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Today in European Tech: A 'complex' joint venture with SoftBank, a Hedosophia-flavoured SPAC and some BIG funding rounds

Robin Wauters 11 May 2021
Today in European Tech: A 'complex' joint venture with SoftBank, a Hedosophia-flavoured SPAC and some BIG funding rounds
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Hello!

Here's what happened today in European Tech.

Deals

- Hedosophia, the London-based fund manager, plans to raise an initial €400 million through a SPAC in Amsterdam. Dubbed 'Hedosophia European Growth', it then plans to merge with a European tech “unicorn” and then use the newly merged vehicle to target other European tech companies, valued at up to €5 billion each.

- Redwood Software, which offers a range of cloud-based business and IT process automation solutions, has secured €315 million in growth funding from a single investor, Turn/River Capital. The Netherlands-headquartered company is no spring chicken; it was founded almost 30 years ago by CEO Tijl Vuyk.

- The Hut Group (THG), the online retailer empire run by billionaire Matthew Moulding, has struck a complex joint venture deal with Japanese investment giant SoftBank that values a “yet to be formed” technology division of THG at $6.3 billion.

- Munich-based parcelLab, which offers a final-mile fulfilment service for online retailers, has closed a $112 million Series C funding round led by Insight Partners.

- Cisco is acquiring Israeli startup Sedona in a deal Calcalist estimates at around $100 million.

- London’s supply chain software provider Zencargo has raised £30 million in a Series B round that was led by Digital+ Partners and saw participation from existing investor HV Capital. To date, the firm has raised £42 million.

- Danish contract automation platform Contractbook has scored a $30 million Series B funding round led by Tiger Global with participation from existing investors Bessemer Venture Partners, byFounders and Gradient Ventures (Google’s AI fund). The funding comes only a few months after the Denmark-based legaltech startup raised its $9.3 million round.

- CircleCI, the US-based continuous delivery pioneer, announced a $100 million Series F round today and acquired Vamp, an Amsterdam-born release orchestration startup.

- Sweden's Exeger, maker of Powerfoyle, has raised $20 million in debt financing from Swedbank and Swedish Export Credit Corporation, and an additional $18 million via a directed share issued to Ilija Batljan Invest. The funding will be used to build a second solar cell production factory in Stockholm.

- Over in Germany, TeamViewer has acquired Viscopic, which offers interactive 3D visualization and 'Mixed Reality' solutions, to bolster its enterprise AR offering and development capabilities.

- Yoto, based in London, is an audio platform for kids that is known for its critically acclaimed and award-winning Yoto Player. Today, the company announced that it has raised $17 million in Series A funding.

- 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

- A German regulator has ordered Facebook to stop processing data on its citizens from messaging service WhatsApp. The Hamburg Commissioner for Data Protection and Freedom of Information, or HmbBfDI, said it has issued an injunction that prevents Facebook from processing personal data from WhatsApp.

- An annual startup scoreboard is needed to track innovation performance across EU startups, representatives from around Europe told research commissioner Mariya Gabriel.

- Quantum Delta NL launched LightSpeed, a program that can connect Dutch quantum startups with €13.6 billion in investment capital, managed by European and US funds. The startups are guided by Quantum Delta NL's Investor in Residence Ton van 't Noordende (founder PHX, founder and former deep tech investor at 01Ventures).

- TikTok is working with brands to test in-app sales in Europe, a move that will intensify its competition with Facebook.

- The Director General of Israel’s Competition Authority is considering fining Facebook for failing to submit merger notices for deals it has made in Israel.

- London-based Miroma Ventures said Tuesday that it will invest $100 million over the next few years into consumer brands and media startups through its first formal fund.

- Curve, the London-based fintech that combines multiple cards and accounts into one smart card and app, is to return to the crowd for fresh funding five months after sealing a $95 million equity round.

- The Bank of Israel steering committee is intensifying efforts to examine the possibility of issuing central bank digital currencies (CBDC) - the digital shekel.

- Tink and American Express have entered into an open banking partnership.

- Test events are popping up across Europe to gauge the safety of meeting in person as many developed countries move closer to herd immunity status.

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Today in European Tech: A 'complex' joint venture with SoftBank, a Hedosophia-flavoured SPAC and some BIG funding rounds
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