Howdy,

Welcome to a delayed Sunday CET, which this week will be the premium edition (Monday CET) we have already sent to our paying subscribers.

Kind reminder, if you want to get the most of my work consider upgrading your subscription or better yet get a Nordic 9 Pro account. We’ve got the best intel databases covering Europe assorted with timely strategic updates emailed to our customers every week - below it is just a sample of it.

Dragos

PS. Speaking of good intel, Atomico has been putting out the best report about what’s going on in the European VC market for some time already. You can help them with the next edition by filling out this.

This week's lineup:

- early stage AI deals at the edge of Europe
- (two Swedish) funds building assets on the side of their biz
- Europe's largest fund closed this year

Interesting deals

The Nordics

🇳🇴 Fairsight, developing what they call an intelligent assessment platform for job interviews and recruiting, raised $1.9 million pre-seed in a round backed by Sondo, Futurum VC and Skyfall Ventures.

I asked Kjetil Holmefjord, GP at Sondo, about the deal rationale:

• pre-product, 100% conviction deal

• the investment decision took just a few weeks to make

• team made of serial founders who previously built and sold a startup for 100 million

• core market is recruiters, with extended TAM for upskilling/reskilling and supporting talent after they are hired.

• Fairsight is live today, with promising traction in the local market.

• the whole interview is worth reading.

🇫🇮 Saidot, doing a SAAS platform for AI transparency helping large companies and public authorities build trust on their AI, raised $1.6 millionfrom Crowberry Capital and Ventic.

🇩🇰 Marts, developing a SAAS tool that integrates with customers' existing IT systems, and supporting their workflows for the all things hardware inventory management, raised $2 million pre-seed with EIFO, PreSEED Ventures and angel investors.

🇩🇰 Responsibly, supplier data platform for responsible procurement, announced raising a $2.4 million seed round co-led by Hambro Perks and Pi Labs.

🇫🇮 MeetingPackage, developing all-in-one sales automation SAAS specializing in venue and group bookings, secured a $4.6 million Series A round led by Scale Capital.

• press release specifically says the company is cash-flow positive and profitable

• the funding will be used for US business development.

🇫🇮 Phaver, operating a web3 social platform for letting people create, own and monetize their social media profiles, raised $7 million in seed funding from Polygon Ventures, Nomad Capital, Symbolic Capital, dao5, Foresight Ventures, Alphanonce, f.actor, Superhero Capital and SwissBorg.

• The round brings the total outside money raised by the company at almost $9 million

🇸🇪 Brite Payments, second-generation FinTech challenger providing B2B payment solutions, secured a $60 million financing round led Dawn Capital, and joined by Headline and existing investor Incore.

• Brite was pre-seeded back in 2019 by AGOF, an investment vehicle led by Nicolai Chamizo and backed by the founders of Minecraft - Carl Manneh, his brother Jonas Mårtensson and Jakob Porsér.

• AGOF was meant to be a fund investing in gaming startups though - later on, they launched Incore Invest, dedicated to generic growth funding deals.

DACH

🇩🇪 Debtist, developing an B2B SAAS end-to-end platform used for receivables management and debt collection in the areas of fintech, e-commerce and software, raised pre-seed funding from āltitude, 10x Value Partners and angel investors.

🇩🇪 Predium, developing an all-in-one software solution that determines ESG balances of buildings, raised $4.8 million seed with UVC Partners, b2venture and Mutschler Ventures.

• Premium was initially pre-seeded with $1.7 million in 2022 by btov Partners and 2bX.

🇨🇭 Helio, developing a real-time algorithm that reroutes computing tasks to underused or renewable-energy-powered data centres, raised $5 million in debt and seed equity from QBIT Capital, Übermorgen Ventures, seed+speed Ventures, Combination VC, Rockstart, Swisspreneur.

🇩🇪 getpaid, working on the development of a pan-European infrastructure and payments platform, raised a $6 million seed round led by Inventure and joined by Picus Capital and angel investors from Finland, France and Germany.

🇨🇭 Sparta Commodities, developing a live trading insights platform intended to offer relevant and actionable data to oil traders, raised $17.5 million series Aled by FirstMark Capital, joined by Singular VC.

• Sparta was seeded by Singular alone with 6 million just 18 months ago.

• This marks FirstMark's second European series A this summer, both led by partner Matt Turck, one of the better American investors. The other deal was Austria-based scrap metal marketplace Metaloop. ​

France

🇫🇷 Kestra, developing an open source data orchestration and scheduling platform, used for creating, running, scheduling, and monitoring millions of complex pipelines, raised $3 million seed from investors co-led by Isai and Axeleo Capital.

• Kestra was initially pre-seeded a year ago by multiple French and Belgian angel investors.

🇫🇷 Orakl Oncology, developing a techbio platform that integrates best-in-class biology with real-world patient data at scale to accurately model tumors and accelerate oncology drug development, raised $3.2 million pre-seed in a round led by Speedinvest with additional investment from HCVC and Verve Ventures.

