Welcome to our October 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 October 28th. As always, all news not included will be in our next news wrap-up.
This time we even had harder criteria to make it into our news. We had collected more than 20 pages of raw news, so we needed to cut it seriously so you can have a brief news overview. Also: That means the startup scene is thriving again, which makes us very happy.
Happy Leave Peaking Season to all of you.
This very day 10 years ago, I posted the first Startuprad.io audio podcast.
Our Highlights:
October 2024 has been a great month for startups across Germany, Switzerland, and Austria, with notable funding rounds, valuations, and strategic shifts. We had this time a 10 M investment cut, but still found almost half a billion Euros in fundraising announcements!
Where there is light, there is shadow: German eVTOL company Lilium announced plans for self-administered bankruptcy, highlighting the tough financial environment in aerospace innovation. In contrast, fitness tech leader Egym and Swiss AI developer Orderfox both achieved unicorn status, marking major successes in health and AI industries. Austria’s Gropyus also raised €100 million, pushing forward its vision of sustainable housing through modular construction.
The month also saw broader tech growth initiatives. The European Union, partnering with venture capital firms, unveiled a support network aimed at strengthening the deep tech sector. However, challenges emerged as SolarisBank reported a €178 million loss and job cuts, underscoring profitability struggles within European fintech. This October update reflects a thriving, resilient startup scene, despite financial headwinds for some major players.
Let's talk startups.
Schedule
Enjoy your Halloween, which is also increasingly celebrated here in Germany. Hope your trick or treating works well today!
Keep in mind that in some of Germany’s states the 31st of October (Reformation Day, more in the northern or middle states) or November 1st (All Saints Day, more a holiday in the southern states) are public holidays, where banks, shops and offices are closed. Where I am based in Hessen, we have neither :-)
Expect the news to drop every last Thursday a month and our last regular episodes Thursdays until December 19th. Next news episode will drop on Thanksgiving in the US, November 28th.
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This recording is supported by HTAI and the Enterprise Europe Network Hessen
This recording was made possible by HTAI and the Enterprise Europe Network Hessen. These organizations have made tremendous contributions to helping startup businesses succeed and thrive, providing a range of services from helping to find grants to ongoing partnerships. By taking advantage of these resources, startup companies can network and develop innovative strategies for success on the international stage. The dedicated support of HTAI and the Enterprise Europe Network Hessen is paramount in providing startup businesses with the tools for lasting success. Look for our dedicated sub-podcast in partnership with them: Tech Startups Germany on our https://linktr.ee/startupradio
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Top News
Our Top 5 Top News This Month!
Lilium Considers Bankruptcy
Facing severe financial constraints after failing to secure a German government-backed loan, NASDAQ-listed Lilium is pursuing self-administered bankruptcy for its subsidiaries. The electric vertical take-off and landing (eVTOL) firm’s stock plummeted as it aims to restructure, hoping for a fresh start while reinforcing its commitment to sustainable aviation. Read more
Egym Joins the Unicorn Club in Germany and Orderfox in Switzerland
German fitness tech company Egym has achieved unicorn status with a valuation exceeding $1 billion. Initially not in need of funds, Egym attracted fresh investment to drive growth and work toward an IPO, bolstering its presence in the fitness technology market. This milestone highlights the strength of Europe’s health-focused startups. Read more
Related: 💪 eGym lands €200M for growth! This healthtech giant is shaping fitness with cutting-edge tech! 💥 Source: https://www.eu-startups.com/2024/09/egym-secures-approx-200m-in-growth-funding/
Orderfox, the Swiss AI-driven technology company, has reached unicorn status with a valuation exceeding $1 billion. Known for its innovative platforms, including Partfox and Gieni, Orderfox is transforming industrial procurement with AI-based matching networks and market insights. This new valuation, backed by Trown Partners AG, emphasizes the company's leading role in AI-enhanced manufacturing solutions, positioning it for significant commercial growth in diverse industries. Explore more
Gropyus Raises €100M for Sustainable Housing
Austria-based Gropyus has raised €100 million to expand its smart factory and enhance production capabilities for modular, timber-hybrid buildings. This investment, led by Semapa and Practical Venture Capital, will accelerate Gropyus' mission to address Europe’s affordable housing shortage with sustainable, high-tech solutions in residential construction. Read more
EU and VC Firms Partner to Boost Tech Sector
The European Union has launched a new partnership with venture capital firms to strengthen Europe’s tech sector, particularly in deep tech. With over 70 investors in the Trusted Investors Network, this initiative aims to bridge the tech gap between Europe and global leaders like the U.S. and China Source
Solaris Fintech Faces €178M Loss, Job Cuts Marking Struggles for Profitability in a Challenging Market
Solaris, the German fintech, faces significant challenges after posting a €178 million loss, leading to substantial job cuts as part of a broader restructuring strategy. This financial setback highlights ongoing profitability struggles within the fintech industry, with Solaris focused on cost reduction and operational efficiency to navigate these difficulties. For further details on Solaris' path forward, refer to the Handelsblatt article.
