Tonight marks the annual Estonian Startup Awards, where Triin Hertmann stepped into her new role as President of the Estonian Founders Society — and as the co-founder of a new local tech media platform, FOMO Observer, which officially launched this evening. While Estonia, particularly Tallinn, is known globally for its digital-first approach to every bureaucratic inconvenience, it’s been without a local tech media outlet of its own. So I spoke to Hertmann to learn more about the endeavour, the state of Estonia’s startup ecosystem, funding realities, geopolitics, and why the community needs more honest storytelling. Angel, operator, and ecosystem builder and now media co-founder Triin Hertmann is an Estonian entrepreneur, investor, and fintech leader with roughly 20 years of experience in technology, finance, and startup ecosystems. In 2011, Triin became the second hire at Wise (formerly TransferWise), where she built and led finance, payment operations, and global people teams as the company scaled from a startup into a major global fintech. After leaving Wise, she became an active angel investor and fund LP, focusing on early-stage companies, especially those with impact potential and female founders. She has invested in 35+ startups. Introducing FOMO Observer What’s clear to me is that Estonia needs a dedicated outlet for the local startup ecosystem. ​I often meet journalists from daily broadsheets and more mainstream publications at conferences. The problem is that at every event, you invariably find dozens of compelling stories worth pursuing. But broadsheets are limited in how often they can write about a given topic, even Estonia’s thriving startup scene. After exiting her own startup, Hertmann took time to focus on investing and giving back. During that period, it became very clear to her that there is a gap in Estonia for startup media. “Together with my co-founder, I kept hearing the same frustration: that the real stories of building companies — the struggles, the failures, the hard decisions — are rarely told. Most coverage focuses on funding rounds and success narratives. We want to create a more mature mirror for the ecosystem. Real people, real companies, real journeys. No halo effect, no empty hype.” Co-founded by Hertmann and seasoned journalist Tarmo Virki, FOMO Observer will offer some typical newscycle stories like funding announcements, but also focus on in-depth interviews, opinion pieces, and long-form storytelling. Hertmann asserts, “At one point, I was told by large media houses that 'nobody wants to read about startups. What they really meant was that it’s difficult to monetise through traditional subscription models.” “The media is part of the infrastructure of an ecosystem. If you remove it, you weaken the whole system. Our belief is simple: build something valuable for the community first, and the business model will follow.” Besides employing excellent journalists, including Fiona Alston, Teele Kaljuvee, and Tarmo Virki, the publication will also have one unfair advantage, according to Hertmann — its network. ​ “Many of the most experienced founders and operators in Estonia are close to us personally. We’ve invited them to become co-creators and contribute regularly. These are people with strong personal brands and decades of experience, writing not for PR, but to genuinely share what they’ve learned.” ​  Uniquely, the publication will be published in Estonian and in English, depending on the story and the speaker. The goal is to serve the local community while also making Estonia’s startup thinking visible globally. Founders recognising excellence in other founders The Estonian Startup Awards are, at their core, about founders recognising excellence in other founders and a fitting setting for the launch of FOMO Observer. The Awards are a community initiative co-organised by LIFT99, Estonian Founders Society, and Startup Estonia. Its sponsors and partners include Bolt, Coop Bank, Estonian Ministry of Defence, Nordic Ninja, PayPal, Plural, SkipEat, Specialist VC, Swedbank, TalentHub, Tallinn City and others. According to Startup Estonia, there are nearly 1,600 startups operating in Estonia today, but this year's winners were selected from 506 candidates nominated and chosen by members of the startup community themselves. Judging was conducted by a jury of 200+ Estonian startup founders. Among the award recipients, a big congratulations goes to the Founder of the Year, Kaarel Kotkas, CEO and Founder of Veriff! From funding winter to revenue maturity: Estonia’s startup ecosystem enters a new phase Hertmann characterises the local ecosystem as in an interesting point in time: “Estonia’s startup community is entering a new phase, and I’m excited to help guide it.” For three consecutive years, startup funding and deal volumes have stabilised or even declined slightly. But at the same time, she shared, revenues have grown significantly. Investor money is finally converting into real business results — into profitable, sustainable companies. “That’s a healthy shift. If you can grow with customer money, that’s the best capital there is." Unsurprisingly, due to  Estonia’s location and history, one of the strongest emerging areas is defencetech. Estonia has strong ties with Ukraine, robust European cooperation, and a growing community of founders, investors, and policymakers working in this space. “There is real momentum, and not just in building companies, but in building an ecosystem around them, ” shared Hertmann. In terms of Russia’s full-scale invasion of Ukraine, Hertmann asserts, “The right response is to keep building, keep growing, and keep strengthening our technological and economic base. Growth itself is a form of resilience.” AI is also booming — like every serious startup hub, Estonia is seeing a wave of new AI-native companies. “It’s still a very immature market and an immature technology in many ways,  admits Hertmann, “but the experimentation level is high, and the ambition is there.” Founders get busy in stealth mode Currently, much of the momentum in Estonia’s tech ecosystem is being driven by founders working largely out of the public spotlight. As Hertmann puts it, “What feels different now is how much is happening under the radar. In the past six months, especially, I’ve seen many teams building quietly, almost in stealth. With AI tools and no-code or low-code platforms, you no longer need a large engineering team or significant capital to get to market — two people and a dog can now build a real product.” As a result, she says, startups can reach customers without visibility, press, or even fundraising. “It’s a different startup society,” Hertmann adds. “My wish as president is to bring these builders out of the shadows and connect them to the community.”“I come from being a founder and an operator myself. Today, I have the privilege of supporting other founders not only with capital but also as an advisor and board member. This ecosystem is my home. Of course, I hope investments work out financially, but that’s not the primary driver. I genuinely love building companies and helping people grow. If value is created, everyone wins.” In terms of sectors of personal interest, Hertmann is bullish about energy:  “It’s the foundation of everything, and we’re seeing profound structural change there.”  She also continues to follow fintech closely because of her background in finance. At the same time, she prefers to have a niche rather than chase every trend, sharing: “One of the luxuries of being an independent investor is that I don’t have to follow the hype cycle — I can make decisions based on conviction, not FOMO.” That global mindset has always been one of our key advantages. What’s changing now is the diversity of what is being built. For a long time, SaaS was the dominant success story. But for Hertmann, “Now we see much more variety — deep tech, hardware, defence, energy, AI. The ecosystem is becoming more specialised and more complex, in a good way.” Estonia is more than the “land of unicorns” Hertmann admits that the‘land of unicorns” narrative of Estonia is a bit outdated. “Not because we won’t produce more unicorns, but because the conditions are different now. We’re no longer in the 2021–2022 environment of hyper-growth at any cost. What we’re seeing instead is more sustainable company building. The next generation of success stories will likely look different: slower, more capital-efficient, more revenue-driven, and hopefully more resilient.” Overall, Estonia is entering a new chapter. Less hype, more substance. More sustainability, more depth, more diversity in what is being built. ​ Lead image: FOMO Observer Team: First row - Aleksi Partanen, Triin Hertmann, Liina Laas, Kaidi Ruusalepp. Second row -  Allan Martinson, Fiona Alston, Kaari Kink, Tuuli Kaljuvee, Tarmo Virki and Kärt Siilats. Photo: Mario Pedanik.

