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☆ DoorDash-backed Flink is in talks to raise around $100 million at a haircut to its earlier $2.85 billion valuation, sources say
▼ + stars: | 2023-04-20 | by ( Callum Burroughs | Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

Flink is raising around $100 million at a haircut to an earlier valuation, sources said. The startup most recently raised funding in 2022 at an estimated $5 billion valuation. Any prospective funding is mooted to be at a down round valuation of around $1.5 billion, two sources said. Discussions around fresh funding remain at an early stage and figures are subject to change. These firms, often only months old, raised funding rounds in rapid succession, hitting billion-dollar and multibillion-dollar valuations fast.

☆ Grocery app Getir, once worth $11.8 billion, sees valuation almost halved with new funding, sources say
▼ + stars: | 2023-04-19 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +3 min

Getir, one of the biggest remaining grocery apps, has raised $500 million, per sources. But its valuation has been almost halved to around $6.5 billion, from $11.8 billion. Other existing shareholders added another $150 million to $200 million to the round, two further sources said. The deal is a 45% markdown on the $11.8 billion price tag that was placed on Getir during its last fundraise in March 2022. Getir could have been valued even lower but the deal came with a high liquidation preference, the sources added.

☆ This startup that automates SME invoices with AI just raised $8 million. Check out the 10-slide pitch deck Triver used to raise the fresh funds.
▼ + stars: | 2023-04-18 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

The startup was founded by former Funding Circle executive Jerome Le Luel and is backed by Stride.vc. A London-based startup that will provide instant working capital to SMEs has emerged from stealth with an $8 million funding round. Like most forms of short-term working capital, financing solutions for the SME market are often expensive and time-consuming. Most providers run checks based on e-commerce data, but Le Luel believes that Open Banking data allows for better risk and analytics modeling. The company wants to launch its platform within this quarter and said that it had a "line-of-sight" to a very profitable business by 2027.

☆ Yonder, a fintech startup that helps expats get credit cards and offers rewards for spend, raised $78 million in debt and equity using this 11-slide pitch deck
▼ + stars: | 2023-04-17 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

London-based fintech startup Yonder has raised $78 million in debt and equity. Yonder, a London-based credit card startup, has raised $78 million in debt and equity in a new funding round. Yonder previously brought in $26 million in debt and equity as part of a seed funding round. This latest raise comes in the form of £12.5 million, about $15.7 million, in equity and £50 million, roughly $62.6 million, in debt. Yonder also plans to launch in two further unspecified cities and offer more events to users with its new capital, Chong said.

☆ NHL roundup: Knights wrap up West's No. 1 seed
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +12 min

Reilly Smith, Alec Martinez and Chandler Stephenson scored for the Golden Knights (51-22-9, 111 points), who closed the regular season with an eight-game points streak (5-0-3). Liam O'Brien led the Coyotes with a pair of goals and Nick Schmaltz and added a goal and an assist. The Stars, who are looking to win a division title for the first time since the 2015-16 campaign, are atop the division. The Bruins set NHL records for most wins and most points in a single season. Tage Thompson scored his 47th goal of the season for Buffalo, which improved to 8-2-1 over its last 11 games.

☆ Check out the 9-slide pitch deck Quantexa, a data intelligence startup, used to raise $129 million at a $1.8 billion valuation
▼ + stars: | 2023-04-04 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Quantexa, a data intelligence startup, has become a unicorn following its latest funding round. The London-based company has raised $129 million in a round led by GIC. The startup positions itself as a "decision-making" platform that provides companies with the best data available to help reduce costs and optimize growth. The new investment values the business at $1.9 billion, bringing Quantexa's total funds raised to $370 million. The company had seen a lot of inbound interest from investors leading into this funding round, Marria added.

