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Job&Talent raises €92M Series F to expand workforce management platform

Madrid-based workforce marketplace Job&Talent has raised €92M in a Series F funding round, as the company looks to double down on international growth and AI-led product innovation. The round, which values the company at €1.3B, includes investment from a notable roster of backers such as Atomico, BlackRock, DN Capital, Hercules, InfraVia, Kibo, and Kinnevik. The company has recently launched a suite of AI agents that automate complex aspects of staffing operations, including recruiting, shift planning, attendance monitoring, and performance tracking. Trained on data from over 1 million worker placements and millions of shifts, the AI agents are designed to support companies in scaling recruitment and workforce management with precision and speed. Job&Talent’s first AI agent, Clara, is used for recruitment and has already "conducted" over 180,000 interviews, resulting in more than 7,000 hires. Clara operates across text, voice, and video, handling a recruiter’s core tasks at scale — helping businesses improve fill rates and candidate engagement, particularly during peak demand periods. Additional agents are currently in beta testing, with wider rollout planned throughout 2025. The company says these tools are already demonstrating tangible productivity improvements for clients and are key to its strategic pivot toward an AI-integrated employment platform. “This capital injection reaffirms our shared vision for the future of Job&Talent,” said Juan Urdiales, Co-Founder and Co-CEO at Job&Talent.  “Thanks to the platform we have built over the past years, we are now well-positioned to evolve into a fully integrated employment platform that helps companies manage their temporary and internal workforces more efficiently. Our next-generation AI agents will bring major improvements in productivity, provide better opportunities for workers, and unlock crucial cost savings for companies.” Job&Talent plans to extend its AI capabilities to support permanent workforce management. Currently piloted with select clients, this feature will be broadly available in the second half of the year. By enabling clients to manage both temporary and internal staff through a single interface, the company is aiming to become a unified HR platform for frontline workforces. Earlier this year, Job&Talent expanded availability of its technology to all 10 countries in which it operates, further solidifying its global reach. With this latest investment, the company says it will continue scaling both product and operations in key international markets.

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French fashiontech Faume raises €8M and partners with Victoria Beckham

Paris-based circular fashion startup Faume has raised €8M to expand its white-label second-hand platform for luxury and premium brands across Europe. The round was led by Amundi Private Equity Transition Juste, with participation from existing investors Daphni and Bpifrance, through its Digital Venture fund. Founded in 2020, Faume offers a white-label platform that allows fashion labels to run their own branded second-hand sales. Unlike marketplaces where items are sold peer-to-peer, Faume handles the logistics, technology, pricing tools, and customer experience, allowing brands to retain full control over pricing, quality assurance, and brand image. With its new funding, Faume plans to double down on international growth, expand its commercial and technical teams, and onboard 150 brand partners within the next four years. In 2025, it also plans to launch a ‘Dynamic Pricing’ AI solution, which will allow partner brands to automatically adjust second-hand prices in real time — keeping them competitive with marketplace platforms while retaining margin and control. The raise comes as second-hand fashion continues its meteoric rise across Europe, with platforms like Vinted, Vestiaire Collective, and now Faume, increasingly being tapped by established fashion houses eager to align with sustainability trends without compromising brand equity. Faume has partnered with over 45 fashion labels, including Lacoste, Isabel Marant, ba&sh, Soeur, Aigle, Ami Paris, and more recently, Victoria Beckham — marking its entry into the UK market alongside an expansion into Italy. In total, over 300,000 items have been sold via Faume’s platform, with more than 40% of transactions happening outside France. Faume estimates that it helped avoid 4,200 tons of CO₂ emissions in 2024 alone, through its facilitation of refurbished and reused fashion. The startup also supports fashion brands in expanding internationally with circular services, having already assisted French clients in entering markets such as Germany, Belgium, Spain, and the Netherlands. “The second-hand market is booming, but raising funds doesn’t automatically guarantee success. At Faume, we demonstrate daily that second-hand fashion is a source of resilience for brands, combining sustainability and profitability for all stakeholders. Our solution, already adopted by more than 45 prestigious brands, proves that building a second-hand model is not only feasible and virtuous but also performance-enhancing,” said Aymeric Déchin, CEO and co-founder of Faume. “We have long advocated for a sustainable vision of fashion with timeless offerings. Soeur Second Hand, created with Faume’s teams, represents a key milestone in our growth. We are very satisfied with the launch and delighted to offer a premium in-store take-back service for our customers. Available today in 14 European countries, this initiative underscores Soeur’s commitment to circular and sustainable fashion,” said Freja Day, General Manager of Soeur.

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The Tech.eu Summit London 2025 Session Videos Now Available!

Following the successful conclusion of the Tech.eu Summit London 2025, we’re excited to announce that all session videos from the event are now available to watch on our YouTube channel. This year’s summit brought together leading voices from Europe’s startup and investment ecosystem for two days of dynamic discussions, insightful keynotes, and thought-provoking sessions covering AI, fintech, sustainability, defense tech, early-stage VC, female entrepreneurship, and much more.  Startups such as THIER, Doctorsa, Biostream, Emissium, HalioGen Power, Zelt, and Reputy took the stage to pitch their visions to an engaged audience of investors, founders, and decision-makers. As we close the chapter on this year’s summit, we’re excited to share that session videos available on Tech.eu’s YouTube channel. Whether you want to catch up on sessions you missed or revisit your favorite moments, the full experience will be just a click away. The Tech.eu Summit London 2026 will take place on 21–22 April, 2026 at the Queen Elizabeth II Centre. Mark your calendars — tickets are now on sale, and more details will be shared soon!

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Swedish truck manufacturer Scania acquires bankrupt Northvolt Systems' Industrial Division

Good news for the future of Swedish batterytech with news today that Swedish truck manufacturing Scania has acquired the Industrial Division of Northvolt System. This includes production capabilities, an R&D centre, and a team of approximately 260 employees.  Northvolt filed for bankruptcy a  month ago citing the compounding challenges affecting the sector in recent months, including, “rising capital costs, geopolitical instability, subsequent supply chain disruptions, and shifts in market demand.”  Northvolt Systems Industrial Division develops and manufactures battery systems for heavy industry and off-highway market segments, offering a portfolio of battery modules and systems used in material handling, construction equipment, and mining.  The acquired company will be a partner to Scania's business unit Power Solutions. This will add on to Scania's offering as part of a diversified product portfolio and strengthen its electrification offering for off-road applications. "Northvolt Systems Industrial Division brings valuable expertise in battery technology and assembly. Their capabilities strengthen our modular approach and support the development of complete electrified solutions for off-road applications. I'm pleased to welcome the team to Scania," says Sara Hermansson, Head of Scania Power Solutions. The acquired business will be a partner to Scania Power Solutions and operate as a stand-alone venture within Scania Ventures and New Business.  Jonas Hernlund, Head of Energy & Infrastructure at Scania Ventures and New Business shared: "This acquisition demonstrates how Scania Ventures and New Business leverage our capabilities in opportunity identification, M&A, and growth-stage company management to enable our core business and enhance our position as a transformation partner for our customers — all in support of a more sustainable transport system." According to Elin Åkerström, Vice President Northvolt Systems Industrial: "Since 2017, Northvolt Systems Industrial has developed advanced battery systems for machines operating in demanding environments such as construction, mining, and material handling. Our flagship solution, Voltpack Core, reflects our ability to meet real-world industrial challenges.  Joining Scania marks the next chapter in our journey. This acquisition brings together two strong legacies in electrification and powertrain innovation. I am confident that, together, we will strengthen our capabilities and deliver even greater value to our customers."  Scania and the trustee have agreed on a deal that ensures the continuation of operations. Following the acquisition, Northvolt Systems Industrial's operations will continue with business as usual. The operations are based in two locations: a leased production facility in Gdańsk, Poland, and an R&D centre in Tomteboda, Stockholm, Sweden. Lead image: Scania. Photo: uncredited. 

