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AI startups are reviving the SAFE funding mechanism to secure investments without dilution. SAFE notes enable quick fundraising for nascent AI startups amid the sector's rapid growth and hype. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementFinancial wizardry is nothing new in the venture world, but the rise of AI startups has prompted a return to the funding mechanism known as a SAFE.
Persons: Y, Organizations: Service, SAFE, Business
London fintech startup Viable has raised $3 million in seed funding. Founded in 2023, Viable helps e-commerce businesses track their finances. AdvertisementViable, a London-based fintech startup that aims to help small businesses with finances, has raised $3 million in seed funding. Founded in 2023, Viable typically works with e-commerce and direct-to-consumer (DTC) companies in beauty, wellness, and fashion to provide clearer data on their finances. Cofounder Franklyn Martin said these e-commerce businesses were facing a double threat: rising costs and investors turning away from the space.
Persons: , Franklyn Martin Organizations: London, Service, Business Locations: London
Nory, an Irish startup, has raised $16 million in Series A funding led by Accel. Founded in 2020, Nory uses AI to help restaurants manage payroll, inventory, and more. AdvertisementNory, an Irish startup that provides an operating system for restaurants, has raised $16 million in funding. Its SaaS platform aims to bring various business functions, such as payroll, inventory, supply chains, and customer satisfaction in "one place," founder Conor Sheridan told Business Insider. This story is available exclusively to Business Insider subscribers.
Persons: , Conor Sheridan, Jamie Oliver Organizations: Accel, Service, Jamie Oliver Group, Business Locations: Irish, Europe
London-based startup Haz has raised $1.4 million in pre-seed funding led by Speedinvest. Founded in 2023, Haz digitizes users' clothing items and allows sharing transactions with friends. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementHaz, a London-based startup that has built an AI-powered platform where users buy and sell secondhand clothing, has raised $1.4 million in pre-seed funding. It can even scan things like email inboxes for receipts and add those to a user's list of clothing owned.
Persons: Haz, Organizations: Speedinvest, Service, Business Locations: London
Harbor Lab, which aims to help the shipping industry streamline port costs, has raised funding. Founded in 2020 in Athens, the startup has brought in a $16 million Series A led by Atomico. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementHarbor Lab, a startup that aims to help the shipping industry reduce costs related to entering port, has raised $16 million in Series A funding.
Persons: Atomico, Organizations: Service, Harbor Lab, Business Locations: Athens
Swedish startup Grasp has raised $1.9 million to automate financial advisory workflows with AI. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementGrasp, a Swedish startup that makes AI assistants to help consultants and investment bankers reduce their workload, has raised $1.9 million. Founded in 2020 by former McKinsey consultants, Grasp aims to help users automate manual research functions. This story is available exclusively to Business Insider subscribers.
Persons: Karl, Johan Persson, Organizations: ex, McKinsey, Yanno, M, Service, Business Locations: Swedish
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewDefinely, a London-based legal tech startup, has raised $7 million in Series A funding, the company said Wednesday. Founded in 2020 by former colleagues at a Magic Circle law firm, Definely is a subscription product that helps lawyers read, edit, and draft legal documents through a plug-in. Currently available through Microsoft Word, Definely uses artificial intelligence, including natural language processing, to make cross-referencing documents easier for legal professionals. Reading legal documents can be a lengthy and complex task with phrases and terminology often scattered between different sections of contracts.
Persons: , Nnamdi Emelifeonwu, MacDaeid, Emelifeonwu, Definely Organizations: Service, Microsoft, Business, Octopus Ventures, Cornerstone VC, Zrosk Investment, Google, Atlantic Locations: London
A UK-based AI startup, founded last month by former Cohere employees, is already in talks to raise a major pre-seed round amid venture capitalists' continued spending spree in the sector. Convergence AI, incorporated at the end of April, was founded by ex-Cohere employees Marvin Purtorab and Andy Toulis, who was also a machine learning engineer at Uber. Its primary aim, per leaked investor documents seen by BI, is to build out automated workforces using AI. The nascent business has been feted by several leading funds, with the company receiving at least six different term sheets for investment, two London-based sources said. The startup opted for a funding round led by London-based Balderton Capital, six sources familiar with the deal told Business Insider.