Housekeeping & Time to Brag
We have been nominated for the hubhopper 2024 podcast awards.
At Startuprad.io, we're thrilled to have been invited to this year’s Digital Gipfel, where the German federal government unveiled its comprehensive digital strategy. The event provided exclusive insights into Germany’s vision for digital transformation, with pivotal speeches from Chancellor Olaf Scholz, Vice Chancellor Robert Habeck, and Minister Volker Wissing. Each leader shared key strategies to propel Germany forward in technology, innovation, and digital sovereignty. Our coverage offers in-depth perspectives on their speeches, detailing how these initiatives will impact the German and European tech ecosystems. For more, check the links in our show notes (section stay ahead of the curve) to explore our full blog posts on each speech! In total we have 15 of your most recent blog posts linked there.
Let me know if you'd like further information on the details covered in their speeches!
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Ecosystem
World
⏳ Series A startups need more time to get to Series B. Quantum’s journey sheds light on the funding game. ⏲️ Source: https://news.crunchbase.com/venture/series-a-startups-more-time-series-b-funding-xai-quantum/
Europe
📈 Europe’s IPO list in fintech is buzzing! Curious which fintechs are set to go public? Check the latest list! Source: https://financefwd.com/de/ipo-liste-fintech/
🌍 Startup job market in Europe is thriving! Dive into 2024’s hottest trends and job roles. ✨Source: https://www.startuprad.io/post/startup-jobs-in-europe-trends-and-opportunities-in-2024
Germany
🔬 Quantum tech puts Germany on the global map! Why quantum matters in tomorrow’s world. 🌌 Source: https://www.bitkom.org/Presse/Presseinformation/Quantentechnologien-Unternehmen-sehen-Deutschland-weltweit-vorne
📉 Germany's business mood dips again. The Ifo Index shows declining sentiment for the 4th time. What’s next for the economy? Source: https://www.ifo.de/en/facts/2024-09-24/ifo-business-climate-index-has-declined-september-2024
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.
Darmstadt - Rhein/Main
💥 BRaIN secures a potential mega-million deal! Big steps in German biotech as they push innovation boundaries. 🌍 The deal - with a specialized provider selling their revenues upfront - could be worth 128 M € Source: https://transkript.de/artikel/2024/brain-mit-moeglichem-mega-millionendeal/
Austria
💼 Linz AI startup files for restructuring. Can they pivot in time or face the end? Big moves are ahead! Source: https://brutkasten.com/artikel/linzer-ki-startup-ist-insolvent-sanierungsverfahren-eroeffnet
📈 Audvice makes its exit to Hype1000! Salzburg's star startup joins the big leagues. 🚀 Source: https://www.trendingtopics.eu/audvice-salzburger-startup-macht-den-exit-an-hype1000-aus-deutschand/
Switzerland
Keep in mind, the fundraisings from Switzerland are now part of our overall fundraisings.
