Marshmallow, Portia AI, and Wonder

🚀 Welcome to the 10th edition of the Who Got Funded newsletter in 2025.

I hope you’re all having a great Easter. ✌️

Even though it’s a bit of a holiday week, I wanted to publish this edition now since I’ll be traveling to Budapest 🇭🇺 with some good friends next week and won’t be able to send it then. I hope you enjoy the read.

And… this one is extra special: the Who Got Funded newsletter has landed its first sponsor! 💸

A huge thank‑you to Notion for supporting us on this journey and backing early‑stage startups with a special pricing tier.

I'm Onofre, an entrepreneur based in Aarhus (Denmark), and as you know, I dedicate 3–4 hours each week to exploring European startup funding stories and summarizing the most exciting ones for you, so you can save some of your valuable time.

Once again, thanks for reading.

Estimated reading time: ⌛️ 6 min.

(If you could share this newsletter with your friends, it would mean the 🌍️ to me).

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SERIES B AND LATER
London-based Marshmallow raises €79.4 million to improve car insurance for those who recently moved to the UK

🇬🇧 London-based Marshmallow, a fintech offering car insurance tailored for newcomers to the UK, has raised €79.4 million (almost doubling its valuation from three years ago) at a €1.7 billion valuation.

Oliver Kent-Braham, Co-CEO and Co-founder of Marshmallow, said: “Our ambition is to become a one-stop-financial-shop for newcomers so they feel as though it’s easy to move to, and live in, a different country.”

As you can see, this startup’s mission goes beyond car insurance: it’s about making life in a new country easier and more affordable. I love the vision, because I’ve felt firsthand the challenges of relocating to another country.

Marshmallow became a unicorn in 2021 and now generates over €439 million in annual revenue with more than 700 employees across London and Budapest.

👉️ Read more.

+ Series B (and later) funding stories:

🇬🇧 Cambridge-based Nyobolt, a deeptech company developing ultrafast charging battery systems for AI data centers and heavy‑duty transport, has raised €26.3 million.

🇬🇧 London-based BKN301 Group, a fintech providing plug‑and‑play banking services to banks and fintechs, has raised €21.5 million.

🇬🇧 UK-based Skin Analytics, a company focused on building a future where “nobody dies of skin cancer”, has raised €17.5 million.

SEED
London‑based Portia AI raises €5 million to bring transparency to collaboration between AI agents and humans

🇬🇧 London-based Portia AI, a startup developing an open-source SDK that helps developers build predictable, controllable and authenticated AI agents, has raised €5.1 million.

Co‑founded by former Stripe and Google leaders Emma Burrows and Mounir Mouawad, this startup tackles an easy‑to‑understand challenge: the lack of visibility into AI agents’ behavior. Companies need to know how AI agents will perform before giving them full autonomy in production environments.

“By seamlessly integrating AI agents, external tools, and human input—and by tackling challenges like JIT authorization head‑on (just‑in‑time authorization, which grants permissions only at the moment agents are needed)—we believe Portia AI is paving the way for a new era of intelligent automation,” said Juliet Bailin, Partner at General Catalyst.

👉️ Read more.

+ Seed funding stories:

🇮🇹 Milan-based Tundr, a fintech simplifying corporate welfare with a fully digital, user‑friendly platform, has raised €7.2 million.

🇬🇧 UK-based Mindset AI, a platform that helps SaaS companies quickly build and embed AI-powered chat and recommendation features without starting from scratch, has raised €5 million.

🇬🇧 London-based Homemove, a proptech platform that streamlines the entire home‑moving process—from estate agents and mortgages to surveys and removals—into one interface, has raised €4.4 million.

🇳🇱 Amsterdam-based beSirius, a startup helping metals, mining and heavy‑industry companies turn sustainability data into real‑time insights, has raised €3 million.

🇬🇧 London-based Hammer Missions, a startup using drones to inspect buildings and deliver detailed reports, has raised €1.6 million.

🇬🇧 London-based Flock Mobility, a startup providing an AI-powered electric vehicle platform for shared transport in settings like the NHS and residential communities, has raised €1.1 million.

🇮🇪 Dublin-based Assiduous, a fintech using AI to provide virtual corporate finance advice and simplify access to capital markets for SMEs, has raised €1 million.

PRE-SEED
London-based Wonder Studios raises €2.6 million to help produce visual content faster and more cost‑effectively

🇬🇧 London-based Wonder, an AI-powered creative studio that helps filmmakers and storytellers produce visual content faster and more affordably, has successfuly raised €2.6 million in a pre-seed round.

“The cost of high-end TV and film production typically ranges from $500k to $1 million per minute, and using AI, we can bring that down to $10k–$20k per minute,” said Justin Hackney, Co-founder and Chief Creative Officer at Wonder. Well, I think that says it all. 🚀 

According to Wonder, global film and TV production spending reached €213 billion in 2023, yet 90 percent of scripts never get made due to budget constraints or gatekeeping. That’s far too many unproduced scripts.

This startup is targeting two big markets:

• The AI in media and entertainment market, projected to reach €91 billion by 2030.

• The AI advertising market, projected to reach €25 billion by 2033.

We’ll follow them closely!

👉️ Read more.

+ Pre-Seed funding stories:

🇩🇪 Berlin-based telli, an AI call automation platform that helps companies handle high‑volume customer calls with smart voice agents, has raised €3.1 million.

🇬🇧 London-based Inephany, an AI startup developing a platform to make neural network and LLM training faster, more efficient, and cost-effective, has raised €2 million.

🇨🇭 Basel-based CGC Genomics, a HealthTech startup using its AI platform Qnomx to simplify and standardize cancer genome reports for clinical use, has raised €1.7 million.

🇫🇷 Paris-based Klaimy, an AI service that turns complex medical documents into clear, actionable summaries for insurers, has raised €1.2 million.

🇦🇹 Vienna-based SALZSTROM, a cleantech startup developing sodium‑ion batteries as a safer, more sustainable alternative to lithium, has raised over €1 million.