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German fintech Payrails has brought in a $14.4 million funding extension. The startup has raised the fresh funds from EQT Ventures and General Catalyst. German fintech startup Payrails has raised $14.4 million in a funding extension from EQT Ventures and General Catalyst, the company said on Tuesday. The fresh funds come from EQT Ventures and General Catalyst, confirming previous Insider reportingVC giant Andreessen Horowitz and German investor HV Capital funded a $6.4 million seed round in 2021. "We've grown and now have large enterprises using the product so the fundraising is a decision to help us accelerate our product roadmap."
Persons: Payrails, Catalyst, Andreessen Horowitz, Orkhan, Emre Talay, Nicolas Thouzeau, we've Organizations: EQT Ventures, Capital
Cross-border payments startup Keeta has raised $17 million in fresh funds. The seed round was backed by an array of investors including ex-Google CEO Eric Schmidt. Cross-border payments startup Keeta has raised $17 million in a seed funding round backed by an array of investors including former Google CEO Eric Schmidt. We want to make it just as easy for a manufacturer in Indiana to send $200,000 to a vendor in Germany," Keeta CEO and founder Ty Schenk told Insider. The company's $17 million in funding partially comes from former Google CEO Schmidt alongside other, unnamed investors.
Persons: Eric Schmidt, Ty Schenk, Wise, Schmidt, Schenk, We've Organizations: European Union Locations: The California, Indiana, Germany, Canada, Mexico, Brazil, United Kingdom
Venture capital firm Sequoia has hired a sixth partner for its London office, Insider understands. Venture capital firm Sequoia has bolstered its presence in Europe with the hire of its sixth partner in London, Insider understands. "Since Julien joined us as an associate five years ago, he's become a valued member of our London team," Accel partner Sonali De Rycker said. Sequoia will expand in Europe despite a broader contraction in venture capital funding to European startups. Sequoia has closed 21 deals in Europe in the three years since it opened in London, Crunchbase data shows.
Persons: Julien Bek, Accel's Luciana Lixandru, Sequoia's Lixandru, Bek, Julien, he's, Sonali De Rycker, Slay, Matt Miller, George Robson, Anas Organizations: Sequoia, . Venture, Apple, Accel, London, Investment, Investments, Trade Republic, Global Founders Capital, Revolut Locations: Sequoia, Europe, London, California, China, India, Southeast Asia, Geneva, Switzerland, Lixandru
Insurance tech in Europe had its second-best-ever year in 2022, raising $2.2 billion, per Dealroom. The age-old insurance industry has long been battling upstarts promising to upend the sector. The first wave of insurance tech startups birthed a bevy of now-public companies like Lemonade, Metromile, Hippo, and Root, many of whom are now struggling to justify valuations in the wake of creeping losses. Insider asked Europe's venture capitalists to pick out some of the insurance tech startups they expected to thrive in 2023. Here are 19 European insurance tech startups to watch in 2023:This article was originally published on May 23 and most recently updated on June 5.
Persons: upstarts, Root Organizations: Insurance, Venture Locations: Europe
The Burroughs-Edison-Ford party is ferried across the Jackson River in Virginia in 1918. Photo: Benson Ford Research Center‘The trouble with driving,” observed nature writer John Burroughs, “is you have to keep your eyes glued to the road all the while.” He had been skeptical of those new machines, their propensity to fill “the land with noise and hurry.” But things changed when in January 1913 he received a free, brand-new Model T from none other than Henry Ford himself. Yanked out of the 19th century right into Ford’s modern mobile utopia, Burroughs was soon zooming around as if he’d been doing nothing else his whole life.