Persons: Marvin Purtorab, Andy Toulis, Slack Organizations: Uber, Business, Balderton, BI, Nvidia, Mistral Locations: London, Paris
11x, a London-based AI startup that creates automated digital workers, has raised funding from US investing giant Benchmark Capital. The company aims to provide businesses with "digital AI workers" that can complete repetitive and mundane tasks to free up employees to focus on other things. The startup has raised a Series A round of funding, led by US fund Benchmark, four sources familiar with the discussions told Business Insider. Related stories11x's deal was led by Benchmark general partner Sarah Tavel, who will join the startup's board. The startup created a digital sales worker named Alice and plans to release several other digital workers in the future.
Persons: Hasan Sukkar, Sarah Tavel, Uber, Alice, Slack Organizations: Benchmark, Business, US, Bessemer Venture Partners, Twitter, Benchmark Capital, Google, Project A, Ventures, Tiny Ventures, LinkedIn Locations: London, Syrian, Europe, Syria
AI startup Holistic, founded by ex-DeepMind scientists, is raising $200 million in new funding. The Paris-based startup is raising capital from Accel and BPI France, sources say. The startup aims to develop a multi-agent AGI, per a leaked investor deck obtained by BI. AdvertisementA Paris-based AI startup founded by two ex-DeepMind scientists is set to raise around $200 million in new funding. Ex-DeepMind scientist Laurent Sifre is chief LLM officer.
Persons: AGI, , Charles Kantor, Karl Tuyls, Laurent Sifre Organizations: Accel, BPI France, BI, Service, Stanford Business School, Business Locations: Paris
This is Business Insider's annual list of the hottest fintech startups in Europe. After years of standing as the bloc's most in-demand sector, investment in fintech has slumped considerably. In 2022, fintech made up 17% — or $13.9 billion — of the $82 billion that had been invested into European startups, according to Atomico. That number dropped last year when around $4.5 billion was invested — the equivalent of a tenth of the total $45 billion poured into the ecosystem. This story is available exclusively to Business Insider subscribers.
Persons: , fintech Organizations: Service, Business Locations: Europe, fintech
Last June, storied investor Sequoia Capital announced it was to split itself into three separate entities. Sequoia Capital would look after the US and Europe; Peak XV Partners would manage its investments in India; and HongShan Capital would be based in China. The emergence of HongShan as an active investor in Europe would result in the firm "competing with former family," one source said. The expansion could be aimed at attracting businesses that target the Chinese market or companies set up by Chinese entrepreneurs away from home, the FT said, citing sources who had spoken with Shen. HongShan Capital's most recent fund includes LPs such as CalPERS, the University of Texas Investment Management Company, and the University of Washington endowment.
Persons: HongShan, Neil Shen, Shen Organizations: Sequoia Capital, YouTube, Sequoia, Partners, HongShan, Business, United, Strategic, University of Texas Investment Management Company, University of Washington Locations: China, Europe, India, London, Singapore, Asia
Naro, a German fintech startup, has raised $3 million in pre-seed funding. Cologne-based Naro, founded in 2022, wants to take advantage of the boom in exchange-traded funds — or ETF — products in Europe to offer white-label services to various banks, funds, and brokers. Naro's pre-seed funding round was led by Berlin's La Famiglia alongside Discovery Ventures, plus investment from Robin Capital, Angel Invest, and various angels. Funding will go towards expanding the startup's current team of 10 staff as it looks to partner with potential customers looking to build out products within their existing infrastructure. Naro's business plan subsequently changed from its original slides, you can see a version of its pre-seed pitch deck below:
Persons: Chris Püllen, Püllen, Naro's, Berlin's La Organizations: Business, Trade Republic, Discovery Ventures, Robin Capital, Angel Invest, Credit Suisse Locations: Naro, Cologne, Europe, Germany
The company is considering raising a Series C before what's left of its $90 million in funding runs out. BeReal closed a $60 million Series B funding round at an around $600 million valuation in late 2022, following a $30 million Series A earlier the same year. Sooner than later, BeReal leadership will be forced to choose between raising another round and maintaining its independence or selling itself outright, running the risk of disappearing. Company leadership holds an all-hands every quarter after they meet with the company's board, which includes investors. As for the possibility of an acquisition, BeReal leadership has told employees there are "offers" that have been made, without giving any specifics.
