This Week in European Tech: IPO plans for Darktrace, EU wants to ban use of AI for surveillance, Facebook faces 'mass action' suit

This Week in European Tech: IPO plans for Darktrace, EU wants to ban use of AI for surveillance, Facebook faces 'mass action' suit

Happy Friday!

This week, our research team tracked more than 85 tech funding deals worth more than €1.6 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) Darktrace plans to pursue the next major London IPO

British cyber-security firm Darktrace has said it intends to list its shares on the London Stock Exchange. Darktrace did not indicate how much it is seeking to raise, but media reports suggest it could be as much as £3 billion.

2) Major funding for Volvo's electric car brand Polestar

Polestar, the Swedish electric performance car company, has raised $550 million from a group of long-term financial investors.

3) Mo' Money for Berlin Brands Group to roll up e-commerce stores

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.

4) The EU is considering a ban on the use of AI for surveillance

The European Commission wants to ban the use of artificial intelligence to track people and rank their behaviour, with fines up to 4% of a company’s turnover for violations as part of draft AI rules to be announced next week.

5) LocalGlobe and Latitude raise a combined $370 million in new funds

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.

6) Facebook is facing a 'mass action' lawsuit over 2019 data breach

Facebook is to be sued in Europe over the major leak of user data that dates back to 2019 but which only came to light recently after information on more than 533 million accounts was found posted for free download on a hacker forum. On Friday, Digital Rights Ireland (DRI) announced it’s commencing a “mass action” to sue Facebook, citing the right to monetary compensation for breaches of personal data that’s set out in the European Union’s General Data Protection Regulation (GDPR).

7) Climate tech investment firm Pale Blue Dot closes €87 million fund

Pale Blue Dot, a young Malmö, Sweden-based investment firm focused on backing climate tech innovations, has closed their fund at €87 million after raising an initial €53 million last year.

8) Estonia's Veriff scores $69 million round

Veriff, an Estonia-based identity verification technology company, announced today that it has secured $69 million in a series B funding round led by investment firms IVP and Accel.

9) Online language learning school Lingoda bags €57 million in funding

Berlin’s online language learning school Lingoda has raised €57 million in a round led by Summit Partners and saw participation from existing investor Conny Boersch, founder of Mountain Partners, an early investor in Lingoda.

10) N26 makes a move into the digital insurance space

Berlin-based mobile bank N26 is moving into the insurance space, offering customers the option to purchase coverage, manage plans and initiate claims in-app for a range of insurance plans from different providers.


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