☆ Dutch neobank Bunq files application for US banking license as it tries to succeed where many European fintechs have struggled
▼ + stars: | 2023-04-04 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +3 min

Dutch banking startup Bunq has launched its application for a US banking license. Dutch banking startup Bunq has launched its application for a US banking license, looking to succeed where others have failed. Europe's biggest fintech startups have pursued US banking licenses but very few have succeeded to date. The cost and difficulty of gaining approval from the FDIC is a huge barrier to entry, leading to many fintech startups to partner up with already registered institutions instead. Niknam said Bunq had the advantage of holding an EU-wide banking license through the Dutch regulator, becoming the first institution to achieve one in 35 years in 2014.

☆ AI is so hot that top-tier funds are fighting to back tiny seed-stage startup ElevenLabs at valuation of around $100 million, sources say
▼ + stars: | 2023-03-29 | by ( Riddhi Kanetkar | Callum Burroughs | ) www.businessinsider.com time to read: +4 min

A16z is among a raft of top-tier funds battling to invest in a tiny British AI startup, sources say. London-based ElevenLabs closed a $2 million pre-seed round two months ago but is set to raise again. The deal is testament to the hype that surrounds AI startups following the release of ChatGPT last year. Andreessen Horowitz is among a raft of top-tier investors fighting to lead a round into a tiny AI startup that will value it at around $100 million as investor hype around the technology intensifies, sources say. Now, the startup is set to raise new funds again, in part due to its rapid growth in revenue, three London-based investors said.

☆ StellarFi, a fintech startup that helps people improve their credit scores, just raised $15 million with this 10-slide pitch deck
▼ + stars: | 2023-03-28 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +3 min

Fintech StellarFi, which helps people improve their credit score, just raised $15 million. Check out the 10-slide pitch deck StellarFi used to raise its Series A round below. StellarFi, a fintech startup that helps people improve their credit scores, has raised $15 million in new funding. Paying the debt on time each month is designed to boost users' credit scores which are otherwise improved using high-interest loans or expensive credit cards, according to Zarrad. StellarFi raised a $7.2 million seed round in March 2022 and has now brought in $15 million in Series A funding in a round led by Acrew Capital.

☆ This fintech enables banks to offer charitable giving services. Check out the 13-slide pitch deck Spiral used to raise $28 million.
▼ + stars: | 2023-03-28 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Spiral, a fintech startup that helps banks offer charitable giving services, has raised $28 million. The startup believes it can help banks differentiate their brand and attract Gen Z customers. Check out Spiral's 13-slide Series A pitch deck below:A startup that enables financial institutions to embed charitable giving into their services has raised $28 million in fresh funds. New York City-based Spiral has developed a system it calls "impact-as-a-service" that it offers to banks, credit unions, and other financial service providers. The startup believes it can help banks differentiate their brand, attract Gen Z customers who are keen on more sustainable products, and increase customer loyalty and retention.

☆ This Bessemer-backed startup clamping down on bad data quality just raised $12.8 million. Check out the 15-slide pitch deck Sifflet used to raise the cash.
▼ + stars: | 2023-03-21 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Sifflet, a data observability startup, has raised $12.8 million in Series A funding. Check out the 15-slide pitch deck the Bessemer-backed company used to raise $12.8 million. Paris-based Sifflet, a startup that helps companies improve their data quality, has raised $12.8 million in funding. "I saw how painful it was to work with unreliable data and wanted to see if we could do something better because poor data quality is very costly." "Companies have become very proficient at collecting data because they can leverage big data to become smarter as businesses," Bakouk added.

☆ This Sequoia-backed startup bringing a form of buy now, pay later to B2B payments just raised $19.3 million. Check out the 10-slide pitch deck Two used to land the funds.
▼ + stars: | 2023-03-21 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +3 min

Sequoia-backed payments startup Two just raised $19.3 million in a Series A round. The Oslo-based company plans to bring a version of buy now, pay later to B2B transactions. Check out the 10-slide pitch deck Two used to land the fresh cash below. A Sequoia-backed startup that wants to bring a version of the buy now, pay later model to B2B transactions just raised $19.3 million in fresh funds. Two's solution is to effectively offer a form of buy now, pay later for B2B payments to both small and medium-sized businesses and multinational corporations.

