20 billion short
Good morning. Not too much time for a proper Sunday CET this week, so I thought to make it up to you with a gift by sending the Monday CET instead, our weekly intel deal coverage from Europe. As a reminder, we send it every Monday morning and if this kind of intel is your thing, you can subscribe to get it from here.
Talk to you next Sunday, when I hope to resume the regular schedule. Dragos
In its sustained efforts to produce tech innovation, the EU claimed an unexpected number one spot when it comes to ‘the AI thing’: the first to regulate it. It’s not an April 1 joke - not only that, but also last week, Italy banned both the ChatGPT and lab-grown food.
Meanwhile, on the private market where the actual tech innovation is at, 13 months after Russia invading Ukraine, the Euro PE houses figured there’s money to be made in defence and related technologies, while in the VC land, the as is Q1 data shows deployments $20 billion-ish short compared to Q1 last year (9.7bn vs 28.4bn and 14 vs 75 100M+ funding rounds), with overall about 20% fewer transactions. Yes, it ain't pretty for fund managers and their dependants, late stage is in limbo, while the early stage activity is slightly weaker than the one of last year's Q1 (<$10M deals).
This week's highlights include:
early stage money for applied-AI projects - computer vision, voice conversation intelligence, webapps, smart packaging
growth deals for commodities markets, web3, EV infra, synthetic data
more powder - solo VCs and vertically focused vehicles i.e. dementia, FoF, fintech, quantum, university spin-outs, immigrants, women.
🇸🇪 Numa, operating a digital marketplace providing video meeting access with experienced midwives specialized in breastfeeding and postpartum health, was pre-seeded by a local family office.
🇩🇰 Dora, selling an intelligent dispatching system with an integrated marketplace for forwarding and trucking businesses, raised seed funding from Denmark’s Export and Investment Fund and Unconventional Ventures.
🇸🇪 Geins, doing an API-first pre-composed commerce suite taking care of everything from content to fulfillment, raised $300k from local angel investors.
🇸🇪 Voxo, doing an AI-based conversation intelligence platform that processes, analyses, and visualizes voice conversation data, raised $2 million from Beijer Ventures, Malmkroppen, NFT Ventures and Swedish angel investors. The company has raised a total of $3.7 million since 2018.
🇸🇪 Open Payments, operating a PSD2 aggregated platform initiating account-to-account payments on behalf of third-party providers, raised $3 million in a growth round from Industrifonden, Sony Financial Ventures and Global Brain.
🇳🇴 Casi, selling a car-subscription-as-a-service to car manufacturers, dealers, and other mobility players looking to implement sub models, raised $3.3 million from DNB and existing investors Idekapital and Norselab.
🇩🇰 Viggo, providing transportation-on-demand via a zero-emission cars fleet, raised $3.6 million seed in a round led by Norway-based Link VC.
🇳🇴 Kezzler, developer of serialization technologies designed for industrial scale, raised $11 million from Tomra, DNVand Investinor.
🇩🇰 Agreena, operating an online trading platform for efficient forwards trading of grains and agricultural commodities, raised $50 million Series B led by HV Capital, joined by AENU, Anthemis, Gullspång Re:food, Kinnevik and Denmark’s Export and Investment fund.
🇦🇹 Digicust, helping freight forwarding companies with customs clearance software and a virtual customs robot, raised $100k from Bulgarian investors.
🇩🇪 Codesphere, developing an intelligent platform for the development of WebApps, raised a $2 million seed extension led by Begin Capital.
🇩🇪 Recyda, developing packaging data management and analytics used to assess the recyclability of consumer goods packaging solutions, raised $2 million seed in a round led by Speedinvest, joined by Futury Capital and angel investors.
🇩🇪 Coqui, developing a tool used for producing emotive text-to-speech through generative AI, raised $3.3 million seed from investors including ScaleX Ventures, Mango Capital and DNX Ventures.
🇩🇪 Atlas Metrics, developers tools used to collect, manage, and report environmental, social, and governance (ESG) data, raised $5.6 million seed led by b2venture and Cherry Ventures with VR Ventures, Redstone, GFC, Rivus Capital, another.vc, and TD Veen.
🇩🇪 nyris, developing an image search engine that is sold as a software as a service, raised $10 million series A co-led by Trumpf Venture and the EIC Fund.
🇩🇪 Li.fi, developing an infrastructure protocol that aggregates cross-chain bridges and decentralized exchanges, raised $17.5 million in Series A funding led by CoinFund and Superscrypt.
🇫🇷 Ikomia, developing an open source tool enabling quick deployment of computer vision applications on embedded devices, raised $700k from local investors.
🇫🇷 Koala, selling a new gen travel insurance product through a network of 30+ European distributors, raised $2.2 million from investors led by Insurtech Gateway, joined by Uneti Ventures, Slimmer AI and Sterling Oak.
🇫🇷 NuMind, YC alum building a platform that allows B2B and B2C customers to create custom NLP models, raised $3 million seed from investors led by Flybridge, joined by Carya Ventures, the Pioneer Fund, Velocity Ventures, Sharpstone Capital and Y Combinator.
