Welcome to our September 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 September 23rd. As always, all news not included will be in our next news wrap-up.
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Our Highlights:
This Fall will be HOT! September 2024 brought significant developments in the startup scene across Germany, Austria, and Switzerland. Key highlights include Intel's decision to halt its €30B chip factory project in Magdeburg due to cost-cutting measures and Northvolt's struggle with factory closures amid financial challenges linked to faltering partnerships with car manufacturers. Germany's WIN Initiative, backed by €12B until 2030, aims to revitalize the startup ecosystem with a focus on boosting innovation and venture capital. In Austria, the Vienna-based AI startup Magic secured $320M in funding led by former Google CEO Eric Schmidt, underscoring a growing trend of major investments in AI and tech-driven solutions.
The quick commerce sector remains resilient, with Flink raising $150M to expand in Germany and the Netherlands. The Swiss startup Magic topped the 2024 Top 100 Swiss Startup Awards, showcasing continued innovation in the region. These developments reflect a dynamic and evolving startup landscape in the DACH region, emphasizing the importance of strategic investments, government initiatives, and market adaptability.
Let's talk startups.
Schedule
Today is German Unity day, a public holiday across the country. Most people will take Friday off to have a 4 day weekend. So we thought we would use this opportunity to give you a bit more extensive news episode if you already have some free time on your hands.
We are back on our regular schedule. Expect the news to drop every last Thursday a month and our last regular episodes Thursdays until December 19th.
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Top News
SellerX: From Unicorn to Near Auction - The Fall of a Prominent Amazon Aggregator
SellerX, once a celebrated unicorn in the Amazon aggregator space, has faced a dramatic downturn, narrowly avoiding a public auction. Originally modeled after Thrasio, SellerX raised $800M and rapidly acquired Amazon brands, including KW Commerce. However, financial challenges mounted, with layoffs beginning in 2022 and the insolvency of Thrasio casting a shadow on the sector. In September 2024, SellerX's major creditor BlackRock threatened a public auction due to unpaid interest on a €400M loan, only to cancel at the last minute amid ongoing negotiations to restructure the company’s capital. This situation underscores the volatility of the aggregator business model, heavily impacted by rising interest rates and integration struggles.
Intel Halts €30B Magdeburg Chip Factory Amid Financial Woes
Intel has put its €30 billion chip factory project in Magdeburg on hold for at least two years, citing cost-cutting measures and ongoing financial struggles. Despite a €10 billion investment pledge from the German government, Intel's decision delays the factory's construction, risking the expiration of building permits. The setback is part of a broader restructuring strategy, as Intel grapples with heavy losses and aims to save over $10 billion by 2025. While local projects like the Elbewasserwerk and High-Tech Park in Sülzetal will continue, Intel's move raises concerns about the future of one of Europe's most significant tech investments, underscoring the challenges facing the global chip industry.
Northvolt's Battery Empire Faces Uncertainty Amid German Auto Industry Crisis
Northvolt, Europe's leading battery manufacturer, is grappling with severe financial difficulties, factory closures, and layoffs due to troubles linked to key automotive partners like Volkswagen. The company, which raised $15 billion since its founding in 2016, aimed to revolutionize Europe’s battery sector with major investments, including a €4.5 billion project in Germany supported by public funding. However, with VW's ongoing crisis and cancellations of major orders, Northvolt's ambitious expansion plans, including new factories in Germany, Sweden, and Canada, are now in jeopardy. As Northvolt seeks additional funding, the future of its role in Europe's green energy landscape remains uncertain.
Germany’s WIN Initiative: A €12 Billion Boost to Revitalize the Startup Ecosystem
Germany's WIN Initiative aims to supercharge its startup ecosystem by mobilizing €12 billion in investment by 2030, positioning the country as a leading hub for innovation and venture capital. Supported by key players such as Deutsche Bank, Allianz, and KfW, the initiative was launched with a joint commitment from the government, financial sector, and startup community. The initiative seeks to improve access to growth and innovation capital, streamline regulations, and encourage private investments in young, dynamic companies that drive technological advancements and economic growth. This strategic move is expected to enhance Germany's competitiveness on the global stage, particularly in tech and sustainability sectors.
