Today in European Tech: Berlin Brands Group nabs $240 million in debt financing, Babylon eyeing a major SPAC deal, and more

Today in European Tech: Berlin Brands Group nabs $240 million in debt financing, Babylon eyeing a major SPAC deal, and more


Here's what happened today in European Tech.


- Germany-based e-commerce company Berlin Brands Group, which creates and acquires online retail brands, announced $240 million in debt financing, its first outside capital, to accelerate global acquisitions.

- London-based leading seed investors LocalGlobe and its Series B sister fund, Latitude, announced to have raised $370 million ($150 million and $220 million, respectively). The new funds will be used to double down on core markets in the UK and Europe, with a long-term view of generating world-class returns.

- Babylon, the UK-based medical startup that connects patients and doctors via an app, is in talks to go public in a merger with a blank-check company run by former Groupon Inc. executives, according to people familiar with the matter. Babylon could be valued at $3 billion to $4 billion in any deal, the people said.

- Sara Murray, who founded location tracking tech company Buddi in 2005, has appointed Zeus Capital to oversee an IPO later this year. A public listing could value Buddi at about £500 million.

- Berlin-based consumer tech-subscription service Grover has raised €60 million in an oversubscribed Series B round.

- Tallinn-based VC firm Tera Ventures has closed a new fund, topping out at €43 million, with a global base of limited partners participating.

- Malta-based agritech VC fund manager PeakBridge and EIT Food have launched a new €30 million seed fund. Dubbed FoodSparks, the fund will invest in pan-European seed and early-stage startups focused on addressing food production, supply, and sustainability.

- Moscow-based e-commerce platform Ozon has signed an agreement to purchase Oney Bank from Russia’s third-largest privately-owned bank, Sovcombank. Subject to regulatory approvals, the transaction will happen in cash, and is not expected to exceed $10 million.

- Paris-based natural insect protein maker Ynsect has acquired Ermelo, Netherlands-based mealworm-ingredients-for-human-food maker Protifarm.

- London-based review-your-healthcare-provider Doctify has raised an additional $7.5 million in its latest funding round, bringing their total raise to date to $20 million.

- We also tracked a large number of (other) European tech funding rounds and M&A transactions, all of which we are putting in a handy list for you on Friday afternoon in our weekly roundup newsletter (note: the full list is for paying customers only). Also check out our European tech news section for ongoing coverage.

Worth Reading/Knowing

- Fighting brain drain and creeping authoritarianism in Russia’s techno-utopian village.

- Europe could be seeing the decline of its gig economy. And new rules could mean higher prices.

- US venture capital firm Icon Ventures is opening a Dublin office as a base to scout out more deals in Europe. The Silicon Valley VC invests in later stage start-ups, usually at the Series B and C rounds.

- Researchers and business executives have stepped up their appeal to the EU this week to remove the threat of a ban on the UK, Israel and Switzerland from multi-billion euro EU quantum and space projects.

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