European startups funded recently

26 September 2023

Electron, a company based in London that specializes in providing electricity flexibility and distribution marketplace solutions, empowers electric networks, generators, and consumers with increased control and flexibility over their power sources. The company has successfully secured £4 million in funding to support its expansion efforts in the UK, Europe, and North America, as well as to further develop its product offerings. This investment round was led by East Innovate and saw participation from Riverstone, Nesta, and One Planet Capital.

The Berlin-headquartered HRtech startup Kenjo has secured €8.8 million in Series A funding. The round was spearheaded by Hi Inov and saw contributions from Lightbird and Innovation Nest, as well as continued support from existing investors Redalpine and The Delta.

Astrape Networks, a tech startup based in the Netherlands, renowned for its advancements in integrated photonics to enhance the speed and sustainability of optical networks, has disclosed that it has raised €1.6 million in a pre-seed funding round. This funding round garnered support from a consortium of prominent investors and lending institutions, including Brabantse Ontwikkelings Maatschappij (BOM), Rabobank, Brabant Startup Fonds, TTT Smart Industries, Shift Invest, and PhotonDelta.

REVEL, headquartered in Madrid and known for its fully digital car subscription service, announced a successful funding round, securing €115 million in capital. The funding was achieved through a collaboration with various partners, including Santander Consumer Finance and credit funds and accounts managed by KKR. This funding round encompasses a €15 million equity infusion, alongside the establishment of a debt financing structure in partnership with KKR, with a potential value of up to €100 million.

Belgian startup RISORCE (Renewable, Innovative Solutions towards Recycling & Circular Economy) recently raised €12.5 million investment to build a new end-of-life recycling plant in the province of Liège. The funding is raised from a group of investors that includes GREEN.er (Recytyre), Noshaq, Wallonie Entreprendre, and additional supporters.

Skyqraft, a Swedish company specializing in grid inspection, has successfully concluded an oversubscribed funding round, raising a total of $3.8 million. Skyqraft is dedicated to delivering faster, more precise, and environmentally sustainable inspections of energy infrastructure to address the growing energy consumption demands and ensure the resilience and durability of grids. Leading this investment round were Subvenio Invest, Neptunia Invest, and Antler, who not only provided financial backing but also offered strategic guidance to bolster Skyqraft's position in the market.

Payflow, a salary advance platform headquartered in Barcelona, has secured a substantial debt funding arrangement of up to €20 million in collaboration with BBVA Spark. This funding has been facilitated through Fence, an asset-backed debt facility management platform.

Micron Agritech, an agritech startup located in Dublin, has successfully secured €2.7 million in a fresh funding round. This funding round was jointly led by ACT VC, Atlantic Bridge, and Yield Lab Europe, and it elevates the total funding raised by the company to €5 million since its inception. Micron Agritech employs rapid AI-powered testing to combat the overuse of anti-parasite treatments in animals.

Broken String Biosciences, a genomics company headquartered in Cambridge, has announced the successful completion of a $15 million (approximately €14 million) Series A funding round. This round of investment was jointly led by Illumina Ventures and Mérieux Equity Partners, with additional support from HERAN Partners, along with the continued participation of existing investors Tencent and Dieter von Holtzbrinck Ventures.

Plan A, a platform that focuses on carbon accounting and ESG (environmental, social, and governance) reporting for corporations, has successfully secured $27 million in a Series A funding round. Leading this round is the prominent U.S. venture capital firm, Lightspeed Venture Partners. Technically, this funding is an extension of a previously announced $10 million Series A round from nearly two years ago, effectively closing the Series A round at a total of $37 million and bringing Plan A's total funding to $42 million over its six-year history. Notably, this latest round also features participation from major corporate entities such as Visa, Deutsche Bank, and BNP Paribas' VC arm, Opera Tech Ventures, in addition to numerous other angel investors.

Nearfield Instruments, a startup based in Rotterdam, which specializes in process control and metrology solutions, has announced a successful funding round, raising €27 million. In this round, they welcomed new investor ING Corporate Investments, who joined existing investors including INvest-NL, Innovation Industries, and TNO.

Metaloop, a standout player in the scrap metal recycling sector, is disrupting the industry with its comprehensive software solution. Their software covers various facets, including matchmaking, logistics, recycling operations, financing, and trade discovery. Recently, Metaloop secured over €16 million in Series A funding to bolster its digital enterprise platform. Leading the investment charge from the United States is FirstMark Capital, a firm committed to supporting the cause of metal recycling. This funding round also saw the participation of Silence VC and existing investors Statkraft Ventures and FJ Labs.

Awell, a digital health platform headquartered in Brussels, has secured $5 million in funding in its Seed round. This startup specializes in automating clinical workflows and plans to utilize the investment to expand its team, invest in research and development (R&D), and advance its product innovation efforts. The leading investor in this funding round is Octopus Ventures, with further participation from S16 and angel investors, among them Lord David Prior, a healthcare expert and former chair of the UK's National Health Service (NHS).

ARX, a defense technology startup based in Germany, has disclosed the completion of a €1.15 million Pre-Seed funding round. This funding round was spearheaded by Project A Ventures. ARX specializes in the development and deployment of autonomous GEREON ground robots, capable of transitioning from single-use to multi-use configurations, for a wide range of applications.

EverImmune, a biotechnology company based in France, has successfully raised €3.46 million in funding through Bpifrance under the 'Innovation in Biotherapeutics' program. The funding is a mix of subsidies and repayable loans.