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Clinomic's Mona: the 'iPhone for ICU' backed by €23M investment

German medtech startup Clinomic has raised a €23 million financing round co-led by DeepTech & Climate Fonds (DTCF) and a private family office.  Founded in 2019 by intensive care physicians from RWTH Aachen University Hospital, Clinomic developed Mona, an integrated platform designed to streamline intensive care workflows.  Mona records, organises, analyses, and visualises patient and operational data, providing healthcare professionals with real-time insights to enhance decision-making—transforming intensive care to meet both human and technological standards for patients and medical workers. Dr Arne Peine and Dr Lukas Martin, both Medical Doctors and co-founders, explain:  “As medical doctors working on the ICU, we experience it every day: Data density in high-acuity settings is increasing, leaving us less and less time for the patient. We need revolutionary new approaches to deliver optimal patient care. Good future care will only be possible if we close existing digitisation gaps and consolidate all relevant data in one place. That’s why we’re building the ‘iPhone for the ICU’.” Günther Bogenrieder, Investment Manager at DTCF, adds:  “From our very first conversations, we saw how Clinomic is using AI to solve critical healthcare challenges with real, measurable impact. Georg, Arne, Lukas, and their exceptional team are redefining intensive care.  The Mona platform is significantly improving quality of patient care, while reducing healthcare costs by making all relevant data accessible in one platform and thus optimizing clinical and administrative workflows. These results prove that Clinomic is setting a new global standard for digital intensive care.” Looking ahead, Clinomic’s multi-revenue model – integrating hardware, software, and data services into the “iPhone for the ICU“ – fuels strong retention and scalability.  By expanding Mona’s capabilities into all areas of high acuity care and launching its Health Data Lake to securely aggregate and analyze Intensive Care Medicine, Clinomic will enable seamless interoperability across healthcare systems.  Already partnering with some of Europe’s largest hospitals, the company is striving to accelerate its footprint, delivering AI-driven benefits to large hospital chains, public and university hospitals, and regional facilities internationally. The funds will be used to expand the company’s presence in global markets and further develop its AI-powered healthcare solutions. Lead image: Clinomic. Photo: uncredited. 

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HKTDC Electronics Fair Spring Edition: Feel the pulse of innovation at Asia's premier electronics event [Sponsored]

The debate around emerging tech hubs across Europe and Asia is incessant; might a previously unknown city eclipse its prestigious neighbours? But in some cases, the inherent strengths of a classic hub means that no one can compete. So it is with Hong Kong.  Hong Kong's electronics sector is uniquely positioned to take advantage of key regional opportunities, from China’s immense consumer market to Southeast Asia’s expanding tech ecosystem. The city’s world-class trade infrastructure, financial services, and connectivity give seamless access to local and international markets. As the demand for cutting-edge electronics soars, visitors have the opportunity this April to witness the breakneck pace of innovation in real life. From 13 – 16 April 2025, the Hong Kong Convention and Exhibition Centre will host the 21st HKTDC Hong Kong Electronics Fair (Spring Edition) alongside the 3rd InnoEX, Asia’s premier innovation and technology event. The fair is a chance to engage with over 2,500 exhibitors and explore breakthrough technologies in AI, robotics, health tech, smart mobility and more. This year, it will be focused around three main areas: The Tech Hall will showcase a diverse range of advanced products that are shaping modern lifestyles, from electric mobility solutions to frontier IoT devices. The demand for these innovations is accelerating across global markets as industries and consumers alike seek more efficient solutions. With the push for sustainability and digital transformation in full swing, solutions featured in the Tech Hall—particularly those related to electric vehicles, energy storage, and smart home systems—are poised to meet the needs of an increasingly tech-reliant population. These are exactly the issues that Cybermed: HIF-TRAINER™ Professional is tackling. As a first-time participant, they will leverage the Hong Kong Electronics Fair’s international platform to showcase their pioneering Intermittent Hypoxic–Hyperoxic Training (IHHT) technology, which is streamlining sports, health, and high-altitude tourism. We’ve already seen significant interest from European sports clubs and high-altitude tourism bases that have adopted our technology," a representative told Tech.eu. "Our goal is to replicate this success in Hong Kong and expand into more Asian markets."  This zone offers prime opportunities for startups and established players alike to form lasting partnerships and grow their market presence. Meanwhile, the Health Tech & Wearables Zone showcases solutions to the global need for increased efficinecy and interoperability in healthcare. In 2025, global health tech spending is expected to continue its rapid growth, driven by a heightened focus on personal wellness, remote monitoring, and digital health solutions. The zone will highlight everything from wearable fitness trackers to telemedicine platforms, with a particular focus on how these technologies are transforming patient care and health management. This is an ideal setting for companies like Cybermed to showcase their IHHT devices.  "The fair provides us with a unique opportunity to connect with buyers from Europe and Asia, while demonstrating how our technology can enhance high-altitude adaptation, weight control, and cardiopulmonary health," a spokesperson commented. The Startup Zone is where the pulse of innovation truly beats. In 2024, over 60 start-ups from around the world showcased their breakthroughs in areas like IoT, digital business, and health tech. This year, it promises to be an even more dynamic platform for emerging players, particularly as the global start-up ecosystem continues to evolve. For both investors and business leaders, the Startup Zone is a space to spot the next unicorn, discover disruptors and forge valuable partnerships. As the VC landscape exhibits increasing interest in early-stage companies developing tech solutions that solve real-world problems, this zone provides unparalleled access to fresh ideas. One company that has benefitted is SOCIF, which has participated in the Electronics Fair and InnoEX for the past three years. The company is particularly looking forward to the fair for its reach beyond just electronics sales. “We expect the expo to attract more corporate representatives looking for innovative tech and AI solutions to enhance their business and operations,” an executive shared.  SOCIF’s participation has already resulted in significant connections and collaborations. “EFAE has provided us not only with an opportunity to exhibit in person but also with pre-scheduled business matching through both the exhibition and the online platform ‘Click2Match.’ This has helped us expose our AI solutions to a broader range of industries,” they explained. The company’s AI-driven video analytics for property management and government sectors have opened doors to new business ventures, including a successful partnership earlier this year on an AI project for property management. With such partnerships on the horizon, SOCIF is set to roll out even more innovative AI solutions, including their upcoming personnel-driven AI cameras for real-time video and image analysis. Both booths will be available to visit, where companies can reach customers directly and explain their technology. Don’t miss your chance to explore the latest innovations in electronics at the world’s leading showcase. Register now to join HKTDC from April 13-15 2025, at the Hong Kong Convention and Exhibition Centre, 1 Expo Drive, Wan Chai.

