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Jörn Menninger
vor 19 Minuten17 Min. Lesezeit

Startup News: November 2024 Highlights from Germany, Austria, and Switzerland



Table of Contents


  1. Introduction to November’s Startup News

  2. Key Headlines from Germany

    • Lilium’s Financial Struggles

    • Volocopter’s Strategic Moves

    • Munich: A Hub for Investor Education

  3. Austria’s Standout Stories

    • Cubicure’s €79M Exit

    • Bitpanda’s Frankfurt IPO Aspirations

    • Green Startup Center Launch

  4. Switzerland’s Updates

    • Focus on Major Fundings

  5. European Tech Trends and Atomico’s Report

    • Early-Stage Startups Surge

    • Europe’s Tech Cities Rise

  6. Conclusion: Looking Ahead for Startups


Introduction to November’s Startup News

Welcome to the Startup News wrap-up for November 2024, your go-to source for insights into the startup ecosystem in Germany, Austria, and Switzerland. This month was a whirlwind of activity, highlighting both challenges and significant milestones in the technology and entrepreneurship sectors.


Key Headlines from Germany


Lilium’s Financial Struggles

German air-taxi pioneer Lilium filed for insolvency after struggling to secure funding. The company's ambitious plans for eVTOL aircraft faced regulatory and financial hurdles, with investors growing wary of the industry’s uncertain future. Meanwhile, Volocopter, a key competitor, navigated similar challenges by appointing a new CFO to strengthen its financial strategy.

Munich: A Hub for Investor Education

Munich continues to solidify its position as a startup hub with increasing focus on investor education. The city’s efforts to create a vibrant ecosystem for funding innovation are pivotal for the German startup scene.


Austria’s Standout Stories

Cubicure’s €79M Exit

Vienna-based Cubicure, a leader in 3D printing, celebrated a €79M exit, demonstrating Austria's potential in deep tech innovation. This achievement highlights the growing impact of Austrian startups on the European stage.


Bitpanda’s Frankfurt IPO Aspirations

Austrian crypto exchange Bitpanda is reportedly exploring a Frankfurt IPO, aiming to strengthen its foothold in the European financial market. This move signifies Austria's growing influence in technology startups.

Green Startup Center Launch

Austria unveiled a Green Startup Center to promote sustainable entrepreneurship, focusing on innovative solutions in cleantech.


Switzerland’s Updates

Focus on Major Fundings

Swiss startups secured significant funding this month, showcasing resilience and growth in the face of global economic challenges. Companies in health tech and fintech led the way, emphasizing Switzerland’s expertise in high-tech industries.


European Tech Trends and Atomico’s Report


Early-Stage Startups Surge

According to Atomico's “State of European Tech 2024,” Europe now hosts over 35,000 early-stage startups, marking a fourfold increase in a decade. Cities like Berlin and Vienna are emerging as global leaders in innovation and entrepreneurship.


Europe’s Tech Cities Rise

London, Berlin, and Paris climbed the global ranks as top startup hubs, highlighting Europe’s dynamic ecosystem. With a 13% annual growth rate in funding, European startups are thriving despite economic uncertainties.


Conclusion: Looking Ahead for Startups


November 2024 has been a pivotal month for startups across Germany, Austria, and Switzerland. From insolvencies to major exits, the startup industry continues to evolve rapidly. Stay tuned to Startuprad.io for more insights into the technology and entrepreneurship landscape.



This Month in German, Swiss and Austrian Startups - November 2024 (News Links)


Welcome to our November 2024 wrap-up with vital news from the startup and tech entrepreneurship scenes in Germany, Austria, and Switzerland. 


Our startup news is recorded with Chris, in New York City. Joe is joining from Frankfurt.

Today's news cut is November 20th. This month we cut it a bit early for three reasons:

  1. There are a lot of news

  2. Our next news will be published shortly before christmas and this is only around 4 weeks away - Yes, we are in the final sprint of the year!

  3. Due to (travel) plans

 As always, all news not included will be in our next news wrap-up. 


The news cycle is picking up considerably. Last month we plowed through 20 pages of raw unstructured news we had collected since the last news. Now we had 36 pages to go through. We needed to cut it seriously so you can have a brief news overview. 


Happy Thanksgiving to all of you who celebrate today.


About Our News

After we received a few questions about our news. Let us give you an introduction: 

  • We are relying on other sources (mostly in German) here, that we put together and give you a brief overview of 30 minutes or less. We checked these sources and normally a source like “friendly russian news bot” does not make the cut.

