This Week in European Tech: Revolut's $33 billion valuation, Permira's €1.9 billion bet on Adevinta, HomeToGo's SPAC deal

This Week in European Tech: Revolut's $33 billion valuation, Permira's €1.9 billion bet on Adevinta, HomeToGo's SPAC deal

Happy Friday!

This week, our research team tracked more than 120 funding deals worth over €4.8 billion, and 10+ exit deals 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) Revolut shoots for the stars with a $33 billion valuation to boot

British fintech firm Revolut has raised $800 million in a new funding round led by SoftBank and Tiger Global. Revolut, which offers banking and trading services through an app, is now valued at $33 billion.

2) eBay sells bulk of its shares in Adevinta to Permira

Private equity powerhouse Permira has announced a strategic investment in Norway-listed online classifieds juggernaut Adevinta, buying approximately 125 million shares in the company from eBay – equal to a 10.2% stake – for a total price of €1.9 billion.

3) SPAC deal raises valuation of HomeToGo to $1 billion+

HomeToGo, a travel tech startup focused on vacation rental price-comparison for consumers and software for property managers, announced its planned merger with blank-check company Lakestar SPAC I, via a regulatory filing in Germany. The planned $1.41 billion transaction, including debt, would give Berlin-based HomeToGo an enterprise value of $1.01 billion.

4) CarNext spins off with €400 million in fresh cash

Amsterdam-based CarNext, an online B2C and B2B used car marketplace, has announced that it has been carved out from LeasePlan with €400 million in fresh funding.

5) Nordic fintech star Lunar inks €210 million funding deal

Danish digital challenger bank Lunar has raised €210 million in a Series D funding round led by family-owned investment company Heartland, alongside European growth investor Kinnevik and Chinese tech giant Tencent.

6) Cybersecurity firm Cybereason scores $275 million to boost growth

Israeli cybersecurity company Cybereason has raised $275 million in a financing round led by Steve Mnuchin's new fund Liberty Strategic Capital.

7) Quantexa nearly a unicorn following $153 million fundraise

London-based financial crime fighter Quantexa has just raised $153 million in Series D funding provided by Warburg Pincus and an allotment of undisclosed blue-chip investors.

8) European HR tech firm Remote secures $150 million round

HR Tech platform Remote has raised $150 million in a Series B round led by Accel with participation from existing investors including Sequoia, Index Ventures, Two Sigma, General Catalyst, and Day One Ventures. If that list of backers wasn’t impressive enough, as of today, Remote has achieved unicorn status with a valuation of over $1 billion.

9) UK fintech scale-up Tide raises more than $100 million

UK business banking platform Tide has raised over $100 million in Series C funding at a valuation of $650 million. The round was led by Apax Digital, the growth equity team of Apax Partners.

10) UK mortgage lender LendInvest (quietly) went public

Shares of UK-based non-bank mortgage lender LendInvest rose as much as 10% in early trading on Wednesday as the company started trading on the London Stock Exchanges Junior AIM, implying a market capitalisation of £281.7 million.


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Bonus link(s):

- France's antitrust watchdog slapped a €500 million fine on Google for failing to comply with the regulator's orders on how to conduct talks with the country's news publishers in a row over copyright.

- Venture funding to startups in Europe totalled an unprecedented $59 billion in H1 2021, Crunchbase data shows.

- Google will seek to overturn a record €4.34 billion EU antitrust fine at a five-day hearing in September at Europe’s second-highest court, people familiar with the matter told Reuters.

- The head of the German competition watchdog has criticised EU draft tech regulations, saying they are too “narrow” and risk failing to catch future anti-competitive behaviours from companies such as Google and Facebook.

- Israeli tech is showing no signs of slowing down, displaying a sharp upsurge in capital raising in the second quarter of 2021, according to data published by the IVC Research Center and the law firm Meitar.

- Insurtech in Europe - H1 2021 in review: €1.7 billion was invested across 52 deals, more than 2019 and 2020 combined.

- The European Central Bank announced that it’s starting work toward creating a digital euro currency as more consumers ditch cash.

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