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Italy defies global slowdown with $315M raised in Q1 and Jeff Bezos to headline Italian Tech Week

Following a sustained effort to drive innovation across the country, Italy’s tech sector continues to expand by raising more than $315 million in Q1 2025 and hitting an enterprise value of $82 billion.  Despite global slowdowns, Italy’s early 2025 funding is already tracking last year’s investment levels for the same period. Meanwhile, the sector’s Q1 2025 enterprise value is double what it was just four years ago and $12 billion higher than 2024’s closing value of $68.2 billion. Notable rounds in the first quarter include: Innovo Renewables, which raised $32 million;  CamGraPhIC’s $27 million raise; and  Tethis and Subbyx, securing $16 million each.  What’s more, while 89 per cent of deals in 2024 were at the Pre-Seed and Seed stages, the number of Series A rounds in just the first quarter of 2025 (19) is already over half the total number (28) recorded across all of last year, demonstrating the ecosystem’s maturation. Only last month, Italy’s most active private early-stage VC – Vento – launched its second €75 million fund dedicated to supporting Italian founders globally.  Vento is the investment arm of the organisers of Italian Tech Week, which takes place in Turin in October.  Jeff Bezos to headline Italian Tech Week Jeff Bezos, founder of Amazon, Blue Origin, and the $10 billion Bezos Earth Fund, will headline this year’s Italian Tech Week. Diyala D’Aveni, CEO of Vento said:  “Having Jeff Bezos join us at Italian Tech Week this year sends a powerful message: the world is watching, and Italy is ready to have an impact. Our Q1 results prove we’re not on Europe’s tech sidelines – we’re building companies that can compete on a global stage.  With more international capital flowing in, more Italian founders scaling beyond borders, and a stronger pipeline of deep tech and AI startups, momentum is undeniable. I’m excited for another stellar Italian Tech Week event to continue driving Italy’s growth.” Lead image:  Pixabay and creative commons.

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Damisa raises £2.25M to simplify stablecoin-powered cross-border payments

UK-based fintech startup Damisa has announced a £2.25M pre-seed funding round, led by London’s Fuel Ventures, as it prepares to launch its stablecoin payment service. The round also saw participation from EWOR, Greyhound Capital, and fintech investor Mark Ransford. Founded by Jordan Lawrence, who previously co-founded the real-time payments platform Volt, Damisa is targeting an initial rollout across sectors heavily burdened by cross-border payment complexity, namely logistics, real estate, travel, and education. International B2B payments still rely on legacy infrastructure, often resulting in high fees, slow settlement times, and a lack of transparency. Escrow services, in particular, are a pain point in sectors where trust and timing are critical. Damisa aims to streamline these transactions by leveraging stablecoins and a proprietary smart wallet infrastructure. The company says this will reduce friction and deliver a faster, more secure experience for businesses moving funds internationally. Damisa’s raise comes at a time of renewed interest in stablecoin-enabled B2B payment infrastructure, particularly among fintech startups building beyond consumer crypto applications. Regulators are increasingly setting clearer frameworks for digital assets and virtual asset service providers. Mark Pearson, Managing Partner at Fuel Ventures, commented: “Damisa is uniquely positioned to fundamentally transform international payments. We’ve invested in Jordan before through our investment into Volt ($350M+ valuation) and are delighted to be working with him again. "The team has the experience, regulatory foundation, and industry understanding to make a significant global impact. We’re excited to lead their first round and support their ambitious growth trajectory.” CEO Jordan Lawrence said the backing reflects the market’s appetite for modern alternatives to legacy escrow and settlement services: “This funding reflects confidence in our vision to fundamentally improve global payment processes for sectors burdened by outdated, expensive solutions. By implementing our smart wallets and orchestrating leading stablecoins for speed and security, Damisa will dramatically simplify escrow services and cross-border payments, delivering greater transparency to businesses operating internationally, especially in complex, emerging markets. We look forward to providing immediate, tangible benefits to customers across logistics, real estate, travel, and the education sectors.”

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DIG Ventures closes $100M fund to back early-stage B2B software startups

DIG Ventures, an early-stage venture capital firm focused on B2B SaaS, AI, and cloud infrastructure, has announced the close of its first institutional fund, comprising of $100M. Backers of the new fund include a mix of prominent institutional and strategic investors such as The Hillman Company, Sofina, Granite Capital, and Grove Street, alongside tech luminaries including Datadog founder Olivier Pomel and several former MuleSoft executives. Founded in 2018, DIG Ventures began as a family office and has since evolved into a dedicated VC fund. DIG Ventures typically invests at the Pre-seed and Seed stages, often writing the first institutional check for startups. It is distinctively "operator-led" — all four partners have previously built or scaled high-growth technology businesses. DIG’s latest raise comes amid growing investor interest in European enterprise software. As startups mature beyond consumer apps and fintech, there's has been a marked rise in funding and exits for enterprise-focused companies—especially those working at the intersection of SaaS, AI, and cloud infrastructure. “We see an enormous opportunity in Europe right now—this is the moment for the next generation of globally impactful tech companies to emerge from Europe,” said Ross Mason.  The firm has already deployed capital from the new fund into over 15 startups, including: Dash0 – an observability platform founded by Mirko Novakovic, who previously built Instana (acquired by IBM) nexos.ai – an AI orchestration platform led by Nord Security co-founders Tomas Okmanas and Eimantas Sabaliauskas PolyAPI – an enterprise middleware provider founded by Darko Vukovic, a former executive at MuleSoft, Google, and Oracle. "We chose DIG Ventures because of their unique operating experience scaling a SaaS company to billion-dollar success, combined with the hands-on, entrepreneurial spirit their entire team brings to the table," said Mirko Novakovic, founder of Dash0. "Their expertise and proactive approach make them exactly the partner Dash0 needs at this critical growth stage."