  • This also means we can not cover everything, especially in the months where there is a lot of news, we have to drop articles and coverage

  • Yes, we have news pieces and blog posts from us and other sources that contradict each other. This is unfortunately reality, and we try to give you a real picture of what is going on, rather than a closed world view. 

  • Especially in terms of VC numbers, IPO and M&A volumes no source ever matches the others - Yep, this is maddening for us as well 🙂

  • With our own blog posts we try to give you a broader view on the overall picture, as well as with these news. Think about them as small pieces of a bird's eye view.

  • With our regular startup interview, we zoom in much further. This should give you a great picture of what is going on in the regional startup scene.

  • Our news is just a starting point for you to start digging, if you are serious about it or need the knowhow for your job (as more than 90% of our audience does). Therefore we always give you directly a link to the source.


Our Highlights


The November 2024 wrap-up from Startuprad.io highlights the most compelling startup news, covering the latest trends in the tech startup industry across Germany, Austria, and Switzerland. This month, the startup ecosystem faced significant challenges and breakthroughs. German air-taxi pioneer Lilium filed for insolvency, underscoring the funding difficulties in the eVTOL sector, while Volocopter navigated similar headwinds with a new CFO appointment. Meanwhile, fintech giant Solaris is reportedly exploring options to raise funds or sell itself after a sharp decline in user accounts. On a brighter note, the region saw notable successes, including Vienna’s Cubicure achieving a €79M exit and Berlin-based Quantune raising €135M to develop a wearable device for diabetics, marking a step forward in tech startup news and innovation. As said before, we threw out most fundraising announcements below 10 M EUR or USD, but still have almost a quarter billion in new funding in these news.

European startups continue to show resilience despite a challenging funding environment. According to Atomico’s "State of European Tech 2024," the continent now hosts 35,000 early-stage startups, a fourfold increase in the past decade, positioning cities like Berlin and Vienna as global innovation hubs. Highlights this month also include Aleph Alpha’s AI partnership with Deutsche Bank and 415 Capital’s €150M fund announcement for medical innovation. These developments emphasize Europe’s growing influence in startup business news, attracting investor interest even amidst political and economic uncertainty. Stay tuned for more updates on emerging startup company news from the heart of Europe’s tech landscape.


Let's talk startups.


Schedule


Expect the news to drop every last Thursday a month and our last regular episodes Thursdays until December 19th. We will take a little break during the holidays and be back around January 9th, with the next news going live on January 30th 2025. There are only a few exceptions to this rule. They include the summer wrap-up on labor day each year (first Monday in September, where we wrap up July and August).


I am already done with my Christmas present shopping. How about you? Are you a last minute shopper? On average Germans will spend 533 € ( ~ 560 US$) for the Christmas presents, according to IDW (LINK).


The Video Podcast Will Go Live on Thursday, November 28th, 2024


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Top News

Airtaxis Still Make Headlines

Volocopter got a reprieve with government funding. Lilium did not and had to file for insolvency, despite being IPOing on NASDAQ in the past. Reading between the lines here, it seems funding for both has dried up and Volocopter has treated its early backers badly enough that crowdfunding may not be an option right now. You can be sure Lililum also took a look at issuing new shares, but had to decide against it. Keep in mind, Volocopter also considered a SPAC deal that fell through in 2021. So both companies are struggling to get funding for their air taxi plans to get to mass production. This is a bad environment for startup funding and with a new - not yet approved - way of transportation, this is really a tough job. We appreciate them fighting on for their big dream!


Lilium Files for Insolvency Amid Financial Struggles

German air-taxi manufacturer Lilium has filed for insolvency after unsuccessful attempts to resolve its cash crisis. Despite plans to revolutionize urban travel with its electric vertical take-off and landing (eVTOL) aircraft, the company faced significant funding challenges and regulatory hurdles. Lilium's shares have plummeted, and the anticipated €100 million loan from the state-owned bank KfW was blocked, further exacerbating its financial woes https://www.reuters.com/business/aerospace-defense/german-air-taxi-maker-lilium-file-insolvency-2024-11-04/?utm_source=chatgpt.com https://www.handelsblatt.com/technik/forschung-innovation/lilium-insolvenz-gefahr-ist-nicht-gebannt-weniger-als-zwei-monate-bleiben-01/100087823.html They are also looking for investors in Saudi Arabia: https://story.handelsblatt.com/lilium-sucht-geld-in-saudi-arabien


Lilium Faces Potential Class-Action Lawsuit in the U.S.

