Lithium battery recycling startup tozero has raised €11M in an oversubscribed seed round led by NordicNinja. New investors joining the round include In-Q-Tel (IQT), automotive giant Honda, and global infrastructure engineering giant JGC Group. Existing investors including Atlantic Labs, Verve Ventures and Possible Ventures, also participated. The fresh capital will be used to build tozero’s first industrial deployment plant following the first commercial delivery Global lithium demand is set to quadruple by 2030 to an estimated 3.1 million metric tons, fueled by the rapid expansion in EVs and the growing need for large-scale renewable energy batteries to combat the climate crisis. It also plays a critical role in various industries, including ceramics, lubricants, cement hardening for construction and the high-performance glass used in smartphones. However, last year’s total lithium production from mining was only 180,000 metric tons, only 5% of future demand, and global production is heavily concentrated in China, where 97% of European lithium comes from, leading to a significant supply gap that highlights the urgent need for alternative sources. In addition, the EU is aiming to curb this dependence on the mining of raw materials with the EU’s Battery Directive, mandating that at least 80% of lithium must be recovered from batteries by 2031. This all presents significant challenges for the battery recycling industry, as large-scale industrial recovery has yet to be successfully demonstrated. tozero is addressing this critical bottleneck by recycling lithium, thereby closing Europe's lithium supply gap and providing a local resource to ensure stable availability for a growing number of industries. tozero delivered its first batch of recycled high-purity lithium to commercial customers in April nine months after opening its pilot facility in Munich. It recently completed a pilot project with Circular Republic, demonstrating a stable lithium recovery rate hitting the 2031 EU recovery target of 80% within an OEM project involving BMW, MAN and Webasto, and is working with customers across the ceramics and construction industries. The recent funding takes the total raised by tozero to €17 million, including a €2.5 million grant from the European Innovation Council (EIC).  Sarah Fleischer, Co-founder and CEO of tozero, said: “Despite our limited resources as a two-year-old startup we've already made human history by being the first to ever deliver recycled lithium for end products in Europe, while our competitors are still lingering on the topic for many years. I'm excited to see what our rockstar team will achieve next— we’re establishing our FOAK plant now, but there is so much more we will be able to achieve in the future. We need a global solution tomorrow, as every moment counts as we fight the climate crisis. Together, let’s truly bring lithium-ion battery waste to zero!” Shin Nikkuni, Co-Founder and Managing Partner at NordicNinja, added: "tozero's innovative approach to battery recycling is exactly what Europe needs to secure key supplies in the global electrification race and Japan would love to collaborate. Sarah and Ksenija, two exceptional founders, have the expertise and drive to transform the landscape for sustainable battery solutions. We're excited to support the tozero team in scaling its technology and commercial operation and contributing to a more sustainable and independent energy future for all."

big xyt, a leading data analytics platform for financial markets, has raised a €10M round led by European growth investment firm Finch Capital. The funding will be used for international expansion as well as advancing its analysis platform and strengthening its partnerships with world-leading financial institutions. Its client base includes banks and brokers, buy-side firms, market makers, exchanges, regulators and market intelligence companies around the world. big xyt's platform systematically collects, cleans, validates and stores large amounts of referential and tick data across global markets, generates sophisticated metrics that measure all forms of trading, and provides comprehensive and flexible APIs that support more in-depth quantitative research and feeds dependent systems such as algorithms and decision support tools.  Their solutions address a wide range of use cases, including pre-trade, intra-trade and post-trade TCA and execution analysis and market structure analysis.  CEO Robin Mess said: “This investment is testament to big xyt’s strong reputation and commitment to innovation, unrivalled data quality, and exceptional service." "Finch Capital’s support accelerates our product development and team growth and enables us to take our proven expertise to the next level to meet the rising demand for advanced analytics. These include the need for automation and data-driven decisions in order to navigate regulatory pressures and stay competitive in increasingly complex financial markets.” The platform enables clients to analyse large datasets in T+1 and real-time, helping them make informed trading decisions, manage risks and enhance trading performance. This first round of external funding follows 10 years of profitable, bootstrapped growth.  Aman Ghei, UK Partner at Finch Capital added: “big xyt’s expertise in automating capital markets data is crucial as financial institutions face mounting competitive pressures and regulatory demands. This investment will support their strategic growth across Europe, the US and APAC, further strengthening their leadership in trading data analytics.” “big xyt’s team is uniquely positioned to dominate the market with their unmatched expertise in financial data analytics, robust tech innovation, and deep industry insights. Their strategic vision, combined with a proven track record in scaling complex, data-driven solutions, empowers them to stay ahead of evolving market demands. big xyt’s ability to deliver unparalleled data quality and actionable intelligence is precisely what today’s financial institutions need to gain a competitive edge, making them the most formidable team to lead this space.” 

