This Week in European Tech: SumUp lands €750 million, European Innovation Council kicks off, eToro's mega SPAC listing, and more

This Week in European Tech: SumUp lands €750 million, European Innovation Council kicks off, eToro's mega SPAC listing, and more

Happy Friday!

This week, our research team tracked more than 90 tech funding deals worth more than €2 billion, and about 20 exits, M&A transactions, and rumours, and related news stories across Europe, including Russia, Israel, and Turkey.

As always, we are putting all of them together for you in a handy list sent in our round-up newsletter (note: the full list is for paying customers only).

Recently, we also started publishing 'Today in European Tech', a daily round-up of deals and news stories that caught our attention. Keeping you updated on all things EU tech is our priority!

Today, instead of a daily round-up we give you an overview of the 10 biggest European tech news items for the past week (subscribe to our free newsletter to get this round-up in your inbox every Monday morning).

1) eToro's $10 billion+ SPAC listing is happening

Israeli-British investment platform eToro is set to merge with a SPAC after years of speculation about the fintech firm going public.

The company is merging with Betsy Z. Cohen-led SPAC FinTech Acquisition Corp. V, and the listing will give eToro a valuation of around $10.4 billion.

2) SumUp secures €750 million in financing to scale up

Fresh off a number of recent acquisitions, London-based payments provider SumUp has raised €750 million. The round saw participation from existing backers Goldman Sachs, and Bain Capital Credit.

3) European Innovation Council exits the pilot phase

The European Commission launched the European Innovation Council (EIC) with a budget of over €10 billion for 2021-2027 to develop and expand breakthrough innovations.

4) IronSource is next on track for a SPAC

Israeli app monetization company IronSource is on track to becoming a listed company on Wall Street. SPAC Thoma Bravo Advantage will reportedly attempt to raise $1 billion and potentially give IronSource a valuation of $10 billion.

5) Italian proptech firm Casavo lands €200 million in financing

Milan-based proptech firm Casavo has secured €200 million in financing in an effort to revolutionise the way individuals buy and sell homes in Europe.

6) Austria's first unicorn as Bitpanda raises $170 million round

Vienna, Austria-based fintech scale-up Bitpanda, which provides a brokering/exchange platform for trading digital assets such as cryptocurrencies and precious metals, has closed a Series B round of $170 million, giving it a ‘unicorn’ valuation of $1.2 billion.

7) Fireblocks on fire with $133 million in fresh funding

Tel-Aviv-based crypto custodian Fireblocks has raised $133 million in a Series-C round. To date, the firm has raised $179 million.

8) Bonjour, EU Start-up Nations Standard

Today at the 'EU Digital Day', a total 24 EU member states, plus Iceland, have signed the declaration on "Startups Nations Standard of Excellence", to support startups across Europe in each stage of their development.

9) Uber to treat its UK drivers as workers (somewhat)

Weeks after a top court ruling that could shake up Britain’s wider 'gig economy', Uber this week said it is granting its UK drivers worker status, with benefits including a minimum wage – a world first for the US ride-hailing giant.

10) French HR tech startup PayFit scores €90 million in funding

Paris-based HR tech firm PayFit saw a 40% growth over the course of 2020, and has closed a €90 million Series D funding round.

Podcast: Podcast #211: Nicolas Julia of Sorare, e-scooters, gigafactories, privacy issues of Clubhouse, and more

Bonus link(s):

- The European Council this week adopted its first reading position on Horizon Europe, the EU’s multi-annual framework programme for research and innovation for the years 2021 to 2027, approving its €95.5 billion total budget.

- UK tech startups raised a record $15 billion from venture capitalists in 2020, widening its gap with Germany and France, according to a report from government-funded lobby group Tech Nation.

- European startup CEOs and founders in a letter have urged member states to adopt the EU’s proposed Startup Nations Standard.

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