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Venture Capital

ZAKA VC Launches €15 Million Fund to invest in US and Europe

ZAKA VC Launches €15 Million Fund to invest in US and EU Startup EcosystemsPrague and London-based ZAKA VC has unveiled its first venture capital fund, ZAKA VC Fund I, with a target size of €15 million. The fund aims to support early-stage startups across the United States and European Union, with a focus on bridging the gap between these two markets.Founded in 2020 by entrepreneurs Jan Kasper and Peter Zalesak, ZAKA VC has evolved from a family office investing private money into a robust venture capital firm. The company has already invested over €11 million in more than 55 startups, including notable investments in various technology and biotechnology companies.Investment Strategy and FocusZAKA VC Fund I will target pre-seed and seed-stage startups across Europe (primarily Central Europe, Baltics, UK, and DACH regions) and the United States. The fund's main investment focus includes B2B software, cross-sectional applications of AI in B2B, and biotech and health tech.Unlike many Central and Eastern European (CEE) funds, ZAKA VC is dedicated to exploring and funding the European diaspora in the US, US-based teams, and CEE-based teams with ambitions to scale to the US market.Fund Details and ProgressThe fund has already achieved its first closing in June 2024, raising €10.5 million with a minimum limited partner (LP) ticket of €130,000. ZAKA VC aims to back 40-50 companies with the fund, offering ticket sizes ranging between €250,000 and €300,000.Market Opportunity and AI FocusAndrej Petrus, Head of the Investment Committee at ZAKA VC, highlighted two key factors driving their investment strategy: a strong imbalance between demand and supply of early-stage funding worldwide compared to the 2021 peak, and the emergence of a new technology paradigm, particularly in AI, opening up previously non-viable business cases across various sectors.Founders' VisionJan Kasper, co-founder of ZAKA VC, emphasized the importance of the US ecosystem in their investment strategy, citing its highly competent founders and vast market potential. The fund's unique approach of bridging the US and EU markets positions ZAKA VC to capitalize on emerging opportunities in both regions.As ZAKA VC Fund I begins deploying capital, it aims to play a crucial role in fostering innovation and supporting promising startups across the Atlantic, potentially shaping the next generation of technology leaders in the AI era.

21 Jul

1

Startups

Google invests in Indian open source Uber competitor - Namma Yatri

Namma Yatri, the open-source ridesharing app, has reportedly secured $11 million in pre-Series A funding! 💰Google joins as an investor, part of its $10 billion India commitmentRound co-led by Blume Ventures and AntlerOperates on ONDC, India's initiative to democratize e-commerceCompleted 46 million+ rides across multiple Indian citiesWhat sets Namma Yatri apart? 🤔No commission fees, unlike Uber and Ola. Small monthly fee from driver partnersFounded by Magizhan Selvan and Shan M S to address driver frustrations, Namma Yatri is an innovative open-source ride-sharing startup based in Bengaluru, India. Launched in 2022, the app connects customers with auto-rickshaw and cab drivers without charging any commission fees. Instead, it sustains itself through a small monthly fee paid by its driver partners, making it a unique player in the ride-sharing market dominated by Uber and Ola, which charge drivers 25-30% commission per ride.The startup was incubated by Juspay, a SoftBank-backed financial services company, and later spun off into a separate entity called Moving Tech.Namma Yatri operates on the Open Network for Digital Commerce (ONDC), an interoperable platform backed by the Indian government to democratize e-commerce.The app has facilitated over 46 million rides across more than half a dozen Indian cities, including Bengaluru and Hyderabad. Recently, Namma Yatri raised $11 million in a pre-Series A funding round co-led by Blume Ventures and Antler, with participation from Google, which aligns with Google's broader $10 billion investment commitment in India.Moving Tech’s co-founders, Magizhan Selvan and Shan M S, have emphasized empathy and a differentiated approach in their business model, focusing on addressing the frustrations of drivers within the existing ride-sharing ecosystem. The new funding will be used to expand Namma Yatri's engineering and R&D teams and to explore additional transportation options, including buses. Namma Yatri is a testament to the potential of open-source solutions in transforming traditional business models and improving livelihoods in the gig economy.

21 Jul

Startups

GPT-4o mini launched, cheaper access for startups and small businesses

OpenAI has launched GPT-4o mini, a cost-efficient small language model designed to enhance accessibility and affordability for various applications. Key Highlights and Features of GPT-4o Mini1. PerformanceGPT-4o mini outperforms GPT-4 in chat preferences, as reflected in the LMSYS leaderboard.It achieves an impressive score of 82% on the MMLU benchmark.2. Cost-EfficiencyThe model is priced at 15 cents per million input tokens and 60 cents per million output tokens.This pricing makes it significantly cheaper than previous models, including being 60% less expensive than GPT-3.5 Turbo.3. CapabilitiesGPT-4o mini supports both text and vision in its API.It features a large context window of 128K tokens and includes knowledge up to October 2023.4. Benchmark PerformanceThe model surpasses GPT-3.5 Turbo and other small models on various academic benchmarks, excelling in textual intelligence and multimodal reasoning.5. Safety MeasuresBuilt-in safety features help filter out undesirable content.The model uses reinforcement learning with human feedback (RLHF) to align with OpenAI's safety policies.6. AvailabilityGPT-4o mini is available through the Assistants API, Chat Completions API, and Batch API.It is accessible to ChatGPT Free, Plus, and Team users, replacing GPT-3.5.7. Future DevelopmentsOpenAI plans to continue enhancing model capabilities while further reducing costs, aiming for seamless integration of AI into applications and websites.This launch marks a significant advancement in making powerful AI models more accessible and affordable for developers and users.Read more: https://openai.com/index/gpt-4o-mini-advancing-cost-efficient-intelligence/

19 Jul

1

Venture Capital

Should pension funds invest in PE/VC?

Pension funds, the silent guardians of people's retirements, manage a staggering $76 trillion globally, with a whopping $4.6 trillion entrusted to them in the UK alone. How these vast sums are invested impacts the comfort and security of retirees.In this context, we drive into two key questions that shape pension investment strategies:Should pension funds prioritize local economic growth, or focus solely on maximizing returns?And how do alternative investments like private equity stack up against traditional investment options?Balancing Returns and Local ImpactLet's start with the basics. The fiduciary duty of a pension fund is to generate the best possible returns to ensure retirees can maintain a comfortable standard of living after they stop working. Governments may advocate for investing in local economies, citing tax breaks offered to pension funds. However, when it comes to investment decisions, maximizing returns for pensioners must be the top priority. Without delving into the politics of it, local investments are attractive if they deliver strong growth potential. There are arguments put-forward by entrepreneurs that pension funds must invest locally, most recently by the founder of Graphcore. This distills down to: Should the responsibility of driving economic growth fall on the shoulders of pensioners through their investments, or should retirees simply benefit from the economic growth generated by the broader economy?Exploring AlternativesUK FTSE 100 has historically delivered around 7% nominal returns compared that of 16.5% 5-year annualized returns of S&P 500. UK Equities barely keeps pace with inflation, essentially eroding the purchasing power of retirees' savings. Pension funds are said to have averaged under 7%. Alternative investments such as private equity (PE) has traditionally been generating 15-24% annualized returns historically. Added to that the tailwind behind alternative investing makes it almost mandatory to have strong alternatives exposure.A breakdown of key advantages to add alternatives exposure:Diversification: Traditional equity markets are consolidating, meaning there are fewer publicly traded companies to invest in (listed equities have come down from 8000 in 1990s to less than 3700 today). Alternatives offer diversification, spreading risk and providing access to value creation in the private sector. Companies are staying private for longer periods, and a lot of the value creation is happening in private markets.Riding the Digital Wave: Many industries are undergoing a digital transformation, and a significant portion of the value generated from this shift resides in private markets. By incorporating alternatives, pension funds can gain exposure to these high-growth areas.Non-Correlation: Studies suggest that alternative asset classes have a low correlation with traditional investments.. This means that when traditional markets experience a downturn, alternatives may hold steady, further enhancing the overall resilience of a pension fund's portfolio. There is an alternative argument however that the private markets simply delay downsizing their valuations. But what matters ultimately is the returns upon exit, something to watch out for. Learning from the Pack:North American pension funds have been at the forefront of incorporating alternatives into their investment strategies. European funds are slowly opening up and developing expertise in selecting skilled fund managers and accessing the most promising markets for alternative investments.While maximizing returns remains paramount, strategically incorporating alternatives offers pension funds a powerful tool to fulfill their core mission: securing a comfortable future for retirees.However, navigating the alternatives industry is no easy task. There is much work to be done both from pensions funds and the alternatives industry overall. Alternative industry is famously complex, lacks transparency, has high fees, boasts of limited liquidity, and is ridden with regulatory restrictions. In addition, market timing is crucial as performance can vary significantly with economic conditions. By carefully selecting managers and diversifying with alternatives, pension funds can unlock higher returns, achieve better portfolio balance, and tap into the growth potential of the private sector. This, in turn, can translate to a better financial future for generations of retirees.References:Talent drain in the UK if pension funds don't invest locallyHow pension interest rates work?An aerial view of major alternative asset classesThe case for UK pensions reviewShould pension funds invest in UK growth?Staying private longer leads to opportunity2024 pension updates from UK Spring budget

18 Jul

Startups

Startup Events to attend in Europe, Asia and the US in 2024

At Newnex, we have compiled a list of essential startup events to help you plan effectively:February4YFN - MWC: Barcelona, Spain (26-29 Feb)MarchHello Tomorrow Global Summit: Paris, France (21-22 Mar)MayEU Startup Summit: Malta (9-10 May)Tech EU Summit: London, UK (16-17 May)GITEX Europe: Berlin, Germany (21-23 May)Latitude 59: Tallinn, Estonia (22-24 May)Viva Tech: Paris, France (23-24 May)JuneVienna Startup Festival: Vienna, Austria (3-9 Jun)South Summit: Madrid, Spain (5-7 Jun)London Tech Week: London, UK (10-14 Jun)TNW Conference: Amsterdam, Netherlands (20-21 Jun)SeptemberTECHBBQ: Copenhagen, Denmark (11-12 Sep)NovemberWeb Summit: Lisbon, Portugal (11-14 Nov)Slush: Helsinki, Finland (20-21 Nov)Contact: events@newnex.io to be included in the list.

17 Jul

Deep Tech

Amidst Google acquisition rumours, Wiz CEO Assaf Rappaport Foresees Consolidation in the Cybersecurity Market

Assaf Rappaport, CEO of Wiz, recently emphasized the fragmented nature of the cybersecurity market at the Fortune Brainstorm Tech conference, predicting significant consolidation in the near future. He highlighted that the current landscape, with numerous niche players and specialized solutions, is unsustainable. Rappaport foresees a wave of mergers and acquisitions aimed at integrating these diverse offerings into more comprehensive platforms. Let's delve deeper into understanding what makes Wiz an acquisition play for Google's cloud business.Wiz’s Growth and Market PositionWiz is positioning itself at the forefront of this anticipated consolidation. The company has reached $350 million in annual recurring revenue (ARR) and boasts a $12 billion valuation. Wiz is actively pursuing acquisitions, such as the recent purchase of Gem Security for $350 million, and is gearing up for a future IPO. Serving over 40% of the Fortune 100 companies, Wiz’s extensive client base underscores its competitive strength and market leadership.Comprehensive Security PlatformWiz offers a comprehensive cloud security platform that differentiates itself from competitors through several key features:Cloud Security Posture Management (CSPM): Provides visibility into cloud environments, detects misconfigurations, and offers remediation recommendations.Cloud Workload Protection (CWP): Secures cloud workloads by detecting vulnerabilities, malware, and ensuring compliance with security policies.Wiz Runtime Sensor: Provides real-time monitoring and protection for cloud environments.AI Security Posture Management (AI-SPM): Uses artificial intelligence to analyze security data and automate responses to potential threats.Pricing ModelWiz’s pricing model is designed to be flexible and scalable, catering to the needs of various enterprise customers. It typically includes:Subscription-Based Model: Customers pay for access to the platform's features and services on an ongoing basis.Usage-Based Pricing: Costs can vary based on the number of cloud assets monitored, data volume processed, or specific features utilized.Enterprise Agreements: Customized agreements for large organizations, potentially including discounts for long-term commitments or higher usage volumes.Value-Added Services: Additional services such as advanced security features, premium support, and professional services for deployment and integration.CompetitorsWiz faces competition from several prominent players in the cybersecurity market, each offering various strengths and specializations:Palo Alto Networks: Known for its comprehensive suite of cybersecurity solutions, including network security, cloud security, and endpoint protection. Palo Alto Networks is a leader in integrating AI and machine learning to enhance threat detection and response capabilities.CrowdStrike: Specializes in endpoint security, threat intelligence, and cyberattack response. CrowdStrike's Falcon platform is renowned for its real-time threat detection and cloud-native architecture.Zscaler: Focuses on cloud security and secure internet access, offering solutions that protect users and applications regardless of their location. Zscaler’s Zero Trust Exchange is a standout product in securing internet and SaaS applications.Microsoft Azure Security Center: Provides integrated security monitoring and policy management across Azure environments. It offers robust threat protection and compliance management tools for Azure cloud services.McAfee: Offers a range of security solutions for endpoints, networks, and cloud environments. McAfee’s MVISION platform integrates multiple security functions to provide comprehensive protection.Strategic Growth and Future OutlookWiz is focused on rapid innovation and customer-centric growth. The company plans to add 400 employees globally in 2024, enhancing its ability to serve a growing customer base. With a goal of reaching a billion dollars in sales, Wiz is set to continue its aggressive expansion and innovation strategy.Rappaport’s vision of consolidation in the cybersecurity market aligns with Wiz’s strategic moves, positioning the company to lead the integration of diverse security solutions into a unified platform. This approach aims to simplify security management for enterprises and provide a more robust defense against evolving cyber threats.Being positioned as a single unified platform for providing security is making it an attractive integration opportunity for data center providers and it is complementary to Google Cloud's offerings.

16 Jul

1

Artificial Intelligence

EU's AI Act Explained

The European Union's Artificial Intelligence Act (AI Act) is a comprehensive regulation designed to ensure the ethical and safe development and use of AI technologies across the EU. The AI Act is now published by the EU. Here is a summary of its key points and practical information:Objectives and ScopeEnsuring Trustworthy AI: The primary goal of the AI Act is to foster the development and use of AI systems that are safe, transparent, and respectful of fundamental rights. It aims to create a regulatory framework that balances innovation with the protection of public interests and fundamental rights.Risk-Based Approach: The AI Act categorizes AI systems into different risk levels:Unacceptable Risk: Practices that pose a clear threat to safety, livelihoods, and rights are banned. These include social scoring by governments and certain uses of real-time biometric identification.High Risk: AI systems that significantly impact people's lives (e.g., those used in critical infrastructure, employment, and law enforcement) are subject to strict requirements. These include robust risk management systems, high-quality data sets, and detailed documentation.Limited and Minimal Risk: These AI systems have fewer requirements but must still adhere to transparency obligations, such as informing users they are interacting with AI.Conformity Assessments: High-risk AI systems must undergo rigorous conformity assessments before being marketed. This ensures they meet the necessary standards for safety and performance.National Authorities and European Artificial Intelligence Board: Each EU member state will appoint national authorities to oversee the implementation and enforcement of the AI Act. The European Artificial Intelligence Board will coordinate these efforts to ensure consistency across the EU.Supporting InnovationRegulatory Sandboxes: To encourage innovation, the AI Act includes provisions for regulatory sandboxes, allowing developers to test AI systems in a controlled environment under regulatory supervision.Support for SMEs: Recognizing the challenges faced by small and medium-sized enterprises (SMEs), the AI Act provides measures to support their compliance, such as reduced fees for conformity assessments.Fundamental Rights and Ethical ConsiderationsProtection of Fundamental Rights: The AI Act is designed to safeguard fundamental rights, including privacy, non-discrimination, and the right to a fair trial. It ensures that AI systems are developed and used in ways that do not infringe on these rights.Ethical AI Development: The Act promotes the development of AI technologies that contribute positively to society and the environment. It encourages the use of AI to enhance human well-being and societal good.Practical ImplicationsCompliance Costs: For businesses and public authorities developing or using high-risk AI systems, compliance costs are estimated between €6,000 and €7,000 per system, with additional annual costs for human oversight ranging from €5,000 to €8,000. Verification costs could add another €3,000 to €7,500.Transparency and Accountability: AI systems interacting with humans, such as chatbots, must clearly inform users they are interacting with AI. Systems generating deep fakes must disclose their artificial nature.Legal Basis and HarmonizationLegal Framework: The AI Act is based on Article 114 of the Treaty on the Functioning of the European Union (TFEU), ensuring the establishment and functioning of the internal market by harmonizing rules for AI systems.Avoiding Fragmentation: By setting harmonized rules, the AI Act aims to prevent the fragmentation of the internal market, ensuring legal certainty and a level playing field for AI developers and users across the EU.The AI Act sets a global standard for AI governance, promoting innovation while safeguarding ethical standards and public trust. It ensures that AI technologies are developed and used in ways that are safe, transparent, and respectful of fundamental rights, fostering a trustworthy AI ecosystem within the EU.Visit the official document on EUR-LexDeloitte summary#ArtificialIntelligence #EU #AI #Regulation

14 Jul

Venture Capital

European Startups Raise $2 Billion, with Top 5 Securing $1.5 Billion

Newnex tracks European startup funding in the past month. We tracked $2 billion of capital raise, however the interesting bit, $1.5 billion taken-up by the top-5 startups including Mistral AI ($660m), Black Semiconductor ($279 million including $248 million grants), Volocopter ($220 million), H ($220 million) and CLoover ($125 million).AI Startups:1. H (France): Raised $220M seed round to build foundational models, competing with Mistral AI and OpenAI.  - Investors: Accel (lead), Amazon, UiPath, Eurazeo, Elaia Partners, BpiFrance, Aglaé Ventures, Eric Schmidt, Xavier Niel, FirstMark, Creandum.2. Mistral AI (France): Raised €600M at €5.8B valuation.  - Investors: General Catalyst (lead), Lightspeed, Andreessen Horowitz, Bpifrance, BNP Paribas.3. Cube AI (France): Raised $2.5M in pre-seed funding to automate back-office tasks in logistics.  - Investors: VentureFriends (lead), Eric Schmidt, Xavier Niel, K5 Global, Rodolphe Saadé, Olivier Pomel, Florian Douetteau.4. Human Native AI (UK): Raised £2.8M seed funding for legal and ethical data for training large language models.  - Investors: LocalGlobe (lead), Mercuri.5. Omi (France): Raised €13M in Series A funding for AI-powered visual generation.  - Investors: Dawn Capital (lead).6. Zeliq (France): Raised €9.2M seed round for AI sales solutions.  - Investors: Exor Ventures (lead), Resonance VC.7. Plancraft (Germany): Raised €12M Series A funding for AI-based video creation solutions.  - Investors: Creandum (lead).8. mika (Germany): Raised €800K in pre-seed funding for generative AI for automated accounting.  - Investors: Samen Slimmer (lead).9. StoryBox (Germany): Raised €5.5M in Series A funding for AI-based video creation.  - Investors: Wille Finance (lead), BayBG, High-Tech Gründerfonds (HTGF), CK Ventures, G8 Way Ventures.10. NcodiN (France): Raised €3.5M for optical interposer technology.  - Investors: Elaia, Earlybird Venture Capital, OVNI Capital.11. Iris.ai (France): Raised €7.64M to enhance its AI engine for scientific research.  - Investors: Silverline Capital (lead), European Innovation Council (EIC) Accelerator Fund.Cybersecurity:1. OnSecurity (UK): Raised £5.5M to develop software for testing vulnerable computer systems.  - Investors: Gresham House Ventures (lead).Health and Wellness:1. Voda (UK): Raised £270K pre-seed funding for LGBTQIA+ mental health services.  - Investors: Freiraum Ventures (lead), Lightbulb Trust, ULTRA VC.2. Amber Therapeutics (UK): Raised $100M (£78M) in Series A funding for medical technology.  - Investors: New Enterprise Associates (lead), F-Prime Capital, Lightstone Ventures, Intuitive Ventures, Oxford Science Enterprises, 8VC.3. Natural Cycles (Sweden): Raised $55M in Series C funding for the first contraceptive app.  - Investors: Lauxera Capital Partners (lead), Point72 Private Investments, J.P. Morgan (debt facility).4. CARÁ Health (Estonia): Raised €620K early seed funding for maternity health and wellness.  - Investors: Tera Ventures (lead), Startup Istanbul founder Burak Büyükdemir via StartupIst Ventures.Tech & SaaS:1. Ittybit (UK): Raised £1.5M for software simplifying large file uploads.  - Investors: Mercuri (lead), Sure Valley Ventures, Oxford Capital, Baltic Ventures.2. Slip (UK): Raised €2.9M seed funding for software solutions.  - Investors: Adjuvo (lead), Haatch Ventures, Unbundled VC, Side by Side Partnership, angels Dan Elton, Julian Burnett.3. StructureFlow (UK): Raised £4.7M Series A funding for visual modeling of corporate data.  - Investors: Not specified.4. Swiipr (UK): Raised £6M (€7M) in Series A funding for travel paytech.  - Investors: Octopus Ventures (lead), TX Ventures, Solano Partners.5. Vizcab (France): Extended Series A funding to €9M for LCA software for construction.  - Investors: KOMPAS VC (lead), Global Brain, Brick and Mortar Ventures.6. Zefi.ai (Italy): Raised €1.6M in pre-seed funding for AI analyzing company interactions.  - Investors: 360 Capital (lead), 14Peaks Capital, B-Heroes, BIT, Secways, Aticco Ventures, Growth Engine, Vento, Exor Ventures, Halo.7. Banktrack (Spain): Raised €2M seed round for treasury management software.  - Investors: Kfund, 4 Founders Capital, LifeX, ENISA.8. Resilience (France): Raised $25M for patient remote monitoring.  - Investors: Picus Capital (lead), Red River West, existing investors.9. Faircado (Germany): Raised €3M pre-seed funding for AI-powered second-hand shopping.  - Investors: World Fund (lead), Accel, General Catalyst, Lightspeed Venture Partners, NEA, Northzone.10. Restate (Germany): Raised $7M seed funding for distributed applications.  - Investors: Not specified.11. Claimlane (Denmark): Raised €1.8M seed funding for returns and claims management.  - Investors: Vendep Capital.12. Rows (Germany): Raised €8M for cloud platform-based spreadsheet app.  - Investors: Indico Capital Partners (lead), Cherry Ventures, Accel, Lakestar, Armilar Venture Partners.Energy & Mobility:1. Fuuse (UK): Raised £8.7M for EV charge point management.  - Investors: YFM Equity Partners (lead), Par Equity, angel investors.2. Gireve (France): Raised €20M for European EV charging expansion.  - Investors: Partech.3. Qargo (Belgium): Raised £11M ($14M) Series A for digitizing and decarbonizing trucking.  - Investors: Balderton Capital.4. Volocopter (Germany): Raised €200M Series D for air taxi certification.  - Investors: Avala Capital, Atlantia, Continental, NTT, Tokyo Century.5. Cloover (Germany): Raised $114M seed funding for renewable energy platform.  - Investors: Lowercarbon Capital (lead), 9900 Capital, QED.6. Delta Green (Czech Republic): Raised €2.2M for grid balancing with renewables.  - Investors: Tilia Impact Ventures (lead), Credo Ventures, Purple Ventures.Quantum Computing & Advanced Tech:1. C12 (France): Raised €18M ($19.4M) for quantum computing.  - Investors: Varsity Capital, EIC Fund, Verve Ventures, 360 Capital, Bpifrance’s Digital Venture fund, BNP Paribas Développement.2. Q*Bird (Netherlands): Raised €2.5M for quantum security technology.  - Investors: QDNL Participations, Cottonwood Technology Fund, InnovationQuarter.3. Black Semiconductor (Germany): Raised €254M for graphene-based chip technology.  - Investors: Porsche Ventures, Project A Ventures, Scania Growth, Capnamic, TechVision Fonds, German Ministry of Economic Affairs, North Rhine-Westphalia.4. NcodiN (France): Raised €3.5M for optical interposer technology.  - Investors: Elaia, Earlybird Venture Capital, OVNI Capital.5. Neural Concept (Switzerland): Raised $27M Series B to apply AI for design optimization.  - Investors: Forestay Capital (lead), D.E. Shaw group, Alven, Constantia New Business, HTGF, Aster Group.Others:1. Uprent (Netherlands): Raised €200K pre-seed funding to transform the rental search process with AI.  - Investors: Not specified.2. THIS (UK): Raised £20M Series C for plant-based meat alternatives.  - Investors: Planet First Partners.3. Qargo (Belgium): Raised £11M ($14M) Series A for digitizing and decarbonizing trucking.  - Investors: Balderton Capital.4. Rohlik (Czech Republic): Raised €100M ($118M) for online grocery delivery expansion.  - Investors: Index Ventures (lead).5. Karri (Estonia): Raised £775K pre-seed funding for smart walkie-talkies for kids.  - Investors: 468 Capital.---Connect with the global VCs and LPs and privately syndicate and co-invest in venture capital at scale www.newnex.io

20 Jun

Venture Capital

Newnex Venture Insights: Trends, Fundings & Investments

Newnex's comprehensive roundup of venture capital and growth-equity insights and highlights of recent fundraisings and investments. We tracked $2.4+ billion fundraisings in the European and Indian VC space. And we have some Newnex updates. We would like to welcome VCs recently joined Newnex : ·       Juha Lehtola, TESI Finland (Growth Equity)·       Donatas Keras, Practica Capital (Early stage)·       David Ephrati, Forestay Capital (Early-growth)·       Toby Lywood, Oxx (Early Growth) VCs can privately invite your preferred VCs in the Newnex Network to syndicate deals in current and future rounds. Top European VC fundraising news: ETF Partners Closes €285 Million FundETF Partners, one of Europe's oldest climate-focused VCs, closed its fourth fund at €285 million. The fund aims to support startups offering innovative solutions to combat climate change. Accel Raises $650 Million for European Early-Stage StartupsAccel has raised a $650 million fund dedicated to early-stage startups in Europe. This fund will focus on sectors such as AI, cybersecurity, and health tech, reflecting Accel’s strong commitment to the European market despite economic downturns. Maria Rotilu’s Openseed FundMaria Rotilu, Europe’s first Black solo GP, announced the first close of her $10 million fund, Openseed. This fund focuses on operator-led startups in Europe and Africa, aiming to support underrepresented founders. European AI and Quantum Computing InvestmentsThere has been significant investment in AI and quantum computing across Europe. Revolutionary advancements in qubit technology are paving the way for practical quantum computers, while AI technologies are being applied to optimize various sectors, including agriculture and healthcare. Increased Focus on ESG in VC InvestmentsThere is a rising emphasis on environmental, social, and governance (ESG) factors in European venture capital investments. This trend is driven by investor demand for sustainable and responsible investment opportunities, with many funds integrating ESG criteria into their strategies. Avendus in Talks to Raise $300 MillionAvendus, a leading investment bank in India, is in discussions to raise about $300 million for its private equity unit. This move is part of a broader strategy to strengthen its position in the private equity market and capitalize on emerging opportunities in the Indian economy. Avendus' efforts reflect the ongoing interest in private equity investments despite global economic uncertainties (TechCrunch)​ (Crunchbase News)​. Late-Stage and Secondary Market TrendsLate-stage deal sizes have decreased significantly, with the median size falling from $50 million in 2021 to $21 million in 2023. Despite this, there is an expected increase in private equity secondary transactions in 2024, providing liquidity options for investors and employees until the IPO market becomes more favorable. This trend is part of a broader shift towards more rationalized deal-making in the venture capital landscape US funding topped by Scale AI Scale AI: Company specializing in providing high-quality data for AI development, Scale AI, secured a significant $1 billion Series F funding round, valuing the company at nearly $14 billion. The round was led by existing investor Accel and included participation from returning investors such as Y Combinator, Founders Fund, and Thrive Capital, as well as tech giants NVIDIA and Amazon. New investors included Cisco Investments, Intel Capital, and Meta. Europe has scaled $2.34billion startup funding Incredible: Fintech startup Incredible has raised $1 million in a pre-seed funding round. Former Plaid executive Keith Grose and active angel investor Mark Ransford are among the notable figures who contributed to the investment. Grasp: Stockholm-based AI assistant company Grasp secured €1.9 million in funding. Investors include Philian Invest, led by H&M Chairman Karl-Johan Persson. Trawa: Renewable energy supplier Trawa successfully closed a Seed round, raising €10 million. Balderton Capital led the round, with participation from AENU, Speedinvest, Magnetic, and TinyVC. Malted AI: Scotland-based startup Malted AI revealed securing £6 million in seed investment. Hoxton Ventures led the investment round, with participation from Creator Fund and angel investors. Cylib: German startup Cylib, specializing in battery recycling, secured €55 million in a Series A funding round. European climate tech VC World Fund and Porsche Ventures led the investment, with participation from Bosch Ventures, NRW.Venture, Vsquared Ventures, Speedinvest, and 10x Founders. HEPHAISTOS-Pharma: Biotechnology firm HEPHAISTOS-Pharma completed a €4.3 million Seed funding round. Elaia led the round, in collaboration with xista science ventures, the Fondation Fournier-Majoie, and Noshaq. VEDA: The firm CIBC Innovation Banking extended €17 million in funding to VEDA, a German provider of HR software and payroll-as-a-service solutions. Artisan AI: a UK-founded startup developing AI employees and software for enterprise companies, has secured $7.3 million in funding. Leya: Stockholm-based legaltech company Leya completed a $10.5 million funding round led by Benchmark, with participation from Hummingbird, SV Angel, and Y Combinator. Caeli Wind: Energy analysis platform Caeli Wind announced securing €11 million in growth capital. Notion Capital led the round, with participation from Santander Alternative Investments, HTGF, and existing investors. Tulyp: French startup Tulyp closed a €1.5 million seed round led by Speedinvest, with participation from Kima Ventures, Purple Ventures, and several business angels. Harvy: Paris-based agri-tech startup Harvy raised €1 million in a pre-seed funding round. Antler, Tivoli Capital, and FBFC contributed to the round. Companion.energy: The energy software company raised €2.1 million from international investors. Übermorgen Ventures, Cavalry Ventures, Entourage, and Imec.istart Future fund participated in the funding. Helsing: German AI defense company Helsing is reportedly in discussions to secure €370 million in Series C funding. The funding round is said to be spearheaded by US VC giant General Catalyst. CIRCTEC: UK recycling startup CIRCTEC secured €150 million to build Europe’s largest end-of-life tyre pyrolysis recycling facility. The funding comprises a €75 million equity investment led by Novo Holdings and A.P. Moller Holding, along with €22.5 million in grants awarded by the Government of the Netherlands. Medi2data: Cardiff healthtech company Medi2data secured £2.1 million in funding under the Enterprise Investment Scheme (EIS). En Carta Diagnostics: The deeptech startup announced €1.5 million in Pre-Seed funding led by CentraleSupélec Venture and included participation from several high-profile business angels. Resilience: Healthtech company Resilience raised $25 million in funding led by Picus Capital and Red River West. Additionally, previous investors Cathay Innovation, Singular, and Seaya Ventures are reinvesting in Resilience. Pratika: The language learning app secured $35.5 million in Series A funding led by Blossom Capital. VaultN: Amsterdam-based VaultN raised $1.6 million in a seed funding round led by PixCapital and Ubit. NON.energy: Antwerp-based NON.energy, specializing in sustainable energy technologies, secured €1.15 million in fresh funding. The investment came from Birdhouse Ventures and six notable business angels. SwissDrones: Zurich-based SwissDrones, an aerial intelligence company, raised $10 million in a Series B equity growth funding round. The funding was backed by a consortium of investors, including DiamondStream Partners, Chevron Technology Ventures, Ingleside Investors, and existing shareholders. Quantia: The Polish sales analytics platform Quantia secured $1.2 million in funding to enhance companies' marketing capabilities. Inovo VC and Team X led the funding round, with notable participation from Ari2el Finkelstein, Dominique Locher, founder of LeShop.ch, and Ben Lang. LabGenius: Drug discovery company LabGenius closed a £35 million Series B financing round. M Ventures led the funding, with new investors Octopus Ventures and LG Corp participating, alongside existing investors Atomico, Kindred Capital, Lux Capital, and Obvious Ventures. Limula: Limula secured a $6.8 million seed round aimed at reducing the costs of life-saving cell and gene therapy products. Led by LifeX Ventures, the oversubscribed seed round also saw participation from Verve Ventures, Zühlke Ventures, Oxford Seed Fund, Lichtsteiner Foundation, W.A. de Vigier Foundation, founders, and angel investors. qomodo: IoT cybersecurity company qomodo secured a £1.3 million Pre-Seed funding round. Expeditions Fund spearheaded the funding, with contributions from Amadeus Capital Partners, Auriga Cyber Ventures, Nio Advisors, McNally Capital, Ventures Together, and previous investor Techstars. PIXEVIA: Lithuanian retailtech startup PIXEVIA announced raising €1.5 million in new funding. Coinvest Capital took the lead, with new investment from Iron Wolf Capital, Omni Commerce Ventures, and Rita Sakus. Existing investors Open Circle Capital, Vladas Lašas, and Renaldas Zioma also contributed significantly. Unlockit: Portuguese payments platform Unlockit secured €1.4 million in Pre-Seed funding. The round was spearheaded by the Eaglestone Group through its venture capital arm, Eaglestone Capital Partners. Portugal Ventures and current investors Reorganiza and Republica also participated. QA.tech: Swedish quality assurance testing startup QA.tech raised €3 million in funding. British VC PROfounders led the round, with participation from Curiosity and byFounders, as well as notable angel investors contributing to the round include Mads Johnsen, Jon Åslund, Robert Lagerström, Sven Perkmann, and Jens Saltin. Behavio: Behavioural brand measurement tech company Behavio secured €2.25 million in late-Seed funding from Amsterdam-based Airbridge Equity Partners. Notable investors such as Presto Ventures, J&T Ventures, and several angels, including ex-Emplifi Nik Pantovic, also contributed to their success. Zen Educate: The online marketplace connecting schools with substitute teachers and teaching assistants completed a successful €34 million Series B funding round. Round2 Capital led the round, with backing from existing investors Adjuvo, Brighteye Ventures, FJ Labs, Ascension Ventures, and notable angels including Octopus founder and CEO Simon Rogerson. Oxford Endovascular: Oxford University spinout Oxford Endovascular secured £8 million in a Series A funding round to further develop its brain aneurysm technology. Capchase: Capchase, a revenue accelerator platform for SaaS companies, announced securing a €105 million credit facility warehouse led by Deutsche Bank. OneStock: Headquartered in Toulouse, OneStock announced a $72 million investment from global growth equity investor Summit Partners. DeepL: The language AI company DeepL announced a $300 million investment, valuing the company at $2 billion. Index Ventures led the heavily oversubscribed round, with late-stage investors including ICONIQ Growth, Teachers’ Venture Growth, and existing investors such as IVP, Atomico, and WiL. Enifer: Finnish mycoprotein company Enifer completed a €36 million funding round, including a €15 million Series B equity funding round led by Taaleri Bioindustry Fund I. Existing shareholders Nordic Foodtech VC, Voima Ventures, and Valio participated in follow-on investments. Nory: Hospitality software provider Nory raised $16 million in Series A funding, led by Accel, with participation from existing investors Cavalry, Playfair, Samaipata, and Triplepoint. Newton Energy Solutions: Delft-based Newton Energy Solutions secured €2.5 million from Fair Capital Impact Fund and existing shareholders Carteman Ventures, TNO, and König Metall Group. Viable: UK-based fintech startup Viable successfully closed its seed funding round, securing £2.4 million to advance financial technology solutions tailored for online and multi-channel merchants. The funding round involved participation from Episode 1, Haatch, Portfolio Ventures, and angel investors like Martin Brailsford, former CEO of e-commerce group Internet Fusion. Ore Energy: Delft-based science startup Ore Energy emerged from stealth mode with €10 million in funding from Positron Ventures and SPRIND. Syre: Textile recycling startup Syre announced the closure of its $100 million Series A funding round. Leading the round is US-headquartered private equity firm TPG Rise Climate, investing $50 million. Other investors include venture capital firms Giant Ventures and Norrsken VC, as well as strategic Sweden-based investors such as H&M, Volvo Cars, and the IKEA-linked IMAS Foundation. Orca AI: AI-powered operational platform for ships, Orca AI, raised $23 million in a recent funding round led by OCV Partners and Mizmaa Ventures. This investment boosts Orca AI’s total funding to nearly $40 million, solidifying its position in the development of autonomous shipping technology. Methaplanet: Netherlands-based company Methaplanet, dedicated to helping biogas plants maximize their production, secured €6M in a Series A funding round. The round was led by Pensioenfonds ABP, with additional support from EIT InnoEnergy and business angels. Powall: Delft-based Powall, providing R&D services and IP licensing for the scalable production of nanostructured materials, secured €3M in a follow-up investment round. Funding was provided by existing investors Sandwater and Invest NL, with additional support from EIT RawMaterials. Bicycle Therapeutics: Cambridge-based medtech company Bicycle Therapeutics raised $555M in equity financing through a private placement. The financing was led by a US-based healthcare-focused investor, with participation from Deep Track Capital, EcoR1 Capital, Fairmount, Forbion, Perceptive Advisors, and RA Capital Management. The H Company: A new company called The H Company emerged from stealth mode, announcing a substantial $220 million seed funding round. The funding was secured from a diverse group of investors, including Accel, UiPath, Bpifrance, Eric Schmidt, Xavier Niel, Amazon, and Yuri Milner. The company has ambitious plans to develop a new generation of artificial intelligence (AI) models. India's $126 million startup funding Red.Health (formerly StanPlus): Ambulance service provider Red.Health secured $20 million in a combination of equity and debt in a Series B round led by Jungle Ventures. The round also saw participation from Alteria Capital and existing investors HealthQuad and HealthX. SolarSquare: Rooftop solar startup SolarSquare raised $4.2 million from existing investors, including Zerodha Technology, Abhijeet Pai and Nikhil Kamath’s Gruhas Proptech, Lowercarbon Capital, and Good Capital. Battery Smart: Battery tech startup Battery Smart secured $45 million in a recent funding round from investors such as Acacia Inclusion Limited, MUFG Bank, Blume Ventures, The Ecosystem Integrity Fund, and British International Investment. Sprect: C2C consulting marketplace Sprect announced raising ₹50 lakh in Angel funding from Siddarth (Sid) Shetty, Chief Business Development Officer at ServiceChannel. The company plans to utilize this funding to expedite product development, expand its team, bolster marketing efforts, and enhance sales initiatives. InstaAstro: Online astrology platform InstaAstro secured $2.3 million in a funding round led by Artha Venture Fund. Additional participation in the round came from LogX Ventures, Singularity Ventures, IR Capital Partners, Blume Founders Fund, and Aloke Bajpai, managing director and chief executive of Ixigo. Stupa Sports Analytics: Sportstech startup Stupa Sports Analytics, based in Gurugram, raised Rs 28 crore in a pre-Series A funding round led by Centre Court Capital and PeerCapital. Stanza Living: Managed accommodation provider Stanza Living secured $13 million in what appears to be a bridge round, with Alpha Wave as the lead investor. OTPless: Authentication and access management platform OTPless raised $3.5 million in its pre-Series A funding round, with SIDBI leading the investment. Venture Highway, FJ Labs, and Piper Serica also participated in the company's first institutional round. KonProz: Generative artificial intelligence (GenAI) startup KonProz secured $700,000 in a funding round led by Dr. Ruchi Parekh, RDB Group, and a group of angel investors. The startup stated that this investment will play a crucial role in advancing its mission to revolutionize the way legal, tax, and regulatory professionals navigate the extensive and intricate legal knowledge base, and subsequently draft deliverables using Generative AI. Varthana: Non-banking finance company (NBFC) Varthana in the education sector secured €3 million in funding from Triodos Investment Management through non-convertible debentures (NCD). UnifyApps: Founders and angel investors contributed to UnifyApps’ $11 million seed round, with Elevation Capital leading the investment. UnifyApps utilizes generative AI (Gen AI) to integrate disparate systems, creating a unified integration platform. This platform accelerates the development of custom applications, automates workflows, and facilitates real-time data syncing. Foxy: Online store Foxy, providing a diverse array of beauty, grooming, and cosmetic products, secured Rs 21.6 crore from its existing investor Lightspeed India Partners. Portl: Digital fitness and wellness startup Portl secured $3 million in a funding round led by Bharat Innovation Fund. T-Hub Foundation and existing investor Kalaari Capital also participated in the round. The new funding will support Portl's product development, market expansion, and enhancement of its artificial intelligence (AI) systems. Zypp Electric: B2B delivery and shared mobility startup Zypp Electric raised $14 million in its Series C round from Japan-based petroleum firm, ENEOS Oil & Energy Asia. Vaaree: Home Furnishing & Decor startup Vaaree secured $2.5 million in a pre-Series A funding round led by Capier Investments, with support from Peak XV’s Surge Ventures. ----Newnex is the Global Co-Investments Platform - select from global VCs and privately invite to co-invest or syndicate in current and future rounds. Startup Europe India Network - B2B growth platform for scaleups and industry and domain leaders and organizations to efficiently scale technology and science innovation.