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Czech Republic: From steady roots to dynamic growth

The Czech tech ecosystem has emerged as a dynamic and increasingly influential force in the national economy. According to the Smart Market Report 2025, Czech startups contribute over 5% to the country’s GDP and employ more than 150,000 people. With deep roots in engineering and a growing culture of innovation, the Czech Republic is gaining recognition as a key tech hub in Central Europe. Prague remains the epicentre of activity, home to the majority of startups, while Brno and Ostrava are fast establishing themselves as secondary innovation centres. A robust network of incubators, accelerators, and public programs is helping to fuel local growth and support international expansion. The Czech tech landscape today reflects a maturing, opportunity-rich environment with global ambitions, driven by a wave of successful startups and increasing momentum across the ecosystem. Here is a list of 10 Czech tech companies driving the growth of the country’s technological ecosystem. Amount raised in 2024: $170M Rohlik Group is a leading European online grocery delivery service founded in 2014 in the Czech Republic. Operating in the Czech Republic (Rohlik.cz), Hungary (Kifli.hu), Austria (Gurkerl.at), Germany (Knuspr.de), and Romania (Sezamo.ro), the company offers a wide selection of over 17,000 products, including locally sourced goods and private label brands. Rohlik emphasizes fast and precise delivery, with options as quick as 60 minutes and 15-minute same-day time slots. In 2024, the company raised $170 million in fresh growth capital, bringing its funding to over $780 million. Amount raised in 2024: €100M Omnetic is a company specializing in dealership management systems for automotive professionals. The company offers digital solutions designed to streamline operations for car dealers, bazaars, and repair shops. Their platform includes tools for vehicle sales, insurance, customer relationship management, and workshop management, all accessible through a paperless, real-time data system. In 2024, Omnetic secured €100 million in funding to support its expansion into key European markets such as Poland, Germany, France, and the Benelux countries. Amount raised in 2024: €12.5M Upheal is an AI-powered platform designed for mental health professionals, including therapists, psychiatrists, and social workers, to streamline clinical workflows and reduce administrative burdens. Upheal automates note-taking and transcribes therapy sessions, offering secure video calling, AI-generated progress notes, and session analytics. The platform supports various documentation styles such as SOAP, GIRP, BIRP, DAP, EMDR, Mental Status Exam, and Intake notes, catering to different therapy approaches. In 2024, Upheal secured €12.5 million across two funding rounds to boost marketing efforts, enhance engineering, advance product development, and expand its AI capabilities. Amount raised in 2024: $11.5M E2B is an open-source runtime designed to securely execute AI-generated code within cloud-based sandboxes, facilitating the development of AI applications and autonomous agents. The platform supports various use cases, including AI data analysis, visualization, coding agents, and generative UI, by providing secure, scalable, and customizable environments for running AI-generated code. In 2024, E2B raised $11.5 million in a funding round to enhance its platform's capabilities. Amount raised in 2024: $10M Better Stack is a comprehensive observability platform that integrates monitoring, logging, incident management, and status pages into a unified solution. Leveraging the ClickHouse database, it offers performance that is approximately 10 times more cost-effective and 10 to 100 times faster than alternative solutions, enabling customers to retain data in hot storage for extended periods. Designed with an intuitive interface that utilizes SQL for data querying, Better Stack enhances collaboration among engineering teams. Its suite of tools includes uptime monitoring, infrastructure monitoring, and log management, all aimed at helping developers build a more reliable internet. In 2024, Better Stack raised $10 million to continue its growth. Amount raised in 2024: $10M Daytrip is a travel platform that connects travellers with local, English-speaking drivers for private, door-to-door transfers between cities in over 130 countries. The service offers optional sightseeing stops at curated attractions along the way, transforming routine journeys into enriching travel experiences. Daytrip's drivers are carefully vetted professionals who provide clean, comfortable vehicles and share local insights, ensuring a safe and personalized journey. In 2024, Daytrip raised $10 million to support its global expansion, with a focus on entering the US market, improving its platform, and building strategic industry partnerships. Amount raised in 2024: €5M Eyeball.Club is a sports technology company revolutionizing youth football scouting through AI-driven data analytics. The platform provides professional and youth football clubs with access to a comprehensive database of player profiles, match videos, and performance metrics, enhancing the talent identification process. In 2024, Eyeball secured €5 million in seed funding to expand into US and Latin American markets and further enhance its technological capabilities. Amount raised in 2024: €4M Bookbot is a Czech-based online platform dedicated to buying and selling pre-owned books. Operating under the name Knihobot in the Czech Republic and Slovakia, and as Bookbot in Germany and Austria, the company offers a diverse selection of over one million titles across various genres, including novels, literary classics, horror, sci-fi, thrillers, comics, and rare finds. The company’s mission is to promote sustainability by giving books a second life, and making literature more accessible while contributing to environmental preservation. The platform provides free book pickup services and offers competitive commissions for sellers. In 2024, the company secured €4 million in Series A funding to support its growth and expansion plans. Amount raised in 2024: €3.6M Sloneek is a cloud-based Human Resource (HR) management platform. The company offers a comprehensive suite of HR tools, including employee records management, attendance tracking, absence approvals, and performance evaluations, aiming to streamline HR processes for businesses of all sizes. In 2024, Sloneek secured €3.6 million in a Seed funding round which will be used to enhance Sloneek's platform capabilities and support its expansion into international markets. Amount raised in 2024: €3M Zuri is an aerospace company, dedicated to revolutionizing regional air mobility through the development of hybrid Vertical Take-Off and Landing (VTOL) aircraft. Their flagship model offers a range exceeding 700 km, combining vertical lift capabilities with efficient horizontal flight, thus enhancing passenger convenience and operational efficiency. The company has achieved significant milestones, including successful hover tests and the unveiling of next-generation prototypes like Zuri 2.0 and Zuri 2.0 Cargo. In 2024, the company secured €3 million in funding to advance its hybrid VTOL technology and expand its development efforts. Zuri's mission is to make air travel more accessible and efficient by offering on-demand, door-to-door flights without the need for traditional airports, all while prioritizing passenger safety and comfort.

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British Treble Peak raises £5M to digitise private market access

London-based Treble Peak, a platform focused on streamlining access to private markets, has secured £5M to expand its technology and operations across the UK and Europe. European financial figures, including René Beltjens, former Chairman of Alter Domus, invested. Tor Erland Fyksen, founder of two European consumer banks, and Just Arne Storvik, a Norwegian tech investor, participated. The raise comes amid increasing demand for private market access from non-institutional investors, and growing pressure on fund managers to source fresh capital. Private markets—particularly private equity—have seen rapid growth over the past decade, with global private wealth allocations nearly tripling. Founded in 2022, Treble Peak provides a digital infrastructure that simplifies the onboarding and investment process in private equity markets. The company says it enables wealth managers, family offices and private individuals to access institutional-grade investments with lower minimums, while helping fund managers raise capital more efficiently. However, liquidity pressures are mounting, especially in Europe. Recent geopolitical tensions and economic uncertainties, including tariffs and interest rate volatility, have made it harder for fund managers to secure capital through traditional institutional channels. This has driven increased interest in platforms that can help widen the investor pool. In parallel, European private equity fundraising hit €118 billion in the first half of 2024, according to Preqin—pointing to continued appetite, but also a need for efficiency and access to alternative sources of capital. Treble Peak’s approach Treble Peak is positioning itself as part of the solution. By digitising the investment lifecycle and lowering minimums, the company aims to open the private markets to a broader class of investors while enabling fund managers to scale more rapidly. Storvik commented: “This is digital transformation for private equity. Treble Peak's innovative approach to streamlining the private equity process is exactly what the industry needs. By reducing the entry barriers, they are not only expanding the investor base but also enhancing the efficiency and reach of fund managers.” "This raise is a significant step forward as we scale to meet the demand from investors and fund managers across Europe," said  CEO and co-founder Mark Woolhouse. "We are transforming the way private markets operate by simplifying access, digitising the investment lifecycle, and reducing barriers to entry. With this capital, we are doubling down on our technology, our partnerships and our mission to make private markets truly accessible."