The WIN Initiative's objectives include bolstering the venture capital market, improving exit conditions for startups, and integrating institutional investors into the funding landscape. German Finance Minister Christian Lindner and Economic Minister Robert Habeck emphasized the need to cut red tape and create a more favorable environment for startups to thrive. By drawing on the momentum of previous funding efforts like the Zukunftsfonds, which has already invested €3.3 billion out of €10 billion, the WIN Initiative aims to further strengthen Germany's position as a key player in the global startup scene, fostering a culture of innovation and reducing the dependency on subsidies.
https://www.wiwo.de/politik/deutschland/zukunftsfonds-wie-gut-laeuft-das-zehn-milliarden-paket-fuer-start-ups/29987236.html keep in mind our coverage of the topic with the people in charge under the last Merkel administration and the recent Scholz administration.
Magic AI Raises $320M: Vienna-Founded Startup Reaches Unicorn Status Under Former Google CEO’s Lead
Vienna-founded AI startup Magic has secured a massive $320 million investment, led by former Google CEO Eric Schmidt, signaling its potential entry into unicorn status with an estimated valuation of $1.5 billion. The round saw participation from top investors, including Jane Street, Sequoia, and Atlassian, alongside existing backers like CapitalG and Andrej Karpathy. Magic, founded by Austrians Eric Steinberger and Sebastian De Ro, focuses on AI-powered developer assistance software, aiming to revolutionize coding with human-like interaction capabilities. This latest funding will fuel further development, including building “Supercomputers” on Google Cloud, positioning Magic as a key player in the AI landscape.
This recent investment follows Magic’s $117 million funding round in February and an earlier $23 million round in 2023, highlighting the startup’s rapid growth trajectory. Magic’s software leverages Large Language Models (LLMs) to assist developers in real-time, akin to GitHub’s Autopilot. With Schmidt’s leadership and substantial backing from renowned investors, Magic is poised to drive significant innovation in AI-driven developer tools, making it a standout player in the tech world.
Quick Commerce is not Dead Yet
Flink, the Berlin-based quick-commerce startup, has raised $150 million in a fresh funding round to double down on its operations in Germany and the Netherlands. Backed by investors like BOND, Mubadala, and supermarket giant REWE, this latest funding aims to bolster Flink's market presence through a strategic partnership with Just Eat Takeaway, with plans to open 30 new hubs by 2025. Despite previous valuation highs of nearly $5 billion, Flink's current valuation sits just below $1 billion, reflecting the volatility in the quick-commerce sector.
Flink plans to achieve profitability by Q2 2025 by focusing on operational efficiency and expanding its network of 146 hubs across 80 cities. The company expects to generate $600 million in gross revenue in 2024, marking a 20% increase from 2023, as it targets an average order size of $40. With 8,900 employees and a renewed focus on core markets, Flink is set on proving that quick commerce still has a future, driven by strategic scaling and enhanced customer service.
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Ecosystem
World
🔍 M&A market predictions from GP Bullhound’s Simon Miremadi: Expect HR tech consolidation, growth in industrial software, and more PE funds snapping up VC portfolios as VCs chase liquidity. Are you ready for a back-loaded 2024? 🚀 https://sifted.eu/articles/m-a-predictions-vc-banker
Europe
📣 Big news for Europe’s startup scene! Bulgaria’s Ekaterina Zaharieva is set to become the EU's first-ever commissioner for startups, research, and innovation. A bold move to place innovation at the heart of the EU economy. 🚀 StartupsEU InnovationLeadership https://sifted.eu/articles/startups-first-dedicated-commissioner-brussels-news
📉 As exits and funding dry up, private equity interest in European fintechs rises, offering a lifeline amid the push for profitability. PE firms are increasingly backing mature fintechs, marking a shift from traditional VC funding. Fintech PrivateEquity FundingTrends https://sifted.eu/articles/private-equity-fintech
📊 European stock exchanges and startups urge politicians to boost the EU IPO market, encouraging tech companies to go public at home instead of the US. Key reforms include better financing options, tax incentives, and lower cross-border costs. TechIPO EuropeanStartups CapitalMarketsUnion https://sifted.eu/articles/european-stock-exchange