29 May

Venture Capital

Newnex Venture Insights: Trends, Fundings & Investments

Newnex Venture Insights' roundup of venture capital trends delving into the latest disruptive technologies, investments, and thought-provoking discussions shaping the entrepreneurial landscape.Top StoriesAI Revolution Unveiled: Discover how ChatGPT 4o is reshaping the AI landscape and challenging industry giants.Navigating Uncertainty: Gain insights from Bain & Company's India Venture Capital Report 2024, illuminating strategies amidst market turbulence.The 'Eat What You Kill' Debate: Join Wall Street's discourse on financial incentives and their implications for market dynamics.Featured StoriesWall Street's Water Crisis: Investigate the role of financial investors in California's water sustainability, probing the impact on farmland and groundwater reserves.PremjiInvest's Tech Odyssey: Discover how PremjiInvest is bolstering AI investments and harnessing technological advancements for future growth.Climate Warriors: Journey with Startup Vaulted Deep securing a $58.3 million deal to combat climate change through underground waste sequestration.Spotlight on Ethics and InnovationAI Avatars and Ethical Quandaries: Explore the ethical implications raised by Reid Hoffman's AI avatar experiment, sparking crucial conversations about technology and humanity.Navigating AI Regulation: Gain insights from business leaders and experts as they navigate the complex terrain of AI regulation.Europe's $2.98 billion startup fundingGlaut: An Italian startup scaling qualitative research secured $1.4million funding. Investors included Italian Founders Fund, Brainstorm Ventures, Alecla7, Ithaca, BHeroes, Club degli Investitori, Eden Ventures, Delirus Capital, David Clarke, and Pietro Cesati.Carbonfact: A French startup specializing in carbon footprint measurement tools secured $15 million in funding for further development. Investors included Alven, Headline, and Y Combinator.CroBio: An agtech startup based in Cheshire, aiming to revolutionize agriculture through advanced microbial solutions. Investors in its seed round included The Grantham Foundation for the Protection of the Environment, SOSV, Ponderosa Ventures, and Catapult Ventures Group.Vivalyx: A biotech company focused on developing a preservation liquid for organ viability in transplantation raised €5.4 million in seed funding. Investors included Luc Starmans, Bernhard Kugel, Arve Capital, Ashok Rao, and numerous distinguished angel investors.Nusku: A climate technology company headquartered in Bristol secured £1 million in funding for its sustainability efforts, backed by the UK government.Urban Jungle: An insurtech startup raised £11.2 million to revolutionize insurance services with its innovative solutions. Investors included Intact Ventures, Ingka Investments, Mundi Ventures, Eka Ventures, Sony Innovation Fund, and Rob Devey.Birdwingo: A fintech firm based in Prague secured €1.2 million in funding for its financial services platform. Investors included Bienville Capital, company founders, and bank executives.Tuza: A payment processing startup for SMBs, formerly known as Statement, raised £4 million in seed funding. Investors included Connect Ventures, Northzone, Triple Point, and Entrepreneur First.SumUp: A London-based fintech company secured €1.5 billion for its payment solutions from private credit lenders. Investors included Goldman Sachs, AllianceBernstein, Apollo Global Management, Arini, Deutsche Bank AG, Fortress Investment Group, SilverRock Financial Services, Vista Credit Partners, BlackRock, Crestline Investors, Liquidity Capital, Oaktree Capital Management, Sentinel Dome, and Temasek.Made With Intent: A Manchester-based company enhancing e-commerce experiences secured £1.5 million for its personalized shopping platform, with investors including Mercuri, Portfolio Ventures, and Haatch.Ikerian AG: A Swiss developer of healthcare workflow solutions raised $6.18 million in Series A extension funding. Investors included Topcon Healthcare, Inc., Zürcher Kantonalbank, btov Industrial Technologies, Verve Ventures, and private investors.VoltR: A French startup specializing in the second life of lithium batteries secured €4 million in funding from investors including C4 Ventures, Exergon, Pays de la Loire Participations, Anjou Amorçage, and the Chamber of Commerce and Industry.Wayve: A UK-based startup pioneering self-learning approaches for autonomous driving secured $1.05 billion in Series C funding. Investors included SoftBank Group, Nvidia, Microsoft, and Yann LeCun.Stonal: A real estate data management platform secured a strategic investment of up to €100 million from Aareon.CoreWeave: A cloud infrastructure firm for AI secured $1.1 billion in Series C funding from investors including Coatue, Magnetar, Altimeter Capital, Fidelity Management & Research Company, and Lykos Global Management.Futura: An AI education company based in Milan raised €14 million in Series A funding for its educational platform, with investors including Eurazeo, United Ventures, and Axon Partners Group.SLAM Orthopedic: A Dutch startup focused on advanced sensor systems for surgical applications raised €2 million in seed funding from investors including Rising Star Venture Partners, individual investors, and Zeeuws Participatiefonds.everyone energy: A Berlin-based greentech startup secured a seven-figure seed financing round for undisclosed purposes, with investment from High-Tech Gründerfonds and neoteq ventures.Eleos: An insurtech startup secured €3.75 million in a Seed round for its insurance management solutions, with investment from Fuel Ventures and Indico Capital.Insempra: A German biotech firm secured $20 million in Series A financing for its innovative solutions, with investment from EQT Ventures, BlueYard Capital, Possible Ventures, Henkel dx Ventures, Bayern Kapital, and Alante Capital.Cetasol: A Swedish company specializing in maritime sustainability secured €2 million in seed funding from investors including Sarsia, ShipsFocus, and Impact X Capital.Phished: A cybersecurity startup headquartered in Belgium received an additional €7.5 million via a convertible bond from Flemish investment fund Welvaartsfonds.mimic: A Swiss startup challenging US firms in robotics secured a pre-seed round of €2.3 million from investors including Founderful, another.vc, Tiny.vc, and specialized angel investors.Kubos Semiconductor: A UK-based semiconductor firm secured $2 million in funding for its semiconductor solutions from investors including Martin Lamb, Drew Nelson, Geoff Haynes, Development Bank of Wales, FOV Ventures, and S4C Digital Media Limited.Magic Lane: A mapping and location platform secured €3 million for navigation purposes from investor No Such Ventures.2i: An Edinburgh-based company specializing in testing and quality assurance secured eight-figure funding from Rockpool Investments.Sesame: A Valencia-based startup secured €23 million in fresh funding for its human resources management solutions, with investment from GP Bullhound funds and PSG.Nivoda: A London-based online jewelry marketplace secured $30 million in its Series B funding round from investors including Avenir Growth Capital, Headline, Abstract Ventures, and Canaan Ventures.India's $449 million startup fundingNiqo Robotics: Agritech robotics firm Niqo Robotics, previously known as TartanSense, has raised $9 million in a new funding round. Brida Innovation Ventures led the round, with existing investor Omnivore Partners also participating in the funding.Charge Zone: The electric vehicle (EV) charging network Charge Zone has secured a $19 million commitment from British International Investment (BII), the UK’s development finance institution (DFI) and impact investor.DaMENSCH: D2C men’s lifestyle brand DaMENSCH has secured $2.5 million in its extended Series B round from existing investors. Notably, Matrix Partners, Saama Capital, Whiteboard Capital, and A91 Emerging Fund continued their participation in the round.TalkEsport: Mumbai-based esports media platform TalkEsport has recently concluded its pre-Series A funding round, securing $1 million from Saswat Ventures.Dexif: fintech startup, has recently secured $4 million in seed funding, with RTP Global leading the investment round.GO DESi: a startup in the packaged foods sector headquartered in Bengaluru, revealed that it secured $4.9 million in equity investment from Aavishkaar Capital.Poshn: a full-stack foodtech supply chain startup, has announced raising $4 million in equity and $2 million in debt in its pre-Series A funding round. The investment was led by existing investors Prime Venture Partners and Zephyr Peacock India.Knit: SaaS (Software-as-a-Service) startup Knit has announced securing funding of USD 1 million from Endiya Partners, Axilor Ventures, and angel investors. Other investors include JITO Incubation and Innovation Foundation (JIIF), We Founder Circle, Prataap Snacks, Apricot Foods, Workie, and IVY League Ventures.Superplum: Agritech startup Superplum has successfully raised $15 million in its Series A financing round, led by Erik Ragatz, former partner and current senior advisor of private equity firm Hellman & Friedman. Ragatz joins a group of Superplum’s current investors, including Mark Siegel, Dan Rose, Steve Jurvetson, Rick Kimball, Binny Bansal, and Kabir Misra.BharatRohan: a startup specializing in drone-based hyperspectral remote sensing, has secured $2.3 million in funding from investors including Villgro Innovation Foundation, Caspian, RevX, Venture Garage, and other ultra-high-net-worth individuals.Parseable: a cloud-native log analytics platform, has successfully raised $2.75 million in a seed funding round. The round was led by Surge, the venture capital firm Peak XV's scale-up program for early-stage startups, with participation from Amsterdam-based venture capital fund NP-Hard Ventures.Atlan: Data and AI governance company Atlan has secured $105 million in its Series C funding round. The round was led by GIC, Singapore’s sovereign wealth fund, and Meritech Capital. Additionally, existing investors Salesforce Ventures and Peak XV Partners participated in the round.Treacle: a cybersecurity startup, has secured ₹4 crore in a pre-seed round led by Inflection Point Ventures. The company plans to utilize the funds for enhancing technical and business developments, marketing and office expenses, partnerships, and expansion in the Indian market.Meesho: Social commerce platform Meesho has raised $275 million in funding as part of an ongoing round. The investment comes from existing investors such as SoftBank, Prosus, Elevation Capital, and Peak XV Partners.Plotline: headquartered in San Francisco and Bengaluru, is instrumental in facilitating consumer app companies to swiftly and seamlessly customize their applications. Recently, the company secured $2.6 million in funding from Elevation Capital.-----Newnex - the Global VC Co-Investor Platform - join the global institutional VCs worldwide and co-invest in current and future rounds privately. Free and invite-only.

16 May

Venture Capital

Newnex's roundup of venture capital and growth-equity insights, fundraisings and investments.

Newnex's comprehensive roundup of venture capital and growth-equity insights, along with highlights of recent fundraisings and investments. We tracked $1.8+ billion fundraisings in the European and Indian VC space. Top of our mind: Princeton University's Endowment Faces Liquidity Challenges Amid Private Equity Slump European Data Regulator Warns Against "Pay or Consent" Model for Data Protection Private Equity Firms Seize Opportunity in AI Infrastructure Investments Private Markets Gain Traction in Insurance Portfolios amid Economic Uncertainty Thoma Bravo to Take Darktrace Private in £4.3bn Deal Stripe Decouples Payments, Introduces AI Tools, and Expands Embedded Finance Features Apple's Secretive Zurich Lab and AI Hiring Spree: A Move to Enhance Its Position in the AI RaceGetir quits US, Europe markets after pressure to cut lossesFranklin Templeton turns toward private investing as mutual-fund business shrinks European startup fundraisings ($1.7b): HysetCo, a Paris-based company specializing in hydrogen mobility solutions, has revealed a €200 million investment from various backers, with Hy24 taking the lead in this funding round. RAISE Impact and Eiffel Investment Group have also joined in the investment. London-based Lawhive has announced the successful closing of a £9.5 million Seed funding round. GV spearheaded the investment, with additional contributions from Episode 1 Ventures. Apify, a platform dedicated to web data extraction, has secured €2.8 million in funding. The investment is led by venture capital fund J&T Ventures, with participation from existing investor Reflex Capital. HyLight, a trailblazer in aerial inspection utilizing hydrogen airship drones, has disclosed the completion of a €3.7 million funding round from venture capitalists and business angels. Contributors include Y Combinator, Ring Capital, Kima Ventures, Collaborative Fund, and Marc Tarpenning, co-founder of Tesla. The Berlin-based fintech startup finmid has recently closed a Series A funding round, raising €23 million. Led by UK-based VC Blossom Capital, the round also saw continued support from existing investors Earlybird VC and Max Tayenthal, the founder of N26. Unwritten, formerly recognized as Dovetail Finance, has successfully raised $3.5 million in Seed funding. The round was led by London-based software VC Connect Ventures, with contributions from climate-focused VC Planet A Ventures, alongside other venture capital firms and angel investors from academia and industry, including Sand River and Adapt Nation Capital. Saveggy, a foodtech company based in Lund, has secured €1.76M in funding for its innovative plant-based vegetable packaging, which aims to replace plastic. The funding round was led by impact investor Unconventional Ventures, in collaboration with LRF Ventures, Almi Invest GreenTech, and several industry angels. Bcomp, a clean tech company based in Fribourg, Switzerland, has announced the successful closure of a Series C funding round, raising CHF 36 million. EGS Beteiligungen AG (EGSB) led the round, with new investors such as Verve Ventures, Zürcher Kantonalbank, and RKKVC participating. Additionally, existing investors Generali, Airbus Ventures, BMW i Ventures, Porsche Ventures, and Volvo Cars Tech Fund increased their investments in this round. Biotech company Qureight has announced the successful closure of their significantly oversubscribed $8.5 million Series A round. Leading the round is Hargreave Hale AIM VCT, with participation from XTX Ventures, Guinness Ventures, and existing investors including Playfair Capital, Meltwind, Ascension Life Fund, and Cambridge Angels. Danish labtech startup Reshape has secured a $20 million Series A funding round. Astanor Ventures led the investment, with participation from Y Combinator (YC), R7, ACME, 21stBio, and Unity co-founder Nicholas Francis. Veremark, a UK-based global background screening company, has successfully raised $3 million in a Pre-Series B round, bringing its total funding to over $16 million. The round was led by Samaipata and Stage 2 Capital, with participation from ACF Investors and Vulpes Investment.GridBeyond, a prominent provider of intelligent energy and smart grid platforms for managing distributed energy resources, has successfully concluded its €52.25 million Series C financing round. Leading the round is Alantra's Energy Transition Fund, Klima. Additionally, the Series C round saw participation from both new and returning investors including Energy Impact Partners, Mirova, Act Venture Capital, ABB, Constellation, and Yokogawa Electric Corporation. AirHub, headquartered in Valkenburg, The Netherlands, a drone software and consultancy company, has revealed securing €1M in funding from LUMO Labs and Lumaux. German climatetech software company Cozero has announced the successful completion of a €6.5 million Series A funding round. Leading the investment are Kvanted Ventures and ENV (EnBW New Ventures), with support from NewAlpha Asset Management. Additionally, business angels and advisors from various industries, including logistics, manufacturing, and SaaS, have participated in the round. Notable figures among them include Henrik Larsen, Maersk's former CPO, Gero Decker, Co-founder of Signavio, as well as existing Business Angels such as Torben Schreiter, Co-founder of Signavio, and André Christ, Founder of LeanIX. gridscale, a German provider of infrastructure-as-a-service (IaaS) and platform-as-a-service (PaaS) solutions, has secured a €7 million funding round. The investment was led by Endeit Capital and EnBW New Ventures, with participation from BLSW Seed and Growth Fund and High-Tech Gründerfonds. Bridgewise has secured a $21 million funding round with SIX Group leading the way, joined by Group 11 and L4 Venture Builder. EALYX , a European SaaS platform for circular retail, has announced raising €880,000 in funding. The company is backed by a consortium of investors including Demium Capital, Archipelago Next, Ona Capital, First Drop VC (an impact fund), Coben Ventures, Lanai Partners, Plug&Play Ventures, and Tres Coronas Capital. Additionally, notable business angels such as Fernando Cabello-Astolfi (co-founder and CEO of Aplázame and Devengo), Jaume Betrian (Founder and former CEO of Ofertia and former Managing Director of Flax & Kale), Iván Párraga (ex-CTO of Sequra), David Sanmartin (co-founder of Nothing), Amit Gilon, and others have also participated in the funding round. HealthSage AI, headquartered in Amsterdam, has successfully secured €3M in seed funding to expand and scale its open platform for generative AI in healthcare. The oversubscribed round was led by Peak, with investments also coming from Healthy.Capital, Rubio Impact Ventures, and health tech entrepreneurs Jaap Maljers and Jeroen Tas. Flatpay has raised just under $21 million before its latest Series B round. Dawn Capital is leading this round with participation from Seed Capital Denmark and other investors. Phlo, a Scottish digital pharmacy tech startup, has secured £9 million in funding. The investment round was led by Edinburgh-based Par Equity, with participation from Thairm Bio and Scottish Enterprise. Isospec Analytics has secured $1.9 million in pre-seed funding, with Founderful (formerly Wingman Ventures) leading the round. Additional investment came from Tiny.vc, another .vc, and Venture Kick. Skyports, a company specializing in vertiport infrastructure and electric drone operations, has successfully raised over $110 million in its Series C funding round. The primary investor in this round is ACS Group, participated in the funding through its infrastructure development arm, IRIDIUM. Pryme, headquartered in Gemeente Rotterdam, a company focused on chemical plastic recycling, has announced securing €10 million in a recent funding round from Taranis Investment Limited, facilitated through its Taranis Carbon Ventures fund. OlsAro, headquartered in Gothenburg, is an agtech startup has successfully secured €2.5 million in funding, with Future Food Fund and PINC, Paulig’s venture arm, taking the lead in the investment. Additionally, AgFunder, Flora Ventures, and Mudcake joined the round as participating investors. OlsAro had previously received support from entities like GU Ventures, Vasa Angels, and Öste Ventures. Paris-headquartered Dark, a space company specializing in orbital security, has revealed securing an additional $6 million as an extension to its Seed funding round. The investment, spearheaded by global investment company Eurazeo, also involves participation from Long Journey and Frst. AmphiStar, a biotechnology startup based in Belgium, has successfully secured €6 million in funding to advance the commercialization of its groundbreaking biosurfactants derived from waste streams. This funding round, spearheaded by the European Circular Bioeconomy Fund (ECBF), includes participation from Qbic III and Flanders Future Tech Fund (FFTF). Finnish space startup ICEYE has secured €94 million in growth funding, with Solidium Oy, the Finnish sovereign wealth fund, leading the investment. Move Capital Fund I, Blackwells Capital, Christo Georgiev, and existing investors also participated in the funding round. Amsterdam-headquartered Verify, a provider of AI-based content verification solutions, has successfully raised €1 million in a recent funding round. The investment comes from a group of investors that includes serial entrepreneurs Niels Bouwman and Chris Hall. Additionally, Verify has received backing from Google through its Google for Startups Cloud Programme. Infogrid, a prominent building intelligence and analytics company, has secured $13 million in funding. The investment is led by Keyframe Capital and A/O. Payflows, a FinTech startup, has recently raised €25 million in a Series A funding round. This financial injection is spearheaded by Balderton Capital, with substantial contributions from existing investors such as Ribbit Capital, Headline, 20VC and the family office of French shopping mall Galerie Lafayette The UK-based AI-powered field workforce management platform FYLD has concluded a £12 million funding round. FYLD was launched by Koru, a venture studio established by Ontario Teachers to aid in the creation and launch of new digital companies.Softloans, a fintech startup headquartered in Vilnius, has successfully secured €1 million in a pre-seed funding round. The investment was led by venture capital fund Firstpick, with strategic contributions from business angels. Vitalfluid, an agritech spin-off originating from Eindhoven University of Technology, has disclosed the completion of a €5 million seed funding round. The funding was backed by Future Food Fund, Graduate Entrepreneur Fund, Horticoop, and Innovation Industries, offering support to VitalFluid in its mission. English crypto startup NEBRA has successfully concluded its $4.5 million fundraising round, which combines Pre-Seed and Seed funding. The round was led by Nascent and Bankless. NEBRA received support from notable angels such as Tim Beiko from Ethereum Foundation, Kartik Talwar from ETHGlobal, Nick White from Celestia, Sandy Peng, and Haichen Shen from Scroll. Additionally, NEBRA participated in the CSX Spring 2024 cohort in London, receiving funding from a16z Crypto Startup Accelerator. German startup AIPERIA, focused on sustainability solutions, has successfully concluded a €7.5 million Series A financing round. The round was led by ETF Partners and LBBW Venture Capital, with support from Earlybird Venture Capital. Proptech company Zefir has raised €11 million in its latest funding round. Sequoia, a long-time partner, increased its investment in Zefir, joined by Heartcore, Stride, and Third Kind Venture. Additionally, Zigg Capital has joined as a new investor in the company. Italian startup Lithium Lasers has secured €3.5 million in funding, with €1.5 million committed by Primo Space Fund in a €2 million round. This investment, with co-investment from 360 Capital, will accelerate the industrialization and commercialization process for Lithium Lasers. Flink, the Berlin-based grocery delivery startup, has announced securing $750 million in a Series B round of funding led by a strategic backer, DoorDash. Stockholm-based Blykalla, a company focused on developing and constructing small modular lead-cooled reactors to provide the next generation of clean energy, has concluded a SEK 80 million funding round. Norrsken Launcher and Nucleation Capital spearheaded the round, with contributions from Earth Venture Capital, Farvatn, and several private investors. HappySignals, a Helsinki-based SaaS startup, has announced a successful €12 million funding round led by Mandatum Asset Management, with participation from existing investors Nauta Capital and Vendep Capital. The German software company Octomind has raised $4.8 million to revolutionize web testing with generative AI. The funding round is led by Cherry Ventures and includes angels such as Sean Mullaney of Algolia, Charlie Songhurst (formerly of Microsoft), and Lutz Finger (formerly of LinkedIn and Snapchat). ForActive, a Polish company that specializes in developing a payments and communication app for independent sports instructors, has secured over $1.6 million in a Pre-Seed funding round. Leading the funding are ff Venture Capital and Movens Capital, alongside contributions from business angels, including Booksy co-founder Konrad Howard and Flyer One Ventures general partner Vital Laptenok. Tallinn-based Salesforge, a developer of an all-in-one sales execution app, has announced securing $500K in a pre-seed round. The funding was provided by BADideas.fund, Spring Capital, Fiedler Capital, and super angel Maciej Zawadzinski. London-based Fundpath, an intelligent data-driven SaaS platform, announced that it has secured £2 million in a fresh funding round from Fuel Ventures. Paris-based RockFi, a new private wealth management firm, has announced securing €3 million in funding led by Varsity I and initiated by Didier Valet, former Deputy CEO of Societe Generale. The investment also saw participation from tech and private management business angels such as Antoine Freysz (from Kerala), Quentin Nickmans and Amaury Sepulchre (from Hexa), and Alexandre Dalyac (founder of Tractable). FlexAI, the Paris-based company, has secured €28.5 million in funding while teasing its first product: an on-demand cloud service for AI training. The seed round was led by Alpha Intelligence Capital (AIC), Elaia Partners, and Heartcore Capital, with participation from Frst Capital, Motier Ventures, Partech, and InstaDeep CEO Karim Beguir. A London-based power and electric vehicle charging intelligence and analytics platform, Camion, has secured €2.7 million in a pre-seed funding round. The round was led by EQT Ventures, First Look Capital and RitMir Ventures also participated in the round, along with notable angel investor Chris Adelsbach. UK-based PeppercornAI, a conversational AI insurtech company, has announced securing £3.25 million in its latest round of funding. Wealth Club contributed £1.9 million of this amount, with additional funding from high net-worth investors. Existing investors EHE Capital and Angels Invest Wales also participated in the funding round. Amsterdam-based Meridia, an AgTech company, has announced the completion of its Series A funding round with a raise of €5.2 million. The funding was secured from a consortium of new investors, including Intercontinental Exchange (ICE), Regeneration.VC, Edaphon, Cerigo Investments, Cerulean, Sabi Fund, and an investor represented by Sagana, among others.neurocare, a personalized mental health care company based in Munich, Germany, secured EUR 16 million in funding, with the investment coming from TVM Capital Healthcare. Goodcarbon, headquartered in Berlin, has secured €5.25 million for its long-term carbon credit portfolios. The round was led by Ocean 14 Capital fund, with participation from Silverstrand Capital, high-profile angel investors, and existing investors Planet A Ventures, 468 Capital, and Greenfield Capital.Berlin-based battery storage startup Terra One has secured $7.5 million in seed funding in a round led by PT1, an early-stage VC focusing on real asset technology. Previous investors neosfer and 468 Capital also participated in the round. Plant-based foodtech Edonia has secured €2 million from Asterion Ventures. UK startup Elvie, renowned for its women’s health products, has raised £9.6 million from backers including BlackRock, Octopus Ventures, and the Business Growth Fund. London-based Sorted, a recycling technology company, has secured £1.65 million (approximately €1.9 million) in a seed funding round led by Pi Labs. Other investors include Antler, Archipelago Ventures, Conduit Connect, and several angel investors. NATIX Network, an AI-based platform utilizing edge computing for real-time geospatial data collection, has secured $4.6 million in strategic funding led by Borderless Capital, bringing its total funding to $9.6 million. This investment, co-led by Tioga Capital and supported by various investors including Escape Velocity, Big Brain, WAGMI Ventures, Inception Capital, Laser Digital, IOTEX, Moonrock Capital, Cogitent, Room 40 Ventures, Veris Ventures, Future Money Group, iAngles, and individual angels, marks a significant milestone for NATIX as it aims to revolutionize driver-led data collection and applications with innovative web3 incentives. X Shore, a Swedish company renowned for its electric, silent, and connected boats, has secured €8.5 million in funding from major shareholders and founder Konrad Bergström. Amsterdam's Bloom & Wolf, a startup specializing in premium silk flower services, has announced securing €1.4M in a pre-seed funding round. CapitalT led the round, with participation from Joanna Invests and several angel investors. Tines, a company specializing in secure workflow management, has secured an additional $50M in funding as an extension to its Series B round. Leading the investment are Accel and Felicis, joined by existing investors Addition, CrowdStrike Falcon Fund, and SVCI. Indian Startup fundraisings ($188m): JJG Aero, a Bengaluru-based aerospace components manufacturer, has secured $12 million from CX Partners. The funding will be predominantly allocated towards enhancing its manufacturing capacity at its new facility, vertical integration, and other corporate endeavors. ProcMart, an online business-to-business (B2B) marketplace specializing in supply chain solutions, has raised $30 million in an equity funding round led by Infosys co-founder Nandan Nilekani’s venture fund, Fundamentum Partnership, and Edelweiss Discovery Fund. The round also saw participation from South Korea’s Paramark Ventures. ClickPost, a logistics intelligence platform catering to online retailers, has secured $6 million in a funding round. This investment was led by early-stage venture capital firms Inflexor Ventures and Athera Venture Partners. Additionally, Riverwalk Holdings and existing investor Rebright Partners participated in the round. LightFury Games, a gaming startup launched by Karan Shroff, former chief marketing officer of Unacademy, has secured $8.5 million in a seed funding round led by Blume Ventures, Mixi and Gemba Capital. Other investors such as Cred founder Kunal Shah and Unacademy CEO Gaurav Munjal also participated in the round. Amwoodo, a manufacturer of bamboo products, has secured $1 million in funding from Rainmatter, a venture fund backed by Zerodha. Medulance, a startup providing emergency healthcare services, has secured $3 million in Series A funding, with Alkemi Growth Capital leading the round. Other investors, including Dexter Capital, Aman Gupta (founder of Boat), and Namita Thapar (executive director of Emcure Pharmaceuticals), also participated in the funding round. Quick service restaurant chain Wow! Momo has raised $9 million in an extended Series D round from Z3 Partners. Indian Angel Network and Lighthouse Funds participated in the secondary purchase. Quick service burger chain Good Flippin’ Burgers has secured $3.6 million in an extended Series A round from its existing investor Tanglin Venture Partners.Beyond Odds Technologies has raised $11 million in a seed funding round led by Matrix Partners India and Lightspeed. InnoVen Capital, a subsidiary of Temasek, and Alteria Capital also participated in the round, along with notable angel investors including Ritesh Agarwal (Founder of OYO), Gaurav Munjal (Founder of Unacademy), Mayank Kumar (Founder of Upgrad), Ramakant Sharma (Founder of Livspace), Abhishek Goyal (Founder of Tracxn), Rohit MA (Founder of CloudNine Hospitals), Sumer Juneja (Managing Partner at SoftBank), Puneet Kumar (Managing Director at Steadview Capital), and Abhinav Sinha (COO of OYO). Housing finance company Altum Credo has secured $40 million in its Series C funding round, with leading investment from Z3 Partners and Oikocredit. The round also included participation from British International Investment, as well as existing investors Aavishkaar Capital, Amicus Capital, and PS Pai and family. US and Chennai-based SaaS startup Zepic has concluded a $2.1 million pre-seed investment round. The round was backed by VC firm Neon Fund, contributing $500,000, along with participation from angel investors holding senior positions at Apple, Chargebee, Freshworks, Microsoft, and Zoho. Tech-enabled delivery company BluWheelz has secured $1 million in a bridge funding round led by Venture Catalysts. The round also included contributions from FAAD, LetsVenture, and Chakra Growth Fund. Spacetech startup Dhruva Space has secured $9.4 million in a combination of equity and debt from IAN Alpha Fund, Technology Development Board, and other current investors in its latest funding round. Plane, an open-source project management platform, has raised $4 million in seed round funding from OSS Capital. RUNO, a modern Mobile SIM-based Outbound Call Management CRM, has secured $1.5 million in a Pre-Series A round led by Unicorn India Ventures and Callapina Capital. Omni-channel FMCG brand Adukale has secured $1.32 million in its pre-Series A round led by Force Ventures. Other backers include marquee investors such as Aanya Ventures, Subrata Mitra, and Radhika Pandit. Karban Envirotech, a startup specializing in manufacturing energy-efficient electronic appliances, has secured $1.07 million in a seed funding round. Leading the round were Titan Capital, Rainmatter, and All In Capital. Other investors joining the round included Urban Company, JK Family Office, and angel investors such as Kunal Shah, Anupam Mittal, Bharat Jaisinghiani, Atul Gupta, Abhishek Goyal, Sumer Sethi, Natasha Malpani Oswal, Sarang Iyengar, and Karan Jindal. Boba Bhai, a quick-service restaurant (QSR) brand specializing in bubble tea and other food items, has raised Rs 12.5 crore in its seed funding round. The round was led by Titan Capital and Global Growth Capital UK. Additionally, notable investors such as Arjun Vaidya, Marsshot VC (RazorPay founders fund), DEVC, Warm up Ventures, Asit Oberoi, 1947 Rise Fund by Shiva Singh Sangwan, Peercheque, Varun Alagh, Mandeep Sodhi, Prabhraj (Simba Beer), FinFirst, Neha Patil, Abhinav Sinha from Oyo, and other high-profile angel investors participated in the round. LetsTransport, a trucking aggregator catering to enterprises, has secured $22 million in its Series E funding round. The round was spearheaded by Bertelsmann India Investments, with participation from Rebright Partners, NB Ventures, ALES Global, Stride Ventures, CAC Capital, and several others. Fashion startup Lyskraft has raised $26 million in seed funding. The round was led by Peak XV Partners. Digital payments giant PayU has made a $5 million investment in Mumbai-based cross-border payments platform BriskPe. Customer loyalty and marketing startup Reelo has secured $1 million in funding from solo capitalist Gokul Rajaram, a Silicon Valley-based angel investor. ---Newnex is the go-to global VC co-investors platform - select from global VCs and privately invite to co-invest in your current and future rounds. Startup Europe India Network - B2B growth platform for scaleups and industry and domain leaders and organizations to efficiently scale technology and science innovation. 

