Who Got Funded? Week 22, 2024

Welcome to another edition of the Who Got Funded newsletter. 🚀 

My name is Onofre, and I'm an entrepreneur living in Aarhus, Denmark. Each week, I dedicate 3 to 4 hours of my free time to reading startup news, which I then summarize in this newsletter.

I hope you enjoy this content. Thank you so much for reading.

Estimated reading time: ⌛️  5 min 0 sec.

SERIES B AND LATER
Dublin-based Spectrum.Life bags €17 million to deliver clinically backed digital and mental health

🇮🇪 Spectrum.Life, a startup born in 2018 that provides clinically-backed digital health, mental health, and wellbeing solutions to organizations and their people, has announced a €17 million investment round.

But… how good is this business?

Well, this startup currently delivers its services to 7.2 million individuals in the UK and Ireland, across multiple insurers, 3.000 corporate clients, and 50 UK universities. The company currently employs over 260 people, including more than 125 clinicians. Pretty impressive numbers.

The company experienced strong 60% revenue growth in 2023 and is expected to exceed 50% growth again in 2024. Besides, they are already profitable, so… this seems like a pretty good business, in my opinion.

You can read more about this deal here.

More Series B (and later) interesting stories:

🇬🇧 Battery storage operator Zenobē secures €481 million (debt) to boost UK's electric bus rollout.

🇳🇱 Amsterdam's Yondr to develop major hyperscale datacentre in Malaysia with up to €138 million (debt) funding.

🇬🇧 London-based FintechOS bags €55.4 million to simplify core systems modernization for the financial services industry.

🇸🇪 Stockholm-based Natural Cycles snaps €50.8 million to make hormone-free birth control more accessible.

🇸🇪 Swedish Doconomy secures €34 million to boost climate action in banking.

🇪🇸 Madrid-based ifeel raises €18.5 million to to save costs on risks associated with mental health.

SERIES A
Zurich-based EthonAI secures €15.3 million for AI-Driven manufacturing analytics

🇨🇭 EthonAI, a pioneer of AI-powered manufacturing analytics founded in 2021, announced its €15.3 million Series A funding last week.

Pay attention because this startup claims that it has created a new software category: the Manufacturing Analytics System (MAS). Alright!

They have created a multi-layered platform that leverages AI and sits on top of all existing factory data sources, such as sensor measurements, order information, and computer vision images.

The goals of the startup include helping engineers spot defects, identify process inefficiencies, improve quality, and reduce waste. Interesting!

You can read more about this deal here.

More Series A interesting stories:

🇬🇧 London-based travel paytech Swiipr raises €7 million to digitally transform airline disruption payments.

🇬🇧 London-based StructureFlow raises over €5.5 million to transform corporate diagrams into visual models of complex data.

SEED
Berlin-based Cloover raises €105 million to boost renewable energy transition

🇩🇪 Berlin-based Cloover, founded in 2022, has raised €105 million in a seed funding round to accelerate the development of its operating system designed for the renewable energy sector.

The company connects all relevant stakeholders of the energy transition – installers, prosumers, manufacturers, energy providers, and investors – through its software, finance, and energy solutions.

Raising such a substantial seed round is a clear signal that something big is happening with this startup. But how solid is their business?

Well, not much information is shared in the funding press release. They just state that they have a revenue pipeline that surpasses $3 billion (not bad, right?) with several hundred partners across Europe.

You can read more about this deal here.

More Seed interesting stories:

🇬🇧 London-based Exactly.ai raises €4 million to help artists communities monetise work at scale.

🇫🇷 Paris-based NcodiN raises €3.5 million to push the limits of AI processors.

🇳🇱 Delft-based Q*Bird raises €2.5 million to accelerate growth of its quantum security tech.

🇩🇰 Copenhagen-based Claimlane raises €1.8 million to simplify product claims and complex return processes.

PRE-SEED
Berlin-based Faircado closes €3 million to accelerate AI-powered second-hand shopping

🇩🇪 Faircado, an innovative AI-powered second-hand shopping assistant founded in 2022, has successfully secured €3 million in pre-seed funding.

I wonder if this startup would have been able to raise €3 million without including the keyword “AI” in their proposal… Probably not. 😇

But, in any case, I really like what this startup is doing.

They have create an AI-powered browser extension that helps consumers automatically find second-hand alternatives when shopping online, drawing from a database of 60+ million products from 50 different partners.

Their business model employs both revenue-per-click and a commission-based approach, and they are targeting a market (the second-hand clothing market) that is expected to grow significantly over the coming years.

You can read more about this deal here.

More pre-Seed interesting stories:

🇩🇰 Copenhagen-based ZTLment secures €2.4 million to replace outdated banking infrastructures.

🇮🇹 Italian startup Zefi.ai raises €1.6 million to analyze companies’ interactions with their users through AI.