Lilium is facing the threat of a class-action lawsuit in the United States, with investors alleging they were misled about the company's financial health and technological capabilities. This legal challenge adds to Lilium's mounting difficulties as it struggles to secure funding and achieve its ambitious goals in the eVTOL market. https://sifted.eu/articles/law-firms-clammer-to-sue-lilium 


Volocopter Appoints New CFO Amidst Industry Challenges

Volocopter, another German eVTOL startup, has appointed Oliver Vogelgesang as its new Chief Financial Officer. This strategic move comes as the company navigates the complex landscape of urban air mobility, aiming to strengthen its financial leadership and secure necessary funding for its air taxi services. https://www.drones-magazin.de/presse/oliver-vogelgesang-wird-neuer-finanzvorstand-bei-volocopter/


Aleph Alpha Partners with Deutsche Bank to Enhance AI Capabilities

Aleph Alpha, a leading AI startup, has entered into a strategic partnership with Deutsche Bank. This collaboration aims to leverage Aleph Alpha's advanced AI models to enhance the bank's services, particularly in natural language processing and data analysis, marking a significant step in integrating cutting-edge AI into financial services.  https://financefwd.com/de/deutsche-bank-aleph-alpha/ 


Solaris Is Either Raising Money or Selling Itself

Solaris, the Berlin-based fintech firm, has experienced a significant decline in its account numbers, dropping from nearly 8 million during high times to approximately 2 million at last disclosure. This reduction is primarily due to the loss of major clients, including Trade Republic and Vivid Money, which have transitioned to other banking partners. Despite this setback, Solaris remains committed to its "Banking-as-a-Service" model, focusing on strategic partnerships and technological innovation to regain its market position. The company is actively seeking new collaborations to expand its service offerings and enhance customer experience. They are either raising funds OR selling the bank outright.


Political Uncertainty for Startups



Housekeeping & Time to Brag


We are dissecting Atomico’s Report “State of European Tech 2024”, actually through all 366 pages. We are currently crafting a series of posts on our blog to give you the most important information in bite sized pieces.



Atomico writes “We’re seeing more start-ups, more ambitious ideas, built to solve harder problems. The overall universe of companies has grown 4.7x in the last decade, with as many early stage companies as any other region and an 8x increase in growth stage firms.”


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Ecosystem


World


Europe


Germany 


Hubs

Here we want to highlight some hidden gems and cities of general startup interest. We focused on assigning as many news to cities as possible. As always: The order of the news in the order they came to our attention.

Frankfurt - Rhein/Main



Passau


Leer (Ostfriesland)

  • Forterro Acquires Orgadata

Industrial software firm Forterro acquires Orgadata, signaling new growth in the sector. 🔧 


Austria


Switzerland

  • No news here, but we have several big fundings in Switzerland in the respective section.

General News / Tech News / Companies News Section 


VC News and New Funds, in case you are looking for money (also only a selection):



Green Tech News


Fintech News 


General News 


Schumpeters Schöpferische Zerstörung ⇒ Creative Destruction: 


End on a High Note: Successful Fundraisings and Exits:

Keep in mind this is a small selection. The news here and their total value show how resilient the startup scene is. We included only selected fundraisings above 10 million Euros, CHF or USD. We will only bring you highlights here.  



Stay Ahead of the Curve


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The Hosts

The news are co-hosted by Jörn “Joe” Menninger, startup scout, founder, and host of Startuprad.io. And Christian “Chris' ' Fahrenbach, co-founder Startuprad.io, freelance reporter, lecturer, author and blogger . Reach out to them:


Keep Up to Date

About us: Stay ahead of the curve with Startuprad.io

Welcome to Startuprad.io™, the audio and video podcast, one of the premier sources for news and insights into the world of German, Austrian, and Swiss tech innovation! 


If you’re looking for insightful conversations with industry leaders, game-changing entrepreneurs, and influential investors, you’ve come to the right place. Our platform is designed for decision-makers like you, with Nobel Laureates, Emmy Award winners, authors of New York Times bestsellers, and Forbes 40 under 40,  Top Capital 40 unter 40, and Forbes 30 under 30, as guests.  Dive into our content that offers a curated selection of interviews with current and future movers-and-shakers. 


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