01 May

Venture Capital

Mastering Liquidation Preference: Key Considerations for Entrepreneurs and Investors

Mastering liquidation preference is crucial for entrepreneurs seeking investment. It safeguards investors' interests, ensuring a fair return in a sale or liquidation. Yet, understanding the nuances between participating and non-participating preferred stock is pivotal, as each carries distinct implications for investor compensation.While a company may boast a unicorn valuation and headline-grabbing exit figures, the reality can be starkly different. In some cases, even with a sale price of $2 billion, founders and early investors may walk away with zero returns. Let's understand how that could be possible. Founder Shares vs. Preference Shares:Founder Shares:Founder shares, usually common shares, are positioned at the bottom of the priority list in terms of receiving proceeds. In a liquidation event, common shareholders are entitled to the remaining proceeds after all preference shareholders have been compensated.Preference Shares:Preference shares are held by investors, typically from the latest funding round, and have the top priority in receiving proceeds. For instance, if the last funding round was Series E, Series E investors are first in line to receive their proceeds upon a company's liquidation.Liquidation Preference:Understanding liquidation preference is crucial for investors and entrepreneurs as it determines:- Whether they will recoup their initial investment.- Whether they stand to make a profit on their investment.Liquidation preference outlines the order in which shareholders are paid out during a company's liquidation, ensuring that preference shareholders are compensated before common shareholders.Non-Participating Preferred Shares:With non-participating preferred shares, investors have the option to choose between receiving either their liquidation preference amount or their share of the remaining proceeds, whichever is greater, but not both. If the liquidation proceeds are sufficient to cover the investors' liquidation preference, they will opt to take that amount and forego any further participation in the distribution of remaining proceeds. However, if the liquidation proceeds exceed the liquidation preference, investors may convert their preferred shares into common shares and receive their proportionate share of the remaining proceeds alongside common shareholders.Example: Let's say Investor A invested $1 million and owns 40% of the company with a 1x non-participating liquidation preference. If the company is sold for $5 million, Investor A can choose to either:- Take their $1 million back (their liquidation preference), leaving $4 million to be distributed among other stakeholders.- Opt to convert their preferred shares to common shares and receive their proportional share (40%) of the remaining proceeds alongside common shareholders.Participating Preferred Stock:Participating preferred stock entitles investors to both their liquidation preference and their share of the remaining proceeds, even if that results in receiving more than the liquidation preference amount. This feature allows investors to potentially achieve a higher return on their investment, particularly if the company is sold at a valuation significantly above the initial investment amount.Example: Now, consider the same scenario with Investor B, who invested $1 million and owns 40% of the same company but with a 1x participating liquidation preference. If the company is sold for $5 million:- Investor B first receives their $1 million liquidation preference.- Then, they further participate in the distribution of the remaining proceeds alongside common shareholders, based on their ownership percentage.IPO Exit: Understanding the DynamicsAn Initial Public Offering (IPO) represents a significant liquidity event for a company, but it differs substantially from other forms of liquidation events, such as a company sale. The key distinction lies in the treatment of shareholdings and the timing of liquidity for investors.Conversion to Common Shares:Before a company goes public and its shares are listed on the stock market, all existing share classes, including preference shares held by investors, are typically converted into common shares. This conversion equalizes the footing between founders and investors, as all shareholders hold common shares.Lock-Up Period:However, one critical aspect of IPOs is the lock-up period. After the IPO, shareholders, including founders and pre-IPO investors, are typically subject to a lock-up period, usually lasting around six months. During this time, they are prohibited from selling their shares in the public markets.Importance of Post-Lock-Up Price:As a result, the immediate "pop" in share price on the first day of trading following the IPO matters less to founders and pre-IPO investors. What becomes more significant is the price of the stock once the lock-up period expires. After the six-month lock-up period, shareholders are free to sell their shares in the public markets, and the stock's performance during this period becomes crucial.Understanding the nuances of liquidation preference, including the distinction between participating and non-participating preferred stock, is essential for all parties involved in venture capital transactions. It shapes the distribution of proceeds in a liquidation event and influences the dynamics of investor-founder relationships. By comprehensively grasping these concepts, stakeholders can navigate venture capital deals with clarity and confidence.

27 Apr

1

Venture Capital

European and Indian Startups Fundraising News

Newnex's latest track on the venture capital investment landscape across Europe and India. Stay informed as we delve into insights, fundraisings, and strategies shaping venture capital and startup scaling.We tracked $1.1+ billion fundraisings in the European and Indian VC markets.Top of the mind:Temasek steps-up European commitment with Paris officeNorway's wealth fund says no investing in private equityEVs are facing a tough timeMustafa Suleyman appointed CEO of Microsoft AIImpact of EU's Digital Markets Act and FTA's actions on big-techY-Combinator visiting London and 3-universities in UKIndia Venture Capital Report 2024 - Bain & CompanyEuropean startup fundraisings ($930m):Mission Zero Technologies, a cleantech company specializing in direct air capture (DAC), has disclosed a successful Series A funding round, raising £21.8 million. Leading the investment is 2150, with significant participation from World Fund, Fortescue, Siemens Financial Services, and Breakthrough Energy Ventures. Crosstown H2R, a climate technology startup based in Baden, has emerged from stealth mode, revealing that it has secured over €2 million in subsidies and grants from the Swiss Federal Office of Energy (SFOE) and additional investors. UpHill Health has secured a Series A funding of €7 million. The funding round was spearheaded by Portugal's private equity firm, Explorer, along with the collaborative support of the joint social impact fund of Redstone and EnjoyVenture. Previous investors, including Brighteye Ventures, Maze, Caixa Capital, and Grupo Luz Saúde, have reaffirmed their confidence in the company by backing it once more. The startup Candela has unveiled a new capital infusion of €24.5 million, with French boat manufacturer Groupe Beneteau joining as a new investor, alongside the return of existing backers such as EQT Ventures and Ocean Zero LLC. This funding will be allocated towards further enhancing its technology and expanding its sales team. French fintech Xaver has introduced its B2B AI platform tailored for life insurance and private pensions, alongside announcing the successful procurement of €5 million in Pre-Seed. Leading the investment are Motive Ventures and Cavalry Ventures, with participation from a cohort of former C-level executives from banks and insurers, including Martin Blessing (Commerzbank, UBS), Thomas Münkel (Allianz Group, UNIQA), and Matthias Setzer (Meta, PayPal). Additionally, founders such as Julian Teicke (Wefox), Raffaele Terrone (Scalapay), Felix Ohswald (GoStudent), Elmar Broscheit (Gorillas, Macquarie), Michael Wax (Forto), Jessica Holzbach (Penta/Pile), Tushar Ahluwalia (Razor Group), and Christian Reber (Pitch, Superlist), alongside Mario Götze, are among the investors. Fintech scouts from Sequoia, a16z, Lakestar Scout Fund, and EQT Ventures, along with participation from further funds like Robin Capital, The Delta, and Notion Capital, further contribute to the funding round. German embedded finance platform Solaris SE has confirmed the finalization of its €96 million Series F round, with primary backing from SBI Group alongside other existing investors. Eindhoven-based EFFECT Photonics, a firm specializing in highly integrated optics solutions, has revealed the successful closure of a $38 million Series D funding round. Innovation Industries Strategic Partners Fund spearheaded the investment, supported by Dutch pension funds PMT and PME, alongside co-investor Invest-NL Deep Tech Fund, and the involvement of other existing investors. Innatera, headquartered in Rijswijk, South Holland, and renowned for its groundbreaking ultra-efficient neuromorphic processors, has revealed the successful closure of a €15 million Series A financing round. This round was co-financed by the EIC Fund and existing investors MIG Capital, Matterwave Ventures, and Delft Enterprises. Additionally, the Invest-NL Deep Tech Fund is contributing €4.8 million to this Series A round. Stanhope AI, a London-based startup, aims to circumvent existing challenges with a novel AI approach, for which it has recently raised £2.3 million to further develop. The funding round was spearheaded by the UCL Technology Fund, given that Stanhope is a spinout from University College London. Additionally, Creator Fund, MMC Ventures, Moonfire Ventures, and Rockmount Capital have also participated in this investment round. Belgium-based e-peas, a fabless semiconductor company specializing in ultra-low power management for energy harvesting, has disclosed the successful procurement of €17.5 million in a new funding round led by Otium Capital. Joining as new investors are Nomainvest and EIC Fund, alongside the continued support of existing investors including KBC Focus Fund, The Faktory, Wallonie Entreprendre, Noshaq-Leansquare, and Start.Invest. Graswald.ai, a German 3D brand creation tool, has successfully raised $3.3 million in funding, co-led by Lakestar and Supernode Global. The platform offered by graswald.ai revolutionizes enterprise 3D content by providing a Figma or Canva-like experience for 3D, significantly enhancing customer engagement through immersive visuals. Cathedral Studios, a UK-based indie game development studio, has announced the successful closure of a Seed funding round amounting to $6.66 million. This investment, spearheaded by Arca and supported by significant contributions from key industry players including Hartmann Capital, LiquidX, IVC, 6th Man & Spartan, marks a significant milestone for Cathedral Studios as it endeavors to redefine the horror gaming genre. Greenly, a Paris-based leading carbon accounting platform, has secured a significant $52 million Series B funding round led by Fidelity International Strategic Ventures, with participation from new investors BGV (Benhamou Global Ventures), Move Capital, Hewlett Packard Enterprise (HPE), XAnge, Energy Impact Partners, and HSBC. Cure51 has secured €15 million in a seed funding round, led by Sofinnova Partners. Other notable contributors to this round include Hitachi Ventures GmbH, Life Extension Ventures, Xavier Niel, and Olivier Pomel, CEO, and co-founder of Datadog. Pelikan Mobility, a commercial fleet platform, has disclosed a successful seed round raising €4 million. The funding was secured from Pale Blue Dot, Frst, Seedcamp, and other investors. London-based Automated Architecture (AUAR), a construction tech startup, has revealed the successful closure of a £2.6 million Seed round of funding. This investment was spearheaded by deep-tech and AI fund Miles Ahead and Robotics & Automation Ventures (ABB RA Ventures). Additionally, Rival Holdings, Morgan Stanley, Vandenbussche Group, Bacchus Venture Capital, and angel investors Nicolas Bearelle, Stefano Bernardi, and Dob Todorov have also contributed to the round. CemVision a startup aiming to produce cement that is 95% greener than traditional options, has closed a €10M seed round with investment from Polar Structure, BackingMinds, and Zacua Ventures. Supported by the EQT Foundation and Breakthrough Energy, CemVision has also garnered interest from a diverse array of venture capital investors, including Playfair Capital, Norrsken VC, and Kompas VC, as well as energy companies like Vantaa Energy. Green PRAXIS, a startup specializing in supporting operators and infrastructure owners in managing natural assets, has disclosed the successful completion of its Seed fundraising round. The funding was secured from a consortium of investors, including Open CNP, the CNP Assurances Corporate Venture fund, AFI Ventures, the Ventech early-stage impact fund, as well as historical investors. Buddywise has announced the closure of its €3.5 million seed round aimed at preventing workplace accidents in industrial spaces across Europe. The funding round was co-led by specialist AI fund J12 and Kvanted, with participation from Soundcloud founder Eric Quidenus-Wahlforss. Firecell, empowering industrial enterprises of all sizes to embrace smart industry solutions, has revealed the successful conclusion of a €6.6 million Seed round in equity. The funding was led by Ventech and Matterwave Ventures, with participation from Bpifrance's Digital Venture fund and Bouygues Telecom Initiative. A new wealth-building platform named Belong has emerged from stealth mode after securing an impressive £2.95 million in Pre-Seed funding. Notably, this marks the largest Pre-Seed round ever raised by female founders in Europe. Additional investors in the venture include Octopus Ventures, Viola Fintech, Connect Ventures, Portage Ventures, and January Ventures. Moreover, prominent Fintech angel investors Ricky Knox and Gautham Radhakrishnan, along with Nutmeg co-founder William Todd, leading UK Economist John Kay, and tech industry expert Edwina Johnson have also joined in supporting the venture. Dema.ai, a prominent predictive analytics platform for e-commerce, has finalized a €7 million seed funding round. The investment is spearheaded by J12 Ventures and Daphni, along with a consortium of high-profile angel investors. The primary objective of this funding is to facilitate the company's continued growth and the advancement of its innovative predictive analytics tool. Global Screening Services (GSS), headquartered in London, a regulatory compliance platform assisting financial institutions in fulfilling their global sanctions obligations, has secured $47 million in a funding round. Notably, the company had previously raised a similar amount last year from prominent backers such as Japan’s Mitsubishi UFJ Financial Group (MUFG), one of the world’s largest banks. In this recent funding round, GSS has disclosed another significant supporter: the Commonwealth Bank of Australia (CBA), alongside Cynosure Group and AlixPartner, contributing to this latest cash infusion. Medtech company Protembis has successfully raised a €30 million Series B round aimed at supporting the enrollment of their PROTEMBO Investigational Device in clinical trials. This funding round was co-led by a European consortium of VC investors, including Segulah Medical Acceleration based in Sweden, XGEN Venture from Italy, and TechVision Fund based in Germany. Additional investors in the round include Coparion, several large family offices, and angel investors. Clean Food Group (CFG) has disclosed a funding of £2.5 million. This capital injection is designated for the ongoing development of CFG’s sustainable oil and fat alternatives, paving the way for a scheduled commercial launch in 2025. The funding round was spearheaded by Clean Growth Fund, a prominent investor specializing in low-emission companies across various sectors including power and energy, buildings, transport, agriculture, water, and waste. Frankfurt-based Gunzilla Games, a AAA games developer, has revealed the successful acquisition of a combined funding totalling $30 million. This includes a $10 million strategic token round, co-led by CoinFund and Avalanche’s Blizzard Fund, with additional participation from Republic Capital and Morningstar Ventures. Paris-based Metyos, a medtech startup focusing on chronic kidney disease (CKD), has announced the successful closure of a €2.3 million pre-seed round of funding. The investment was spearheaded by Cenitz, with participation from KIMA Ventures, Advans Lab, and Bpifrance. Additionally, the round saw support from doctors, health insurance angels, and business leaders from Implicity, Deepmind, and Nabla. Sweden-based Arevo AB, a biotech company specializing in enhancing plant growth for a healthier planet, has disclosed a funding round amounting to €3.1 million from new investor Industrifonden. Additionally, existing investors Navigare Ventures, Fort Knox, Stora Enso, and Kempestiftelserna have collectively contributed an additional €3.5 million to further bolster Arevo's growth initiatives. UK biogas tech company WASE has unveiled a successful fundraising effort, amassing over £8.5 million, which includes £2.4 million in non-dilutive funding. Extantia Capital led the financing round, with participation from Hitachi Ventures, WEPA Ventures, and Engie New Ventures, the corporate venture capital arm of global energy company Engie. Additionally, Elbow Beach Capital and Empirical Ventures have also contributed to the investment round. London-based Oriole Networks, a startup leveraging light to train LLMs (Large Language Models) a hundred times faster with significantly less power consumption, has secured £10 million in seed funding. The round was co-led by UCL Technology Fund, Clean Growth Fund, XTX Ventures, and Dorilton Ventures, with support from Innovate UK Investor Partnership. Freital-based watttron, a frontrunner in digital temperature control systems, has secured €12 million in Series B funding. The round was spearheaded by the Circular Innovation Fund (CIF), a global venture capital fund dedicated to circular innovation and co-managed by European-based Demeter and North American-based Cycle Capital, along with the European Circular Bioeconomy Fund (ECBF). In addition to watttron's longstanding partners TGFS Technologiegründerfonds Sachsen, Constancia New Business (CNB), SKion GmbH, BA Mr. Rico Kleinhempel, new investors have also joined to support watttron's endeavor to drive sustainability in the packaging industry. London-based iCustoms, a company specializing in fully automated customs management solutions, has revealed the closure of a $2.2 million seed funding round. The investment was supported by Fuel Ventures, PlugnPlay, Outrun Ventures, Montblu Capital, SyndicateRoom, and prominent angel investors. Stockholm-based Agteria Biotech, a company specializing in biotechnology solutions for reducing methane emissions from livestock, has announced the completion of a €1.4 million pre-seed funding round led by Norrsken Launcher. The Swedish company intends to utilize the capital to develop scalable and cost-effective solutions aimed at addressing cattle methane emissions. The distributed cloud provider, Hive, has secured a €12 million Series A investment round led by SC Ventures. The revenue management platform ayora has disclosed the successful acquisition of $1.6 million in a Pre-Seed funding round. J12 spearheads the funding, with Twin Path Ventures also participating. Additionally, a group of angel investors, including Farah Ballands (former CEO of Estera and Appleby partner), Roger Siddle (former Chairman of Lawyers on Demand, UK Managing Partner at Bain), and Abhijat Saraswat (CRO of Lupl, former Senior Director at Litera), have contributed to the round. AI-powered computer vision company, Robovision, has successfully raised $42 million in its latest investment round. Target Global and Astanor Ventures took the lead in this round, with additional participation from Red River West. Digital health company Wellola has confirmed the completion of a €2.2 million funding round, elevating its total funding to €4 million. Elkstone spearheaded the investment, with additional contributions from Enterprise Ireland and Bay Advisory. Bavest, a B2B fintech company based in Frankfurt and Munich, has revealed the successful closure of a €1.1 million pre-seed round of funding. This latest round boasts notable backers including Christian Trummer from Bitpanda, ReZoom Capital, Nautic Ventures, Jens Rehwinkel, Dieter Staib, and senior figures from leading consultancies and the fintech sector. London-based Metaview, an AI-powered interview note-taking platform catering to recruiters, has disclosed the successful closure of a $7 million fresh funding round. The round was led by Plural, with participation from Coelius Capital and existing investors Vertex Ventures US, Seedcamp, and Village Global. Notable angels such as Kyle Parrish (Figma VP of Sales) and Barney Hussey-Yeo (Cleo co-founder) also contributed to the round. The digital health startup Tonic App has finalized a Series A funding round of €10.85 million. Leading the investment are BlueCrow Capital and Iberis Capital. Additionally, Vesalius Biocapital III, Armilar Venture Partners, Shilling VC, and FSNB Health & Care have also joined in as participants. Stippl, a comprehensive travel app, has announced raising over €575k in funding. Supported by Marbruck Investments from Australia and Volve Capital from the Netherlands, the tech firm intends to enhance its AI-powered travel planning feature. Berlin-based Recare, a SaaS platform simplifying patient transfers from hospitals to care providers, has announced securing €3.2M in new funding to enhance its digital discharge management marketplace in Germany. The funding encompasses contributions from existing investors and a €2M loan facilitated by Gilion, renowned for assisting tech companies in accessing funding and projecting growth. Helsinki-based Onego Bio, a food-biotech company, has disclosed securing $40M in a Series A funding round led by NordicNinja, marking one of the largest A-rounds in the Nordics. The round also saw equity investments from Tesi and EIT Food, alongside contributions from existing investors Agronomics, Maki.vc, Holdix Turret, and specific strategic partners. Luminance has secured $40M in funding for its Series B round. The company aims to fulfill a longstanding prediction in legal circles since ChatGPT's release: that LLMs will be capable of handling a significant portion of paralegals' tasks. March Capital led the round, with contributions from National Grid Partners and existing investors, including Slaughter and May. Coadjute, headquartered in London and specializing in property technology, has revealed securing new funding from notable entities including Lloyds Banking Group, Nationwide, NatWest, and Rightmove. Sparxell, a UK-based company specializing in the development of high-performance, sustainable, plant-based pigments, has successfully concluded a $3.2 million funding round. This round comprises Seed investments, grants, and awards. Among the investors participating in the seed funding is The Circular Innovation Fund, a global venture capital fund jointly managed by Demeter and Cycle Capital, with L’Oréal as an anchor investor. Other contributors include Future Communities Capital, sustainability-focused investor PDS Ventures, impact investor Katapult, biotech and consumer sectors investor Joyance Partners, and climate investor SNØCAP VC. Supersimple, headquartered in Tallinn and known for its AI-native data analytics platform, has revealed securing $2.2M in a pre-seed round of funding. The platform enables users to delve into data and offer accurate responses to intricate queries within minutes. Leading the investment is Tera Ventures, with involvement from Specialist VC, Tiny VC, and several angel investors, including the former CTO of Twilio and the founders of Sixfold and Grünfin. Telness Tech, headquartered in Stockholm and specializing in software solutions for the telecommunications industry, has announced raising €5 million from its two major shareholders — Industrifonden and Viltor (JCE Group). XUND, a health tech scale-up headquartered in Vienna, has revealed securing €2 million in an extended Seed funding round. The funding round saw participation from new investor Thieme Group, alongside existing investors such as MMC Ventures and MassMutual Ventures. Alrik, an operations software provider, has recently secured €1 million in seed funding from global venture capital firm Pi Labs. Alrik aims to address the construction sector's significant carbon footprint by implementing sustainable practices. Warwick Acoustics, known for its patented loudspeaker technology poised to transform in-car audio systems, has secured an additional £7 million in funding. Mercia Asset Management spearheaded the funding round, which also saw participation from NFU Mutual and various private investors. Fluid Topics, a digital platform facilitating automated customer service, has secured a Series B round of €15M from Kennet Partners. Among its previous investors are Ventech, a pan-European early-stage venture capital firm, and Credit Mutuel Innovation. Pigment, a platform aiding organizations in business planning and strategic decision-making, has disclosed a Series D funding round of €133 million. This round is spearheaded by ICONIQ Growth. Additionally, Sandberg Bernthal Venture Partners and numerous existing investors, including IVP, Meritech, Greenoaks, and Felix Capital, have also contributed to this funding round.Barcelona-headquartered HR unicorn Factorial has secured an $80 million go-to-market investment from General Catalyst, with GC covering a substantial portion of the expenses associated with acquiring new customers. This funding round comes after Factorial's oversubscribed $120 million Series C round in 2022, which was led by Atomico. Mimo, a financial management startup streamlining the administrative aspects of B2B payments, has secured £15.5 million in funding. Led by Northzone, this round will facilitate the launch of a new platform for the company. Additional investors joining the round include Cocoa Ventures, Seedcamp, and Upfin VC, alongside angel investors. Clyde Hydrogen, a Scottish cleantech company, has raised more than £1 million to support its decoupled electrolyser technology. This innovation is designed to enhance hydrogen production safely, at scale, and with low costs. The funding came from Zinc, the University of Glasgow, and a group of angel investors. Scavenger AI, a German startup specializing in data analytics and AI, has secured €1.1 million in Pre-Seed funding. This investment aims to empower companies to conduct intricate data analyses within seconds. HTGF led the investment round in collaboration with Calm/Storm Ventures, Femventix, and the B4i Fund. Fotokite AG, a Swiss-American company specializing in tethered drones for firefighting and public safety teams, has concluded its Series B funding round, securing $11 million. Leading the funding round is Carbyne Equity Partners, a European private equity firm focusing on nurturing European enterprises. Existing investors such as Swisscanto Private Equity Growth I and Credit Suisse Entrepreneur Capital Ltd also participated in the round.Kepler Vision Technologies, a prominent software developer in the healthcare industry, has received a €1.5 million investment from Dutch investment firm ROM InWest. This funding will support the worldwide dissemination of Kepler's groundbreaking fall detection product, Kepler Night Nurse, which aims to transform elderly care and ease the burden on healthcare workers. Indian Startup fundraisings ($177m): SuperK, a technology-driven grocery retail chain, has secured approximately $3.7 million in its Series A funding round. The round was led by Catalyst Trusteeship Limited. Additionally, VSS Investment Fund, Veltis Capital, Stargazer Fund, CoralBay Ventures, Silver Needle Ventures, HOF Profectus, IA Growth Opportunities, and Abhishek Goyal collectively invested the remaining amount in the round. JustDeliveries, a company offering logistics solutions for perishable goods, has secured $1 million in a pre-Series A funding round, with Nabventures leading the investment. Other investors, such as Faad Network, Anay Ventures, Caret Capital, and Mahansaria Family Office, also joined the round. Nabventures, a subsidiary of the National Bank for Agriculture and Rural Development (Nabard), is a venture growth equity fund focused on investing in startups within agritech, foodtech, rural fintech, healthtech, and edtech sectors. AdOnMo, an ad-tech firm based in Hyderabad, has secured approximately $7 million in its Series B1 funding round, marking its first significant investment since the Series A round led by Zomato last year. Healthcare expert Ravindranath Kancherla and his son Kancherla Pruthvinath contributed Rs 16.6 crore, while Qatar Insurance Company and ZNL Growth (Z Nation Lab) invested Rs 8 crore and Rs 1.80 crore, respectively. Additionally, a group of thirty-six individual investors, including Manish Kailash Chhabra, Vindhya Guduru, Vikram Malhotra, Usha Reddy Chigarapalli, and Desireddy Srinivasa Reddy, participated in AdOnMo’s Series B funding round. Aeria, a platform focusing on tenant experience and asset management for commercial real estate, has secured $1.8 million in pre-seed funding. Kalaari Capital and Foundamental led the funding round, joined by AC Ventures, AL Trust, and other investors. KreditBee, a digital lending platform, has secured $9.4 million in an extended Series D round from existing investors. Wiseanya Ltd led the round by contributing Rs 40.91 crore, while Motilal Oswal PE (via India Business Excellence) and Mirae Asset invested Rs 9.52 crore and Rs 1.15 crore, respectively. Premji Invest, MUFG Bank Limited, and NewQuest Capital also participated in the round with the remaining funds. Premji Invest holds the largest external stake at 23.44%, followed by Newquest Asia and Alpine Capital. SydeLabs, a startup specializing in AI security and risk management, has secured $2.5 million in its seed funding round, with RTP Global leading the investment. Picus Capital also participated in the round, alongside notable angel investors including Kunal Shah and Sai Srinivas Kiran.  Skyflow, a provider of software services that securely stores user data for companies, has secured an additional $30 million to expand its Series B funding round. This latest investment round was led by Khosla Ventures, along with continued support from existing investors including Mouro Capital, Foundation Capital, and Canvas Ventures. Sindhuja Microcredit, a next-generation microfinance firm, has successfully raised $14.5 million in its Series C funding round. The investment comes from GAWA Capital, through its vehicle Huruma Fund, and Oikocredit. Mave Health, a mental healthtech startup based in Bengaluru, has secured Rs 6 crore in a pre-seed funding round, with leading contributions from All-In Capital and Utsav Somani’s iSeed Fund. This funding round also attracted investment from prominent investors such as Bharat Founders Fund, Deepinder Goyal of Zomato, Kunal Shah of CRED, Mohit Kumar, and Vatsal Singhal of Ultrahuman. Additionally, angel investors including Gaurav Agarwal of TATA 1mg, Nandan Reddy of Swiggy, and Rohan Verma of BreatheWellBeing, among others, participated in the funding round. SingleInterface, a domestic SaaS platform, has secured $30 million in a funding round led by Asia Partners, an investment firm based in Singapore. PayPal Ventures also joined the round as a participant. The startup specializes in offering a range of tools aimed at assisting brick-and-mortar businesses in expanding their online presence. Its focus areas include digital marketing, customer engagement, and eCommerce solutions. ONO, an agritech startup, has secured $1.31 million in a seed funding round led by Aeravti Ventures, with involvement from Indigram Labs. The startup aims to utilize the raised capital to improve the agricultural supply chain and create economic growth prospects for farmers and ecosystem stakeholders across India's expansive APMC/MANDI network. Planys Technologies, a deeptech startup headquartered in Chennai, has secured $4 million in an ongoing pre-Series A funding round led by a varied group of investors. The startup funding round was led by Shell Oil Company, ONGC Startup Fund, MEMG Family Office, LetsVenture, Kris Gopalakrishnan, and Keiretsu Forum. Metalbook, a full-stack metal supply chain platform based in Delhi, has reportedly secured $3 million from Northern Arc, a Chennai-based RBI-registered debt financing firm. The Series A funding was led by Rigel Capital, with participation from Stride Ventures, Foundamental, FJ Labs, Axilor Ventures, and Trifecta Capital Advisors. In an extended Series A funding round, BeepKart, a comprehensive retailer of two-wheelers, has secured $6.5 million led by its existing investors. Participating in this round are Chiratae Ventures, Stellaris Venture Partners, and Vertex Ventures. This funding infusion will support the startup's expansion initiatives and strengthen its foothold in the market. Vodex, a startup specializing in generative AI, has secured $2 million in a seed funding round, with prominent investors Unicorn India Ventures and Pentathlon Ventures leading the investment. Arch0, a startup specializing in cloud security, has secured $1.25 million in a pre-seed funding round, with Leo Capital leading the investment. Additionally, a varied group of investors, including Village Global, Indian Silicon Valley Capital, Appreciate Capital, Supermorpheus, and others, participated in the round. This funding will support the expansion of the startup's core team and the enhancement of its artificial intelligence (AI) capabilities in cloud security operations. Bambrew, a cleantech startup, has secured $7 million in a series A funding round, consisting of a blend of debt and equity. The funding was spearheaded by Blume Ventures, with participation from Blue Ashva Capital, Mumbai Angels, Indus Capital, as well as angel investors such as Sreevathsa Prabhakar, Mandeep Manocha, and RK Narayan.ClaimBuddy, a platform offering assistance with health insurance claims, has disclosed raising $5 million in its Series A funding round. The investment was led by Bharat Innovation Fund, with participation from Japanese fund CAC Capital, as well as existing investors such as Chiratae Ventures and Rebright Partners. Neysa Networks, a startup specialising in AI cloud and platform-as-a-service, has raised $20 million in seed funding. The round was led by Matrix Partners India, Nexus Venture Partners, and NTTVC. This funding will support the development of their generative-AI-cloud platform as a service and observability solutions for both Indian and global markets. Recykal, a B2B waste management and recycling marketplace, has secured $13 million from a Category II scheme managed by 360 ONE Asset Management Limited. EyeMyEye, a full-stack eyewear platform, has secured $2.5 million in a new tranche as part of its pre-Series A round. RBA Finance & Investments, Ashish Ramesh Kacholia and Sachin Shah participated in this new funding. In a recent funding round, the medical diagnostics platform 5C Network has secured $3 million from Redwood India Healthcare Fund.Sprinto, a compliance automation platform catering to SaaS companies, has successfully raised $20 million in a Series B funding round. The round was spearheaded by Accel, with continued support from existing investors Elevation Capital and Blume Ventures.-----Newnex is the go-to global VC co-investors platform - select from global VCs and privately invite to co-invest in your current and future rounds.Startup Europe India Network - B2B growth platform for scaleups and industry and domain leaders and organizations to efficiently scale technology and science innovation.

