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most interesting exits of 2024

Euro Intel 16 January 2025

Other than AI, liquidity events, or lack thereof, were a frequent discussion topic in the investors circles in 2024. It was mostly talk rather than action - it shouldn't be a surprise that it was an abysmal year in this respect in Europe, with very few, if any, notable returns that would make investors brag about.

Probably the more notable ones in Europe this year involved Stripe and Revolut - some of Europe's more promising IPO assets in the next years - both doing secondary share sales at a $65 billion, and $45 billion respectively, valuation. Granted, they were made mainly done for early employees rather than professional investors.

It is also worth mentioning Mastercard's dealings in Sweden this year, as it acquired ​Recorded Future​ for $2.65 billion as well as ​Minna​ for $80 million - the Americans are fairly familiar with the local market via a minor stake in ​Doconomy​ and a 2023 acquisition of ​Baffin Bay​.

Also interesting moves - family-owned Puig from Spain went public on the local market at a $2.8 billion tag, Flix of Germany sold a major package for 1 billion to EQT and a local holding, Kinnevik sold a significant stake in Tele2 of Sweden for $1.26 billion, Tier raised for acquiring Dott to generate combined revenues of $250 million, along a bunch of health/pharma deals made by the likes of Novo (Cardior - $1.1bn), Merck (EyeBio - $1.3bn), or AstraZeneca (Amolyt - $1.05bn)

Besides the highlights, there was a fair number of deals on the long tail of the Euro VC ecosystem, both secondary and exits - I had a closer look at what happened and listed 50-ish of the more interesting ones, grouped by investors, in a cheat sheet below.

 

Selected exit deals in 2024

 

🇬🇧 20vc

 

🇺🇸 a16z

  • 🇫🇷 ​Bereal​ - acquired by Voodoo for €500 million 

 

🇺🇸 Accel

  • 🇫🇷 ​Bereal​ - acquired by Voodoo for €500 million 
  • 🇱🇹 ​Vinted​ - €340 million secondary deal led by TPG, joined by Baillie Gifford 
  • 🇫🇮 ​Veri​ - acquired by Oura

 

🇬🇧 ​Balderton​

 

🇩🇰 ​byFounders​

 

🇬🇧 Connect Ventures

 

🇬🇧 Crane Ventures

 

🇸🇪 ​Creandum​

 

🇫🇷 Elaia

  • 🇫🇷 ​Sonio​ - acquired by Samsung for $92.7 million

 

🇬🇧 Eight Roads

  • 🇬🇧 ​MoneyBox​ - £70 million secondary deal led by Apis Partners and Amundi. 
  • 🇫🇷 ​Reveal​ - acquired by Crossbeam

 

🇫🇷 ​Eurazeo​

 

🇺🇸 ​General Catalyst​ 

 

🇩🇪 HV Capital

 

🇬🇧 ​Index Ventures​ 

 

🇺🇸 Insight Partners

 

🇫🇷 Jolt Capital

 

🇬🇧 Kindred Capital

  • 🇬🇧 ​Farewill​ - acquired by Dignity in an all-shares deal valuing the startup at £12.9 million
  • 🇬🇧 ​Hofy​ - acquired by Deel

 

🇺🇸 Lightspeed

  • 🇱🇹 ​Vinted​ - €340 million secondary deal led by TPG, joined by Baillie Gifford 

 

🇬🇧 LocalGlobe

 

🇬🇧 Moonfire Ventures

  • 🇳🇱 ​Homerun​ - acquired by Invincible Software Holdings
  • 🇩🇰 ​Pento​ - acquired by HiBob from Israel

 

🇳🇴 ​Northzone​

 

🇬🇧 Notion Capital

 

🇩🇪 Point Nine Capital

 

🇬🇧 Seedcamp

 

🇦🇹 Speedinvest

 

🇺🇸 Valar Ventures

 

🇺🇸 Tiger Global

 

Also notable

  • ​Odoo​ in a €500 million secondary deal led by CapitalG and Sequoia Cap, along with investors including Mubadala & BlackRock.
  • ​Graphcore​ was acquired by Softbank 
  • ​Revolut​ in a secondary stock sale with Coatue, D1 Capital Partners, and insider Tiger Global, at a $45 billion valuation 
  • ​Cosmo Tech​ sold a majority equity package to Insight Partners.
  • ​Aleph Alpha​ in a secondary deal with Deutsche Bank, Schwarz Group, Earlybird and Burda Principal Investments. 
  • ​Dott​ was acquired in an all shares deal by Tier
  • ​Onfido​ (controlled by TPG) was acquired by Entrust 
  • Kinnevik to sell a 19.8% stake in Tele2 to French billionaire Xavier Niel via Freya Investment for around $1.3 billion. 

 

 

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Data-based intel from the European startup ecosystem written professionally in an easy to understand format - tactical bits and industry-wide trends, curated deals, active investors and relevant early stage transactions.

Published every Monday morning and emailed to the Nordic 9 customers - investors, founders and decision makers willing to stay updated with the strategic moves from Europe.

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