We know it’s been a busy week, and with so much happening worldwide, it’s easy to miss some of the smaller but equally important stories.
Here’s a brief roundup of news we have missed this week (September 16 – 20).
Flink raises €134.6M to double down in Germany and the Netherlands
Based out of Berlin, Flink, an online supermarket has raised $150M (approx €134.6M) in a new funding round to double down on business in Germany and the Netherlands in partnership with Just Eat Takeaway.
The funding consists of $115 million in equity and $35 million in debt, provided by a combination of new and existing investors. Flink has support from BOND, Mubadala, Northzone, and the supermarket giant REWE, in addition to two undisclosed investors.
With the funding, Flink plans to open 30 new hubs in the coming 12 months in Germany and the Netherlands.
Flink expects to generate $600M in gross revenue in 2024 across the two countries, a 20 per cent increase from 2023.
The company has achieved EBITDA break-even in both markets and aims to achieve overall profitability by Q2 2025.
Mollie appoints new managing director in the UK
Amsterdam-based Mollie, a financial services provider has announced the appointment of Dave Smallwood as Managing Director in the United Kingdom.
Smallwood has over twenty years of experience at large organisations in the financial sector, including American Express, PayPal, and Super Payments. His appointment is an important step in Mollie’s strategy to further strengthen its position in the United Kingdom and realise its broader expansion plans in Europe.
In Q1, 2024, the company’s turnover is expected to more than double compared to the same quarter in 2023.
Additionally, the company obtained a license as a payment institution from the Financial Conduct Authority at the end of 2023.
Mollie also launched its integrated business financing service, Mollie Capital, in the United Kingdom at the beginning of this year. The team has grown by more than sixty per cent since 2023, and there are currently 26 employees in the United Kingdom.
MX Labs secures funding to monitor vital signs through AI
Founded by Remigiusz Kościelny and Przemysław Jaworski, MX Labs is developing Shen.AI, an advanced technology that utilises artificial intelligence to monitor vital signs.
This technology allows for the early detection and monitoring of serious lifestyle diseases such as hypertension, which affects 1.4 Billion people worldwide.
This week, the Tallinn-based company raised funding led by Czech fund Tilia Impact Ventures with Superhero Capital joining as a co-investor. Simpact Ventures, a Polish VC also participated in the round.
The investment will primarily support the development of Shen.AI technology, an intelligent AI tool that enables the monitoring of vital signs using mobile devices.
However, the exact amount of the transaction was not disclosed.
NN Social Innovation Startup Awards launched
NN Group and Rubio Impact Ventures have joined forces to launch the NN Social Innovation Startup Awards.
This event aims to support early-stage people tech start-ups in Europe and Japan, focusing on equal opportunities and well-being.
Startups from 11 countries are invited to apply, with finalists receiving a €50,000 grant and the winner getting a €100,000 grant, as well as tailored support and a year-long venture development program.
Startups interested in participating in the NN Social Innovation Startup Awards can apply until 15 October 2024.
To be eligible, startups must focus on advancing equal education, sustainable livelihoods, and well-being
Flower acquires Sweden’s largest battery projects
Flower, a Swedish energy tech company has announced the acquisition of one of Sweden’s largest battery projects, a Ready-to-Build 40MW / 80MWh BESS site developed by the renewable energy company Arise.
This project is expected to play a crucial role in supporting the Swedish energy system.
According to John Diklev, Flower’s founder and CEO, this acquisition will be a breakthrough asset for their portfolio. It will make a significant difference for the Swedish energy system in the coming years.
This move by Flower aligns with Sweden’s key role in Europe’s energy transition. With the acquisition of the 40MW / 80MWh Ready-to-Build project “Pajkölen” in northern Sweden, Flower expands its rapidly growing battery portfolio to 270 MW, solidifying its position as the country’s market leader in battery optimisation.
Once operational, the project will give Flower end-to-end control over the complete battery value chain, opening up vital revenue streams for renewable energy actors such as grid operators and asset owners.
ImmunOs Therapeutics raised funding to treat cancer and autoimmune diseases
ImmunOs Therapeutics is a biopharmaceutical company that leverages its unique immune system-modulating HLA-based technology platform to develop first-in-class therapeutics for the treatment of cancer and autoimmune diseases.