16 Apr

Venture Capital

European Startups funded recently - Newnex Fortnight

19 March 2024 Newnex tracked $1.3+ billion in funding rounds over the past two weeks in European Venture Capital.  Catalog, a French startup, aims to develop a software-as-a-service (SaaS) solution designed to efficiently oversee B2B sales operations across multiple sales channels. The company has recently secured a €3 million funding round, with LocalGlobe taking the lead. Other notable investors in this round include HelloWorld, Kima Ventures, Motier Ventures, and ATI. eComID, a Swedish startup focused on empowering global online retailers to reduce online returns, has successfully closed an oversubscribed pre-seed round, securing €2.75 million. CapitalT led the funding round, with a follow-on investment from H&M Group Ventures and strategic angel investors. The capital injection will enable eComID to enhance its platform capabilities and extend its previously invitation-only solution to a broader range of brands. Phagenesis, a UK-based medical technology startup, has secured a $42 million Series D funding round aimed at launching its swallowing disorder medical device in the US market and extending its presence across Europe. This financing round saw co-leadership from EQT Life Sciences in the Netherlands and Sectoral Asset Management in Canada. Notable participation came from British Patient Capital, Northern Gritstone, and Aphelion as well. Gridcog, a cleantech software startup, has confirmed the acquisition of £3.3 million in funding. The company has engineered a clean energy simulation and tracking platform, empowering businesses venturing into clean energy projects, ranging from large-scale solar to EV charging, to identify the most suitable solutions for their commercial and market needs. Led by AlbionVC, the funding will fuel Gridcog's intensified expansion efforts across the UK and Europe, following a remarkable year marked by a five-fold revenue surge in these regions. Haiper, headquartered in London, has emerged from stealth mode, unveiling its video-generative AI platform. The company revealed that it has successfully raised $13.8 million in a seed funding round, with Octopus Ventures taking the lead. Monzo, the UK's foremost digital bank, has disclosed securing £340 million in a funding round aimed at accelerating its expansion initiatives. Spearheaded by CapitalG, the round also welcomes prominent global tech investors such as GV (Google Ventures) and HSG (HongShan Capital), alongside existing supporters like Passion Capital and Tencent. Sunfire, a German manufacturer of electrolyzers, has unveiled its successful €215 million Series E equity financing round. This significant milestone is bolstered by an additional term loan of up to €100 million extended by the European Investment Bank (EIB). Formalize, previously known as Whistleblower Software and headquartered in Denmark, has successfully secured €15 million in a Series A funding round. The investment, spearheaded by BlackFin Tech, the venture arm of BlackFin Capital Partners, will be instrumental in furthering Formalize's mission to become Europe's leading compliance software provider. Multiverse Computing, a Spanish company specializing in value-based quantum and quantum-inspired computing solutions, has secured €25 million in an oversubscribed investment round. The round was led by Spanish VC Columbus Venture Partners through their SCR, with significant contributions from Quantonation Ventures based in Paris and new investors, such as the European Innovation Council Fund, Redstone Quantum Fund, and Indi Partners, among others. Limbic, headquartered in London, has successfully raised a $14 million Series A round with backing from Khosla Ventures, aimed at expanding its product offerings to healthcare providers in the United States. The startup specializes in AI-driven mental health solutions, including a chatbot and clinical referral software. Notably, Limbic's chatbot is already utilized by 33% of the UK's NHS Talking Therapies services, benefiting approximately 260,000 patients. Additional investors in this round include LGBTQIA+ investment syndicate Gaingels and Illusian, the family office of Ilkka Paananen, co-founder of Supercell, a game development company. Cellcolabs, headquartered in Sweden, has secured $8.7 million from angel investors. The company focuses on producing specialized stem cells crucial for the development of cell therapy treatments targeting diseases linked to inflammation. Among the investors are Fredrik Österberg and Jens von Bahr, both cofounders of the publicly-listed casino technology company Evolution AB. Zama, a company specializing in open-source cryptography and developing cutting-edge Fully Homomorphic Encryption (FHE) solutions to safeguard privacy in blockchain and AI, has revealed a €67 million Series A funding round. Multicoin Capital and Protocol Labs lead the investment, with contributions from Metaplanet, Blockchange Ventures, VSquared, and Stake Capital. Notably, the funding round also boasts participation from blockchain luminaries such as Juan Benet, founder of Filecoin, Anatoly Yakovenko, co-founder of Solana, and Gavin Wood, co-founder of Ethereum and co-creator of Polkadot. Greenlyte Carbon Technologies (GCT), a Direct Air Capture startup, has revealed the completion of a €10.5 million Pre-Series A funding round. GCT has also secured two grants from the European Fund for Regional Development. Notably, alongside substantial contributions from existing investors such as Earlybird Venture Capital, Green Generation Fund, Carbon Removal Partners, and Board member Dr. Udo Jung, Partech has joined the investor consortium. Mews, headquartered in Amsterdam and renowned for its cloud-based property management system (PMS), has unveiled a significant milestone with the announcement of securing $110 million in funding. Kinnevik spearheaded this round, with notable participation from Revaia, Goldman Sachs Asset Management, Notion Capital, and LGVP. This investment has propelled Mews to unicorn status, valuing the company at $1.2 billion. Theia Insights, headquartered in Cambridge and specializing in deep tech, has revealed the successful closure of a fresh funding round, amassing $6.5 million. Leading this round is Silicon Valley's Unusual Ventures, with notable participation from Fidelity International Strategic Ventures and LA-based Clocktower Ventures, alongside several strategic angels. The influx of capital will be allocated towards further technology development and the expansion of services across both the US and Europe. Kurs Orbital, an Italian spacetech startup, has successfully secured €3.7 million in Seed funding to propel its innovative solutions into the in-orbit services and logistics market. OTB Ventures spearheaded this funding round, with participation from Credo Ventures, Galaxia (the Italian National Technology Transfer Hub for Aerospace of CDP Venture Capital), alongside Obloo Ventures and the regional co-investment fund Piemonte Next, created and managed by CDP Venture Capital and supported by the Financial Institute of the Piedmont Region, Finpiemonte. Additionally, In-Q-Tel (IQT) and Inovo also contributed to the round. Wobble Genomics, a spin-out from the University of Edinburgh, disclosed securing £8.5 million to advance the commercialization of its technology. Mercia Ventures and BGF co-led the funding round, with support from IQ Capital, EOS Advisors, and Old College Capital, the university's venture fund. UK fintech Nuke From Orbit has successfully raised £500,000 in a Pre-Seed funding round aimed at launching its innovative product to market. The startup has devised a unique approach to enhancing mobile phone security, specifically focusing on safeguarding financial accounts and personal identifiable information (PII). The funding originates from various UK-based companies and investors, including Oliver Bridgen, Co-Founder & COO of specialist FX broker Ballinger Group, and Jordan Hallows, founder of Wey Bridging Finance. Berlin-headquartered insurtech startup INSRD has revealed its successful raise of a €500K Pre-Seed round. Participating in Cohort 5 of Earlybird Venture Capital's Vision Lab Program, INSRD benefits from funding, mentorship, and networking opportunities. The startup is focused on revolutionizing commercial insurance to cater to rapidly Cogna, a provider of hyper-customized software driven by individual preferences and delivered through artificial intelligence, has secured £3.76 million in funding to transform the approach to solving unique and complex challenges within traditional industries. Leading the funding round is Hoxton Ventures, with additional investment from Notion Capital and Octopus First Cheque Fund. Notable angel investors, including Stan Boland (Founder of Icera), Hermann Hauser (of Amadeus Capital Partners), Professor Neil Lawrence (DeepMind Professor of Machine Learning at Cambridge), Zayd Enam and Tim Shi (Founders of Cresta), Ping Wu (CEO of Cresta), as well as Aviv Nevo and Nick Elliot (Helsing), also participated in the round. Paris-based Ask for the moon, previously known as Wingzy, a knowledge management software, has disclosed securing €2.5M in a new funding round. Matterwave Ventures and UI Investissement, recognized as prominent players in the industrial Deeptech sector, participated in the round. Legitify, an online notarization solution, has confirmed the completion of a successful €1.5 million Seed funding round. The round was spearheaded by Verb Ventures, with additional investments from Enterprise Ireland, Actium Partners, Redbay Ventures, and other notable investors. Phelas, a Munich-based leader in the energy storage sector, has disclosed securing €4.1 million in a seed round of funding. E44 Ventures, an Israeli climate tech fund, leads the funding round, with involvement from Axon Partners Group, Deutsche Telekom hubraum Fund, BNV Partners, along with other investors and existing angel investors. Suiso, a UK-based company dedicated to generating affordable, low-carbon, or zero-carbon energy, has secured £3 million in funding. The investment originates from NPIF – Mercia Equity Finance, managed by Mercia Ventures. This funding source is associated with the Northern Powerhouse Investment Fund and Mercia’s EIS funds. SUBLIME Energie, a deeptech startup, has revealed securing €11.5 million in funding. This recent round of financing, led by the Environment and Solidarity Revolution Fund managed by Credit Mutuel Impact and PSL, will bolster the development, production, and deployment of a demonstration plant. Eye Security, headquartered in The Hague, specializes in safeguarding small and medium-sized European enterprises from cyber threats. The startup has disclosed securing €36 million in a Series B funding round, with J.P. Morgan Growth Equity Partners leading the investment. Additionally, existing investors such as Bessemer Venture Partners and TIN Capital participated in the round. Steadybit, a prominent player in chaos engineering, has confirmed raising $6 million in Series A funding. Paladin Capital Group led the investment round. Steadybit is dedicated to enhancing software reliability through chaos engineering, a practice aimed at ensuring systems remain robust and resilient in unpredictable online environments. Stockholm-based micro-mobility startup Voi, known for offering electric scooters for last-mile transportation, has announced the successful raise of $25 million in an oversubscribed funding round. Existing investors, including VNV Global, Raine Group, Nineyards Equity, Balderton, Creandum, Project A, Stena, Black Ice Capital, as well as founders and employees, participated in the latest funding round. London-based logistics startup Packfleet has disclosed securing $10 million in a Series A round of funding. The round was co-led by General Catalyst and Voyager. Additionally, existing investors such as Creandum, Entree Capital, and Founder Collective participated in the round. Belgium-based Simera Sense, a provider of end-to-end optical solutions for the small satellite Earth observation industry, has secured €13.5 million in its first significant growth investment round. The funding spearheaded by NewSpace Capital and Knife Capital. With this investment, the company intends to enhance its product range, expand production capacity, and accelerate on-board processing capabilities, thereby bringing transformative changes to the market. Helsinki-based medical device company Sooma Medical has announced securing €5 million in growth funding led by Voima Ventures, a Nordic early-stage investor. Other participants in the round include Verge HealthTech Fund and existing investor Stephen Industries. Sooma specializes in offering Transcranial Direct Current Stimulation (tDCS) through its portable neuromodulation device. tDCS utilizes a gentle electrical current to stimulate the brain and alleviate symptoms of depression without the necessity of pharmaceuticals. By targeting the brain, Sooma's technology provides symptom relief without the typical side effects associated with antidepressant medications. Lyon-based healthtech startup HawkCell has revealed securing €5 million in a Series A round of funding led by German venture capital firm MIG Capital. Additionally, French investment bank Bpifrance participated in the funding round. HawkCell specializes in transforming human MRI into the first animal-dedicated imaging using AI algorithms. Their plug-and-play technology is tailored for veterinary applications, contributing to the advancement of animal healthcare and preclinical research. Amsterdam-based Ellogon, a company focused on personalizing immunotherapy through data and algorithms, has announced securing €1 million in fresh funding. The funding comes from ROM InWest and UvA Ventures Holding. Berlin-based Quantistry, a provider of cloud-native chemical simulation platforms, has disclosed securing €3 million in a fresh funding round. The round was led by Ananda Impact Ventures. Other investors participating in the round include Chemovator, the business incubator of BASF, IBB Ventures, and a Family Office. Tomorrow Things, an AI startup, has successfully secured €1.5 million in funding to advance the development of its AI-powered Operating System for machines on the internet. Tomorrow Things operates as an intelligent automation platform, generating digital twins of technical assets. High-Tech Gründerfonds (HTGF) and neoteq ventures spearheaded the funding round, with additional support from Notion Capital, solo GP Robin Capital, and a group of specialized business angels including Christian Noske, Maximilian Eichler, Thomas Lang, Thomas Hollwedel, and Markus Doetsch, focusing on fundraising, marketing, and B2B SaaS. Bristol-based battery technology company Anaphite has successfully raised £1.6 million in funding. This funding comprises £685,000 in grant funding from the Investor Partnerships Future Economy programme, along with over £880,000 committed by private investors. The investors include Elbow Beach Capital, Wealth Club, Bristol Private Equity Club, and several angel investors. Anaphite's approach to battery manufacturing involves unique chemistry, aiming to produce more sustainable, faster-charging, and lower-cost batteries to drive the transition towards electric vehicles (EVs). Smartschool, an edtech company originally founded in Poland and now headquartered in San Francisco, has revealed raising $1.5 million in a Pre-Seed funding round. The funding was provided by Inovo VC, The Explorer Fund, and angel investors such as Andreas Michaelides, Chief of Psychology at Noom, and Konrad Howard, co-founder of Booksy. BotGuard OÜ, a cybersecurity software company founded in Estonia, has successfully raised a €12 million Series A funding round. The company specializes in assisting web hosting providers in managing traffic and safeguarding their infrastructure from malicious threats. The funding round is led by MMC Ventures, with participation from existing investors Tera Ventures and Expeditions Fund. Additionally, prominent angel investors such as Stefan Lindeberg have also contributed to the round. Berlin-based Polar Signals, a provider of continuous profiling products, has announced securing an additional $6.8 million in funding. This funding round was led by Spark Capital. Additional investors include GV, Lightspeed, Haystack, Lorimer, and a group of esteemed angel investors, including Guillermo Rauch, Julius Volz, Monica Sarbu, Jimmy Zelinskie, Nikhil Benesch, and Erik Bernhardsson. Stockholm-based Younium, a provider of B2B subscription management and billing software, has announced securing an additional SEK 31 million in funding. The funding round was led by existing investors and joined by Partinc Capital, which currently holds the largest ownership stake in Younium alongside the founders. Autonomo, a checkout-free software company, has announced the successful closure of a £2 million Seed funding round. The startup specializes in building checkout-free software, allowing retailers to transform their existing stores into cashierless shopping experiences. The funding round is led by Potter Ventures, with participation from Liverpool-based UK investors River Capital through their award-winning EIS growth fund 'fund:AI'. Vienna-based climate tech startup Necture, known for its platform for managing car fleets and charging infrastructure to accelerate the adoption of electric fleets, has announced securing additional funding. This brings its Series A round to €7 million. The latest round was led by Switzerland’s Smart Energy Innovationsfonds and Austrian VC Verbund X Ventures, with participation from existing investors Speedinvest and smartworks innovation GmbH. Munich-based data product management pioneer, Mindfuel, has announced the closure of a €3.75 million seed investment round. The investment was led by Project A Ventures, with participation from several angels. With successful ventures in their home markets, Mindfuel plans to utilize the funding to expand its platform into new markets across Europe. German fintech Naro has recently concluded a $3 million pre-seed funding round. The round was led by European investors La Famiglia, in partnership with General Catalyst and Discovery Ventures. Additionally, founders of European unicorns Flix and Forto, as well as other VCs such as Angel Invest and Robin Capital, participated in the round. Operators with leadership experience at fintech companies like Liqid, N26, Plaid, and Trade Republic also contributed. This funding marks Naro's emergence from stealth mode. Amsterdam-based journey management platform TheyDo has announced the completion of an additional $34 million in a fresh funding round, led by Blossom Capital. Other existing investors, including Arches Capital, Innovation Quarter, global customer experience evangelist Steven van Belleghem, Highsage Ventures, and 20Sales, also participated in the round. Dubendorf, Switzerland-based dental startup Odne announced that it has secured $5 million in a Series A1 round of funding led by Revere Partners and NV Capital. Additionally, several other renowned funds, such as Dental Innovation Alliance (DIA), Plug&Play, Hatcher, Zürcher Kantonalbank, as well as various family offices and angel investors, participated in the round. London-based medtech company ThinkSono, specializing in ultrasound AI guidance solutions, has successfully concluded its latest funding round, surpassing its target to secure £2.1 million. The latest investment was led by id4 ventures and saw contributions from Brandenburg Kapital, Calm Storm Ventures, Dubai Angel Investors, CrowdCube, Cur8 Capital, alongside several angel investors and vascular surgery clinicians. SURI, a prominent UK personal care brand specializing in sustainable oral care products, has announced the successful completion of its Series A funding round, securing £6 million in investment. The funding round was co-led by prominent investors JamJar investments, V3 Ventures, dmg ventures, and Hambro Perks. French white-label cloud gaming company Gamestream has announced today that it has raised €4.5 million in funding. Audacia and Bpifrance, through its Tech and Touch fund, have joined the company's previous investors in this round of funding. Germany-based acto, a provider of active decision intelligence for B2B sales teams, has successfully raised €3.7 million in a seed round of funding. The investment was led by 468 Capital and Cusp Capital, with continued support from adesso ventures. Additionally, another.vc and business angels such as Benedikt Franke (Planetly) and Niklas Hellemann (SoSafe) participated in the round. GScan, a deep tech firm, has secured a €3 million seed round from investors including Markus Villig, the founder of Bolt, as well as Japanese corporate venture funds and existing angel investors. Paris-based Kolet, a sustainable eSIM provider, has announced the closure of a €5 million seed funding round with European investment funds daphni and 9900 Capital. Paris-based Lago, an open-source metering and usage-based billing platform, has successfully raised $22 million in a fresh round of funding led by FirstMark. Other notable participants in this funding round include Y Combinator, Lee Fixel’s Addition, New Wave, and Script, along with industry veterans Meghan Gill, Romain Huet, and Clément Delangue. Vawlt, a startup specializing in long-term data storage, has recently concluded a funding round, raising €2.15 million. The round was led by Lince Capital and included participation from Basinghall and Beta Capital, along with existing investors Armilar Venture Partners and Shilling VC. Additionally, two former executives from Cisco and OVHcloud also contributed to the funding round. ---Join the Global Co-Investor Network for GPs, LPs and Startups - Get access to www.newnex.io.

19 Mar

Startups

Indian Startups Funded Recently

12 March 2024We are delighted to bring the Newnex Fortnight India fundraising tracker for the thriving Indian venture capital ecosystem, produced in partnership with the Startup Europe India Network. In the past two weeks, Newnex Co-Investor Network has counted a total of over $340+ million in fundraising and deal-making activities in India.Mokobara, the direct-to-consumer (D2C) luggage brand, has secured $12 million in its Series B funding round. Peak XV Partners, formerly known as Sequoia Capital India, led the funding, with participation from existing investors Sauce VC and Saama Capital. Shadowfax, a leading logistics service provider catering to hyper-local and on-demand delivery businesses in India, has successfully raised $100 million in a recent funding round. TPG NewQuest took the lead in Shadowfax's Series E financing round, incorporating some secondary transactions. Notable existing supporters such as Flipkart, Mirae Asset Venture Investments, IFC, Nokia Growth Partners, Qualcomm, Eight Roads Ventures, and Trifecta Capital also joined in the latest funding initiative. Mswipe Technologies has concluded a $20 million growth equity round, with Alpha Wave Global leading the investment and the involvement of existing investors. Having recently obtained a payment aggregator (PA) license from the Reserve Bank of India (RBI), the digital payments company has amassed over $125 million in funding from prominent investors like Matrix Partners, B Capital, DSG Consumer Partners, Epiq Capital, UC-RNT, and Ola. The newly secured funds will play a crucial role in Mswipe's plans to enhance its merchant payment network, as well as bolster product development and technological infrastructure. Digantara, a startup in the space technology sector, has secured $1.88 million in additional funding as part of an extended Series A round. The funding was led by Naman Finance And Investment Private Limited (NFAI), with participation from SIDBI Venture Capital. IntrCity, the mobility platform that operates SmartBus and RailYatri, has secured an additional around $4.5 million in its Series C funding round. Mirabilis Investment Trust led this investment round, and it included contributions from existing investors such as Nandan Nilekani's family trust, Omidyar Network India, and Ujamaa Ventures based in the United States. The funds raised will be utilized by IntrCity to improve its product offerings, expand user acquisition efforts, and further develop services along its hub routes to cater to its expanding travellers base. Zvolv, a prominent global hyper-automation company operating in India, the US, MEA, Australia, and New Zealand, has successfully raised ₹16 crore in funding. The funding round was led by Silverneedle Ventures, with participation from existing investors including JSW Ventures and others. Zvolv intends to utilize the newly acquired funds to expand and reinforce its extensive LCNC (Low Code No Code) Hyper-automation capabilities. The focus will involve integrating a trust-based generative AI layer into the next generation of enterprise AI applications. CredAble, a fintech startup, has secured $10 million in a recent funding round from Equentia Natural Resources, based in Singapore. Educational Initiatives (Ei), an education software company, has successfully raised approximately $20 million in a secondary funding round from the HCL Group. Additionally, as part of the transaction, the IT company will acquire a minority stake in the Bengaluru-based Educational Initiatives from the private equity firm Gaja Capital. Exly, formerly known as MyScoot and a provider of business tools, has secured $6.2 million in a new funding round led by Chiratae Ventures. The round also saw participation from existing investors Mayfield India and Venture Highway. Exly's suite of offerings encompasses course builders, appointment schedulers, a marketing suite, as well as customer relationship management (CRM) and lead capturing conversion tools tailored for creators and solo-entrepreneurs. Cardiotrack, a company specializing in data-centric healthcare screening technology and services delivered through health and life insurance providers, has successfully raised $2 million in a pre-series-A funding round. The funding was led by Girish Narasimhan and co-investor Y S Shashidhar. Notably, Cardiotrack had previously secured an angel investment of $1.6 million from a group of Ultra High Net Worth Individuals (UHNIs). AI startup Dubpro.ai has secured $500,000 in its seed funding round, with Venture Catalysts leading the investment. Other participants in the round include Anicut Capital, 9Unicorns, JJFO, and FirstCheque. Zactor Tech, a brand specializing in financial wellness and literacy, has successfully raised an undisclosed amount in its pre-seed funding round. The funding, co-led by High-Net-Worth Individuals (HNIs), places the company's valuation at $3 million. The raised funds are earmarked for product development, user acquisition, and initiatives related to financial literacy. Proptech firm Bandhoo has secured $0.9 million in a pre-Series A funding round led by Venture Catalysts. The funding round also saw participation from Neeraj Aggarwal, Manish Gupta, S Srinivasan, Amit Khera, and Abhishek Kumar. Notably, Bandhoo had previously raised $1.5 million in its seed round in June 2021, with contributions from Unitus, InfoEdge Ventures, and Bharat Innovation Fund.Generative AI startup Ema has successfully raised $25 million in its inaugural funding round. The round was led by Accel, Section 32, and Prosus Ventures. Additional participants include Wipro Ventures, Venture Highway, AME Cloud Ventures, Frontier Ventures, Maum Group, and Firebolt Ventures. Noteworthy high-profile angels who joined the round comprise Meta COO Sheryl Sandberg, Yahoo co-founder Jerry Yang, and Snowflake chief executive Sridhar Ramaswamy. Identity verification startup IDfy has secured $27 million in a combination of primary and secondary fundraising. Elev8, KB Investment, and Tenacity Ventures are among the contributors to this funding round. Louisa AI, an AI-powered platform, has raised $5 million in seed funding to further develop its technology focused on systematizing "serendipity" in professional settings. Born from a concept at Goldman Sachs in 2018, Louisa AI utilizes network effects to facilitate business connections for sales and deal-making. The seed funding round garnered support from various investors, including Oxford University’s investment arms, early-stage venture capitalists such as Palm Drive VC, Evolution VC, Nucleus VC, Gaingels, and former Goldman Sachs partners, colleagues, clients, friends, and family offices. Social media startup Hunch has successfully raised $23 million in a Series A funding round. The round was led by Alpha Wave and Hashed Emergent, based in South Korea. Edtech start-up MyCaptain has secured ₹14 crore in funding from investors including Inflection Point Ventures, MyNavi, Piper Serica, Super Capital, and Ankur Capital. The company aims to expand its hybrid programs into various cities, establishing over four regional sales centres. Additionally, MyCaptain is planning to introduce new programs with a target of reaching a portfolio milestone of approximately 50 beginner courses and five placement readiness programs. Contract manufacturing startup Zetwerk has secured $20 million in fresh investments from venture debt and private equity firm Wheelhouse Venture Capital. Notably, Rakesh Gangwal, the co-founder of Indigo Airlines, made the investment through the venture firm, Zetwerk. The Ayurveda Experience (TAE), a direct-to-consumer company specializing in Ayurvedic beauty and health products, has raised $27 million in a funding round led by Singapore-based venture investment firm Jungle Ventures. The round also witnessed the participation of investors such as SIDBI Ventures, Anicut Capital, and Sharrp Ventures (a part of the Mariwala Family Office associated with consumer goods major Marico). In this funding, approximately $15 million was allocated as primary funding for the company, while the remaining funds were directed towards secondary share sales by existing shareholders. Direct-to-consumer (D2C) skincare firm Foxtale Consumer has secured approximately $14 million in fresh equity funding. The funding round was led by Singapore-based Panthera Growth Partners, with participation from the company's existing investors, Matrix Partners India, and Kae Capital. PlanetSpark, an edtech platform based in Gurugram, has secured $17 million in an extended Series B funding round led by Prime Venture Partners through Seabright. Other participants in the round include InnoVen Capital, Alteria Capital, myPat, GGT3 Ventures, Ashish Gupta, and IAN Investors. The company's co-founders, Maneesh Dhooper and Kunal Malik, also made investments. abCoffee, a speciality coffee company with tech-enabled grab-and-go services, has successfully raised $3.4 million in its Series A funding round. Nexus Venture Partners led the investment, with additional participation from Tanglin Venture Partners, the company's existing investor. This funding follows a $2 million seed funding round secured in September of the previous year, with contributions from Tanglin, 100X VC, Panthera Peak, OTP Venture Partners, and various angel investors. Bummer, a direct-to-consumer apparel company, has secured Rs 9.25 crore in a funding round, with leading participation from Gruhas' Collective Consumer Fund, backed by Nikhil Kamath. Fluid Ventures, a D2C-focused venture firm and an existing investor in Bummer, also took part in this funding round. The investment, made through fresh shares, will be entirely allocated to the company's growth and development. --- Join Newnex - the global LP, VC and startup co-investor Network and Platform. Bring together co-investors at scale. The future is digital: go beyond your immediate network and get your investments and fundraisings closed rapidly.  Join Startup Europe India Network: Are you a startup, investor, corporate, expert active in Europe and India Tech or Climate? Join Startup Europe India Network to connect, engage and collaborate with the fast-growing Indian ecosystem www.startupeuropeindia.net

12 Mar

Startups

Startup Management, Marketing, Sales and Development Platforms and Resources

Are you building or scaling a startup? Are you managing a small firm? We are listing the tools and resources that can come in-handy for your startup or firm development, management and marketing.CRMsMonday.com. https://monday.com/Pipedrive https://www.pipedrive.com/Zoho CRM https://www.zoho.com/crm/Sending NewslettersBeehiv https://www.beehiiv.com/Email Octopus https://emailoctopus.com/Brevo https://www.brevo.com/Business Email Platforms:Google Mail www.gmail.comZoho Mail https://www.zoho.com/mail/Mail Sending Providers:Mailgun https://www.mailgun.com/Sendgrid https://sendgrid.com/Brevo https://www.brevo.com/Push notifications:Firebase https://firebase.google.com/Mobile app development:Expo Go for React Native dev: https://expo.dev/clientCode Management:Github https://github.com/Gitlab https://about.gitlab.com/We are just getting started. Would you like to add your favourite tool to the list? Leave a comment or tweet (X) us on @newnexhq