Shield Space, a defence technology startup developing systems to protect satellites from signal jamming and other threats, has raised £2 million to support its first orbital test flight. The round was led by the Midlands Engine Investment Fund II via Mercia Ventures, with participation from Twin Path Ventures, ROI Ventures, and P3A Ventures. Space assets are widely regarded as critical national infrastructure, supporting services such as communications and navigation. At the same time, incidents of satellite jamming have increased in recent years, alongside concerns about direct attacks by hostile actors. Additional risks include the rising number of counterspace systems in orbit and the growing volume of space debris. Founded in 2025, Shield Space is developing autonomous, AI-driven guidance systems that allow satellites to detect potential threats and manoeuvre to safety without requiring intervention from ground-based teams. This approach is intended to address growing risks in orbit, where response times are often constrained by reliance on manual control from Earth. Graeme Ritchie, CEO of Shield Space, said that space infrastructure underpins many aspects of modern life and that adversaries are increasingly seeking to take advantage of uncertainty and slow response times in orbit: Our ambition is to give the UK, NATO and its allies sovereign space capabilities to operate decisively in contested environments. The new funding will support Shield Space’s next stage of development, including preparations for its first orbital test flight. The company plans to use the capital to advance its autonomous AI guidance technology, establish new premises in Lincoln, and expand its team, strengthening its operational capabilities as it moves toward in-orbit testing.

This week, Metavallon VC launched a new  €5 million Pre-Seed brain gain fund. It aims to invest early in deep-tech startups founded outside Greece or in Greek university spin-outs, provided they commit to building R&D or product teams within the country.  With over €70 million in capital under management, Metavallon VC has invested in more than 35 startups since 2018. The fund is supported by EquiFund, a joint initiative of the European Investment Fund (EIF) and the Hellenic Republic, as well as HDBI (Hellenic Development Bank of Investments), drawing capital from both public and private investors.  The fund will deploy €200,000 to €400,000 per investment, focusing on pre-seed deep tech and life sciences startups.   The fund’s name reflects Greece’s decade-long “brain drain,” during which more than 600,000 highly skilled professionals left the country following the 2009 financial crisis. This trend has gradually begun to reverse, partly accelerated by the COVID-19 pandemic, as many Greeks abroad reassessed proximity to family and quality of life. Increased economic stability, new R&D tax incentives, and a more mature tech ecosystem have further attracted returning talent as well as international founders seeking to establish operations in Greece.   “We are not just targeting Greek founders abroad”, said Demetris Iacovides, Partner at the Brain Gain Fund. “There is already a clear movement among global deep-tech startups seeking to build scale R&D in European countries with a high-talent base in tech but without the cost overhead of Boston, London, or Berlin.”  Metavallon VC has led deep-tech investments, including Think Silicon, acquired by Applied Materials (NASDAQ: AMAT), Seervision, acquired by Q-SYS, and Purposeful, acquired by PharOS. While Brain Gain operates as a separate fund, its foundation within Metavallon’s platform provides strong advantages in deal sourcing, local network access, and founder support infrastructure.   The Brain Gain Fund team welcomes discussions with Greek founders worldwide, as well as international deep-tech teams that view Greece as a strong base for R&D. Whether refining an idea, exploring a research breakthrough, or seeking early feedback, the team hosts weekly office hours and is open to connecting. 

Vi Partners this week announced the first close of its latest venture capital fund, targeting €161 million (CHF 150 million). It coincides with Vi Partners' 25th anniversary, marking a quarter-century of continuous venture capital activity.  Since its founding in 2001, Vi Partners has supported successive generations of entrepreneurs and contributed to Switzerland's development as a leading hub for technology and healthcare innovation.  Building on more than two decades of investment activity, the new fund will focus on Series A and early-stage investments across technology and healthcare. In technology, Vi Partners backs companies building mission-critical software and data-driven platforms across enterprise, AI, fintech, and industrial applications. In healthcare, the firm supports companies addressing material clinical and healthcare system needs across biotech, medtech, and digital health. This strategy builds on experience as an early partner to category-defining companies, including AMAL Therapeutics, Kuros Biosciences, Araris Biotech, and Oculis in healthcare, as well as technology leaders such as Nexthink, SumUp, and Unique.  “Over the past 25 years, we have consistently focused on identifying and supporting teams  with strong scientific and technological foundations, with the ambition to build outstanding  companies,” said Diego Braguglia, Managing Partner at Vi Partners. “This new fund allows  us to continue applying a disciplined, long-term investment approach, grounded in deep  sector expertise and close collaboration with entrepreneurs.”  “With this fund, we are entering the next phase of our investment activity and look forward to partnering with founders building category-defining companies out of Switzerland and  Europe,” said Olivier Laplace, Managing Partner at Vi Partners. “Our role is to be a  committed, hands-on partner from the early stages onward, combining capital with  experience, network, and long-term support.” 