🚀 Berlin secures its spot as Europe's 2 digital startup hub, just behind London! With a 28% rise in new startups in H1 2024 and €1.1B in VC investments, the city is thriving. Berlin is home to 21 of Germany’s 33 unicorns. 🦄 Startups BerlinTech https://www.berliner-zeitung.de/news/berlin-fuehrend-in-der-digitalen-start-up-szene-in-deutschland-zweiter-platz-in-ganz-europa-li.2253416
Austria
🇪🇺 Europe’s first Hydrogen Valley is set to rise in Austria with a €578M investment! Spanning 17 projects, it aims to produce over 10,000 tons of green hydrogen annually by 2030, boosting industrial decarbonization. GreenHydrogen EnergyTransition Austria https://www.trendingtopics.eu/gruener-wasserstoff-eine-halbe-milliarde-euro-fuer-erstes-europaeisches-wasserstoff-valley/
Germany
📈 VC fundraising in Germany is gaining momentum, says KfW Capital. The state-backed LP reports increased capital calls, signaling rising startup investments. Gender diversity and deeptech funds are key focus areas. VentureCapital KfWCapital StartupFunding https://sifted.eu/articles/germany-kfw-capital-vc-fundraising
🏙️ Berlin’s Mayor Kai Wegner aims to revive the city’s startup scene, targeting a top 3 spot in Europe. With rising costs and fewer spaces, Berlin’s fight to regain its edge is on. BerlinStartups TechHub Innovation https://www.tagesspiegel.de/berlin/berliner-wirtschaft/kampf-gegen-den-abstieg-kai-wegner-will-berlin-zuruck-in-die-start-up-spitze-bringen-12245909.html
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
🎉 Big news from our former guest: Qualifyze just raised $54M in Series B funding led by Insight Partners to boost supply chain risk management in Life Sciences. We had them in an exclusive interview months ago! 💬🚀 SupplyChain LifeSciences StartupFunding https://www.finsmes.com/2024/09/qualifyze-raises-54m-in-series-b-funding.html Interview LInk!
Rhein/Main: 🐾 Boehringer Ingelheim acquires Swiss startup Saiba Animal Health, boosting its R&D pipeline in pet therapeutics. Saiba’s innovative Virus-Like Particles-based vaccines target chronic diseases in pets, offering longer-lasting treatment outcomes. AnimalHealth PetTherapeutics Biotech https://www.startupticker.ch/en/news/saiba-animal-health-joins-boehringer-ingelheim
🚀 Otark has secured €2.5M in seed funding to revolutionize B2B green energy trading! With backing from Venture Stars, D11Z.Ventures, Tribe Investments, and more, we’re making sustainable energy accessible, digital, and transparent for businesses. 🌱💡 NextLevelEnergy GrünerStrom Energiewende Innovation CleanTech Read more: https://www.linkedin.com/posts/otark_nextlevelenergy-graesnerstrom-energiewende-activity-7241694891620143104-nVIn/
🚀 Louco lands €1.5M investment led by Albrecht Merck & Erhan Tilki! Twin founders Evîn & Hêlîn Acar are ready to scale big. Next stop: new markets and innovative solutions! 💥 Startups TechNews Investment WomenInTech
🌱 BIOVOX secures €2.2M to revolutionize healthcare with sustainable bioplastics! Backed by High-Tech Gründerfonds, BIOVOX aims to cut carbon emissions and set a new standard in medical-grade bioplastics. GreenTech HealthcareInnovation Sustainability https://www.eu-startups.com/2024/09/germany-based-biovox-closes-e2-2-million-to-accelerate-development-of-sustainable-healthcare-plastics/
Mainz
🚀 Antibody showdown at ESMO! BioNTech and Summit/Akeso go head-to-head with their bispecific cancer therapies, potentially shaking up the dominance of Keytruda. All eyes on Barcelona! BioNTech ESMO2024 Oncology Biotech https://transkript.de/artikel/2024/biontech-bispezifischer-showdown-auf-esmo/
Leipzig
🥩 Leipzig-based startup Alife Foods shuts down operations amid high costs and low demand for its €20 cultured meat schnitzel. Founded in 2019, the company aimed to bring a hybrid meat-plant product to market. FoodTech StartupNews CulturedMeat https://www.chip.de/news/Lebensmittel-Unternehmen-gibt-auf-Betrieb-wird-eingestellt_185443256.html
Düsseldorf
🌱 Retraced raises €15M to revolutionize textile supply chains! The Düsseldorf-based startup digitizes and tracks supply chains, promoting transparency for fashion brands. Lead investor: Partech. GreenTech Sustainability FashionTech https://www.trendingtopics.eu/retraced-greentech-startup-will-textile-lieferkette-revolutionieren-und-holt-sich-15-mio-euro/
Augsburg
🌍 Reonic secures €13M Series A funding to power sustainable energy solutions across Europe! The climate tech startup will use the funds to expand further and grow its team. Led by Northzone, with support from Point Nine and Puzzle Ventures. ClimateTech SaaS Renewables https://www.finsmes.com/2024/09/reonic-raises-e13m-in-series-a-funding.html
Note: Keep in mind that we moved the fundraisings from Austria and Switzerland to the respective section towards the end of the news.
