This Week In European Tech: SumUp Adds €590M, Personio Valuation Cheers, Visma Buys Teamleader & More

This week, our research team tracked More than 115 rounds of financing for a total of 3.2 billion eurosas well as close to 20 mergers, acquisitions, IPOs and SPACs through Europe.

As always, we’ll put them all together for you in a list that will be sent out in our digest newsletter next Monday (note: the full list is for paying customers only, and also comes in the form of a handy downloadable spreadsheet).

Below you will find an overview of the most important European tech news of the last few days (sign up for our free newsletter to receive this summary in your inbox).


>> Notable and large funding rounds

London-based payments company SumUp has raised €590 million in its latest funding round, giving it a total enterprise value of €8 billion. The round, which involved a combination of equity and debt, brings the total amount of equity raised to €1.5 billion.

UK online grocer Ocado has raised £578m from investors on the public markets to fund the development of its technology division, which licenses its automated warehouse technology to other brands.

StrideUp, the London-based digital home finance fintech, has completed a financing deal of up to £280 million to offer a new mortgage scheme for first-time buyers in the UK. StrideUp offers a new mortgage plan.

San Francisco-based venture fund Greenoaks Capital has led a new $200 million round for German-based human resources startup Personio, valuing the company at $8.5 billion.

Paris-based enterprise-grade platform for building, running and scaling web applications has raised $140 million in a Series D funding round.

Berlin-based ground transportation platform Omio has closed an $80 million funding round from some of the world’s leading technology and growth investors.

UK AI-based personal finance chatbot Cleo has reached a $500 million valuation thanks to an $80 million funding round, according to Sky News.


>> Featured acquisitions, mergers, initial public offerings and SPAC deals

Shares of Sweden’s Polestar made their public market debut under the symbol “PSNY” on Friday, making it the latest electric vehicle maker to go public through a merger with a SPAC. Polestar CEO Thomas Ingenlath said the company will use the roughly $850 million raised from the deal to fund its three-year plan to build new vehicles and eventually become profitable.

Entain has reached an agreement to acquire Dutch online sports betting and gaming operator BetEnt, trading as BetCity, from Sports Entertainment Media. Under the deal, Entain will pay an initial €300 million in cash upon completion, and the deal also includes deferred contingent consideration of up to €550 million.

UK-based genomics lab automation startup SPT Labtech has been acquired by EQT from Battery Ventures for £650m.

Echobot and Leadfeeder, European sales intelligence specialists, have merged and raised €180 million from Great Hill Partners.

Italian sports-oriented streaming technology provider Deltatre has announced an agreement to be sold to Bain Capital and Nextalia SGR. According to SportsPro, the deal is worth between $700 million and $900 million.

Norwegian SaaS company Visma, which offers a suite of accounting, payroll, HR, and accounting products. Keen Venture Partners and PMV.

SoftBank-backed temp platform Jobandtalent is set to acquire UK job search AI startup Jump for an undisclosed fee. The Spanish startup, which was founded in 2009, offers temporary job opportunities to users in areas such as storage and logistics.

Backed by Credit Agricole CIB and Deloitte, enterprise-grade blockchain payments and settlements provider SETL has been acquired by Turkish integrated fintech services platform Colendi.

Berlin-based product-to-consumer (P2C) software company Productsup has acquired World of Content.


>> Interesting investor moves

Robin and Saul Klein’s venture capital vehicles, LocalGlobe and Latitude, are now under a parent organization, called the Phoenix Court Group. Along with the rebranding (of sorts), the Group has announced a $500 million fund intended to support founders from pre-seed to an IPO and beyond.

Multinational bank HSBC has launched a £250m fund to invest in “high-growth, high-loss” technology expansions in the UK.

London has one (another) new climate tech venture capital firm in town, Kiko Ventures (previously known as Transition Ventures), which comes armed with $450 (£375) million. The fund aims to support climate technology startups across the board, from Seed and/or Series A/B, to an IPO.

Breega, the Parisian venture capital firm created by founders for founders, returns to the pitch with a new €250 million fund specifically earmarked to support approximately 20 founders in raising capital at Series A and above.

Proptech investor Concrete Ventures is seeking to raise €100 million to invest in seed and Series A proptech startups in Europe, the Middle East and Africa.

Helsinki and Stockholm-based venture capital fund Butterfly Ventures has announced the first closing of its €100 million seed capital fund at €47 million.

Prague-based Presto Ventures has announced the closing of its second fund for a whopping €30 million.

The Rocket Internet Global Founders Capital fund is shrinking.

London-based VC Octopus Ventures has launched its first £10m pre-seed fund to fill a growing gap in very early-stage funding for European founders.

Belgium-based Seeder Fund has unveiled its second investment fund with a target size of €30 million to support digital start-ups.

A look at Uipath’s new investment arm.

Italian banking group Sella has launched an acceleration program dedicated to finance-focused startups in the metaverse.

The European Investment Bank (EIB) and G+D Ventures, the venture capital arm of global security group G+D, are creating a €50 million co-investment platform.


>> In other (important) news

The head of WorldRemit, one of Britain’s most prominent fintechs, has resigned, reflecting diminishing near-term prospects for it to float at a billion-pound valuation.

The UK government has outlined its plan to tighten Buy Now Pay Later (BNPL) regulation in a move that will force suppliers to carry out credit checks and register with the Financial Conduct Authority.

Google has quietly withdrawn its appeal in France against a €500m antitrust fine imposed on it last summer for major breaches in the way it negotiated to pay local news publishers for displaying copyrighted content.

Berlin-based Raisin, which is among Europe’s fintech elite, has hired Goldman Sachs to help secure a new injection of capital, Sky News has learned.

Revolut has announced that it is entering the Buy Now, Pay Later (BNPL) space with the launch of what it calls a “responsible” pay later product.

In France (and beyond), many eyes are on Deezer, which is making another bid to go public (via SPAC). Or not. He has tried it before, and always backed down in the face of adverse market conditions.

Intel is seeking €593 million in interest from the European Commission after a record antitrust fine from 2009 was overturned earlier this year, according to a European General Court document published on Monday.

Another blow against the use of Google Analytics in Europe: the Italian data protection authority found that a local web publisher’s use of the popular analytics tool does not comply with EU data protection rules because user data is transferred to the US, a country that lacks an equivalent legal framework to protect information from access by US spies.

Alphabet reopened Google News in Spain on Wednesday, eight years after it shut down the service due to a Spanish rule that required the company and other news aggregators to pay publishers for using snippets of their news.


>> Recommended reading and listening

European Innovation Council delays are putting startups at risk

A look at venture capital payrolls in Germany: positive for women, less for climate fund employees

SumUp co-founder Marc-Alexander Christ on that €590 million funding round, its new valuation, and what’s next

How Serbia-based HTEC Group secured a $140 million investment from Brighton Park Capital

EU technology policy: a mid-term review

The incoming Czech presidency has shared a discussion paper with the other EU governments to collect their views on the definition of AI, high-risk systems, governance and national security.

Klarna and Barclays in dispute over buy now, pay later

Moldova: Europe’s hotspot for IT outsourcing

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