The new Fund will support the next generation of science-driven unicorns. Initial investment tickets range from €200,000 to €3 million, with the capacity for significant follow-on investments. 

The firm aims further to grow its presence in the Nordic and Baltic regions while being the go-to and long-term partner for early-stage university spinouts and startups. 

Since its foundation in 2019, Voima Ventures has established itself as a trusted partner for early-stage founders, leveraging deep expertise and networks within academia and industry to bridge the gap between research and commercial success. Over 70 per cent of its portfolio companies originate directly from university spin-offs or research ecosystems. The Firm was an early investor in success stories like Solar Foods, Dispelix, MVision, Betolar and EniferBio.

According to Inka Mero, Founder and Managing Partner of Voima Ventures, "In deeptech, pushing the boundaries of science-driven entrepreneurship isn’t just about innovation, it’s about delivering meaningful global impact alongside strong returns," said. 

"Our recent Impact Report highlights this commitment, showing that Voima Ventures Fund III achieves a net impact score of +48 per cent, compared to the average -8 per cent impact of US Fortune 500 companies.

This means that every Euro we invest creates significant positive change, driven by more sustainable practices and transformative technologies."

 Investors of the Voima Ventures Fund III include among others, European Investment Fund EIF, Finnish Tesi and its fund of funds KRR, VTT of Finland, Saminvest from Sweden, and pension funds Nordea Life and Elo, as well as established foundations, and family offices.

The fund will make 25-30 investments, having already completed 8 in startps such as ÄIO,  Liquid sun, and Avenue Biosciences.

Lead image: Voima Ventures Partners From Left to Right: Jussi Sainiemi, Jenny Engerfelt, Inka Mero, Pontus Stråhlman. Photo: uncredited. 

This wave of innovation is not only creating exciting new business opportunities but also offering more sustainable, healthy, and accessible food options for consumers across the globe.

Here are 10 food tech companies that raised the most in the first three quarters 2024. 

Mosa Meat is a food technology company pioneering a cleaner and kinder way of producing real beef through cultured meat technology. The company focuses on creating sustainable beef burgers by cultivating muscle and fat tissue from a small sample of cow cells, eliminating the need for traditional livestock farming. The mission of the company is to fundamentally reshape the global food system by rethinking meat production processes, aiming to make high-quality beef available worldwide without harming animals or the environment. In April, the company raised €40 million to help bring cultivated beef to consumers.

Heura Foods is a mission-driven company dedicated to revolutionizing the food system by developing 100% plant-based meat and fish alternatives. Their products are inspired by Mediterranean heritage, utilizing high-quality ingredients like olive oil to create sustainable, healthy, and flavorful options. The company emphasizes sustainability and nutrition, aiming to provide alternatives that are more nutritious and environmentally friendly compared to traditional meat. Heura's offerings include plant-based chicken, beef, and pork products, all designed to closely mimic the taste and texture of animal meat. In February, the company raised €40 million to pursue profitability, foster innovation, and expand its tech patent portfolio, addressing key consumer challenges on a global scale.

THIS is a UK-based company specializing in plant-based meat alternatives that closely replicate the taste and texture of traditional meat. The company aims to provide realistic meat substitutes for meat lovers seeking plant-based options. Their mission is to "force animals into retirement," promoting a shift away from animal farming. Since its launch, THIS has reportedly saved over a million animals. Their product range includes plant-based chicken and bacon alternatives, available in various supermarkets and food service outlets across the UK. The company recently raised €23.6 million to fuel growth in the UK by launching new product ranges aligned with consumer health trends and enhancing profitability in its core offerings.

MATR Foods specializes in creating innovative plant-based foods through traditional fungi fermentation. By combining Nordic organic vegetables, legumes, and grains—specifically oats, split peas, lupins, beetroot, and potatoes—with natural fungi spores, MATR crafts healthy, climate-friendly ingredients rich in umami flavour and a juicy, tender texture. The company's mission is to make planet-friendly eating accessible to all, supporting local farmers and reducing the environmental impact of food production. With their latest €20 million round from EIB, the company plans to expand production of its plant-based meat alternatives.

Vegetarian Express is a leading UK-based supplier specializing in plant-based and vegetarian ingredients for the foodservice industry. With a diverse product range that includes meat alternatives, dairy substitutes, grains, pulses, and a variety of herbs and spices, the company caters to the evolving needs of chefs and caterers seeking innovative and sustainable menu options. The company secured £15M earlier this year to expand into Ireland, improve operations, support its growing customer base, and enhance its digital services.

NOVAMEAT is a food technology startup specializing in the development of plant-based meat alternatives. Utilizing advanced 3D printing technology, the company creates sustainable meat substitutes designed to mimic the taste, texture, and appearance of whole muscle cuts, such as beef steaks. NOVAMEAT's innovative approach involves using plant-based ingredients like pea protein and beetroot juice to replicate the fibrous structure of animal meat. This technology enables the production of plant-based whole cuts at a rate of up to 500 kilograms per hour, contributing to a more sustainable and efficient food production system. In September, the company raised €17.4 million in an oversubscribed Series A round to drive growth and commercialize its plant-based meat products.

ProteinDistillery is a forward-thinking food technology company dedicated to revolutionizing the vegan protein market. The company specializes in creating customizable vegan proteins that can fully replace animal proteins in various food products, addressing a significant gap in the food industry where true vegan protein alternatives matching the functionality of animal proteins are lacking. ProteinDistillery's innovative approach involves using create healthy protein ingredients for meat alternatives, enabling customers to experience sustainable, animal-free food alternatives. The company is committed to leading the second wave of alternative protein products, aiming to elevate plant-based options to the same level as their animal counterparts in terms of taste, texture, and nutritional value. In March, the company raised €15 million.