Zurich-based Sparkli, an AI-based learning platform for children, has raised a $5 million pre-seed round to bring its multimodal learning engine to families and schools globally. While children today have broad access to information, many digital learning tools offer limited ways to explore complex ideas in engaging and age-appropriate formats. Sparkli aims to address this gap with a learning model designed for the developing brain. Using real-time multimodal AI, the platform enables children to create interactive learning experiences, turning questions into multidisciplinary, real-world learning journeys that support skills such as technology, design thinking, sustainability, financial literacy, and global awareness. Our goal is to build agency in the next generation. Sparkli is designed to turn screen time into an environment where curiosity and independent thinking can develop, said founder and CEO Lax Poojary. Sparkli’s approach focuses on three shifts in how children learn: moving from static curricula to real-time exploration, replacing passive content with interactive and multimodal experiences, and prioritising creativity and problem-solving over memorisation. These experiences are supported by a system that builds an evolving interest and knowledge profile for each child, enabling more personalised and adaptive learning over time. The company was founded by a team with backgrounds at Google Area 120, Search, and YouTube, alongside engineers and designers with experience in education and research, including contributors from ETH. The platform combines generative AI, pedagogy, motion design, and game mechanics, while incorporating safety measures and age-appropriate design for younger users. The funding will support the scaling of Sparkli’s generative learning engine and preparations for a private beta launch. The platform is currently being validated through a strategic pilot with a large international private school group, providing access to a network of more than 100 schools and over 100,000 students.

Leeds-based photonic computing company Optalysys has raised £23 million in a Series A extension round led by Northern Gritstone, with participation from imec.xpand, Lingotto Horizon, and the UK government’s National Security Strategic Investment Fund (NSSIF). Optalysys is developing a photonic computing approach that integrates data movement and processing on a single chip, combining silicon photonics with digital technologies to increase computational capacity while improving energy efficiency. The company is building a programmable, high-density computing layer designed to support compute-intensive workloads, including generative AI and post-quantum algorithms, as part of next-generation cloud infrastructure. A key application is fully homomorphic encryption, which enables data to be processed while remaining encrypted and is increasingly relevant for secure cloud and enterprise environments. Early implementations of this technology are deployed in Optalysys’ LightLocker™ Node servers, which are designed to support encrypted blockchain applications. According to Dr Nick New, CEO and co-founder of Optalysys, photonic computing represents a major shift in the evolution of computing by enabling data to be moved and processed with significantly greater speed and efficiency. He added that the investment reflects the scale of the opportunity and supports the company’s ambition to bring photonic computing closer to mainstream adoption in cloud infrastructure. To support this next phase, the company will use the funding to accelerate the commercialisation of its proprietary photonic chips and further develop its programmable computing technology for AI, cloud, and security applications. In parallel, Optalysys plans to expand into the US, establishing a presence within the country’s photonics and semiconductor ecosystem to support wider market adoption.

Drone manufacturer ABZ Innovation has closed a €7 million funding round led by Vsquared Ventures, with participation from Day One Capital and Assembly Ventures. The Europe-based company develops heavy-duty drones for agricultural and industrial applications, including spraying, spreading, cleaning, and other specialised tasks. ABZ focuses on robust hardware, high payload capacity, and long-term partner support. Based in Hungary’s growing robotics cluster, ABZ combines cost-competitive drone hardware with a European full-stack autonomy platform, positioning its systems as practical tools for automation. Its drones are deployed in more than 25 countries, with increasing adoption in the US. ABZ designs its systems for demanding operational environments. In agriculture, its spraying and spreading drones enable more precise application of crop protection products and fertilisers, helping reduce chemical and water use while addressing labour shortages in high-value crops. In industrial settings, ABZ’s cleaning drones operate in hazardous environments, such as work at height or on contaminated surfaces, improving safety and reducing operational downtime. According to CEO Karoly Ludvigh, the company aims to reduce human exposure to dangerous and repetitive tasks while improving efficiency for agricultural and industrial operators. Backed by investors experienced in scaling hardware and deep-technology companies, ABZ Innovation plans to use the capital to expand manufacturing, accelerate product development, and grow its presence in key global markets. The company’s objective is to make advanced drone technology more accessible, enabling partners to operate more efficiently, safely, and with fewer resources.

Ukrainian-founded language learning marketplace Preply has raised $150 million Series D funding led by WestCap with support from Índico Capital Partners. This latest round brings Preply’s total funding to approximately $299 million to-date and values the company at $1.2 billion, marking a significant milestone in Preply’s mission to make transformative learning experiences accessible to people around the world. A pioneer in online language learning, Preply’s platform connects more than 100,000 tutors with learners in 180 countries, facilitating one-on-one lessons in more than 90 languages.  Powered by a unique combination of human-led instruction, paired with its AI-supported tutoring co-pilot suite, Preply is redefining how people learn through high-quality, flexible, and tailored learning experiences designed to drive real progress with every lesson. As other learning platforms increasingly turn to automation, Preply remains committed to the power of human connection, using AI to enable and enhance tutor-driven learning and support its tutoring co-pilot suite. Preply’s 2025 Efficiency Study, conducted in partnership with the nonprofit research organisation LeanLab Education, revealed that 96 per cent of learners consider learning with a human tutor and engaging in real conversations as essential to their progress, while 97 per cent said these interactions were key to boosting their confidence. Since opening its hub in Barcelona, Preply has become a cornerstone of the city’s thriving 22@ innovation district. This strategic presence in Southern Europe serves as the primary engine of Preply’s mission to democratise language learning worldwide. Since its Series C raise, Preply has more than tripled its number of bookable tutors and expanded its offering by adding over 40 new languages to the platform. In the last twelve months, the company continued to improve EBITDA and became EBITDA-positive. "We feel extremely fortunate and deeply responsible for shaping how people will learn in the future,” says Preply co-founder and CEO Kirill Bigai. “Today, we connect people with the world’s best tutors, amplified by AI, bringing learning efficiency to a level that was previously unreachable. This investment will help us to continue to innovate at the intersection of human tutoring and AI, creating opportunities everywhere for people to connect, belong, succeed, and ultimately to progress in their lives, no matter where they are in the world.” “Preply is setting a new standard for personalised education at scale, and the opportunities are virtually limitless,” says Allen Mask, Partner at and former senior executive at Airbnb, who is joining the Preply board. “Data shows that learners thrive when real human instruction is supported by technology, and in today’s increasingly connected world, there is a real demand for democratizing access to high-quality learning in a modern and effective way. Preply has the market-leading product, the experienced leadership team, and the vision to shape how people communicate globally.” “Preply’s ability to merge cutting-edge AI with the essential human element of learning is truly unique. We are thrilled to support their journey as they continue to scale from their hub in Barcelona, a city that perfectly mirrors the company’s international and innovative spirit," says Stephan de Moraes, Managing General Partner at Índico Capital Partners. "Their transition into an EBITDA-positive global leader while fostering such a vibrant tech hub in Southern Europe is a testament to the strength of the team and the massive potential of the language learning market." With this capital, Preply plans to advance its AI and data capabilities, expand its product and engineering teams to enhance the platform experience, and accelerate its global growth to reach more learners and tutors worldwide as it reshapes the traditional education system. 

