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The Climb #9 - Cross-border exits, Revolut's megaround, fresh European funding & more 🔥

Good morning! The past two weeks have been marked by several announcements from VCs as they raised si
The Climb #9 - Cross-border exits, Revolut's megaround, fresh European funding & more 🔥
By Ghislain de Buchet • Issue #9 • View online
Good morning!
The past two weeks have been marked by several announcements from VCs as they raised significant amounts of fresh money to be deployed at different stages in the European tech ecosystem. Challenger bank Revolut becomes the most valuable European fintech after having officially announced its $500m round. In France, Cityscoot is the biggest deal with €23.6m raised while its former rival Coup is sold to Tier Mobility. Also, some interesting French exits involving strategic foreign buyers have been disclosed.

🥖 Major funding rounds in France
> Scooter rental startup Cityscoot raised a €23.6m round of funding led by new investors Allianz Vie and Demeter which poured €8m each. Existing investors SD2P, RATP Capital Innovation, Altana Investissements, CDC and Weber Investissements also participated to Cityscoot’s 3rd funding round. As a reminder, the French startup signed an exclusive partnership with Uber at the end of 2019: scooters will be available for booking directly through Uber’s app from next March.
> Tinubu Square bagged additional €15m from existing investors Long Arc Capital and Bpifrance to further develop its trade credit management SaaS solutions dedicated to Credit & Surety Insurers that enable them to reduce significantly their exposure to risk.
> PACA-based NawaTechnologies - which makes next-gen ultra-fast energy storage systems that greatly improves energy efficiency, reduces charging times and extends entire system life - raised €13.3m to launch the mass production phase.
> Other funding rounds include therapy for resistant cancers Advanced BioDesign (€9m), single-cell profiling biotech Scipio Bioscience (€6m), customer loyalty software Loyalty Prime (€5m), scripted guides to enhance customer support Stonly (€3m), legaltech matching platform Avoloi (€2.5m), event management platform Shotgun (€2m), storage space rental startup (€1.7m), AI-based educational counseling solution HumanRoads (€1.5m), natural cosmetics brand WAAM Cosmetics (€1.5m) and data mapping SaaS DataGalaxy (€1.3m) among others.
⚡ Other hot moves in France
> Catering platform MonBanquet was acquired by German online catering specialist B2B Food Group. MonBanquet will benefit from the acquirer’s extensive know-how and network in the sector as it already operates in 8 countries through OrderIn, Caterwings and Lemoncat.
> Qopius, which developed a hardware-agnostic computer vision platform to digitize retailers’ shelves and help them measure shelf performance, increase productivity and reduce out-of-stock scenarios, was sold to Singaporean CV unicorn Trax.
> SEO expert Eskimoz raised €17m from Momentum Invest as part of a minority LBO. The 80-people agency founded by Andréa Bensaid will accelerate its on-going development by opening subsidiaries in France and Europe.
🌍 European champions
> UK-based challenger bank Revolut finally officially disclosed its $500m Series D led by TCV at a $5.5bn valuation, becoming the most valuable European fintech company. What metrics could justify this valuation ? Is fintech riding a tech funding bubble ? Sifted deep dives into Revolut’s latest valuation.
> Berlin-based Tier mobility acquired assets from defunct electric moped scooter service Coup. The mop service will be available directly through Tier app as from May in Berlin. As a reminder, Coup announced it was shutting down operations end of last year, saying it was struggling to reach profitability.
🤝 Fellow backers
> Zurich-based Lakestar raised $735m for two funds to be deployed in early-stage (1/3) and growth-stage (2/3) European ventures.
> Pan-European seed-stage VC firm Speedinvest raised a €190m fund to keep investing tickets comprised between €50k and €1.5m across a wide range of sectors including fintech, deep tech, marketplaces, industrial tech, digital health and consumer tech.
> Berlin-HQed Target Global has launched its €120m Early Stage Fund II to back early-stage tech companies in Europe and Israel.
> Poland-based OTB raised a $100m fund to be invested in startups located in Central and Eastern Europe (CEE). Tickets of roughly $15m will be allocated to early-stage startups in sectors including cybersecurity, AI, fintech, IoT, robotics and SaaS.
> German Bitkraft Esports Ventures is about to close its second fund at $140m. The investment firm is exclusively focused on esports and video games.
And also…
> Isabelle Gallo is promoted Partner at Breega Capital and will be in charge of Fintech, Insurtech and Medtech portfolio companies.
> Astrid Fockens Lassagne and Laurence Zebus Jones joined IMPACT Partners as Partners.
🔥 Meanwhile in the East... (brief and short)
> Super-app Grab announced an impressive $856m funding round from strategic Japanese investors Mitsubishi (MUFG) and TIS INTEC at a $14bn valuation. The operation is disclosed in a context of rumors that the technology giant is in talks to merge with its Indonesian rival GoJek. The Information reported the two decacorns had been talking very seriously over the last couple of months but GoJek denied allegations.
> Alibaba’s research institute Damo Academy developed an AI-powered algorithm to detect Coronavirus infections in 20 seconds at 96% accuracy rate.
> It’s no fresh news that China is one step ahead in terms of facial recognition. CV is already used for many applications from people tracking in the street to payment authorization at cashier-less supermarkets to public transport users identification, etc. In these days of coronavirus outbreak, AI companies like SenseTime reworked their algorithms to automatically detect and identify maskless people in the street or entering a building. Ride-hailing Didi also implemented an algorithm run on in-car cameras to detect and suspend maskless drivers.
> Chinese smartphone maker Oppo announced its plan to develop its own mobile chipset to no more rely on external electronics companies. Apple, Samsung and Huawei already have their own chip technology.
🧮 By the numberz
> 7.3 hours: the average daily internet usage in China since the beginning of the Coronavirus outbreak. Highlighting the huge opportunities Coronavirus is offering to tech companies.
> €3.7m invested during the 1st season of QVEMA according to Eric Larchevêque, CEO of Ledger, early-stage investor and jury member.
💡 Essential content
> A comprehensive overview of the state of the micromobility battlefield in Europe from Sifted.
That's it for this issue.
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-See you in two weeks-
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Ghislain de Buchet

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