Berlin-based proptech KUGU has raised €8.5M in Series A funding. New investors and shareholders include Tengelmann Ventures, Gewobag ID, and industry experts Michael Lowak (former CEO Germany at G+E GETEC Holding GmbH) and Axel Müller (former Member of the Management Board at QUNDIS GmbH). Both Mr. Lowak and Mr. Müller have actively supported KUGU as advisory board members since last year. Existing shareholders Wecken & Cie., IBB Ventures, and Future Energy Ventures also reinvested. The new funds will be used to develop KUGU’s digital product portfolio as well as scaling sales and operations. KUGU's products optimise and control energy systems to support real estate companies in meeting their emissions targets. Its solution is built on a proprietary technology platform and the costs for the customers are fully allocatable to the tenants. The proptech manages over 12,000 buildings on its platform and has gained over 60 companies as clients including major housing companies, municipal utilities, and leading metering service providers across Germany. "With the continuous expansion of its product portfolio and extensive experience with major housing associations, KUGU has established itself as a significant innovation leader in digital energy solutions for the real estate sector," said Alexander Greis, Investment Manager at Tengelmann Ventures. "We are excited to support the team on its growth journey with our expertise in retail and commercial real estate." KUGU has also gained a strong partner in the housing sector with Gewobag ID: "We see KUGU as a long-term partner that brings impressive expertise and agility to actively drive decarbonization in the real estate sector with smart digital solutions," added MD Sven Harke-Kajuth.  With the investment, KUGU plans to optimise approximately 50,000 buildings on its platform and hopes to reach profitability.

Recruitment automation startup MONA AI has secured €2M in seed funding, with Earlybird-X leading the round. In response to the round, the company will develop its product, expand its team and grow its presence across Europe. MONA is a spinout of Saarland University. MONA AI’s rapid success is further strengthened by strategic partnerships with Compleet and Index Anzeigendaten, two leading entities in the staffing sector. These alliances are instrumental as MONA AI expands its footprint across the DACH region, France, the UK, the Netherlands, and Italy. Additionally, its partnership with QuantPi ensures that MONA AI remains at the forefront of compliance with the stringent requirements of the EU AI Act. Earlybird-X taps into a network of leading European universities to backs deep tech innovation at the earliest stages – tapping into a network of leading European universities. CEO Felix Adam commented: "This funding reflects the hard work of our team at MONA AI over the past 1 and a half years. Even though we were new players in the industry, our partners and clients helped us achieve recognition, begin to scale rapidly, and address the challenges that come with that head-on. We will continue to support the staffing industry and provide the most advanced and responsible AI solutions worldwide.” Earlybird-X Partner Dr. Johannes Triebs added: "What’s truly outstanding about MONA AI is not just its rapid growth, but its unwavering focus on data security, compliance, and responsible AI development—areas that are often overlooked by fast-growing startups. "In a market where many companies are scrambling just to keep up with growth, MONA AI has built a foundation that prioritizes the ethical implications of AI while still delivering cutting-edge technology. This is exactly the kind of forward-thinking approach that will enable MONA AI to outpace competitors and become a leader in the HR automation space."

Customer service flow management platform Qminder has raised €3 million in Seed funding.  Founded in 2011 by Rauno Rüngas and Siim Raud, Qminder tackles inefficient service delivery in physical locations.  Qminder’s platform automates key customer service touchpoints, guiding visitors seamlessly from welcome to service. By managing communication and navigation, Qminder lets staff focus on delivering personalised service.  I spoke to CEO Rauno Rüngas to find out more.  The platform’s real-time insights allow managers to monitor and improve wait and service times, ensuring a smooth, satisfying customer journey.  In-person service branches, like government permit offices and urgent care centres, face annual costs of up to $2 million per location in managing, organising, and measuring services.  According to Rüngas,  “COVID pushed establishments to rethink customer flow, steps, people and software involved. Basically ’who coughed on who’. It’s created a demand for actionable service data.It educated the market. But the biggest learning from COVID times was, that if that crisis did not move everything online - nothing will. Customers still demand in-person services.  Qminder’s platform offers real-time insights and comprehensive reporting, to make better data-informed decisions." The company has a 10-year track record of profitable bootstrapping and recognition as a market expert in queue management solutions,   Rüngas shared that the industry has moved past bulky, custom hardware: printers, touchscreens etc.  “Qminder leverages Apple’s ecosystem, focusing on data-rich software that provides insights into employee performance, service levels, and customer needs. In the future, our AI assistant will be a valuable sidekick for every front-line worker.” Unlike others focused solely on eliminating queues, which Rüngas calls “just a symptom”, Qminder addresses the root of the problem: Service Flow Management. “We optimise resource planning, gather visitor data, and analyse service patterns, moving beyond the wait-room and providing value to the back-office." Customers include  Hertz, AMEX, American Express, and Delta. With this new capital.   Practica Capital led the round, marking its first investment in Estonia from its latest fund and Qminder’s first institutional funding.  The round also included Jaan Tallinn’s Metaplanet, BADideas.fund syndicate, and angel investors from Toggl, Veriff, Pipedrive, Wise, and Twilio. “Previously, innovative front-line clerks, receptionists, and store managers implemented Qminder to manage individual waiting rooms and chaotic shop floors." Now, we are seeing VP-level decision-makers, customer experience consultancies, and analysts come to us to prevent such problems and make in-person service measurable from the start and at scale,” specified Rüngas. He stressed:  “Human is still the best interface for any establishment, brand, or business —and yes.. best does translate to the most profitable in many instances.”