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Mynt and Visa join forces to simplify SME finance with scalable SaaS solutions

Today, Swedish-founded SaaS fintech Mynt announced an expanded reseller partnership and investment from digital payment provider Visa.  Mynt, founded in Stockholm in 2018, offers corporate cards to over 16,000 of its business customers which, through Mynt’s platform, can seamlessly integrate with ERP and accounting systems, reducing time spent on finance administration and bookkeeping. Mynt will have expanded to all Nordic markets in 2025, catering to more than 12,000 SMEs and saving businesses countless hours by automating what is possibly the least favourite task in business. The partnership with Visa will enable Mynt to address the growing demand for efficient spend management among SMEs. According to Philip Konopik, Regional Managing Director, Visa Nordics & Baltics:  “We are thrilled to invest in Mynt as they continue to grow following several years of joint value-creating collaboration. Another great example of Nordic fintech innovation is Visa deepening collaboration with Mynt, where our combined capabilities will enable our clients and partners to bring market-leading propositions and services to SMEs across Europe.” As part of this deepened relationship, Mynt will also become a reseller partner for Visa, expanding its reach and capabilities throughout Europe. By onboarding Mynt as a reseller partner across Europe, Visa will be able to resell Mynt’s SaaS solutions directly to issuers. This collaboration can help simplify the client onboarding process and accelerate go-to-market timelines in alignment with Visa’s B2B strategy. Baltsar Sahlin, CEO and Co-Founder of Mynt, said:  “We are excited to welcome Visa as an investor and to become their reselling partner. We are impressed by Visa’s team and this partnership will allow us further to scale our solutions across Europe and the UK. Visa’s investment is also a testament to the strength of our technology, capabilities and our vision to simplify and streamline business expenses.” The partnership will enable Visa to better meet its clients’ needs and the underserved SMB market.  Mynt’s platform provides auto-reconciliation and easy integration into accounting software, enabling spending insights and reducing administrative burdens. Lead image: Mynt. Photo: uncredited.

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Serena study shows Open Source beats proprietary in funding speed, valuation, and exit success

A 25-year study by Matthieu Lavergne, Partner at Serena, sheds new light on a long-debated but unresolved question in tech: do open source companies truly outperform their proprietary peers?  Based on 25 years of venture capital data (2000–2024) and an analysis of over 800 VC-backed Open Source companies, the Serena VC Commercial Open Source Report) provides valuable insights into the financial dynamics of this model. Here are some of the key findings:  Open Source emerges as a leading investment category Open source has established itself as a recognised investment category, with an average of 250 funding rounds per year and $9 billion in annual investments since 2019. 2024 marked a historic acceleration: 211 deals raised $26.4 billion for COSS companies, accounting for 5 per cent of total VC investments in software. This momentum was driven by record-breaking funding rounds, including Databricks ($9.5 billion), xAI ($11 billion across two rounds), and Mistral AI ($600 million in Series A). While the US remains the primary hub for VC-backed open source companies (65 per cent), Europe is catching up, now representing 20 per cent of COSS companies. Local leaders include  Aiven, BrowserStack, and Odoo. Open source companies raise faster and at higher valuations The research finds that open source companies are 20 percent faster at raising a Series A and 34 percent faster at reaching Series B. They raise 1.45x higher at Seed and 1.33x higher at Series A. Further, stronger graduation rates between funding stages: 91 per cent of open source startups move from Seed to Series A (vs 48 per cent for software overall), and 88 per cent progress from Series A to Series B. However, the data challenge the assumption that GitHub community engagement directly impacts fundraising success: GitHub star count has minimal influence on valuation or round size, except in specific segments like DevOps tools and Data platforms. Open source companies deliver superior returns to shareholders According to the study, open source companies achieve significantly higher valuations than proprietary companies at IPOs and acquisitions. Notably, 12 per cent of VC-backed open source companies have successfully exited through M&A or IPO. At IPO, Open Source companies have a median valuation of $1.3 billion, compared to just $171 million for proprietary software firms.  Further, In M&A deals, the median valuation for COSS companies is $482 million, versus only $34 million for proprietary firms. The impact of open source software goes beyond business models, serving as a catalyst for innovation through global collaboration and modular reuse, a foundation for trust through transparency and community governance, and a tool for digital sovereignty as countries and companies seek control over their tech stacks and independence from closed platforms. Matthieu Lavergne serves on the boards of several open source companies, including Pyannote AI (AI), Opsmill (Infrastructure), Kotzilla (DevTools), and Switstack (payments). He has been an active GitHub user since 2013.  He shared:  “This report responds to a widely debated but unresolved question in technology—one that is growing in importance as nations and organisations seek greater sovereignty, trust, and innovation. Commercial open source software has proved to be the winning strategy for startups, entrepreneurs and investors.” 

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Runa Capital: Europe’s open source scene punches above Its weight in AI and Infrastructure

This week international venture capital firm Runa Capital released the latest quarterly Runa Open-Source Startup (ROSS) Index, a regularly updated ranking of the top-trending open-source startups.  The annual report ranks 20 top-trending open-source startups by the annualised growth rate of GitHub stars at their repositories.  The firm is a serial early-stage investor in deep tech startups across AI, ML and open source. It first released its Runa Open-Source Startup (ROSS) Index in 2020.  The ROSS Index reliably predicts global funding for top-trending open-source companies. The European open source scene is proving it can punch far above its weight, especially in infrastructure and AI-native tooling. While Silicon Valley dominates in agent frameworks and browser automation, Europe is quietly producing some of the most technically ambitious and globally relevant projects, often with less hype, more depth, and a strong open-source ethos. According to Runa, Anoma, building a distributed operating system for intent-centric decentralised application, represents Europe’s leadership in post-blockchain thinking with deep protocol work rooted in real-world use cases.  Similarly, Pathway is tackling the messy realities of real-time, AI-powered data pipelines, offering an elegant alternative to legacy batch-based products. Meanwhile, Pydantic has quietly become foundational to the Python AI stack, offering strict typing and validation that’s increasingly critical in production-grade GenAI systems.  Coderamp (with its Git-to-prompt interface) and Readest (a sleek cross-platform reader) reflect a newer generation of hacker-founders building polished, useful tools from day one. Together, they point to a uniquely European flavour of open source: less about grand narratives, more about precision engineering, developer trust, and long-term infrastructure bets. Notably, these companies aren’t clustered in just one ecosystem. Runa Capital is seeing real dispersion (from Zug to Lyon, Berlin to London) suggesting that Europe’s strength in this cycle may lie in its distributed, resilient approach to innovation, just like the systems these startups are building. The top 20 companies include: ?? Anoma  (27.2K stars, 27.2x growth) is a distributed operating system for intent-centric, decentralised applications. Founded in 2020 in Zug, Switzerland. The company has raised $57.8 million from a variety of investors, including Electric, Polychain, and CMCC Global. ?? Coderamp (7.2K stars, 7.2x growth) develops Gitingest, a tool that turns any Git repository into a prompt-friendly text. The company was founded in 2024 in Lyon, France and raised an undisclosed amount from    Kima. ?? Pydantic (.9K stars, 6.9x growth) develops a Python agent framework designed to build production-grade applications with GenAI. The London company was founded in 2017 in London. It has raised $17.2 million from various investors, including Irregular Expressions, Sequoia, ?? Readest (5.5K stars, 5.5x growth) is a modern, feature-rich ebook reader designed for avid readers,s offering seamless cross-platform access, powerful tools, and an intuitive interface to elevate your reading experience. is a cross-platform, feature-rich ebook reader. Founded in 2024 in Germany.     ?? ´Pathway ( 22.4K stars, 5.1x growth) offers a real-time data processing framework for building fast, resilient, and    AI-powered data pipelines. Founded in 2020 in Paris, France. The company has raised $14.5 million from Market One, Inovo, Id4, TQ, and admos.

