This Week in European Tech: CVC made history with €26 billion buyout fund, Lithuania’s PVcase beamed in $100 million, and Motive Partners bought With Intelligence in £400 million deal

This week saw Luxembourg-based private equity firm CVC raise €26 billion for the largest buyout fund in history, PVcase bring home $100 million to help the solar engineering industry keep pace with demand, a bidding war for London's With Intelligence conclude at £400 million, and a whole lot more ...
This Week in European Tech: CVC made history with €26 billion buyout fund, Lithuania’s PVcase beamed in $100 million, and Motive Partners bought With Intelligence in £400 million deal

This week, our research tracked more than 80 tech funding deals worth over €1.2 billion. On the other end of the spectrum, we saw over 15 exits and M&A transactions. 

As always, we've also indexed the most important/industry-related news items you need to know about, however, this recap is by no means exhaustive. Our comprehensive brief, and its associated data, are available to our insights members via a weekly round-up newsletter and a handy .csv file allowing for even more in-depth analysis.

If email is more your thing, you can always subscribe to our newsletter and get this round-up delivered to your inbox.

And now, the news.

💸 Notable and big funding rounds

🇨🇭 Zurich-based TP24, a B2B lender that provides working capital facilities to mid-market SMEs raised €397 million.

🇬🇧 UK-based cybersecurity firm Netcraft has raised over $100 million.

🇳🇱 Cross-border payments specialist MODIFI banked $100 million.

🇱🇹 Lithuania's PVcase secured $100 million, aims to cut solar project design process from weeks to roughly 20 minutes.

🇺🇦 Preply raised $70 million to ‘supercharge’ 35,000 tutors with AI capabilities.

🫱🏽‍🫲🏻 Noteworthy acquisitions and mergers

🇬🇧 London’s With Intelligence acquired by Motive Partners in £400 million deal.

🇫🇮 Finland's Loupedeck has been acquired by Logitech.

🇩🇪 Graylog acquired’s API security solution.

🇩🇪 Germany's Ecommerce One snapped up both Makaira and Marmalade.

🇱🇻 Latvian car subscription platform Renti Plus acquired by Sixt.

🚀 Interesting moves from investors

🇱🇺 Luxembourg-based private equity firm CVC has assembled a €26 billion buyout fund, believed to be the largest of its kind ever.

🇫🇷 Eurazeo closes its second Smart City fund at €400 million.

🇩🇪 KKA Partners closes €230 million DACH region-focused fund.

🇨🇭 Giano Capital is focusing on the secondaries market and has raised €20 million of a targeted €50 million fund.

🇬🇧 Octopus Group launches accelerator for sustainable deep tech startups.

🗞️ In other (important) news

🇬🇧 Apple warning it could shut FaceTime, iMessage in UK over government surveillance policy.

🇪🇸 Spain antitrust watchdog fines Amazon, Apple $218 million.

🇪🇺 EU to relaunch quest for antitrust role, keeps mum on nationality.

🇳🇴 Facebook, Instagram face Norwegian ban from tracking users for ads.

🇫🇷 Societe Generale unit gets France’s first crypto license.

🇬🇷/🇭🇺 The U.S. government put Intellexa and Cytrox, two European spyware makers, on an economic denylist.

🇪🇺 New Commission appointments spell changes in research, science, and education directorates.

🇩🇪 Microsoft hit with EU antitrust complaint by German rival.

🇩🇪 BaFin extends AML controls at N26.

🇳🇱 VanMoof, the e-bike startup, officially declared bankrupt in The Netherlands.

📡 Recommended reads and listens

🇧🇬 Dronamics CEO Svilen Rangelov on building the first cargo drone airline in the world (out of Bulgaria).

🇪🇺 European early-stage VC funds expect to deploy €2.8 billion in SaaS companies by the end of the year.

🇬🇧 UK AI regulation has ‘significant gaps’ – Ada Lovelace report.

🤖 Why most ChatGPT startups will likely fail – and what to do about it.

🇪🇺 Has the European VC market bottomed out and if so, when do we recover?

💊 Earlybird Health's inaugural Impact & ESG report.

🇩🇪 It's the end of the Rocket Internet era as Oliver Samwer calls it a day.

🇫🇷 French AgTech's EarthDaily Agro launches platform to support Ukrainian farmers.

🇪🇺 Continental European and UK startups lead the way in open source AI despite the looming threat of regulation

💻 Kevin Mitnick, once the ‘Most Wanted Computer Outlaw,’ dies at 59.

🔭 European tech startups to watch

🇬🇧 London’s Stylib takes aim at design catalogues and product showrooms, raises £1.5 million in pre-seed round.

🇬🇧 Tromero raises £1.5 million to make AI training and hosting cheaper through crypto mining.

🇬🇧 Mirror mirror on the wall who is the fittest of them all? MAGIC raises $2.5 million.

🇬🇧 Converting factories into intelligent manufacturing hubs, London’s Thingtrax raises £4.3 million.

🇩🇪 Subdron raises €1.3 million to automate underwater inspections for biofouling and structural integrity.

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