Planet A Foods is a company pioneering sustainable food ingredients. They specialize in producing the world's first 100% cocoa-free chocolate using proprietary fermentation technology. This innovative approach allows them to recreate the flavours and fats of traditional chocolate without relying on limited resources like cocoa, aiming to reduce carbon emissions and deforestation associated with cocoa production. The company's mission is to develop food products decoupled from constrained land and labour resources, striving to produce food locally with minimal environmental impact. By utilizing fermentation, Planet A Foods can create ingredients sustainably, offering a more eco-friendly alternative to conventional chocolate. In February, the company secured $15.4 million in funding to boost production of eco-friendly cocoa alternatives.

GeoSalmo is a company specializing in land-based salmon farming. Leveraging Iceland's abundant natural resources, including geothermal and hydroelectric energy, GeoSalmo aims to produce high-quality salmon sustainably. The company is constructing a 24,000 metric ton hybrid flow-through land-based salmon farm, integrating an on-site smolt facility, grow-out, and processing plant to ensure full control over the production process. GeoSalmo's operations utilize geothermal and hydroelectric energy, aligning with the company's commitment to sustainability. The company secured €13.4 million in January, for the land-based salmon farming venture in Iceland.

Jow is a company that simplifies meal planning and grocery shopping by offering personalized recipes and automated shopping lists. Users input their household details, dietary preferences, and kitchen equipment, and Jow recommends tailored menus. The platform automatically adds the necessary ingredients to a shopping cart, which can be delivered to the user's home or picked up from a drive-through. By focusing on sustainability and innovation, Jow addresses global challenges such as food waste and environmental impact, offering consumers a convenient and eco-friendly solution for meal planning and grocery shopping. Earlier this year, the company attracted a $13 million investment for US expansion.

Launching a travel bank right before a global pandemic grounded planes and shuttered borders could have been the unluckiest start in fintech history. But for Raman Korneu, CEO of myTU, what began as a case of rotten timing turned into an opportunity to redefine Europe's digital banking sector.

Originally a travel-centric bank, myTU pivoted to become an AI-driven neobank, focusing on underbanked customers and catering to families and digital nomads alike.

By building a fully proprietary system and sidestepping the pitfalls that sank many “marketing-driven” fintechs, myTU found its stride, proving that the best ideas are often born from bad luck.

Originally launched as "Travel Union" in 2019 with a focus on travel and loyalty banking, myTU’s initial niche was hit hard by pandemic restrictions that halted travel worldwide. "With COVID-19, there was no interest in anything travel-related, making it difficult to gain investor attention,” Korneu explained. The team swiftly pivoted, rebranding as myTU and expanding their offerings to include family-oriented banking, starting with kid-friendly accounts and financial tools for parents.

MyTU’s customer base is largely comprised of underserved demographics that traditional banks tend to overlook. "We’re serving digital nomads, migrants, and other individuals needing flexible, secure financial tools," Korneu notes. Their diverse clientele includes holders of 120 different passports worldwide.

"A lot of neo-banks were ‘marketing projects,’ relying heavily on external tech stacks and licenses," Korneu remarked. MyTU focused on maintaining its own tech stack in order to be flexible and reduce dependencies.

The company remains focused on assuring secure, convenient transaction management to its customers and aims to expand to provide travel now pay later loans in future.

Arborea's Biosolar Leaf technology helps to cultivate microorganisms and other microscopic plants in a more cost-effective and in a carbon-negative manner, without the need for agricultural land or agriculture-deriving feedstock.

If successful, technologies such as this will reduce pressure on arable land whilst allowing cultivation to take place on diverse settings, including in urban surfaces.

Additionally, by capturing CO2 and using sunlight as an unlimited raw feedstock, the system effectively contributes to mitigating climate change, while releasing oxygen during the photosynthesis process. 

Stephan de Moraes, Managing General Partner at Indico Capital Partners, commented on the raise:

 "We believe that the investment in Arborea will have a transformative impact on the food industry, particularly in replacing animal protein. The Biosolar Leaf cultivation system from microalgae enables the production of a higher quantity of protein compared to any other food production method, including agriculture and animal production. This investment will be crucial in consolidating Arborea's position as a leader in creating innovative solutions for a more sustainable and resilient future."

The fund specialises in early-stage "high growth" startups with a portfolio that includes Volt, ContentCAl and Capdesk.

According to Fuel Ventures, these partnerships confirm that ‘the UK is becoming an increasingly attractive destination for Chinese investors’.

Fuel's founder Mark Pearson commented: “We’ve been working closely with our Chinese partners to direct investments into UK startups, focusing on exciting areas like fintech, AI, and SaaS. This growing UK-China partnership is part of a broader push for international collaboration as we see more cash directed from the US to the UK following Trump’s election. Together, we’re creating opportunities for startups and entrepreneurs in both countries, building a strong connection between their tech ecosystems."

“Strategic investors from China bring immense potential to unlock new opportunities for UK and European-founded tech companies, enabling them to enter and succeed in the vast Chinese market—one of the largest and most dynamic in the world. By fostering these relationships, Fuel Ventures positions itself as an attractive fund for entrepreneurs and founders with ambitions of achieving true global domination, offering access to both Western and Eastern markets and a pathway to long-term international success.”

Many AI products are being launched without adequate security assurances, leaving organisations vulnerable to risks such as LLM prompt injection and jailbreaks, which exploit the probabilistic and opaque nature of AI systems and only manifest at runtime. Securing these risks, unique to AI models and toolchains, requires a fundamentally new approach.

Spun out of Lancaster University, Mindgard’s Dynamic Application Security Testing for AI (DAST-AI) solution identifies and resolves AI-specific vulnerabilities that can only be detected during runtime. For organisations adopting AI or establishing guardrails, continuous security testing is essential for gaining risk visibility across the AI lifecycle. 

