These were the 10 biggest European tech stories this week

These were the 10 biggest European tech stories this week


Happy Friday!

This week, we tracked 49 tech funding deals worth more than €163 million, as well as 11 M&A transactions across Europe, Israel, and Turkey.

We listed every single deal in our weekly newsletter (note: the full newsletter is now available to paying subscribers only). Here’s an extra overview of the 10 biggest European tech news items for this week:

1) The day has come: Spotify has filed for its $1 billion IPO in the US, and “SPOT” plans to utilise a direct listing instead of a traditional float. The company reports nearly $5 billion in revenue for 2017, compared to $2.95 billion in 2016. It lost around $1.46 billion in 2017, and had $582 million of cash available at year-end.

2) European independent fibre network and cloud networking provider Interoute has been acquired by US cloud networking firm GTT Communications for €1.9 billion in an all-cash deal.

3) Google is not obligated to ensure websites are free from defamatory content before displaying links to them in search results, Germany’s highest court ruled on Tuesday.

4) German automaker Daimler has coughed up €70 million ($85 million) to buy the remaining 25 percent of car-sharing company car2Go that it did not already own, valuing car2Go at €280 million ($341 million).

5) “Angry Birds” maker Rovio said on Friday its head of games was leaving, a week after the Finnish company issued a profit warning that sent its shares plunging 50 percent.

6) SK Telecom has acquired Switzerland-based ID Quantique, which provides quantum-safe cryptography solutions, the company announced. The South Korean telco bought over 50 percent majority shares of the firm for 70 billion won, or $65 million.

7) The European Union has given Google, YouTube, Facebook, Twitter and other Internet companies three months to show that they are removing extremist content more rapidly or face legislation forcing them to do so.

8) Employment engagement platform Peakon has raised $22 million led by Balderton Capital with participation from EQT Ventures, IDInvest Partners, and Sunstone Capital.

9) Equitable venture firm Kindred Capital has closed its first seed fund at £80 million to back early stage UK startups. The London-based firm, which first launched in 2015, runs an equitable venture model for this fund where any entrepreneur that is backed by Kindred becomes a co-owner in the fund.

10) Magazino, a Munich-based robotics startup, has raised €20.1 million led by Körber Group with participation from Cellcom, Zalando, and Fiege Logistics.

Bonus link: A total of 87 companies from 18 countries all over the world have opened offices in Israel since 2014 to pursue research and development or innovation.

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