• a16z closes down London office
• Greylock poaches partner from Accel in London
• Daniel Ek's second unicorn set for $260M worth of expansion
• Stride VC officially dried out

 

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Deals

Nordics

🇸🇪 ​Klang​, developing a SAAS tool used to transcribe, analyze and automate conversations, was pre-seeded by local angel investors.

🇳🇴 ​Aevy​, developing a virtual manager for renewables assets, raised a seed funding round led by Startuplab, joined by Aidiom and CTO Roundtable.

🇸🇪 ​Sightic​, developing an AI-based SAAS that detects the influence of drugs through image analysis of the eye area, raised $2.3 million from local angel investors.

🇸🇪 ​Open Payments​, doing B2B payments via a platform aggregating multiple bank APIs into one single API, raised $3.1 million with Alfvén & Didrikson, joined by Industrifonden.

• traction: 3X transaction volumes and 2X revenue in 2024 - fwiw, Swedish records indicate $300k revenue for 2023.
• founded in 2017, has raised more than $12 million since then.

🇸🇪 ​Wingbits​, developing a community-driven flight data platform, raised a $5.6 million seed extension co-led by Borderless Capital and Bullish Capital, joined by Spartan Group, Tribe Capital, Antler, SNZ and Heartcore.

• they're building an alternative flight tracking network using a proprietary and a collaborative business model.
• traction: 2,100 active stations (users), tracking 120,000 unique flights per day across 85 countries. 
• market data: air traffic projected to double by 2040 and the drone industry expected to surpass $55 billion by 2030
• benchmark: Flightradar24, which is in the same business, did some $32 million in turnover in 2023, out of a network of 50,000 specially built radio receivers displaying real-time information about the location of various aircraft around the world.

🇫🇮 ​Rester​, operating a textile recycling business, raised $5 million in funding from investors including Lindström Group and Tesi.

🇪🇪 ​Fusebox​, developer of modular SAAS for virtual power plants, secured $2.7 million in a seed funding round led by Soulmates Ventures with participation from SmartCap, Eneco Ventures and PKO Bank.

🇸🇪 ​Neko Health​, operating a chain of clinics for preventative care, raised $260 million Series B led by Lightspeed Venture Partners, joined by General Catalyst, O.G. Venture Partners, Rosello, Lakestar and Atomico.

• traction: 10,000 scans across two clinics within 24 months
• deal done at $1.8 billion post, follows 60M series A led by Lakestar in 2023.
• that's Daniel Ek's second unicorn, a singular case in Europe.

 

UK

🇬🇧 ​Egregious​, building an analysis platform used for user protection against AI deception and misinformation, raised a $1 million pre-seed deal with Oxford Capital and Fuel Ventures.

🇬🇧 ​Streambased​, developers of a data warehousing SAAS, raised $2.7 million in a seed funding round led by Elaia, joined by Seedcamp, TKM and First Momentum.

🇬🇧 ​Mojo CX​, doing AI agents used to analyse conversations across comm channels, raised $2.9 million with Praetura Ventures.

🇬🇧 ​Intryc​, developing SAAS stack using AI to automate quality assurance for customer support, raised $3.1 million in seed funding led by General Catalyst and alongside Episode 1, ventures scouts and angel investors.

• launched by three Greek founders in London, pre-seeded in the winter of 2023, and was part of YC last summer. 

🇬🇧 ​Metica​, developing a revenue optimization platform for mobile games, raised $4 million in a seed extension with Play Ventures, 13books, First Minute Capital and angel investors.

🇬🇧 ​Aslan​, developing a SAAS suite for financial employee compensation, raised $5 million in a seed funding round led by Notion Capital, joined by Redstone and angels investors.

🇬🇧 ​Vertice​, operating a B2B SAAS purchasing platform, raised $50 million in Series C funding led by Lakestar, joined by Perpetual Growth, CF Private Equity, Bessemer Venture Partners and 83North.

• traction: 13X revenue growth over the past 2 years.
• deal valued at $500 million post money, led by Lakestar's partner ​Georgia Watson​.

🇬🇧 ​Lindus Health​, building a full stack clinical trial platform, raised a $55 million Series B round led by Balderton Capital, with support from Creandum, Firstminute, Seedcamp, and Visionaries Club.