☆ Leaked email: Ex-Tiger Global dealmaker John Curtius offered to mortgage home to provide cash to founders fearful of missing payroll during SVB crisis
▼ + stars: | 2023-03-16 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Former Tiger Global partner John Curtius offered to mortgage his house during the SVB crisis. Curtius offered founders interest-free loans to help them meet payroll before depositors were guaranteed. Former Tiger Global partner John Curtius offered to mortgage his home to help portfolio founders meet payroll at the height of the Silicon Valley Bank crisis, according to a leaked email seen by Insider. The investor didn't give further detail about the mortgage or his house on the email seen by Insider. Since leaving the New York-based hedge fund, Curtius has spent time trying to secure capital for his new fund Cedar Investment Management.

☆ Inside the opaque tech market where startup employees and early investors are trying to get rich now IPOs have collapsed and the VC party is over
▼ + stars: | 2023-03-16 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +6 min

Startup employees and early investors tended to get rich at IPO or acquisition. That's the tough reality for startup employees and early investors as IPOs drop off and venture capital funding dries up. There's a glut of highly valued, late-stage private companies that should be debuting on stock exchanges in the next 12 to 36 months. Share options held by employees and investors can also come with an array of terms and conditions that make them harder to liquidate. "Investors are defending valuations that hurt employees – and companies long term – but help them raise their new funds.

☆ Legislate makes contracts easier to draft, query, and sign. Check out the 10-slide pitch deck it used to raise $3.6 million.
▼ + stars: | 2023-03-14 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

London-based legal startup Legislate just raised $3.6 million in fresh funds. The company makes it easier to draft, query, and sign contracts, reducing legal costs in the process. Check out the 10-slide pitch deck Legislate used to the raise the funds below. A startup that makes legal contracts much easier to draft, query, and sign has raised $3.6 million in fresh funds. Check out the 10-slide pitch deck Legislate used to raise the fresh funds below:

The sale means UK startups and investors will be able to access their money. Like its US parent, SVB UK mostly served tech startups and their investors. Insider understands from a person close to SVB UK that there is some internal frustration at the bank run. The feeling is that SVB UK was sold off simply because of groupthink. That evening, it looked feasible that the government would allow SVB UK to collapse.

At least 10 European VC funds have told their founders to pull funds out of Silicon Valley Bank. Silicon Valley Bank's woes spread overseas on Friday morning as tech investors in Europe followed their US peers and advised founders to pull their cash from the bank. The bank's shares plummeted 60% amid concerns among investors and founders about the safety of their cash. The bank has been a stalwart in the tech industry over the past 40 years, acting as a banking partner and investor for startups across the world. Castiglione said that UK funds were only "screwed" if Europe followed suit with the "US panic contagion."

☆ London fintech Griffin lands UK banking license with restrictions after years-long process as it eyes fresh funding in 2023
▼ + stars: | 2023-03-07 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +3 min

British fintech startup Griffin has secured a banking license after a years-long process. The Prudential Regulation Authority (PRA) has approved the startup, subject to restrictions. Banking-as-a-service startup Griffin has become the latest fintech to land a UK banking license with restrictions after a years-long process. Securing a UK banking license is no mean feat. Neobanks like Revolut, founded in 2015, haven't yet managed to get a UK banking license with stringent processes in place, with Jarvis suggesting that the application process isn't something "you can just throw money at."

☆ Tiger Global-backed $2 billion marketplace startup Ankorstore is set to become the latest tech unicorn to cut jobs, sources say
▼ + stars: | 2023-03-06 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +3 min

French retail marketplace startup Ankorstore is set to cut a significant amount of roles, sources said. The Tiger Global-backed company has raised 365 million euros (around $387 million) to date. It is the latest high-profile Tiger Global startup to slash jobs, following on from Stripe and Getir. Ankorstore, a $2 billion marketplace startup that counts US investing giant Tiger Global among its biggest backers, is set to cut a substantial amount of its workforce, sources say. Investment firm Tiger Global had been a major pandemic startup investor, with a particular uptick in European deals through 2021.

