Notable Transactions
Computational drug discovery firm e-therapeutics has secured £28.9m in funding weeks after delisting from the London Stock Exchange’s AIM market as it explores floating in the US
Keywords Studios, an Irish video gaming group, has reached an acquisition agreement with EQT for around £2.2bn, the deal is expected to completed in Q4 2024
KnowBe4, a security awareness training and simulated phishing platform, has completed the acquisition of cyber security specialist Egress, the portfolio company of private equity firm Albion, who invested in a Series A round back in 2014
Main Capital Partners has made its first Belgian platform investment with the acquisition of a majority stake in RiskConcile, a Belgian software provider of regulatory and risk solutions for the financial industry
Inflexion is to sell its investment in ITM, a data services and technology provider for the pensions market, to Lumera, a Sweden-based, private equity-backed insuretech company
The HgCapital Trust has agreed the sale of European software-as-a-service provider F24 to Altor, a Stockholm-based private equity firm
Healthtech-1, a UK-based startup developing tech to automate admin in GP practices around the country, has raised a $3.5m seed round from VC Moonfire and featuring Y Combinator
Munich-based quantum computing startup planqc is today announcing a €50m Series A round, led by the European Family Office CATRON Holding and Germany’s DTCF
Danish Quantum software startup Kvantify, has announced the successful closure of a €10 million Seed round led by Dreamcraft
Cartken, known for its AI-based autonomy stack, announced that it has closed €20.8 million in aggregate with €9.2 million in its latest financing round. 468 Capital led the round
Cement and concrete decarbonisation startup alcemy has raised a $10 million funding scale its cement decarbonisation solution, in a round led by Norrsken VC
Spanish small mailbox startup Citibox has raised €80 million in debt funding, led by Growth Credit Partners and CoVenture, to expand its network of smart mailboxes throughout Spain
Visma has acquired Moj eRačun, a leading provider of SaaS business tools in Croatia
Nordic Capital, is to acquire a majority share in Sensio, a social care technology provider which is headqartered in Norway and operates across the Nordics
Graphcore has been acquired by SoftBank, following months of speculation about the future of the UK-based semiconductor startup
UK digital health startup Huma has announced an $80m Series D round, following a period of “restructuring” at the company that’s seen it lay off some 100 employees in the past year, the round featured AstraZeneca, Hitachi Ventures and Leaps By Bayer
Main Capital Partners has secured a majority stake in Nextway, a Danish enterprise content management (ECM) software supplier for an undisclosed sum, this is the firms 7th platform deal of 2024
HERO Software SaaS platform for trade SMEs in the DACH region, has closed a €40 million Series B financing round which was led by Eight Roads
German AI defence startup Helsing has raised €450m in Series C funding led by General Catalyst. The round values the company at €4.95bn
German Data management software company One Data, has raised a €32 million Series B extension round, co-led by leading European deep tech and software investors Vsquared Ventures, Molten Ventures, and HV Capital
LDC-backed IEG4, a leading provider of SaaS-based digital services for the public sector, has acquired Agile Applications, another provider of primarily SaaS software to UK local authorities
Belgian Legal AI platform LegalFly, has raised over €15 million in Series A funding, where Notion Capital led the funding
Soda, an AI-enabled data quality company, announced it has successfully added a further €12.9 million investment from strategic partners and existing investors including Singular and Point Nine
Samsung Electronics has signed an agreement to acquire Oxford Semantic Technologies, a UK startup specialising in knowledge graph technology
CultureAI, a startup that has developed software to detect employees’ risky cyber behaviour, has closed a $10m Series A funding round jointly led by Mercia Ventures and Smedvig Ventures
AI-powered due diligence startup Xapien has raised £8m in a YFM Equity Partners-led Series A funding round
Francisco Partners will become a co-controlling shareholder in Orisha, a European vertical software company based in France, investing in the business alongside TA Associates, Orisha’s majority shareholder since 2021, as well as company management
Carbon utilisation company Again has raised $43 million in a Series A round co-led by GV and HV Capital
Mobeus Equity Partners has exited The Boundary, a provider of architectural visualisation software, to UK private equity firm Kester Capital, which has backed the existing management team
Stockholm-based Leya, which has developed a generative AI product to automate repetitive and manual tasks done by lawyers, is announcing a $25m Series A round, just two months after raising a $10.5m seed round. The round was led by US VC Redpoint Ventures
44.01, a climate tech eliminating CO2 by turning it into rock using the natural power of mineralisation, announced a €33.9 million Series A funding round which Equinor Ventures led
Impact investor Blue Earth Capital has completed a lead investment in Dutch smart heat-pump business Quatt as part of a €25m growth equity round
Tenzing has backed Swedish cloud software platform Bannerflow, marking its first platform deal in the Nordics
Morgan Stanley has led a $31m investment into London-based payments startup Soki, through Morgan Stanley Expansion Capital