Persons: Benson, John Burroughs, , Henry Ford, Yanked, Burroughs, he’d Organizations: Burroughs, Edison, Benson Ford Research Center Locations: Jackson, Virginia
Vartana, a B2B sales and financing platform, has raised $20 million in Series B funding. The deal comes months after the company's $12 million Series A round in January. Vartana, a B2B sales and financing platform, has raised $20 million in a Series B round led by US investor Activant Capital. The funding round comes only a few months after its $12 million Series A round in January. Check out Vartana's Series B pitch deck below:
Persons: We've, Mayfield, Kella Organizations: Activant Capital, Motive, Activant Locations: San Francisco
Hyro, an AI tool for enterprise users, has raised $20 million in fresh funding. Founded in 2018 and launched in 2020, Hyro works with healthcare providers to replace chatbots. The company has raised new money from Macquarie Capital amid a boom in AI interest. Hyro, a conversational AI startup for enterprises, has raised $20 million in new funding. Founded in 2018, Hyro is a plug-and-play AI startup that provides conversational AI tools to sectors such as healthcare.
Persons: ChatGPT, Israel Krush, GPT, Krush Organizations: Macquarie Capital, Investors, Liberty Mutual Strategic Ventures, Black Opal Ventures, Hanaco Ventures, Spero Ventures, Ventures Locations: New York
London-based fintech bank Monzo more than doubled its revenue last year, results show. The company, founded in 2015, also narrowed losses marginally to £116.3 million ($143.4 million). British fintech bank Monzo more than doubled its revenue last year and marginally narrowed losses to £116.3 million ($143.4 million), according to results published on Wednesday. Monzo, famous for its bright coral pink debit cards, added another 1.6 million customers with the bank now servicing around 7.4 million users. The company's results come after fellow London-based fintech bank Starling, announced a pre-tax profit of £195 million ($241 million).
Persons: Anil, Monzo, Starling, Y Combinator, Tom Blomfield, Combinator Organizations: Catalyst, Abu Dhabi Growth Fund Locations: British, London, Abu Dhabi
Togather, a London-based events tech startup, has raised $8.5 million in new funding. Check out the 18-slide pitch deck it used to raise the fresh funds below. A startup that handles the "unsexy parts" of event management has raised $8.5 million in fresh funding. London-based Togather, previously known as Feast It, has built an events marketplace that connects suppliers and organizers in one place. Togather's funding was led by VC firm Untitled, alongside Material Ventures, Best Nights VC, and Fuel Ventures.
Persons: Togather, Digby Vollrath, Vollrath Organizations: Material Ventures, Fuel Ventures Locations: London
Representative Ann Johnson, a Democrat and former prosecutor, laid into Mr. Paxton from the floor on Saturday, saying he had broken laws that could lead to jail time. She also described what she said were senior members of Mr. Paxton’s staff whose integrity had compelled them to speak up about his behavior. She said one employee observed Mr. Paxton requesting expensive renovations to his home that would be taken care of by his friend and donor. When he continued to be paid by Mr. Paxton, she said, the man returned the money to Mr. Paxton’s campaign. After the impeachment vote, Mr. Trump personally vilified Mr. Phelan.
Follow our live updates for Texas Attorney General Ken Paxton’s impeachment proceedings. The Republican-dominated Texas House has scheduled a vote on the impeachment of the state’s Republican attorney general, Ken Paxton, for Saturday at 1 p.m. In February, Mr. Paxton agreed to pay $3.3 million in a settlement with the four former senior aides. Many of the investigators’ findings about Mr. Paxton were already known publicly, from the allegations made in the aides’ lawsuit. In 2015, his first year in that office, Mr. Paxton was charged with felonies related to securities fraud and booked in a county jail outside Dallas.
Follow our live updates for Texas Attorney General Ken Paxton’s impeachment proceedings. The Republican-dominated Texas House has scheduled a vote on the impeachment of the state’s Republican attorney general, Ken Paxton, for Saturday at 1 p.m. In February, Mr. Paxton agreed to pay $3.3 million in a settlement with the four former senior aides. Many of the investigators’ findings about Mr. Paxton were already known publicly, from the allegations made in the aides’ lawsuit. In 2015, his first year in that office, Mr. Paxton was charged with felonies related to securities fraud and booked in a county jail outside Dallas.