• USP: clinical trials up to three times faster and produce demonstrably better quality trial data than traditional players
• traction: 42 end-to-end clinical trials since 2021 launch.
• deal led by Balderton's GP ​Suranga Chandratillake​

 

DACH

🇩🇪 ​Alteva​, producing lightweight, high-performance batteries for electric vehicles, raised $1.8 million pre-seed with HTGF and a bunch of angel investors.

🇩🇪 ​Matchory​, building a global supplier database for strategic procurement, raised $6 million in a seed extension deal led by Capmont, with participation from Earlybird.

• USP: they do an AI SAAS on top of a 14 million supplier profiles in the manufacturing market
• initial seed was $1.6 million and closed in 2022.

🇩🇪 ​Enapi​, developing a consumer platform that connects charging point operators and service providers with EV drivers, raised $7.9 million in a seed deal led by SF-based Voyager Ventures.

• traction: 350k charge points onboarded and partnerships with 8 of Europe’s 10 largest ​eMSPs​ in 2024.
• pre-seeded with 2.7 million by Project A and Seedcamp 9 months ago.
• second German startup for Voyager, besides ​Annea​, which does AI detection for renewable energy assets.

🇩🇪 ​Green Fusion​, selling a cloud-based energy manager for apartment buildings, closed a $12.6 million Series A round led by HV Capital and XAnge, joined by BitStone Capital, Übermorgen Ventures, kopa ventures, Vireo Ventures, and Brandenburg Kapital.

🇩🇪 ​Project Eaden​, alt food producer of meat, raised a $15.7 million Series A round led by Planet A and REWE, joined by Happiness Capital, AgriFoodTech Venture Alliance, Creandum and FoodLabs.

• deal closed as the German products will be distributed through REWE's supermarkets.

🇩🇪 ​ecoplanet​, developing a B2B SAAS tool used for energy management by industrial companies in a $16.8 million Series A funding round led by EQT Ventures, joined by HV Capital.

🇩🇪 ​Sereact​, developing AI software to equip robots with general purpose visual and manipulation capabilities, raised $26 million series A funding round led by Creandum, joined by Point Nine, Air Street Capital and angel investors.

• seeded by Point Nine and Air Street in the summer of 2023 - money will be used to expand ops in the USA.
• Creandum did ​17 deals​ last year per our tracking, nine of which new portfolio companies. Three of those were seed rounds - ​Nexos​, ​H​ and ​Visibly​ (led)

 

France

🇫🇷 ​Rewake​, developing a B2B marketplace for refurbished research labs equipment, raised $400k with Campus Fundand angel investors.

🇫🇷 ​Atoba Energy​, producers of clean Sustainable Aviation Fuel, raised $1.5 million pre-seed with 50 Partners and Climate Investment Club. 

🇫🇷 ​Kraaft​, developing a SAAS for monitoring construction projects, raised a $13.6 million Series A funding round led by Dawn Capital, joined by Brick & Mortar Ventures, Chalfen Ventures, Stride VC and OSS Ventures.

• initially seeded by Stride in the summer of 2023

🇫🇷 ​Hexana​, producing a modular and flexible 4th generation nuclear system, raised a $25 million, 15 million of which seed equity with Bpifrance, Blast Club, Eren Industries, CEA Investissement and Région Sud Investissement.

 

Spain

🇪🇸 ​Weecover​, provider of embedded insurance products, raised $4.4 million in a round co-led by Swanlaab Venture Factory and Nauta Capital, joined by La Roca Capital, Bankinter, Prosegur and Íope Ventures.

• traction: 100,000 insurance contracts transacted on the platform in 2024.

🇪🇸 ​Zynap​, doing SAAS that generates false cyberthreats using LLMs raised $6 million in seed funding round raised from Kibo Ventures and Kfund.

🇪🇸 ​Crescenta​, developing a marketplace for alternative investments, raised $7.3 million in a seed funding round co-led by Acurio Ventures and Kfund. 

• launched last year, and pre-seeded with some $4 million prior to current round.
• traction: €80 million AUM from 1,300 investors, with 65% coming from the HNWIs and family offices.

 

Other geo

🇮🇹 ​Runtheons​, developing an AI tool used to provide an accurate digital identity of the athlete in order to predict and prevent injuries, raised pre-seed with local angel investors.

