• Q1 data shows deployments $20 billion short compared to Q1 last year
• 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.

 

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Interesting deals

Nordics

🇸🇪 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, DNV and 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. 

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DACH 

🇦🇹 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 seedled 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 Afunding led by CoinFund and Superscrypt.

​
France

🇫🇷 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 inentirely backed by Felix Capital, after 15 years of bootstrapping.

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The UK

🇬🇧 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 million from 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 Venturesand 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.

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Other geographies 

🇧🇪 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 millionfrom 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.

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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.

 

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Investors

Active last month

Angels

🇫🇷 Alexandre Berriche​
🇩🇪 Louis Pfitzner​
🇪🇸 Francisco Riberas​
🇪🇸 Yago Arbeloa​
🇩🇪 Mario Götze​
🇸🇪 Fredrik Jung Abbou​
​
​VC

🇩🇪 HTGF​
🇩🇪 Bayern Kapital​
🇦🇹 Speedinvest​
🇩🇪 SquareOne​
🇸🇪 EQT Ventures​
🇫🇷 Sofinnova​
🇩🇰 Unconventional Ventures​
🇬🇧 Fuel Ventures​
🇫🇮 Voima Ventures​
🇳🇴 Alliance Ventures​

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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 Suissejumped 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. 

​

Powder

🇸🇪 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 Polytechniquealumni 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.

Other moves

🇬🇧 Brent Hoberman is in advanced discussions to take over the Tech Nationbrand, 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.

​
Also notable

🇪🇺 EIC announced its funnel numbers for the 2023 Accelerator: 476applications - 159 companies interviewed - 32 companies selected to get funding, combining grants and equity. 

🇧🇬 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 roundraised by Nimbbl, an Indian fintech startup. 

🇫🇷 Newfund joined US-based Alumni Ventures and Bonfire for a $4 million seed round raised 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.

 

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Investors profile

🇬🇧 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 Combinator and 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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