General News / Tech News / Companies News Section
VC News and New Funds, in case you are looking for money (also only a selection):
💰 VC spotlight: Revealing the best-performing firms of 2024! Shaping the future one investment at a time. “Earlybird Digital East Fund has become the first European VC firm ever to land the number one position in the HEC-Dow Jones Venture Capital Performance Ranking. Among its bets, the fund made an early investment into Romanian software…” 🌍 Source: https://www.penews.com/articles/revealed-the-best-performing-venture-capital-firms-54075f9d
💥 Cavalry Ventures loses another partner. A major shift for the VC landscape—what's next? 💼 Source: https://sifted.eu/articles/cavalry-ventures-loses-third-partner-news
Great news about General Catalyst:
💰 General Catalyst raises $8B for global startups! A massive boost for innovation worldwide! 🌍 Source: https://techcrunch.com/2024/10/24/general-catalyst-raises-8b-in-fresh-funds-to-back-startups-globally/
Highlighting one fund here:💰 General Catalyst’s new $1B continuation fund! Startup funding, here we go again! 🌐 Source: https://techcrunch.com/2024/10/07/general-catalyst-is-working-on-a-continuation-fund-worth-up-to-1b-sources-say/
🏴☠️ End of an era for Speedinvest Pirates. The VC fund closes its doors, leaving a mark on European startups. 💼 Source: https://www.trendingtopics.eu/speedinvest-pirates-wird-geschlossen/
Green Tech News
🌍 Phantasma Labs tackles green solutions for the planet! Sustainable tech innovation on the rise. Source: https://www.deutsche-startups.de/2024/10/08/purpose-green-phantasma-labs
Fintech News
🏦 Trade Republic opens an Austrian branch! Europe’s banking landscape keeps evolving! 🌍 Source: https://www.trendingtopics.eu/trade-republic-hat-zweigniederlassung-seiner-bank-in-oesterreich-eroeffnet/
💳 Qonto targets profitability by 2025! Europe’s fintech revolution is gaining momentum—big goals for this startup! 🚀 Source: https://www.handelsblatt.com/finanzen/banken-versicherungen/banken/banken-start-ups-fintech-qonto-will-2025-erstmals-profitabel-werden/100073109.html
General News
🚛 InstaFreight: Former founders snap up the software of the insolvent startup at auction, offering the white label services as cargomotion 🚀 Source: https://www.deutsche-startups.de/2024/10/01/startupticker-instafreight-enfore-amboss/
🛴 Tier disappears after Dott acquisition. End of an era for the e-scooter brand! 🚲 Source: https://www.handelsblatt.com/unternehmen/dienstleister/dott-und-tier-e-scooter-marke-tier-verschwindet-nach-uebernahme/100074916.html
Schumpeters Schöpferische Zerstörung ⇒ Creative Destruction Still Ongoing:
🌱 Viessmann’s climate-friendly push! With OneClimate, falters. Money from heating producer Viessmann and advertising with Football star Thomas Müller was not enough. Source: https://financefwd.com/de/oneclimate-viessmann/
💥 Marco Boerries' startup, Enfore, faces insolvency. The tech pioneer hits a rough patch—what’s next? Source: https://www.wiwo.de/unternehmen/it/einstiger-tech-pionier-marco-boerries-start-up-enfore-geht-in-die-insolvenz/30013248.html
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. In total we found in October almost half a billion Euros in funds raised.
🌱 €83.7M for Terralayr! Huge funding leap to scale up its sustainable projects. Go green or go home! 🌍 Source: https://www.finsmes.com/2024/10/terralayr-raises-83-7m-in-equity-and-debt.html
🚌 Distribusion raises $80M in Series C! The transport tech revolution is underway. 🚍 Source: https://www.finsmes.com/2024/09/distribusion-raises-80m-in-series-c-funding.html
🔬 Novostia raises CHF 56M & names new CEO! Big moves for the Swiss medtech scene. 🧠💼Source: https://www.moneycab.com/finanz/novostia-neuer-ceo-und-zusaetzliche-finanzmittel-in-hoehe-von-56-millionen-chf/
💧 BE WTR raises CHF 39M for eco-friendly premium water solutions! Hydration meets innovation. 💦 Source: https://www.startupticker.ch/en/news/chf-39m-to-boost-be-wtr-eco-friendly-premium-water-solutions
📊 xFarm Technologies raises €36M to digitalize farming. 🌾Source: https://www.startupticker.ch/en/news/36-million-to-digitalise-farming-with-xfarm-s-platform