🇨🇿 ​Outfindo​, doing a developing a SAAS on top of ecommerce catalogs, raised a $1.3 million seed extension led by Eleven Ventures, joined by Lighthouse Ventures and angels. 

🇳🇱 ​Chapter​, developing what they call an AI operating system for knowledge in the sustainable energy industry, secured $3.1 million in a seed round with Rubio Impact Ventures and CapitalT.

🇮🇹 ​Qomodo​, operating a B2B BNPL lending finance platform, raised $14 million in a Series A round led by RTP Globaland LMDV Capital, with support from Proximity Capital, Primo Capital, and Italian angel investors.

• one of the hottest Italian startups that raised some 33 million in a loan facility with Fasanara back in 2023.
• focused on an all-in-one payment methods aggregator, now handling some 2,500 Italian physical merchants

🇵🇱 ​ElevenLabs​, building a business on top of an AI-based text-to-audio conversion tool, raised a $250 million Series Cled by ICONIQ Growth, joined by Andreessen Horowitz and existing investors.

• deal done at a $3.3 billion valuation 

 

Investors

Highlight

🇬🇧 Stride VC will not make any investments in new startups out of its second fund, ​until and if​ it raises a third fund.

• it is the second time in less than six months when Stride's Fred Destin made this announcement in the past six months.
• fwiw, their second fund was closed at £123 million in the spring of 2021.
• Stride is a generalist early stage VC, founded in London in 2018 by a Belgian - Fred Destin - and a Norwegian - Harry Stebbings - and kicking it off with a £50 million seed fund. 
• Fred is a veteran VC in Europe, as he had previously worked for Accel and Accomplice (fka Atlas Venture) in London for more than a decade. In 2020, Harry jumped ship to start his own fund on top of 20VC, a podcast operation. 
• in 2024, Stride added two new portfolio companies from Europe, per our tracking - ​Taiwa​ and ​Kashmir​, and made six followups.
• promising assets include ​Huboo​ (fulfilment SAAS), ​TechWolf​ (HR SAAS), ​Buena​ (facility management) - ​full European portfolio​.

 

On the move

🇬🇧 ​Mor Chen​ joined Greylock as partner, jumping ship from Accel, where she spent four years in the London office.

🇬🇧 ​Charles Songhurst​, who is one of the more prolific European investors, joined Meta's board of directors, alongside Dana White and John Elkann.

🇬🇧 ​Dennis Atkinson​ will become co-head of Early Stage, alongside ​Tim Rea​ at BGF in London, which ​announced​ a bunch of other promotions.

🇬🇧 ​Ivano Sessa​ was promoted to a co-head of European PE position at Bain Capital in London - he's been a consultant with Bain since 1999.

🇬🇧 ​Kurtis Gann​ joined Serendipity Capital as a principal in the London office, after he had spent four years as a consultant at Bain.

🇱🇺 Astorg ​made​ a bunch of partner and managing director promotions for its PE outfit HQ-ed in Luxembourg.

🇳🇴 ​Tor Helmersen​ became CFO and ​Pål S. Breiland​ CIO, effectively switching their jobs, over at Investinor, which is the state-owned investment company in Norway.

🇳🇴 ​Christian Møgster​ was promoted to an investment director position at Momentum Partners after spending four years with the company.

🇬🇧 ​Iwona Biernat​ joined as fractional operations partner at ​Common Magic​, a £10 million solo fund launched by Sarah Drinkwater in the UK.

🇫🇷 Jean de La Rochebrochard ​announced​ joining as a partner at Cassius, an American investment company. 

• Cassius is a family office turned VC and operated by another French who used to work for Coca Cola for twenty years prior to becoming an investor - now at a third, $50 million fund -> ​Euro portfolio​. 
• Jean will keep his Kima Ventures job and will split his time between New York and Paris. 

 

Powder

🇪🇪 The Estonian government launched an ​€100 million​ defence fund to be spent via 500k-10M checks in NATO countries startups.

🇳🇴 Skagerrak Capital plans to raise ​$75 million​ for a new investment fund to be deployed in early stage startups in Norway.

🇮🇹 Algebris launched a €100 million climate-focused fund, with ​€60 million​ in initial commitments.

🇳🇱 QDNL Participations announced a first ​€25 million​ close for a €60 million fund dedicated to investing in quantum technology startups.

🇳🇴 Credo Partners secured ​$40 million​ in commitments for a third fund to finance digital and green projects throughout Scandinavia.

