🌟 QUICK INTRO
Hello and welcome back.
ElevenLabs dominated the news last week as it hit an $11bn valuation. Europe also got a new €1bn Growth Fund for Deep Tech
Europe got a new , and a made a bunch of employees cash millionaires as it did so. An ex-DeepMinder is starting his own post-LLM startup in London, and Hugging Face turns down Nvidia.
Let’s get into it.
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💰 BIG ROUNDS
UK-based ElevenLabs raised a $500m Series D led by Sequoia at an $11 billion valuation. Read more here.
Swedish EV maker Polestar secured $400m in new equity funding from Sumitomo Mitsui Banking Corporation and Standard Chartered. Read more here.
UK-based LegalTech Lawhive raised a €50m Series B led by Mitch Rales to expand across the US. Read more here.
UK-based insurtech Artificial Labs raised a $45m Series B led by CommerzVentures. Read more here.
Spanish HealthTech Biorce closed a $52m Series A round led by DST Global Partners. Read more here.
French HealthTech platform Hublo secured a €40m reinvestment from Revaia. Read more here.
Dutch FinTech Duna raised €30m in a Series A round led by CapitalG nine months after its seed. I interviewed the founder here.
Spanish BCAS raised €30m in a debt round led by MyInvestor to expand its flexible education financing platform. Read more here.
Croatian compute startup Daytona raised a $24m Series A led by FirstMark Capital to build agent-native infrastructure. Read more here.
UK-based HRTech Veremark secured a €22m Series B led by Gresham House Ventures for its AI-driven background screening platform. Read more here.
Luxembourg-based R3 Robotics raised a €14m Series A co-led by HG Ventures and Suma Capital, to industrialise automated dismantling of electric vehicle systems at scale. Read more here.
Swiss nanotechnology startup Chiral raised a €10m Seed led by CRV to scale post-silicon chip manufacturing. Read more here.
💸 SMALLER BUT INTERESTING ROUNDS
20VC invested $3.5m into its first incubated company - Slashwork. While at Facebook Julien Codorniou led "Workplace" - a workplace communication tool that was eventually axed despite hitting hundreds of millions of revenue. He's now been working with ex-Facebook engineers cofounders to build a new workplace tool.
Swedish Berget AI has raised €2.1m enables organisations to build AI applications using open language models operated on sovereign infrastructure in Sweden. Read more here.
🇪🇺 THE SCALING EUROPE SHOW
This week I published interviews with:
Hannah Payette Peterson: Co-MD at Nucleate Berlin on why Europe struggles to turn science into startups. Check it out here.
Carmen Alfonso Rico: GP at Cocoa on the state of European Venture and raising her second fund. Check it out here.
Duco van Lanschot: Co-Founder and CEO at Duna announcing a $30m Series A. Check it out here.
Barney Hussey-Yeo: Founder and CEO of Cleo on hitting $350m ARR and returning to the UK. Check it out here.
Yann de Vries: GP at Kembara, announcing a €1bn Growth Fund for European Deep Tech. Check it out here.
Nicolas Sharp: Cofounder and CEO at Attio on 3x'ing their customer base and releasing "Ask Attio". Check it out here.
Mick Hodgins: GM of EMEA at Notion on scaling across Europe. Check it out here.
Joe McDonald: Co-founder and CEO of tem on fixing the $900bn problem in energy. Check it out here.
Gabe Pereyra: Cofounder at Harvey, and Ilya Fushman, Partner at Kleiner Perkins: How law firms went all-in on AI. Check it out here.
Sevan Marian: Co-founder & CEO at Fleet on their $100m, bootstrapped exit. Check it out here.

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📰 BIG NEWS
ElevenLabs
The AI company raised a $500m Series D led by Sequoia at an $11 billion valuation. It’s now grown to $330m of ARR just five months after hitting $200m.
It’s a huge increase from its $9m valuation three years ago and so early investors are looking at a 700x paper return in three years.
Three years ago it raised $2m from Credo Ventures and Concept Ventures.
50% of its revenue is now coming from Enterprise clients.
Read more here.
Kembara
A new €1bn fund has just launched in Europe to invest in Growth stage Deep Tech, and has just announced its first close €750m.
It will be deploying €40m cheques into 20 European Deep Tech companies at Series B and C.
The founding team have been building, operating and investing in Deep Tech for over 100 years between them:
Javier Santiso: Founder/CEO of Mundi Ventures
Yann de Vries: Former Partner at Atomico and VP at Lilium
Robert Trezona: Founder of Kiko Ventures and former investor at IP Group
Pierre Festal: Partner at Promus Ventures
Siraj Khaliq: Advisor to the team. Founder & CTO of The Climate Corporation and former deep tech Partner at Atomico
Between them they have invested in SpaceX, OpenAI, Groq, Anduril, Ceres Power, Hinge Health, The Exploration Company, Fernride and RobCo.
💰 M&A
Swiss AI-powered marketing analytics platform Windsor.ai got acquired by Belgium-based team.blue. Read more here.
Stockholm-based background music startup Soundtrack acquired UK-based Ambie and Belgium’s Tunify to accelerate consolidation in the music-for-business market. Read more here.
French Canopus AI, a startup specialising in AI-driven computational metrology for the semiconductor industry, got acquired by Siemens. Read more here.
💶 FUND NEWS
Pan-Europe deeptech fund Kembara announced a €750m first close towards its €1 billion target to back European deeptech scaleups at the Series B–C stage. I interviewed one of the co-founding partners here.
Swiss Constructor Capital closed its $110m debut fund to back Seed and Series A startups across DeepTech, software, and EdTech, focusing companies emerging from scientific research. Read more here.
Belgian 100IN launched a €12m fund to back pre-seed startups, investing €100k per company across 100 startups globally. Read more here.
French climate VC SlateVC secured a €132m first close for its inaugural growth fund focused on energy transition and circularity. Read more here.
🔎 IN OTHER NEWS
Attio tripled its customer base to over 7,000 in the last year. It also announced Ask Attio, its new conversational AI layer that can reason over and act on everything in your CRM. I interviewed the founder here.
Deel has launched The Pitch, a global startup competition offering up to $1M in investment. Founders submit a 2-minute pitch for a chance to win funding, exposure, and access to exclusive perks. Apply here.
Checkout.com and Spotify have partnered up across 180 countries.
Modulr, the UK Fintech, reported its first full-year profit.
OpenAI's first hire in London, came out stealth with Lightfern aka "Cursor for emails".
Cleo, the UK Fintech, has returned to the UK after hitting $350m ARR.
🎪 EVENTS
Andre Retterath’s (aka the Data Driven VC) is hosting the Virtual DDVC Summit! Join 500+ investors and learn from 30+ expert speakers how leading VC, PE, and LP firms transform their operations with alternative data, AI, and automation. Get your SUPER EARLY BIRD ticket here.
EU Startups Summit: Join Europe’s top startups, investors, and innovators for 2 days of networking, inspiration, and learning. The next edition will take place on May 7-8, 2026 in sunny Malta. Sign up with the code SCALING20 to get 20% off.
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Thank you.
Seb