Belgian artist platform Tourmanagement.com has acquired Beatswitch, a software platform used by festivals and event organisers to manage artist advancing. The transaction includes the Beatswitch platform and its customer base, with financial terms not disclosed. The acquisition is intended to reduce manual administration and duplicated workflows across live event production by bringing festival and artist workflows onto a shared software foundation. Following the transaction, Beatswitch will continue to operate as usual, with no immediate changes for existing customers. Beatswitch is used by festivals and event organisers worldwide to coordinate artist advancing activities, including set times, transport, accommodation, hospitality, and technical requirements. Its customers include festivals such as Pukkelpop, Shambhala, Sziget, and Pitch Music & Arts. Tourmanagement.com supports similar workflows from the artist and agency perspective. Operated by Tourmanagement BV and headquartered in Leuven, Belgium, the SaaS platform centralises tour information, scheduling, and show-related communication for artists, crews, agencies, and management companies. As of 2026, the platform serves more than 400 customers and nearly 10,000 users globally. According to Tourmanagement.com founder and CEO Roeland Veugelen, the acquisition addresses a longstanding challenge in the live events industry, where advancing work is often spread across emails, messages, and spreadsheets, leading to duplicated effort and operational risk. Bringing festival and artist workflows together is intended to reduce manual processes, improve coordination, and increase data consistency across teams. Beatswitch founder Thomas Van Orshaegen said the acquisition allows the platform to continue developing within a closely aligned ecosystem. He will remain involved as a member of the Tourmanagement.com and Beatswitch advisory board. Tourmanagement.com said it will assess how the two platforms can gradually align over time, with a focus on customer continuity and continued development of the Beatswitch product.

Berlin-based Cloover has completed a $22 million Series A equity round and secured a $1.2 billion debt facility, bringing total capital commitments to $1.222 billion. The equity round was led by MMC Ventures and QED Investors, with participation from Lowercarbon Capital, BNVT Capital, Bosch Ventures, Centrotec, and Earthshot Ventures. The debt facility, provided by a major European bank, will support customer and installer financing on the platform. Cloover is also backed by a €300 million guarantee from the European Investment Fund, strengthening its financing programs and access to scalable, cost-efficient capital. The size of the commitment reflects the structural challenges facing Europe’s energy transition, which depends on a large base of small and mid-sized installers operating with fragmented systems, manual processes, and limited access to financing. Traditional banking models are often ill-suited to financing residential energy assets at the required speed, contributing to installation delays and higher consumer costs. Cloover addresses these constraints through an end-to-end software platform designed for decentralised energy. The platform integrates workflow management, financing, procurement, and energy optimisation into a single operating environment. AI-enabled automation supports operational efficiency, early risk identification, and data-driven decision-making across the project lifecycle, from customer onboarding to long-term energy management. The platform also includes AI-based financial tools that help installers manage capital flows and improve liquidity. AI-driven credit underwriting evaluates projected energy savings alongside traditional credit factors, while pre-financing of public subsidies allows consumers to access state incentives upfront. Installers can offer financing at the point of sale, which may improve conversion rates, reduce administrative effort, and shorten cash cycles. By connecting manufacturers, installers, households, and investors within a shared platform, Cloover aims to support the scalable and transparent deployment of distributed energy projects, while providing institutional investors with access to a sustainability-aligned infrastructure asset class. Commenting on the announcement, Jodok Betschart, co-founder and CEO, said: With this $1.2 billion commitment, we’re enabling households to become energy independent, without the friction of upfront costs or complex loan applications. Our AI operating system connects stakeholders across the value chain and revolutionises how energy independence becomes the new norm. Cloover reported more than eightfold revenue growth in 2025 while remaining profitable, with sales approaching $100 million. The company projects revenue of approximately $500 million in 2026 and $1 billion in 2027. Following the new financing, Cloover plans to expand into additional European markets, including France, Italy, the United Kingdom, and Austria, and to further develop its platform with additional AI-driven automation and financing capabilities.