💼 Deepdrive accelerates with €30M Series B! EV motor innovation to transform the future of e-mobility. 🔋 Source: https://www.eu-startups.com/2024/09/munich-based-deepdrive-raises-e30-million-series-b-to-build-production-lines-of-ev-motor-tech/
🌱 Backtrace launches €30M AI infrastructure fund! Fueling the future of AI with resources for developers. 🤖 Source: https://www.trendingtopics.eu/backtrace-neuer-fonds-mit-30-millionen-target-volumen-fuer-ai-infrastruktur-und-entwickler-tools/
🚀 OroraTech lands €25M! Germany’s fire-detecting satellite startup is on fire with fresh Series B funding! 🔥🛰️ Source: https://www.finsmes.com/2024/10/ororatech-raises-e25m-in-series-b-funding.html
🌍 Lymphatica raises €17.9M to transform medical tech! Bringing innovative solutions to healthcare. 💉Source: https://www.finsmes.com/2024/10/lymphatica-medtech-closes-e17-9m-series-b-funding.html
🚀 Munich-based Phlair raises €14.5M! Their DAC tech is all set to scale green hydrogen production. 💧 Source: https://www.eu-startups.com/2024/09/munich-based-phlair-raises-e14-5-million-to-scale-hydrolyzer-based-dac-tech/
🚀 Atlas Metrics secures €12.2M for ESG compliance! Big funding for a greener, more responsible future. Source: https://www.finsmes.com/2024/09/atlas-metrics-raises-e12-2m-in-series-a-funding.htm
🚀 Voliro secures €12M for drone-powered industrial inspections! Innovation in the sky, safety on the ground. Source: https://www.startupticker.ch/en/news/voliro-secures-12m-in-series-a-funding-to-transform-industrial-inspections-with-drones
🧬 CHF 10M funding for SomagenTx’s gene therapy! Stepping up to clinical trials in gene therapy! 🌟 Source: https://www.startupticker.ch/en/news/chf-10-million-to-advance-somagentix-first-gene-therapy-candidate-into-a-clinical-trial
💡 Validation Cloud raises $10M to transform cloud security! Secure your innovation in the cloud. ☁️ Source: https://www.finsmes.com/2024/10/validation-cloud-raises-10m-in-funding.html
🌊 Develco lands €10M growth capital! Boosting industrial automation with cutting-edge solutions. 💼 Source: https://www.startupticker.ch/en/news/develco-sichert-sich-10-millionen-euro-wachstumskapital
🚁 Porsche ups the stakes in drone tech with Quantum Systems. UAV innovation just got a turbo boost! 🛫 Source: https://www.it-times.de/news/porsche-se-staerkt-portfolio-beteiligung-an-drohnen-spezialist-quantum-systems-163371/
Stay Ahead of the Curve
We got started on serious blogging. We will have a new blog post coming up every day, likely until christmas.
🇩🇪 SaaS startups are powering Germany’s innovation engine! Discover how they’re reshaping the landscape. 💻✨ Source: https://www.startuprad.io/post/saas-startups-driving-innovation-in-germany
🌆 Berlin is the new Silicon Valley? Germany’s capital city is buzzing with startup energy and growth! 🚀 Source: https://www.startuprad.io/post/the-rise-of-berlin-startups-germany-s-startup-powerhouse
🇪🇺 Digital Gipfel 2024 insights! Olaf Scholz unveils Germany’s path to digital sovereignty and beyond. 🛠️📊 Source: https://www.startuprad.io/post/startuprad-io-at-the-digital-gipfel-2024-olaf-scholz-and-bitkom-s-vision-for-digital-sovereignty-an
🌍 Key takeaways from Robert Habeck at Digital Gipfel! Innovation is at the core of Germany’s future. 🤖✨ Source: https://www.startuprad.io/post/startuprad-io-at-the-digital-gipfel-2024-key-insights-from-vice-chancellor-robert-habeck-on-innovat
🌐 AI and Germany’s digital future! Exploring how AI is driving the next wave of innovation in Germany’s tech landscape. 🧠 Source: https://www.startuprad.io/post/startuprad-io-at-the-digital-gipfel-2024-ai-and-the-future-of-germany-s-digital-landscape-i
🇩🇪 B2B startups leading Germany’s startup revolution! From SaaS to green tech, B2B startups are on fire! 🔥 Source: https://www.startuprad.io/post/b2b-startups-leading-the-german-startup-revolution
📊 2024 German startup trends: Growth & sustainability challenges! Learn what’s hot and what’s not! 🔍 Source: https://www.startuprad.io/post/quick-read-2024-german-startup-trends-b2b-growth-sustainability-funding-challenges-deutscher
💸 Venture capital in Germany: Fuel for innovation! Discover the lifeblood of startups driving the future. 🚀 Source: https://www.startuprad.io/post/venture-capital-in-germany-the-lifeblood-of-innovation