Main Capital Partners, a €6bn software investor focused on the Benelux, DACH, the Nordics and the US, has acquired mps public solutions, a German software provider to the public administration and social care sector
Zurich-based startup Lakera, which specialises in making generative AI more secure for businesses, has raised $20m in a Series A funding round. The investment was led by Atomico with participation from Citi Ventures, Dropbox Ventures and existing backers including redalpine
Exoticca, a traveltech platform for multi-day tour packages, has announced today that it has closed a €60 million Series D round led by Quadrille Capital
EV battery tech startup Addionics has raised Series B funding round of $39M. The round was co-led by GM Ventures and Deep Insight, with participation from Scani
Financial SaaS Payt has announced a minority investment from Partech, through its growth fund. Partech will invest €55 million in Payt. Described as a strategic partnership, the investment will accelerate Payt's expansion across Europe
bunch, a fintech company transforming private markets, announced the successful closing of its €14.2 million Series A. The round is led by global investor FinTech Collective, and existing investors including Cherry Ventures and Motive Ventures
IK Partners has acquired a minority stake in workforce management software business Octime Group, marking the first investment from its IK Partnership Fund III
Latest Funds
Seaya has closed Seaya Andromeda, the first Article 9 climate-tech fund based in Southern Europe, at €300 million. They will invest in impact-driven growth companies specialized in energy transition, decarbonization, sustainable food value chain, and circular economy
Forestay, an emerging VC based out of Geneva, Switzerland, has been busy. This week it closed its second fund, Forestay Capital II, at a hard cap of $220 million to invest in growth stage Software & AI companies
Nordics and Germany-based growth equity fund Nordic Alpha Partners has closed Fund II with €266m, the fund is Article 9 listed
Tenzing held the final close of its new £900m fund III, which is more than double the size of its predecessor
Index Ventures has raised $2.3bn in new funds targeting early and growth-stage startups, they have launched both an $800m venture fund and a $1.5bn growth fund, bringing the total raised by the firm since its founding to $15bn
Dutch fund manager LUMO Labs announced the launch of LUMO Rise Fund, at €100 million, to invest in European startups focused on the development and application of emerging digital technologies for a greener and stronger society
Alpine Space Ventures, a firm dedicated to early-stage investments in the European space sector, today announced the final closing of its first fund with a total volume of €170M
Iceland-founded early-stage investor Frumtak Ventures has raised a €80.3 million fourth fund, Frumtak IV, in a single close. The fund was oversubscribed and is a successor to 2021’s €52.6 million Frumtak III
Kembara Fund I, a deeptech and climate-focused fund managed by Spain-based Alma Mundi Ventures, has secured a €350m commitment from the European Investment Fund
VC firm 13books Capital has closed £121m for an investment fund targeting European fintech startups. The fintech fund will back rounds from seed to Series A ranging from £1m to £7m
Budapest-based Lead Ventures has announced a €100m final close of their second fund. With the fresh money, the VC plans to back late seed and Series A startups from central and eastern Europe
British Business Investments has announced a further commitment to Claret Capital Partners, with a new co-investment fund, to invest in high-growth technology enabled smaller businesses across the UK
London-based tech investor Volpi Capital has bagged €428m for its third fund to invest in European lower midmarket companies
Transatlantic growth equity investor Kennet has raised €266M for its largest fund to date, Kennet VI. Kennet has already begun to deploy this capital into B2B SaaS companies across Europe, including Screendragon in Ireland and the UK and Fluid Topics in Franc
Industry News
Sir Keir Starmer’s Labour Party made a point to win over the tech and business community with policies promising increased investment and economic stability and many tech start-ups are encouraged, included a promising climate tech strategy from the government
Private equity firms have significantly increased their buyouts of British companies, with 95 deals worth a cumulative £13.8bn in the first half of 2024, from figures compiled by the Centre for Private Equity and Management Buyout Research at Nottingham University Business School
Revolut posted record profits in 2023 with the neobank benefiting from higher interest rates and a customer acquisition spree that saw it add millions of new accounts last year
Swedish micromobility startup Voi cut its losses by 34% last year — and says it’s on track to turn a profit soon amid a turbulent year for the sector
Permira has appointed Anish Patel as Partner and Co-Head of Climate. In his new London-based role, Patel will co-lead Permira’s dedicated climate investing team alongside Kush Patel
Current mandates:
Climate Growth Equity Associate – London, UK
Growth Equity Associate (German, Dutch or Nordics) – London, UK
VC Principal – London, UK
Sources:
https://www.uktech.news/
https://www.eu-startups.com/tag/venture-capital/
https://techcrunch.com/tag/venture-capital/?guccounter=1
https://www.gamesindustry.biz/
https://www.privateequitywire.co.uk/
https://sifted.eu/
https://www.eu-startups.com/
https://tech.eu/news/
https://realdeals.eu.com/
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