Satispay – a Milan-based payments network that reached unicorn status in September 2022 – has raised a new €60M round, bringing total funds raised to over half a billion euros. The round is supported by previous investors Addition, Greyhound, and Lightrock. Satispay has accrued 5 million users and 380,000 merchants, and now offers of Corporate Meal Vouchers and Fringe Benefits to employees of client companies and has started preparing for the launch, planned for next year, of new investment services for its consumer user base. Alberto Dalmasso, co-founder and CEO of Satispay, commented: “Once again, Satispay benefits from a perfect synergy that today is expressed through a truly strong partnership with our main investors supporting this operation – and, I would say, with all of our investors who have supported us from the beginning, consistently renewing their trust. "Based on our analysis of the results achieved with a portion of the raised funds, they are now providing us with even more fuel to push harder on the growth accelerator. Being able to do this by raising funds earlier and in excess of what was strictly necessary, especially in a market context affected by sudden geopolitical shifts and a more challenging Venture Capital landscape due to interest rate trends, is a great privilege.” This funding follows a period of sustained acceleration and aims to equip Satispay with the resources to sustain strong growth and to evaluate acquisitions if attractive opportunities arise, in the welfare and investment sectors. As an additional expression of trust, this operation includes an increase in voting rights from 3 to 5 for the founders, thereby restoring their majority control.

In the US, 1,558 military personnel lost a limb due to the wars in Afghanistan and Iraq. Shockingly Ukraine is facing a future with between 20,000 and 50,000 amputees, according to military personnel human rights organisation Pryncyp. Yet prosthetics are traditionally costly, uncomfortable to wear, require lengthy rehabilitation and in the case of growing children, frequently replacements. But I recently met one Ukrainian startup determined to change this, while attending the IT Arena conference in Ukraine.  SYLA is developing an AI-enhanced bionic prosthetic knee that utilises advanced algorithms to adjust the user's walking pace dynamically, ensuring a seamless transition from slow walks to brisk runs.   And the company didn’t just impress me, it won a special prize of $10,000 for the most impactful startup from ЗMIN Foundation at the Lviv-based event.  SYLA is the brainchild of Mykola Lozinskyi, and Ilias Abliakimov, CTO.  Lozinskyi, has a background in product design engineering from his roles at Yandex and Meta. He also co-founded design studio Running Guy and founded WOYS.TOYS. Ilias Abliakimov held previous roles at DroneUA and Nokia. I spoke to Lozinskyi to learn more.  SYLA tackles the high cost and limited adaptability of prosthetics The idea for the SYLA spun out Lozinskyi’s time at Sevastopol State Technical University working  in a biometrics laboratory where he gained an understanding of the mechanics of walking.  The 12-person company has staff in Boston, Warsaw and Kyiv: most with an engineering background in either electrical, mechanical, or software engineers who met while studying biomechanical robotics at university. It started developing prototypes in 2023. Lozinskyi, shared:  “We believe everyone deserves the freedom of movement, and we're committed to overcoming the limitations of even the most expensive bionic knees.” According to Lozinskyi,  in Ukraine “some of the biggest challenges begin with proving that a prosthetic leg is a medical necessity.”  Further, prosthetics are prohibitively expensive, costing around $50,000 in Ukraine and as high as $100,000 in the US — worse they need to be changed every three years.  “Traditional prosthetic lower limbs often struggle to adapt in real-time to changes in a user's behaviour, such as transitioning from walking to running.”  SYLA is working on a prosthetic knee with a building cost of materials of just $5,000, with superior mobility.  The SYLA X1, an adaptive microprocessor knee, empowers above-knee amputees, supporting up to 100 kg of body weight, ensuring durability and stability. Existing bionic knees require manual pre-selection of activity modes (like running or walking) via a mobile app,  Lozinskyi shared:  “Most prosthetic legs rely on hydraulic systems, which offer limited adaptability.” Unlike traditional hydraulic systems, SYLA X1 leverages electric motors, microelectronics, and advanced signal processing to offer more dynamic and responsive movement. Unlike bionic knees with hydraulic units, the SYLA bionic knee uses a built-in motor.  The prosthetic knee incorporates advanced sensor technology including Inertial Measurement Units (IMU) and load cells that continuously monitor the user's movements.  These sensors facilitate a dynamic response system, adjusting in real-time to changes in terrain and walking speed, ensuring stability and fluidity in movement. Integrating machine learning algorithms allows the knee to learn from the user's walking habits, enhancing its functionality over time. Sensors detect the speed and various positioning of the leg and a corresponding machine-learning model can predict the next movement.  The bionic knee’s dynamic response system operates without needing an app and the prosthetic supports up to 100 kg of body weight, ensuring durability and stability.  Modular design and plans for regenerative features As a modular component, the bionic knee can be easily installed as part of a complete prosthetic leg by prosthetists in clinical settings, enabling precise adjustments to maximise patient comfort. Battery life varies based on daily usage and most users can expect an average of 5,000 steps per charge if walking at speeds up to 10 km/h. Battery life will be shorter during running activities. SYLA also plans to implement battery recuperation - much like regenerative batteries in ebikes where pedalling helps charge the battery.  Importantly, the prosthetic is also equipped with a polycentric mechanism, which allows it to be used to walk without power from the battery—albeit briefly—when it has run flat.  Lozinskyi explained:  “You cannot run on it, but you can slowly get back home.” SYLA's agile approach to hardware development Lozinskyi’s background launching products for millions of devices and 10 years of experience in hardware development has enabled him to understand the full life cycle from R&D to mass production. He notes: “The most tricky thing in developing hardware is testing out different iterations and determining market readiness.  Because with consumer electronics, you can go to the market with the first full version of the device, and it works but without full functionality.”  Lozinskyi explained that “Post-launch, we plan to continually enhance the prosthetic knee's capabilities through software updates that will introduce additional movement patterns tailored to diverse activities such as hiking, cycling, skiing, boxing, etc.  “Each update aims not only to expand the knee’s versatility but also to include personalised motion patterns for individual users, catering specifically to their lifestyles and needs.” Running Guy and SYLA collaborate on textile-dressed prostheses In Ukraine and globally, there’s a growing demand among amputees for self-expression, with many wanting to display their prosthetic limbs confidently rather than feel awkward about limb loss. SYLA is using textiles by Running Guy Studio to make the prosthetic device less noticeable, thus enhancing  amputee’s comfort and confidence.  SYLA preparing the knee for MVP testing with patients around Q1 2025. The MVP knee will use definitive materials and components designed to withstand critical loads. The testing goals include ensuring that patients can stand, walk at varying speeds, and run on the knee. During testing, the team w’ll collect data to further train the model. Testing protocols are being developed with guidance from clinics and gait labs to optimise accuracy and safety. Lead image: SYLA.

