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Startups in the region are emerging to deliver significant tech-driven changes across the insurance industry, and they are catching the eyes of investors. As of Q2’22, Europe-based insurtechs had collectively raised $7.1B since 2018 — more than any other major region outside of the United States.

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Like its global peers Shell and BP, TotalEnergies is putting a new business strategy into action to achieve carbon neutrality by 2050. The French major’s plan includes increasing its renewable energy capacities, reducing emissions, and boosting its number of EV charging points.

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The post State of Venture 2021: Europe appeared first on CB Insights Research.

Our Europe-based fintech funding update digs into the deals driving funding activity across the continent and looks at key trends across sectors including payments, banking, insurance, services for small- and medium-sized businesses (SMBs), and more.

Key Takeaways:

• Funding to Europe-based fintech companies in H1’21 surpassed 2020’s full-year total. Europe-based fintechs raised a record-breaking $12.8B in H1’21, nearly 1.5x higher than in all of 2020. In Q2’21 specifically, deal activity fell by 8% quarter-over-quarter (QoQ) to 148 deals, while funding grew by 30% to reach a record $7.2B, driven by companies raising more mid- to late-stage mega-rounds.
• Germany-based companies nearly reached UK’s funding high among European countries in Q2’21. In Q2’21, UK fintech companies raised $2.1B in funding, only 2% more than Germany-based ones. Of the 5 largest funding rounds in the quarter, two went to companies based in Germany.
• Insurance and wealth tech companies led funding growth in Q2’21. Across Europe, companies in insurance and wealth management saw the biggest funding gains among fintech sectors. Insurance tech companies raised a record-breaking $1.8B, up over 400% QoQ, while wealth tech companies raised $1.3B in funding for Q2’21. Banking companies led the quarter in deal volume and growth at 34 deals, up 70% QoQ.

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Since 2015, more than $200B has been invested across nearly 23,500 equity deals to VC-backed startups on the European continent.

This includes investments into leading tech unicorns like ride-hailing network Bolt in Estonia, delivery marketplace Glovo in Spain, and payments company Mollie in the Netherlands.

Using CB Insights data, we identified the most well-funded VC-backed tech startup in each country in Europe. Collectively, the startups on our map have raised nearly $21.3B in disclosed equity funding.

See the full infographic below, and the complete list of tech startups at the end of this post.

Our analysis ranks companies based on total disclosed equity funding and only considers VC-backed tech companies that have raised an equity round since 2016. Companies must have raised a minimum of $1M in equity funding. 

Please click to enlarge.

Key takeaways from the top-funded Europe-based tech startups

• The top-funded startup in Europe is the United Kingdom’s broadband satellite company OneWeb, with $5.2B in disclosed equity funding.
• Rounding out the top 3 most well-funded startups in the region are Sweden-based Northvolt ($4B in disclosed equity funding), which manufactures sustainable batteries, and e-commerce marketplace Trendyol in Turkey ($1.5B).
• Fourteen of the 38 companies featured in our map are unicorns with disclosed valuations of $1B+ (all tracked in real time on the CB Insights global unicorn tracker). The 5 most highly valued unicorns are: Celonis ($11B valuation, Germany), Northvolt ($9.1B, Sweden), Mollie ($6.5B, Netherlands), Bolt ($4.8B, Estonia), and Vinted ($4.5B, Lithuania).
• The region is home to 20 countries whose most well-funded tech startup has raised over $100M in equity funding. Six countries — the UK, Sweden, Turkey, Germany, Estonia, and Spain — have tech startups that have raised more than $1B in equity funding.
• The least well-funded startup on the map is Malta-based FRVR, an early-stage games developer that has raised $5.6M.
• Since our last update of this map in March 2021, 2 featured startups have pursued exits: Denmark-based Trustpilot went public in March, and Malta-based Gambling.com Group went public in July.

To learn more about tech startups on other continents, take a look at our pieces on the most well-funded tech startups in Latin American and the Caribbean and the top-funded tech startups in Asia and the Pacific.

If you are interested in learning more about the most well-funded US-based tech startups, check out our infographic on top US tech startups by state.

List of tech startups in Europe

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Since 2014, the wealth management space has seen a steady increase in M&A activity, with deals peaking at 396 in 2019. Though 2020 saw a slight dip, M&A efforts of some of the largest wealth and asset managers in the US signal that consolidation will continue to shape the future of the industry.

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Although 2020 wealth tech funding in Europe dipped from the highs set in 2019, it outpaced 2018 levels by 20%. Investors pulled back on funding riskier early-stage deals and instead participated in more mid- to late-stage rounds during the pandemic. For example, digital marketplace PrimaryBid, which gives investors access to alternative investments, raised a $50M Series B round in October.

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The post How Renewable Energy Tech Funding Has Progressed Over The Last 5 Years appeared first on CB Insights Research.

While deals to the group rose only slightly between 2018 and 2019, funding jumped 61% over the same period, from $4.9B to $7.9B. Run-rated through the end of 2020, funding is expected to rise this year, while deals could fall, indicating market maturation as investors back perceived winners.