🌟 Top European tech startups to watch in 2024! Meet the trailblazers disrupting industries across Europe. 🌍✨ Source: https://www.startuprad.io/post/top-european-tech-startups-to-watch-in-2024
🍃 Green growth in Germany! How startups are driving eco-friendly innovation. 💚 Source: https://www.startuprad.io/post/b2b-focus-and-green-economy-growth-insights-from-germany-s-annual-startup-survey
🌱 The backbone of European innovation! German startups continue to lead the way with groundbreaking solutions. 🌍 Source: https://www.startuprad.io/post/german-startups-the-backbone-of-innovation-in-europe
🤖 D11z Ventures goes big on AI! With a focus on AI and digital innovation, Dieter Schwarz is leading the future of tech. 🚀 Source: https://www.startuprad.io/post/d11z-ventures-dieter-schwarz-s-new-focus-on-ai-and-digital-innovation
🚗 Virtual sensors & AI in auto tech! Compredict is reimagining car safety with AI—welcome to the future of automotive! 🔧 Source: https://www.startuprad.io/post/the-future-of-automotive-tech-compredict-s-virtual-sensors-and-ai-integration
📉 SellerX's fall from grace. Peek behind the curtain at the auction that almost happened—what went wrong? 🤔 Source: https://www.startuprad.io/post/sellerx-s-fall-from-grace-inside-the-auction-that-almost-happened
🖥️ Cloudflare’s new marketplace lets sites charge AI bots! A game-changer in data access is here. 🤖💰 Source: https://techcrunch.com/2024/09/23/cloudflares-new-marketplace-will-let-websites-charge-ai-bots-for-scraping/
Healthtech Comeback Amidst Tough VC Climate: Amidst challenging venture capital conditions, European healthtech has seen a strong resurgence in Q3, underscoring investor confidence in the sector’s innovative potential. This trend signals a growing focus on sustainable, tech-driven healthcare solutions despite funding slowdowns. Source
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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:
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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!
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Discover which partnerships are driving growth in the European tech space. We especially pride ourselves, that “You likely never have heard of our guests, but you will in the future.” We interview entrepreneurs early in their journey, to unicorn founders and CEO of NASDAQ listed companies, but our focus is on startups starting around Series A funding. Join us at Startuprad.io, where every conversation inspires new possibilities.
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Automated Transcript
Joern Menninger (00:37.151)
Hello and welcome everybody. This is Joe from startupradio.io, your startup podcast and YouTube blog from Germany as well as the tech entrepreneurship talk radio station number one called startup.radio. It is time for the news again and of course, our welcome, our awesome co-founder Chris in New York. Hey man, how you doing?
Christian (01:03.592)
Hey, I'm good. Everyone's talking about the election. Can't wait for it be over.
Joern Menninger (01:08.66)
Who cares about elections? Let's talk startups in GSA.
Christian (01:13.864)
Yeah, let's do it.
Joern Menninger (01:15.807)
but we have to tell our audience that you're deeply involved in the German coverage of the US election and there may be a book coming out from you in the future. Let's see if this works out. Yep. Welcome to our October, 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. Me? No.
Christian (01:28.553)
Yes.
Christian (01:43.658)
Hello, hello.
Joern Menninger (01:44.895)
from Frankfurt and today's news cut is October 28th. As always, all news not included will be part of our next news wrap up. This time we even had a harder criteria to make it into our news. We had collected more than 20 pages of raw news. That's quite a lot. Usually we stick to seven to eight pages for news wrap up. So we need to cut it seriously and to give you like a really brief overview.
Also, that means the startup scene is thriving again, which makes us very, very happy. And to everybody out there, happy leaf picking season. Plus this is Halloween. This means exactly 10 years ago on October 31st, 2014, I published the first episode of StartupRate.io ever. That's awesome, isn't it?
Christian (02:38.538)
Close to puberty.