Wamo, an SME-focused digital business account provider with offices in both Malta and London, has secured $1.5 million in a seed extension round. This financing will be allocated to the exploration of new market opportunities and the application for their electronic money institution (EMI) license in Finland. The primary leadership in this recent funding round came from Turkish companies, including Finberg and RePie Asset Management, among other investors.

Stoïk, a company based in Paris specializing in insurance and cybersecurity software for small and medium-sized enterprises (SMEs), has recently secured an additional €10 million in funding. This new infusion of capital will be instrumental in supporting Stoïk's expansion efforts throughout Europe, marking its entry into the market with Germany as the initial target. Munich Re Ventures and Opera Tech Ventures are the primary investors leading this €10 million investment, with participation from existing backers such as Andreessen Horowitz and Alven.

KYP.ai, a Cologne-based business productivity platform, has successfully secured €17.5 million in a Series A investment round, with OTB Ventures taking the lead, alongside participation from existing investors 42CAP and Tola Capital.

Lepaya, a European edtech firm, has raised a substantial $38 million in funding, marking one of the largest fund raised in the European edtech sector this year. This fundraising effort follows a series of acquisitions over the past year, including the recent addition of Swiss leadership training provider Krauthammer in May. Leading the investment round is Endeit, with participation from Educapital, Mars Growth Capital, Liquidity Capital, and existing investors Target Global and Mediahuis Ventures.

Cork, Ireland's embedded insurance infrastructure startup, Kayna, has secured €1 million in a Pre-Seed funding round. This funding will support the company's expansion initiatives in both the United States and the United Kingdom. The round was jointly led by Delta Partners and MiddleGame Ventures, with additional participation from Aperture and the InsurTech Fund.

Copenhagen's medical AI platform, Corti, revealed on Wednesday that it has successfully raised $60 million (around €56.11 million) in a Series B funding round. The funding round was jointly led by Prosus Ventures, headquartered in Amsterdam, and Atomico from London, and also saw participation from Corti's existing investors, including Eurazeo, EIFO, and Chr. Augustinus Fabrikker.

German autonomous electric trucking pioneer, Fernride, has augmented its Series A funding by $19 million, reaching a total of $50 million for the round. Fernride specializes in offering scalable automation solutions for yard trucking, blending human-assisted technology to enable remote-controlled operations. The latest investors joining Fernride include Deep Tech and Climate Fonds (DTCF) from Germany, a billion-dollar venture fund established through Germany's "Future Fonds" and the ERP special fund dedicated to promoting the growth of deep tech and climate-oriented companies in Germany and Europe. San Francisco-based Munich Re Ventures, Bayern Kapital, and Klaus Kleinfeld, who also assume the crucial role of Chairman on Fernride's board, are also part of this investment group.

BeDimensional, a deep-tech startup headquartered in Genoa, with a specialization in the production of graphene and other two-dimensional crystals composed of an exceptionally small number of atomic layers, has recently disclosed a new funding round amounting to €5 million. Leading this funding round is EUREKA! Venture, with participation from CDP Venture Capital, NovaCapital, and Eni Next, which is the corporate venture capital division of the Italian multinational energy corporation Eni.

Berlin-based Mammaly just closed a €14m Series A growth round to build its offline and online supplements empire, backed by Five Seasons Ventures, Iris Ventures and pet product expert and investor Attila Balogh. 

HelloBetter, a digital health company based in Berlin, has disclosed a €5 million investment from HSBC Asset Management's Financial Technology Venture Capital strategy. This funding marks a second closing for its A2 round, which was initially announced in May.

Rocky Road Games, a mobile gaming startup located in Reykjavik, is on a mission to foster genuine social connections among players through its platform that is currently in stealth mode. The company has recently revealed a $3 million Seed funding round, with Luminar Ventures taking the lead. Existing investors, Crowberry Capital and Sisu Ventures, have also participated in this round, along with notable angel investors like David Helgason, the founder of Unity, and Matthew Wilson, a former executive at Rovio.

Openvolt, a startup with British and Irish roots, has created a smart meter API to help companies monitor carbon emissions, aid property owners in decarbonizing buildings, and promote flexibility markets. They are launching a Beta API in the UK and have secured €1.5 million in pre-seed funding, led by Cavalry Ventures and joined by Übermorgen Ventures.

Renew Risk, a clean-energy risk analytics firm headquartered in London, has secured £1.7 million in Seed funding. This investment will be used to enhance the financing, planning, and insurance solutions for renewable energy assets. The funding round is spearheaded by strategic investor Insurtech Gateway, and it includes contributions from OnePlanetCapital, a ClimateTech fund, as well as the University of Surrey. Additionally, notable super angels Chris Adelsbach and Rahul Munjal have participated in this funding round.

H55, a Switzerland-based company specializing in electric propulsion aviation solutions, has disclosed that it secured €46.68 million in the initial phase of its Series C funding round. H55's products are aimed at improving sustainability, efficiency, and safety in the aerospace industry. Leading this funding round are ND Capital, Tippet Venture Partners, and RTX Ventures, with the involvement of several notable private investors.

UK-based fintech company Fleximize, specializing in lending services for SMEs, has successfully raised £136 million in a new financing round. This securitized financing is intended to assist the company in paying off its current debt while simultaneously supporting the expansion of its ongoing operations. The funding of £136 million comes from two key sources: existing investor Goldman Sachs and a new supporter, Citi.

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