Austria
🏋️ Urban Sports Club acquires Austrian market leader Myclubs, expanding its fitness platform across the DACH region. Founder Moritz Kreppel signals more acquisitions ahead as the company focuses on scaling and efficiency. FitnessTech Acquisition UrbanSportsClub https://www.handelsblatt.com/unternehmen/dienstleister/urban-sports-club-kauft-marktfuehrer-myclubs-aus-oesterreich/100062407.html
🚀 Vienna’s new AITHYRA Institute aims to revolutionize biomedicine with AI breakthroughs in disease understanding, diagnostics, and therapies! Led by Oxford’s Michael Bronstein. Biomedicine AI Innovation https://futurezone.at/science/forschungsinstitut-aithyra-wien-biomedizin-kuenstliche-intelligenz-biocenter/402949478
Switzerland
🚀 Congrats to DePoly for topping the 2024 Top 100 Swiss Startup Awards! 🥇 Leading the charge in plastic recycling with groundbreaking tech. Watch out for Corintis and Yokoy right behind! 🌍💡 SwissStartups Innovation https://www.startupticker.ch/en/news/depoly-spear-heads-top-100-swiss-startup-awards
General News / Tech News / Companies News Section
VC News and New Funds, in case you are looking for money (also only a selection):
💰 Insight Partners nears closing on a massive $10B+ fund! Despite a dip from its previous $20B fund, Insight continues to make major moves, selling Recorded Future to Mastercard and Own to Salesforce. VentureCapital TechInvesting InsightPartners https://techcrunch.com/2024/09/15/insight-partners-is-closing-in-on-a-whopping-10b-new-fund/
🚀 Atomico raises its largest fund ever: €1.12B to fuel Europe’s boldest founders! With €681M for growth-stage and €438M for early-stage, Atomico is doubling down on Europe's tech rise. VentureCapital TechFunding EuropeStartups https://siliconcanals.com/atomico-raises-1-12b/
🚀 Headline secures $865M growth fund, boosting focus on Europe! Half of the fund targets European startups, marking a shift towards the region. Major backers include Porsche, Otto, KfW, and EIF. Exciting times for EU tech! VentureCapital Startups https://www.handelsblatt.com/technik/it-internet/wagniskapital-headline-fokussiert-sich-mit-neuem-fonds-staerker-auf-europa/100068373.html
💰 Swiss VC redalpine launches its largest fund yet, raising $200M to back up to 20 early-stage European companies. With a new office in London, redalpine strengthens its presence in Europe’s startup ecosystem. VentureCapital StartupFunding redalpine https://www.startupticker.ch/en/news/swiss-vc-redalpine-enters-a-new-chapter-with-newly-unveiled-200m-fund
Same news, different source (article is in English): 🇨🇭 Swiss VC Redalpine secures €179M for its largest fund, RAC VII, and opens a new London office to boost its European presence. The fund aims to support 15-20 early-stage startups, focusing on transformative tech across energy, health, and AI. VentureCapital Redalpine Innovation https://siliconcanals.com/redalpine-announces-new-e179m-fund-new-office/
🚀 SET Ventures closes €200M fund to power digital clean energy startups! 🌱 Focused on digital-first, data-driven solutions that push renewable energy into mass markets. Ready to fuel Europe’s green revolution! 🌍💡 CleanEnergy VC Startups https://tech.eu/2024/09/05/set-ventures-closes-eur200m-fund-for-digital-clean-energy-startups/
🌱 Berlin-based VC AENU secures €170M to fuel Europe’s climate tech startups, pivoting from its original evergreen model due to market conditions. Backed by EIF, KfW, and top founders, it's all about impact! 🌍🚀 ClimateTech VentureCapital https://sifted.eu/articles/aenu-170m-climate-tech-vc-news
🚀 Capmont Technology closes €100M fund to back early-stage B2B startups in Europe and the US! Targeting enterprise SaaS and industrial tech, they aim to support the next big disruptors in AI, robotics, and IoT! VentureCapital Startups TechInvesting https://sifted.eu/articles/capmont-technology-vc-100m-news
🚀 Outward VC raises €60.5M for Fund II to support early-stage fintech founders! With backing from British Business Bank and private investors, the fund aims to help founders thrive from the get-go. Fintech VC Startups https://www.eu-startups.com/2024/09/outward-vc-raises-e60-5-million-in-first-close-to-help-early-stage-fintech-founders-breakthrough/