Joern Menninger (02:40.753)
In close impunity. Our highlights, October, 2024 has been a great month for startups across GSA with notable funding rounds, valuations and strategy shifts. We had this time a 10 million investment cut, but still almost half a billion euros in fundraising announcement. Where there is light, there is shadow. German, Evogel?
meaning air taxi company. Lilium announced plans for self-administrative bankruptcy, highlighting the tough financial environment in aerospace innovation. In contrast, FinTech leader E-Gym and Swiss AI developer, Audifox, both achieved unicorn status, marking major successes in health and AI industry. Austria's Gropius also raised 100 million euros, pushing forward its vision.
of sustainable housing through modular construction. The month also saw broader tech growth initiatives. The European Union partnering with venture capital firms unveiled a startup support network aimed at strengthening the deep tech sector. However, challenges emerged as the Laris Bank reported 178 million loss and job cuts, underscoring profitability struggles within European fintechs.
This October update reflects a thriving, resilient startup scene despite financial headwinds for some major players. Let's talk startups. First, our schedule. Enjoy your Halloween, which is also increasingly celebrated here in Germany. Hope your trick or treat works well. Keep in mind that in some of Germany's states, the 31st of October, Reformation Day, more in the Northern and Middle States, or November 1st, All Saints Day,
holiday in the southern states are public holidays where banks shops and offices are closed. Actually where I'm based in Hessen we have neither. Expect the next news to drop last Thursday a month with our regular episodes every Thursday until December 19th. Next news episode will drop on Thanksgiving in the US which is November 28th.
Joern Menninger (05:02.459)
Let's talk a little bit about our enablers as always has been trading Invest and Enterprise Europe Network and modern IQs where we do have a video how this actually works. Chris, we also cut the top news to only five pieces. You want to break them down for us?
Christian (05:19.87)
Yes, I'm the top five guy this week and this month. Let's start with Lilian. You were already talking about it. Lilian is facing really severe financial constraints and because they failed to secure a government-backed loan in Germany, even though they are NASDAQ listed and now they pursuing a self-administered bankruptcy for its subsidiaries, the electrical vertical takeoff and landing, which you already said, EVTOL.
eVTOL firms stuck plummeted as it aims to now restructure and they're hoping for a fresh start while reinforcing its commitment to sustainable aviation.
Joern Menninger (06:00.487)
Everybody who doesn't have this in mind, Volocopter, competitor of theirs, also in the vertical takeoff business, they got state backing. So not really sure what happened there. Sorry for interrupting, Chris.
Christian (06:12.394)
No, no, it's fine. mean, we've been talking about this whole industry for so often now. And it's a super stupid pun, but it's really not taking off for now. So I guess there will still be tumultuous news in the upcoming months and years ahead for this industry. Then Yi Jin joins the unicorn club in Germany and order Fox in Switzerland.
The German fitness tech company eGym. I think you might have said in the beginning. It's a fintech but it's a fitness tech company which Has achieved unicorn status with a valuation of exceeding 1 billion euros Initially, they were not in need of funds but now they attracted fresh investments to drive growth work towards an IPO and Bolstering their presence in the fitness technology market So Yeah
Joern Menninger (06:47.807)
I'm so sorry. Yeah
Christian (07:10.11)
They are on a good trajectory, same as OrderFox, a Swiss AI-driven technology company. They've reached unicorn status, being known for innovative platforms, including PartFox and Gini, G-I-E-N-E-I. And OrderFox is working on industrial procurement with AI-best matching networks and market insights. This new valuation now is backed by Trowon Partners, and it emphasizes the company's role in
in really the AI field for B2B. And they also hope to grow in a huge field of diverse industries. Gropius, as you said, in Austria raises 100 million euros for sustainable housing. They want to use the money in order to expand their smart factory and production capabilities for modular timber hybrid buildings.
The investment is led by Semapa and Practical Venture Capital, and it will accelerate the housing shortage here in Europe, coming up with sustainable high-tech solutions in residential construction. Then the European Union has then launched a new partnership with venture capital firms in order to strengthen Europe's tech sector, particularly in deep tech, with over 70 investors in the Trusted Investors Network.
It's an initiative that aims to bridge the tech gap between Europe and global leaders like the US and China. Solaris Fintech faces 178 million euros in losses and therefore significant challenges, leading to job cuts as part of a broader restructuring strategy. It's a financial setback, highlighting ongoing profitability struggles within the fintech industry.