10 Mar

Venture Capital

European Startups funded recently - Newnex Fortnight

5 March 2024Newnex tracked $806+ million in funding rounds over the past two weeks in European Venture Capital.Monite, a fintech firm based in Berlin, is making waves in the finance automation sector with its API-first approach. Specializing in delivering smooth finance automation solutions for B2B platforms, Monite recently concluded a $6 million top-up funding round led by Valar Ventures, the venture capital fund supported by Peter Thiel, along with participation from existing investor Third Prime. Walk15, a sustainable mobility startup headquartered in Vilnius, has revealed the successful acquisition of €1 million in a recent funding round. Coinvest Capital, a venture capital fund, took the lead in the investment, with support from the "8NGLS" syndicate, consisting of 32 angels led by Justinas Pašys, CEO of "PVcase. WIVI Vision, a health tech startup based in Madrid, has disclosed a successful Series A funding round, securing €4 million through a combination of equity and debt. Adara Ventures led the investment, and other contributors include Hearstlab, Avançsa, Caixabank DayOne, BBVA Spark, Banco Santander, along with existing partners like Peak Thomas (Pedro Tortosa) and VC Go GMBH.GlycanAge, a longevity startup based in the UK, has successfully raised $4.2 million in a seed funding round to expand its business, allowing users to determine their biological age. The funding round was spearheaded by Bulgarian LAUNCHub Ventures, in collaboration with Kadmos Capital, a UK-based deeptech fund. EVIOS, a prominent provider of at-home EV charging solutions, has successfully raised £4 million in a Series A funding round from Beringea. EVIOS, launched in 2022, has quickly become a major player in the expanding home EV charging market. In October 2022, the company acquired Andersen EV, the leading premium home charge point provider in the UK. The collaboration between Andersen EV and EVIOS aims to capitalize on the significant growth in the UK's electric vehicle market and the subsequent surge in demand for home charging solutions. London-based startup Climate Policy Radar, utilizing data science and artificial intelligence to monitor global climate change policies and laws, has officially announced the successful raising of over $6.8 million in new funding. This funding includes grants from philanthropists and foundations such as the Environmental Defence Fund (EDF), Google.org, Open Society Foundations (OSF), The Patrick J. McGovern Foundation, Sequoia Climate Foundation, Schmidt Futures (founded by Eric and Wendy Schmidt), along with ongoing support from existing backer Quadrature Climate Foundation (QCF).Bioptimus, a Paris-based AI-powered bioscience startup, has officially come out of stealth mode after securing $35 million in a seed funding round. The funding is led by Sofinnova Partners, with significant participation from Bpifrance Large Venture and additional support from global funds in France, including Cathay Innovation. The round also features contributions from top global tech investors such as Headline, Hummingbird, NJF Capital, Owkin, and Top Harvest Capital, along with the notable participation of tech entrepreneur Xavier Niel. EST-Floattech, a Netherlands-based developer of maritime battery systems, has revealed a successful fundraising of €4 million in a recent financing round. The funding comes from the Energy Transition Fund Rotterdam, contributing €3 million and marking the fund's first venture into maritime battery systems. Existing investors, including Rotterdam Port Fund, PDENH, Ponooc, and Yard Energy, have also participated by offering an additional €1 million. This financial support is aimed at advancing the development of sustainable solutions for various maritime applications, including inland vessels, ferries, yachts, and more. Juniper, a UK-based startup specializing in reproductive healthcare insurance as an employee benefit, has successfully raised £1.5 million in a pre-seed funding round. Insurtech Gateway, along with 2100 Ventures, Exceptional Ventures, and Heartfelt, are among the backers of the recently unveiled startup. Angel investors involved in the funding round include Tara Reeves from Eurazeo, Vera Baker from Atomico, Charles Delingpole, founder of ComplyAdvantage, Matt Cooper, co-founder of Exceptional Ventures, and several other undisclosed individuals. IsomAb, a University of Nottingham spin-out focused on developing a novel treatment for individuals with diabetes at risk of amputation, has successfully raised £7.5 million in funding. The funding round is led by Broadview Ventures and supported by MEIF Proof of Concept & EarlyStage Fund, managed by Mercia Ventures and part of the Midlands Engine Investment Fund (MEIF). Additionally, Mercia's EIS funds and existing investor SCVC have contributed to the funding round. Connected, a Portuguese startup dedicated to realizing universal, standardized, and affordable Narrowband Internet of Things (NB-IoT) connectivity from space, has successfully secured a €2 million funding round. Notably, this is the largest Pre-Seed funding ever raised by a space technology startup based in Portugal. The funding round is co-led by FundBox, Shilling VC, and Iberis Capital, with substantial contributions from Amena Ventures, angel investor Keith Willey, and Octopus Ventures.Desentum, a biopharmaceutical company headquartered in Espoo, has disclosed a successful funding round of €12 million. The funds will be utilized to further the clinical development of their birch pollen allergy vaccine. The funding was spearheaded by Springvest Oyj. Fastned, the Amsterdam-based fast-charging company has reported a successful fundraising round, securing over €24 million through new bonds, and an additional €3.5 million from previous investments. This 14th funding round totalled over €27.5 million, featuring a 6% coupon and a 5-year maturity period. With this round, Fastned has now raised over €180 million from retail investors. Looping, an Oslo-based company specializing in reusable transport packaging, has successfully secured NOK 23 million in a recent funding round. The funding was led by Norselab, with participation from MP Pensjon, Marius Maske AS, and existing shareholders. Tiny Library, a Weesp-based rental platform for baby and children's equipment, has successfully secured €1.4 million in funding. The investment comes from impact investors ROM InWest, Rabobank, and Rabo Foundation, along with participation from existing investors like Stichting ifund and Shamrock Ventures. Amsterdam-based Sparqle, a sustainable delivery platform focused on enhancing the sustainability of last-mile delivery, has secured €1.2 million in a recent funding round. Monumo, a deep-tech company that integrates artificial intelligence (AI), has publicly revealed its presence, supported by a noteworthy £10.5 million seed funding round from angel investors. Monumo takes pride in pioneering developments in electric motor design, leveraging patented technology grounded in simulation, optimization, and prototype frameworks. Evergrowth, a Vilnius-based platform providing an AI-driven account-based sales solution, has successfully secured €2 million in a pre-seed funding round. The investment is led by Impellent Ventures and Practica Capital. Cyclize, a climate-tech startup based in Stuttgart, Germany, has announced the successful acquisition of €4.75 million in a recent funding round. The round was led by UVC Partners, and other participants include High-Tech Gründerfonds (HTGF), Aurum Impact, UnternehmerTUM Funding for Innovators, and prominent business angels such as Dr. Klaus Schäfer, former CTO of Covestro. Hakio, a Danish AI-powered demand forecasting platform based in Aarhus, has successfully raised €4 million in a seed round of funding. The investment, co-led by People Ventures and Dreamcraft Ventures, aims to accelerate the development of Hakio's platform. The technology utilizes machine learning to enhance forecasting in the fashion industry, with a focus on addressing global waste concerns. Existing investors Blazar Capital and Founderment also participated in the funding round. Kvasir Technologies, a sustainable biofuel development company based in Søborg, Denmark, has announced the successful closure of a €3 million Seed extension round of funding. The investment was contributed by The Footprint Firm, a sustainability advisory and impact investor, and the Export and Investment Fund of Denmark (EIFO), formerly known as Vækstfonden. Akela Hub, a Netherlands-based AI-driven platform designed for innovators seeking solutions to their challenges, has successfully secured €1 million in a recent funding round. The investment comes from Unknown Group and founder Giels Brouwer. The funds will be utilized to support the global expansion of Akela Hub's AI scouting platform. Baseimmune, a biotech company specializing in using proprietary deep learning AI to predict future pathogen mutations for developing novel vaccines, has successfully closed a Series A funding round of $11.3 million. The funding round was led by new investors MSD Global Health Innovation Fund and IQ Capital. Existing investors, including Hoxton Ventures, Creator Fund, Beast Ventures, and Maki.vc, also participated in the round.Scinvivo, a medtech startup based in Eindhoven, has announced securing €4.7 million in funding. The investment comes from Santec OIS Corporation, The NLC Health Impact fund, current shareholders, and an "Innovatiekrediet" (Innovation credit) loan from the Netherlands Enterprise Agency (RvO). The funds will be used to enhance the catheter, OCT system, and software, making them suitable for clinical use and appealing to urologists. Threedy, a Darmstadt-based company providing a unique infrastructure component to address the increasing demand for highly available 3D data in responsive and interactive 3D applications, has announced a €9.6 million Series A investment. The funding round is backed by new investors LBBW Venture Capital, TRUMPF VENTURE, Futury Capital, and EquityPitcher Ventures. Existing investors Matterwave Ventures, Fraunhofer, and High-Tech Gründerfonds (HTGF) have also renewed their commitment by participating in the Series A investment. Januar, a Copenhagen-based payment gateway for crypto companies, has secured €1.5 million in a Seed Extension round. The funding comes from investors including CMT Digital, Third Prime, Skyfall Ventures, and Michael Grønager, Co-founder & CEO of Chainalysis. This round also saw follow-on investments from existing investors. Altilium, a UK-based cleantech group dedicated to supporting the energy transition to net zero, has announced securing an additional $9.43 million in its Series A follow-on round. The funding comes from SQM Lithium Ventures, bringing the total investment in the round to $12 million. Device Authority, a prominent provider of identity and access management (IAM) solutions for Enterprise IoT ecosystems, has secured an additional $2 million in Series A funding from Prelude, the venture capital arm of Mercato Partners. Rototip, an Ankara-based manufacturing startup, has successfully secured €1 million in a financing round aimed at expanding its near-shoring manufacturing solutions for European and North American companies. The inaugural funding round was led by Amsterdam's ACT Venture Partners, with participation from Joerg Rheinboldt's Heartfelt and Istanbul-based APY Ventures. Embat, a Madrid-based fintech specializing in corporate treasury management, has successfully raised $16 million in a Series A funding round. The funding round is led by historic backers of Trade Republic, Klarna, iZettle, and Pleo, Creandum. Existing investors Samaipata, 4Founders, and Venture Friends also participated. Noteworthy angel investors in this funding round include Deutsche Bank head Kilian Thalhammer and former Commerzbank CEO Martin Blessing. RobCo, a Munich-based provider of affordable and connected robotics automation solutions tailored for small and medium-sized enterprises (SMEs), has successfully secured $42.5 million in a Series B funding round. The investment was led by global venture capital firm Lightspeed Venture Partners, with participation from existing investor Sequoia Capital. Kindred Capital and Promus Ventures also took part in this funding round. Sorella, a Paris-based female health startup, has announced the closure of a €5 million funding round just one year after launching its first multidisciplinary health clinic. The investment was led by blisce/, an impact investment firm based in Paris and New York. Vorwerk Ventures also participated in the funding round. LIZY, a Brussels-based company specializing in car rentals for SMEs and professionals, has successfully secured €11.5 million in a recent funding round. The investment comes from D’Ieteren, Alychlo, NewAlpha Asset Management, and Welvaartsfonds. The funds will be utilized to accelerate LIZY's growth and expand its workforce. Pimberly, a Manchester-based Software as a Service (SaaS) company specializing in providing Product Information Management (PIM) and Digital Asset Management (DAM) software, has raised £4 million in funding. The investment comes from NPIF – Mercia Equity Finance, a fund managed by Mercia and part of the Northern Powerhouse Investment Fund (NPIF), along with funds from Mercia. Pimberly's software aims to help businesses enhance e-commerce sales, grow revenues, and deliver exceptional customer experiences through high-quality product information and digital assets. Lapse, a London-based social media app, has secured a $30 million Series A funding round led by DST Global Partners and Greylock, a US-based venture capital firm. Existing investors Google Ventures and Octopus Ventures also participated in the funding round. Notably, three angels, including Naveen Gavini (former Chief Product Officer at Pinterest) and Nima Khajehnouri (former VP of Engineering at Snap Inc), also contributed to the investment. Unseenlabs, a French spacetech company, has successfully raised €85 million in a Series C funding round. The funding, which comprises a mix of equity and debt, will enable the company to launch more satellites and expand its presence in North America and Asia. The Series C round was led by French investors Supernova Invest, ISALT, and UNEXO, and saw participation from Unseenlabs' existing investors, including French VCs 360 Capital, OMNES, Breizh Up, and S2G Ventures, as well as public bank Bpifrance. Mistral AI, a Paris-based AI startup focused on foundational models, recently unveiled a large language model intended to compete with OpenAI's GPT-4. Additionally, the company announced a chat assistant and a distribution partnership with Microsoft. While the news was somewhat understated, Microsoft has invested €15 million in Mistral AI as part of the partnership. Microsoft states that this investment will be converted into equity in Mistral's next funding round. Restimo, a Warsaw-based startup specializing in automating restaurant operations, has successfully secured €465,000 in a Seed round of funding. The funding comes from various business angels, including Bartosz Majewski, co-founder of Casbeg, and Bartłomiej Kiszala, co-founder of Base CRM. A consortium of investors from the Sterling Angels association, led by Krzysztof Polak, also participated in the funding round. Notably, clients of Restimo, such as David Cao, owner of the UKIM restaurant, also contributed to the investment. Paris-based startup Photoroom, which utilizes AI to make advanced photo editing accessible to a broader audience, has successfully closed a $43 million Series B funding round. The round was led by existing investor Balderton Capital, with the participation of new investor Aglaé and continued support from YCombinator. The funding will likely aid Photoroom in further developing its AI-powered photo editing capabilities and expanding its reach. Curve Therapeutics, a UK-based biotech startup, has secured £40.5 million in a Series A financing round led by Pfizer Ventures. The funding will be used to further develop Curve Therapeutics' cancer drug discovery platform. New investors British Patient Capital and Columbus Venture Partners participated in the round, along with existing backers Advent Life Sciences and Epidarex Capital.London-based Mondra, an AI-driven SaaS platform focusing on product footprinting and supply chain decarbonization, has secured £3.6 million in pre-Series A funding. The investment round was led by 7th Gen Ventures, with participation from AlbionVC, GC Foodtech Ventures, Foodsparks by Peakbridge, Ponderosa Ventures, and Vala Capital.Berlin-based startup Yendou, positioning itself as the "Salesforce for R&D teams in life sciences," has successfully raised $1.3 million in a pre-seed funding round. The investment will enable the company to expand its clinical operations automation platform to meet the increasing demand from pharmaceutical and biotech companies. Leading the pre-seed round is b2venture, with participation from Heartfelt, Infinita Fund, and various angel investors from the pharmaceutical industry, including Meri Beckwith, co-founder of the Peter Thiel-backed startup Lindus Health. The German 'no-code' tool provider, Heyflow, has successfully secured $16 million in a Series A funding round led by Singular. Other participants in the funding round include Atlantic Labs and Project A Ventures. Heyflow's platform integrates workflows, web pages, integrations, analytics, and optimization into a unified, comprehensive, no-code solution. This enables businesses such as Rocket Mortgage, Adecco, Crédit Agricole, and BCG Digital Ventures to concentrate on enhancing conversion rates. Hamburg-based startup atmio has come out of stealth mode, unveiling its operating system aimed at addressing climate change. The company has raised €1.3 million to date in a pre-seed/angel investor round, with backing from HCVC, OMA Business Angels, Rivus Capital, Robin Capital, and Nucleus Capital, along with industry experts including longtime Dräger executive Bernhard Mohr. Berlin-based ecoligo, a company positioning itself as a leader in the global clean energy transition, has declared a successful €11 million funding round. The round was oversubscribed and led by existing investors, with the addition of two new investors: The Energy Entrepreneurs Growth Fund, supporting companies in the energy access ecosystem in Sub-Saharan Africa, and Gaia Energy Impact Fund II, a French VC fund focusing on impact companies in markets along the energy value chain. Polestar, the premium electric vehicle company based in Gothenburg, has revealed the successful securing of a $950 million three-year loan facility. This funding comes from 12 prominent international banks, including BNP Paribas, Natixis, Standard Chartered, BBVA, HSBC, and SPDB.Paris-based cybersecurity startup Filigran is leveraging the success of OpenCTI to develop a suite of open-source threat management products. The company has gained early traction with OpenCTI, its open-source threat intelligence platform. To support its expansion, Filigran recently secured €15 million (approximately $16 million) in a funding round led by Accel, with participation from existing investors Moonfire Ventures and Motier Ventures. Chiral, a nanotechnology company, has disclosed a $3.8 million funding round aimed at advancing the integration of nanomaterials into devices. The company specializes in nanotechnology, automation, and high-precision robotics, which are crucial in transitioning the industry from silicon to the next generation of electronics. The pre-seed funding round was co-led by Founderful (formerly Wingman Ventures) and HCVC, with additional support from grants provided by ETH Zurich and Venture Kick. Sonichem, an East Midlands-based startup, has developed a biorefinery technology that provides an ultra-clean method to convert low-value woody biomass, such as sawdust, into high-value green and renewable biochemicals. The company has recently secured £1.2 million in pre-Series A funding, with a follow-on investment from ACF Investors, known for backing ventures like NumberEight and Reboxed. London-based virtual reality interactive training platform Moonhub has officially announced a $1.4 million venture round. The round is led by Danish VC Unconventional Ventures, with ongoing support from existing investors Pi Labs and Ada Ventures. Choice, a Prague-based B2B SaaS platform for restaurants, has successfully secured €2.3 million in a new investment round. J&T Ventures from Prague led the round, and existing investors Reflex Capital and Presto Ventures continued their support for the startup. This brings Choice's total amount raised to just under €5 million. Frankfurt-based Enviria has successfully raised over $200 million in a Series B funding round led by BlackRock, the world's largest asset manager. This substantial investment will facilitate Enviria's expansion plans for its existing portfolio of 500 commercial and industrial solar projects across Germany. Austrian aviation tech firm CycloTech, known for its groundbreaking flight propulsion technology, recently secured €20 million in funding, mere weeks after commencing the funding round. The investment, led by Breeze Invest and Konos Holdings, will facilitate the advancement of the initial full-scale prototype of the CycloRotor propulsion system.Stockholm-based Plexigrid, a company aiming to reinvent electric grids for the energy transition, has secured €6.5 million in a recent funding round from the European Innovation Council (EIC) Accelerator Programme. The funding includes a non-diluting €2.5 million technology development grant and €1 million in equity capital from Plexigrid itself. EIC contributed the remaining €4 million as equity capital, which will be combined with external funding in Plexigrid’s upcoming funding round. Heat Geek, a sustainable energy startup, has revealed a €4.3 million seed funding round. The funding aims to support the company's mission to decarbonize homes through the widespread implementation of heat pump technology. Transition led the round, with participation from Triple Point Ventures. Notable angel investors include Ed Broussard, Rob Harris, Jeff Twentyman, Akta Raja, Stewart Seigel, and 15 experienced individuals associated with Heat Geek. Vitrue Health, a digital musculoskeletal (MSK) health platform for workplaces, has secured an additional €3.7 million in funding, bringing their total raised capital to €6.5 million. MMC Ventures and Hambro Perks led the funding round, with participation from Simplyhealth Ventures, Crista Galli Ventures, and Chris Bruce. The funds will be used to enhance the platform's capabilities and improve the way employers address, prevent, and treat MSK conditions in the workplace. --- Join the Global Co-Investor Network for GPs, LPs and Startups - Get access to www.newnex.io.

05 Mar

Startups

Indian Startups Funded Recently

27 February 2024We are delighted to bring the Newnex Fortnight India fundraising tracker for the thriving Indian venture capital ecosystem, produced in partnership with the Startup Europe India Network. In the past two weeks, Newnex Co-Investor Network has counted a total of over $259+ million in fundraising and deal-making activities in India.Yu, the instant food brand curated by chefs, has successfully raised Rs 20 crore in a follow-on Series A funding round. The funding was spearheaded by prominent public market investor Ashish Kacholia and the Asian Paints Promoter Group, represented by Manish Choksi and Varun Vakil. Yu also boasts investments from include Indian cricketer Hardik Pandya, Sameer Mehta (Founder of Boat), Srikrishna Dwaram (Partner at True North Private Equity), Nikhil Srivastava (PAG Private Equity), and DPIIT's Start Up India Seed Fund. This infusion of capital will enable the company to expand its manufacturing capacity and venture into various product categories and segments. Amber, a leading provider of global student housing solutions, has secured $21 million in its first external funding round, with Gaja Capital leading the investment. Lighthouse Canton and Stride Ventures also joined the round as participants. The newly raised capital will be utilized to support the company's global expansion efforts and to further improve its services for both property managers and students. Corrit Electric, a startup in the electric vehicle sector, has secured Rs 5 crore in funding from Porush Jain. The newly acquired funds will be dedicated to expanding operations and advancing research and development initiatives. In a Series B funding round, Supertails, a full-stack pet care startup, has successfully raised $15 million. The funding was led by RPSG Capital Ventures, with participation from existing investors Fireside Ventures, Saama Capital, DSG Consumer Partners, and Sauce VC. The newly acquired capital will be utilized to facilitate business growth by acquiring new customers, investing in technology, and expanding healthcare services, including the enhancement of Supertails Pharmacy.Happi Planet, a direct-to-consumer (D2C) homecare startup, has secured approximately $1 million in a strategic funding round led by Fireside Ventures. The funding will play a crucial role in the expansion of the startup's offline footprint and bolstering its online presence. Happi Planet distributes its products through various online marketplaces, including Amazon, Big Basket, and D Mart Ready, and has a presence in Reliance Signature offline stores. Scrut Automation, a compliance automation platform with a focus on risk, has successfully raised $9 million in its Series A funding round from existing investors. Notable participation in the round includes Lightspeed Partners, MassMutual Ventures, and Endiya Partners. Scrut Automation simplifies numerous labor-intensive compliance tasks by integrating with cloud and SaaS tools. Tork Motors, a startup specializing in electric vehicle manufacturing, has secured $6 million in funding from Maxis Capital. Tork Motors is well-known for being an electric two-wheeler manufacturer, with its flagship product, Kratos R, gaining recognition in the market. Medtech startup Noccarc has successfully raised $2 million in a funding round led by the Indian Angel Network (IAN). The funding round also witnessed the participation of Sunil Munjal, Chairman of Hero Enterprises, IIT Kanpur, Small Industries Development Bank of India (SIDBI), and the Technology Development Board (TDB). The raised capital will play a crucial role in accelerating Noccarc's growth by expanding its product portfolio. Veera, the internet browser with a rewards focus, has garnered attention by securing $6 million in a seed funding round led by Ayon Capital, a Florida-based single-family office. The funding round also witnessed the participation of various investors, including institutions and angels such as Folius Ventures, 6th Man Ventures, The Operating Group, and iSeed Ventures. This funding will play a crucial role in Veera's growth, supporting the expansion of its product development, infrastructure enhancement, and marketing initiatives. Mobility fintech firm Moove has successfully raised $10 million in a debt round from Stride Ventures. This marks Moove's first external debt funding in India. Moove aims to grow its fleet, increasing the total number of vehicles to surpass 5,000 as part of its strategic expansion initiatives. Scandalous Foods, a B2B sweets startup, has successfully concluded its pre-seed funding round, raising Rs 3 crore. The most recent injection of Rs 1.4 crore came from the Indian Angel Network (IAN), led by KRS Jamwal and Mrunal Jhaveri, along with notable angel investors including Arjun Vaidya of V3 Ventures, Ajay Mariwala (MD of VKL and FSIPL), and Sushma Gupta. The company aims to broaden its presence in the food service industry and establish a robust HoReCa (Hotel, Restaurant, and Cafe) base in key markets, including Mumbai and Nasik. Illumine Industries Private Limited (Illumine-i), a sustainable design and engineering firm, has secured approximately $2 million in its Series A funding round from Anicut Capital. Buoyed by the funding, Illumine-i is set to enhance its emphasis on automation, digitization, and elevating asset caliber. The company specializes in structural and electrical engineering for power plants and energy storage, while also extending its expertise in digital modeling and project management to the broader architecture, engineering, and construction (AEC) sector. Explurger, a domestically developed social media platform tailored for travelers, has attracted notice by securing $4.5 million in a Series A funding round led by Affle (India) Limited. Alongside its photo and video-sharing functionalities, the platform also records the exact miles, cities, countries, and continents visited by users. Noteworthy angel investors, including Piyush Jain and Lovkesh Arora, among others, have also participated in the startup's funding. Captain Fresh, a tech startup specializing in fish and seafood, has successfully raised $25 million as part of its ongoing series C funding round. The extension of the series C round has attracted investment from Nekkanti Seafoods Group, British International Investment (BII) – a UK-based development finance institution and impact investor, along with contributions from several family offices. The funds raised will be utilized to strengthen Captain Fresh's distribution network in the United States and Europe. Vidyut, an electric vehicle (EV) financing and vehicle lifecycle management platform, secures $10 million in Series A funding, led by 3one4 Capital, and featuring participation from Saison Capital, Zephyr Peacock, Force Ventures, Alteria Capital, and Sujeet Kumar, the CEO of Udaan. The funding, comprising both equity and debt financing, will support the platform's expansion and enhance its offerings in the EV financing and vehicle lifecycle management sector. FlexiLoans, a fintech lender specializing in MSMEs, secures Rs 60 crore in non-convertible debt from Vivriti Asset Management. The initial tranche of Rs 30 crore comes from Vivitri Emerging Corporate Bond Fund, part of Vivriti Asset Management, to sustain and bolster ongoing business operations. In its Series A funding round, Metalbook, a platform facilitating the global metals supply chain, has successfully raised $15 million. The funding was led by Rigel Capital, and saw participation from FJ Labs, along with continued support from existing investors such as Axilor Ventures, Foundamental, Stride Ventures, Trifecta Capital, and others. Metalbook is now well-positioned to enhance its influence on large-scale global projects by advancing solutions in manufacturing, infrastructure supply chains, metal sourcing, logistics, and financing. Ayekart, the agrifood fintech platform, has secured $6.5 million in its Series A funding round. This funding was led by Omnivore, with participation from Siana Capital and Unleash Capital. The capital raised will be deployed to facilitate the nationwide expansion of Ayekart's operations, enabling it to serve a broader audience, including Farmer Producer Organizations (FPOs), food manufacturers, distributors, and retailers. IDC Kitchen, the quick-service restaurant chain, has obtained Rs 1.5 crore in a debt fund from Velocity, a financing platform backed by Peter Thiel’s Valar Ventures. The allocated funds will be directed towards marketing initiatives and other inventory-related expenses, supporting IDC Kitchen in expanding its outreach and upholding its dedication to providing an authentic South Indian culinary experience. Arcatron Mobility, a consumer medical startup, has secured undisclosed growth capital from OrbiMed, a global healthcare-focused investment firm. In addition to OrbiMed, existing backers such as BL Taparia Family Office, Chona Family Office, MGA Ventures, and the founders of Arcatron also participated in this funding round. The funds raised will be allocated towards intensifying research and development efforts, creating new products, and strengthening branding and marketing initiatives for the company. In a pre-seed funding round, Segwise, a startup specializing in constructing AI agents for global mobile product and growth teams, has raised $1.6 million. Powerhouse Ventures led the round, with participation from other investors including Antler India, Blume Ventures, Everywhere Ventures, Saka Ventures, and Untitled Ventures. Notable contributions also came from Kunal Shah (Cred) and product leaders associated with companies such as Microsoft, Amazon, SAP, Gojek, Flipkart, PhonePe, Groww, among others. Conscious Chemist, a skincare brand, has secured Rs 1 crore in debt capital from Recur Club. The company intends to deploy the funds towards bolstering its marketing initiatives to enhance brand visibility, expanding its product categories, and establishing a presence in offline retail outlets. Operating in the B2C space, the brand offers a range of skincare products in its catalog, including cleansers, moisturizers, sunscreens, face masks, serums, and more. In its pre-seed funding round, Mumbai-based fintech platform PocketATM has successfully raised $400K. The investment comes from a diverse group of investors including Indian Express Commercial Ventures, Samir Modi of Modicare, Himanshu Nautiyal from Fractal Analytics, Nirav Mehta of Morgan Stanley Private Equity, Hemant Adarkar of Artha Center, Venkatesh Hariharan (Public Policy Advisor), and Rajat Agarwal, Partner at Vertices Partners. RailYatri, the train ticketing platform, has secured $3.44 million in a funding round that combines equity and debt. Mirabilis Investment Trust led the round with an investment of Rs 12 crore. NRJN Family Trust, backed by Nandan Nilekani, and Omidyar Network contributed Rs 6.9 crore and Rs 5.69 crore, respectively. Additionally, Blacksoil participated in the round with a debt funding of Rs 4 crore. QuiD, a supply chain fintech startup based in Bengaluru, has secured ₹5 crore in pre-seed funding. The funding round was led by institutions including Mint Cap Enterprises and Stone Park Capital, with participation from individual angel investors such as Sushant Kumar of Omidyar Network. The funds raised will be deployed to improve and expand technological capabilities, as well as strengthen connections with existing clients and partner lenders. Kanlet, an AI-driven sales execution platform, has secured $400,000 in pre-seed funding, with Suvan Ventures and several angel investors leading the investment. The raised capital will be allocated towards product development, sales and marketing efforts, as well as talent acquisition for the company. Rentomojo, the furniture rental brand, has secured ₹210 crore in a Series D & D1 funding round, with Edelweiss Discovery Fund Series – I leading the investment. The round also saw participation from existing investors, including Chiratae Growth Fund and Magnetic. Notably, Rentomojo has renowned investors like Accel and Bain Capital in its list of backers. Varaha, a climate technology startup specializing in greenhouse gas emissions offsetting, secures $8.7 million in its latest funding round led by RTP Global, with participation from existing investors Omnivore and Orios Venture Partners. The round also includes involvement from the Japanese cooperative bank, Norinchukin Bank. Furthermore, AgFunder and Octave Wellbeing Economy Fund, an affiliate of IMC Pan Asia Alliance Group, have also invested in the company.Electric mobility startup Yulu has secured $19.25 million in equity funding from its existing investors, Magna and Bajaj Auto Ltd. This additional capital infusion will empower Yulu to sustain its growth trajectory, reinforce its market leadership, and facilitate expansion in terms of vehicles, operational locations, as well as advancements in product and technology innovation to meet the increasing demand from users. Food-tech platform Ghost Kitchens India has successfully raised $5 million in a Series A funding round, comprising a combination of equity and debt. The round was spearheaded by GVFL Limited, with contributions from NB Ventures, LetsVenture, and Lead Angels. Notable participation in this funding round also came from existing investors Yuj Ventures, Dholakia Ventures, and actor Rana Daggubati. Healthcare edtech startup Virohan has secured approximately $1.8 million in an extended pre-Series B funding round, with Blume Ventures leading the investment. This funding comes after a 14-month gap for the Gurugram-based company. Mitsui Sumitomo Insurance Venture Capital, managed by MS&AD Ventures, participated in the round, along with Suneight OK Partnership (Suneight), Bharat Inclusive Technologies, GoldenBird MultiProduct LLP, VVAG Partners, and individual investors including Pankaj Sharma, Sridhar Subramanian, Upasana Tilak Wadhwa, Viraj Nanda, Bhargav Suhas Jangle, and Vinita Bimbhet. Education-focused Non-Banking Financial Company (NBFC) Auxilo has secured around $6 million in non-convertible debt from AK Capital Finance. Since its inception, Auxilo has raised over $100 million through a combination of equity and debt. Walko Food's NIC, an ice cream brand and quick-service restaurant (QSR) company, has successfully raised $20 million in a new funding round. The funding was led by existing investor Jungle Ventures. This fresh injection of capital is intended to drive Walko's expansion across its product portfolio and customer reach, with a particular focus on accelerating its presence in the Indian ice cream market. Influencer marketplace Flytant has successfully raised an undisclosed amount in its seed round, with the primary investment coming from the innovative digital investment platform Shuru-Up, based in Ahmedabad. Flytant provides an opportunity for nano, micro, and macro influencers to easily monetize their social media content, offering a departure from the traditional reliance on agencies. Influencer marketing platform Starbuzz.ai has raised $500,000 in its seed funding round from an undisclosed investor. The startup is incubated by Hyderabad-based T-Hub. Starbuzz.ai offers tools that aid in detecting fake followers, and its comprehensive analytics empower brands to make data-driven decisions, ensuring maximum return on investment (ROI) and upholding brand integrity. KushoAI, a startup focused on developing AI agents to enhance software reliability, has successfully raised $600,000 in pre-seed funding. The funding round was led by Antler India, with participation from Blume Founders Fund, UpSparks Capital, and angel investors including Mohit Kumar and Vatsal Singhal (co-founders, Ultrahuman), and Ashok Hariharan (CEO, IDfy), among others. Indic Wisdom, an agri-produce startup, has secured Rs 4 crore in a pre-Series A funding round led by Inflection Point Ventures. The round also witnessed participation from Mahendra Sankhe, Launch Capital, Bifco Finance, and other High Net Worth Individuals (HNIs). The funds raised will be utilized to boost the brand's visibility, expand its distribution network, and enhance production capacity, aiming to increase market presence and operational efficiency. Elder care startup Samarth Life has secured approximately $1.45 million in a funding round, with Aroa Venture Partners leading the investment. Social Alpha and Zhooben Bhiwandiwala of Mahindra Partners also participated in the funding round. Samarth Life intends to utilize the funds to drive its growth and expansion initiatives in the elder care sector. Oopar Club, a community-driven social networking and socialization-tech platform, has raised Rs 50 lakh in its maiden pre-seed funding round. The funding was led by startup community-builder PedalStart, with participation from Ankitt Jain, co-founder of Paper Arizona. The funds will be utilized to upgrade its technology and flagship platform, acquire talent, and increase its user base. The investment will also support overall growth, product and tech enhancement, and team building. Animal management and nutrition brand eFeed has obtained Rs 1 crore from the revenue-based financing platform Klub. Previously, the Pune-based startup had raised $1 million in a seed round led by Omnivore in January 2023. The newly secured funds will be directed towards capacity building, increasing production from 50 tons to 500 tons, enabling the company to scale its products in multiple geographies. AutoVRse, a homegrown AR/VR tech startup, has successfully raised a $2 million seed round led by Lumikai, a gaming and interactive media-focused venture capital fund. Other notable investors in the funding round include Rajat Monga, co-founder of TensorFlow, and Inference.io, Yash Kotak, founder and CEO of Jumper.ai, Deepak Kumar, Chief Customer Officer at Observe.AI and early investor at Fractal, and Viswanathan Krishnamurthy, ex-CIO/VP at Yahoo & Eaton. The funds raised will be utilized to enhance the enterprise product "VRseBuilder," aiming to enable VR deployment at scale for the digital transformation of training, design, and sales workflows, particularly in heavy industry and manufacturing enterprises. Consumer houseware startup Basil has raised Rs 3.6 crore in a seed funding round co-led by IIMA Ventures and Appreciate Capital. The funding round also saw participation from angel investors, including Mohit Sadaani, Koo co-founder Aprameya Radhakrishna, Abhishek Goyal, Malini Adapureddy, and Magicpin co-founder Brij Bhushan. Basil, a direct-to-consumer startup, offers tailored products designed to appeal to Gen Alpha and their millennial parents. The startup's water bottles and Bento boxes address a significant market gap in the industry. Hyderabad-based electric two-wheeler Original Equipment Manufacturer (OEM) PURE EV has raised $8 million in funding. The investment was led by Bennett Coleman and Company Limited, Hindustan Times Media Ventures, along with Ushodaya Enterprises Private Limited, existing investors, and High Net Worth Individuals (HNIs). Health and wellness platform Cult.fit (formerly Cure.fit) has secured Rs 84.5 crore (approximately $10.2 million) in an extended Series F funding round. The round was led by existing backer Valecha Investments, contributing Rs 36.36 crore, followed by Gul Advani who invested Rs 28.26 crore. The remaining sum was joined by Extreme Brands LLP (Exceed Entertainment), L&K Wellness Services (Reset Life), and individuals including Surendra Kedia, Sangeeta Mansharmani, Shraddha Sheth, Nikhil Kakkar, and Prashant Machwe. --- Join Newnex - the global LP, VC and Startups Co-Investor Network and Platform. Bring together co-investors at scale. The future is digital: go beyond your immediate network and get your investments and fundraisings closed rapidly. Join Startup Europe India Network: Are you a startup, investor, corporate, expert active in Europe and India Tech or Climate? Join Startup Europe India Network to connect, engage and collaborate with the fast-growing Indian ecosystem www.startupeuropeindia.net