ImmunOs’ lead program is a multi-functional HLA-fusion protein that binds specific LILRB (leukocyte immunoglobulin-like) and KIR (killer cell immunoglobulin-like) receptors and can stimulate both the innate and the adaptive immune systems of cancer patients to eliminate tumor cells.
This week, the company raised $11M in a Series C funding round led by existing investors Gimv, Pfizer Ventures, Mission BioCapital, and BioMed Partners and supported by new investor Double Point Ventures as well as other existing investors.
DeepDrive bags €30M funding
DeepDrive – a high-tech electric motor company, announced the closure of an oversubscribed €30M in a Series B funding round led by Leitmotif, with participation from all existing investors, BMW i Ventures, the corporate venture unit of Continental, UVC Partners, and Bayern Kapital through the Wachstumsfond Bayern.
The funding will enable the company to build in-house production lines and industrialise its patented Dual Rotor motor technology to accelerate the mass adoption of electric vehicles (EVs).
Peratech secures €28.2M funding for haptic-based user interfaces
Peratech specialises in force and haptic-based user interfaces.
The company uses QTC technology and Hydra user interface software to create intuitive and consistent tactile user interfaces for various applications.
Their technology is used in over a million devices worldwide.
Earlier this week, the company secured $31.5M (approx €28.2M) in its second major funding round led by Dark Matter Partners and anchored by IP-secured debt.
Ferovinum bags €20.6M funding to support global wine and spirits sector
Ferovinum, based in London, is a platform that supports the global wine and spirits sector with funding, supply chain integration, and trading software.
The UK company aims to enhance operational efficiency, optimise ancillary services, and facilitate efficient trading and market access for brands.
Recently, the company raised £17.5M (approx €20,6M) in a Series A funding round led by Notion Capital, a leading European SaaS and Cloud investment firm, whose General Partner Jos White will join the Ferovinum board.
The oversubscribed round also has participation from Shapers VC, Semapa Next, and Ferovinum’s existing shareholder group.
The platform is currently live in the UK and will launch in the US and Europe in 2024.
Phlair bags €14.5M for its DAC tech to remove CO2 from air
Based out of Munich, Phlair is using hydrolyzer-based Direct Air Capture (DAC) technology to remove carbon from the air.
This allows for low-cost and scalable CO2 capture from the atmosphere.
Phlair’s system uses a pH-swing mechanism for efficient CO2 capture and release, which enables permanent storage or use in CO2-negative chemicals.
Phlair has raised €14.5M in seed funding led by Extantia, with participation from Planet A Ventures and Verve Ventures, and a €2.5M grant from the EIC accelerator program.
The funding will be used to deploy two FOAK DAC plants next year and to lay the foundation for a >20,000 tCO2/year commercial plant scheduled to come online in 2026.
Samara secures €10.5M for energy transition
Samara is a startup focused on assisting households in their energy transition.
The company’s primary goal is to become a decentralised energy provider for consumers.
Initially, Samara will offer residential solar panel systems, batteries, EV chargers, and heat pumps.
By providing financing for these solutions, Samara aims to make participation in residential energy transition accessible and affordable for everyone.
The Spanish company has expanded its Series A round to €10.5M from MSM fund (Mustard Seed Maze), an impact fund.
SweGaN scores €12M
SweGaN AB is a European semiconductor manufacturer that develops and produces custom engineered Gallium Nitride on Silicon Carbide (GaN-on-SiC) epitaxial wafers,
This week, the company raised €12M from financial and strategic investors. Navigare Ventures, a subsidiary of Wallenberg Investments AB, has become a shareholder in SweGaN.
The capital raise also brought in a group of semiconductor-focused investors from around the world, including Wafer Works from Taiwan, RFHIC from South Korea, and Lifelike Capital from the US.
Huupe secures €9.8M for its basketball hoop
Huupe is a startup that has created a smart basketball hoop and a network of training videos.
The smart basketball hoop tracks game data, and the backboard features a video screen for watching training videos.
The system uses computer vision to track players’ performance and offer personalized training. Additionally, the video screens can stream other content like basketball games.
This week Huupe raised $11M (approx €9.8M) in a fresh funding round led by Protagonist VC, Marvan Ventures, TRI Investments, and Kawn VC, with participation from Genesis Ventures and Reform Ventures.
My Digital Buildings secure €2M
Based out of Paris, My Digital Buildings is a company specialising in creating and utilising spatial building data, including 3D point clouds, 2D plans, BIM models, and virtual tours.