Tech workers in Europe enjoyed a golden period of inflated salaries during the pandemic. One CEO told Insider that he now feels some staffers aren't "worth" the pandemic price tag. That didn't just apply to good engineers, always gold dust, but to good HR staff, marketers, and other less technical roles. Few CEOs will say this aloud, but this attitude has clearly manifested in widespread, global layoffs across the tech industry. Pay for tech workers in Europe in general rose significantly during COVID-19 with salaries increasing by around 50% between 2018 and 2021, according to data from Advanced HR, cited by Sifted.
British digital identity startup Onfido has made its second acquisition. The TPG Growth-backed firm has purchased US counterpart Airside for an undisclosed sum. British digital identity company Onfido has made its second acquisition to date, snapping up US counterpart Airside for an undisclosed fee. Onfido boss Tuchen said Airside solved a "critical problem" that will change how people prove their identities. "To date, digital identity has evolved by digitizing the process of identity verification in the physical world," he said.
German insurance tech startup Wefox has raised $110 million in a mix of debt and equity. Wefox, which counts Target Global and Mubadala among its backers, has kept its $4.5 billion valuation. Half of the fresh funds come in the form of debt funding from Barclays and JPMorgan. Wefox, an insurance tech startup backed by the likes of Target Global and Mubadala, has raised $110 million in a mix of debt and equity funding as it pushes to become a profitable business. The remaining $55 million is made up of debt funding from Barclays and JPMorgan.
The Helsinki-based firm helps large multinationals automate and digitize their transfer pricing. Check out the 10-slide pitch deck it used to raise the round co-led by DN Capital and FPV Ventures. Aibidia, a fintech that helps multinational giants pay taxes globally, has raised $14.2 million in funding. Multinationals use transfer pricing to manage their tax exposures by moving transactions between subsidiaries, affiliates, or holding companies to reduce their overall tax burden globally. "The reason no one has done this before is the number of data points and its taxonomy," Leppänen said.
Last year, on a spring evening, a 28-year-old man confronted a woman on a San Diego bus who was filming him with her cellphone, according to court documents. He grabbed the man, Anthony J. McGaff, 28, put him in a chokehold and held him for eight minutes, Mr. McGaff’s family said, until Mr. McGaff lost consciousness and died. Like the New York case, the victim in San Diego was Black and the man who killed him was white. A video captured by a subway rider shows Daniel Penny holding Mr. Neely in a chokehold for at least three minutes, including nearly a minute after he went limp. In San Diego, law enforcement officials arrested Mr. Hilbert within hours.
Judith Miller, the author of popular antiques price guides and a member of the team of appraisers who determined what was trash and what was treasure on “Antiques Roadshow,” the beloved long-running BBC program that inspired the American series of the same name, died on April 8 in North London. Once, Mr. Wainwright recalled, at the reception for his mother’s funeral, a woman approached Ms. Miller and pulled a plate out from under her coat, wondering what it might be worth. Ms. Miller’s books, updated regularly, are encyclopedic in their range and eclectic in their categories. They describe thousands of objects — the current antiques edition lists more than 8,000 — each illustrated by a sumptuous color photograph. There were the usual suspects, like Royal Doulton Art Deco teacups and saucers, Meissen pottery, Murano glass and pages of Scandinavian ceramics.
A French startup that wants to be Europe's answer to OpenAI is in talks to raise an initial funding round. The secretive new project, named Mistral, was founded by two AI research scientists. Mistral, a secretive new startup pitched as Europe's answer to OpenAI, is in discussions to raise a substantive funding round, sources say. London-based generative AI startup Synthesia is in talks to raise a major round while ElevenLabs raised at a $100 million valuation last month. It's also widened the race for AI supremacy with Google launching its own AI assistant, Bard, to compete with OpenAI.