SaaS Agicap has raised a €45m Series C funding round led by AVP. Its software the C-suite and finance teams with visibility into current, historical and projected cash flow data for better treasury management. The funding will be used for investment in its product, people, and growth initiatives for example expanding sales and customer success teams, especially outside of France and ensuring its software addresses the needs of midmarket firms. Agicap secured Series B funding in 2021, led by GreenOaks Capital and has expanded into 4 regions (DACH, Italy, UK & Ireland, Spain) since then.  It currently serves 8,000 companies by simplifying the consolidation of cash flow data through unique and direct bank connectivity (via local protocols, an extensive network of real-time APIs and Swift) as well as integration with ERPs, finance and other business enablement tools. The platform also offers actionable levers to improve cash performance and simplify liquidity management with optimized payment strategies, customer collections, debt and investment management, spend management and more. Co-founder & Chief Expansion Officer Clément Mauguet commented:“In today’s economic conditions, the importance of cash management is paramount. Mid-market organizations have reached a level of complexity that makes it challenging for them to properly manage and optimize their cash strategy, given the need to track countless incoming and outgoing cash flows across multiple entities with numerous bank accounts and currencies. Agicap automates this entire process, offering critical insights in just minutes.” “We are thrilled to invest in the exceptional team at Agicap as they continue on their path to become the next generation global Treasury Management System. Agicap has the best-in-class technology, deepest product offering with the highest accuracy. We were thoroughly impressed by the product-driven culture, strong customer references, rapid growth and seamless ability to scale in different markets. We look forward to being a long-term partner of Agicap as they continue on their global expansion journey.” added Warda Shaheen, General Partner at AVP.

Fintech Ooodles has raised a $2.7 million funding extension, which will be used to expand into Ireland. The funding was provided by āltitude, Europe based SME tech fund, with participation from existing investors and Traditum, an established UK family office with principals from IT and banking. Using the funding, Ooodles will further develop its AI-powered proprietary tech while the international expansion will reach 309,000 Irish SMEs for the first time. The company's platform allows SMEs to sort credit approvals, inventory management and upgrades and uses AI to help SMEs build fleets of devices that best meet their needs. Leonardo Poggiali, co-founder and CEO of Ooodles said: “Whether it’s agencies needing high-performance laptops without upfront costs, or fast-growing startups looking to quickly equip their teams with the best devices, every time I meet new clients, there's a moment when everything clicks; a lightbulb moment where they realise they no longer have to put up with restrictive leasing and can finally have the freedom and flexibility Ooodles provides. "We’re solving real problems that millions of underserved SMEs face and creating a perfect market fit where our solution immediately resonates and businesses are left wondering why they put up with poor alternatives for so long.” Videesha Boeckle, Partner at āltitude said: "Ooodles truly understands both the importance of, and the challenges faced by SMEs today. Its flexible tech platform offers the agility that SMEs need to overcome operational hurdles in a rapidly changing digital world. This innovative and truly stand-out approach aligns with āltitude’s belief in the potential of SME tech as the next major growth frontier and it's refreshing to see a company so committed to helping businesses unlock this potential."