And Solaris is now focused on cost reduction and improving operational efficiency. For further details on that company's path forward, you can have a look at a hundreds blood article, which as all the articles we are usually mentioning or all the stories we are usually mentioning has a more in-depth link in our show notes. That's it with the top news. Now to you.
Joern Menninger (09:28.543)
housekeeping and time to brag, we have been nominated for the HubHubbler 2024 Podcast Awards. Also at Celebrate.io, we were thrilled to have been invited by this year's Digit-Halgepfel, where the German federal government unveiled its comprehensive digital strategy. The event provided exclusive insights into Germany's vision for digital transformation with parable speeches from
Chancellor Olaf Scholz, Vice Chancellor Robert Habeck and Minister Volker Wissing. Each leader shared key strategies to propel Germany forward in technology, innovation and digital sovereignty. Our coverage offers in-depth perspectives on their speeches detailing how these initiatives will impact the German and European tech ecosystems. For more, check the links in our show notes. Sections stay ahead of the curve to explore our full blog posts on each speech. In total, we have 15
of our most recent blog post links linked there. Let me know if you'd like further information or details of the cover speeches. If you are interested in working with us, there is a StartupBrate.o link. Subscribe and follow with our link tree and I hand over again to the ecosystem with Chris.
Christian (10:45.962)
Ecosystem news being news that are general startup ecosystem news, not specific to companies, where we zoom in from worldwide news to European to German news. So let's start with the worldwide news. We see that series A startups need more time to get to series B than they used to. Quantum's journey sheds light on the funding game. More about that on Crunchbase.
In Europe, we see that Europe's IPO list in fintech is buzzing. If you're curious which fintechs are set to go public, have a list for you from financeforward.com. And the startup job market in Europe is thriving. There are several trends in 2024 and job roles for this. We have own analysis on our own website. In Germany, we see that Quantum Tech puts Germany on the global map.
map. It's pretty interesting why quantum all of a sudden matters in Germany, but also in tomorrow's world. Bitcoin has a bit more about this. And Germany's business mood dips again. We're looking at it every month, the so-called IFO Geschäftsklimaindex, which is basically an ongoing survey of what managers think about the overall environment in the German economy. It shows a declining sentiment for the fourth time now.
And I mean, even the German government, again, recalibrated its expectations for this year's GDP, again, believing that Germany might actually, German's economy might actually shrink this year again. So if you want to read more about this, you can read it on the E4 website itself. Moving on from the ecosystem to hubs.
Joern Menninger (12:37.919)
And again, a little peek into politics here in Germany, Vice Chancellor Robert Habeck wants to actually set up a program, an investment program, but finance minister from the liberals, Christian Lindner doesn't want it because he wants to have household discipline as he calls it. Let's see where this is going with those numbers on the horizon. I do believe they'll find an agreement. Let's talk about the hubs here. We highlight some hidden gems.
As we said, this time we really, really, really cut this a lot. We, for example, in Dammstadt, only have here, Rain secures a potential mega million deal, big steps in German biotech as they push innovation boundaries. The deal with a specialized provider selling their revenues upfront could be worth 128 million euros for the company. And I already hand over to Chris again.
Christian (13:34.25)
Yeah, so hubs this year, this month are only Darmstadt, the well-known startup hub in Germany. Moving on to Austria, where we see that Linz AI, the startup files for restructuring. Question now is can they pivot in time or do they have to face the end? More about that on broadcast.com. Ordevice makes its exit to hype 1000s. It's a star.
startup from Salzburg joining the big leagues. Big leagues, I'm sorry. Very interesting to see their developments there. And in Switzerland, we can only say you have to wait a bit more until further down or further along in the show because fundraisings from Switzerland are part of our overall fundraising. So we'll talk about Switzerland a bit later. For now, though, we will move on to the general news section.
starting off with VC news and new funds in case you are looking for money. It's only also a selection. First off, the VC spotlight, revealing the best performing companies of 2024. Early Bird Digital East Fund has become the first European VC firm ever to land the number one position in the HEC Dow Jones Venture Capital Performance Ranking. The fund made an early investment into Romanian software, for example.
Then we see that cavalry ventures loses another partner. Maybe they also had issues pronouncing it like I do. It's a major shift for the DC landscape. What's next? And we have great news about General Catalyst. They raised $8 billion for global startups. It's a massive boost for innovation worldwide. And they also have a $1 billion continuation fund.