27 Feb

Venture Capital

European Startups funded recently - Newnex Fortnight

20 February 2024  Newnex tracked $859+ million in funding rounds over the past two weeks in European Venture Capital.London-based startup AudioStack is making waves with a £2.5 million pre-Series A funding round, led by Quadri Ventures. AudioStack specializes in proprietary technology that utilizes a suite of AI-powered media creation tools. These tools include script generation, text-to-speech, speech-to-speech, generative music, and dynamic versioning, positioning AudioStack at the forefront of innovative audio technology.BOX ID, a logistics software provider based in Munich, has successfully raised €3.5M in a recent funding round aimed at expanding its Internet of Things (IoT)-based supply chain visibility offerings. KPN Ventures led the investment, with participation from existing seed investors HTGF, Bayern Kapital, and Wille Finance, as well as contributions from business angels associated with the BayStartUP Network.Naboo, a French startup, has created an innovative platform enabling companies to effortlessly book entire seminars with a single click, offering a transparent and straightforward pricing structure, Securing €7.5 million in funding from investors such as ISAI, Kima Ventures, Better Angle, and longstanding partners CapHorn and Maif Avenir. Transforming the landscape of customer shopping interactions, the Polish startup ZeroQs is pioneering smart shopping carts as a viable alternative to self-service checkouts. Recently, the company secured €457k (PLN 2 million) in funding from the Polish venture capital fund Freya Capital in a follow-on investment. Netherlands-based Channable, a provider of e-commerce feed management and PPC automation solutions for digital marketers, brands, and online retailers, has revealed a successful Series B funding round, raising over €55M. Partech led the funding round, with participation from existing investor Peak. Deftpower, a Netherlands-based company situated in Arnhem and specializing in an AI-supported Software as a Service (SaaS) platform for electric vehicle (EV) charging, has successfully secured €2.5 million in funding from the EU EIC Accelerator, a prestigious program for promising energy startups. Additionally, 4impact Capital, along with existing investors such as Proeza Capital, Twickelborg, Cosmic Cat, Rethink Ventures, and Koolen Industries, also participated in this funding round. Orexa, a clinical-stage pharmaceutical company based in Herpen, the Netherlands, has disclosed securing €870K in funding from both new and existing investors. This announcement follows a funding round last year in which the company raised €485K. Estonia-based startup Starship Technologies, which specializes in autonomous last-mile delivery vehicles, has recently secured $90 million in funding from London-based VC firms Plural and Iconical. This substantial capital injection will be strategically utilized to expand Starship Technologies' global presence and facilitate the launch of its cutting-edge wireless charging technology. Oslo-based OTee, a developer of industrial automation software, has successfully raised €1.25 million in its latest funding round. The round was led by Norwegian venture capital fund RunwayFBU and Estonia's Superangel. Existing investor Antler participated in the round, along with new investor StartupLab and a group of angel investors including Gunnar Evensen, Trond Riiber Knudsen, Snorre Larsen, and Olav Slupphaug. Heura Foods, a Spanish foodtech startup specializing in plant-based meat, is making significant strides in the news. The Barcelona-based company has successfully closed a €40 million Series B funding round, marking one of the largest plant-based funding rounds this year. The latest investment came from Upfield, the largest plant-based manufacturer, and Unovis Asset Management, along with participation from notable entities such as the European Circular Bioeconomy Fund (ECBF VC) and New Tree Impact, a prominent food tech fund. Reveel, a Finnish startup specializing in interactive digital guidebooks for travel destinations, has recently declared a successful funding round, securing $650k.The funding was led by Finnish venture capital firm Inventure VC. Various business angels from the country also participated in the funding round. Saleor, the composable e-commerce platform, has successfully concluded an $8 million Seed extension round. Saleor distinguishes itself as an open-source, GraphQL-first e-commerce platform catering to high-volume companies, offering a modern stack and a user-friendly dashboard. The funding round was led by Target Global, with participation from investors including Kevin Mahaffey, Cherry Ventures, Zalando, and TQ Ventures. Estonian core banking provider Tuum has secured €25 million in a Series B financing round. The funding, led by CommerzVentures, a specialized VC fund, included participation from Speedinvest, an early-stage European VC, and existing investors. Amsterdam-based startup Hivello, focused on expanding the helium digital network by supplying Helium hotspots, has successfully secured $2.5 million in pre-seed funding to enhance accessibility for building Web3 applications. The funding was conducted in two closes, with the first in December 2023, raising $1 million, and the second, concluding at the end of January, bringing an additional $1.5 million. Investors in the rounds included Blockchain Founders Fund, Side Door Ventures, IDG, Bing Ventures, Genesis Block, NxGen, Blockchange, MH Ventures, Candaq Cypher Capital, Primal Capital, Contango Digital Assets, and others. Paris-based startup Guided Energy, which specializes in optimizing electric vehicle (EV) fleet management, has secured $5.2 million in an investment round co-led by Sequoia and Dynamo Ventures. The startup aims to onboard new clients and expand its current roster, which already includes companies such as Sixt and Addison Lee. Paris-based accounting platform Pennylane has successfully raised €40 million in a Series C funding round, achieving a valuation of €1 billion. The all-equity round was led by UK investor DST Global, with participation from US venture capital giant Sequoia Capital, both of which have been historical backers of the company. The UK-based text-to-video startup Colossyan, originally founded in Hungary, has raised $22 million in a funding round led by Lakestar. Additional participation in the funding round came from Launchub, Day One Capital, and Emerge Education. Paris-based grocery shopping and menu recommendation app Jow has disclosed a $13 million Series A extension funding round led by Northzone. This extension follows a previously announced but uncategorized Series A round, where investors such as Eurazeo, Stride, Headline, and DST Global injected $20 million into the startup. Lifestyle monitoring company Lilli has successfully raised £8.2 million in Series A led by West Hill Capital. The funds will be utilized to support Lilli's growth trajectory and its mission of assisting individuals in living safely and independently in their homes for an extended period. Cambridge-based startup Zetta Genomics, specializing in genomics, has expanded its seed round with a £1.8 million investment. The new capital comes from We Venture Capital, the innovation VC arm of diagnostics leader Werfen. The funding will be utilized to further develop Zetta Genomics' genomic data analysis platform, XetaBase. Stockholm-based Xensam, a provider of AI-powered Software Assessment Management, has raised $40 million in a growth round of funding. Expedition Growth Capital, a London-based software-focused growth equity firm, led the investment. Stockholm-born MANTLE, a company specializing in clean and clinical skincare, has raised £2.4 million in a recent funding round. The funding round was led by London-based venture capital firm Venrex. Karlsruhe-based Daedalus has secured $21 million in Series A funding to develop autonomous factories focused on manufacturing precision parts for various applications, including medical devices, rollercoaster wheels, and rocket engines. The company aims to automate the entire manufacturing process, from quoting (assessing raw materials, labor, and margins for specific items) to delivery, addressing supply chain bottlenecks faced by manufacturers. The funding round was led by US firm NGP Capital, with additional participation from existing investors including Addition and Khosla Ventures.Dutch deeptech startup CarbonX, based in Delft, has raised €10 million in funding to address the increasing demand for locally sourced critical raw materials for the battery industry. The funding round was led by Innovation Industries, InnovationQuarter, and the European women-led VC Borski Fund. Navro, previously known as Paytrix and based in London, a fintech firm with a focus on simplifying global payments for international businesses, has secured $14 million in an internal investment round led by Bain Capital and Unusual Ventures. The funding round also saw participation from Motive Partners and existing investors Fin Capital. Additionally, Navro has obtained dual Electronic Money Institution (EMI) licenses from the Central Bank of Ireland and the Financial Conduct Authority (FCA) in the UK. Eindhoven-based startup LionVolt, specializing in solid-state lithium-ion batteries, has revealed securing €15 million in equity investment over the past few months. The round was led by deep tech venture capital firm Innovation Industries and joined by Brabant-focused startup fund Brabantse Ontwikkelingsmaatschappij (Brabant Development Agency, BOM) and renowned investor Sake Bosch.Cirplus, Europe's largest digital procurement platform for recycled plastics, has announced securing a seven-figure funding round. This funding is particularly significant in the context of the circular economy, as the plastics recycling market faces challenges such as high costs and sometimes inadequate quality compared to virgin material. The lead investors in this funding round include igus GmbH, a global leader in manufacturing energy chain systems and plain bearings made from low-wear high-performance plastics, and WEPA Ventures, a venture capital company supported by the European family-owned WEPA Group. Holdbar, a Danish experience management software company founded just a year ago, has raised $3.5 million in funding. The funding round was supported by investors including Seed Capital, Firstminute Capital, Christoph Deckert, Steve Fredette (the founder of Toast), and others. Causa, a UK-based startup offering a causal AI platform for development teams, has raised an undisclosed amount in a Pre-Seed funding round. The company's main product, CausaDB, is a cloud-native platform designed to simplify the process of building, managing, and deploying causal AI. The funding round was led by Twin Path Ventures, a VC specializing in AI, with participation from angel investors. Stockholm-based Myrspoven, a company specializing in innovative solutions for energy optimization in buildings using AI, has raised €5.4 million in a recent funding round. The investment was led by various investors, including 4impact capital, Vantaa Energy, and AMAVI Capital. London-based RegTech company docStribute has raised £820,000 in a pre-Series A funding round from financial service angels. The funds will be used to further advance docStribute's mission of transforming customer communication in the financial services sector. Amsterdam-based Avantium, specializing in sustainable chemistry technologies, has raised €70 million through a capital increase. This includes a €50.5 million fully underwritten rights offering and a €19.5 million institutional upsize offering. London-based startup Stability AI has clarified that the majority of its last funding round, initially reported as nearly $50 million by Bloomberg, involved a "compute for equity" arrangement with Intel. In this deal, Stability committed to using a significant portion of the funding to purchase access to Intel's hardware resources. The investment round also included smaller investors and a minority part that did not entail hardware purchase commitments. As part of the agreement, Stability will gain access to Intel's compute resources through a new AI-optimized supercomputer that the two companies are co-developing. Ezra, a company focused on cancer detection, has raised $21 million in new funding. The funding round was co-led by Healthier Capital, a VC firm led by Amir Dan Rubin (former CEO of Amazon’s One Medical), and FirstMark Capital. Other participants included Allianz Life Ventures, the Schwarzman family, Lord David Prior (former Chairman of England’s National Health Service), Gaingels, Republic, and Mana Ventures. Existing investors such as Credo Ventures, Seedcamp, LDV Capital, Accomplice, Founders Future, Vlad Tenev, Anne Wojcicki, and Esther Dyson also participated in the round. Healthtech generative AI startup TORTUS has raised $4.2 million in seed funding, with Khosla Ventures leading the investment round. TORTUS aims to address the challenges faced by doctors, nurses, and hospital staff in the healthcare system, particularly the burden of administrative tasks. The seed round also included participation from Entrepreneur First, former NHS Chair Lord David Prior, and other investors. Belfast-based biotech company Amply has confirmed raising over £1.4 million in grant funding. The investment, provided in two tranches, includes £835,000 from Innovate UK and Innosuisse for the development of a new RNAi therapy for Acute Myeloid Leukaemia, and £602,000 from Innovate UK for the development of a new nebulized antimicrobial product for MDR-TB. Existing backers of Amply include co-fund NI (managed by Clarendon Fund Managers and supported by Invest NI and the British Business Bank), QUBIS, the Helix Way Partnership, Techstars, and angel investors from members of the Halo Business Angel Network (HBAN). Paris-based startup Groover has successfully raised $8 million in a Series A funding round. The funding round was led by OneRagtime, Trind, Techmind, and MozzaAngels, with the participation of existing investors including Partech, Bpifrance's Tech & Touch fund, Verve Ventures, and Frenchfounders. Copenhagen-based logistics startup, Portchain, has announced a successful $5 million investment round led by Angular Ventures. This latest round brings Portchain's total funding to $10 million, including previous investments from MX Ventures and various shipping executives who served as angel investors. Oxford-based sustainable aviation fuel (SAF) technology company, Velocys, has completed its transition to a private company, securing $40 million in growth capital from a consortium of investors. The consortium includes Carbon Direct Capital, Lightrock, GenZero, and Kibo Investments. London-based AI-powered waste analytics platform, Greyparrot, has secured an additional $12.8 million from Bollegraaf, the world's largest builder of recycling plants, in a strategic partnership to revolutionize global waste management. This collaboration involves the transfer of Bollegraaf's AI vision business to Greyparrot. Amsterdam-based FINOM, a digital banking solution catering to SMEs and entrepreneurs, has successfully raised €50 million in a Series B funding round. General Catalyst and Northzone led the funding round, with participation from existing investors such as Cogito Capital, Entrée Capital, FJLabs, s16vc, and Target Global. Helsinki-based tech-enabled hospitality operator, Bob W, has successfully raised €40 million in a Series B funding round. The funding was led by Evli Growth Partners and saw participation from a group of growth capital investors and notable European entrepreneurs. This includes Taavet+Sten (the investment firm of Wise's founder Taavet Hinrikus and Sten Tamkivi), Flashpoint, and Supercell's co-founder Mikko Kodisoja, along with existing investors. Delft-based FOTONIQ, a provider of greenhouse spray coating PAR+, has secured an undisclosed investment in a funding round led by Navus Ventures and Icos Capital. Existing investors, including Phase2.earth and EG Wernink, also participated in the funding round. The company is backed by experienced Dutch VC firms and Family Offices, such as SHAPE Capital and Timeless Investments. London-based D2C e-commerce company Spacegoods, specializing in mushrooms and nootropics, has secured £2.5 million in a seed funding round led by Five Seasons Ventures. Zylon, a new venture emerging from the creators of PrivateGPT, has successfully raised $3.2 million in a pre-seed funding round. The funds will be utilized to further develop the platform's generative AI tailored for small and medium-sized businesses (SMBs). The funding round was led by Felicis, with participation from LifeX Ventures and Zypsy, along with angel investors including Travis McPeak, Kirill Tashilov, and Hans-Christian Zappel. Fever, a Stockholm-based energy platform, has secured €10 million in a seed funding round led by General Catalyst, with the participation of Norrsken VC. Fever aims to assist large utility companies in trading their energy resources through tech solutions, enhancing their competitiveness in balancing energy on the grid. Newcastle-based Newcells Biotech has secured a £2.35 million investment from the North East Venture Fund, supported by the European Regional Development Fund and managed by Mercia Ventures, along with contributions from Mercia's own funds and Northstar Ventures. Newcells Biotech specializes in developing in vitro cell-based assays for drug and chemical discovery and development, contributing to the advancement of non-animal testing methods, particularly following recent changes to FDA guidance. Helsinki-based Vapaus, a provider of mobility benefits for employees, has secured a €15 million debt facility from Norion Bank. The funding will be used to expand its market presence in Finland and extend its operations into Sweden. Berlin-based deep-tech startup SimplyBlock, focused on developing low-latency, high-performance storage software, has raised $2.75 million in a seed funding round. The round was led by 42CAP, with participation from Antler and Begin Capital, as well as contributions from angel investors including Johan Svensson, the founder of Neo4j. Cambridge Mechatronics Limited (CML), a global leader in the design and control of Shape Memory Alloy (SMA) actuators, has successfully closed an oversubscribed funding round, totalling over €37 million. The funding round was led by Atlantic Bridge, with co-leads from Intel Capital and Supernova, along with participation from the Sony Innovation Fund.Go Autonomous, an AI-powered platform transforming B2B commerce by converting unstructured transactional data into actionable information, has closed a €10 million Series A funding round. Octopus Ventures and Ridge Ventures led the round, with participation from existing investors EIFO and 42Cap. This investment will support Go Autonomous in advancing its position as a disruptor in the B2B digital commerce sector. Italy-based Daze, a provider of EV charging solutions, has raised €15 million in a Series A funding round. The investment was led by CDP Venture Capital SGR, with participation from the European Innovation Council and SMEs Executive Agency (EISMEA), Founders Future, 035investimenti, Prana Venture Partners, and Simest SpA FVC. The funds will be used to support the expansion of Daze's business and contribute to the acceleration of the energy transition. Phycom, a microalgae ingredient producer based in Veenendaal, the Netherlands, has secured €1.75 million in a recent funding round led by ROM Utrecht Region and a private investor. This announcement follows the company's €9 million funding round in September 2022, which included investors such as Corbion, Phase2.earth, Invest-NL, and Invest International. Dutch medtech startup Amazec Photonics has raised €1.5 million in a seed funding round. The company plans to use the capital to further develop its diagnostic devices suitable for clinical trials. PhotonDelta and undisclosed private investors participated in the €1.5 million seed round. Oslo-based startup Midio, focused on backend development through a visual programming interface, has raised $660,000 in a pre-seed funding round. The round was led by Sondo Capital and included participation from CTO Roundtable Invest, Tiny.vc, The Nordic Web Ventures, and angel investors from Norwegian tech companies such as Oda, Sanity, Ardoq, Enode, Scrimba, and Tise. Una Health, a Berlin-based company providing an innovative approach to metabolic dysfunction management, has closed a $2.5 million seed round. The funding round was led by PeakBridge's seed fund, FoodSparks, and FoodLabs, with participation from investors including Frank Westermann (founder of mySugr) and Claire Novorol (founder of ada Health). London-based startup Koalaa, known for its world-first soft prosthetic arms designed to enhance independence for individuals with limb differences, has successfully closed a funding round of €1.1 million. The round was led by existing investor British Design Fund, with an additional £200,000 secured from the Imperial College Enterprise Fund II (ICEF), which supports startup companies closely connected to the university. Amsterdam-based Monumental, a robotic startup addressing labor, cost, and sustainability challenges in the global construction industry, has revealed itself after two and a half years of operating in stealth mode. The company also announced the successful closure of a $25 million funding round, co-led by Plural and Hummingbird. Additional participation in the round came from investors including Northzone, Foundamental, and NP-Hard Ventures. Pacifico Biolabs, a German biotech startup, has raised $3.3 million in an oversubscribed pre-Seed funding round. Led by Simon Capital and FoodLabs, with participation from Exceptional Ventures and Sprout & About Ventures, the funds will be used to scale Pacifico Biolabs' fermentation technology aimed at replacing animal and plant-based foods, starting with the seafood sector. The investors are optimistic about the startup's potential to build a sustainable business focused on the next generation. Flower Labs , headquartered in Hamburg, has successfully raised $20 million in a Series A funding round aimed at accelerating the widespread adoption of federated and decentralized AI. The funding was spearheaded by Felicis, with notable participation from investors like First Spark Ventures, Factorial Capital, Beta Works, Y Combinator, Pioneer Fund, and Mozilla Ventures. Additionally, angel investors, including Hugging Face CEO Clem Delangue and GitHub co-founder Scott Chacon, have also joined in the funding round. Silencio Network, a Munich-based startup developing a network of decentralized sensors to combat noise pollution, has raised $1 million in a pre-seed funding round. The round was led by Borderless Capital, with participation from Moonrock Capital, Master Ventures, and other investors. The funding will likely be used to further develop and expand Silencio Network's noise pollution monitoring solution. --- Join the Global Co-Investor Network for GPs, LPs and Startups - Get access to www.newnex.io. 

20 Feb

Startups

European Startups funded recently - Newnex Fortnight

06 February 2024 Newnex tracked $943+ million in funding rounds over the past two weeks in European Venture Capital. Eddy Grid, an energy storage startup based in Utrecht, has raised €1.5 million to address grid congestion, with Amsterdam-based venture capital firm and accelerator Rockstart participating in the funding. The current funding round was led by the Graduate Entrepreneur Fund, with support from Herberth Samsom, and endorsements from Rockstart’s Energy Fund and Volve Capital. Notable angel investors, including Jan Saan of CM.com, Thijs Verheul, Sjuul Berden of United Wardrobe, and Bastiaan van de Rakt of WhyCommitCapital, also joined the round. Independent living tech company Circadacare, based in Newcastle, has raised £1.3 million in a recent funding round. The funding was led by Northstar Ventures, with contributions from private and venture capital investors. Circadacare specializes in integrating circadian light technology with a unique monitoring platform to enhance wellness and support independent living. The company also received a match-funded partnership award of £358,000 from Healthy Ageing Innovate UK and £80,000 from the Longitude Prize on Dementia. Stockholm-based H2 Green Steel, a company focused on decarbonizing the steel industry through green hydrogen, has secured over €4.7 billion in funding to advance its plans for establishing the world's first large-scale green steel plant in Boden, Sweden. H2 Green Steel obtained €4.2 billion in debt financing, raised an additional €300 million in equity from investors, and received a €250 million grant from the EU Innovation Fund. The new debt funding is provided by a consortium of 20 lenders, including BNP Paribas, Societe Generale, ING, KfW IPEX-Bank, the European Investment Bank, and Svensk Exportkredit. Copenhagen-based startup Monta has successfully concluded its Series B funding round, securing €80 million. With a total funding accumulation of €130 million since late 2020, the company plans to channel the investment into expanding its partner network and enhancing research and development efforts within the electric vehicle (EV) ecosystem. The Series B round was co-led by Energize Capital based in Chicago, GreenPoint Partners, and Denmark's state-backed Export and Investment Fund. Existing investors Headline, byFounders, AENU, and Creandum, as well as new investor Quantum Light, also participated in the round. Concrete4Change (C4C), an advanced materials company specializing in the permanent capture and utilization of CO2 by mineralizing it in concrete, has secured £2.5 million in seed funding. Zacua Ventures and Counteract, a venture fund focused on carbon removals, led the round, with participation from the family office of Goldbeck. This brings the total investment raised to date to £4.5 million, including £1.5 million in grant funding. Instagrid, based in Ludwigsburg and a provider of high-performance portable battery systems, has successfully raised $95 million in a Series C funding round. The investment was led by Teachers’ Venture Growth (TVG) from the Ontario Teachers’ Pension Plan, with participation from Morgan Stanley Investment Management’s (MSIM) 1GT climate private equity strategy. Existing investors, including Energy Impact Partners, SET Ventures, blueworld.group, Hightech Gründerfonds, and advisory board chair Pierre-Pascal Urbon, also participated in this funding round. Wayland Additive, a UK-based additive manufacturing company, has disclosed a fundraise of £4.2 million to support the ongoing growth of its global customer base. Parkwalk Advisors, a supporter of Wayland since 2021, contributed £2 million as part of this funding round. The round also saw the participation of the long-term backer, Longwell Ventures, bringing the total raised in this round to £4.2 million. Berlin-based startup Morressier, which offers publishers workflows to ensure research integrity, has successfully closed a new investment round, raising $16.5 million. The company plans to utilize the capital to strengthen its go-to-market activities and explore strategic acquisition opportunities. Molten Ventures led the round, with participation from existing Series A investors Redalpine, Owl Ventures, and Cherry Ventures. OctaiPipe, the end-to-end Edge AI platform for industrial IoT, has disclosed the successful raising of £3 million in pre-Series A funding, along with a £500,000 grant from Innovate UK. SuperSeed led the pre-Series A round, and participation also came from Forward Partners, D2, Atlas Venture, Martlet Capital, Gelecek Etki VC, and Arm-backed Deeptech Labs. TravelPerk, the business travel platform, has revealed the closure of an additional $104 million investment led by SoftBank Vision Fund 2. The round includes significant participation from existing investors, such as Kinnevik and Felix Capital. This funding extension is linked to the Series D-1 round raised in January 2022, which was led by General Catalyst. The latest investment brings TravelPerk's total funding to over $520 million and elevates the company's valuation to $1.4 billion. Spotr.ai, a Dutch company based in The Hague that utilizes image recognition and Artificial Intelligence (AI) for asset management data, has announced securing €4.5 million in a recent funding round. The investment was provided by EDF Pulse Ventures, Volta Ventures, and InnovationQuarter.Berlin-based graphic design software startup Kittl, which recently secured $36 million in a Series B round led by US fund IVP, aims to address the challenges in the graphic design space. Founded in 2020, the startup has now raised a total of $50 million from investors, including Left Lane Capital and Speedinvest. Notable clients using Kittl's services include Warner Bros, Netflix, and Penguin Random House. Medtech company CardioSignal has successfully closed a $10 million Series A funding round. The funding is led by DigiTx Partners, with participation from Sandwater and existing investor Maki.vc. Verdify, a foodtech company based in Limburg, has announced the successful securing of €2.4 million in a recent funding round. The funding comes from a mix of existing and new investors, including Goeie Grutten Impact Fonds, Oost NL, Koppert Cress, and De Smaakmaker. The Dutch company plans to utilize the funds to support the scaling of its personalized nutrition innovation for both human and planetary health. Naq, the Amsterdam and London-based automated compliance platform, has successfully raised €3 million in a new funding round. The startup is focused on transforming healthcare and medical compliance in the UK and the EU. The round, which received more interest than anticipated, was led by No Such Ventures, with additional backing from existing investors. Tidal Control, a compliance automation platform for startups, scale-ups, and SMBs based in the Netherlands, has disclosed a pre-seed funding of €500,000. This funding, aimed at advancing Europe's inaugural platform for automating compliance activities, was spearheaded by Brabantse Ontwikkelings Maatschappij and Rabobank, along with contributions from Starterslift and Bossche Investerings Maatschappij. Protix, a Netherlands-based insect farming startup striving to restore balance to the food system in harmony with nature, has revealed securing a €37 million loan from the European Investment Bank (EIB). UK-based platform Setmixer, which empowers artists to record and mix live performances with the precision of a studio session, has recently disclosed a seed investment of $760,000 from Raw Ventures. Deeploi, an IT-as-a-Service startup based in Berlin, has successfully raised $6.5 million in a seed funding round led by Atomico. Cherry Ventures, a supporter from the company's €3 million pre-seed round, has reaffirmed its commitment to Deeploi as the startup embarks on the challenging scale-up phase of its journey. Metris Energy, the inaugural AI-powered solar energy platform catering to commercial property owners, has revealed a £2 million Pre-Seed funding round. The investment was led by Octopus Ventures and Aenu VC, aimed at revolutionizing how property owners evaluate, implement, and capitalize on solar energy initiatives within their portfolios. Amsterdam-based Send AI, a startup specializing in developing software to educate AI models in processing documents and emails, has raised €2.2 million in a pre-seed funding round. The funding was led by Gradient Ventures, Google's AI fund, and Dutch VC firm Keen Venture Partners. The round also saw involvement from former and current executives of UiPath, MongoDB, and Google DeepMind.Berlin-based CEEZER, a leading participant in the carbon credit market, has concluded its Series A funding round, securing €10.3 million. The round was spearheaded by HV Capital, with contributions from existing investors Norrsken VC, Picus Capital, and Carbon Removal Partners. The raised funds will be deployed to expand the startup’s footprint in the US, enhance its team, and introduce innovative solutions for carbon portfolio financing. Sirius, a startup revolutionizing the metals and mining industry, has secured an oversubscribed pre-seed round of €1.2 million from investors including Fund F, BlackWood, WEPA Ventures, Techstars, and select angels. Hamburg-based biotech company Infinite Roots, which leverages fermentation and fungi to produce the next generation of sustainable foods, has disclosed securing $58 million in a Series B funding round. This round marks the most substantial investment in mycelium technologies in Europe for Infinite Roots. The oversubscribed investment was spearheaded by Dr. Hans Riegel Holding (HRH), one of Haribo's two holding companies, and received support from the EIC Fund, an initiative of the European Commission. REWE Group and Betagro Ventures also joined in the funding round. eGabinet, a company based in Puławy that provides software for managing medical facilities, has revealed the successful acquisition of €548k in additional funding from business angels. Over the last year, the company has witnessed a doubling of its customer base. The raised capital is earmarked for improving platform functionality and providing customized solutions for doctors, clinic owners, and patients. akirolabs, a Berlin-based procuretech startup, has disclosed raising $5 million in its recent Seed funding round. Investors in this round included HTGF, OTB Ventures, D11Z Ventures, and Serpentine Ventures, alongside angel investments from industry leaders such as Fredrick Spalcke (ex-CPO of Phillips & Huawei), Heiko Schwarz (CEO of riskmethods), Markus Ehrle (VP and General Manager EMEA at ServiceNow), and Detlef Schultz (former CEO of the Vodafone Procurement Company). CarbonPool is on track to become the world's first insurance company with a carbon credit balance sheet, as it recently concluded a $12 million funding round. The funding was co-led by Heartcore Capital and Vorwerk Ventures, with participation from HCS Capital, Revent Ventures, and former members of Allianz, Axel Theis and Christof Mascher. AI audiotech startup Wondercraft has declared a successful $3 million Seed round to expand its platform. Following initial funding from Y Combinator, this round was led by Will Ventures, and joined by voice research lab ElevenLabs, and Steven Bartlett, the host of the Diary of A CEO podcast. Geospatial firm Mobile GIS Services (MGISS) has reported raising £600,000 from NPIF – Mercia Equity Finance. The Northern Powerhouse Investment Fund manages NPIF, and this investment is part of their funding initiative. Netherlands-based Paques Biomaterials, a company specializing in the production of PHA polymers using circular feedstocks, has announced securing €14 million in a recent funding round. Invest-NL and NOM led the investment in Paques Biomaterials. London-based OpenDialog, a conversational AI platform catering to regulated industries such as insurance and healthcare, has disclosed securing $8 million in a Series A funding round. The Series A investment was led by AlbionVC, with support from Dowgate Capital and various notable angel investors, directors, and staff. Edinburgh-based biotech firm Carcinotech has successfully raised £4.2 million in its latest funding round. Eos Advisory (Eos) led the investment, joined by Maven Capital Partners, Scottish Enterprise, Old College Capital, Investing Women, and existing investors TRICAPITAL, SIS Ventures, Gabriel Investment, and Alba Equity. Maven's investment is made through the Investment Fund for Scotland, managed by Maven Equity Finance on behalf of the British Business Bank. This marks the first equity deal from the £150 million Investment Fund for Scotland, launched in October 2023 to provide early-stage finance to small and medium-sized businesses across the country. Carcinotech plans to utilize the funding to expand its presence in the UK and Europe, with further plans for expansion into the US later this year. Paris-based biotech Aqemia, utilizing AI for accelerated drug discovery and design, has secured a €30 million extension to its Series A, bringing the total funding for the round to an all-equity €60 million. The initial €30 million was raised in 2022, led by French VC Eurazeo and public bank Bpifrance, with historical investor Elaia also participating. The recent extension, led by French growth investor Wendel Growth, saw all three of Aqemia's previous investors returning. Gresham House Ventures, a growth equity investor, has announced a £8.5 million investment in Ozone API, an open banking API platform founded by the team that designed open banking in the UK. The Ozone API platform supports all global standards and is trusted by banks and regulators worldwide for delivering high-performing, standards-compliant, and secure API technology, enabling them to excel in the evolving landscape of open finance. German semiconductor technology company SEMRON has announced securing €7.3 million in seed funding. SEMRON specializes in creating powerful and energy-efficient computer chips designed to enhance AI performance in compact smart devices. Join Capital led the current funding round, with participation from new investors SquareOne, OTB Ventures, Hermann Hauser (Onsight Ventures), and continued support from pre-seed investors including Dr. Wolfram Drescher (BlueWonder), Andreas Werner and Sven Sieber (Gigahertz Ventures), and Hans Rohrer, former President at TSMC, responsible for the company's European activities. BlueLayer, the end-to-end software platform for carbon project developers, has announced raising $10 million across Seed and Pre-Seed investment rounds. The Seed investment round was led by Point Nine, followed by a group of families and individuals with experience across carbon markets. Next-generation materials company Xampla has successfully raised €6.4 million in a funding round. The UK-based company specializes in biodegradable, plant-based materials, and the funds will be used to advance production, supporting major brands in transitioning away from single-use plastics. Existing backers, including Amadeus Capital Partners, Horizon Ventures, Cambridge Angels, Cambridge Enterprise, and Martlet Capital, showed significant confidence in Xampla by participating in the funding round. New investors, such as CIECH Ventures, also joined, contributing to a total investment in Xampla of €16.2 million to date. Evaro, a UK-based digital health startup offering AI-powered clinical and drug prescription services for minor conditions, has secured $1.5 million in Seed funding. Cornerstone VC led the round, with participation from Catalisi's investment arm, Syndicate Room, and the University of East Anglia. HR tech startup HireAra has raised a €527,000 seed round for its AI-powered candidate presentation platform for recruitment agencies. The round included participation from the founders of leading UK recruitment tech companies such as Mercury, SourceWhale, One Up Sales, Candidate.ID, and several sets of customers. London-based B2B payments fintech Kriya has secured a new £50 million funding facility to support credit transactions and enhance its B2B embedded finance offerings. The funding has been provided by Viola Group, an Israeli tech investment group that also provided Kriya with a £30 million credit facility last year. Kriya, backed by investors such as Northzone, Barclays, Santander, and Cogito Capital Partners, operates in the competitive fintech space of embedded payments. TVM Capital Life Science has closed an €8 million Series A financing round for Berlin-based digital healthcare startup Myosotis. Founded in 2018, Myosotis (also known as myo) aims to alleviate the workload for employees in care homes through digital solutions and enhance transparency, participation, and appreciation in the sector. This latest funding brings the company's total funding to €12.5 million. Stockholm startup Version Lens has announced a Pre-Seed funding round for its co-pilot for product managers. People Ventures, Curiosity, and Pitchdrive led the funding, with the amount not disclosed. The funds will support the team in advancing its product roadmap and launching features throughout the spring. Eatron Technologies, a developer of AI-powered battery management software for the automotive industry, has completed its A2 Series Funding. The round was led by LG Technology Ventures, with additional investment from MMC Ventures, which led Eatron’s Series A. This funding, combined with additional investment from 100th Year Venture Capital and the Türkiye Development Fund (TDF), aligns with the industry's rapid transition toward increasingly software-defined vehicles and batteries. Munich-based foodtech Planet A has secured a $15.4 million Series A round led by World Fund. The company utilizes a proprietary fermentation process to transform locally sourced ingredients like oats and sunflower seeds into its patented “ChoViva” product, a cocoa alternative that can be used to make chocolate without containing any cocoa beans. Sentify, a platform enabling users to extract actionable insights from large language model (LLM) products, has raised over $1.1 million in an oversubscribed Pre-Seed funding round led by Episode 1. The round received support from 500 Emerging Europe and a select group of top-tier angel investors. Swedish hybrid-electric aeroplane maker Heart Aerospace has raised $107 million in a Series B funding round, bringing the company’s total financing to $145 million. New investors include Sagitta Ventures, a Danish investor focused on early-stage companies. Other investors in the round include Air Canada, Breakthrough Energy Ventures, European Innovation Council Fund, EQT Ventures, Lower Carbon Capital, Norrsken VC, United Airlines, and Y Combinator. DataSnipper, a Dutch startup focused on helping auditors work faster and smarter with AI, has raised $100 million in a Series B funding round led by Index Ventures. This funding values the company at $1 billion, making it a unicorn. The new funds will support DataSnipper's expansion into new verticals, including internal auditors, tax advisors, forensic accountants, and other sectors involving data reconciliation. Greenerwave, a European leader in electromagnetic wave control technology, has closed a €15 million fundraising round. The funding was provided by the Defence Innovation Fund, underwritten by the Defence Innovation Agency and managed by Bpifrance, Safran Corporate Ventures, Intelsat, BNP Paribas Développement, and Plastic Omnium. Berlin-based device-on-demand/IT-as-a-service startup WAY has confirmed a €1.2 million pre-seed funding round. The round was led by Belgian VC fund Pitchdrive and included participation from IBB Ventures, FvS Investments, and HRtech-focused fund allygatr. Angel investors in the round include Kenjo CEO David Padilla, Comatch founders Jan Schächtele and Christoph Hardt, Joblift CTO Denis Bauer, and Circus Kitchen CTO Helge Plehn. CitySwift, based in Galway, has successfully concluded its latest funding round, securing €7 million and bringing its total funding to €14 million. The round was led by Gresham House Ventures, contributing €5 million, and saw participation from existing investors such as Irelandia Investments, the Western Development Commission, and ACT Venture Capital.--- Join the global LP-GP Co-investor network - Get access to www.newnex.io.