Somehow related to the VC topic: 🌐 Big move in finance! Partners Group teams up with BlackRock to launch a new investment solution for retail investors, combining the strengths of two global private equity giants. Diversified portfolios, simplified access. PrivateEquity Investment https://www.moneycab.com/finanz/artners-group-arbeitet-mit-blackrock-zusammen/
Green Tech News
🚨 Big changes at Zolar! The solar startup shifts focus to B2B, exiting its original B2C solar installation business. Over half of the team affected as Zolar pivots to digital tools and financing for installers. Solar EnergyTransition https://www.businessinsider.de/gruenderszene/business/zolar-entlaesst-mehr-als-die-haelfte-seiner-mitarbeiter-dieser-bereich-ist-betroffen/ Interview Zolar Starting Y
☀️ Shake-up in the solar scene! 1Komma5° eyes parts of Zolar’s business as the latter exits B2C. With Zolar shifting to B2B, 1Komma5° could boost its PV, storage, and AI-driven energy management offerings! 🌱 SolarPower Renewables https://www.trendingtopics.eu/1komma5-koennte-geschaeftsteile-von-zolar-zukaufen/
🌞 Enpal’s revenue soared 118% to €905M in 2023 despite challenges in the solar market. With plans to expand its heat pump business and international presence, Enpal is gearing up for a transformative 2024. ClimateTech SolarEnergy Enpal https://sifted.eu/articles/enpal-revenue-tech-latest-news
🔋 Qwello secures €65M funding to expand its EV charging network across Europe. Backed by ABN AMRO and Investec, the funds will support growth projects, including the recent acquisition of Park & Charge. EVCharging Sustainability Qwello https://www.startbase.de/news/qwello-erhaelt-65-millionen-euro-finanzierung/
Fintech News
💸 SumUp hits €1B revenue, but questions swirl around its €8B valuation! The fintech giant is focusing on profitability, but is it worth the hype? Fintech Payments Startups SumUp https://financefwd.com/de/sumup-zahlen-2023/
📈 N26, Trade Republic, and Bitpanda are back on the growth track! 🚀 With renewed momentum, N26 lifts its user cap, Trade Republic’s new account boosts downloads, and Bitpanda rides the crypto wave! Fintech Growth Investments https://financefwd.com/de/n26-trade-republic-bitpanda/
🛡️ Deal off: Getsafe’s attempt to acquire fellow insurtech Friday fell through due to disagreements on valuation. As industry consolidation continues, both startups face profitability challenges amid high losses. Insurtech Mergers FinanceNews https://financefwd.com/de/getsafe-friday/
🚀 Peter Großkopf exits Unstoppable Finance, halting plans for a crypto bank. Despite the pivot, the startup remains well-funded and shifts focus to developing infrastructure for institutional clients to integrate Stablecoins. Crypto Fintech Blockchain https://financefwd.com/de/grosskopf-unstoppable-finance/
⚖️ Former Wirecard CEO Markus Braun remains in custody due to flight and tampering risks, according to Munich I Regional Court. Braun faces charges of fraud, embezzlement, and market manipulation in one of Germany's largest financial scandals. Wirecard LegalNews MarkusBraun https://www.faz.net/aktuell/wirtschaft/ex-wirecard-chef-markus-braun-bleibt-in-haft-dringender-tatverdacht-19962668.html
🚨 Police raids at Dock Financial’s offices in Munich and Luxembourg as part of a money laundering investigation highlight lingering issues from the fintech's past. Once a hopeful new start, the company now faces insolvency amid internal conflicts and regulatory scrutiny. Fintech MoneyLaundering DockFinancial https://financefwd.com/de/razzien-dock-financial/
🚨 Munich’s Fintech Finway exploring a potential sale amidst market shakeup! Despite raising $10M early 2023, consolidation looms as competition heats up with Payhawk and other players on the prowl. Fintech Mergers Startups https://financefwd.com/de/finway-verkauf/