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Dosen.io secures $2.3M to tackle "quiet quitting"

Irish-founded HRtech platform Dosen has raised $2.3M in an oversubscribed pre-seed funding round. The round was led by Affinity Ventures, with additional investments from Unshackled Ventures and Fuel Ventures. Founded by Ronan Wall, Victor Burke, and Cian McCarthy, Dosen helps HR departments and senior leadership retain talent while driving performance. The platform uses advanced artificial intelligence to align employee development with organisational goals, addressing the growing issue of employee disengagement, which has become a critical concern for businesses worldwide.  The cost of underperformance in the workplace is substantial, with US businesses losing an estimated $500B annually due to disengaged employees. Dosen provides personalised learning pathways for employees, aligning their development with company objectives and improving both individual performance and overall business productivity. Dosen’s platform works by combining inputs from both the company and the employee. Organisational data, including company structure, goals, and roles, are integrated with employee data, such as personal values, skills, and career aspirations, to create tailoured learning journeys. This process ensures that employee development is aligned with company goals, ultimately driving improved performance and productivity across the business.  Co-founder Ronan Wall expressed enthusiasm about the support Dosen has received: “We’re thrilled by the overwhelming support we’ve received, exceeding our initial round size by 50%. Dosen is designed specifically to help HR teams and senior leaders solve the biggest challenge they face right now, underperformance or loss of their top talent. This investment allows us to reach more people and companies and put an end to the trend of ‘Quiet Quitting’.” Co-founder Victor Burke added, “This pre-seed round validates our mission to redefine workplace learning. By automating the personalisation of training at scale, we’re excited to make a significant impact for organizations and the people within them.” Cian McCarthy, also a co-founder, added: “The most exciting thing about Dosen is that the product is in its infancy and we see a huge opportunity to advance it further, driving even greater levels of employee purpose and company performance after this round.” 

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Italian medtech Medicud raises €1.3M for wound pressurising device

Medicud, a medical device company focused on improving wound healing, has raised over €1.3M in seed funding. The company has raised €2.5M since its inception. The round includes new investors such as CHMBR Partners, 50 Partners Capital Health, Business Angels des Grandes Écoles (BADGE), and other investors. The funds will be used to initiate the regulatory process for DRYUM, an incisional negative pressure wound therapy system. DRYUM is designed to provide constant negative pressure to surgical incisions, aiming to reduce complications and speed up recovery. The single-use, portable device is non-electronic, increasing its affordability and reducing training time for healthcare professionals. The first clinical trial of DRYUM will target orthopedic surgery, specifically focusing on Total Hip Arthroplasty (THA) and Total Knee Arthroplasty (TKA) at Ospedale Pietro e Michele Ferrero in Piedmont, Italy. The trial, led by Prof. Marco Schiraldi, will involve 59 patients. Antonio Nunzio d’Angelo, CEO and co-founder of Medicud, expressed pride in the company's progress: “I am proud of what we have accomplished at Medicud. The team worked tirelessly to develop the DRYUM device and make it work in the shortest time possible. Clinicians need a new standard of care for wound healing, both cost-effective and efficient in reducing surgical complications, and more sustainable.” He continued, “The support and recognition we received from this syndicate of international investors will help accelerate our clinical development and bring us closer to providing clinicians and patients worldwide with a new and innovative solution to post-operative wound healing. Our Series A funding, expected in H1, 2026, will be pivotal for the commercialization of our device.” “We invest in promising companies in sports and health in three areas: biotech, medtech, and consumer-facing technologies. Medicud falls squarely within these boundaries. We are delighted to have invested in this company, whose first product demonstrates a high level of expertise and offers a strong added value with its simplicity, reliability, and modest cost compared to the competition," said Charles Hirschler, Managing Member of CHMBR Partners. Medicud will target four common surgical procedures in the EU and US: cesarean section, Total Hip Arthroplasty (THA), Total Knee Arthroplasty (TKA), and breast reconstruction after mastectomy.  “Medicud is tackling a critical yet often overlooked issue in surgical care: the prevention of post-operative complications through effective wound management,” said Sandrine Egron, Investment Director at 50 Partners Capital Health. “Its innovative approach to portable negative pressure therapy combines medical-grade efficacy with unprecedented usability and affordability. We were impressed by their deep clinical insight, strong execution capabilities, and the positive traction they have built with surgeons.” The company plans to expand its team and recruit a commercial director to prepare for its Series A funding round, which is expected in early 2026. This will support the commercialisation of DRYUM and its expansion into global markets.

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Fintech Ryft raises £5.7M Series A to challenge Stripe and Ayden

Ryft, a Manchester-based fintech offering embedded payment solutions for digital platforms and marketplaces, has raised £5.7M in Series A funding to advance its technology and offer acquiring banks and merchants an alternative to dominant payment providers like Stripe Connect and Adyen. The round brings Ryft’s total investment to £7.4M. The investment round, which was led by EdenBase, saw participation from GPOS Investments, British Business Bank, Pembroke VCT, Sidebyside, and Ingenii VC. Strategic angel investors, including executives at PayPal, also joined the round. Ryft plans to use the new funding to support its international expansion and grow its team. Founded by Sadra Hosseini and Alex Mackenzie, Ryft aims to address a gap in the market for compliant and efficient payment solutions designed for the needs of marketplaces and platforms. The company's technology enables acquiring banks, such as Clearhaus, to split payments and process payouts at a much lower cost than alternatives like Stripe and Adyen. Ryft's solution is designed to cater to the growing complexity of online marketplaces, where transactions often involve multiple parties, and payments need to be split according to various conditions. The company’s platform also allows for features like delayed payments, where funds can be held in escrow until specific conditions are met. According to Ryft, businesses that have switched from Stripe report savings of up to 62 percent on payment fees. "We’ve created a system that allows businesses to handle payments seamlessly, ensuring compliance and efficiency at scale,” said Sadra Hosseini, CEO and co-founder of Ryft. "Acquiring banks and most businesses were built for the one-to-one transactions of Commerce 1.0. However, in the era of Commerce 2.0, where transactions within a single marketplace involve numerous parties, financial institutions are struggling to deliver payment operations that meet the evolving needs of their customers." "Ryft is solving a critical challenge in the payments space with a highly scalable solution," said Jason Druker, Chief Commercial Officer at SFC Capital. "We continue to be impressed by the team’s execution and vision, and we’re excited to keep supporting them as they scale." "Sadra and Alex are tried and tested entrepreneurs with first-hand experience of the headaches that finding a payment partner brings," said Eric Van der Kleij, General Partner at EdenBase. "They have created a unique solution that allows business owners to focus on growth, secure in the knowledge that their payments are being handled in a compliant, quick and cost-effective way." 

