This Week in European Tech: Darktrace and Babylon may go private, 20VC buys an on-demand media agency, 2xN rolls out a $120 million fund, and more

Here's a roundup of this week's biggest European Tech funding rounds, exits, 'other news' that you might have missed, and a compendium of must-read articles on all things #EUtech.
This Week in European Tech: Darktrace and Babylon may go private, 20VC buys an on-demand media agency, 2xN rolls out a $120 million fund, and more

This week, our research team tracked more than 50 tech funding deals worth over €240 million, and over 15 exits, M&A transactions, rumours, and related news stories across Europe.

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

We've also got some news for you: we're already gearing up for the second edition of the Summit! Save the date:

24 May in Brussels.

Tickets are now on sale.

If you haven't seen them yet, we've made all the videos from the Summit last May available as a playlist on our YouTube channel - enjoy!

With that said, let's get down to business with the biggest European tech news items for the past couple of days (subscribe to our free newsletter to get this round-up in your inbox).

What happened this week in European Tech?


>> Notable and big funding rounds

UK peer-to-peer (P2P) lending and investing platform Assetz Capital has agreed a £200 million funding partnership with Aeon Investments.

Berlin-based AI startup Solsten has raised $21.8 million in funding to help brands understand their customers on a deeply human level to create new experiences.

Bristol-based Super has raised £22.5 million in a funding round led by none other than existing investor Accel. Founded early this year by the former CEO and co-founder of a certain other fintech you’ve most heard of, publicly listed Funding Circle, Samir Desai, Super’s raison d'être is simple: help businesses and consumers keep more of their hard-earned cash in their own pockets.

Cambridge-based biotech startup Constructive Bio has raised $15 million in funding to create technology for producing synthetic genomes and reprogramming the genetic code of living organisms.

Dutch climate startup Gradyent, which has developed technology to help heating companies optimise their heat systems and save CO2 to deliver affordable and reliable heat, has brought in €10 million in funding to make district heating systems more efficient and sustainable.


>> Noteworthy acquisitions, mergers, IPOs and SPAC deals

Software investment firm Thoma Bravo has closed its acquisition of Mercell, a European provider of e-tendering and procurement systems, for approximately $330 million. The company has now been delisted from the Norwegian exchange.

As food delivery services struggle to maintain the rise in demand they witnessed at the peak of the coronavirus pandemic, Amsterdam-based food delivery startup Just Eat has sold its Brazilian food delivery firm iFood stake to investment firm Prosus. The deal valued at €1.8 billion will give Prosus full control of the Latin American company iFood.

With the competition ramping up ever further in the VC deal flow space, Harry Stebbings' 20VC has acquired short form video specialist firm Good Future Media for an undisclosed amount.

Luxembourg cold storage expert B Medical has been acquired by a US life sciences firm for €410 million.

The Netherlands-based startup that offers molecular diagnostic kits Genome Diagnostics (GenDx) has been acquired by Paris-based Eurobio Scientific for €135 million.

Two global acquirers have jointly snapped up Cambridge flow sensor technology company Flusso for £28 million.

Paris-based, a company that offers a multidisciplinary and interactive platform for the education of healthcare teams, announced on Friday that it has been acquired by New York-based WebMD.

UK-based rental platform Fat Llama has been acquired for $41.5 million by Swedish-based online rental marketplace Hygglo to create one of the largest peer-to-peer rental platforms in the world.

Bucharest-based co-investment platform in tech startups, SeedBlink has acquired Dutch investment crowdfunding platform Symbid.

UK-based Sage, a specialist in accounting, financial, HR and payroll technology for SMEs, has acquired US-based Lockstep, a provider of cloud native technology that automates accounting workflows between companies.


>> Interesting moves from investors

Brevan Howard Asset Management has pulled off the largest crypto hedge fund launch yet. The European investment firm’s flagship digital assets-focused vehicle raised more than $1 billion from institutional investors, according to reports.

The European Innovation Council Board wants the EIC Accelerator programme for deep-tech startups to be up and running as soon as possible to avoid further damage to the reputation of the fund.

London-based VC 2xN has rolled out a $120 million fund to back startups in quantum computing across Europe.

Lithuania-based climate tech VC Contrarian Ventures has unveiled its second fund targeting €100 million to close the funding gap for future climate-tech founders and mobilise the resources needed for climate action.

Stockholm-headquartered Norsken Foundation announced on Tuesday that it has launched Norrsken Impact100, an annual list of the world’s most promising impact companies that shines a light on founders who are changing the world for the better.


>> In other (important) news

Shares of Darktrace surged after the UK cybersecurity company said it’s in early discussions with private equity firm Thoma Bravo about a possible takeover.

Investors in Ziglu’s last two funding rounds will see a loss following its acquisition by digital wealth giant Robinhood, as the fintech giant looks to cut Ziglu's price by 60%.

Babylon soared 9.2% before its shares were halted for news pending after a report that the UK-based digital healthcare company is said to be considering a take-private transaction. Babylon said it has not engaged in nor has it had contact or discussions with any potential acquirer, according to a statement.

The European Central Bank (ECB) has announced its intent to harmonise how banks offer crypto assets through a crypto regulatory framework to be implemented across the EU.

High-flying travel startup Pollen collapses, leaving trail of complaints.

Singapore-based cryptoasset trader has become the latest firm to receive regulatory approval from the UK’s Financial Conduct Authority (FCA).

Germany's Egym may be readying itself for an IPO next year.

The UK on Wednesday (17 August) launched dispute proceedings against the EU over the long running stalemate that has kept UK universities and researchers shut out of the €95.5 billion Horizon Europe research programme two years after agreeing participation as part of the Brexit agreement.

A sizable chunk of the executive team at Meta is decamping to London.

Uber said it will increase rates across the UK, leading to an average 5% increase in London fares, as the ride-hailing company works to attract more drivers.


>> Recommended reads and listens

Big Deal: Inside EV charger maker Wallbox's expansion plans after acquiring partners Coil and ARES

European VC valuations trend upward in the face of uncertainty

From operator to VC: fresh Speedinvest partner Andrea Zitna dissects the European health tech ecosystem (video interview)

The Future of Digital Banking in the UK: Digitising to the core with agile fintech players

How the first European accelerators influenced what we do today

TechUkraine, in partnership with the Ukrainian Startup Fund, the Ministry of Digital Transformation of Ukraine, Emerging Europe, Tech Emerging Europe Advocates, Global Tech Advocates, and TA Ventures, have published the results of a survey looking at the country’s start-up ecosystem.

Top 10 European countries with the highest wages Summit: A primer on the complex art of storytelling in tech (for founders and investors alike)

Why London tops global league for fintech VC funding

How to protect crypto and Web3 assets on an enterprise level: A video interview with Ledger executive Alex Zinder

The semiconductor boom: has the UK missed its chance?

Immigration, innovation, and Ireland

Europe's most active domestic venture investors

The rise and rise of data centres in Ireland

The US Capital Influx: Does Europe Have All The Talent It Needs?

IFA 2022: What's the plan for the major European tech conference?

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