The company’s services include the entire digitisation process—from structuring and implementing digital strategies to the creation and exploitation of spatial building data.
This week, the French company raised €2M in its first round of financing from Grenoble Angels, three business angel associations from the Auvergne-Rhône-Alpes region, Paris Business Angels, BADGE, Rhône Dauphiné Développement, Daylight Investissement, along with Mr. Laurent FIARD and Mr. Guillaume ANELLI.
The Seed funding consists of €1.2M in equity, complemented by €800K in bank leverage provided by BPI France, CIC, and BP AURA
Innovestor invests in three Finnish university spinout
Based out of Helsinki, Innovestor is a Finnish investment company focusing on venture capital and real estate. The firm currently manages six VC funds with a total capital of over €250M.
This week Innovestor announced new investments in three Finnish university spinout companies through its €90M Life Science fund.
The three companies — Polku Therapeutics, Kasvu Therapeutics, and Soihtu DTx, are all developing treatments for some of the world’s most pressing neurological diseases.
Since 2022, the fund has invested in 12 pioneering drug development and digital health companies in Finland and the Nordics.
The fund’s latest investments focus on solving Parkinson’s disease, Alzheimer’s disease, post-traumatic stress disorder, and depression.
RevvedUp raised €1M
RevvedUp was co-founded by Mark Walker and Mitch Nick.
The platform enables revenue teams in B2B SaaS to create ABM (Account-based marketing) campaigns for every prospect, helping them increase engagement with their entire market.
The AI Agents conduct deep, customised research to develop a unique perspective on how to best engage each contact at an account.
Consequently, they autonomously create all necessary content to capture their attention. The company raised €1M in a pre-seed funding round led by Salica Investments, with participation from Tanzanite Capital and angels.
Biotope announces startups for 5th cohort
Biotope is an incubator program and early-stage investor for biotech teams that aim to turn their next-gen, sustainable innovation into successful startups.
This week the Belgian firm announced its fifth cohort of innovative startups.
The selected startups are:
- Corium Biotech (Portugal) – Developing lab-grown exotic leather using cellular agriculture.
- I-Challenge (Belgium) – Creating predictive tools to extend food shelf life and reduce waste.
- Lantana Bio (France) – Producing natural colourants through precision fermentation.
The winning team, chosen from 11 promising teams at the three-week base camp, will receive a €250K investment, dedicated support, and access to state-of-the-art laboratory and greenhouse facilities, scientific facilities at VIB, and pilot facilities through its partner network.
Seaya Andromeda acquires major stakes in Zyclora/Bike Ocasión
Seaya Andromeda is a €300 million Pan-European Climate Tech growth capital fund.
This week, Seaya Andromeda acquired a majority stake in Zyclora/Bike Ocasión, a refurbished bicycle omnichannel retailer. This acquisition aims to accelerate the company’s growth and broaden its presence in strategic European markets.
This investment is part of Seaya Andromeda’s strategy to expand its footprint in the circular economy and sustainable mobility sectors, positioning Zyclora as the leading player across Europe.
Plantpod to deliver a hundred devices next year
Brothers Roel (29) and Maurice van der Ende (26) have launched the first pilot of the Dutch AI home battery through their startup — Planetpod. The home battery was installed at the residence of a customer who ordered a Planetpod.
During the pilot, they are testing the self-learning algorithm in real-life conditions. This involves storing solar energy and delivering it to the house as needed, with any surplus being sold for profit.
The Utrecht-based company plans to deliver the first hundreds of Planetpods next year.
The home battery uses a self-learning algorithm to predict the amount of solar energy, weather patterns, energy prices, and energy consumption to determine when the battery should charge, provide energy for home use, or sell electricity.
The home battery has 8.5 kWh of storage capacity and can supply households with energy for an average of one day.
360Learning appoints new CEO
360Learning is an AI-powered, end-to-end learning platform for collaborative learning.
This week, the company has appointed Benjamin Marchal as Chief Executive Officer (CEO), effective January 1, 2025.
Nick Hernandez, founder and current CEO, will remain Chair and closely involved in the company’s long-term vision and strategic direction.
Founded in 2013, 360Learning has raised $240M and built a team of 400+ across North America and EMEA.
Alesi Surgical raises funding to manage smoke created by surgical tools
Alesi Surgical is a UK-based company with a novel technology to manage smoke created by surgical tools in operating theatres.