Persons: Alexis Barreyat, what's, BeReal, Yuri Milner's, Andreessen Horowitz, Barreyat, Romain Salzman, Kali Hays, Callum Burroughs Organizations: Business, Gas, Yuri Milner's DST, Accel Locations: Paris, Japan, Asia, Pacific,
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewLago, a French startup that offers open-source billing software, has raised $22 million. Founded in 2021, Lago utilizes the open-source community to help businesses like Mistral, Together AI, and Swan manage their payments and billing needs. AdvertisementIn addition, Lago, which has around 30% of its business in the US, will begin to scale out its offering outside of Europe. Lago believes its flexibility around infrastructure will help it win more clients globally as businesses look to create more customizable revenue stacks.
Persons: , Lago, Swan, Matt Turck, Chuong, Turck Organizations: Service, Business, FirstMark, New Locations: Paris, Lago, Europe
AI workflow automation startup Nanonets has raised $29 million in new funding. Check out the 24-slide pitch deck Nanonets used the land the funds. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementNanonets, an AI workflow automation startup, has raised $29 million in new funding.
Persons: , Jain Organizations: Accel India, Capital, Service, Business
British banking-as-a-service fintech Griffin has raised new funding after receiving regulatory approval to be a fully operational bank. The market is god awful, so not having to do a down-round, with outside investors coming in, is the best outcome." Griffin has raised £19.1 million, around $24 million, in a funding round led by MassMutual Ventures, NordicNinja, and Breega, with participation from Notion Capital, EQT Ventures, DG Daiwa and CircleRock. "We are hiring, but unlike earlier rounds, we aren't going on a hiring blitz, as we did the hiring for this round before the round closed. We were about to be a fully operational bank, so we needed operations roles," Jarvis added.
Persons: fintech Griffin, Griffin, David Jarvis, Allen Rohner, Jarvis, We've Organizations: Business, Prudential, Authority, Financial, MassMutual Ventures, NordicNinja, Notion, EQT Ventures, DG Locations: London
Read previewInvestors couldn't get enough of grocery delivery startups during the pandemic. Rohlik is on a pathway to profitability and has broken even in several key cities, CEO Tomas Cupr told Business Insider. Advertisement"The online grocery industry didn't have the best year in 2023, but we're still growing, which is super positive," Cupr told BI. At least 19 grocery delivery startups were operating across Europe at the height of the market. "The grocery delivery market remains a challenging area in Europe.