☆ Sequoia-backed fintech Pennylane is set to raise around $50 million in deal led by Revolut investor DST Global, sources say
▼ + stars: | 2023-03-02 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

French accounting tech startup Pennylane is set to raise around $50 million, Insider understands. The new round will be led by Revolut investor DST Global, four sources familiar with the deal said. The new funding is thought to be an up-round from the company's last deal in January 2022. Pennylane, a fintech that wants to become the predominant financial operating system for SMEs, is set to close a new funding round led by Revolut investor DST Global, sources say. The Paris-based company will raise around $50 million, two sources said.

☆ Revolut posted its first annual profit after missing multiple deadlines to release its financials
▼ + stars: | 2023-03-01 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +3 min

London-based fintech Revolut posted its first annual profit for the year ending 2021. Despite repeatedly missing reporting deadlines, Revolut could soon cinch a UK banking license. Revolut, the London-based fintech firm, has posted its first annual profit after missing multiple deadlines to release its financials. Revolut posted a net profit of £26.3 million ($31.8 million) for the full year 2021, according to its latest annual report. Revolut's annual profit makes it the second UK challenger bank to achieve profitability after London-based Starling Bank.

☆ This startup has developed an operating system for GPs that cuts down on admin. Check out the 13-slide pitch deck Doctorly used to raise $10 million.
▼ + stars: | 2023-03-01 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

German health tech startup Doctorly has raised $10 million in Series A funding. The startup, founded in 2018, offers practice management software for healthcare providers. A German health tech startup that has developed an operating system for medical practices has raised $10 million in fresh funds. The startup wants to "re-digitize" practices and make it easier for them to adapt to external innovations in health tech. Doctorly is one of the very few regulated health tech startups in Germany and it believes its technology can help cut the time spent by practitioners on administration in half.

☆ This SoftBank-backed startup that uses AI to draft legal documents just raised $10.5 million. Check out the 10-slide pitch deck Robin AI used to land the cash.
▼ + stars: | 2023-02-27 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Robin AI, a legal tech startup that uses AI to read and negotiate contracts, has raised $10.5 million. A startup that uses AI to make legal contracts simpler to draft and negotiate has raised $10.5 million in fresh funding. London-based Robin AI, which counts SoftBank among its backers, was founded by former lawyer Richard Robinson and physics PhD James Clough. The startup uses machine learning to review and negotiate legal contracts through a software platform. The startup claimed to have grown its revenues 20x since its previous raise, a $3.3 million funding from SoftBank in December 2021.

☆ This SoftBank-backed startup that uses AI to draft legal documents just raised $10 million. Check out the 10-slide pitch deck Robin AI used to land the cash.
▼ + stars: | 2023-02-27 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Robin AI, a legal tech startup that uses AI to read and negotiate contracts, has raised $10 million. A startup that uses AI to make legal contracts simpler to draft and negotiate has raised $10 million in fresh funding. London-based Robin AI, which counts SoftBank among its backers, was founded by former lawyer Richard Robinson and physics PhD James Clough. The startup uses machine learning to review and negotiate legal contracts through a software platform. The startup claimed to have grown its revenues 20x since its previous raise, a $3.3 million funding from SoftBank in December 2021.

☆ Aleph Alpha, a European rival to OpenAI, is in talks amid AI boom to raise up to $100 million in new funding, sources say
▼ + stars: | 2023-02-24 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Generative-AI startup Aleph Alpha is in talks with investors over a new funding round, sources said. Aleph Alpha, a German generative AI startup, is in talks with investors over a new funding round, Insider has learned. Founded in 2019 by CEO Jonas Andrulis, a former machine-learning engineer at Apple, and Samuel Weinbach, Aleph Alpha researches and develops AI systems with a focus on enterprise customers. Aleph Alpha declined to comment. Aleph Alpha has a chatbot called Lumi which is built on top of its language-learning model Luminous.

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