March 28, 2024

Technology Investment & Advisory: March Summary 2024

Stay up to date with notable deals, fund raises, and key personnel movements in the Technology Investment market with our monthly newsletter.
Technology Investment & Advisory: March Summary 2024

Notable Transactions

LDC, has invested in 15below, a specialist software developer which provides automated passenger communications for the travel industry

Nordic Capital has acquired a majority interest in data analytics software maker ActiveViam, tapping into financial institutions’ risk management and regulatory compliance needs

Taiko raises $15m Series A round which was led by Lightspeed Faction, Hashed, Generative Ventures and Token Bay Capital, to build web3 infrastructure for a censorship-free internet

Vitrue Health, a company looking to tackle chronic neck and back pain among office workers, has raised £3.2m, as the funding round was led by MMC Ventures and Hambro Perks

Fintech unicorn Qonto announced it is acquiring French fintech company Regate, with the combined offering of the firms providing SMEs and accounting firms with a wider range of financial management tools

Danish-based climatetech company NitroVolt raised a Pre-seed round of €750,000 from Swedish venture firm BackingMinds

Open source cryptography company Zama announced a $73 million Series A round led by Multicoin Capital and Protocol Labs, with participation from Metaplanet, Blockchange Ventures, VSquared, and Stake Capital

Direct Air Capture startup Greenlyte Carbon Technologies (GCT) announced the closing of a €10.5 million Pre Series A round

Monzo, the UK's largest digital bank, announced that it has raised £340 million in a funding round to boost its expansion plans, led by CapitalG, the round also sees participation from leading global tech investors, including GV and HSG

German electrolyser manufacturer Sunfire has raised €215 million in a Series E equity financing round, further complemented by a term loan of up to €100 million provided by the European Investment Bank

Griffin, BaaS start-up, raised another $24 million in an extended Series A round that was led by MassMutual Ventures, NordicNinja and Breega, with participation from existing investors Notion Capital and EQT Ventures

The journey management platform TheyDo closes an additional $34 million in funding, Blossom Capital leading the round into the Dutch company

Gastrotech app NeoTaste announces the closing of its Series A funding round, Earlybird Venture Capital led the round, with participation from returning investor Burda Principal Investments

Packfleet, a tech-enabled carbon-neutral courier, announced that it has raised $10 million in Series A capital from co-lead investors General Catalyst and Voyager Ventures

MIG Capital has closed a Series A financing for HawkCell, a French healthtech startup developing a solution to turn human MRI into the first animal-dedicated imaging enhanced with AI algorithms

UpHill has raised a €7m Series A to double down on the Spanish market and take its software for managing hospital care journeys into the UK in a round led by Portuguese private equity Explorer

Swedish electric scooter start-up Voi has announced raising $25m in a combination of equity and debt from existing investors including Balderton, Creandum, Project A and Raine Group

AI startup Adaptive ML has raised a $20m seed round to build custom-made generative AI models for businesses, the round was led by Index Ventures with participaton from ICONIQ, Motier Ventures and IRIS

Leonardo DiCaprio backs YC alum SolarMente to democratize solar power in Spain, his 1st investment in Spain to date

French carbon accounting startup Greenly has announced a $52 million Series B funding round led by FISV, two years after a successful $23 million Series A

German embedded finance platform Solaris SE announced the signing of its €96 million Series F round led by SBI Group and other existing investors, bringing the company's funding to over €450 million

Private equity firm TA Associates is making a strategic growth investment in SER, a global Intelligent Content Automation software vendor in the Enterprise Content Management market, replacing Carlyle as the company’s lead investor

Exponent is investing in Ethos Engineering, a Dublin-based provider of sustainable data centre design services delivered across the EMEA region, and will back its incumbent management team

Hg has made a significant investment in CUBE, a specialist in automated regulatory intelligence and regulatory change management technology, in a strategic deal alongside the Founder & CEO