Persons: , Tomas Cupr, Cupr, we've, Turkey's, Germany's, Nalin Patel, Jan Hammer Organizations: Service, Venture, Business, Ventures Locations: Europe, Prague, Czechia, Hungary, Munich, London, Paris, Budapest, Vienna, Istanbul, New York
Filigran, a French cybersecurity startup, has raised $16.2 million in new funding. Founded in 2022, Filigran provides a series of products to help private companies and public institutions defend against threats using an open-source program. Based in Paris, Filigran's threat intelligence platform is used by Hermes, Airbus, and the FBI to help better understand security issues, which the rise of AI attacks has exacerbated, Filigran CEO Samuel Hassine told Business Insider. "Our products are all about aggregating and understanding your threat landscape, not just the technical threat but also risk analysis and cybersecurity," Hassine told BI. Check out Filigran's 12-slide Series A pitch deck below:
Persons: Hermes, Samuel Hassine, Hassine, Filigran Organizations: Airbus, FBI, Business, Moonfire Ventures, Motier Ventures Locations: Filigran, Paris, Australia, Europe
Coverdash, a New York-based embedded insurance startup, has raised $13.5 million. The startup offers insurance products via partners to SMEs. Coverdash, a New York-based embedded insurance startup, has raised $13.5 million in VC funding. Coverdash's platform lets insurance providers offer commercial insurance products to businesses, which are embedded into their own front-end systems through code. This story is available exclusively to Business Insider subscribers.
Organizations: Business Locations: New York
Energy startup Axle is in talks to raise a round backed by VC fund Accel, BI understands. The year-old company could raise around $6 million in capital as part of the deal, sources say. The energy tech startup uses electric vehicles and home energy assets to help balance grids. Energy software startup Axle Energy is in talks to raise fresh funding in a round backed by venture capital fund Accel, Business Insider understands. The London-based company, founded in 2023, connects electric vehicles and batteries to energy grids to help solve the intermittency of renewables.
Organizations: Energy, Accel, BI, Business Locations: London, Europe
Read previewSpanish fintech startup Embat has raised $16 million in fresh funding from VC fund Creandum, the company said Tuesday. This story is available exclusively to Business Insider subscribers. Treasury-management startups and similar offerings targeting the office of the CFO have become a key focus for fintech investors in recent years. Embat's proposition is directly aimed at financial software users, with data security at the forefront of its platform's architecture, cofounder Carlos Serrana told Business Insider. "We were probably born in the worst period to raise capital but we have built a solid product which has traction, and our sales have traction," Serrana told BI.
Persons: , Embat, Carlos Serrana, Creandum, Serrana Organizations: Service, JPMorgan, Business, Treasury, Venture Locations: Madrid, Germany
Danish compliance startup Spektr has raised $5.4 million in seed funding. The company, set up by the founders of HelloFlow, has emerged from stealth. The company plans to use the funding to grow its team and begin to expand into the US. Spektr, a fintech startup that helps companies with compliance, has raised $5.4 million. The Copenhagen-based startup is emerging from stealth and aims to improve the client onboarding experience for companies.
Persons: Spektr, Mikkel Skarnager Organizations: HelloFlow, Business Locations: Copenhagen
Bioptimus, a new French AI startup for life sciences, has raised $35 million in seed funding. Founded in 2023, Bioptimus is the brainchild of Jean-Philippe Vert, a former research scientist at Google and recently chief R&D officer at French health AI startup Owkin. The company was formed to capitalize on the enormous potential of AI in biological sciences, Vert told Business Insider. "There is something very special now about AI," Vert said. Owkin, Vert's former employer, is an investor and partner to the startup, as is tech entrepreneur and investor Xavier Niel.
Persons: Bioptimus, Jean, Philippe Vert, Rolophe Jenatton, Xavier Niel Organizations: Google, Business, Sofinnova Partners, Cathay Innovation, Harvest, Fundraising Locations: Owkin
Berlin-based fintech Monite has raised $6 million in seed funding from Peter Thiel's Valar Ventures. Monite, founded in 2020, works with companies to help streamline payments and reduce manual processing. Still, where this might generally be done across email, spreadsheets, and messaging systems, Monite aggregates a company's bills and invoices and then automates the process on their behalf. The startup has raised a top-up to its seed round, led by Third Prime, in March 2023, taking its total funding to $17.4 million. The funding from Valar Ventures closed in November after Monite opted against looking to raise a Series A, Maryasin said.
Persons: Monite, Peter Thiel's, Ivan Maryasin, Maryasin Organizations: Ventures, Monite, Business, Third Prime Locations: Berlin, Europe
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