"All software has security risks, and AI is no exception,” said Dr Peter Garraghan, CEO of Mindgard and Professor at Lancaster University:

“The challenge is that the way these risks manifest within AI is fundamentally different from other software. 

Drawing on our 10 years of experience in AI security research, Mindgard was created to tackle this challenge. We’re proud to lead the charge toward creating a safer, more secure future for AI."

Mindgard’s solution integrates into existing automation, empowering security teams, developers, AI red teamers and pentesters to secure AI without disrupting established workflows.

406 Ventures led the funding, with participation from Atlantic Bridge, Willowtree Investments and existing investors IQ Capital and Lakestar. The new executives, Dave Ganly, a former Director of Product at Twilio, and Fergal Glynn, who most recently served as CMO at Next DLP (acquired by Fortinet), will play a critical role in the company’s product development and launch Mindgard’s expansion into the North American market with a leadership presence in Boston.

According to Greg Dracon, Partner at .406 Ventures, the rapid adoption of AI has introduced new and complex security risks that traditional tools cannot address:

“Mindgard’s approach, born out of the distinct challenges of securing AI, equips security teams and developers with the tools they need to deliver secure AI systems.”

Lead image: Mindguard. Photo: uncredited. 

CDP Venture Capital committed €44M as an anchor investor for the new fund, alongside De Nora as anchor investor and industrial partner with a commitment of €10 million and Bpifrance as institutional partner.

At the helm of 360 LIFE II will be partners Cesare Maifredi, Alexandre Mordacq, Alessandro Zaccaria and Thomas Nivard A2A, as anchor investor and industrial partner. Their investment strategy is to advance new technologies in the circular economy and energy transition. 

360 LIFE II aims to invest in pan-european Series A and B startups focused on three areas: energy transition (e.g. renewable energy, energy storage, hydrogen), circular economy (e.g. waste reduction, blue economy, natural resource protection) and urban sustainability (e.g. pollution reduction, net-zero solutions, smart infrastructure).

Cesare Maifredi, Partner at 360 Capital, commented: "Multidisciplinary deeptech startups offer the best chance to deliver truly transformative solutions to climate change. At 360, we’ve spent over a decade making bold investments in frontier technologies, never shying away from hardware or complex engineering challenges. We’re proud to back visionary founders leading the ecological transition through breakthrough innovations. Investing in these sectors requires solid expertise, which is why we collaborate with industrial partners like A2A and now De Nora. This new fund represents another opportunity to pair our pursuit of strong financial returns with a tangible commitment to building a sustainable and resilient future."

“With this initiative, A2A establishes itself as a leader in Italy in Corporate Venture Capital dedicated to climate tech. Our CVC program oversees approximately €80 million and six funds that have collectively invested in over 60 Italian and European startups,” added Renato Riservato, CEO of A2A.

“Innovation is essential for business growth, as highlighted in the recent report on the future of European competitiveness presented by Mario Draghi to the European Commission. For our Group, it serves as a strategic pillar across all our business areas, alongside decarbonization and energy autonomy. Our Industrial Plan extends to 2035, and to execute it effectively, we must continuously monitor and invest in emerging technologies. This new fund will provide further momentum for startups to develop projects that can make a tangible contribution to the ecological transition of the country—an effort that A2A is fully committed to supporting.”

360 Capital focuses mainly on the deeptech and climate tech domains. With a portfolio that includes high-growth companies like Exotec (France’s first industrial unicorn), Preligens (acquired by Safran), and Alsid (acquired by Tenable), the firm has completed 28 exits since 2018. 

Long annual holidays, away from your desk lunch breaks, and down tools at 6 pm — and god forbid you send an email after hours in France.

But in the fast-paced world of tech startups, the idea flies out the window. 

A survey by early-stage VC firm Antler of 63 startup founders reveals that a third of founders surveyed expect to take less than two days off during the holidays.

Whilst many founders (38 per cent) are planning to take a week off during the holidays, a third (32 per cent) expect to take only two days or less to ensure they can finalise funding rounds or continue growing their companies. 

One in ten are planning to take no time off at all and work through the festive season.

And why are they doing this? Despite Christmas having a reputation for being a quiet time for fundraising, many founders will continue negotiating rounds over the holiday season.

According to Jeroen van Velzen, Dutch serial entrepreneur building in stealth: 

“Signed a term sheet on Christmas eve. If you raise it's actually the perfect time. People are much more in closing mode at the end of the year.”

Alan Poensgen, Partner at Antler, admits that being a founder is hard work, and everyone needs to take a break during the festive season to decompress and reconnect with their loved ones. 

“However, whilst many VCs will also be taking a break, deals are still being made. 

Our founders show that Term Sheets will be signed as late as Christmas Eve. So whilst it doesn’t suit everyone, some will be securing multi-million Christmas presents this year.”

Dean Hastie, co-founder of German fintech, Tapline revealed: 

“December 2022: After weeks of intense negotiations and legal wrangling with multiple stakeholders, we closed and signed a €30M debt facility literally on Christmas Eve (14:19PM CET to be exact). An unforgettable—and stressful—period.”

It's not a unique experience. Cristiano Coretti, co-founder of Norwegian proptech startup, Laioutm, calls this time of year the lucky charm period, admitting, "our first fundraise was closed in the week before Christmas and signed after NYE.”

For Max Teichert, co-founder of British gaming startup Track Titan, it has been a consistent trend:“First signature for one of our rounds on 23 Dec, last on the 30th, so full closing over this period in 2022.”

But it's not for everyone. Mads Emil Dalsgaard, co-founder of Danish climate tech startup, Klimate shared his experience of closing their first funding round over the Christmas holidays:

“I was sitting in a kids room at my mother-in-law's house in Estonia. Would NOT recommend.”

According to Nish Agrawal, co-founder of German AI food waste startup, SkoneLabs: 

“We are experiencing that VCs and Angels are trying to rush everything before Christmas Eve. The Due Dilligence is much faster, calls are scheduled back to back.” 