06 Feb

Startups

European Startups funded recently - Newnex Fortnight

23 January 2024Newnex tracked $1.6+ billion in funding rounds over the past two weeks in European Venture Capital.London-based software company Patchworks has secured £1.75 million in additional funding through a convertible loan note, with participation from Gresham House Ventures. This follow-on funding brings the total investment in Patchworks to £10.5 million, supporting the company in its mission to assist e-commerce businesses in automating and overseeing data flows across their IT systems. Vico Therapeutics, a genetic medicines company based in Leiden, Netherlands, has successfully raised €54 million in its Series B funding round. The funding, primarily led by Ackermans & van Haaren, also saw participation from existing co-leads Droia Ventures, EQT Life Sciences, and Kurma Partners, as well as continuing support from previous investors such as Polaris Partners, Pureos Bioventures, and Eurazeo. The capital will be utilized to advance the development of therapies targeting severe neurological diseases. Matisse Pharmaceuticals, located in Geelan, Netherlands, a clinical-stage company focused on developing a medicinal product for sepsis, has revealed the successful acquisition of €3.6 million in a new funding round. The funding comes from a variety of sources, including Brightlands Venture Partners, private investment firms, informal investors, and the company's management team. Holiferm Limited, a spin-out from the University of Manchester specializing in the production of sustainable biosurfactants, has successfully concluded a Series B funding round, securing £18.5 million. The funding was led by Rhapsody Venture Partners and Clean Growth Fund, highlighting strong support for Holiferm's innovative approach to manufacturing environmentally friendly biosurfactants. Genomics, headquartered in Oxford, UK, successfully raised £35 million in a funding round. F-Prime Capital and Foresight Partners spearheaded the investment, and they were joined by Infinity Investment Partners and MassMutual. Milan-based startup Contents.com, utilizing AI for its multi-lingual content generation services, has secured $18 million in a Series B funding round. The funding was spearheaded by the existing investor Synergo Capital, with additional participation from Azimut Digitech Fund, Invictus Capital, and Thomson Reuters Ventures. Whispp, an innovative AI startup headquartered in the Netherlands, is working on assistive voice technology that presents a groundbreaking solution for individuals with vocal cord impairment and whispered speech.The startup recently revealed the completion of a successful €750,000 seed investment led by the prominent investor LUMO Labs. Supported by additional funding from Leiden University’s Libertatis Ergo Holding BV (LEH) and other angel investors, this funding round is intended to strengthen Whispp's mission to transform voice technology. Mogu, an Italian biotech and biomaterials company focused on mycelium, has successfully secured €11 million in a Series A funding round. The primary goal of this funding is to facilitate the scaling of operations, support ongoing research and development projects, and inaugurate a new production plant. CDP Venture Capital and ECBF VC jointly led the Series A round, with participation from Kering Ventures and existing investor Progress Tech Transfer. The real estate value management platform einwert has successfully secured a new financing round, raising over €4 million. The funding is led by Ventech, who joins the existing group of investors, including 468 Capital, Wecken & Cie, Auxxo Female Catalyst Fund, and Infinitas Capital. Notable additions to the investor group include Peter and Anne Bosch, Martin Linder (McKinsey), Ulrich Groß, and Jürgen Roth (Immowelt). They join the existing business angels Oliver Manojlovic, VP Sales of Personio, and Dr. Stephan Rohr, founder and co-CEO of TWAICE. In an ongoing Series C round, the UK nuclear fusion startup Tokamak Energy has secured over $50 million. The funding round includes support from existing investors, as well as new investors and strategic partners. Noteworthy previous backers comprise Legal & General Capital, Hans-Peter Wild (founder of Capri Sun), and British billionaire financier David Harding. Scorestars, a basketball fan engagement platform headquartered in Tallinn, has revealed the successful raising of €725K in a Seed round of funding. Leading the investment were Trind VC, Startup Wise Guys, 3 Comma Capital, and Estonian angel investors.Dott from Amsterdam and TIER Mobility from Berlin have announced a strategic collaboration to establish Europe's leading micro-mobility operator. Operating under the names TIER and Dott, the joint entity aims to leverage their collective expertise to offer shared mobility services across European cities. The agreement is supported by a combination of existing shareholders from both TIER and Dott, with prominent backers such as Mubadala Capital and Sofina leading the way. Noteworthy contributors include Estari, M&G, Prosus Ventures, Novator, and White Star Capital, committing €60 million in equity to advance the long-term goals of the newly formed partnership. The completion of the transaction is contingent on various conditions and is expected to take effect within two months of this announcement. Enifer, a biotech startup located in Espoo, has disclosed the acquisition of grants exceeding €12 million from Business Finland for its PEKILO mycoprotein factory. This funding, sourced from the European Commission's NextGenerationEU instrument, is dedicated to establishing pioneering industrial facilities for recycling and reusing by-products. The initiative aligns with Finland's Circular Economy Action Plan and Sustainable Growth Programme. Picnic, the Amsterdam-based online supermarket, has successfully raised €350 million in a new funding round from existing shareholders, which include the German supermarket chain Edeka, the Bill & Melinda Gates Foundation Trust, and prominent Dutch family businesses. Swiss regtech company Rivero, which specializes in the digitalization and automation of payment processes, has successfully raised $7 million in a Series A funding round. Leading the round are 6 Degrees Capital and Inference Partners, with additional participation from Kraken Ventures, Seed X Liechtenstein (the venture arm of PostFinance), and notable angel investor Robert Kraal, former COO of Adyen, alongside various payment industry executives. Amsterdam-based startup Firsty has revealed a Pre-Seed growth funding round of €1.1 million. Firsty is dedicated to making mobile connectivity accessible to all, regardless of location. The funding is spearheaded by former senior executives at KPN, Marcel Smits and Godert Vinkesteijn, along with Patrick Stal, former head of marketing at Uber and N26. Cactos, a company specializing in smart energy storage systems constructed from second-life Tesla EV batteries, has secured over €26 million in funding to enhance its portfolio and contribute to reshaping the energy landscape in the country. The investment is spearheaded by OP Finland Infrastructure LP and the Finnish Climate Fund. London-based startup NumberEight, which specializes in 'privacy-first' identity solutions for the advertising industry, has successfully raised $2.7 million in Pre-Series A funding. The funding round was led by ACF Investors, with contributions from early backers Nauta Capital, Ascension Ventures, Enterprise 100 angels, and new groups like COREangels EnterpriseTech and COREangels Big Data & AI Europe. Strategic angel investors include seasoned veterans from mobile gaming, John Libby and Nick Button-Brown, as well as AdTech experts like Ionut Ciobotaru. Portuguese data and martech company Primetag have disclosed a €3.5 million funding round co-led by Indico Capital Partners and Iberis Capital. Primetag specializes in influencer marketing analytics and aims to establish itself as a hub where brands, agencies, agents, and influencers can connect and foster business growth. Munich-based car subscription platform FINN has successfully raised €100 million in a Series C funding round at a valuation exceeding $600 million. The round was led by Planet First Partners, with participation from existing investors including HV Capital, Korelya Capital, UVC Partners, White Star Capital, and Picus Capital. Eindhoven-based tibo energy, a company specializing in smart grid management to handle network congestion, save energy costs, and reduce emissions, has successfully secured €3 million in a seed round of funding. The funding round was led by Amsterdam-based SET Ventures, with additional contributions from Speedinvest and tibo energy's founding team members. The funds will be utilized to expand the team and explore opportunities in international markets. Oslo-based 1X Technologies, an AI and robotics company specializing in androids capable of human-like movements and behaviors, has revealed the successful closure of a $100 million Series B funding round. The Series B investment was led by Stockholm-based EQT Ventures, along with support from other prominent global investors, including OpenAI and Tiger Global. Trudenty, based in London, has disclosed securing $500,000 in a pre-seed funding round. The UK startup specializes in consumer data networks, providing real-time fraud risk intelligence to enhance personalized payment experiences for merchants and acquirers. The goal is to improve customer satisfaction and prevent fraud. The investment was led by Fuel Ventures, with participation from Techstars, Plug and Play, and angel investors. Soly, an international solar energy company based in Groningen, Netherlands, has announced the successful securing of €30 million in funding. The funding round was led by ArcTern Ventures in partnership with US-based Fifth Wall. Existing investors, including Shell Ventures and the Pensioenfonds ABP, also participated in the round. Pickler, a software startup based in Amsterdam that facilitates packaging companies in calculating, reducing, and sharing the impact of packaging, has disclosed securing €500,000 in a recent funding round. The investment was led by Shamrock Ventures, recognized for its sustainable tech investments. The round also received support from existing angel investor and early-stage startup investor APX.vc.Pliant, a Berlin-based company specializing in the latest generation of corporate credit cards, has raised €8 million in a Series A extension round of funding, bringing the total Series A funding to €33 million. Molten Ventures is the new investor in this round, joining existing Series A investors SBI Investment, Alstin Capital, and Motive Ventures. Delfos, a Barcelona-based startup utilizing AI-powered real-time advanced analytics to enhance the performance and reliability of renewable energy power plants, has successfully secured €6.3 million in a seed round of funding. The seed round was led by Contrarian Ventures and Headline, with participation from existing investors including DOMO.VC and EDP Ventures. Paris-based EV-charging startup Electra has successfully raised €304 million in a Series B funding round to expand its network of charging stations across Europe. The all-equity Series B was led by Dutch pension fund PGGM through its dedicated infrastructure investment vehicle. Bpifrance, a public sector bank, also joined Electra's cap table, and returning investors included French investors Eurazeo Infrastructure, Serena, and Rive Private Investment, along with 574 Invest, the investment branch of the national railway company SNCF. Electra also enjoys financial support from leading public and private investors such as EIP in Switzerland, RATP Capital Innovation, Caisse des Dépôts et Consignation/Banque des Territoires, Ademe Investissement, Eiffel Investment Group, RGreen Invest, Frst, Allianz, Groupe Chopard, and Altarea in France. Dutch company Onera Health, a pioneer in remote sleep diagnostic and monitoring solutions that enable clinicians to conduct sleep studies anytime and anywhere, has successfully completed its Series C financing round, securing EUR 30 million. The round was led by new investor EQT Life Sciences, investing from its EQT Health Economics 3 fund. It was co-led by new investor Gimv and joined by existing investors, including Innovation Industries, Invest-NL, imec.xpand, BOM, and 15th Rock. Dutch deep tech startup QDI Systems has successfully secured €5 million in seed funding. The latest funding round was spearheaded by NOM, the Investment and Development Agency for the Northern Netherlands, and saw participation from the company's existing investors, including Carduso Capital, RuG Ventures, and the notable Nordic venture capital fund Maki.vc. Additionally, the funding includes an innovation loan of €1.97 million from the Netherlands Enterprise Agency (RVO). Dutch startup QphoX, focused on critical quantum internet technologies, has raised €8 million in its latest funding round. This investment marks the largest funding for a quantum company in the Netherlands to date. The €8 million round was led by QDNL Participations, with participation from the EIC Fund, and existing investors Quantonation, Speedinvest, High-Tech Gründerfonds, and Delft Enterprises. Vertice, an integrated SaaS and cloud spend management platform, has disclosed a €25 million Series B funding round following a year of rapid revenue growth. The lead investors include 83North and Bessemer Venture Partners. Remuner, a variable compensation platform, has successfully closed a €2 million Pre-Seed round just three months after its launch. Silicon Valley-based fund Pear VC led the funding round. Other prominent venture capital funds, including Kfund, Bonsai Partners, and Enzo Ventures, as well as institutional investors such as Wayra and BStartup, also supported the round. Notable business angels, including Felipe Navío and Juan Urdiales (co-founders of JobAndTalent), Danila De Stefano (co-founder of Unobravo), and Jesper Frederiksen (VP and GM at Lacework and former VP and GM at DocuSign and Okta), also contributed to the funding. Runnr.ai, a conversational guest engagement startup, has announced a successful funding round raising €1 million. The funding is led by Arches Capital, with participation from Golden Egg Check, as well as angel investors Roland Zeller (ex-GetYourGuide), Marnix van der Ploeg (ex-Booking.com), and hotel entrepreneur Hans Pieters. Eindhoven-based Taylor, a high-tech electronics producer for solar panels, has secured €8 million in a fresh round of funding. The investment came from new investor Pensioenfonds ABP alongside existing investors Rubio Impact Ventures and Brabantse Ontwikkelings Maatschappij (BOM). Spanish startup Harbiz, which provides a technology platform to support fitness professionals, has successfully concluded a €5 million funding round. Octopus Ventures led the round, with participation from existing investors, including JME Ventures, Athos Capital, and Enzo Ventures. The funding will enable Harbiz to solidify its growth in the UK and German markets, enhance product innovation, and continue its global talent acquisition efforts. Dutch BNPL (Buy Now, Pay Later) startup Billink has secured €29.5 million in funding from German Varengold Bank. The funding will be used by the Dutch startup to expand its offering to the 50 largest Benelux web shops, enter the German market, and further advance its mission to make online purchasing fairer for both consumers and web shops through innovation and customer satisfaction. Kiln, a leading enterprise-grade staking platform, has raised $17 million in funding, bringing its total funding to $35 million. Kiln enables institutional customers to stake assets and integrate whitelabel staking functionality into their offerings. The funding round was led by 1kx, with participation from Crypto.com, IOSG, Wintermute Ventures, KXVC, and LBank. Existing investors, including Kraken Ventures, GSR, and Avon Ventures, also contributed to the round. Belgian clinical biotech company PDC*line Pharma and its partners have announced funding of €8.1 million from the Walloon region and Wallonia health cluster BioWin for the development of a personalized therapeutic vaccine based on neoantigens for colorectal cancer.TrusTrace, a Stockholm-based SaaS company specializing in product traceability and compliance, has secured $24 million in growth funding. The funding round was led by Circularity Capital, with participation from existing investors Industrifonden and Fairpoint Capital. Timeline, a consumer health biotech company based in Lausanne, has successfully secured $66 million in an oversubscribed Series D round of funding. The investment was led by L'Oréal's venture capital fund, BOLD (Business Opportunities for L'Oréal Development), and Nestlé. HutanBio, a biotech startup founded by Cambridge University scientists with operations in both Cambridge and Malaysia, is addressing the challenge of sustainable fuel in the £30 billion global shipping industry. The company recently secured £2.25 million in funding from Clean Growth Fund, a prominent UK cleantech venture capital fund. This investment will expedite the adoption of HutanBio's HBx bio-fuel oil, contributing to a reduction in greenhouse gas emissions in the shipping sector. French startup Heex Technologies has secured €6 million in its latest funding round, with support from deeptech investors such as SHIFT Invest, Karista, and Techstars. The funding also includes backing from BPI France in the form of a loan. Warsaw-based graphic development startup Gotiva has successfully raised €1.11 million in Seed funding. The funding round was spearheaded by SMOK Ventures Fund II, with additional contributions from co-investors such as Big Bets (the family office of Anton Gauffin, founder of Huuuge) and Movens Capital. Karlsruhe-based e-fuels company Ineratec has disclosed a Series B funding round totalling $129 million. The investment consortium participating in this funding round includes Planet A Ventures, MPC Capital AG, HTGF | High-Tech Gründerfonds, FO Holding, Safran Corporate Ventures, Honda, ENGIE New Ventures, HG Ventures, TDK Ventures, Copec WIND Ventures, RockCreek, Emerald Technology Ventures, Samsung Ventures, and Piva Capital. ---Get access to Newnex - www.newnex.ioJoin the global VC LP and GP network. Scale VC fund and direct co-investments.

23 Jan

Startups

Indian Startups Funded Recently

We tracked $100 million in fundraising and deal-making in the past fortnight. Newnex Fortnight India is the fundraising track of the flourishing Indian venture capital ecosystem. Published in collaboration with the Startup Europe India NetworkLarkai Healthcare, an innovative medical technology company, has successfully raised $500,000 in its seed funding round. The funding was co-led by FAAD Network, QI Ventures, RTAF, and supplemented by additional government grants. The raised capital will be utilized to enhance the company's technological capabilities and expand its sales channels through strategic investments. Larkai Healthcare specializes in groundbreaking biomedical innovations with a focus on early detection of heart impulse and valvular diseases within 15 seconds. They also offer a smart inhaler cap to minimize drug wastage in asthma or pulmonary tract disorder treatments, along with a lightweight and cost-effective disinfection tunnel among their diverse range of solutions. Settl, a co-living operator, has successfully raised Rs 10 crore in its pre-Series A funding round from Gruhas and We Founder Circle. The capital infusion is intended to fuel the expansion of Settl's business. The funding round also saw participation from Anthill Ventures, Inflection Point Ventures, Ah! Ventures, Nila Spaces Limited, Soonicorn Ventures, Awficacy Capital, Pai Ventures LLP, and Ekyum. Gurugram-based startup, Slurrp Farm, specializing in children's snacks and meals, has recently secured a fresh investment of Rs 59.9 crore in a funding round featuring a mix of new and existing investors. This marks a return to capital acquisition for the company after a hiatus of nearly two years. Among the investors, existing backers Fireside Venture and Raed Capital contributed Rs 12.4 crore and Rs 5.48 crore, respectively. New investors Alkemi Ventures and Madhurima International each invested Rs 17.5 crore, while Sharrp Ventures, the investment office of the Harsh Mariwala family, also participated with an investment of Rs 7 crore. In a recent funding round, Chennai-based health-tech platform Curebay has successfully raised Rs 61.8 crore, with existing investor Elevar Equity taking the lead. Following the additional funding, Elevar Equity now holds the largest external stake in the company at 34.08%, followed by Hemani Industries and InCred Wealth. Country Delight, the dairy brand, has successfully raised Rs 164.4 crore in a Series E funding round, attracting support from both new and existing investors. This funding marks a return to capital acquisition for the Gurugram-based startup after a hiatus of over 20 months. Temasek took the lead in the round, contributing Rs 78.16 crore, while Seviora Capital, a new investor, injected Rs 57.77 crore into the Series E round. Additionally, existing investor Venturi Partners participated by contributing Rs 28.55 crore in this investment round. In an extended Series A round, mental health startup Amaha (formerly InnerHour) has secured $4.4 million in funding from Fireside Ventures. This marks the first fundraising effort for the Mumbai-based company in the last two years. Amaha, developed by therapists and psychiatrists with global experience, is dedicated to delivering quality mental health care and addressing the treatment gap in India. The startup has been valued at approximately Rs 177.2 crore or $21.35 million. To date, Amaha has raised around $10 million from investors such as Lightbox Ventures, Capricorn Partners, Pankaj Sahni, Hitesh Oberoi, and Ashish Bhargava, among others. In a Series B funding round, supply chain startup Wiz Freight has secured $11.24 million, with Japan-based venture capital firm SBI Investments leading the investment. This funding marks the first capital infusion for the Chennai-based startup in over 20 months. OneCard, a mobile-first credit card startup, has successfully raised $11.44 million in debt from Alteria Capital. This marks the second round of debt funding for the company within the past few months. According to regulatory filings with the Registrar of Companies, the board at OneCard passed a special resolution to issue 9,500 Series B debentures at an issue price of Rs 1,00,000 each, resulting in a total funding of Rs 95 crore. In the Series C funding round, Akshayakalpa Organic, the organic dairy startup, has successfully raised $12 million. A91 Partners took the lead in the round with an investment of Rs 64.8 crore, and existing investors Rainmatter Capital and British International Investment, the UK’s development financial division, contributed Rs 18.6 crore and Rs 16.6 crore, respectively.Top of Form MakeO, the parent company of dental tech startup Toothsi and skincare brand Skinnsi, has successfully raised $16 million in a funding round led by 360 ONE Asset and the investment office of Ashish Kacholia. Existing investors Eight Roads Ventures, Paramark Ventures, IIFL, and the family office of Medlife’s co-founders also participated in the round. With the recent funding, MakeO has raised a total of $90 million across equity and debt rounds. The company plans to utilize the fresh funds to expand its geographic footprint and scale its experience centers throughout the country. In a pre-Series A funding round, B2B-focused SaaS start-up Glamplus has secured ₹16.5 crore from investors including Upsparks, Eagle10 Ventures, ITI Growth Opportunities Fund, and Inflection Point Ventures. Notable participation also came from Kube VC and prominent investors like Gopal Krishna Varshney and IR Capital Partners. The company has announced that the funds will be utilized for B2B expansion in Tier I and Tier II cities, as well as to facilitate entry into international markets. In its Series A funding round, custom manufacturing platform Karkhana.io, which serves manufacturing MSMEs, has successfully raised $6.3 million. The round was led by Arkam Ventures and Susquehanna Asia Venture Capital, with participation from existing investor Vertex Ventures Southeast Asia and India. The funds raised will be utilized by Karkhana.io to expand its supplier base, improve its electronics supply chain, and support its expansion plans across the United States and Europe. Karkhana.io specializes in providing sourcing and contract manufacturing solutions to original equipment manufacturers (OEMs) and technology companies. The platform collaborates with manufacturing MSMEs in India, delivering customized manufacturing solutions across various product categories such as electric vehicles, medical equipment, consumer electronics, aerospace, and more, addressing small batch to mass production requirements. Bengaluru-based wealthtech startup Fisdom is in the process of raising approximately $5 million from its existing investor PayU as part of its ongoing Series C round. In the previous year, Fisdom secured close to $14 million from existing investors like PayU and Quona Capital at a valuation of around $145 million.----VCs, LPs, Family Offices, Asset Managers and Startups - get access to Newnex - www.newnex.ioJoin the global LP and VC co-investment platform for managing and collaborating co-investors at scale. The future is digital: go beyond your immediate network and get your investments and fundraisings closed rapidly. 

16 Jan

Startups

European Startups funded recently - Newnex Fortnight

09 January 2024 Newnex team wishes you a Happy New Year 2024. Good times on the horizon.The past few weeks fundraising in Europe has been rather slow given the holiday period. We tracked $145m in European VC fundings. Gaining expertise in creating hybrid bikes designed for extended journeys, GIN E-Bikes has secured a funding of £510,000 from Toloka.vc, a Ukrainian investment firm. The arrangement includes a debt component, with quarterly interest payments to the investors. In its inaugural funding round, Lumian, an energy platform operating in Turkey and Germany, has successfully raised $3.2 million. With support from DOMiNO Ventures and energy sector expert İsmail Ferhat Özlü, Lumian seeks to enhance its sales volume in global markets through this new investment. Apollo Therapeutics, a biopharmaceutical company, has completed its Series C financing with a second close, securing an additional $33.5 million in December 2023. This brings the total funds raised by the company in 2023 to $260 million, furthering its commitment to translating medical research into groundbreaking medicines. Patient Square Capital spearheaded the round, with participation from new investors, including M&G plc and two significant US public pension plans, along with continued support from existing investor Rock Springs Capital. Manina Medtech, a startup based in Catalonia, has successfully raised €1.75 million in funding to enhance the efficacy of IVF embryo implantation. Medex Partners spearheaded the funding round, accompanied by investments from a consortium of business angels, and backing from the Ministerio de Ciencia e Innovación through its national scientific research and transfer program. Robin AI, an AI-powered legal copilot, has disclosed the successful completion of its Series B funding round, raising $26 million. The funding, led by Temasek, a global investment company based in Singapore, brings the total funding for the company to $43.6 million. Notable participation in the Series B round comes from investors such as QuantumLight, Plural led by Taavet Hinrikus, and AFG Partners. MELP (Medical services, Employee benefits, Lifestyle & Longevity, and Protection), a Vilnius, Lithuania-based startup focusing on digital employee well-being management, has successfully raised €635,000 in an early seed stage funding round led by Coinvest Capital. The round also saw participation from business angels based in Lithuania and the UK. The newly acquired funds will be utilized to expedite the startup's international expansion. Bumper, a fintech startup based in London, specializing in facilitating flexible payments for car repairs, has successfully concluded a €46 million Series B fundraising to fuel its growth. The funding structure includes €17.25 million in equity and €28.75 million in debt. This round brings Bumper's total funding to €61 million to date. Autotech Ventures spearheaded the investment, and notable participants include Shell Ventures, JLR’s InMotion Ventures, Porsche Ventures, and Revo Capital. Dutch startup Nuwa, creator of the world's most advanced pen that digitizes handwriting on paper, has successfully secured €1.5 million in funding. The investment was provided by a prominent US consumer goods company, bringing Nuwa's total seed funding for the previous year to €2.5 million. Self Space, a pioneer in on-demand mental health services on the high street, has successfully secured €2.6 million in seed funding, with Redrice Ventures, a purpose-driven venture capital firm, leading the investment. This fresh capital injection will enable Self Space to address growing demand by expanding its same-day mental health support services throughout the UK and across a comprehensive spectrum of mental health needs.Paris-based startup Nabla, specializing in an AI-powered tool that creates clinical notes from patient consultations, has secured $24 million in a Series B funding round, bringing the total funding to $43 million. The investment was led by global VC Cathay Innovation, with participation from French investor Zebox Ventures, founded by tech investor Rodolphe Saadé. In 2021, Nabla had raised €17 million from UK VC firstminute capital, French billionaire Xavier Niel, and Sweep CEO Rachel Delacour. The funds will support the company's expansion in the US.---Get access to Newnex - www.newnex.ioJoin the global VC LP and GP network. Scale VC fund and direct co-investments. 

09 Jan

Venture Capital

Indian Startups Funded Recently

The Indian market is on a rapid growth trajectory. In collaboration with Startup Europe India Network, we're expanding our fundraising track, Newnex Fortnight India, to India's rapidly booming venture capital ecosystem. We tracked $670 million+ in fundraising and deal making in the past weeks.Aye Finance, an Indian startup specializing in digital lending services for small businesses, has secured $37.18 million in a recent funding round led by British International Investment. The company aims to use the funds to further support the growth of micro-enterprises and help employees increase their incomes. This Series F funding brings Aye Finance's total fundraising to almost $200 million and includes contributions from Waterfield Fund of Funds, along with continued support from existing investor A91 Partners. Notably, in 2020, the startup raised $27.5 million in its Series E funding round with CapitalG, an investment arm of Alphabet, leading the way. In a recent funding round, Vegrow, a B2B marketplace specializing in fruits, secured $46 million in primary and secondary funding. The round was spearheaded by GIC, with participation from current investor Prosus Ventures, as well as Matrix Partners India, Elevation Capital, and Lightspeed. The distribution-as-a-service platform ofScale has successfully raised $375,000 in a pre-seed funding round. First Cheque led the round, and there was participation from Matrix Partners India DeVC, Relentless VC, and other angel investors such as Abhishek Goyal, Mekin Maheshwari, and Revant Bhate. Aliste Technologies, a startup focused on smart home automation, has secured $1 million in a recent funding round, with YourNest Venture Capital and Artha Venture Fund leading the investment. The funding round also included contributions from Dholakia Ventures, KRS Jamwal, Anikarth Ventures, and others. Among the existing backers is 100X.VC. Currently establishing a significant presence in the Delhi-NCR region and recently entering the Bangalore market, Aliste Technologies intends to utilize the newly acquired capital to expand its reach across India and enhance brand awareness initiatives.Agilitas Sports, the sporting equipment startup, has successfully raised Rs 100 crore in a funding round led by Nexus Venture Partners. This additional capital infusion comes a few months after Agilitas secured Rs 430 crore in its inaugural funding round from Convergent Finance LLP, an investment management and advisory partnership led by Harsha Raghavan. BetterSpace, a mental health-tech startup based in Raipur, Chhattisgarh, has secured ₹4.5 million in its first pre-seed funding round, with prominent startup community-builder and accelerator PedalStart leading the investment. Previously relying on bootstrap funding, this capital injection will be utilized by the company to enhance its existing offline and online services, develop a new product range including games and toolkits, improve marketing and brand visibility, optimize technology and the app for broader accessibility across various devices, and attract and acquire talent, among other strategic initiatives. The investment division of the UK retail bank M&G has taken the lead in a funding round of $340 million for Udaan, a business-to-business e-commerce startup. This marks one of the largest financing rounds secured by an Indian startup in 2023. Udaan, headquartered in Bengaluru, assists merchants in smaller Indian cities and towns in obtaining inventories from major brands and gaining access to working capital. The new funds, including some convertible debt, were also contributed by existing investors Lightspeed Venture Partners and DST Global. The Series E funding, subject to regulatory approval, is a significant boost for Udaan, which has focused on cost reduction and efficiency improvements over the past two years. Despite competition from various players, including Mukesh Ambani's $100 billion Reliance Retail, the largest retail chain in India, Udaan continues to make strides in the business-to-business e-commerce space.In a Series B funding round, Exponent Energy, a rapid-charging startup focused on electric vehicles, exponent.energy has successfully raised $ 26.4 million. The round was led by Eight Roads Ventures, with a strategic investment from TDK Ventures. Additionally, all existing investors, including Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and the family office of Pawan Munjal, participated in this funding round. Farmley, a healthy snacking brand, has secured $6.7 million in a pre-Series B funding round. The funding was led by BC Jindal Group, with participation from existing investors DSG Consumer Partners, Omnivore, and Alkemi Partners. DSG and Alkemi were also leaders in a $6 million Series A round for Farmley in August of the previous year, and the company had previously raised $2 million in a seed round in 2020 from Omnivore and Insitor. The new funding will be utilized by Farmley to expand its presence across offline retail touchpoints and enhance brand-building initiatives. Notably, the brand recently enlisted former Indian cricketer Rahul Dravid as its brand ambassador. Peptris, an AI drug discovery startup, has successfully raised $1 million in its pre-seed funding round, with Speciale Invest leading the investment. The funds obtained will be directed towards intensifying the company's initiatives in drug research and discovery, with a particular emphasis on advancing AI-driven solutions. Peptris aims to use the funding to focus on creating new treatments for challenging targets, particularly in the fields of rare diseases, inflammation, and oncology. HouseEazy, an online marketplace for pre-owned homes, has secured $1 million in a seed funding round led by Antler, with participation from India Accelerator, AC Ventures, Agility Ventures, Finvolve Ventures, Pirojsha Godrej, and Sandeep Aggarwal, the founder of Droom. The proptech firm had previously raised $375,000 in a pre-seed round in June of the previous year. The newly acquired funds will be utilized by HouseEazy to enhance its distribution channels and strengthen its technological capabilities, according to a press release from the company. Fintech firm InCred has achieved unicorn status, having raised $60 million in a Series D funding round from both new and existing investors. InCred Wealth, the wealth management entity of InCred, spearheaded the funding with an investment of $36.76 million, followed by MEMG Family Office contributing $9 million. Notable individual investors include Ravi Pillai, Chairman at RP Group of Companies, with a contribution of $5.4 million, and Ram Nayak, Co-Head of Deutsche Bank, who invested $1.2 million. Additionally, InCred Special Opportunities Fund VCC, a Singapore-registered entity of InCred, participated with $5.3 million. Varanium Capital Advisors and NABS Vriddhii also joined the round, contributing $1.22 million and $1.2 million, respectively. InCred is the second company, following Zepto, to achieve unicorn status in the current year. Kitchens@, a cloud kitchen startup, has secured $65 million in Series C funding from Finnest, a London-based growth investment firm. Founded by Dr. Biswanath Patnaik and Mr. Arun Kar, the latter being an ex-military officer, Finnest has previously invested in various sectors, including renewable energy, electric and hydrogen-powered automotive, sports and entertainment, smart cities, hotels and hospitality, and aerospace technologies. BatX Energies, a lithium-ion (Li-ion) battery recycling company, has secured $5 million in its pre-Series A funding round, with investment support from Zephyr Peacock and LetsVenture. The startup's current backers, including JITO Angel Network, family offices associated with Mankind Pharma, Excel Industries, BluSmart, and others, also took part in the funding round. In its Series A funding round, agritech startup Fasal has secured INR 100 crores. The funding was led by TDK Ventures and British International Investment (BII), the United Kingdom's development finance institution and impact investor. Additional contributions came from ITI Growth Opportunities Fund, Navam Capital, and Aureolis Ventures. Notably, all existing investors, including 3one4 Capital, Omnivore, Wavemaker Partners, Genting Ventures, and The Yield Labs Asia Pacific, also participated in the round. Snitch‎, a men's apparel fashion brand, has raised Rs 110 crore in its Series A funding round, with co-leadership from SWC Global and IvyCap Ventures Advisors Private Limited, along with backing from key angel investors. The newly acquired capital will be utilized to drive Snitch's expansion efforts, focusing on talent acquisition, technology enhancements, and the implementation of an offline retail strategy to strengthen its market presence. Enrico Eyewear, a prominent eyewear brand, has secured Rs 2.1 crore in a pre-seed funding round, with 100X.VC leading the investment. The company intends to deploy the raised funds to broaden its market presence through various distribution initiatives, educate customers on the significance of high-quality eyewear, and uphold eye health. Oxyzen Express, a startup specializing in express logistics and supply chain solutions, has successfully concluded its second round of seed capital fundraising, securing $3 million to invest in next-generation logistic technology. The funding, which took place during the current fiscal year, saw lead investments from the Tamil Nadu Emerging Sector Seed Fund and the SNAM group of companies. A variety of other angel investors also participated in the round, and Lion Hill Capital served as the financial advisors facilitating the fundraising process for the Chennai-based company. Alt Carbon, a climate action startup based in India, has raised $550,000 in a pre-seed funding round led by Shastra VC (formerly Veda VC) and a consortium of strategic angel investors. The funds raised will be deployed to assemble a skilled team, including geologists, geochemists, and geospatial scientists based in India. Alt Carbon aims to leverage this talent pool to conduct a pilot project in early 2024, with a focus on developing robust and high-quality carbon removal credits for the voluntary carbon offset market. Revfin, an electric vehicle financing startup, has successfully raised $14 million in its Series B round, with Omidyar Network leading the investment. The funds will play a crucial role in furthering Revfin's dedicated efforts to strengthen the electric vehicle (EV) ecosystem, as mentioned in the company's press release. Furthermore, the funding will be allocated to support various elements of the EV ecosystem, including charging stations and batteries.----Get access to Newnex - www.newnex.ioJoin the global LP and VC co-investment platform for managing and collaborating with co-investors at scale. The future is digital: go beyond your immediate network and get your deals done privately and fundraisings closed rapidly. Invite VCs privately to co-invest in startups' current and future round. Invite LPs privately to co-invest in funds.