And it's an end of an era for speed invest pirates. The VC fund closes in stores, leaving a mark on European startups. More about that in the show notes. Thank you.
Joern Menninger (15:37.887)
Yeah, our green tech section is also pretty slight this month. Phantasma Labs tackles green solution for the planet, sustained tech innovation on the rise. Read more at Deutsche Startups. FinTech News, Trade Republic opens an Austrian branch. Europe's banking landscape keeps evolving and Conto targets profitability by 2025. Keep in mind, Conto Board is from France.
Christian (15:41.267)
Cough cough cough
Joern Menninger (16:07.529)
bought here in Germany, Penta, which we covered pretty closely until their exit. So they do have a big presence in Germany. Europe's fintech revolution is gaining momentum, big goals for this startup. General news, InstaFrade, former founders, snap up the software of the Insolvent startup at auction, offering the white label service as cargo motion now.
Tier, the e-scooter provider disappears after dot acquisition and of an error for the e-scooter brand. And Schumpeter Schöpferische Zerstörung. Wiesmann, so Wiesmann is a pretty famous company in terms of heating installations. Wiesmann's climate friendly push with one climate falters. Money from heating producer Wiesmann and advertising with football star Thomas Müller was not enough. Marco Burry's startup.
In four, faces insolvency, the tech pioneer hits a rough patch. What's next? And on a high note, and there we do have a lot because we would love high notes, is the fundraising and exit for Chris.
Christian (17:12.786)
Yes, and as always, this is also only a small selection. For this month's episode, we included selected fundraisings above 10 million euros, Swiss francs or US dollars. A couple of highlights here. In total, we found in October almost half a billion euros in fundraisers. So congratulations to all of the lucky startups. Let's go. 83.7 million euros for Terra Layer. It's a huge funding leap to scale up its sustainability.
projects go green or go home, as we say. Distribution raises $80 million in a Series C. It's a transport tech startup. Novastia raises $56 million Swiss francs and names a new CEO. It's a Swiss net tech company. BWTR raises 39 million francs for eco-friendly premium water solutions.
Xfarm Technologies raises 36 million euros to digitalize farming. DeepDrive accelerates with 30 million euros in a Series B. It's an electrical vehicle motor innovation company to transform the future of e-mobility. Backtrace launches a 30 million euros AI infrastructure fund with
resources for developers this time around. Aurora Tech lends 25 million euros. It's a fire detecting satellite startup from Germany, itself being on fire with a fresh series B funding. Lymphatica raises 17.9 million euros to transform medical tech. They bring solutions to health care. Munich-based Flair PHL
AIR raises 14.5 million euros. Their DAC Tech is a company that wants to scale green hydrogen production. Atlas Metrics secures 12.2 million euros for ESG compliance. It's big funding news for a greener more responsible future. Voliro secures 12 million euros for drone-powered industrial inspections.
Christian (19:39.466)
10 million Swiss francs go to Somagen TX for gene therapy company. They are stepping up clinical trials there. Validation Cloud raises $10 million to transform cloud security. True Global Ventures invests $10 million US in Validation Cloud.
Develco lends also 10 million, but euros, not dollars, in growth capital. They are going to take the money to boost industrial automation. And Porsche ups the stakes in drone tech with quantum systems. UAV Innovation just got a turbo boost here. And that's a wrap with all the news. We have so much more in the show notes for you to stay ahead of the curve, right?
Joern Menninger (20:36.456)
We got serious started on blogging and we will have one blog post coming up almost every day until Christmas and there is a lot in here dissecting the most extensive German startup survey, Deutsche Startup Monitor in more than 10 different blog posts. We do have stuff on global AI. We do have stuff on DCD 11 set ventures, which is the investment on
of Germany's richest man, Dieter Schwartz, the founder of Lidl and so on and so forth. Go down here in the show notes and have look. Guys, it was a pleasure as always. Go down here in the show notes, give us feedback and you can reach out to Chris and me on Twitter and LinkedIn. Chris, see you again on Thanksgiving for your tofu turkey again.
Christian (21:26.888)
Yes. Why not? That sounded loaded. Loaded. Get it? A turkey. OK. Bye bye.
Joern Menninger (21:30.319)
Awesome.
Bye. fun.
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