Sounds like a definite improvement in German efficiency. 

Honestly, I’m of two minds. I’m not religious, and my family lives on the other side of the world, so the festive season is genuinely pretty quiet for my household, especially as most of our friends visit their families throughout Europe. Christmas is also not a holiday for our Turkish parent company Webrazzi — and a lot of other parts of the world. 

A lot of us without kids would rather choose to holiday at times less congested with merrymakers and well, hoards of kids on school holidays. But I want founders to be able to take a break. 

Us journos and those in startup land are already guilty of keeping one eye on our phone during social events. Doing it in a room full of relatives is the ultimate f-you to their festive season.

And, of course, what about Europe’s startup migrant founders whose connectivity is marred by long flights to the other side of the world to be with their families in other time zones? 

Burnout is a very real stress for those in startups as VCs are recognising. This year we saw Cherry Ventures introduce mandatory coaching for founders, connecting them with a supportive ecosystem of professionals. We also saw Balderton become the first VC firm to introduce parental support for founders. 

While those of us in tech may be less wedded to the festive season, what about our families? 

Besides, women founders and those working at VCs already carry a heavy load as a report in October by WVC:E showcased. They’re already taking calls from the maternity ward, do they now have to disrupt their kids' gift unwrapping to close a deal? 

And while calls from VC may be a very welcome distraction from your racist Uncle and your niece's thoughtfully gifted drum kit, most of our parents would love for us to not only be there but be present. 

The pressure to close deals over the holidays reveals a tension at the heart of the European tech scene: the desire for work-life balance clashing with the relentless demands of growth.

While some founders may seize the opportunity of a less congested business landscape during the holidays, the industry must be mindful of the potential for burnout and the unequal burden placed on certain groups. 

 In addition to this week's top financials, we've also indexed the most important/industry-related news items you need to know about.

If email is more your thing, you can always subscribe to our newsletter and receive a more robust version of this round-up delivered to your inbox.

We’ll be taking a break next Friday for the seasonal holidays, but stay tuned for our December and bumper (FREE!) annual report.

Either way, let's get you up to speed.

💸 Notable and big funding rounds

🇫🇮 Hostaway receives $365M strategic growth investment

🇸🇪 Gaming group Aonic surpasses €150M revenue in 2024 and expands with €152M investment

🇩🇪 Energy unicorn 1KOMMA5° secures €150M pre-IPO

🇫🇮 Oura, which develops smart rings, received $125M in investment

🇵🇹 Greenvolt completes €125M capital increase with KKR backing

🫱🏽‍🫲🏻 Noteworthy acquisitions and mergers

🇸🇪 Swedish sportstech Spiideo acquires Signality for a new era in sports analytics

🇩🇪 Cologne-based HR tech company talentsconnect is taking over Leverkusen-based startup PitchYou

🇬🇧 FIS set to buy Demica

🇳🇱 Amsterdam’s climate tech startup Skytree acquires Dutch-based ReCarbn

🚀 Interesting moves from investors

💸 Robin Capital closes Robin Fund One, building a Partner for founders from Zero to IPO

💰 Voima Ventures closes €100M+ Fund III for Nordic and Baltic deeptech startups

🌐 Hashgraph sets up $100 million Web3 venture fund

🗞️ In other (important) news

🤖 A16Z-backed 11x to launch 20 "digital workers" as hunts “killer engineering teams”

🇪🇺 The EU law strikes - gambling influencers are charged more

🇳🇱 Amsterdam’s marketing talent platform HelloMaaS to wind down operations despite being profitable

📡 Recommended reads and listens

🟢 baCta’s “Docker for cells” creates biosynthetic, carbon-negative rubber

🇪🇪 BoxBox: the Estonian startup turning spare space rental into a profitable digital business

🎓 Empowering learning: Transforming education with innovation

🛒 Privacy-first emotion AI: How Wayvee Analytics tracks customer engagement without creeping you out

💹 Ravineo is the next big thing in digital media analytics by serial entrepreneur Jan Rezab

🎤 Voicemod leads the charge in voice tech for gaming and streaming

🔭 European tech startups to watch

🇱🇺  El-Monde raises €192,500 seed funding to expand EV Charger sharing platform

🇱🇹  Freya Cultivation Systems secures €500,000 seed to boost greenhouse cultivation

🇹🇷 Hologram technology startup HoloxOne receives $250,000 investment from CBOT

🇪🇸 Kloutit raises €540,000 for AI-driven chargeback management

🇳🇱 GEHECO raises €350,000 in funding from UNIIQ

Founded in 2017 by Paolo Cuniberti, Italian startup Habacus acts as a bridge between students, educational institutions, financial operators, and companies, promoting personal and professional development pathways. 

Paolo Cuniberti, founder and CEO of Habacus, commented: 

"Our goal is to build an integrated ecosystem that supports students' growth, while strengthening the competitiveness and resilience of the national economic system."

P101 led the round, which also included CDP Venture Capital. 

"We are thrilled to support Habacus in this new phase of technological and commercial expansion," said Andrea Di Camillo, Managing Partner at P101.

 "Habacus is a pioneer in student financing in Italy—a sector with high social impact that remains underdeveloped compared to the US, UK, France, and Germany.

Investing in Habacus means supporting the development of this market, the edtech sector, and, most importantly, human capital and future talent potential. 

According to Caterina Siclari, Senior Partner and Head of the Startup Relaunch Fund at CDP Venture Capital:

"Making academic education more accessible and inclusive has a transformative impact on thousands of students' personal and professional development."

 The funding will enable Habacus to enhance its proprietary AI-driven technology and expand its service offering, allowing the company to scale its market reach—including new B2B opportunities.

Image: Freepik. 

