Hello!
Here's what happened today in European Tech.
Deals
- Made.com, the UK-based online furniture retailer, has reportedly picked a trio of investment banks to work on a stock market flotation that would value it at up to £1 billion.
- Desenio, a Swedish direct-to consumer company that sells wall art online, today started trading its shares on Nasdaq First North Growth Market. The listing valued the Stockholm-based company at roughly €1 billion.
- UK digital bank Atom Bank is to raise £40 million (about €46.4 million) from existing investors, and is planning to shoot for a public listing as early as next year.
- Paris-based ‘digital collectible’ football platform Sorare has raised €40 million ($50 million) in Series A funding to boost its growth. The financing round was led by Benchmark, with additional funding from Accel and new business angels. The angels include Reddit co-founder Alexis Ohanian, Gary ‘Vee’ Vaynerchuk and football players Rio Ferdinand and Antoine Griezmann.
- German electric vehicle manufacturer e.GO Mobile has received over €30 million in Series B funding in a round conducted by nd Industrial Investments, the company’s majority shareholder.
- Monument, a UK digital banking startup for the well-heeled, has landed £28 million in new funding from existing backers and a trio of angel investors.
- France's Maze has closed a $15 million Series A funding round led by Emergence Capital. The company lets you run user tests at scale so that you can get feedback before rolling out a design update or test copy.
- Chelmsford-based eco-conscious freight truck innovator Tevva designs and develops mass-market extended-range electric-powered trucks and related technologies. Now, the Tesla rival has secured $12.5 million.
- Nyobolt, a cutting-edge battery company out of Cambridge University, has secured $10 million in Series A round led by IQ Capital with participation from Cambridge Enterprise and Silicon Valley investors.
- Memmo.me, a Swedish startup allowing users to pay celebrities for personalized video messages, has raised $10 million in Series A funding.
- TreeCard, a London startup that plants trees financed by customers’ everyday spending, has raised a $5.12 million seed round led by EQT Ventures, with participation from Seedcamp and Episode 1.
- Shell is to acquire all shares in German digital utility company Next Kraftwerke, buying from VC investors including High-Tech Gründerfonds (HTGF) and Neuhaus Partners, as well as investors Dirk Freise and Martin Ostermayer.
- Former Mastercard Europe president Javier Perez has invested €4 million in Danish subscription terminator startup Subaio.
- 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
- Klarna, the Swedish payments company, this morning reported its annual financial results. The ‘buy now, pay later’ company reported a 40% increase in net operating income in 2020, helped by its expansion in the US and a couple of other markets, breaking the $1 billion income threshold for the first time.
- TikTok has overtaken Facebook in social media use in Russia.
- European fintechs N26 and Raisin are expanding their collaboration to address the negative interest crisis.
Today's Top Tweets
The value generated by European B2B startups per funding outweighs that of US and B2C startups which have been founded in the period 2010-2020 according to one of the most recent analyses of McKinsey & Company “The new hidden champions”. https://t.co/3P0ixYDA5u
— The Recursive (@therecursive_eu) February 25, 2021
In this week's transatlantic tech newsletter, I'm going back to school:
- What Europe can teach the US on digital competition?
- What the US can teach Europe on election disinformation?
- I catch up w/ @OversightBoard's Thomas Hughes
All that and more 👇https://t.co/wIMxyTqL9V— Mark Scott (@markscott82) February 25, 2021
I interviewed Irish data regulator about annual report out today.
- Facebook, Whatsapp fines
- stopped schools trialling facial recognition
- no conclusion on Mother & Baby Homes data deletion issue
- companies’ flimsy IT security causes data problemshttps://t.co/RiXj1xKUUl— Adrian Weckler (@adrianweckler) February 25, 2021
Since the #FutureFund launched, 1140 companies have been issued with Convertible Loan Agreements with a total value of £1.12bn
Find out more here▶️https://t.co/wW0QzM7cIt pic.twitter.com/I6ZW19Ua27— British Business Bank (@BritishBBank) February 25, 2021
The @SorareHQ team has created a category-defining business that caters to football fans all over the world ⚽️
We backed @ni2las & @adrienmontfort at pre-seed and after explosive growth we’re delighted to see @benchmark lead their Series A with participation from @Accel 🚀 pic.twitter.com/6NcQjzuqkE— seedcamp (@seedcamp) February 25, 2021
The Greek startup industry is taking shape & reaching new heights! Investment & acquisition amounts are at an all-time high. Top-tier funds increasingly investing & big tech companies repeatedly acquiring Greek startups.
2020 was an inflection year. The flywheel effect is real🚀 pic.twitter.com/XXOUJMDmkq— Greek Startup Pirate (@StartupPirateGR) February 25, 2021
Things are heating up for seller M&A activity in Europe!
We are proud to have brought Bonstato, a German private label everyday product brand incubator, into the Thrasio portfolio, and are upping our investment commitment in Europe as we expand! #amazonfba https://t.co/bNnGSYLf5m— Thrasio (@thrasio) February 23, 2021
The London Stock Exchange's former chief is joining the SPAC "revolution" and he's pushing the trend as a way for the London market to stay competitive in post-Brexit Europe.https://t.co/JGKpXbZQve
— PitchBook News (@PitchBookNews) February 24, 2021
🔵Out now! Our latest report on tech #lobbying in Brussels has just been released!
Big budgets coupled with inadequate rules means that the integrity of EU policy-making is at risk.
Download a copy from our website ⬇️https://t.co/jeyoZo3YSw— Transparency Int. EU (@TI_EU) February 25, 2021
"It’s A Match: What 3,500 startups and 1,000 investors can teach us about Corporate-Startup Collaboration" by @soakedbyslush @SlushHQ
>> https://t.co/QFTjyioRKz— Robin Wauters @ tech.eu (@robinwauters) February 25, 2021
This must be the best entry-level job in European VC at the moment—with @chrija @PointNineCap https://t.co/4yJTSAqSbe
— Nicolas Colin 🌐 (@Nicolas_Colin) February 25, 2021
New in: the full analysis of our surveys on the impact of #covid19 & related policy measures is available for free download on the EIF website: https://t.co/SMT6U633lW
Results based on responses from 1,117 #VC and #PE mid-market fund managers and #businessangels. (WP2021/071) pic.twitter.com/EICOjkgPxl— European Investment Fund (@EIF_EU) February 24, 2021
Israeli startups raised over $1 billion in February so far... wow.https://t.co/hKu9AcanMw
— Eze Vidra (@ediggs) February 25, 2021
If you’re a #startup looking to expand internationally, please complete our #survey and help us form a full picture of international #development in the European startup #ecosystem for our research in partnership with @jetro_info: https://t.co/cPINTWWs6T pic.twitter.com/K3gmga0UNm
— tech.eu (@tech_eu) February 25, 2021
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