Aerospace company SWISSto12 has announced securing €73 million in financial support from European Space Agency (ESA) member states through the HummingSat ARTES partnership project. SWISSto12 is a manufacturer of advanced satellite systems and radio frequency (RF) products, enabling a transformational shift in the global satellite communications industry, away from legacy large, purpose-built, expensive and slow-to-deploy solutions towards smaller, faster, cheaper assets that leverage software-defined, reconfigurable payload architectures and agile, multi-orbit capabilities. The global need for SatCom is rising, reflecting a growing demand for always-on broadband internet connectivity for aircraft and ships, secure communications for sovereign governments, internet in remote regions, safety-relevant services, IoT devices and location-based services. Developed in partnership with ESA and scheduled for first launch in 2027, the HummingSat platform is significantly smaller and more cost-efficient than legacy geostationary satellites. It gives customers a flexible, cost-effective platform to expand transponder capacity, enable network flexibility and reconfigurable software-defined payloads, deploy sovereign capabilities and introduce new services with agility. Federating the future of satcom: Inside ESA’s ARTES Partnership Projects programme The Partnership Projects programme line of ESA's Advanced Research in Telecommunications Systems (ARTES) drives innovation by federating ambitious large-scale, long-term collaborations between ESA, private companies, and satellite operators. The programme establishes ESA as a key partner in developing major satellite communication systems, new value-adding solutions and services, and providing in-orbit validation. It focuses on substantial, industry-shaping initiatives that require significant investment spanning over several years. By closely aligning technological ambition with commercial strategy, ARTES Partnership Projects enable European and Canadian organisations to push the boundaries of satellite communications and strengthen their competitiveness on the global market. The funding will accelerate SWISSto12’s development and industrialisation of HummingSat, as well as scaling up its manufacturing capacity and accelerating new product innovations. These initiatives address increasing global demand for cost-effective, agile and sovereign communications in both government and commercial sectors. The investment will also allow SWISSto12 to further develop its phased-array antenna technologies to be used onboard LEO/MEO/GEO satellite payloads and ground products such as user terminals. This will strengthen its ability to serve a broad set of customer needs, for communications from and to geostationary and non-geostationary orbits. Laurent Jaffart, ESA Director of Connectivity and Secure Communications, said:   “We are proud to continue our support of SWISSto12, particularly in creating cost-effective solutions for satellite systems that answer to the satcom ecosystem’s ever-increasing demands. ESA is committed to elevating Europe’s future in space through our support of industry, and by accelerating next-generation satellite technologies.” According to Emile de Rijk, CEO and Founder of SWISSto12, the recent subscriptions of Member States and Cooperating States at the ESA Ministerial Council to the HummingSat Project. "The latest round of funding from European private investors sends a strong message to the global market that SWISSto12 is at the heart of satellite communications innovation. With our growing suite of agile, cost-effective and highly performant SatCom solutions, we provide a credible answer to some of the most pressing challenges facing the space economy, including the critical issue of enabling satellite sovereignty – something, until now, out of reach for most of the world’s nations.”

Madrid-based Fracttal, a provider of AI-powered maintenance solutions, has closed a $35 million funding round led by Riverwood Capital, with participation from existing investors. The investment is intended to support the company’s continued growth, product development, and global expansion. Fracttal provides AI-powered maintenance management and physical asset software to more than 1,500 customers worldwide. Its flagship platform, Fracttal One, centralises maintenance operations through open integrations with enterprise systems, third-party IoT sensors, and the company’s proprietary IoT hardware portfolio. Together with its Fracttal Sense device line, the platform enables organisations to improve operational efficiency, safety, and sustainability by connecting data, people, and assets across industrial environments. According to CEO and co-founder Christian Struve, Fracttal was founded on the belief that maintenance should shift from reactive processes to proactive, intelligence-driven operations that enhance efficiency and safety. He added: Today, AI is accelerating this shift, and Fracttal is at the forefront with a platform built on predictive and agentic capabilities that transform maintenance into a competitive advantage. Fracttal currently manages more than 20 million registered assets and operates in over 60 countries. Its customer base spans manufacturing and facilities maintenance and includes companies such as Iberostar, Acciona, Veolia, Coca-Cola, and FedEx. The new funding will primarily be used to advance product development, with a focus on AI and agentic capabilities, IoT sensor technologies, and industry-specific functionality. The company also plans to expand its teams across engineering, data science, product, sales, marketing, and customer success, while strengthening its internal structure to support sustainable growth. In parallel, Fracttal intends to pursue selective acquisitions and partnerships to accelerate market expansion and deepen its product offering.

Antidote, a provider of AI-based billing compliance software for global law firms, has raised $5 million in a seed funding round led by Lakestar, with participation from Concept Ventures, The LegalTech Fund, and industry angel investors. The round follows a $2 million pre-seed raise in 2025, bringing total funding to $7 million. Law firms face increasing pressure to comply with complex Outside Counsel Guidelines (OCGs) while often relying on manual, end-of-month billing reviews that can result in write-offs, rejected invoices, and strained client relationships. Current billing practices and OCG non‑compliance lead to 8–12 per cent of billable hours lost to non-compliance write-offs and rejected invoices every year. Antidote addresses these challenges by integrating with existing time-recording and practice management systems to review time entries in real time. The AI-powered platform checks entries against client OCGs and internal firm standards, flags potential issues, and suggests compliant revisions before invoices are submitted. Nicholas d’Adhemar, founder and CEO of Antidote, said the company was created in response to persistent revenue leakage caused by manual billing compliance processes in law firms: We built Antidote to remove billing friction by automating compliance for law firms - removing the manual work and shifting compliance upstream, when the work is done, not when you're trying to send out the bill. Antidote is already used by law firms across the US, UK, and Australia, reflecting demand for a more proactive and automated approach to billing compliance. The new funding will support Antidote’s next phase of growth, with a focus on advancing its AI-powered billing compliance platform and expanding its presence in the US. The company plans to further develop its product capabilities, deepen integrations with legal practice and timekeeping systems, and scale adoption among law firms seeking to reduce billing friction and revenue leakage through real-time, automated compliance.