Helsinki-based venture capital firm Maki.vc has launched its third fund of €100 million to invest in Pre-Seed and Seed-stage startups across the Nordics and Northern Europe. Maki.vc’s first and second funds have helped propel a number of high-profile, successful companies. These include the sustainable textile producer Spinnova, which IPO’d in 2021, alongside successful exits including Ultimate, a customer support automation platform acquired by Zendesk, and Revela, a biotech startup acquired by Oddity.  Maki.vc’s portfolio is also known for growth stories such as quantum tech company IQM, animal-free egg whites producer Onego Bio, and health tech company CardioSignal, which develops industry-first smartphone tech for early heart disease detection. Maki.vc’s third fund is an Article 8 fund and represents a specific interest in investment opportunities that promote environmental and social objectives. Seven investments have already been made.  The new fund is backed by over 50 limited partners, including the builders of Skype, Wise, RELEX Solutions, WithSecure (formerly F-Secure), Aiven, and Supercell, who bring a wealth of experience in scaling and commercialising tech companies.  Startups have access to a global network of advisors, comprising these LPs, alongside expert partners who offer continuous guidance on early-stage recruiting, branding, follow-on funding, and more. The VC firm continues to back founders from inception, with initial investments ranging from €300,000 to €3M, with follow-on investments made on a selective basis.  According to Maki.vc’s Partner Pauliina Martikainen-Rahnu, the Nordics represent one of the most significant startup funding regions in Europe: “This unique ecosystem blends cutting-edge R&D, strong industry collaborations, deep tech expertise, and a proven track record of entrepreneurial success, making it the ideal launchpad for tech companies to achieve meaningful global impact.” Lead image: Maki.vc.

Bratislava-founded warehouse automation startup Brightpick has raised an additional $12 million in a mix of equity and debt.  Founded in 2021 as a spin-off of Photoneo 3D robotic vision sensors and intelligence software, Brightpick now has over 200 employees and 300 AI robots deployed across the US and Europe. Brightpick offers AI robots for warehouses to automate every step of their order fulfilment easily. The robots enable warehouses of any size to fully automate order picking, consolidation, dispatch and stock replenishment. The Brightpick solution takes just weeks to deploy and enables companies to reduce their fulfilment labour to a minimum.  Brightpick Autopicker, the company’s award-winning flagship robot, is the only mobile robot in the world that robotically picks and consolidates orders directly in the warehouse aisles, like a human with a cart. The company is now headquartered near Cincinnati, Ohio,  with over 200 employees. It is part of Photoneo Brightpick Group, which has over 8,000 technology installations across the US, Europe, and Asia.   Its customers include leading companies such as Rohlik Group, Dr. Max, and The Feed.  To date, Photoneo has invested over $35 million in Brightpick, with this latest round bringing total funding to $47 million.  According to Jan Zizka, CEO and co-founder of Brightpick:  "Our unique technology offers greater labor and cost savings than any other solution, which resonates strongly with customers. Our focus has always been on scaling in the US, where we’re now seeing the most traction. These funds will primarily support additional customer installations in that market.” The round saw participation from new investor EBRD Venture Capital, alongside existing investors Pavel Baudiš and Eduard Kučera (founders of Avast), Miroslav Trnka (founder of ESET), and other investors. The new funding will primarily support the deployment of Brightpick’s AI robots in the US, which is expected to generate 50 per cent of the company’s revenue in 2024. Lead image: Brightpick. Photo: uncredited. 

European Power Exchange for the short-term electricity market Etpa, has secured €5.5 million in new capital.   Dutch company Etpa enables many energy market participants to optimise their energy exposure through short-term trades.  Its platform provides access to the spot-trading markets in The Netherlands and Germany, which they serve with their current portfolio, including Intraday (XBID), congestion management (GOPACS) and day-after trading (Ex-Post). This is used by many market participants, including battery companies, energy management systems, asset owners and utility companies.   The investment has been raised from a trio of Dutch funds, including new investor, 4impact capital, and existing investors SET Ventures and ABN AMRO Sustainable Investment Fund (SIF) who contributed to Etpa’s previous round in 2022.  According to Pauline Wink, managing partner and co-founder of 4impact capital, Etpa is only one of three designated power exchanges in The Netherlands and Germany with access to the full order book. “Further they also enable access to these markets for smaller market participants, allowing more customers to improve the grid's stability with efficient trading.”   After successfully expanding into Germany earlier this year, Etpa now looks to set up operations in Austria, Belgium and France. Lead image: Epta. Photo: uncredited. 

Deckmatch, an Oslo AI company streamlining private market workflows, has secured $3.1 million Seed funding.  Deckmatch was co-founded in the summer of 2023 by repeat founders Leo Gasteen (CEO) and Walid Mustapha, PhD. (CTO).  It offers a suite of  REST APIs, rather than just a user interface, to automate workflows for private market investors. These APIs convert pitch decks into structured, enriched data and seamlessly integrate the output into popular tools like Affinity, Attio, and Slack. This means a pitch deck received in a customer’s inbox overnight is already catalogued in their CRM with a memo written up before their morning coffee. This approach modernises the investment process, and accelerates decision-making. The company is expanding with a new office in Palo Alto, California, and has launched the beta version of AlphaLens, a product-centric AI search engine.  Alliance VC and Luminar Ventures co-led the round, with participation from First Degree Capital and Skyfall Ventures. Notably, all investors were Deckmatch customers before investing. Deckmatch is also creating a comprehensive index of products worldwide, something never done before, with Alphalens, which combines product-level AI search with traditional firmographic data. The platform examines offerings across the market spectrum, from startups to tech giants, providing users with unique competitive insights far beyond conventional market intelligence.  Leo Gasteen, co-founder of Deckmatch, comments:  “We're rewiring how private markets see innovation by shifting focus from firmographic data to the products themselves.  This sharper lens gives all market participants a clearer view of what truly drives value. As we begin our new chapter as a US-based company, it’s worth noting that we’re not just entering a new market - we’re creating one.” Louise Hagen, Partner at Luminar Ventures comments that “As Deckmatch became the core of our internal tool stack within the first few months as users, it became clear that we had to back them as investors." "This is not just because we believe in the product’s ability to accelerate the VC decision-making process massively, but also because we know the founders have the vision and tenacity to target adjacent markets in the future.” In tandem with raising this new round, Deckmatch will open an office in Palo Alto, California, led by Leo Gasteen.