🚨 Wefox appoints Joachim Müller as new CEO amid financial turmoil and strategic pivots, including exiting the German market. Will this move steer the insurtech giant back on track? Wefox Insurtech StartupLeadership https://www.businessinsider.de/gruenderszene/fintech/wefox-hat-einen-neuen-chef-das-ist-er/
General News
🚀 Germany's Startup Association unveils its "Innovationsagenda 2030" to strengthen innovation and secure future prosperity. Bold moves like tripling VC investments, boosting talent, and pushing for 30 DeepTech unicorns by 2030. Can Germany stay world-class? 🇩🇪💡 Innovation DeepTech StartupGermany https://startupverband.de/presse/pressemitteilungen/innovationsagenda-2030-des-startup-verbands-innovationskraft-staerken,-wohlstand-sichern--pausder-zeigen,-wie-weltklasse-made-in-germany-auch-in-zukunft-moeglich-ist%E2%80%9D-09-09-2024/
🚁 Dirk Hoke, CEO of Volocopter, leaves for Voith by April 2025. After challenges at Volocopter, Hoke aims to lead Voith through its transformation and boost its stagnant growth. LeadershipChange IndustryNews Voith https://www.handelsblatt.com/unternehmen/industrie/dirk-hoke-volocopter-chef-wechselt-zu-voith/100068998.html
🚁 The DLR successfully tested Volocopter’s VoloCity air taxi, marking a crucial step towards certification. These aeroelastic vibration tests confirm the safety and dynamic performance of the 18-motor urban aircraft. UrbanMobility Volocopter AirTaxi https://www.drones-magazin.de/presse/dlr-testet-erfolgreich-flugtaxi-von-volocopter/
🚁 Lilium reshapes its board, bringing in defense expert Philippe Balducchi to guide its strategic pivot. With deep aerospace experience, Balducchi is set to boost Lilium's journey toward its first customer deliveries in 2026. Lilium Aerospace AirMobility https://www.it-times.de/news/lilium-holt-militaer-experten-ins-board-neue-ausrichtung-im-fokus-163101/
🛩️ Finally, Bavaria agrees: Lilium to receive €50M in state aid, but only if matched by federal funds! After months of debate, Bavaria steps in to support the cash-strapped eVTOL pioneer. Can this save Lilium's ambitious flight? Lilium AirTaxi https://www.handelsblatt.com/unternehmen/handel-konsumgueter/flugtaxi-lilium-soll-doch-geld-aus-bayern-bekommen/100068040.html
🚀 Despite a fiery setback, Rocket Factory Augsburg (RFA) remains undeterred in its quest to launch Germany’s first private rocket into space. With lessons learned, all eyes now turn to Isar Aerospace's upcoming launch. SpaceTech RocketLaunch RFA https://www.handelsblatt.com/technik/forschung-innovation/rocket-factory-augsburg-raumfahrt-start-up-will-weiter-in-den-weltraum/100063179.html
🔍 Months after us, Fortune catches up: Aleph Alpha pivots from the AI race to a new strategy—no longer chasing OpenAI or Meta but focusing on corporate and government AI solutions. Will this shift redefine Europe's AI landscape? AI TechNews AlephAlpha https://fortune.com/europe/2024/09/07/aleph-alpha-germany-ai-startup-tech-silicon-valley/
🚀 Aleph Alpha pivots from the AI model race to helping businesses implement AI in real-world processes! A bold move or a masterstroke? Dive into the analysis. 🧠🔍 AI TechInnovation BusinessTransformation https://www.handelsblatt.com/technik/ki/kuenstliche-intelligenz-was-taugt-das-neue-geschaeftsmodell-von-aleph-alpha/100065792.html
🚴♂️💥 German fitness startup 7NXT supercharges its European presence with the Buddyfit acquisition! Boosting subscriber numbers to 800k+, 7NXT is set to dominate the fitness and wellbeing space. 💪🌍 FitnessTech MergersAndAcquisitions Wellbeing https://tech.eu/2024/09/05/german-fitness-startup-7nxt-xpands-reach-with-buddyfit-acquisition/
🚀 Upgrain & Brauerei Locher open Europe’s largest food upcycling plant, transforming 25,000 tons of spent grain into proteins, fibers, and valuable ingredients annually. A game-changer in sustainable food production! 🌱🥨 Upcycling FoodTech Sustainability https://www.startupticker.ch/en/news/upgrain-und-die-brauerei-locher-realisieren-groesste-food-upcycling-anlage-europas
🚨 Cybercrime crackdown: The German Federal Police (BKA) shuts down 47 crypto platforms suspected of laundering money for ransomware groups, darknet traders, and more. "We see you," warns the BKA's bold message to the criminals. CyberSecurity CryptoCrime https://www.spiegel.de/netzwelt/web/cybercrime-bundeskriminalamt-nimmt-mutmassliche-geldwaeschedienste-vom-netz-a-a2535460-0e71-4178-9ec5-fb53d76b11da