European Commission President Ursula von der Leyen today announced at the World Economic Forum in Davos that the EU will create "a new truly European company structure," which she named "EU Inc."   The announcement represents a major milestone for EU–INC, a policy movement backed by over 22,000 signatories including Europe's leading founders, investors, and the broader startup community.     Since October 2024, EU–INC has led a policy campaign for the creation of a pan-European legal entity. In February 2025, the movement delivered comprehensive legal proposals to the Commission and has worked closely with EU institutions and Member State governments to advance this vision.   A statement from EU-Inc today shared: “We look forward to continuing to work alongside the Commission and Member State governments to ensure the new legal entity delivers the maximum impact for startups and for Europe. This is a once-in-a-generation opportunity to turn Europe into the best place to start and scale startups.”    What is EU Inc? EU Inc is aimed at establishing a single, optional EU-wide legal entity for startups — referred to as the "28th regime" — that sits alongside, not replaces, national company structures. It would include:  A unified legal entity under EU law: simplify cross-border incorporation and operations. Central EU registry: one-stop, fully digital onboarding in English.  Standardised investment documentation: harmonised legal templates to ease pan-European funding. Europe-wide stock option framework: enabling consistent equity for employees across borders. Check out our comprehensive EU-Inc coverage. As detailed in von der Leyen's speech: "We will soon put forward our 28th regime. The ultimate aim is to create a new truly European company structure. We call it EU Inc. We need a single and simple set of rules that will apply seamlessly all over our Union. So that business can operate across Member States much more easily. Our entrepreneurs will be able to register a company in any Member State within 48 hours – fully online. They will enjoy the same capital regime all across the EU. Ultimately, we need a system where companies can do business and raise financing seamlessly across Europe – just as easily as in uniform markets like the US or China. If we get this right – and if we move fast enough – this will not only help EU companies grow. But it will attract investment from across the world." According to Tom Henriksson, General Partner at VC OpenOcean:, “It’s hard not to be excited. The plan for a fully digital, pan-European company form that can be easily created within two days will, if implemented correctly, at long last put startups on equal footing with overseas competitors. It’s hard to overstate the gravity of this. At present, acquiring companies in other member states or attempting to take your business across borders drops founders in the centre of an interminable maze of regulations. In-person meetings with notaries poring over every signature are woefully outdated, especially when inflicted on digital-first companies." The possibility that the 28th regime could, with a stroke of a pen, cut admin time from months for each country to just 48-hours across every member state will have founders punching the air. He cautions that “it’s not a done deal, of course. We’ve yet to see how the rules are formulated, and the eternal problem with these regimes is that member-states are under no obligation to opt-in. "The result may be just another layer of bureaucracy, and founders potentially shouldering compliance costs in the countries that do adopt it, without feeling the benefits. Only time will tell whether adoption is widespread enough to avoid this fate, but there are new reasons to be cautiously optimistic about the future of European innovation today.”

London-based Allocation Strategy, a company developing analytics tools to support asset allocation and investment decisions, has raised £1.6 million in a funding round led by Fuel Ventures, with participation from angel investors and industry experts. Periods of market volatility have exposed limitations in many institutional allocation tools, particularly in linking portfolio decisions with underlying macroeconomic drivers. At the same time, asset allocation has grown more complex as asset classes converge, private and alternative markets expand, geopolitical conditions evolve, and advances in AI reshape investment decision-making. Allocation Strategy was developed to address these challenges by providing a more comprehensive and reliable analytics framework for portfolio construction and risk assessment. The platform supports key asset allocation workflows, including capital market assumptions, portfolio optimization, macro risk analysis, scenario modelling, and model portfolios, helping institutional investors better assess risk and return trade-offs. Pavol Povala, CEO of Allocation Strategy, said the platform is intended to give investment teams a stronger analytical foundation for asset allocation decisions, supporting processes from expected return assumptions through to scenario analysis and portfolio construction. The company was founded by Pavol Povala, Drew Barnden, and Michael Chin, who bring extensive experience in developing and operating asset allocation analytics at scale. The new capital will be used to scale the business, expand research and development, and accelerate the rollout of new solutions for institutional investors.

As Europe’s energy transition accelerates, the financial infrastructure underpinning it remains stuck in the analogue era, with fragmented registries, manual processes, and opaque markets slowing capital flows into renewables and limiting price discovery, liquidity, and scale. In response, Soldera has successfully built the “Stripe for Renewable Energy,” unifying Europe’s 30+ certificate registries into a single interface and MCP. The tech is used by Fortune 500 companies and global asset managers to access more than 4,000 power plants.    Turning Guarantees of Origin into programmable financial assets Simply put, Soldera has developed an AI-powered platform that automates the management and trading of Guarantees of Origin (GOs) in the renewable energy sector. GOs are certificates that verify and monetise renewable electricity production, and traditionally, managing these certificates involves significant administrative work.   Soldera's service automates this entire process significantly reducing the administrative burden for renewable energy producers. The platform also offers features such as spot sales and forward hedging strategies to help producers maximise revenue from their GOs.  Since Soldera raised €25 million last April, the company has gone from strength to strength. I spoke to Stenver Jerkku, Soldera’s CEO, to understand what has driven this momentum. Scaling fast: growth, funding, and market traction Overall, 2025 was a bumper year for the company, which achieved 70x revenue growth, scaling from €150k to €1 million. It has just secured €1.6 million in non-dilutive funding through the EAS Applied Research Grant to double down on its AI infrastructure. According to Jerkku, “It’s been an absolutely wild ride. We’ve had around 30 per cent month-on-month growth, consistently, and we’re now working with roughly 4,000 power plants and more than 500 corporate customers." Creating a meta-layer across Europe’s fragmented registries The company has also gained a new market, with Jerrku explaining: “What really surprised us was inbound interest from large multinationals — including Fortune 500 companies — at a point when our product was still positioned mainly for renewable energy producers. That forced us to step back and ask: why are global corporates coming to a platform originally built for power producers?" The team discovered that the problem that it solved for producers is even more painful on the corporate side. A multinational seeking to source and report renewable electricity across 10, 20, or 40 countries faces completely different registries, rules, and audit requirements in each market. The alternative is to hire large internal teams or rely on brokers and traders, which is costly, opaque, and inefficient. "So we realised we could become a unifying layer — a kind of “meta-infrastructure” on top of national energy attribute certificate registries — and offer turnkey compliance automation for both producers and corporates, " explained Jerkku. “Roughly half of European registries have APIs. The rest still run on fax machines, spreadsheets, PDFs — and in some countries, manually updated Excel files maintained by a single civil servant.” Soldera uses AI to integrate with all of them, whether through APIs, document parsing, or automated reconciliation, and normalises everything into a single platform. This enables direct connections between power producers and corporate buyers and automates the full lifecycle of energy attribute certificates — issuance, transfer, cancellation, audit trails, and reporting. “For corporates, that cuts back-office compliance costs by 25–40 per cent,” shared Jerkku. "For producers, it boosts revenues by 10–15 per cent by removing layers of intermediaries, and reduces administrative overhead by up to 95 per cent, because the process becomes essentially passive." In practice, this means a corporate sustainability team no longer has to understand how the Polish, Spanish, German, and Nordic systems all differ — they just see one interface, one compliance flow, one audit-ready dataset. “Our long-term goal is that EAC management becomes something nobody has to think about anymore. It should be as invisible as cloud billing,” shared Jerkku. ESG politics versus regulatory reality The market Soldera operates in sits at the intersection of energy policy and financial regulation, and I was curious whether geopolitics, with shifting political narratives around ESG — particularly in parts of the US —  was reducing corporate demand.  Jerkku admits he was worried at first, especially with the backlash against ESG in parts of the US: “But once you talk to corporate sustainability teams, you realise how structural this is.  They’re driven by regulations like CSRD, Scope 2 and Scope 3 reporting, supply-chain pressure, and investor disclosure requirements — not political fashion.”  The company sees a rise in  “greenhushing”, where companies do the work but talk about it less publicly.  Yet according to Jerkku, “the actual volume of certificate cancellations and renewable claims is still rising year on year.” Building infrastructure-scale ambition with an AI-native team From here, Solera plans to scale its corporate product to the same level as its producer platform and build out a visible global enterprise customer base. It's also working to turn the virtual registry layer into a truly global system with end-to-end compliance across all major markets. And third, continuing to operate as an AI-native organisation.  “Our ambition is to build a European infrastructure-scale company — potentially a unicorn — with fewer than 30 people, each operating at 10x leverage through automation", shared Jerkku.