According to Vakhtang Butskhrikidze, CEO of TBC Group:

“TBC Uzbekistan is now contributing 9 per cent of the Group’s net profit and 44 per cent of our unsecured consumer loans portfolio, its role within our Group is pivotal and it is set to increase.”

In 2024, TBC Uzbekistan significantly expanded its presence, reaching 17 million unique registered users as of September 2024. This means that over 40 per cent of Uzbekistan's population uses the ecosystem’s services, solidifying TBC Uzbekistan’s position as the leading digital banking ecosystem in Central Asia.

In addition to securing new equity funding, TBC UZ has also secured $105 million in wholesale financing over the course of 2024 as the digital bank continues to diversify its sources of funding. The digital bank’s loan portfolio has demonstrated strong growth, increasing by 99 per cent year-on-year in the first nine months of 2024 to reach $460 million.

Earöer this year, the company launched TBC Business – the country’s first fully digital banking service, catering to the country’s SMEs and individual entrepreneurs.

TBC Bank Uzbekistan also developed a proprietary speech tech stack and the deployment of AI-powered agents to handle payment reminder calls for customers with loans up to 30 days overdue. In the third quarter of 2024 they handled over 40 per cent of loans in early-stage delinquency, delivering efficiency gains while maintaining a human-like conversational experience that most customers couldn’t distinguish from real people. 

Additionally, TBC Uzbekistan entered into strategic partnerships with Visa and Mastercard, enabling the delivery of an expanded range of services and strengthening its ability to offer innovative and customer-centric financial solutions. 

 TBC Uzbekistan already has 17 million unique registered users and will leverage this new capital for further development as it continues to scale profitably and diversify its offering. 

Jan Rezab is a serial entrepreneur with over 20 years of experience in the tech industry. He is currently the CEO and Co-founder of Ravineo, a digital marketing analytics platform focused on making digital media safer and more transparent. 

Before Ravineo, Rezab founded and led several successful companies. His entrepreneurial journey began with the mobile entertainment and games company Redboss, which he founded at age 14 and led as CEO for 7 years.

He also founded the employee experience and engagement SaaS platform Time is Ltd. Still, he is probably most well known for Socialbaker which Rezab grew into one of the world's largest social media analytics companies. Under his leadership, Socialbakers secured $34 million in funding and acquired over 2,500 clients. It was sold to bEmplifi in 2021. 

Ravineo is engaged in various projects—both commercial and for NGOs—related to media research, transparency in digital media, and social media platforms. 

According to Rezab: 

"Social media has become less transparent than ever before. Regulations around spreading false information and fake content make it more important to understand digital media than ever before."

This is particularly crucial in the realm of advertising and marketing.

Rezab asserts:

"We wanted to revisit the space because everybody stopped innovating analytics around social media about four years ago. 

The best influencer analytics tools out there can track brand mentions, the number of follows, and the number of impressions that a piece of sponsored content received. But none of this really matters.

We want to bring in and build a new Nielsen 2 0 that creates and writes the book on standards in social media."

The opportunities around this are vast. Remember when Elon Musk brought X and he started manipulating the algorithms to ensure that his posts were visible to the most number of viewers? 

And then there's population profiling. I remember when I first saw Alexander Nym speak about his work at Cambridge Analytica a few years back at a conference in Ukraine.

He went into such great detail, displaying slides and metrics, about how his company was able to created targeting political campaigns,  that when the whole scandal involved the unauthorised collection and misuse of personal data from millions of Facebook users went public, I was surprised, assuming everyone knew about the practice. 

For Rezab, one of the key focus areas is social media influencers. He asserts, only 20 per cent of brands partnerships are publicly declared by the influencers.

Many existing influencer analytics tools are cumbersome, requiring significant time and effort to extract meaningful insights. 

"In contrast, we've developed the first plug-and-play influencer analytics solution. By simply uploading a list of influencers, brands and campaign managers gain immediate access to all necessary data. This system provides near real-time data, updating within hours."

Detecting the seemingly undetectable

Ravineo uses AI to detect these partnerships in videos, photos, and text.

Generative video AI analytics can process visual and audible mentions of brands frame by frame, but up until now has never really been used in media and content research.

For example, the AI can detect a brand's presence in a video and assign an "index of prominence." Simply wearing a Nike shirt might result in a low index, while actively displaying and discussing Nike products would yield a high index. This distinction is crucial for understanding the true impact of brand placements, especially in subtly paid partnerships.

This technology is particularly valuable for monitoring influencers, even those with whom brands have existing relationships. It helps ensure alignment with brand values and detects any potentially damaging behaviour. 

According to Rezab, 

"Two key questions drive influencer analysis: First, are the chosen influencers delivering the anticipated impact? This is typically measured using standard metrics like views and engagement. However, relying solely on these "vanity metrics" is insufficient." 

Savvy marketers also track sales through methods like test promotions with sign-ups or discounts. 

While ROI-driven campaigns shouldn't be the sole focus—as this can devalue influencers — a balanced approach is recommended. Depending on the influencer's size, a small portion (e.g., 10 per cent) of their activity should be dedicated to conversion-focused initiatives. This provides valuable data on ROI and helps establish a more accurate media value for influencer collaborations.

Given the constant evolution of influencer trends, continuous monitoring is essential.

Transparency in the rise of virtual AI influencers 

This is also important with the rise of the use of AI-generated social media influencers in marketing. One of the most popular is Lu do Magalu (@magazineluiza), the Brazillian creation of Frederico Trajano, the CEO of Magazine, whose reach includes 14 million followers on Facebook, 7.3 million followers on TikTok, 7.1 million followers on Instagram.

She even partnered with Intel  and Microsoft.

 

 

 

 

 

View this post on Instagram

 

 

 

 

 

 

 

 

 

 

 

A post shared by Lu do Magalu 💙 (@magazineluiza)

Fellow contemporaries have partnered in campaigns with brands including Ikea, and H&M.

