The Software as a Service (SaaS) companies are thriving as businesses increasingly opt for cloud-based solutions. They provide a cost-effective ‘pay-as-you-go’ model, scalable solutions, and robust security measures, making them attractive for businesses of all sizes.
Tech advisory and investment firm GP Bullhound, in collaboration with HSBC Innovation Banking, surveyed over 100 European SaaS companies and found that despite a decline in fundraising volume since Q2 2022, European SaaS firms have raised funds above pre-Covid levels, averaging $4B – $5B per quarter.
SaaS M&A activity remains “resilient” as per the report with 178 transactions per quarter in 2023, 30 per cent above the three-year average.
In the European SaaS public market, the valuation gap between US and European companies has also stabilised, and revenue multiples for listed European SaaS companies have risen from 4.3x at the start of the year to 4.8x in October, according to the report.
The Netherlands, known for its innovation, also hosts some of Europe’s successful SaaS companies. From payment processing to big data analytics, numerous SaaS firms have thrived in the Dutch market, especially in Amsterdam.
Recognising this potential, investors have poured funds into various Amsterdam-based SaaS companies in the current year. Check out our compiled list of Amsterdam-based SaaS startups that raised €10M or more in 2023 and are currently hiring.
Note: Certain details of these startups, such as founders’ names and the funding amount, have been sourced from Dealroom.
Founder/s: Ali Nikam
Funds raised (2023): €100M
Bunq is a challenger bank seeking to revolutionise traditional banking by enabling users to share accounts and make global payments using Maestro and Mastercard.
It expanded into 30 European markets without relying on venture capital funding. By April 2021, deposits surpassed €1B, and in July 2021, the company secured €193M in a Series A round with Pollen Street Capital, valuing the company at around €1.6B.
Currently, the company has 47 open positions. Find your match here.
Founder/s: Krik Gunning, Chris van Straeten
Funds raised (2023): €50M
Fourthline (formerly Safened) specialises in identity verification for banks and fintechs, assisting in the authentication of thousands of new customers. Their products align with local KYC, AML, and GDPR requirements across Europe and beyond.
Powered by AI, Fourthline’s compliance solutions support businesses in meeting regulatory standards from onboarding to continuous KYC at every stage of growth.
The company collaborates with European fintech leaders like N26, Trade Republic, Qonto, and Scalable Capital, as well as regulated financial institutions including NN, Solaris, and Western Union.
Founder/s: Bob van Luijt, Micha Verhagen, Etienne Dilocker
Funds raised (2023): $50M
Weaviate (previously SeMI technologies) is an open-source vector database. It is a low-latency vector database that supports many media formats (text, graphics, etc.). It includes features like Semantic Search, Question-Answer Extraction, Classification, and Customisable Models (PyTorch/TensorFlow/Keras).
Weaviate stores both objects and vectors, allowing for the combination of vector search with structured filtering and the failure tolerance of a cloud-native database. All of this is available via GraphQL, REST, and a variety of client-side programming languages.
The company is looking for a software engineer (Distributed & Cloud) and a client-focused Site Reliability Engineer. Apply here.
Founder/s: Ernesto Diringuer
Funds raised (2023): CAD $45M
MYCB1 is a healthtech company integrating pharmaceutical manufacturing, pharmacy operations, and software engineering for evidence-based, ultra-personalised solutions.
The company’s proprietary platform, ALETTA, uses generative AI and real-world evidence to address scientific evidence and personalisation issues in healthcare and lifestyle.
MYCB1 Group and subsidiaries are certified for product and ALETTA services in the Dutch and German markets. Distribution agreements in Scandinavia are in place, and the company is actively pursuing partnerships in Europe, Asia, and Latin America.
In September, the company inked an agreement with GEM Global Yield LLC for a share subscription facility of up to CAD $45M over 36 months post-public listing. This arrangement allowed MYCB1 to raise funds by issuing common stock on their terms, without any mandatory minimum amount.
The company is also looking to expand its team and has various open roles. Check them out here.
Founder/s: Koen Bok, Jorn van Dijk
Funds raised (2023): $27M
Framer initially served as a prototyping tool for product designers. Over time, the Dutch company has evolved to bridge the gap between design and build in professional web design.
Framer claims to be a vital tool for startups, scale-ups, freelancers, agencies, and enterprise teams, offering integration of design and web building. It allows users to design and deploy responsive, high-performance websites on a single platform, saving time and effort.