Selected overseas tech “trailblazers” working at promising UK startups will be able to claim reimbursement of visa fees as part of a package of measures announced by the UK government today, as it looks to ramp up its appeal as a destination for startups amid simmering tensions between Europe and the US over Greenland. Chancellor Rachel Reeves today pitched Britain as a haven of stability as the government looks to attract the brightest minds in AI, clean energy and life sciences, in a speech in front of businesses and global investors at the World Economic Forum at Davos. The speech comes amid increasingly frosty relations between the US and European countries, including the UK, which follows President Trump's threat of tariffs on countries not backing a US takeover of Greenland. The package of measures includes reimbursement of visa fees for “select trailblazers” in deep tech and those joining the most promising UK firms in priority sectors, the government said. The government said researchers and academics in sectors like AI, quantum computing and semiconductors will benefit from visa fee reimbursements, so they can more easily come to the UK. The UK government did not respond to a request for more details about the reimbursement fees. The government also said new scholarships to study at UK universities will be made available for international maths Olympiad gold medalists. Global firms will also find it quicker to expand in Britain via a new offer to fast-track their sponsor licences, it said. Other measures unveiled by the government include increased resources behind its Global Talent Task Force, which will bring in specialist private sector head-hunting expertise, as the government looks to encourage more top tech talent to relocate to the UK. Reeves said: "In a volatile world, Britain stands out. This government is making sure Britain is home to the stability, talent and capital that businesses and investors want and that drives greater growth. "Some countries give you a platform, but Britain gives you momentum. My message at Davos this week is clear: choose Britain – it’s the best place in the world to invest." Business and trade secretary, Peter Kyle, who is also part of the UK delegation in Davos, said: "We are positioning the UK as the destination of choice for the brightest minds and innovators as we strive to lead the global race for talent. “By attracting leaders in AI, quantum, life sciences, and clean energy, we will drive growth, innovation, and make the UK the premier launchpad for the world’s best entrepreneurs." IMAGE: PEXELS