A cheaper option than human influencers, AI influencers can offer global appeal, transcending language barriers. An AI influence can be programmed to produce content tailored to specific audiences, demographics, and interests, increasing their relevance and engagement.

While most of us can identify an AI-generated influencer— especially those that are closer to resembling avatars than videos — it's certainly not  a universal reality with the rise of deepfake videos and images.  

According to Rezzab, the public's perception of AI influencers is complex. 

"Some view them with scepticism and scrutiny, while others accept them without much thought. This acceptance is likely due to the shift in social media usage, where people now spend significantly more time engaging with strangers and celebrities than with their own social circles."

This normalisation of interacting with unfamiliar figures, coupled with the content strategies employed to game social media algorithms, may lead people to view AI influencers as a form of entertainment, similar to reality TV.

For example, Mr Beast, known for his outlandish stunts, launched a chocolate bar last year that quickly captured 20 per cent of Hershey's market share — a testament to the power of influencer marketing. This demonstrates a shift in how brands view influencers.

Previously seen as campaign tools, influencers are now capable of building entire private labels, as seen with Dwayne "The Rock" Johnson's partnership with Under Armour.

But at the other end of the spectrum, nefarious campaigns can use AI-generated content without proper disclosure, reporting fake news as real. An influence can purchase fake followers, inflate its user follower counts and engagement rates, deceive brands, and skew campaign performance metrics. 

As a company, Raveno plans to enhance its software and offer it to non-profits, researchers, and journalists to study the impact of social media. 

Rezab asserts: 

"That's always been my dream at Socialbakers, to build a platform that can guard the system a little bit. But previously, you would have needed thousands of researchers and journalists to not only do the work but build it. AI makes it possible.""

Ultimately, while there's plenty to be cautious about when it comes to social media challenges, Rezab believes that "to address the problem, we start with really understanding the ecosystem."

1KOMMA5° is the operator of virtual powerplant, Heartbeat AI.

European grids have been increasingly stressed by ever more renewable electricity production, with wind and solar capacities reaching new records. 

Heartbeat AI purchases electricity at the spot market when prices are lowest and sells excess electricity back to the grid when prices are highest. Low prices automatically correlate with lower CO2 emissions. Simultaneously, Heartbeat AI helps stabilise the grid. Instead of charging margins on electricity, 1KOMMA5° charges a flat software fee to its customers and enables real-time individual electricity prices instead of conventional fixed tariffs. 

Less than 4 years after its foundation, the latest round marks an important milestone towards an IPO. 1KOMMA5° continues its efforts to allow customers to become shareholders while setting out to shape a European “New Energy” household brand. 

The company has made numerous acquisitions, including Arkana Energy, Solaray Energy, ZEWO Energy, and Zonduurzaam.

The round was co-led by G2 Venture Partners, followed by 2150, Norrsken, Hamilton Lane, b2venture, Eurazeo, and eCAPITAL, which participated alongside additional existing shareholders. The largest investor and new shareholder in the round is US pension fund CalSTRS. 

According to Micha Grüber, CFO and co-founder of 1KOMMA5°: 

“Less than 4 years after our foundation, this round is the next building block on our way to the capital market and a huge success for the entire team, especially in the current market environment.” 

With the new funding, 1KOMMA5° plans to accelerate its growth and roll out Heartbeat AI across Europe and Australia.

Lead image: 1KOMMA5° Heartbeat AI virtual powerplant.

Established in 2024, El-Monde has developed a platform enabling private EV charger owners to share and earn money from visiting drivers. 

By providing added point-to-point convenience for millions more EV drivers who can now charge away from home while they play (i.e., golfers/skiers, tennis), vacation (Airbnb) or workout (fitness centre). 

Concurrently, El-Monde has built a convenient turnkey business model that expands the revenue opportunity to thousands of small businesses previously left out of the EV “gravy train”. 

El-Monde provides real-time information on available EV charging stations and plans to provide a complete installation service and revenue monitor for small businesses that wish to offer away-from-home charging. 

The company already has over three thousand private EV charger hosts on its platform across the US, Europe, and India. 

Founded by ex-Amazon execs Romit Choudhury and Philip Carls, the startup has completed a quick and successful “family and friends” pre-seed round “of $200k to develop an app and holistic ecosystem for drivers of both Tesla and non-Tesla electric vehicles and the charger hosts who service them.

According to Choudhury: 

“We felt the time was right with total EV cars in the US alone now exceeding over 6 million vehicles and with an annual share of the plug-in car market approaching 10 per cent..

At its core, El-Monde is a convenient network facilitator for the EV ecosystem, offering added convenience and revenue sharing. Even with limited funding, we are experiencing explosive growth.”

El-Monde has its sights set on destination stops in the hospitality and entertainment industries, including golf courses, ski resorts and Airbnb hosts and guests as primary customers. 

Lead image: El-Mode. Photo: uncredited. 

11x was founded in London in 2022 but relocated to San Francisco’s Bay Area earlier this year, amid investor demand for the move as well as proximity to talent and the big AI frontier players.

The startup, which has bagged around $76m of investment, is backed by Andreessen Horowitz, Benchmark, 20VC, and Lux Capital.

Earlier this year, it secured $50m in a Series B funding, led by Andreessen Horowitz, valuing it at around $320m.

11x’s agents, or what 11x calls "digital workers", are designed to replace or enhance human sales reps, or sales development representatives (SDRs) as they are formally called, which are mainly tasked with generating sales leads.

11x has two digital workers, Alice, who handles sales lead-generation, research and customer outreach and Jordan, a voice-enabled agent who speaks over 30 languages and handles inbound and outbound calls.

In January, 11x will unveil Alice 2.0, a souped-up version of its flagship AI agent, according to its head of growth Keith Fearon, and is planning to launch up to 20 different agents next year.