Nearly four in five (79 per cent) European businesses have issues with legacy banks, including excessive fees, slow transactions, and poor mobile experience, according to new research by challenger bank Revolut. The finding is part of a survey of nearly 3,000 European businesses, across seven European markets, which shows that business leaders across key European markets believe traditional banks struggle to meet their financial needs. It also found that nearly two-thirds (63 per cent) of businesses across Europe believe legacy banks are too slow for their financial needs while more than three out of five (64 per cent) large businesses are worried they’ll be left behind by competitors without fintech support. In the UK, the research, among 500 businesses, found that nearly four out of five (77%) businesses think fintech innovation is superior to that of legacy banks while two-thirds (66 per cent) of businesses believe that their peers are increasingly turning to fintechs to handle their business banking needs.M More than three out of five (61 per cent) of UK businesses surveyed think that fintechs have more to offer them than legacy banks when it comes to their business banking. The research comes as Revolut launches the latest version of its financial management platform for businesses called Revolut Business 5, which it says has been “redesigned to save enterprises more time and money”. IMAGE: PIXABAY

Precision solutions provider Cogna has raised $15 million in series A funding. Through its ‘service-as-a-software’ model, Cogna uses AI to automate the IT consultancy process to identify and overcome specific productivity challenges within large, traditional enterprises. Focused on critical industries such as utilities, manufacturing, energy, and the public sector, Cogna’s AI-powered platform enables non-technical teams to describe pain points within their operating models and generate tailored software solutions that address these needs quickly, cost-effectively, and without the need for software development expertise. This means companies can overcome legacy system limitations, enhance processes, streamline and automate high-value knowledge work, and drive productivity improvements across procurement, operations, and asset management. According to Ben Peters, Co-founder and CEO of Cogna, the digital revolution has left traditional industries behind due to the complexity of their operational challenges. “Cogna’s precision software addresses every unique company pain point on its own terms, enabling immediate productivity gains.” Notion Capital led the round, with participation from Hoxton Ventures and Chalfen Ventures. Jos White, General Partner at Notion Capital, said:  “Cogna is reimagining what’s possible for industries historically overlooked by the digital transformation revolution. The team’s precision approach offers not just great software, but solutions that align exactly with what each client needs to work more effectively.” In just 18 months since its inception Cogna has grown to a team of 40 and gained significant market traction, including with customers Cadent Gas and Network Plus. With this investment, Cogna plans to expand its platform capabilities, support a broader range of sectors, and increase its software capabilities. Lead image:Cogna cofounders Ben Peters and Lars Mennen. Photo: uncredited. 