🇫🇷 Kraaft, developing an instant messenger app dedicated to site monitoring for VRD public works trades: roads and various networks, secures $3.5 million seed round with Stride VC, Chalfen Ventures, OSS and angel investors.

🇫🇷 scnd, developing a white-label ecommerce solution for services marketplaces, raised $4.3 million seed in a deal backed by Picus Capital and Partech.

🇫🇷 Dataïads, a SaaS player specializing in AI-generated customer experience for ecommerce, has announced a $5.3 million seed funding round from Spring Invest, FrenchFounders, Famille C participations, Motier Venturesand business angels.

🇫🇷 Merciapp, developing a writing assistant solution integrated into all writing environments, raised $7.5 million series A round led by EduCapital, joined by Isai and Swen Capital.

🇫🇷 Granular, developing clean energy management SAAS for utilities, energy professionals, and large buyers, raised $8 million seed led by Norrsken VC, joined by All Iron Ventures, BoxGroup, Valo Ventures, Seedcamp, Powerhouse and Revent.

• Granular was pre-seeded last summer with 2 million by Seedcamp, Revent and Powerhouse Ventures from USA.

🇫🇷 Qobra, developing the next generation sales compensation tools, raised $11 million series A led by Singular, joined by Revenue Syndicate and Breega.

🇫🇷 Umiami, alternative food producer of meatless meat products, raised a $35 million series A extension led by funds managed by Bpifrance.

The UK

🇬🇧 Momentum, launched by 🇩🇰 Danish founders and developing a SAAS helping high-growth companies grow ARR, raised pre-seed funding from 20VC and multiple angel investors.

🇬🇧 Move, using AI to generate 3D animation, raised $10 million series A with RKKVC, Play Ventures, Warner Music Group, Animoca Brands and Level2 Ventures.

🇬🇧 Unitary, developing AI-based tools used to detect harmful content in video footage and keep brands and platforms safe, raised $15 million series A led by Creandum joined by Paladin Capital Group and Plural.

🇬🇧 Automata, biotech company providing robotic automation solutions to the life sciences industry, secured $40 million series C led by Dimension, joined by Octopus Ventures, Hummingbird, Isomer Capital, Possible Ventures, and Aldea Ventures.

Romania

🇷🇴 Instant, building a mobile marketplace for second hand cars and using AI to provide instant price estimation, raised $350k pre-seed from local angel investors.

🇷🇴 Nooka Space, building a global network of smart proximity office pods, raised $2 million from undisclosed investors.

🇷🇴 Creatopy, developing an AI-driven creative automation platform that helps businesses and agencies easily create, personalise, scale, and serve effective ads, raised a $10 million Series A from 3VC and Point Nine.

​

Please note that this is just a selection of interesting early stage transactions, all deals (many more!) are available here. Pro tip: use advanced trackers to learn about new deals by industry, country, stage or a specific set of investors.

Investors

Fresh powder

🇬🇧 Atomico is said to have raised up to $1.1 billion for two new funds, with the target of closing in with $600 million for venture funding and a further $750 million for growth.

• It's the largest VC fund raise in Europe this year, followed by Highland Europe's closing of a new €1 billion fund, and Dawn Capital's $700 million.

🇪🇸 White Summit Capital is raising up to €300 million for a decarbonization-focused infrastructure fund.

🇪🇸 K Fund announced launching Leadwind, a tech driven VC fund of up to €250 million sourcing investment opportunities in Southern Europe and Latin America.

🇸🇪 Luminar Ventures announced the final close of its second fund at $65 million.

• It also announced an angel program consisting of 26 local angels, including Johan Mohlin, Umut Alp, Ted Nelson, Jenny Sinclair, Karin Hallin, Björn Melinder, and Daniel Wisenhoff.

• Luminar was founded in 2017 by Magnus Bergman and Jacob Key.

🇫🇷 HCVC announced a $75 million close for a second fund dedicated to pre-seed and seed hardtech and full-stack companies.

On the move

🇬🇧 Don Hoang and Sasha Astafyeva are no longer with Atomico, after 2 and respectively 3 years with the company, both as partners.

🇬🇧 Maria Rotilu quit her job as principal at Octopus Ventures after 2 years in order to start her own gig that's still under stealth. Prior to Octopus she was an MD at Oxford Seed.

🇬🇧 Bryan Gartner joined Hoxton Ventures as partner, after having worked in the US for Khosla Ventures, Apax and Insight Ventures, where he spent 10 years.

🇩🇰 Kasper Rørsted joined as senior advisor to KKR’s Private Equity team - he is a seasoned executive formerly the CEO at Adidas for the past 7 years.

🇩🇪 Martin Rezaie was promoted to the role of Head of DACH at GP Bullhound - he joined in December 2022, and was with Houlihan Lokey and GCA Altium prior to.

🇮🇹 Francesco Ricciuti will lead Runa Capital's newly-opened office in Milano - he's been with the company since December 2022.

