Today in European Tech: Wefox raises $650 million, EU to unveil bloc-wide digital wallet, Bought By Many nabs $350 million, and more

Today in European Tech: Wefox raises $650 million, EU to unveil bloc-wide digital wallet, Bought By Many nabs $350 million, and more


Here's what happened today in European Tech.


- Berlin-based digital insurance company Wefox has raised $650 million in a Series C round led by Target Global. The record-setting round also saw participation from new investors FinTLV, EDBI, LGT via Lightrock, Partners Group, Jupiter, Decisive Wealth, and Ace & Co.

- Manchester-based connected vehicle data company Wejo, which is backed by US giant General Motors, has outlined plans to go public through a reverse merger. The company has made the deal with Virtuoso Acquisition Corp in a move which values the British company at $800 million.

- London-based pet insurance provider Bought By Many has raised $350 million in a Series D round led by EQT Growth. The round also saw the participation of Octopus Ventures and Munich Re Ventures.

- Cinven, the UK buyout house, agreed to buy a controlling stake in German software company think-cell.

- France's Malt, which provides a way for developers, data scientists, designers, project managers and others working in related fields to connect with fixed-term job opportunities in their fields, has picked up €80 million in funding.

- Germany-based Sennder, a digital freight forwarder that focuses on moving cargo around Europe, has raised $80 million in funding, at a valuation of over $1 billion.

- 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

- Germany's privacy regulators have launched a crackdown on international data transfers.

- The EU is set to unveil plans for a bloc-wide digital wallet, following requests from member states to find a safe way for citizens to access public and private services online.

- Podcast: The world of invisible insurance with Meeri Rebane, INZMO.

- Today Russian lawmakers backed a bill that would force foreign Internet companies to set up local offices or face harsh penalties, including an outright ban. The bill was passed on the first of its three required readings, parliament’s lower house said in a statement.

- Swedish investment firm EQT is using its artificial intelligence-based deal sourcing tool, Motherbrain, to boost funding for more diverse startup teams. Last year, EQT tweaked Motherbrain’s algorithms to prioritize companies with a female founder, and now screens twice as many of these businesses each week, according to partner Henrik Landgren.

- New EIB report: €10 billion investment gap in AI and blockchain technologies is holding back the European Union.

- Daimler and Nokia have signed a patent licensing agreement. Under the agreement, Nokia licenses mobile telecommunications technology to Daimler and receives payment in return.

- Financial technology firm Wise said Tuesday that users in India would now be able to send money abroad to 44 countries around the world.

- Crowdcube, the UK crowdfunding business, will launch a platform for retail investors to participate in initial public offerings to tap into expected new demand as government ministers consider plans to reduce the institutional dominance of London listings.

- The Future Of Internet Shopping Might Not Be Home Delivery.

- Digital connectivity is a precondition for achieving the EU digital agenda, but filling the existing digital gap will require a concerted approach among policymakers at the EU and national level and coordination with private providers.

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