According to the Tech.eu database, European tech companies raised €4 billion over the course of October 2024. This figure is nearly the same as last month when European tech companies raised €4.2 billion in September. Compared to October 2023, however, the amount has risen by nearly 20 per cent, as European tech companies raised €3.4 billion during that month. Verónica Trapa, General Partner at Swanlaab Venture Factory, commented on the October numbers within the European tech investment landscape in our October Tech.eu Pulse, a compact version of the monthly report: At Swanlaab, we clearly see Europe’s growing momentum in innovation. Strong investments in energy, healthtech and fintech show a market aligned with global challenges, while the UK, Spain and Lithuania exemplify a diverse, interconnected landscape. Steady M&A activity signal enduring confidence in European startups and we anticipate continued growth across sectors, driven by Europe’s commitment to impactful, sustainable innovation. For her more detailed review as well as more in-depth analyses of the European tech ecosystem, including industry and country performance, exit activities and more, check out our October report. And here is the list of 10 biggest European tech deals in October which collected together around 60 per cent of the total amount collected this month. Industry: Fashion Amount raised: €340M Vinted is Europe’s largest online C2C marketplace for second-hand fashion, with millions of members across 20+ markets in Europe and North America. Driven by a mission to make second-hand fashion the first choice globally, Vinted connects people to buy and sell pre-owned clothes and lifestyle items, promoting sustainable consumption by giving items multiple lives. Launched in 2008 in Lithuania, Vinted became the country's first unicorn in 2019 and is headquartered in Vilnius, with additional offices in Amsterdam, Berlin, Hamburg, Kaunas, and Paris. In October, the company secured €340 million in a secondary share sale, bringing its valuation to €5 billion. Industry: Fintech Amount raised: $267M Zepz (previously known as WorldRemit) is a leader in the money transfer sector. The company ensures fast, secure, and convenient money transfers. Most importantly, with exchange rates that beat most traditional banks and money transfer services, Zepz helps clients' hard-earned money go further. Headquartered in London, Zepz has regional offices beyond the United States, including South Africa, Uganda, Kenya, Rwanda, Tanzania, and Zimbabwe. At the beginning of October, the company successfully raised $267 million to expand into African markets. Industry: Jobs recruitment Amount raised: €250M Job&Talent is a global marketplace connecting essential workers with companies through its tech-driven platform, enabling reliable, flexible work opportunities for individuals and agile workforce solutions for businesses. Founded in 2009 and headquartered in Madrid, Job&Talent operates remotely across 10 countries in Europe, the U.S., and Latin America. The company successfully closed a €250 million working capital facility from Barclays and Fasanara Capital. Industry: Back office Amount raised: €100M Nelly is an innovative healthcare payments company transforming medical practice workflows with advanced patient check-in and check-out software. The company is dedicated to simplifying workflows in medical practices, significantly reducing administrative burdens for doctors, medical and dental assistants, and patients. With 90% of medical professionals citing bureaucracy as a primary challenge, Nelly aims to create a more streamlined, stress-free environment, allowing healthcare providers to focus on what matters most: patient care. Powered by a skilled team passionate about tech and data-driven solutions, Nelly is focused on delivering efficient, impactful tools for healthcare providers. Nelly received €100 million in external capital from the Vereinigte Volksbank Raiffeisenbank (VVRB). Industry: Real estate Amount raised: €100M Gropyus is pioneering sustainable building solutions that redefine the construction industry through advanced technology. By treating homes as products, the company achieves genuinely sustainable and affordable buildings, with sustainability integrated into every phase—from design and production to construction and asset management. Gropyus mission is to set a new standard for sustainable living while conserving the planet's resources. In the first week of October, Gropyus raised €100 million to advance the development of sustainable buildings. Industry: Energy Amount raised: €100M Green Genius is a European renewable energy company developing 2 GW of biogas, biomethane, wind, and solar projects across eight countries. With over 15 years of experience, the company is committed to advancing the shift to renewable energy. Their projects produce 320 GWh of green energy annually, offsetting more than 212,000 tons of CO₂ emissions. In their recent round, Green Genius received €100 million in equity investment from the European Bank for Reconstruction and Development (EBRD). Industry: Healthtech Amount raised: $90M Agomab is a biotech company focused on creating innovative therapies to preserve and restore organ function in fibrotic diseases. Leveraging deep expertise in growth factor biology, Agomab is pioneering treatments that address fibrosis, repair tissue, and restore organ health. Their advanced R&D approach and ambitious corporate strategy drive the development of a diverse clinical pipeline targeting two critical pathways in fibrosis: transforming growth factor beta (TGFβ) and hepatocyte growth factor (HGF). Recently, Agomab Therapeutics NV(Agomab) has closed a $90 million Series D financing round. Industry: Energy Amount raised: €77M Terralayr is a company that is redefining energy management with a cloud platform that enables seamless, flexible access to renewable energy and battery storage solutions. With a mission to ensure a stable, sustainable power supply, Terralayr is making renewable energy accessible and reliable for businesses of all sizes, empowering them to adopt green solutions and drive a global shift toward sustainability. Much like AWS transformed tech by democratizing computing resources, their platform is designed to do the same for clean energy flexibility—helping stabilize the grid and facilitating a future fueled entirely by renewables. In October, Terralayr secured €77 million for its ‘energy flexibility as a service’ platform. Industry: Logistics Amount raised: $80M Dexory is revolutionizing the logistics industry by harnessing the power of artificial intelligence and robotics. The company’s mission is to simplify complexity and unlock valuable data insights that propel businesses forward. Driven by a passion for robotics and innovation, Dexory delivers cutting-edge autonomous solutions that boost efficiency, predict outcomes, and support growth for every company we partner with. In their latest Series B funding round the company successfully closed an $80 million investment. Industry: Healthtech Amount raised: $75M Nuclera is a pioneering company revolutionizing protein prototyping by bringing it directly to the benchtop with our eProtein Discovery™ technology. Their innovative platform accelerates breakthrough advancements in human health by providing life science researchers with easy access to target proteins, unlocking new possibilities in drug discovery and biological research. Nuclera has raised a $75 million Series C financing round which brings the company’s funding to over $140 million.

Last week, we tracked more than 60 tech funding deals worth over €376 million, and over 10 exits, M&A transactions, rumours, and related news stories across Europe.Click to read the rest of the news.