Schumpeters Schöpferische Zerstörung ⇒ Creative Destruction Still Ongoing:
🚨 Shockwave in Berlin’s fintech scene: Ride Capital, backed by stars like Verena Pausder and Mario Götze, files for insolvency. Despite a liquidity crunch, the team is hustling for a last-minute rescue. Fintech Startup Insolvency https://financefwd.com/de/ride-capital-insolvenz/
🚨 Charging startup ME Energy has filed for insolvency. Known for its off-grid fast chargers converting bioethanol into charging power, ME Energy had high hopes with partnerships and a visit from Chancellor Scholz. StartupFailure EVCharging https://www.electrive.net/2024/09/11/brandenburger-lade-startup-me-energy-ist-insolvent/
🚨 German startup Connfair files for insolvency due to €335K Corona aid repayment demand! Startup Insolvency Germany Corona https://www.chip.de/news/Startup-aus-Deutschland-insolvent-Hohe-Rueckzahlungen-fuer-Corona-der-Grund_185429654.html
🌍 Graz-based luxury tent startup Strohboid files for insolvency. Despite successful expansion to the US, delayed orders and recession impacts led to a €4.6M debt. A restructuring plan is now being pursued. Insolvency Startup Sustainability https://brutkasten.com/artikel/strohboid-luxus-zelt-startup-muss-insolvenz-anmelden
⚡️ OneClimate, the green fintech app backed by Viessmann and promoted by Thomas Müller, is shutting down after failing to secure funding. Despite high hopes, the app will cease operations by October 1st. 🌍💸 Fintech ClimateTech Sustainability https://financefwd.com/de/oneclimate-viessmann/
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 5 million Euros or USD. There were so many announcements that we could not include ALL funds raised. We will only bring you highlights here. Note: Fundraisings from Austria and Switzerland are included.
Swiss spine surgery innovator Neo Medical secures $68M to boost US expansion and enhance its AI-powered AR platform, ADVISE™. A new era for spinal care is here! 🦴🔬 MedTech SpineSurgery Innovation https://www.moneycab.com/finanz/neo-medical-sichert-sich-kapitalbeteiligung-in-hoehe-von-68-millionen-us-dollar/
🧀 Berlin’s Formo raises $61M to launch the world’s first cheese made from Koji fungus proteins! Now available at Rewe, Billa, and Metro. Investors include Rewe and EQT Ventures. FoodTech PlantBased Innovation https://www.handelsblatt.com/unternehmen/handel-konsumgueter/formo-61-millionen-dollar-fuer-innovativen-kaese-ohne-kuh/100066539.html
Munich’s Reverion secures €56M to supercharge renewable power plants and lead the carbon-negative revolution! 🚀🔋 From biogas to global energy game-changer! 🌱💡 CleanEnergy TechInnovation Sustainability https://www.eu-startups.com/2024/09/munich-based-reverion-raises-e56-million-for-serial-production-of-renewable-power-plants/
Swiss medtech CorFlow Therapeutics secures €44M Series B to bring its microvascular diagnostic and therapeutic system closer to US market clearance. 🌐🩺 A new era for heart attack care! MedTech Innovation Healthcare https://www.finsmes.com/2024/09/corflow-therapeutics-raises-e44m-in-series-b-funding.html
🏡 Germany’s Habyt secures €40M to expand flexible living solutions globally! With 30,000+ spaces in 50+ cities, Habyt is set for strategic acquisitions and profitability in 2024. 🚀 PropTech FlexibleLiving StartupFunding https://siliconcanals.com/germanys-habyt-secures-e40m/
🚀 Quantum computing goes mobile! ParityQC & Quantum Brilliance team up to miniaturize quantum computers for a €35M German project, enabling high-speed simulations & encryption in remote locations. A game-changer for defense & beyond! ⚛️ QuantumTech Innovation https://brutkasten.com/artikel/parityqc-und-quantum-brilliance-entwickeln-mobilen-quantencomputer-fuer-deutschen-grossauftrag
🧬 Swiss biotech Vandria raises $30.7M in Series A funding to advance mitochondrial therapeutics. Led by CEO Klaus Dugi, Vandria’s lead drug VNA-318 targets neurodegenerative diseases like Alzheimer’s and Parkinson’s. Biotech MitochondrialTherapeutics Vandria https://www.finsmes.com/2024/08/vandria-raises-second-series-a-round-totals-30-7m.html