The company’s system uses electrical filtration to remove surgical smoke from the atmosphere. Its first-generation Ultravision system was designed for laparoscopic surgery and has been used in over 40,000 procedures.
This week, the company raised £5M in a funding round led by Mercia Ventures and including existing investors IP Group and Panakès Partners.
Novakid acquired Lingumi
Novakid is an online English language school for children aged 4 and above.
It uses a special interactive curriculum taught by trained educators to effectively teach young learners worldwide.
The school was founded in 2017 by Max Azarov and Dmitry Malin. Over 70,000 families use the platform for tutoring and AI-driven self-study.
This week, Novakid acquired UK-based Lingumi, an education platform focused on creating AI-driven, interactive English lessons for kids ages 2-6.
The partnership will bring hundreds of thousands of users to Novakid, advancing the mission to make high-quality English education accessible to young learners.
VEOWARE SPACE flies with €2.5M for its space tech
VEOWARE SPACE is a SpaceTech company developing and commercialising Attitude Control Systems improving 10X the agility of any spacecraft.
This week, the Brussels-based company raised €2.5M in a funding round led by imec.istart future fund, Ostbelgieninvest – OBI, Moveinvest (Noshaq & OBI), and Henkes & Co.
This investment will accelerate the company’s ambitious growth strategies, including the enhancement of its groundbreaking Control Moment Gyroscope (CMG) technology, and facilitate expansion into the U.S.
Turneo raises €2M to help hotels with management
Turneo helps hotels manage all their activity offerings in one place. It allows hotel guests to browse and book activities and transfers on the hotel website or app.
It also provides hotels with a platform to manage their in-house and partner activities, including creating new activities, partnering with local providers, and reviewing guest feedback.
This week, the company raised €2M in a seed investment round led by Bessemer Venture Partners, with participation from Underline Ventures.
Blume Equity gets British Patient Capital as a new investor
Blume Equity LLP, a growth climate-tech investor, announced this week that it has secured additional Limited Partners, including British Patient Capital and Queensland Investment Corporation (QIC).
British Patient Capital has committed €25M to Blume Equity’s Fund I. This partnership is a significant step in supporting and accelerating the transition to a zero-carbon economy.
Blume Equity invests in businesses addressing climate and environmental challenges across Europe. Blume has offices in London and Amsterdam and is 100% female-owned and led.
British Patient Capital and Blume Equity have signed the Investing in Women Code, committing to support the advancement of female entrepreneurship in the United Kingdom by improving female entrepreneurs’ access to finance in the venture capital sector.
Sirius secures €3.5M to make music accessible
Based out of Berlin, Sirius is a Music Tech startup dedicated to making music education accessible worldwide. The company has developed a state-of-the-art video conferencing system specifically for musicians.
The company’s virtual music classroom is designed for 1-to-1 online lessons, tailored for effective and fun music learning.
Earlier this week, the company raised $4M in a seed round led by Market One Capital, with participation from Silicon Gardens, Fund F by Female Founders, New Renaissance Ventures, and Angel Invest.
Evoralis secures funding to break down complex plastic blends
Evoralis is a pioneering enzyme specialist in plastic recycling, focused on developing innovative solutions for breaking down complex plastic blends, particularly within the textile industry.
This week, the company raised £2.5M in a Seed funding round led by LIFTT S.p.A with co-investment from Cambridge Enterprise Ventures and Parkwalk Advisors, Backbone Ventures, circular economy-focused investors Circular Plastics Accelerator and Archipelago Ventures, as well as angel investors.
Almer Technologies bags funding to develop AR glasses
Almer Technologies is a Swiss startup that develops, reality augmenting (augmented reality) glasses that can display information to the user in reality.
This week, the company raised $3M in a new funding round led by Vi Partners, with participation from kickfund.
Aquark secures €5M from NATO Innovation Fund and others
Aquark has developed a new type of cold atom trap that doesn’t rely on magnetic fields. This allows them to make smaller, lighter, and more affordable quantum sensors that can be used in challenging environments like underwater and the air.
Recently, the company raised €5M in a seed round led by NATO Innovation Fund, with investments from EIFO, UKI2S (managed by Future Planet Capital), and MBDA to boost the scale and availability of the company’s innovative quantum sensing technology.
01
Tech meets private credit: Demystifying Norsad Capital’s efficiency boost with PE Front Office