European food retail is undergoing a structural reset — and it’s creating real pull for startups. AI is moving from experimentation to infrastructure, reshaping everything from demand forecasting and inventory optimisation to personalised offers and pricing, and giving young companies clear entry points into core retail operations. At the same time, sustainability and health have become commercial imperatives. Retailers are actively seeking solutions for waste reduction, low-impact supply chains, smarter packaging, and nutrition-led innovation, supported by digital-first marketing and hybrid store formats. For agrifood startups that can show measurable impact and ROI, Europe’s retail market is competitive — but full of opportunity. However, market entry is challenging for agritech and foodtech startups. Foodtech startups typically begin with pilots: limited volumes, regional trials, or proof-of-concept deployments. Retailers, meanwhile, operate at a massive scale through long sales cycles and expect consistent supply across many stores, as well as predictable pricing and logistics. Food retail runs on notoriously tight margins, which makes buyers cautious about adding operational complexity or increasing unit costs. In response, EITFood has developed Straight2Market (S2M), a program targeting agritech startups. What is Straight to Market? S2M is an acceleration and innovation programme led by EIT Food, designed to fast-track the validation, commercialisation, and market entry of innovative food solutions, directly connecting startups and entrepreneurs with major European retailers. It helps startups understand retailer requirements around scale, pricing and operations, while allowing retailers to explore new, sustainability-driven solutions with reduced risk. The result is a faster, more realistic pathway from innovation to shelf— benefiting both sides of the food value chain. What does the programme offer? For startups and entrepreneurs, S2M offers a practical route to market readiness, combining real-world consumer testing with direct feedback to refine and adapt products, financial support of up to €30,000 to develop or validate an MVP, and the opportunity to run proof-of-concept pilots with leading European retailers. It helps de-risk commercialisation and accelerate progress from prototype to shelf. Retailers, in turn, gain cost-effective access to disruptive innovation focused on sustainability, technology, and supply chain efficiency. ​ Turning open innovation into reality In 2025 alone, the programme supported 15 startups, helping them refine and validate their technologies and products in real retail environments. ​  S2M also engaged four major retailers — Eroski, Migros, Ametller Origen and Sonae — all of whom firmly believe in open innovation and in partnering with entrepreneurs to accelerate change. ​ Each startup received €30,000 to enhance and adapt their solutions, while each participating supermarket benefited from €15,000 to implement the necessary in-store modifications to commercialise the products effectively. ​ Take a look at the participants: Eroski partnered with:   ​ Triwuu is a digital platform that connects consumers directly with local producers, offering fresh, sustainably sourced food through curated boxes of fruits, vegetables, and artisanal products selected for quality and low environmental impact. By reducing intermediaries, the platform improves traceability, supports local economies, and promotes more responsible consumption. ​ Remolonas fights food waste by giving a second life to “imperfect” fruits and vegetables and edible production surpluses through flexible weekly or biweekly subscription boxes of seasonal fresh produce. By redirecting food that would otherwise be discarded, the model helps reduce emissions, resource use, and unnecessary waste across the supply chain.   ​ Image: Remolonas. Iztueta is a family-owned producer of artisanal dairy products, made using fresh milk from its own cows raised in a sustainable farming environment. Its range includes natural yoghurts, ice creams, and farm milk, all crafted with traditional methods and high-quality ingredients that prioritise freshness, provenance, and taste. ​ Barrenetxea is an agricultural cooperative producing traditional Basque vegetables since 1980, with a strong focus on sustainable farming practices and freshness. Its offering centres on seasonal vegetables and greens harvested at peak ripeness and delivered in assorted baskets, many carrying the Eusko Label certification for quality and origin. ​ Migros Up teamed up with:   ​ Yummate is reimagining healthy snacking with vegan, gluten-free, protein-rich products designed for health-conscious consumers. Its flagship offering is baked Chickpea Puffs made from chickpea flour, available in flavours such as vegan cheese, sweet corn, and peanut, combining nutrition with everyday convenience. ​ Image: Yummate. Artisan Candy specialises in gourmet confections crafted with natural ingredients and traditional methods. Its signature product, Sea Salt Caramel Candy, pairs rich, buttery caramel with Fleur de Sel to deliver a refined, premium taste experience. ​ Hubixos crafts functional beverages designed to support energy and overall wellness. Developed by PatiLabs, the brand offers health-oriented drinks enriched with functional ingredients such as vitamins and adaptogens, targeting consumers seeking everyday performance and balance. In addition: Sonae matched with Tetis Biotech, a marine biotechnology company transforming aquaculture by-products into sustainable, high-value functional ingredients. Its snacks include marine collagen and “Seanacks” rich in protein, collagen, and omega-3, all produced through eco-friendly processes that support circular bioeconomy principles. ​ Ametller Origen partnered with Genky Innovations, which develops functional foods inspired by longevity and circularity, using antioxidant-rich ingredients to support healthy ageing. Through its Eternal Foods range, the company upcycles wine industry by-products to deliver resveratrol and more than 30 antioxidants in products designed for everyday wellness. ​ Image: Genky Innovations. According to Izaskun Valle, Business Innovation Project Manager at EITFood, leading the Straight2Market programme throughout 2024 and 2025 has been an incredibly rewarding and transformative experience. ​ “Working closely with retailers and startups has enabled me to drive innovation, foster strategic collaboration, and contribute meaningfully to the growth of the agrifood ecosystem.“ Valle concludes: “Once again, Straight2Market highlights the transformative impact that collaboration can have on shaping the future of food. The programme helps companies test their solutions in real-world facilities to improve their projects before launching them on the market. " By backing these businesses, EIT Food not only drives innovation but also helps strengthen a more connected, resilient,  and sustainable European food system. ​  To learn more about the programme, visit the S2M website to explore how startups and retailers can collaborate to pilot, validate, and scale innovation in real retail environments. Lead image: Freepik.

German robotics-as-a-service (RaaS) provider NEOintralogistics has closed a €3 million seed funding round, led by the Amadeus APEX Technology Fund with participation from Cetus Holding. The need for accessible automation solutions continues to grow. While automation can deliver significant operational cost savings, adoption has been constrained by high upfront investment requirements. As a result, many warehouses worldwide continue to operate manually, with cost barriers limiting automation primarily to large operators. NEOintralogistics aims to address this gap by making warehouse automation more affordable, scalable, and faster to deploy. Its robotic picking system is designed for both brownfield and greenfield warehouses and can be implemented within weeks rather than months or years. Through a pay-per-pick model, automation shifts from a capital expenditure to a flexible, performance-based service. Michael Drodofsky, co-founder of NEOintralogistics, said the company is focused on reducing the cost and complexity that have traditionally limited access to warehouse automation. Our RaaS model removes the need for costly infrastructure or warehouse redesigns, allowing customers to integrate the system into existing shelving and realise efficiency gains more quickly, Drodofsky added. The company’s solution is designed to be more flexible and cost-efficient than traditional automation systems and can significantly reduce reliance on manual labour. NEOintralogistics is already working with industry partners, including Magazino, Jungheinrich, GLS, and BITO. Commenting on the investment, Tim Hos, Associate at APEX Ventures, said NEOintralogistics has developed a scalable approach by replacing high upfront costs and complex integration with a recurring Robotics-as-a-Service model. He noted that this shift improves the underlying economics of intralogistics and supports broader market adoption. The funding will be used to support commercial expansion and customer acquisition, further product development, growth of research and development capabilities, and team expansion, particularly in engineering and operations.

French accounting software platform Pennylane has raised $200m in a funding round, but says it had no immediate need for the fresh funds.   The Series E round was led by growth investor TCV, a new investor, with new investor Blackstone Growth and existing investors, including Sequoia, DST Global and the venture arm of Alphabet, CapitalG, also participating.   The funding round values Pennylane at around $4.25bn, according to a report in Bloomberg, but Tech.eu was not able to verify this.   Founded in 2020, Pennylane is a financial management and accounting platform for startups, SMEs, and their accountants across Europe.   It sells itself as an “all-in-one” accounting and financial management platform that centralises the financial function of businesses and their accountants in one shared workspace, enabling them to work closer together. Arthur Waller, co-founder and CEO of Pennylane, said: “We had no immediate need for funding, but the opportunity to partner with investors like TCV and Blackstone with low dilution was a strategic advantage. This gives us the resources to stay fully independent while accelerating our lead in AI and expanding across Europe. Our mission remains unchanged: being the reference tool for accountants and their clients." Pennylane says it will use the funding to increase its R&D investment, including fine-tuning its product in Germany, where it recently launched, and improving its payment and cash management offering.   Last year, Pennylane raised €75m in a funding round co-led by Sequoia, Alphabet’s CapitalG, and Meritech Capital Partners, while the year before it raised €40 million in a Series C.