🇸🇪 Anna Lundin and Sebastian Tretter both joined as investors at Norrsken VC office from Stockholm.​

More investors dealings

🇸🇪 J12 Ventures launched an AI-focused startup accelerator, as a side to their investment fund - first batch should start in January.

• For those who don't know already, J12 is one of the more active early stage investors in Sweden - see portfolio.

🇺🇸 Greylock Ventures also launched a startup accelerator as a side to their investment funds.

• It is a no-equity 3-month company-building program designed to advance select pre-idea, pre-seed and seed founders from inception to product-market fit, with fully flexible financing

🇺🇸 Max Ventures is raising up to $50 million for its third fund, focused on early stage deals.

• Max is a NY-based VC company founded by Ryan Darnell together with 🇸🇪Swedish Max and Sophie Stenbeck, the children of Jan Stenbeck of Kinnevik's fame.

• ​Swedish portfolio includes Carla, Starmony and Heja.

🇬🇧 Connect Ventures and Breega from France exited from the British consumer banking card provide Keebo, acquired for an undisclosed amountby Wagestream, also Brits providers of a service that allows employees to earn their wages in advance.

• Keebo had raised £5 million back in 2021, while Wagestream is at series C level, having collected some 90 million in equity financing from the likes of Blackrock, QED, Northzone and Balderton.

🇸🇪 Hiro Capital, Korea Investment Partners, gaming studio King a bunch of Nordic angel investors exited from Snowprint Studios a Swedish gaming startup acquired by the Sweden-based media group MTG.

• Deal was made for an initial 70% stake in Snowprint acquired at a 1.8x 2023 multiple of its flagship game Warhammer 40,000.

• Remaining 30% stake expected to be acquired during 2025-2026 based on the future valuation of the remaining shares based on the studio’s performance.

• Snowprint is expected to generate $30-35 million in revenues for the full year 2023 - that's a +150% growth rate YoY.

🇪🇸 K Fund, The Venture City, FJ Labs, Fin Capital and Y Combinator all exited from Madrid-based Fuell, doing an expense management SAAS and acquired by also Spanish Factorial for an undisclosed amount.

• Not a full exit as deal involves acquiring the entirety of Fuell's assets in a cash and equity transaction of an undisclosed split.

• Factorial is one of Spain's unicorns, with investors including K Fund, Atomico, Tiger, CRV, Point Nine and Creandum.

🇸🇪 Norrsken VC and a bunch of local angels from Sweden exited from Whywaste, the Swedish SAAS startup providing a food waste application for retailers, acquired by Canada-based Invafresh for an undisclosed amount.

🇨🇭 ABB Ventures invested an undisclosed amount in Pratexo, developer of edge computing solutions used to improve security, autonomy, and resilience for decentralized electrical networks.

• Pratexo was founded in 2019 by a 🇳🇴Norwegian group of entrepreneurs and is HQ-ed in Austin with offices in Oslo, Stockholm, Zurich and Bonn.

• Other investors in the company include Northscaler, Harald Norvik and TRK, all from 🇳🇴Norway.

🇩🇪 BlueYard Capital was part of a $14.2 million in initial funding round closed by Castelion, a year-old startup from California that wants to completely rethink defense hardware development for complex systems.

• The deal was co-led by Andreessen Horowitz and Lavrock Ventures, with participation from First In and Champion Hill Ventures.

🇩🇪 Global Founders Capital was part of a $10 million seed round secured by Gradient, an American startup that allows developers to build and customize AI apps in the cloud using LLMs

• GFC was represented by Mariam Pettit from Switzerland, who's been involved with Gradient since February 2022 - the company has been in stealth until now.

• The seed round was led by Wing VC and included contributions from Mango Capital, Tokyo Black, The New Normal Fund, Secure Octane.

Also notable

🇪🇺 A list of 100 super founders from Europe.

🇬🇧 British startups are definitely moving to the US.

🇮🇹 Good profile on of Agnelli family, which invested in Euro startups via Exor, and now with a dedicated early stage vehicle - Vento.

🇬🇧 The British government is considering a radical change to its electrical grid, a shift which proponents argue would help build out renewables, while making the overall power system more efficient and flexible.

• The shift Britain is considering - to move away from a single wholesale market for electricity to pricing based on location, creating in effect huge numbers of tiny markets, or nodes - is radical.

• It’s part of a broader government review of how the electricity market works, and the change to “nodal” pricing is favored by the energy system operator, which is responsible for supply and demand.

🇺🇸 Sam Altman did a 30 minute interview at the Italian Tech Week last week.

🇺🇸 VCs tell start-ups to delay IPO plans after Arm and Instacart underwhelm.

🇺🇸 Apple will begin requiring mobile apps to show a Chinese government license before they can be released on the App Store inside the country.

💪🏼 The first 10 hires across 20 top B2B startups.

🇮🇹 Italians are playing plogging - a sport that combines running with trash collecting.

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