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Today in European Tech: Cinch raises £1 billion, Irish fintech Fenergo bought for $600 million, Trade Republic nabs $900 million

Robin Wauters 20 May 2021
Today in European Tech: Cinch raises £1 billion, Irish fintech Fenergo bought for $600 million, Trade Republic nabs $900 million
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Hello!

Here's what happened today in European Tech.

Deals

- The owner of Cinch, the digital used car platform, has secured £1 billion of new equity funding as it vies to capture a big slice of the growing international market for online vehicle sales.

- Berlin’s neobroker Trade Republic has raised $900 million in a Series C investment round led by Sequoia. New investors TCV and Thrive Capital participated and existing investors Accel, Founders Fund, Creandum, and Project A all followed on.

- Fenergo, the Irish fintech startup focused on regulatory compliance, is to be acquired by a pair of private equity firms in a deal worth $600 million.

- An Amazon business-acquiring startup called Factory14 — based in Luxembourg (with offices in Madrid, London, Shanghai and Taipei) — came out of stealth mode in Europe with $200 million in funding and an announcement that it's acquired Pro Bike Tool, a popular D2C seller of its own-brand bike accessories and tools, for an undisclosed sum. The majority of the financing is coming in the form of debt to acquire companies.

- Technology company Checkin.com got off to a flying start in its stock market debut on the Nasdaq First North Growth Market.

- Berlin-based collaborative presentation platform Pitch has raised $85 million in a Series B round led by Lakestar and, yep you guessed it, Tiger Global. The round also saw participation from existing investors Index Ventures and Thrive Capital.

- Uncapped, a London-based startup changing the way online companies fund their growth and inventory costs, has raised $80 million of debt and equity in a new funding round.

- Berlin-based VC Visionaries Club announced the final close of two B2B-focused funds today. Both — one pre-seed and seed stage fund, and another growth-stage fund — have closed at $85 million.

- Paris-based car-on-demand service Virtuo has raised €50 million in a Series C round led by AXA Venture Partners.

- London’s AI-powered climate intelligence platform Cervest has raised $30 million in a Series A round led by Draper Esprit.

- London-based financial crime detection ComplyAdvantage has unofficially raised $20 million from the Growth Equity team in Goldman Sachs.

- Stockholm-based last-mile deliveries for e-commerce company Instabox has acquired Dutch firm Red je Pakketje, and now establishes a strong presence in the market.

- 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

- Facebook faces a potential ban on the transfer of Europeans’ data to the United States. That would be a “massive blow” to the social networking giant, according to experts, and has serious implications for other large American tech firms.

- Virgin Media and O2′s £31.4 billion merger has been approved by UK competition regulators.

- Swedish audiobook streaming group Storytel has partnered with Spotify to allow its subscribers to listen to its library of audiobooks on Spotify from later this year.

- Jeronimo Folgueira has been appointed as France's Deezer’s new CEO. He takes over the position from Hans-Holger Albrecht, who has overseen the company’s transformation and growth since 2015.

- Opera has launched the first gamer-focused mobile browser.

- UK buy now, pay later startup Zilch is looking to recruit 100 new hires on the back of an $80 million fund raise secured in April.

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Today in European Tech: Cinch raises £1 billion, Irish fintech Fenergo bought for $600 million, Trade Republic nabs $900 million
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