Fearon says:

"We have rebuilt our core product Alice from scratch. When we built Alice a year and a half ago, the technology was so much more limited with what you can do with agentic stuff.”

Alice 2.0 is built on top of LLMs from the likes of OpenAI and Anthropic, and others.

Describing Alice 2.0, Fearon says it will be a “totally autonomous, self-learning AI agent”.

He said:

"It’s going to be an overachiever on the team. It is going to start teaching you about your own business. For example, what messaging is resonating with what different personas.”

For instance, Alice 2.0 will now have the facility to reconnect with a sales lead at a rearranged time, after the lead was unavailable the first time around.

The rebuild means there will also be a Jordan 2.0.

Furthermore, Fearon says: "We are trying to launch at least eight workers, upwards of 20 if we get it right."

The new agents will run across areas including revenue operations, sales enablement, customer success, solution engineering and marketing.

11x competes against the likes of Salesforce and startups like Artisan.

11x, which still has a London office, now has a staff headcount of around 50, having grown by 4x in the past three months, primarily recruiting engineers.

11x recently acquired Y Combinator-backed voice AI startup Opkit, which was essentially an acqui-hire, meaning it was purchased for human talent.

On further acquisitions, Fearon says:

“The biggest thing we are looking for is killer engineering teams ideally in the AI space.

“Forget about revenues, forget about numbers, if they are a killer engineering team and they do AI we want you."

IMAGE: PIXABAY

Robin Capital empowers B2B SaaS startups that solve meaningful problems across Europe. With a particular focus on the DACH region, the fund invests in pre-eminent Pre-Seed and Seed companies in mid-market and Enterprise Go-to-Market.

Founded in December 2022 by Robin Haak, Robin Capital is the culmination of nearly 15 years of experience as an investor and founder. Reflecting on this milestone, Haak shared:

"Robin Capital is the product of my journey and a response to what I needed most throughout my career – a partner to guide founders from zero to IPO. This fund reflects that mission: supporting founders with expertise, networks, and authentic partnership."

Robin Capital’s inaugural fund, Robin Fund One, is vertical-agnostic, spanning various industries, including HR, AI, Fintech, Climate, DevOps, Robotics, and Industrial Tech.

The fund also boasts a robust base of 70 Limited Partners, 95 per cent seasoned professionals. Robin Capital also leverages a network of almost 100 operators, including VPs and C-suite executives from leading technology companies.

Aonic is a growing group of multiplatform game studios and adjacent service providers, empowering founders and their teams to supercharge their specialisms while unlocking cross-team synergies.

Since its formation in 2021, Aonic has grown to 12 companies operating globally in game development, publishing and related services. These include Exmox, one of the fastest growing mobile user acquisition platforms, OtherSide Entertainment, the studio headed up by industry legends including Warren Spector, and Megabit Publishing. OtherSide and Megabit recently combined to announce Thick As Thieves at The Game Awards. 

Other teams in Aonic’s diversified group include leaders in mobile game development (Red Games Co., TutoTOONS), mobile tech (Exmox, Gravite) and VR (nDreams).  

Despite a turbulent period for the games industry, also impacting Aonic, the group's overall revenues have increased 73 per cent over the past year. In 2024, the company's revenue surpassed €150 million. 

In terms of its latest funding, €100 million comes from Metric Capital Partners. Aonic’s major shareholder Active Ownership contributed additional capital to Aonic’s equity by converting its €52m shareholder loan.

This investment will fund further M&A and support for ongoing developments across the group.

Lead image: Aonic.

Founded in 2021 by two former Airbus managers, Ivor van Dartel and Dr Sebastian Seemann, VÆRIDION is on a mission to make affordable, zero-emission regional flights an everyday reality.

Its patented prototype Microliner will start as a nine-seater aircraft, with plans to scale the technology to offer pan-European flights. 

The Microliner is a fixed-wing aircraft with advanced battery-wing integration and multi-engine single-propeller configuration, all designed for maximum safety and efficiency. It emits less noise than conventional aircraft, making it well-suited to smaller airfields and easy to roll out in underserved areas. 

Delivered at scale, it would help drive economic growth and accessibility.  Europe is currently nowhere near reaching its sustainable aviation goals, and the Microliner presents a long-term solution.

The Microliner has a nominal range of 400 km plus IFR reserves, has already passed initial functional and validation tests, and has prototype flights set to take off in 2027. Its on track to deliver affordable regional flights in Europe by 2030.

Further, ÆRIDION recently became the first-ever General Aviation manufacturer to complete a Pre-Application Contract with the European Union Aviation Safety Agency (EASA). The company is now advancing along a predefined certification roadmap in close cooperation with the regulator, well in advance of applying for Type Certification (TC). This setup makes VÆRIDION’s entire certification process more seamless and secure — a major advantage in the sector.

VÆRIDION has already signed its first customers in Denmark (Copenhagen AirTaxi and Copenhagen Helicopter), Benelux (ASL Group) and Germany (Aero-Dienst).

The Microliner will initially serve business passengers before expanding into consumer travel. It already wields a world-class team made up of 38 aerospace, software and automotive experts, and partnerships with institutions including TU Munich and Bauhaus Luftfahrt e.V. 

In 2024, VÆRIDION also opened a state-of-the-art battery development facility at the Bosch Collaboration Campus and launched a Dutch subsidiary, which will allow VÆRIDION to leverage the innovation ecosystem surrounding TU Delft and accelerate the journey to commercialisation. VÆRIDION is also exploring applications for the aircraft in air ambulance services in collaboration with Aero-Dienst, which operates a fleet on behalf of ADAC.

According to co-founder and CEO of VÆRIDION, Ivor van Dartel, the funding will significantly accelerate development efforts, paving the way for certification-conforming prototype flights to take off in 2027, followed by a first commercial flight by 2030:

Our partnerships and market-focused strategy reflect our commitment to not only decarbonising short-haul flights across Europe but also to setting a new standard for sustainable and energy-efficient aviation at a competitive price point.”