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‘Hardest thing I’ve ever done’: the unseen toll and driving force behind Europe’s tech founders

A survey of over 120 founders in  Antler’s European portfolio shared insights into what it really takes to be a tech founder, with 72 per cent saying it was easily the hardest thing they have ever done.  A March 2025, a survey of 128 founders building tech startups from pre-seed to Series A stages across the UK, Germany, the Netherlands, France, Sweden, Denmark, Norway, and Finland revealed they are routinely working 80 hour weeks and they sacrifice salary and work-life balance to have a chance of success, according to a new study conducted by Antler, the most active early-stage VC firm in the world.  Goodbye work-life balance  The notion that European startups have a better work life balance compared to their North American counterparts is under question.  Respondents’ biggest sacrifices include managing a work-life balance that allows for time with their families (61 per cent) and salary reductions (36 per cent).  75 per cent of the founders involved in the study reported working 60+ hours a week, with 19 per cent routinely clocking more than 80 hours a week.  German founders lead Europe in long work hours German founders work the hardest in Europe, with 94 per cent working more than 60 hours a week, and 38 per cent working more than 80 hours. They are closely followed by Swedish founders, where 80 per cent of founders do more than 60 hours, and a third (33 per cent) do more than 80 hours.  Whilst 77 per cent of founders in the UK clock more than 60 hours, only 10 per cent do more than 80 hours - the lowest in all of Europe.  What keeps founders up at night?  According to survey respondents, their biggest concerns are: Not executing quickly enough (40 per cent). Not attracting and retaining customers (24 per cent)  Financial runway (18 per cent). In fact, 62 per cent of founders said their families had expressed concern and confusion about their decision to leave successful careers to build their own companies.  Mira Gleisbery, co-founder of RespIQ spoke about the isolation of being a founder:  "You carry the weight of decisions that impact not only your business but also your team and partners.  I’ve sacrificed mental peace, time away from my family and friends, sleepless nights worrying about cash flow, and the constant pressure to deliver and I have even sacrificed my health at times This forced me to reevaluate how I approach work and self-care which is now much more balanced." Fortunately startups love what they do However, despite these challenges and the impact on their lives, a staggering 98 per cent of founders said they love doing what they do and felt rewarded by their career choice.  Giving an insight into the ‘outlier mindset’ required to build category-defining tech companies, only 4 per cent of founders said they were motivated by financial reward. Instead, creating real innovation (27 per cent), having a positive impact on the world (22 per cent) and proving they can do something challenging (19 per cent) were the biggest drivers and motivators for European founders.  Georgina Robinson, co-founder of Gladys shared the challen get of stepping away from a career with established milestones, status, and financial security was a tough decision. "My family, particularly my parents, initially thought it was a terrible decision to leave a stable and reputable career. And yes, there have been moments of doubt. But the beauty of the journey is that eventually, people start to see the vision and believe in it when they see it come to fruition. Those challenges and sacrifices are all part of what makes the journey rewarding. I am so grateful for the opportunity to learn and grow, and it’s been amazing to see everything fall into place." Daria Stepanova, co-founder of AIRMO shared that “the sense that what we’re building matters” is what drives the company. “That if we get this right — if we can truly make methane emissions visible and actionable — we move the needle on climate in a real, measurable way. That’s what gets me up. “ Teo Ortega, co-founder of Family.cards stresses:  "We’re building technology for people who have been left behind — especially the elderly, who can’t use smartphones or computers. What drives me is knowing we’re helping them access services that improve their lives: staying connected with family, reducing loneliness, accessing healthcare, and feeling part of the digital world. Our mission isn’t just a statement — it’s visible in every person we help." Whereas in the US, tech founders are celebrated in Hollywood films and, rightly or wrongly, invited into the White House, in Europe 73 per cent of founders said they didn’t feel like their dedication or commitment received the recognition it deserved.  Danyal Oezdeuzenciler, co-founder of Capsa AI notes: “People often see the headlines but not the sleepless nights or personal risks behind them. Founders pour so much into an idea—financially, emotionally, mentally—and the resilience it takes is pretty extraordinary.  I’ve realised that ignoring burnout doesn’t make you tougher—it just makes you less effective. Setting real boundaries, staying active, and talking with mentors or peers who’ve walked this path has been crucial for keeping my energy and perspective in check.” Stepanova asserts: “It's not about applause — it's about support. Founders take on immense responsibility and risk to build something that didn’t exist before. In countries like Germany, for example, there are far fewer benefits of being founders than for the rest of people, even though the demands are often greater. What would help isn’t more recognition, but more practical systems that reflect the reality and contribution of building a company from the ground up.” The survey comes at an interesting time, as more and more investment firms are recognising the importance of mental health in startup founders.  Mental health-focused venture capital impact fund Masawa stands out for its efforts to support founders in building healthy organisations by utilising a "Nurture Capital" approach, designed to minimise human capital risk by strengthening leadership effectiveness, team resilience, and social impact. Further, last year, Cherry Ventures made coaching a core part of its investment approach by launching Copilot—a new program that requires newly-backed founders and key team members to work with an executive coach. Alan Poensgen, Partner at Antler, comments,  “In Europe, you are more likely to be an Olympic medalist than the founder of a unicorn company.  Whilst both require similar levels of ambition, resilience and endurance, founders don’t get the same level of recognition. Olympic gold medal winners aren’t asked about their work-life balance when they step down from the podium. Yet we expect founders to have "normal" lives while they’re trying to achieve something extraordinary. It’s time to change perceptions about what it really takes to be a founder, and give these outliers the recognition they deserve. A new generation of founders is emerging who have the potential to do just that.”   