CemVision, a green cement start-up, has announced its €10m seed round from Swedish investors Polar Structure and BackingMinds as well as San Francisco-based Zacua Ventures

Cure51 has closed €15 million seed round led by Paris-based Sofinnova Partners as they push to solve cancer survival by assembling data from those who have beaten the disease

Manchester-based AccessPay, a fintech that integrates digital banking tools into the systems of corporate clients, has raised $24m, the investment round was led by Silicon Valley-based investor True Ventures

Clean Food Group has raised £2.5M in funding from Clean Growth Fund to continue development of CFG’s sustainable oil and fat alternatives

Latest Funds

UK mid-market private equity firm Limerston Capital has closed its second fund, Limerston Capital Partners II, with total commitments of £245m from both existing and new LPs across the US, Asia and Europe

Inflexion has raised the largest ever dedicated minority fund in Europe, tapping investors for £1.75bn for the Partnership Capital Fund III

YFM Equity Partners has closed its latest fund, British Smaller Companies Venture Capital Trusts (VCTs), with £90m of committed funds in place

French deeptech VC Elaia has closed the first €60m of its third seed fund to invest in academic spinoffs and startups born from research, they hope to close €120m by the start of 2025

VC Ada Ventures has announced a final close of its second, £63m fund, which will back early-stage startups across the UK with a focus on diverse founders

Mercia Asset Management has raised £60m across three northern VCTs, the VCTs, which direct investment into the North of England, launched an initial share offer for £42m in September, with an overallotment option of £18m

Berlin-based World Fund will provide €300M to climate tech founders over the next few years, making its fund I the largest climate-dedicated pool the continent has seen yet

B2B Software VC Frontline Ventures has announced two new funds worth €200M focused on driving growth in the European software ecosystem. The funds will be divided between Frontline Growth and Frontline Seed

Kester Capital, a UK lower mid-market private equity firm, has held the final close of its latest fund, Kester Capital III, which was oversubscribed, at its hard cap of £200m, significantly in excess of its original £150m target

French nuclear fuel producer and state-backed multinational Orano is committing €50m to a new corporate venture capital investment vehicle dedicated to early-stage industrial startups that have the potential to boost or complement the company’s activities

OTB Ventures has closed its second deeptech fund, a $185m vehicle, making it the largest fund to be raised in central eastern Europe after receiving backing from Nato Innovation Fund as an LP

Silence, a new angel-style VC firm has already raised $35 million and plans to make dozens of small investments in climate startups to help them apply the tech startup playbook

Early-stage investment fund Ascension VC announced a €19.8 million first close of its new institutional impact fund

Industry News

Apple has reversed its decision about blocking web apps, also known as Progressive Web Apps (PWAs), on iPhones in the EU

TenU, the collaborative body for university tech transfer offices, has appointed Tim Haines, managing director of investment firm Abingworth as its chair

CVC is reviving its plans for a $15bn-plus Amsterdam stock market listing that could happen as soon as next month

Permira has appointed a dedicated team to identify investment opportunities across the climate transition value chain, which will be led by Partner Kush Patel in New York and another London-based Partner who is set to join the business in 2024

UK government announced that it was joining up with the EU’s “Chips Joint Undertaking” as a “participating state” so that organizations in the UK can tap into a pool of €1.3 billion for semiconductor research and development

UK business of electric vehicle company Arrival owes more than £1.2bn across unpaid tax, wages, suppliers, and money owed to shareholders and after being put in administration in February it was unable to secure a buyer after a failed SPAC merger

Mustafa Suleyman, the cofounder of UK AI startup DeepMind, has joined Microsoft as CEO of its consumer AI division

March 28, 2024
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Ross is a Principal at Novus Executives and joined the firm in 2018 after graduating with a first-class honours from Southampton Solent. His area of expertise is in the technology sector, partnering with buy and sell-side firms within VC & Growth, Private Equity and Investment Banking. Ross has developed a track record of delivering excellent results for clients whilst developing long-term relationships within the industry.
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