFuel has introduced its new investment fund for international founders headquartered in the Netherlands.

• Stockholm-based venture capital firm EQT surpasses its €20 billion target, raising €22 billion for its EQT X fund, marking one of the firm’s largest raises ever.

• Pieterjan Bouten, ex-CEO of Showpad, launches Entourage, a $30M Venture Studio and early-stage VC fund backing European SaaS founders.

• The Palatine Growth Credit Fund focused on supporting high-growth technology companies in UK regions, has achieved a first close at £75 million.

This Week’s Insights:

Middle East

Top Funding Rounds:

• The social networking application Hayi, headquartered in the UAE, has successfully raised an unspecified sum in a Seed funding round led by Plus VC.

• Saudi Arabia-based SaaS platform Glamera raised a $350,000 investment through Beban TV show.

• UAE's CAI Concierge AI has secured an undisclosed investment, led by Enlightened Minds and VC SILA.

About Investors:

• CoreVision, an investment firm based in Saudi Arabia, has purchased a significant stake in VeFund, an investment management platform with a focus on the MENA region.

• COTU Ventures, a venture capital firm based in Dubai focusing on early-stage investments, has revealed the successful completion of its inaugural fund, raising a total of $54 million.

This Week’s Insights:

Africa

Important News:

• Dream VC, a venture capital training provider in Africa, is now accepting applications for its 2024 cohort. With over 170 professionals trained in the past three years, the program offers a tailored curriculum, practical training, and investor access.

• GITEX Africa aims to have 100 Nigerian startups exhibit in Morocco.

• Mastercard and MTN Group Fintech have entered into an agreement to furnish all MTN MoMo customers with payment cards.

• inDrive announces a 10% commission for drivers in Botswana on the same day Bolt launches in the country.

• Two senior executives from Binance were detained in Nigeria as naira and P2P services went inactive on the platform. Days after that, Nigerian authorities cranked up the pressure on the company by imposing a $10 billion fine.

Top Funding Rounds:

• Egyptian fintech MoneyHash has closed a $4.5 million Seed round, co-led by COTU Ventures and Sukna Ventures.

• BFREE, an ethical credit manager platform has announced a $2.95 million investment round led by Capria Ventures.

• South African startup Cue, known for AI customer service chat software, has closed a $2 million seed funding round to deepen AI integration and expand its operations.

• Uber reportedly planning to invest in the Nigerian vehicle financing platform Moove in a $100 million funding round. This investment round could potentially take Moove's valuation up to $750 million.

• BuuPass, a Kenyan digital travel ticketing platform, has secured an undisclosed investment from Tim Draper.

Notable Exits:

• Universal Music Group acquires a majority stake in Mavin Global to amplify the reach of Nigerian music on a global scale.

• Fleetbeacon, a leader in fleet management automation technology was acquired by CtrlFleet Pty Ltd, a transport management software company.

• Adenia Partners has acquired The Courier Guy to strengthen last-mile delivery services in South Africa.

About Investors:

• Dr. Ernest Addison, the Governor of the Bank of Ghana, has revealed the government's plan to establish an Innovation Fund aimed at fostering the growth of the fintech sector.

• Acasia Ventures has joined a $1.5 million pre-Seed funding round for Kenyan e-commerce enabler Tappi that was announced in December of last year.

• Renew Capital has launched Renew Venture Lab Fund 2, a new pan-African tech fund designed to invest in up to 50 tech startups.

This Week’s Insights:

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