02 Jan

Venture Capital

European Startups funded recently - Newnex Fortnight

26 December 2023Newnex tracked $677 million in funding rounds over the past two weeks in European Venture Capital.Seasony, a leading player in the mobile robotics sector for vertical farming, has recently concluded its latest funding round, successfully securing €1.5 million in investment from a distinguished group of investors. The primary contributors to this round were North Ventures and EFIO (Export and Investment Fund of Denmark). Additionally, notable and seasoned business angels such as Vagn Ove Soerensen, Torben Wind, Klaus Holse, Barbara Taudorf Andersen, Nicolaj Reffstrup (Look Up Ventures), and others, participated in the investment round. Minut, a Malmö, Sweden-based short-term rental property monitoring company, has secured an additional $5 million in funding for its Series B round from Smedvig Capital. Existing investors, including Almaz Capital, Zenith, Kompas, Karma, KPN Ventures, SOSV, Verve, and others, have also participated in supporting Minut's growth. NeoCarbon, a cleantech startup based in Berlin, has disclosed the successful completion of a €3.2 million seed funding round. RAISE Seed For Good, a fund operated by RAISE Ventures that supports responsible tech leaders in Europe, led the funding round, with participation from PT1 – Proptech1 Ventures, Speedinvest, and Antler. The round also attracted support from notable angel investors such as Christian Vollmann and Matthias Gotta. Tacto, the German AI-based operating system for resilient supply chains, has secured €50 million in a funding round led by Sequoia Capital and Index Ventures. Existing investors participating in the financing round include Visionaries Club, Cherry Ventures, and UVC Partners. Plan-B Net Zero, a green energy startup based in Zug with its subsidiary in Mühlheim am Main, is dedicated to promoting renewable energy globally and expediting the shift to a low-carbon future. The Swiss startup has successfully raised €9.2 million in a Series A investment, led by Yamato Capital AG from Switzerland, with the participation of its community from the inception. Aria, a French fintech addressing the issue of late payments affecting freelancers, has successfully raised €15 million in a Series A funding round. The funding was led by 13books Capital. Other participants in the round include Adevinta Ventures, Ankaa Ventures, Otium Capital, along with notable angel investors like Laurent Ritter (Purple), Mark Ransford, and Guillaume Princen (former Stripe executive). SCIL Nanoimprint Solutions, headquartered in Eindhoven and specializing in providing technology for patterning nano-structures on large wafers through lithography, has raised more than €10 million in a recent funding round. Invest-NL led the investment through the Deep Tech Fund, with participation from imec.xpand, RSBG Ventures, and Brabantse Ontwikkelings Maatschappij (BOM). nuvo, a Hamburg-based SaaS startup providing AI-powered data onboarding solutions, has revealed the successful closure of a €3 million seed funding round. La Famiglia led the funding round, with participation from both new and existing investors, including FoodLabs, APX, Collective Ventures, Exxeta Ventures, and several business angels. Spore.bio, a Paris-based deeptech startup responsible for the development of the world's inaugural real-time pathogen detection device designed for factories, has disclosed the attainment of €8 million in a pre-seed funding round. LocalGlobe spearheaded the funding round, and it saw the participation of prominent investors and experienced angels in the industry, FMCG, and AI sectors, including EmergingTech Ventures, No Label Ventures, Famille C (Clarins Family Office), Better Angle, Mehdi Ghissassi (Google DeepMind), Roxane Varza (Station F), and others. German Bionic, a robotics company located in Bavaria, Germany, specializing in the development and manufacturing of smart power suits and wearable technologies, has revealed the successful acquisition of €15 million in an extended Series A funding round. The funding round was headed by German automotive supplier Mubea, with involvement from existing investors Benhamou Global Ventures, Bayern Kapital, IT Farm, Kailua Ventures, Cumberland VC, and Family Office Klein. Carthera, a medtech company that originated as a spin-off from Sorbonne University, has disclosed an additional €4.5 million in funding to supplement its Series B financing round, resulting in a total raised amount of €42 million. The company has expanded its investor pool with the inclusion of its first U.S.-based venture capital firm, Unorthodox Ventures, while existing shareholders Supernova Invest, Saint-Genys, and Bouscas Med also contributed to the funding. Pivot, an advanced spend management solution deemed to outperform Oracle NetSuite's procurement component or Coupa, has successfully secured $21.6 million in a recent Series A funding round. The funding comes primarily from existing investors, including Visionaries, Emblem, Anamcara, and Oliver Samwer. Swiss company Metafuels, a developer of sustainable aviation fuel compatible with existing aircraft, has disclosed raising €8 million in Seed funding. This investment is provided by climate-focused venture capital firms Energy Impact Partners (EIP) and Contrarian Ventures. Estonian sustainable packaging firm Woola has revealed a funding round amounting to €2.5 million. The company specializes in crafting protective wool packaging as an eco-friendly alternative to plastic. Metaplanet leads the funding, with continued support from Future Ventures and Lemonade Stand—both longstanding investors in Woola since 2021—alongside contributions from new angel investors. Dutch-Norwegian cleantech company SolarDuck has secured €15 million in additional funding to advance its Offshore Floating Solar power technology. The investment comes from a mix of existing and new investors, forming an international consortium that includes Katapult Ocean, Green Tower, Energy Transition Fund Rotterdam, and Invest-NL. RTI Blockchain, headquartered in Delft, has successfully raised €2.5 million in a recent funding round. The Dutch startup specializes in providing digital management solutions for reusable transport items within the logistics sector. With a vision to position blockchain as the leading global solution for load carrier management, RTI Blockchain attracted investment from a diverse group of backers, including experts in technology, logistics, and the Borski Fund. Ecoworks, a climate-neutral building renovation company, has disclosed one of the most substantial Series A funding rounds in the global construction technology sector, totaling €40 million. The leading contributor to this funding round is World Fund, with additional investments coming from Haniel, KOMPAS VC, and ISAI.Arbonics, a climate tech startup headquartered in Tallinn, has revealed securing €5.5 million in a Seed round of funding from NordicNinja, Plural, and Tilia Impact Ventures. Meniga, a fintech startup, has disclosed raising €15 million in its Series D funding round, bringing the total funding for the company to €55 million. The investment comes from prominent European banks Groupe BPCE and Crédito Agrícola, along with leading Icelandic venture capital group Omega ehf, and involvement from various existing shareholders. Wholesale procurement platform Qogita is coming out of stealth mode and revealing it has secured €80 million in Series B funding, led by Dawn Capital. Previous investors, including Series A lead Accel and Seed co-leads LocalGlobe and Bessemer Venture Partners, also participated in this round. Estonia-based RegTech firm Salv, focused on combating financial crime, has recently revealed the successful acquisition of €3.9 million in new funding. The funding round includes contributions from existing investors Passion Capital, G+D Ventures, and ff Venture Capital, as well as new investors yet to be disclosed. Jenesys AI, a London-based fintech startup under the umbrella of GenAI, which is developing an AI 'bookkeeper' to assist with B2B payments and compliance in back office accounting, has successfully raised $1.1 million in a pre-seed funding round. The funding was spearheaded by seasoned AI investors Nick Slater and John Spindler from London's Twin Path Ventures. It also saw participation from Fuel Ventures, Antler, Hatcher+ in Singapore, and experienced angel investors from both the US and UK.Vienna-based SaaS scale-up HYDROGRID revealed on Friday that it has raised $8.5 million in a Series A funding round. The funding was led by new shareholders Inven Capital and Karma Ventures, with additional contributions from existing investors CNB Capital and SET Ventures. This infusion of capital will enable the Austrian scale-up to expand into new markets and make strides toward a zero-carbon future. Vectoflow, the manufacturer of 3D printed flow measurement systems, is excited to declare the successful closure of its Series A investment round, securing €4 million in funding. The round was supported by new key investors, including Bayern Kapital Innovations fonds II, WN Invest, asto One Investment, argo vantage, Schwarz Holding, Dr. Rolf Pfeiffer, along with existing seed investors AM Ventures and KfW Bankengruppe. Norway-based BRUDELI, an electric transmission technology firm, has secured approximately €1.34 million in a recent funding round. The funding round was spearheaded by Hexagon Composites ASA and Leax Group AB, significant players in clean fuel and transmission components for commercial vehicles. CareerFairy, a video recruiting platform targeting Generation Z, has secured a €3.5 million investment, marking its largest funding round to date. The primary investor in this round is the prominent European media group Mediahuis. CareerFairy also enjoys support from investors such as Swiss Post Ventures, Backbone Ventures, and business angels from SICITIC, Start Angels, and Business Angels Switzerland. Spanish startup Green Eagle Solutions has successfully concluded a €6 million Series A funding round. The company offers an AI-powered Enterprise SaaS product designed to automate the operations of renewable energy assets. The Energy Transition Tech Fund of A&G spearheaded the Series A round, with additional commitments from previous investors Kibo Ventures and SET Ventures. Fiat Republic, the London-based specialist Banking-as-a-Service (BaaS) platform, has declared the successful closure of a $7 million Seed extension round. Participants in the round include first-time investors Kraken Ventures, Fabric Ventures, Arca, Inovo.vc, and Pretiosum Ventures, alongside existing investors Speedinvest, Credo Ventures, and Seedcamp. Vitt, a London- and Berlin-based startup purporting to offer a comprehensive cash management solution for startups, has secured €1 million in financing. The funding round was spearheaded by Better Tomorrow and Speedinvest. Notably, Max Tayenthal, founder of N26, also participated in the funding round for Vitt. Munich-based Blickfeld, a manufacturer of LiDAR solutions, has disclosed securing €7.5 million in an initial growth round of funding. The investment was led by private equity firm New Future Capital and UVC Partners, and also included participation from existing investors such as Bayern Kapital, Continental, Fluxunit (ams OSRAM Ventures), High-Tech Gründerfonds, and Tengelmann Ventures. LUMA Vision, headquartered in Dublin and Munich and known for its innovative four-dimensional (4D) cardiac imaging and navigation platform, has declared the successful acquisition of $22 million in a Series A3 funding round. The round was led by existing investors EQT Lifesciences, ABV Uni Fund, and imec.xpand. Additionally, the latest round included three new investors, including an undisclosed multinational strategic investor, Atlantic Bridge Growth Fund, and Bayern Kapital.Hivello, a startup based in Amsterdam specializing in decentralised physical infrastructure networks (DePIN), has revealed the successful closure of a $1 million pre-seed investment round. The funding round received support from NGC, Blockchain Founders Fund, Side Door Ventures, IDG, Bing Ventures, MEXC Exchange, XT.com Exchange, Genesis Block, and NxGen. Unlimitd, a leading digital financing platform in France, specializing in revenue-based financing, has announced a significant €100 million investment from Absolute Capital Partners (ACP). EVUM Motors, a Munich-based startup specializing in the design and manufacturing of electric utility vehicles, has successfully secured €20 million in funding. The investment is led by European growth deep tech private equity firm Jolt Capital, with support from Bayern Kapital and other existing investors. NETRIS Pharma, a clinical-stage biopharmaceutical startup based in France, focused on developing next-generation molecules targeting cancer resistance, has secured an additional €7.5 million in an extension round. The new investment comes from new investors, including the EIC Fund, following the startup's selection for the EIC accelerator program. suena, a Hamburg-based startup specializing in AI-driven optimization and power trading services for flexible energy assets, such as large-scale battery storage, has concluded a €3 million seed funding round. The funding was co-led by the Santander InnoEnergy Climate Fund. Additional participation in the round came from existing shareholders EIT InnoEnergy, Raakwark Kaptaal, and Business Angels. Orbital Eye, a Delft-based company providing monitoring and inspection services, has announced the successful securing of €2 million in a new funding round. The round was spearheaded by S[&]T Ventures, with support from the Netherlands Enterprise Agency (RVO) and the Ministerie van Economische Zaken en Klimaat through the InnovatieKrediet instrument. HiiROC, a startup with an innovative proprietary process for low-cost, zero-emission hydrogen production, has secured over £30 million from investors. Notable contributors include Melrose, Wintershall Dea, Centrica, HydrogenOne, Hyundai, CEMEX, and Kia. Lithuanian medical device company Sentante has announced the successful closure of a €6 million Seed funding round. The round was led by Practica Capital, with the participation of the EIC fund. German data storage startup UltiHash has raised $2.5 million in Pre-Seed funding. The funding round was led by Inventure, with participation from PreSeedVentures, Tiny VC, Futuristic VC, The Nordic Web, Antti Karjalainen (Founder and angel scout for Sequoia Capital), and other private investors. Copenhagen-based Podimo, a provider of podcast and audiobook subscription services, has secured €44 million in a recent funding round. The investment came from The Danish Export and Investment Fund (EIFO), HighlandX, and Augustinus Fabrikker. Collaborative visual software company Kosmik has raised $3.7 million in Seed funding. The funding round is led by Creandum, with additional participation from existing investors Alven, Kima Ventures, Betaworks, Amjad Masad (the founder of Replit), Andrew Sutherland (the founder of Quizlet), and other prominent business angels. IT security provider Link11 has successfully closed another financing round, raising €26.5 million with Dutch investor Pride Capital Partners. The funds will likely support Link11's continued development and expansion of its global security cloud platform, which offers innovative protection against cyber attacks for companies worldwide. Utrecht-based Campercontact, a platform connecting motorhome travelers with motorhome site providers, has announced securing €2 million in growth funding. The investment, coming from Airbridge Equity Partners, a technology-focused investment firm, is intended to support the platform's expansion and scaling efforts across Europe. DTE, an Icelandic startup revolutionizing metal production and processing to make it more sustainable, safe, and efficient, has secured an additional $6 million in Series A2 funding. The investment comes from growth investor Eyrir Vöxtur, alongside existing backers, the European Innovation Council (EIC) Fund. This brings the total Series A2 round secured by the company to $16 million, following an earlier $10 million investment earlier this year from Novelis, Metaplanet and previous investors Chrysalix Venture Capital, and Brunnur Ventures. --------Get access to Newnex - www.newnex.ioJoin the global VC LP and GP network. Scale VC fund and direct co-investments.

26 Dec

Artificial Intelligence

Last week in Artificial Intelligence (AI)

18 DecemberThis week has not been carrying too many block buster events, nonetheless there are some important news you need to be informed about. Newnex is bringing the AI top-news and discussions on AI happening every week. Here is last week's top developments.The UK high court rules that AI invention is patentable. Previously UK IPO had refused to recognise AI patent considering it to be a computer program. Read more and Read other news (did not happen last week but important)The gist:The High Court has overturned a UK Intellectual Property Office (UKIPO) decision, ruling that an AI invention for media-file recommendations based on artificial neural networks (ANNs) is patentable. The judge found the invention did not fall within the computer program patentability exclusion, signaling a positive move for AI innovators. The decision is the first to consider the exclusion in the context of AI, potentially opening the door to patent protection for many AI inventions. The UKIPO has temporarily suspended its examination guidelines on AI-related patent applications while reviewing the judgment, highlighting the decision's significant impact on patent protection for AI in the UK. The ruling positions the UK as an AI-friendly jurisdiction and aligns with the government's push for AI development and innovation. 2. EU's AI act is moving ahead - Read here The gist:The European Parliament, Council of the European Union, and European Commission have reached a political agreement on the EU Artificial Intelligence Act (AI Act) on December 9, 2023. The agreement covers key aspects, including the scope of the AI Act, classification of AI systems as "high-risk," and law enforcement exemptions. The AI Act aims to regulate the development, import, deployment, and use of AI systems in the EU. The agreement includes prohibitions on certain AI practices, obligations for high-risk AI systems, the right for citizens to lodge complaints, rules for general-purpose AI models, the establishment of a European AI Office and AI Board for oversight, and sanctions for non-compliance. The AI Act is expected to enter into force 20 days after publication in the EU Official Journal, with organizations required to comply two years after its entry into force. During the transitional period, the Commission will launch an AI Pact for developers to voluntarily commit to key obligations outlined in the Act. 3. SEC probes investment advisors use of AI - Read more The gist: The U.S. Securities and Exchange Commission (SEC) is conducting a targeted examination, or "sweep," to gather information from investment advisers on their use and oversight of artificial intelligence (AI). The SEC's examinations division has sent requests for information to multiple investment advisers, seeking details on AI-related marketing documents, algorithmic models for managing client portfolios, third-party providers, and compliance training. While the SEC's scrutiny does not imply suspicion of misconduct, it aligns with SEC Chairman Gary Gensler's expressed skepticism about the potential risks associated with the financial industry's increasing reliance on AI. The examination is part of the SEC's broader rule-making agenda, which includes proposed rules around the use of data analytics, including AI, with a focus on addressing conflicts of interest. The sweep targets specific concerns such as managing AI-related conflicts of interest, contingency plans for system failure, and the impact of AI systems on regulatory or legal issues. Despite ongoing evaluations of AI policies by many firms, the SEC's examination faces challenges due to the widespread adoption of AI technologies in the industry. 4. SEC faces fierce pushback on plan to police AI investment advice - Read more The gist: Brokers, hedge funds, and investment advisers are strongly opposing the Securities and Exchange Commission's (SEC) proposed rules on the use of artificial intelligence (AI) in providing financial advice to investors. The SEC's July proposals, known as "Reg PDA," aim to eliminate conflicts of interest involving technology when advising clients. Critics argue that existing rules on investor protection are sufficient and that the SEC's definition of "technology" is too broad. Industry groups, including Sifma and the Investment Company Institute, have called for the withdrawal of Reg PDA, citing concerns about arbitrary rulemaking. The SEC, under Chair Gary Gensler, has faced significant opposition, and critics argue that the cumulative effect of numerous rule changes is straining the industry. Consumer groups support Reg PDA, emphasizing the need for stronger investor protections in the rapidly evolving landscape of AI-driven financial advice.Other news:- Swiss to use artificial intelligence post tests for passenger countingRead more- Agencies Have Begun Implementation but Need to Complete Key requirements Read more- EU policymakers reached a political agreement on Thursday (14 December) on legislation to bring the bloc’s product liability regime in line with technological developments, notably covering digital products like software, which includes Artificial Intelligence. Read more--Join Newnex - scale your VC fund, direct and co-investments www.newnex.io

17 Dec

Venture Capital

Why is LP investing in smaller funds smart? VC fund math for you

Venture capital presents a compelling asset class characterized by the investment in companies that may initially operate at a loss but exhibit significant growth potential. The fundamental premise lies in the application of the "power law," wherein the expectation is that a select few investments within a portfolio will yield returns substantial enough to either cover the entire fund or contribute significantly to its overall performance. Notably, the efficacy of the power law tends to be more pronounced in smaller funds compared to their larger counterparts. Let's see how.In the context of venture capital, the power law concept entails that, although a typical fund comprises a diversified portfolio of approximately 20 companies, the anticipation is that each of these entities possesses the latent capacity to generate returns equivalent to, or surpassing, the entire fund's value. While this aspiration is not universally realized, it forms the basis of the investment decision-making process for venture capitalists.The distribution of successes and failures in venture capital portfolios is typically uneven. A handful of companies may deliver returns of 10%, 20%, or even 100% of the fund, while others may only recoup their initial costs or fail to do so altogether. The implications of this dynamic become more apparent when considering the size of the fund.Assuming that five companies, constituting a quarter of the portfolio, are instrumental in driving the total fund return, the challenge becomes evident. Analyzing the scenario further with basic venture capital calculations, where the average stake at exit is 6%, reveals that scaling up the fund size amplifies the difficulty of achieving proportional returns. For instance, a $100 million fund necessitates a total portfolio valuation of $3.34 billion for success, making it a more formidable task than its $50 million counterpart.Quick math:$50m fund, 6% average exit stake in companies at exit:For 2x fund return ($100m), portfolio requires aggregate $1.67bn value.For 3x the fund ($150m), portfolio requires aggregate $ 2.5bn value.$100m fund, 6% average stake in companies at exit,For 2x fund return, portfolio requires $3.34bn value.for 3x fund return, portfolio requires $5bn value.When you further take into account that approximately 5 companies have to bring all or the lion's share of the value, the challenge is higher.There are of course outliers to the above math. However, the mathematical analysis clearly underscores the relative ease of scaling smaller funds compared to their larger counterparts, emphasizing the constraint imposed by the limited pool of opportunities for substantial exits in larger funds.Having delineated the mathematical dynamics, the subsequent pivotal challenge for venture capitalists becomes securing "access to winning companies". Delving into this aspect warrants a separate exploration.---------Praveen Paranjothi is the founder CEO of Newnex. Praveen has spearheaded investments exceeding $500 million in funds, co-investments and direct investments across Europe, the US, and Asia. With an extensive background, he has contributed expertise as a member of 13+ fund boards and held roles at the European Investment Fund and Siemens Asset Management.Get access and scale VC investing with Newnex - Global VC LP, direct and co-investors network to refer, invest and fundraise at scale.

15 Dec

Startups

(Almost) Failures - the stepping stone for the next startup story

Startup investing is by definition investing in loss making companies with a hope and wish that they can scale and build a moat fast enough that the startup can become a roaring success. However, there is a thin line between taking much needed risk for innovation vs investor profligacy. Usually when easy financing is available, startups get funded for hype. We are tracking stories and lessons learned from these stories out of our own interest to both serve as a reminder and learn the lessons for the next startup story.2023Bird: Once high flying scooter startup and valued at $2.5bn files for bankrupcty under chapter-11. Bird Canada and Bird Europe are not part of the bankruptcy filing.Since inception, Bird's riders have taken 300million miles globally. Last mile-transportation continues to be a challenge.https://www.prnewswire.com/news-releases/bird-enters-into-comprehensive-restructuring-support-agreement-with-first--and-second-lien-lenders-to-strengthen-financial-position-302019823.htmlHopin - The virtual event darling, founded by Johnny Boufarhat, touched almost $8bn in valuation, and counted top-investors who never held any meaningful stake. None of the investors had a large enough share to push for critical decisions, and the pandemic fuelled growth allowed the founder to cash over $150million without giving an exit to investors.The company made some savvy acquisitions, while at the same time raising 20x times in valuation of the acquired companies. Investors threw away all investor discipline in allowing the founder cash in generation-level wealth, not owning meaningful stake, and in most cases no board seats. The whole story played during the pandemic and is one of the best beneficiaries of the pandemic boom.The in-depth Sifted take on Hopin: https://sifted.eu/articles/was-hopin-really-such-a-failureInFarm - Berlin HQed vertical farming startup raised $500m+ funding and valued at more than $1billion. Quietly disappeared in late 2022 and 2023.The company followed the startup mantra, "fake it until you make it". Sold strawberries before they were ready, generated €8m revenue on €127.8m loss in 2021. Eventually, ended up disappearing without much of a flutter. It is to be noted much of the fundraising for the startup happened during absolute boom in 2018s to 2020s.The Sifted in-depth story on InFarm: https://sifted.eu/articles/infarm-raised-500m-and-disappeared2022WeWork - valued $47 billion in 2019 filed for bankruptcy in the US in 2022. The company is one of the cases where the founder made tons of money and the investors were left holding the losses. WeWork founded by a great story teller, Adam Neumann, the company took long-term leases and rented "cool" and temporary real estate offices for companies. Startups moved-in, and some large companies as well.A lot of people had doubts about long-term leases for short-term rents. But then Masayoshi Son (Softbank) happened. His $100billion fund made deals by the gut, and Adam Neumann impressed Mr Son. Mr Neumann later fell out of favor, the company's lossses kept mounting, and Mr Neumann cashed out at many instances, including when he was ousted as the CEO. Much of the investments came from Softbank, and much of the losses were taken by Softbank. It's an incredible story, and is still playing out.If we were to describe the WeWork story: Low interest rate environment, large fund, two personalities Mr Neuman and Mr Son. This made for a great story, and possibly a yet to be made, great movie.Softbank loss: $14bn+. Mr. Son's reputation not accounted for.The timeline, dubbed one of the worst investments in history: https://www.dailymail.co.uk/news/article-12725419/SoftBank-WeWork-venture-capital-loss-bankruptcy.html---Join Newnex - scale your VC fund, direct and co-investments www.newnex.io

13 Dec

Venture Capital

Indian Startups Funded recently - Newnex Fortnight

The Indian market is on a rapid growth trajectory. In collaboration with Startup Europe India Network, we're expanding our fundraising track, Newnex Fortnight India, to India's rapidly booming venture capital ecosystem. We tracked $200 million+ in fundraising and deal making in the past weeks.Indian startup Elivaas, which oversees the management of villas and luxury apartments, has raised $2.5 million in a seed funding round led by Peak XV Partners' Surge. The funds will be utilized to expand the company's presence in key Indian cities and enhance its platform. Elivaas provides assistance to homeowners in property maintenance, booking, pricing, and promotion, while offering renters a curated travel experience. Indian electric bike manufacturer EMotorad has secured $20 million in a Series B funding round as part of its efforts to challenge China's market dominance and extend its global footprint. The three-year-old startup, which has raised over $22.5 million in total funding, saw Singapore's Panthera Growth Partners lead the latest investment round. Other participants included Alteria Capital, xto10x Technologies, and Green Frontier Capital, an existing investor. The funding also comprises $2.5 million in debt. HempStreet, an Ayurvedic cannabis startup, has secured $1 million in a pre-Series A funding round led by current investor Carl Waahlin. Additional participants in this funding round include Andre Rodrigues and a group of High NetWorth Individuals (HNIs) from South East Asia, along with Abhishek Mohan. To date, HempStreet has received a total funding of $3 million and collaborates with over 20,000 doctors throughout India. In its seed funding round, agricultural technology startup Suind has secured Rs 5 crore with Sunicon Ventures leading the investment, along with contributions from Zetta Farms and other angel investors. Suind intends to utilize the funds to expedite technological developments, improve the scalability of its AI-driven crop protection platform, and broaden its market presence in both Indian and European markets, as stated in a press release. Onedios, a platform that aggregates customer care services, has secured INR 6 Crores in a bridge round, with leading contributions from Inflection Point Ventures and VCATs. The raised funds will be utilized to bring retailers on board, enabling them to offer Branded/OEMs extended warranties instead of third-party extended warranties. Emerging from stealth mode, Sarvam AI has disclosed a funding raise of $41 million for its efforts to develop a suite of full-stack generative AI offerings. The funding, secured across both Seed and Series A financing rounds, was led by Lightspeed in the Series A round and co-led by Lightspeed and Peak XV Partners in the Seed round. Additionally, Peak XV and Khosla Ventures participated in the Series A funding. Navadhan, a rural fintech company, has disclosed that it secured $5 million in its Pre-Series A funding round, with Prime Venture Partners leading the investment. Existing investors, including Varanium NexGen Fintech Fund and Gemba Capital, also participated in the round. The additional funds will be deployed to advance the company's AceN tech platform and expand its distribution and service delivery model. Digivriddhi Technologies, a dairy fintech startup commonly known as DGV, has effectively raised $6 million in its Series A funding round, with Omidyar Network India taking the lead in the investment. Existing investors, including Omnivore and Info Edge Ventures, also demonstrated increased participation in the Series A round. ShipGlobal, a startup specializing in cross-border logistics, has successfully raised $2.5 million in a seed funding round led by early-stage venture capital firms Info Edge Ventures and Temasek. DigitalPaani, a company founded by alumni of Stanford and IIT-Delhi that is revolutionizing water management, has announced a highly oversubscribed capital raise of $1.2 million in its seed round. The funding is led by global investors such as Elemental Excelerator, marking their inaugural investment in Asia, along with Indian institutional investors Enzia, Peer Cheque, SAE, DevC, and Bharat Founders Fund. Prominent angel investors, including Ashish Goel (Urban Ladder), Alok Mittal (Indifi), Mohit Sadani (Moms Co), and Mohit Tandon (Delhivery), have also participated in this funding round. VoiceClub, an on-demand audio consultancy platform, has secured $700,000 in a seed funding round, with Better Capital leading the investment. TDV Partners, Blume Founders Fund, Sunn91, Astir Ventures, and founders of Kutumb, Dhan, PagarBook, Flobiz, Khatabook also participated in the funding round. The Sleep Company, a startup specializing in sleep solutions, has secured $22 million in a Series C funding round led by existing investors Premji Invest and Fireside Ventures. The capital raised will be utilized to broaden the range of product offerings, including the expansion of 'SmartGRID-based' products into additional categories. Notably, this funding comes just 12 months after the company's previous fundraising round in November 2022 when it raised around Rs 177 crore ($21.3 million) in a Series B round led by Premji Invest. In a Series C funding round, coffee chain firm Third Wave Coffee has secured $35 million, with homegrown private equity firm Creaegis leading the investment. WestBridge Capital, an existing investor, also took part in the funding round. Vegrow, a B2B fruits marketplace, has secured $46 million in a primary and secondary funding round led by GIC, with participation from existing investor Prosus Ventures, Matrix Partners India, Elevation Capital, and Lightspeed. The newly raised funds will be used to expand Vegrow's presence across India and enhance its global network. AllTrak, a healthcare logistics platform, has secured Rs 4.2 crore in a pre-Series A funding round led by Inflection Point Ventures. The funds raised will be allocated towards expanding the team, enhancing technology, and expanding logistics operations to multiple cities across India. Established by Amit Gupta and Tarun Sharma, AllTrak provides comprehensive solutions to diagnostic companies, encompassing a technology SaaS platform, a nationwide shared logistics network, and a phlebotomist network, facilitating healthcare companies in serving their patients. Scimplifi, a platform facilitating the sourcing and manufacturing of specialty chemicals, has secured $3.67 million in its seed funding round from 3one4 Capital and BEENEXT. The funds will be deployed to expand the core team, focusing on business, value engineering, and technology enhancements. Offside, a social app catering to cricket enthusiasts, has secured $150,000 in pre-seed funding from 100X.VC. The funds will support Offside's growth trajectory, allowing it to increase its user base to 500,000 in the upcoming months. Scandalous Foods, a one-stop-shop, has secured 1.6 crore in the ongoing pre-seed funding round, co-led by Anthill Angel Fund, EvolveX, Value360, and Sapphireink, with participation from Sagar Daryani, Kamnaa Aggarwal, Vikas Aggarwal, and Harpal Singh Sokhi. The funds will be used for product development, expanding its production unit in Nasik, automating production processes, and increasing its reach from 250 touchpoints to 2000 touchpoints within a year. PatilKaki, a startup specializing in homemade snacks, has secured a new funding round led by the angel investing network Cap70 Angels, with additional participation from serial entrepreneurs Agnelorajesh Athaide and Kailash Biyani. The funds raised will be utilized for scaling up operations, optimizing marketing strategies, and expanding sales and distribution, among other initiatives. Founded by Vinit Patil and Darshil Savla, PatilKaki provides homemade snacks and sweets, including modak, laddoos, protein foods, and namkeen special food services. Twyn, a deeptech startup focused on Phygital twin technology, has secured $1.25 million in a pre-Series A funding round led by JITO Incubation and Innovation Foundation (JIIF) and ah! Ventures. Other notable investors include HEM Angels, Bestvantage, and Beej Network. Twyn plans to utilize the funds for expansion into auto, petrochemicals, and steel hubs in the Middle East and Europe. Additionally, the startup aims to strengthen its leadership team in both India and Dubai to support its growth plans and market expansion.-------Join Newnex and scale venture capital investing. Consolidate LP, Direct and Co-investments in one place with www.newnex.io

13 Dec

Asset Management

$4tn dry powder and key-takeaways for PE from Blackrock's 2024 Private Markets Outlook

BlackRock just published 2024 Private Markets Outlook. The Newnex team has parsed the key-takeaways from the report.There is a rapidly growing perception that the next decade of value creation is happening in private markets. We've seen reports including Family Offices pushing into private investments despite the good performing public equity. This timely report throws some more light into how private markets are expected to evolve in the coming years. Long-story short, private markets are set to soar. AI will be a game-changer.To begin with, there is no one-type of "private asset". Investors have to choose among the available assets to choose what's best for them. Private markets for the purpose of this report is a) Private Equity b) Private debt c) Infrastructure d) Real Estate. Our focus below is on PE.The Key take-aways for Private Markets with a focus on PE:Broad shifts in the economy and financial markets are positioning private markets to grow.What are those broad shifts?Tightening lending standards resulting in banks reducing lending. Boom time for private debt and increasing reliability on equity financing.Companies are staying private longer, requiring a prominent place for private financing. Faster and flexible financing will drive growth.Fundraising in 2023 have been subdued, and as a result, less capital chasing investments. Hence more selective investments and good vintages.Mega forces that are reshaping the world are:digital disruption and AI (private equity)the low-carbon transition (Infrastructure)the future of finance (private debt)demographic divergence (real estate)geographical fragmentationDry-powder, Capital calls and DistributionsPrivate markets dry-powder set to touch $4tn, with the mega share with private equity ($2.5 tn).Capital calls increasing and outpacing distributionsPrivate EquityRising interest rate, inflationary pressure, geopolitical and economic uncertainty, and correction in public markets drove slower PE activity.Valuations have declined from 11.9x EBITDA (2022) to 11.2x EBITDA (2023)Public-to-private transactions increased to 21% of deal value (compared to 15% the last 5 years)Less availability of debt has increased equity contributions in deal makingQuality assets attract investments (industry leading companies, stable cash flow and return on capital)Good time to buy: Shortage of exit opportunities have left 75% of companies net cash-flow negative. Great secondary opportunity because (a) Sellers are motivated (b) Debt is hard to come by (c) innovative deal structuring including minority sales (d) corporate divestitures (e) moderated valuationsBlackRock identifies that Artificial Intelligence will be a mega force having a horizontal and profound across industries.Access the Full Report here-------Join Newnex and scale venture capital investing. Consolidate LP, Direct and Co-investments in one place with www.newnex.io

13 Dec