🇨🇾 33East is a new fund set up by the government of Cyprus and EIC with a first close of ​€26 million​ to be invested in pre-seed and seed-stage founders and startups with a connection to Cyprus.

 

 

Also notable

🇺🇸 Andreessen Horowitz announced it will be closing ​their UK office​.

• they opened it in 2023, run by Sriram Krishnan, who in the meantime took a step back and found a different role working for the newly-minted American government.

🇸🇪 EQT announced its ​2024 financials​:

• deployed €22 billion
• raised a total of €11 billion, driven by closed out commitments from EQT X and Infrastructure VI
• total gross fund exits of €11 billion (+72% in 2023)
• management fees billed at €2.36 billion (vs. 2.1b in 2023)
• net income €1.12 billion (vs. 1b in 2023)
• 1,941 FTEs, opened a tech hub in Poland

🇬🇧 Latour Capital sold a ​15% stake​ to AXA IM and Patria Investments for an undisclosed amount. 

• Latour is a private equity firm focused on European mid-cap with 4 billion AUM.

🇳🇱 FORWARD one, Korys, and SET Ventures exited from Sensorfact, a Dutch startup doing AI systems helping industrial companies reduce their energy consumption which was acquired by ABB for an ​undisclosed amount​.

• raised $50 million, last round a $27M series B concluded in 2023.
• 1900 paying customers across Europe. 

🇬🇧 Index Ventures invested in a ​$26 million​ series B raised by Allara, a NY-based startup doing a virtual care platform bridging the care divide for women battling chronic hormonal conditions.

🇫🇷 Aglaé Ventures invested in a ​$12 million​ Series A funding raised by Belfry, a NY-based platform for physical security providers. 

🇩🇪 Angel Invest contributed to a ​$2 million​ seed round raised by an NY-based startup doing profitably a next gen business automation platform with seven figures ARR.

🇮🇹 Exor led a ​$1 million​ pre-seed done by an Italian crew in NYC doing a smart contract vulnerability detection platform.

🇬🇧 Crista Galli Ventures and SFC Capital exited from Surgery Hero, a British rehabilitation clinic startup acquired by Sword Health of Portugal for ​an undisclosed amount​.

• Surgery Hero has raised some $3 million since its 2020 launch.
• Sword Health, which is HQ-ed in NYC now, was valued at $3 billion last year, and has in the captable tier 1 American investors including Sapphire Ventures, General Catalyst, Khosla Ventures, and Founders Fund.

🇸🇪 Marshall, which does music equipment, was acquired by HongShan nee Sequoia China in a ​$1.1 billion​ deal.

• sellers include Altor, Telia and private investors in Sweden.
• founded in the UK in 1962, and acquired in 2023 by the Swedish firm Zound Industries in a deal financed by Altor. 

🇸🇪 Sana Labs is targeting an eventual ​US IPO​, following the path of Spotify and likely Klarna.

• the Swedes raised $55 million series C led by NEA a few months ago, in a deal that values it at $500 million.

 

Elsewhere

• ​Chris Young​ resigned from the lead role of Microsoft’s M12 venture fund to re-connect with his entrepreneurial roots - he had been previously a CEO at McAfee and replaced the M12 founder Peggy Johnson in 2020.
• ​Janelle Teng​ was promoted to partner by Bessemer Ventures, after four years spent in the SF office.
• General Catalyst hired ​Erin Schaefer​ as COO in the SF office, after four years spent with Niantic, and 14 others with Google, prior to.
• SV Angel of Ron Conway's fame (one of the more active SV angels since the 1990s), raised ​$330 million​ for a second growth fund and $40 million for its 10th seed fund - at least ​6 Euro deals​ done last year per out tracking.
• Caffeinated Capital, operated by solo VC Raymond Tonsing, is raising ​$400 million​ for its fifth fund.
• Binance Labs, the VC arm of the crypto company Binance, is being transformed into ​the family office​ of Binance co-founders CZ Zhao and Yi He (who is also the mother the couple's three children).
• Walden Catalyst Ventures and NGP Capital co-led a ​$20 million​ Series B raised by an Indian autonomous robotics business.
• A16z led, joined by boldstart and e14, a ​$9 million​ seed raised by Grepr, a SF-based observability platform startup.

 

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