Iberian venture capital firm Bynd Venture Capital has launched €40 million Fund III to invest in Pre-Seed and Seed technology startups operating in Portugal or Spain. According to Santiago Salazar, chairman of Bynd Venture Capital, the new fund highlights Bynd's long-term commitment to the innovation ecosystem in the Iberian Peninsula, which began in 2010 with the launch of its  Business Angels vehicle and advanced in 2015 with the formation of the Venture Capital firm.  “The experience and network of contacts we have developed over the last years gives us privileged access to investment opportunities and the ability to offer founders the tools and knowledge to scale their businesses.” Bynd VC has a portfolio of over 60 regional investments and offers entrepreneurs close support and access to a platform of more than 400 partners and 70 active founders. The fund aims to build a diverse portfolio of tech startups focused on AI and software, consumer goods, and sustainability technology. It will track ESG metrics across the portfolio and favour investments in companies that demonstrate a commitment to creating positive global impact and are led by diverse founding teams. Among the investors are the Spanish fund of funds Fond-ICO, the Portuguese industrial group Nors, the bank Caixa Capital, as well as family companies, founders of the portfolio and other private investors. “After our first closing in May, we have been actively investing and plan to make around 40 investments over the next four years." This includes approximately 20 investments in pre-seed startups and another 20 seed-stage companies, with additional capital earmarked for follow-on rounds.” says Francisco Ferreira Pinto, partner at Bynd VC. To support its expansion and growth, Bynd has strengthened its local presence in Spain with the recruitment of two new associates, Gerard Adell for the Barcelona office, and Alvaro Garcia for Madrid. Lead image: Bynd Venture Capital. Photo: uncredited. 

Connecty AI has emerged from stealth today with $1.8 million in Pre-Seed funding. The startup has developed a context engine that tackles the inherent complexity in enterprise data.  In the past two years, a wave of AI-powered data tools has flooded the market, each claiming to replace data analysts.  However, the reality consistently falls short of the promise. These tools are unable to interpret the fragmented, chaotic data pipelines inherent in enterprise systems. While early AI solutions attempted to automate data workflows by interpreting complex schemas, these models fall short in enterprise environments. LLMs need more than static schema files; they require a continuously evolving, cohesive understanding across systems and teams. Connecty AI helps teams unlock hidden insights and reclaim up to 80 per cent of time spent on manual analysis. Connecty extracts and connects three-dimensional context from diverse data sources and use cases while integrating real-time human feedback, creating an enterprise-specific context graph.  It leverages this context to automate data tasks across various roles, using a personalised dynamic semantic system. The engine operates continuously in the background, proactively generating recommendations within data pipelines, updating documentation, and uncovering hidden metrics aligned with business goals. "Our experience has shown us that effective data management is about more than just technology—it's about connecting the dots between data sources, business objectives and the people who use them," said Aish Agarwal, CEO of Connecty AI.  "Any ad-hoc 'guerrilla style experimentation' with LLM data agents can lead to a pilot application, but it's a lot harder to build a reliable production level application." Market One Capital led the round, with participation from Notion Capital and data industry experts including Marcin Zukowski, co-founder of Snowflake and Maciej Zawadzinski, Founder of Piwik PRO. According to Jacek Łubiński, Partner at Market One Capital:  "The platform's ability to unify and contextualise data across fragmented systems presents a massive opportunity for businesses looking to use LLMs for data workflow automation.” Looking ahead, Connecty AI will expand its context engine's capabilities across additional data sources and offer it as a service via API. Lead image: Connecty AI. Photo: uncredited.

This week we tracked more than 60 tech funding deals worth over €376 million, and over 10 exits, M&A transactions, rumours, and related news stories across Europe. In addition to this week's top financials, we've also indexed the most important/industry-related news items you need to know about. This week we also released Tech.eu Pulse, a compact version of our monthly report for October, that’s available to all of our readers.  It offers a monthly glimpse into the valuable insights provided by our monthly reports, covering key investment trends, notable company activities, and emerging industry sectors. If email is more your thing, you can always subscribe to our newsletter and receive a more robust version of this round-up delivered to your inbox. Either way, let's get you up to speed. ? Notable and big funding rounds ?? Renewable energy producer ZE Energy raises €54M ?? Kaizen receives £42M growth investment from Guidepost Growth Equity​ ?? Cintoo raises €37M for cloud-based reality data solutions ??‍?? Noteworthy acquisitions and mergers ?? London-based Patchwork Health acquires fellow healthtech L2P ?? Printful and Printify merger offers a new era for print-on-demand ?? Normative acquires Eivee ??  Besoccer is acquired by the Czech LiveSport ? Interesting moves from investors ? French Axeleo Capital launches €125M fund for climate tech ? Emerge's $73M Fund II: tripling investment in education and future of work ? Streamline your startup pitch with Ada Ventures' AI review tool, AdaGPT ? 4impact Capital closes second Fund at €68M ?️ In other (important) news ? European Tech.eu Pulse: key trends and investment in October ? European Space Deep-Tech Innovation Centre launched ? US BNPL firm Affirm takes “slow move” into UK market ? Recommended reads and listens ? This startup aims to democratise access to research and amplify the voices of scientists ?️ Smart cities, smart mobility: startups shaping the urban landscape ? Blockchains working with AI will be an “incredibly powerful combination”, says Coinbase policy chief ? Driversnote: a bootstrapped success story defying traditional investment norms ? Building the future: Software companies at the heart of Europe’s tech revolution ? European tech startups to watch ??  Borro raises €350,000 for intelligent reusable cup deposit system ?? Travel firm utc.travel expands with £275,000 investment ?? Predikt raises €750,000 for AI-driven financial forecasting ?? Broswarm secures €800,000 for game-changing landmine detection tech ?? RegTech Customs Window Technologies scores €800,000 seed round for UK expansion