🇫🇷 Electric 55 Charging, operating an EV charge point network across France, raised $10 million series A from strategic investors Conquest and YESSS Electrique.
🇫🇷 Effy, an energy renovation supplier, raised $22 million first money in entirely backed by Felix Capital, after 15 years of bootstrapping.
🇬🇧 Olie App, developing a yet-to-be-launched audio wearable device enabling hands-free communication for athletes, was pre-seeded.
🇬🇧 Medwise, developing a tool dubbed 'Google for medical doctors', raised $1.3 millionfrom SFC Cap, Calm/Storm Ventures et al.
🇬🇧 BioCorteX, doing a first-principle computer simulation that combines physics, chemistry and cutting-edge computational techniques in order to understand drug-bacteria interactions and improve a person’s response to treatments, raised $5 million seed from Sofinnova and Hoxton Ventures.
🇬🇧 Connect Earth, doing a platform allowing financial institutions to calculate their carbon footprint, raised a $5.6 million seed round led by Gresham House Ventures, joined by Love Ventures, Global Brain, Portfolio Ventures and Super Capital.
🇬🇧 Hazy, using AI-generated synthetic data with no real information to replace real data, thereby eliminating privacy risks while preserving statistical quality, raised $9 million in Series A round led by Conviction VC and joined by existing investors including UCL Technology Fund and M12.
🇬🇧 Paytrix, developing payment and banking infrastructure for other software companies, raised $18.3m in Series A funding from Unusual Ventures, Motive Partners and Bain Capital Ventures. The company was seeded with $5.6 million in November last year.
🇧🇪 Shyfter, developing a workforce management tool for staff scheduling, raised $650k.
🇷🇴 EasySales, a plug & play SAAS solution enabling a portfolio of 700 customers to sell on multiple marketplaces, raised $1.2 million from Fortech Investments.
🇵🇹 AssetFloow, developers of behavioral AI tools for retailers and CPG companies, raised $1.6 million seed from GED Tech Seed.
🇭🇷 GameBoost, providing game-related services such as Elo Boosting, Coaching, and Account Selling, raised $2 million seed from Fil Rouge Capital and Feelsgood Capital.
🇪🇸 Auctree, developing an online trading platform for real estate investors, raised a $2.7 million seed round led by Samaipata.
🇷🇴 Videowise, developing a review application platform that automates product video reviews for online stores, raised a $3 million seed round led by Slack Fund, joined by FounderCollective, Underline Ventures, MuVentures, Ratio Ventures, and angel investors.
🇪🇸 APlanet, developers of an easy-to-use software solution for organizations to manage, measure, and report their social responsibility, raised $4 million from EDP Ventures, CDTI, JME Ventures, FJLabs, All iron, Viriditas and DraperB1.
🇪🇸 Tropicfeel, D2C producer of an-all terrain type of shoe, raised $5 million series A from Bolsa Social and Ona Capital.
Please note that this is just a customised selection, all deals (many more!) are available here. Pro tip: use advanced trackers to learn about new deals by industry, country, stage or a specific set of investors.
Active last month
🇫🇷 Alexandre Berriche
🇩🇪 Louis Pfitzner
🇪🇸 Francisco Riberas
🇪🇸 Yago Arbeloa
🇩🇪 Mario Götze
🇸🇪 Fredrik Jung Abbou
🇩🇪 Bayern Kapital
🇸🇪 EQT Ventures
🇩🇰 Unconventional Ventures
🇬🇧 Fuel Ventures
🇫🇮 Voima Ventures
🇳🇴 Alliance Ventures
On the move
🇬🇧 Neda Vakilian was promoted as head of investor solutions at Actis after a year with the company.
🇬🇧 Ryan Selwood joined British PE Bregal Investments as chief investment officer in the NYC office, after working as chief development officer for Carlyle.
🇳🇱 Two Amsterdam-based European bankers long time with Credit Suisse jumped ship to Citigroup - Maarten Swart, who will become co-head of European consumer and retail, and Sophie van Kleef, who will work on food and beverage deals.
🇸🇪 EQT announced the close of its debut LSP Dementia Fund, with €260 million in capital commitments dedicated to investing in companies that are developing breakthrough drug therapies and medical technologies across the spectrum of neurodegenerative diseases.
🇫🇷 Elaia closed Digital Ventures 4 fund at €200 million aimed to back 25 to 30 European companies at seed to series B level.
🇫🇷 Armen announced the first close of €150 million for its Armen GP Stakes Fund I to fund European alternative investment companies and support their growth through GP Stake transactions.
🇬🇧 Playfair Capital announced its third fund at $70 million, targeting only six to eight investments per year at pre-seed in the UK and across Europe. We profiled Playfair last month.
🇫🇷 Polytechnique Ventures, seed fund launched by École Polytechnique alumni in 2020, officially announced its closing at €36 million.