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Icelandic startup Optise secures $2.2M for website analytics platform

Optise, an Icelandic startup, has secured $2.2M in Pre-Seed funding to accelerate the development of its AI-powered website analytics platform designed specifically for B2B companies. It leverages AI to optimise the performance of websites. The funding round was led by Frumtak Ventures. The $2.2M will be used to accelerate Optise’s product development and expand its reach across markets.  Optise turns data points into clear, actionable recommendations so that businesses can optimise their websites with personalised insights tailored to their unique audience, structure, and goals. It also aims to help companies identify broken elements, missing features, and areas needing improvement, empowering them to make better data-driven decisions and close the gap between potential and performance. The B2B online sales market is booming, with projections indicating it will reach $66.89T by 2029. At the same time, digital channels are becoming increasingly important, generating 82 percent of revenue. However, despite the crucial role websites play as revenue drivers, many B2B sites suffer from poor performance, including slow page speeds, weak user experience (UX), broken elements, and ineffective SEO strategies. “Websites are the most important touchpoint for B2B companies – yet they’re often overlooked,” said Ómar Thor Ómarsson, CEO and Co-founder of Optise. “We created Optise to close that gap. Our team is focused on helping B2B business owners realize the full potential of their websites to drive real growth and revenue.”  By combining large language models, vision analysis, intelligent workflows, and an advanced ranking system, Optise’s platform delivers recommendations that prioritise the most important actions, making it easier for businesses to implement website improvements.  “We’ve built a product that takes the complexity out of website optimization, offering actionable insights that teams can implement instantly,” Ómarsson continued. “Our technology will bring expert-level insight to every company, using our collective knowledge and AI to spot what’s broken, what’s missing, and what needs to be improved to drive more leads and revenue.” Andri Heiðar Kristinsson, Partner at Frumtak Ventures, commented, “Despite previously having worked in Silicon Valley and at LinkedIn, I'm still blown away by Iceland's tech ecosystem. Optise represents exactly the kind of innovative startup we love to nurture at Frumtak: a company with a global vision born from local talent. I’m so excited to be partnering with this ambitious team who are going to help people maximize revenue generation through B2B websites.” In addition to Frumtak Ventures’ investment, Optise is strengthening its leadership team with key hires including Vivienne Hsu. Hsu will be joining the Optise board to support the company’s strategic expansion plans.

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Europe’s answer to DeepSeek: open models, shared infrastructure, and domain expertise

The launch of DeepSeek in February sparked discussions about Europe's position in the AI race. While touted for its competitive pricing and efficiency, the LLMs open-source nature and data storage in China has also raised serious security concerns, with Italy banning its use and others restricting its use by government agencies and contractors.  Enter OpenEuroLLM project February also saw the launch of the OpenEuroLLM project, which aims to improve Europe's competitiveness and digital sovereignty while lowering thresholds for European AI product development and refinement. It's timely, as many people have wondered what companies in Europe could compete with DeepSeek. Mistral AI (France) and  Aleph Alpha (Germany) were most often mentioned. However, the latter has shifted from foundational LLMs to providing AI infrastructure and platforms for enterprise and government clients.  Both companies are members of OpenEuropeLLM, a consortium of 20 leading European research institutions, companies and EuroHPC centres coordinated by Jan Hajič (Charles University, Czechia) and co-led by Peter Sarlin (AMD Silo AI, Finland). OpenEuropeLLM is building a family of performant, multilingual, large language foundation models for commercial, industrial and public services. Significantly, the models will be developed within Europe's robust regulatory framework, ensuring alignment with European values and cooperation with open-source and open-science communities to ensure the models, software, data, and evaluation will be fully open and can be fine-tuned and instruction-tuned for specific industry and public sector needs.  However, there's another argument about Europe's standing in the AI race. Can we foster innovation and close the AI innovation gap by investing in smaller, specialised AI models and applications? SLMs are another way forward Anita Schjøll Abildgaard, CEO of EU-funded Iris.ai, argues that Europe's AI future depends on embracing smaller, domain-specific models (SLMs) and open-source collaboration.   With Europe's data centre power demand set to triple by 2030, it's compelling to envision a different approach to AI — one that doesn't rely on ever-larger models consuming vast energy resources.  I spoke to Abildgaard, and Iris.ai CTO and co-founder Victor Botev to learn more. Abildgaard contends: "While there's been some movement—like the €200 billion InvestAI plan, Open Euro LLM, and other initiatives—it still doesn't amount to a major push. The momentum is real, but it comes with big caveats: how exactly will the funding be allocated, and over what timeframe?" Small language models bridge AI's real-world adoption SLMs need foundational models to generate the high-quality data necessary to train small ones. Thus, for Europe to be competitive, it needs a presence in both foundational and small models. However, SLMs are cheaper, can be tailored to specific business needs, and are more practical than large general-purpose models. Further, according to Botev,  most business use cases don't need the full power of massive LLMs.  "If you can distill just the knowledge you need into a smaller model, it's more efficient and cost-effective. That's been our focus — using small models to address real workflows." SLMs work anywhere you need fast, efficient decision-making — for example, in agent-based workflows where several small models collaborate. They also work well in domains like chemistry and healthcare.  According to Botev, "Training large models to understand DNA or chemical structures risks "catastrophic forgetting" — where they lose existing capabilities. Small models let us specialise without that risk." Further, SLMs provide mammoth energy savings. Botev shared:  "A 1B parameter model needs far less compute than a 400B one — potentially 60,000x fewer resources. Small models can run on older GPUs with lower power use. They're not only cheaper but greener too, which aligns with Europe's sustainability goals." Transparency and collaboration as European advantages According to Botev, open source collaboration is exploding thanks to projects like DeepSeek: "They've open-sourced distillation methods, which let people build small models from large ones. There are now over 10,000 distilled models on Hugging Face. Reinforcement learning is also proving effective — even rivalling supervised fine-tuning. That's huge for customisation. However in Europe have expertise in safety, guardrails, and efficient systems — we should double down on that." Abildgaard suggested that  European startups could take inspiration from open-access publishing.  "If you get EU funding, maybe you should be required to open-source some of your work, especially foundational models. It would drive collaboration and transparency — areas where Europe leads." In terms of collaboration, Iris.ai has partnered with Sigma2 AS is responsible for providing the national e-infrastructure for computational science in Norway, which offers services in high-performance computing (supercomputing) and large-scale data storage for research and educational purposes. The company uses Sigma2 to train and domain-adapt small models (1–9B parameters), and to evaluate system components.  According to Botov, evaluation is often overlooked, "but it's compute-intensive and critical for scaling systems with multiple agents and retrieval layers." Iris recently launched a new business line — a powerful RAG (retrieval-augmented generation) system, a decade in the works. According to Botev, Iris-ai's  RAG system is agent-based and packed with small models.  We need more SLMs That said, SLMs (or, indeed, local competitors to LLMs) have been slow to emerge in Europe.  One stand-out company is Malted AI (Scotland), which takes the output of large models and distils them into smaller models. Its technology allows enterprises to apply small language models (SLMs) that solve domain-specific problems with 10-100x cost savings. Instead of doing thousands of tasks moderately well, Malted AI's SLMs do one task nearly perfectly. Rather than chasing scale alone, Europe could lead by championing smart, open, and sustainable AI. That means investing not only in foundational models but also in the ecosystems that enable agile development, collaboration, and fine-tuning. Ultimately, the future of European AI might not be about building the biggest model — but the smartest, most specialised one.

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