⚡ DeepDrive raises €30M to revolutionize EV motors! With backing from Leitmotif, BMW i Ventures, and more, they're set to scale their game-changing Dual Rotor tech, pushing EV range past 800 km and cutting emissions drastically. 🌱🚗 EVRevolution SustainableTech https://www.finsmes.com/2024/09/deepdrive-raises-e30m-in-series-b-funding-round.html
💥 CPTx, a Munich-based biotech spin-off from TU Munich, secures $29M funding to revolutionize DNA-Nanofabrication for antivirals, gene transfer, and vaccines. A game-changer for treating complex diseases! 🧬✨ Biotech Innovation FundingNews https://www.starting-up.de/news/news-investments/cptx-muenchner-biotech-start-up-sichert-sich-29-mio-usd-investment.html
🚀 Swiss-Mile, an ETH Zurich spinoff, raises $22M led by Jeff Bezos’ Expiditions to advance AI-powered four-legged robots. The robots, designed for tasks like last-mile delivery and infrastructure security, adapt and learn autonomously in real-world settings. AI Robotics SwissMile https://www.startupticker.ch/en/news/jeff-bezos-invests-in-four-legged-autonomous-robot Related: https://www.bloomberg.com/news/articles/2024-08-28/ai-robot-firm-swiss-mile-said-worth-100-million-in-bezos-led-fund-raiser
🌱 Phlair secures €14.5M in seed funding to scale its cutting-edge direct air capture tech, aiming to bring CO₂-capturing plants online by 2025! Big step for carbon-negative future! 🌍 ClimateTech CarbonCapture StartupSuccess https://www.finsmes.com/2024/09/phlair-raises-e14-5m-in-seed-funding.html
💸 Geno-startup Truuco secures €8M from Atruvia and DZ Bank to harness customer data for banking sales. The funds, managed via Truuco Beteiligungs GmbH, aim to enhance targeted financial product offerings. Fintech Investment BankingInnovation https://finanzbusiness.de/nachrichten/banken/article17383145.ece
🌱 Smalt secures €8M seed funding to supercharge talent and productivity in the energy transition! With over 200 PV systems installed, they're expanding into commercial PV and southern Germany. ⚡️ GreenTech EnergyTransition StartupFunding https://www.finsmes.com/2024/09/smalt-raises-e8m-in-pre-emptive-seed-funding.html
🌐 Munich-based XO Life secures €7M to enhance its ImpactMonitor platform, helping pharma companies better understand patient needs. The funding will fuel international expansion and tech advancements. HealthTech DigitalHealth PharmaTech https://siliconcanals.com/munich-based-xo-life-bags-7
Switzerland: 🚀 Lightium raises $7M seed funding to fast-track the commercialization of its cutting-edge thin-film lithium niobate photonic integrated circuits! A game-changer for Telecom, Quantum Computing, AI, and more. 🌐 Photonics TechInnovation Startups https://www.finsmes.com/2024/09/lightium-raises-7m-in-seed-funding.html
🚀 Vienna-based Bitcoin startup Bitcredit Protocol secures €6.7M to transform Bitcoin from a store of value into a usable currency for the real economy! Next stop? Finding the first test country to bring Bitcoin into everyday transactions. 🌍💸 Bitcoin Crypto Fintech https://www.trendingtopics.eu/bitcredit-protocol-wiener-bitcoin-startup-holt-67-mio-euro/
💡 Monda, a Berlin-based data monetization platform, raises $5M in seed funding led by Senovo and Acrobator Ventures. The funds will help expand US operations and enhance the platform to support companies monetizing their data in the AI-driven market. DataMonetization AI StartupFunding https://www.finsmes.com/2024/09/monda-raises-5m-in-seed-funding.html
🚀 Munich's Giesecke+Devrient dives into AI with a stake in Blockbrain, founded by serial entrepreneur Mattias Protzmann. From fighting blockchain scams to transforming how companies manage knowledge, Blockbrain is changing the game! AI Startup Innovation https://financefwd.com/de/blockbrain-funding/
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It was already a lot this month. Nothing to see here :-)
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