🇩🇪 Gloria Bäuerlein made official the solo fund she's been raising for two years and closed at €21.5 million. We profiled Gloria, ex-Index Ventures and an active angel, two months ago.
🇬🇧 Anamcara, a London-based VC firm founded by Annelie Ajami, ex-B&Y Venture Partners, raised $10.6 million for its debut fund.
🇬🇧 No Label Venture is yet another early stage solo VC fund launched by Ramzi Rafih, formerly with KKR and Silver Lake, targeting $15 million and looking to do pre-seed and seed rounds in startups founded by immigrants.
🇮🇹 Scientifica VC announced Quantum Italia, an investment vehicle dedicated to Italian quantum tech.
🇬🇧 Milltrust announced British Innovation Fund II, targeting spin-out companies from the UK university sector.
🇨🇭 Tenity announced the first closing of its Tenity Incubation Fund I, a startup accelerator focused on fintech and insurtech.
🇮🇪 Dogpatch Labs announced launching a startup accelerator open to companies solving climate challenges.
Dogpatch also won a €5 million, five-year contract to run the State’s business angel network - the Halo Business Angel Network (HBAN). The contract was awarded ahead of the incumbent Furthr, which had run it since its 2007 inception.
🇬🇧 Brent Hoberman is in advanced discussions to take over the Tech Nation brand, via the Founders Forum Group.
🇫🇷 Ardian and Eight Advisory announced Force Femmes Booster, a €1 million fund to support women over 45 who have started their own business in France.
🇦🇹 Speedinvest and 🇬🇧 AlbionVC announced Radia, a mentorship program for women in the UK looking to start a SAAS company.
🇬🇧 Magnesium Capital, a London-based energy transition PE firm co-founded by Ian Jones (ex-Apax Partners), is raising its debut fund.
🇪🇸 Mutter Ventures, a Barcelona-based venture builder, floated on Euronext Paris with a market cap of €23 million.
🇪🇺 EIC announced its funnel numbers for the 2023 Accelerator: 476 applications - 159 companies interviewed - 32 companies selected to get funding, combining grants and equity. [To have some context: YC had 20k applications for the winter 2023 batch]
🇧🇬 Bulgarian investors New Vision 3 and 🇳🇱 Dutch CM.com sold their equity stake in Phos, acquired by French payment hardware provider Ingenico.
🇳🇱 Last summer Snap acquired Amsterdam-based Th3rd, a bootstrapped 3D scanning startup helping brands & retailers to digitize their product catalog.
🇩🇪 GFC joined Sequoia and angel investors for a $3.5 million seed round raised by Nimbbl, an Indian fintech startup.
🇫🇷 Newfund joined US-based Alumni Ventures and Bonfire for a $4 million seed roundraised by Rawzi, a Los Angeles-based market intelligence provider for 40+ countries in Africa and South Asia.
🇩🇪 Yabeo from Berlin contributed to the $20 million series A deal led by SignalFire for backing Wellth, a Los Angeles-based digital health company that improves adherence in chronic disease populations.
🇫🇷 Crédit Agricole launched a China M&A advisory business.
🇸🇪 Antin Partners and Scandinavian Enviro Systems formed a joint venture backed by Michelin to launch a large-scale European tire recycling group, with a first plant to be built in Sweden and Antin expected to hold a 70% stake.
🇺🇸 SR One, investment firm spun out from GlaxoSmithKline in 2020 with offices in Silicon Valley and London, raised a second fund closed at $600 million.
🇬🇧 Moonfire Ventures
founded in 2019 by Mattias Ljungman, a Swedish investor known as a co founder at Atomico with Niklas Zennstrom back in 2006. Mattias was later joined by Mike Arpaia, who has solid tech development experience.
started with a $60 million seed fund, aiming to be the first institutional investor at pre and seed levels in Europe and sometimes in the US, where they actively cultivate a network.
Moonfire invests following an articulated thesis which, beyond the wooden VC language, it means they chase developers of new gen software, with a focus on web3, AI and AR/VR verticals.
the portfolio includes multiple European companies that were part of Y Combinatorand a few gaming startups.
team of 10 people, including two MBA interns, based in London.
co-investors: YC, Seedcamp, Localglobe, Project A, Cherry Ventures
18 deals in the past 15 months, including 9 new startups from Europe added to the portfolio:
🇩🇰 All Gravy - seller of B2B financial solutions for other companies employees.
🇫🇷 Brainboard - developers of a visual way to locally build & manage cloud infrastructure.
🇬🇧 Calliper - analytics platform that assist startups build data-driven teams by concentrating on the metrics.
🇬🇧 CollabKit - React SDK for adding comments, mentions, and other collaborative features to SAAS products.
🇩🇪 Flagright - customer risk scoring and transaction security monitoring for fintech startups.
🇫🇷 Immortal Game - web3 chess
🇪🇸 Latitude - framework used for building low-code data apps connecting data sources.
🇬🇧 Stablegains - consumer investment platform with access to investments using a selection of leading DeFi lending markets.
🇪🇸 Tacter - personal gaming assistant that helps players improve in their games.
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