In September, the company raised $27M in a Series C round of funding led by Meritech Capital, with participation from existing investors, including Accel and Atomico. Framer is currently hiring for multiple positions, apply here.
Founder/s: Rien Kamman, Ernst van Bruggen
Funds raised (2023): $23M in February and $4M in June
Source.ag believes that greenhouse agriculture is an answer to safer, reliable and climate-resilient food production. Therefore, it is developing technology to democratise access to sufficient fruit and vegetables through AI-powered greenhouses.
The company is advancing greenhouse agriculture by using advanced technology to empower more producers to run more facilities profitably and make them internationally scalable.
Source.ag uses millions of data points on climate, biology, and resources to build and implement optimal production plans using their in-house developed algorithms that simulate plant behaviour. They want to feed more people healthy meals while utilising fewer resources.
In February, Source.ag raised $23M in a Series A funding round, followed by an additional $4M in June, totalling $27M. The company is now focused on team expansion and is actively hiring for various roles. Explore opportunities here.
Funds raised (2023): €20M
Road was founded in 2017 as E-Flux before changing its name in 2023. The company was launched to meet a specific need in the e-mobility market: deliver infrastructure and payment solutions within the electric vehicle charging ecosystem.
The company aims to advance the way forward in the EV charging ecosystem. It claims to currently serve 20 per cent of the Dutch market and aims to expand internationally in the future.
In October 2023, Road secured €20M in funding, as reported by Dealroom. The company is currently in the expansion phase and actively hiring for various positions. Explore opportunities here.
Founder/s: Indra den Bakker, Anniek Schouten, Roelof Pieters
Funds raised (2023): $14M
Overstory (previously 20tree.ai) aims to use artificial intelligence to understand and protect the world’s vegetation. The company’s focus areas include enhancing power reliability, preventing wildfires, and optimising operational efficiencies for utility teams.
Through technology, the company claims to address urgent environmental needs and contribute to combating climate challenges.
Founder/s: Han Sahin, Yorick Koster
Funds raised (2023): €11.5M
ThreatFabric offers a SaaS solution to the financial sector, providing comprehensive fraud visibility across web and mobile channels. The company employs advanced software, including on-device malware detection and behavioural analytics, to protect end-users from fraud.
In May, the cyber fraud startup raised €11.5M in a Seed round of funding co-led by ABN AMRO Ventures, Motive Ventures, with participation from 10xFounders and 14Peaks capital. The funds were to help the company expand its technical capabilities, support its growth and accelerate its international expansion.
In May, the cyber fraud startup secured €11.5M in a Seed round co-led by ABN AMRO Ventures and Motive Ventures, with participation from 10xFounders and 14Peaks Capital.
With the raised funds, the company wanted to boost its technical capabilities, support its growth, and accelerate international expansion. It is also looking to expand its team to support its growth. Check out the vacancies here.
Founder/s: Luuk Veeken, Hubert Penn
Funds raised (2023): €10.5M
Dexter Energy uses advanced machine learning and big data analytics for energy companies, focusing on managing short-term trading activities for fully renewable energy portfolios.
The company’s algorithms analyse diverse data sets, including historical consumption patterns, weather forecasts, and market prices, enabling accurate predictions of short-term energy demand and supply. This optimisation assists energy companies in reducing balancing costs and enhancing their energy portfolios.
Founder/s: Andreas Sansano, Gideon van Dijk, Mark Hulsbergen, Pieter Waller
Funds raised (2023): €10M
Chargetrip is a smart EV Routing API-based SaaS platform that makes it easy to drive and charge any electric vehicle for individuals and fleets. Their routing engine uses over 15 different variables to calculate the real-time range of any electric vehicle.
Temperature, weather, charge speed, elevation, rolling resistance, real-time vehicle data, and availability of charge stations are all taken into account. Its routing algorithms calculate the best route to a driver’s destination, with the optimal charge stations in between.
In March, the company raised €10M in Series A round to further scale its range prediction and EV routing technology to North America and support fleet operators. Chargetrip is currently looking to hire a Junior Customer Success Manager. Apply here.
Founder/s: Joost Kamermans, Jorn Eiting van Liempt, Martin Kayser
Funds raised (2023): €10M
Seenons has developed a circular waste management platform to prevent residual waste from reaching landfills or oceans. Addressing the issue of waste being dumped in other regions, the platform connects waste disposers with logistics companies and waste processors transparently.
The goal is to minimise recycling and ensure raw materials are reused or refused, combating the environmental and economic challenges associated with waste disposal.