World Fund led the funding with participation from Project A Ventures, Vsquared    Ventures, Andreas Kupke, Schwarz Holding, and InnovationQuarter.

Daria Saharova, General Partner at World Fund, said:

“Aviation demand is expected to more than double by 2040, so we urgently need to decarbonise this sector. VÆRIDION has unique technology, a world-class team, and the support to power the future of aviation.”

Uwe Horstmann, General Partner at Project A Ventures, commented: 

"By fostering homegrown electric aviation capabilities, we ensure Europe remains at the forefront of green technology, reduces reliance on external powers, and creates a competitive edge in the global aviation market.

This is not merely an investment in a company but in the future of Europe's strategic autonomy."

The founders will use their Series A capital, in addition to research funding secured from Bavarian and German administrations, to make key hires and expand commercially.  Current cost trajectories indicate that flights will be available for the price of a first-class high-speed rail ticket at commercial launch.

Lead image: VÆRIDION. Photo: uncredited.

Given these impacts, edtech companies are pivotal to Europe’s tech ecosystem. They drive innovation in education and workforce development while shaping the future of learning.

Here are ten edtech companies that raised the most in the first three quarters of 2024. 

Zen is revolutionizing education recruitment, empowering schools to optimize resources and prioritize children’s success. Their platform connects schools with a pool of fully vetted, Level 2 Safeguarding-trained teachers and teaching assistants, ensuring quality and safety in every classroom. Schools can instantly book high-caliber supply staff through our user-friendly online platform, backed by a dedicated School Success Team for continuous support. In May, the company raised $37 million in a Series B funding round to scale its new school workforce management software. This includes SaaS solutions for credentialing, compliance, and absence management.

Praktika is a cutting-edge language learning app revolutionizing the way people learn with AI-powered avatars that deliver a personalized "private tutor" experience. Learners can practice with virtual tutors offering diverse accents, including American, British, Asian, and Indian, ensuring an immersive and tailored experience. The company collected $35.5 million in Series A earlier this year.

Yoto is a company that makes audio players for children, designed with Montessori principles. The company created a Yoto Player, an innovative audio device designed for children aged 3 to 12. Built for safe, screen-free entertainment, the Yoto Player features Bluetooth connectivity, a slot for audio cards, and a colourful pixel display. It plays stories, podcasts, music, and more without the distractions of cameras, microphones, or ads. In their latest round, the company received $23 million.

Sdui is revolutionizing education with a comprehensive operating system designed for modern and digital learning. Their platform simplifies communication and organization in schools and daycare centres through GDPR-compliant tools that seamlessly connect teachers, parents, and students. Key features like chat, video conferencing, cloud storage, timetables, and automatic translations create a robust infrastructure for personalized and accessible learning. Driven by a vision of a world where technology unlocks the best possible education for everyone, Sdui empowers communities to transform education for a better tomorrow. In July, the company received €21 million in funding.

Futura is a company that leverages AI to make high-quality education accessible to everyone. Their platform personalizes learning by analyzing students' past performance and focusing on areas that need improvement, optimizing both study time and test scores. Using a data-driven approach and adaptive modular classes, Futura replicates the experience of a skilled private tutor. Futura secured €14 million in Series A funding, which will be used to enhance its AI and technology, expand into new business areas, and grow its team across Europe, with a strong focus on international hires.

Northcoders is an independent provider of software coding training and development solutions. Catering to both individuals and businesses, its offerings include bootcamp training courses, government-funded apprenticeships, custom training programs, and software development services. In January, the company secured £11 million in funding, which will be used to expand its bootcamp courses in software development, data engineering, and cloud engineering.

CampusAI is an innovative platform designed to elevate education and collaboration in the field of AI. It caters to both beginners eager to explore the world of AI and advanced users seeking collaboration opportunities within the local innovation ecosystem. By consolidating resources into a single online platform and virtual environment, CampusAI enables users to understand and apply AI in practical ways, fostering a deeper connection with the technology. CampusAI raised €9.2 million in pre-seed funding to expand its online training ecosystem, enter up to 10 new markets, and teach 200,000 new users how to collaborate more effectively with artificial intelligence.

Tiney is a company that is transforming early years education by providing flexible, high-quality childcare through a network of professional childminders. Founded in 2019, Tiney addresses the childcare crisis in the UK by offering accessible, first-class education for children and creating career opportunities for childminders. With over 1,500 childminder homes nationwide, Tiney is committed to improving education and social impact, aligning with global goals for quality education by 2030. The company aims to support families and communities through its growing network of educators. A few months ago, the company raised €8.3 million in Series A funding to address the decline in the number of childminders, aiming to reverse the trend and improve access to high-quality childcare.

Doinstruct is a company focused on democratizing learning and skill development for frontline workers. Founded in 2021, it offers a low-threshold, multilingual mobile training solution that enables companies to train employees and service providers anytime, anywhere. With a focus on honesty, transparency, and ownership, Doinstruct has gained traction with businesses in food production, construction, and other industries, helping them improve training efficiency and reduce costs. The platform is designed to have a real impact by enhancing workforce skills in a practical, accessible way. In July, the company raised €7.6 million to continue scaling its product and team.

Nearby Computing is a Barcelona-based company, focused on enhancing the edge computing ecosystem. The company provide innovative solutions to optimize network intelligence, aiming to make the ecosystem more agile, open, and connected. Their platform, NearbyOne, offers orchestration services for telcos and enterprises, enabling flexible, software-defined solutions for IoT and 5G applications. With a strong commitment to excellence, reliability, and client collaboration, Nearby Computing is shaping the future of edge computing technology. In July, the company closed a Series A financing round of €6.5 million with the aim of boosting its expansion in the market.