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February was a greater month for Europe’s early-stage startups than January.
VCs invested €474m unfold throughout 336 pre-seed and seed rounds final month — in comparison with the €418m raised by startups in January, based on Dealroom information.
February’s funding was up 12% on February 2023, when buyers dished out €423m to 273 seed and pre-seed startups. It’s value noting that, due to a reporting lag, this yr’s numbers are prone to climb a bit additional.
UK regained the seed crown in Europe for early-stage raises and France adopted in second. Germany made it to the third spot — our normal prime 3.
British seed-stage startups pulled in €136m from VCs in February, up from the €77m raised in January, whereas French startups noticed an influx of €72m, up from January’s €30m. German startups raised €53m, down from January’s €87m.
Sector-wise, healthtech remained on prime for funding with €137m raised, whereas enterprise software program startups adopted in second with €49m value of offers. Third spot went to fintech startups, which pulled in €48m.
Listed here are 12 seed rounds that caught Sifted’s eye.
Healthtech
AI fashions and co-pilots in well being are gaining prominence. Paris-based biotech Bioptimus, bagged February’s largest spherical of €31.8m from Headline, Hummingbird Ventures, Bpifrance, Sofinnova Companions, amongst others. Bioptimus is constructing what it calls the primary common AI basis mannequin in biology, to propel progress in biomedical innovation. UK primarily based Tortus, a startup which has constructed an AI co-pilot for medical doctors, bagged $4.2m from Khosla Ventures and Entrepreneur First.
Copenhagen-based Orbis Medicines, a startup centered on drug discovery for orally taken medication, bagged February’s second-largest deal: €26m from Forbion Capital Companions and Novo Holdings.
British startup Isomab, which is growing antibody therapies for severe and life-threatening illnesses with an preliminary give attention to peripheral ischaemia, raised £7.5m from Broadview Ventures, with extra help from SCVC and MEIF Proof of Idea & Early Stage Fund.
Local weather tech
It wasn’t a boring month for everybody’s favourite local weather tech and there have been a handful of offers that caught our consideration.
Fever Power, a Sweden-based vitality administration platform, raised €10m from Common Catalyst Companions, La Famiglia and Norrsken VC. The startup has constructed an API software program platform to empower vitality asset installers and operators to run and monetize their very own digital energy vegetation.
Germany-based Cyclize in the meantime bagged a €5m spherical led by UVC Companions, with participation from Excessive-Tech Gründerfonds (HTGF), Aurum Impression and UnternehmerTUM Funding for Innovators. The startup makes use of plasma expertise to show plastic waste into industrial chemical compounds used to create new merchandise.
Cambridge-based Monumo raised £10.5m from LQD VC and angels. The startup’s patented expertise is used within the redesign of electrical motors, initially focusing on EVs. Paris-based Guided Power, which has developed an EV fleet administration optimisation answer, raised $5.2m in a spherical co-led by Sequoia and Dynamo Ventures, with participation from varied angels.
Fintech
Is Fintech again? Some attention-grabbing offers caught our eye final month.
There was a $9m deal for UK-based Circulate, a startup establishing a market connecting entrepreneurs with finance consultants. Blumberg Capital spearheaded the funding spherical, accompanied by a consortium of buyers together with Parade Ventures, Differential Ventures, Precursor Ventures, Particular Ventures, 14 Peaks Capital, and Cooley LLP.
Berlin-based Monite, an embedded invoicing and payables automation startup, bagged €5.6m in a spherical led by Valar Ventures and Third Prime Capital.
Regtech and Cybersecurity
February was an excellent month for Danish startups as Copenhagen-based Spektr, which has developed a no-code platform for superior automation for compliance groups, collected €5m from buyers Northzone, Seedcamp and PreSeed Ventures.
Manchester-based ESProfiler, in the meantime, bagged a €3.2m spherical led by Nauta Capital. The startup has constructed a platform that’s serving to corporations optimise their cybersecurity spending by working a steady evaluation of safety instruments and their efficiency.
Seed rounds of 2024
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