Generative AI startup Synthesia is in talks to raise funds from US firm Accel, sources say. A deal could value the startup at around $1 billion, according to those familiar with the discussions. It is the latest AI startup to benefit from the immense demand from VCs to invest in the sector. AI startup Synthesia is in talks to raise funds in a deal that could value it at around $1 billion as investor demand for the sector continues to intensify, sources say. Fellow London startup ElevenLabs raised $100 million last month while the likes of Fetch.ai and Iris Audio raised $40 million and $7 million respectively.
European sports stars are following US counterparts, such as Shaquille O'Neal, in betting on tech. O'Neal, who also made early bets on Google and Lyft, has shown how sports stars can become successful venture capitalists once their playing careers end. He's not alone in the US, with the football star Tom Brady and the basketball stars LeBron James and Steph Curry all actively investing in tech. The tennis legend Serena Williams went a step further and set up her own fund, Serena Ventures. Shaquille O'Neal has proven to be a shrewd tech investor with early bets on Ring, Google, and Lyft.
SaaS pricing startup M3ter has raised $14 million in Series A funding. M3ter helps companies manage their software spend by employing usage-based pricing. A startup that enables SaaS companies to offer usage-based pricing to customers has raised $14 million as it prepares to expand its presence in the US. "Usage-based pricing is a trend that is already happening so we're just selling shovels in a gold rush," Parry told Insider. In addition, the growth of usage-based pricing has come from a shift in the needs of B2B customers and the rise of automation.
A divided Oklahoma panel declined on Wednesday to recommend clemency for Richard Glossip, a death row prisoner whose case has been taken on by a diverse range of supporters, including state lawmakers, Kim Kardashian and the Republican state attorney general, who argued that it would be “a grave injustice” to put him to death. Mr. Glossip, 60, was convicted of arranging the 1997 murder of Barry Van Treese, who owned a motel in Oklahoma City where Mr. Glossip worked as manager. But Mr. Glossip’s lawyers and supporters have argued that the motel handyman who carried out the killing, Justin Sneed, had acted alone. State lawmakers on both sides of the aisle have said Mr. Glossip should be spared, with one Republican death penalty supporter saying he would vote to outlaw executions in the state if Mr. Glossip was put to death. Gentner Drummond, the state attorney general, told the Oklahoma Pardon and Parole Board that though he believed Mr. Glossip most likely arranged the murder, the evidence was not strong enough to warrant a conviction, let alone a death sentence.
Washington State approved a package of gun control measures on Tuesday that includes a ban on the sale of military-style semiautomatic weapons, making it the ninth state to join efforts to prevent the distribution of AR-15s and other powerful rifles often used in mass shootings. The new laws put Washington in the ranks of states with the strongest gun control measures in the nation. They include a 10-day waiting period on gun purchases, gun safety training requirements and a provision allowing the state attorney general and consumers to sue gun manufacturers or dealers under public nuisance laws if they negligently allow their guns to fall into the hands of minors or “dangerous individuals.”Gun rights proponents swiftly filed a lawsuit to challenge the semiautomatic rifle ban, saying it infringed on Second Amendment rights. Washington is among a series of states, largely led by Democrats, that have advanced gun legislation this year as the nation continues to grapple with repeated mass shootings. Republicans have moved in the opposite direction, with lawmakers in several states introducing legislation to expand the ability to carry concealed weapons without a permit and eliminate such things as gun-free zones, background checks and red-flag laws, which allow the removal of guns from people deemed to be at high risk of violence or self-harm.
Grocery apps exploded during the pandemic and attained wild, multibillion-dollar valuations. European market leader Getir and smaller rival Flink are both set for big valuation haircuts. That's against a backdrop of grocery startups quitting markets, being acquired, delaying IPO, and going bankrupt. Grocery startups took massive hits as they chased usersWhat happened? Consolidation has come quickly, as smaller startups run into the realities of a low-margin model and find they can't keep up the requisite spend to chase consumers.
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