Fintech-friendly regulatory initiatives are driving much of this activity. Open banking and the European Commission’s Second Payment Services Directive (PSD2) have made it easier for fintech companies to form, get regulatory approval, exchange data with incumbents, and ultimately acquire customers.

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VC DEALS TO US-BASED COMPANIES SEE QUARTERLY INCREASE BUT ARE DOWN 18% YOY IN Q2’20 

1,374 US deals take place in Q2’20, up from 1,336 in Q1’20. Despite the quarterly increase, Q2’20 deals fall 18% YoY.

Source: PwC CB Insights MoneyTree Report Q2 2020

ASIA SEES THE LARGEST QUARTERLY INCREASE IN DEALS AMONG GEOGRAPHIES 

Deal activity in Asia rises 20% in Q2’20, compared to 9% in Europe and 3% in North America. 

Source: PwC CB Insights MoneyTree Report Q2 2020

IPO EXITS JUMP WHILE M&A ACTIVITY FALLS IN THE PANDEMIC

After three quarters of declines, 24 US-based, VC-backed companies exit in IPOs in Q2’20, up from 15 in Q1’20. On the other hand, M&A activity sees sharp declines, falling to 120 exits in Q2’20 vs. 155 in Q1’20.

Source: PwC CB Insights MoneyTree Report Q2 2020

Access previous Venture Capital Funding Reports

• MoneyTree Report Q1 2020
• MoneyTree Report Q4 2019
• MoneyTree Report Q3 2019
• MoneyTree Report Q2 2019
• MoneyTree Report Q1 2019

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While the US still claims the majority of digital health deals, Europe has gained traction as well, with Europe-based digital health startups raising a record $2.6B across 300+ deals in 2019. Even as 2020 has seen funding plummet amid the Covid-19 pandemic, investors are making more concentrated bets both globally and regionally as mid-stage deal share continues to climb.

Using CB Insights data, we identify the most active investors in Europe-based digital health startups, based on the total number of companies backed. Our definition of digital health includes companies in the healthcare space that use technology and software as a key differentiator.

Please click to enlarge. 

Key takeaways

Bpifrance leads top investors

France-based investment bank Bpifrance is the most active investor in Europe’s digital health scene, backing 25 companies including BioSerenity, Doctolib, and HypnoVR.

Following Bpifrance is Germany-based VC firm High-Tech Grunderfonds (20 investments). Tied for third place with 16 investments each are UK-based incubator Entrepreneur First and Germany-based accelerator Startupbootcamp Digital Health.

One particular area of focus for Bpifrance is remote monitoring. The bank has invested in startups making connected health devices, such as BioSerenity and Dreem. 

The most well-funded startup in this cohort is Doctolib, which has $267M in total disclosed funding and is backed by Bpifrance. The French investment bank has backed 5 of the top-funded startups across the top investors’ portfolios.

AI & diagnostics startups attract multiple top investors

Companies that have received backing from more than 1 top investor include: 

• Wearable medical device maker BioSerenity,
• AI cardiology diagnostics startup Cardiologs, 
• Connected device company FeetMe, 
• AI radiology diagnostics developer Gleamer,
• Remote monitoring startup Machine Medicine, 
• Pathogen detection company PathoQuest
• Healthcare wearables maker Withings

France is a hotbed for digital health in Europe

France has seen the most activity in terms of digital health investments in Europe. Three of the top 10 European digital health investors are based in France: Bpifrance, IDInvest Partners, and Kima Ventures.

All the Europe-based digital health startups that have had multiple top investors — with the exception of Machine Medicine (UK) — are based in France as well.

Check out the top-funded digital health startups across the European continent here, and read about funding trends in the region here. 

The post The Most Active Investors In Europe’s Digital Health Ecosystem appeared first on CB Insights Research.

Last quarter, healthcare funding deals fell 6% compared to Q4’19. China’s healthcare deal count dropped to its lowest level since Q2’17. 

All signs seemed to point to sluggish healthcare funding activity in 2020 — but data from Q2 suggests it could already be rebounding. 

Below, we look at the Q2’20 global healthcare funding trends that point to a more promising year ahead.  

Q2’20 is on track to be a strong quarter for global healthcare funding

Healthcare companies around the world raised over $8.8B across 672 deals between April 1, 2020 and May 24, 2020.

At this pace of funding activity, Q2’20 could close with over $15B in funding and almost 1180 deals, which would make it one of the strongest healthcare funding quarters in the last 3 years. 

The projections, based on the current run rate, show a 6% jump in funding compared to Q1’20 and an 11% increase year-over-year. Deal volume could also see a 2% boost quarter-over-quarter. 

Funding to Asia-based healthcare companies could rebound while North America sees a dip 

Despite the global upward funding trend, the projected funding rebound for Q2’20 currently varies by continent.

In aggregate, funding to healthcare companies based in North America could see a significant quarterly decline. 

On the flip side, Asian and European countries could land a strong quarter — suggesting that re-opening and recovery efforts have positively affected healthcare funding growth. This could be a positive sign for countries in North America and other parts of the world that are further behind in re-opening their economies. 

For Asia, Q2’20 is projected to pull in the most healthcare quarterly funding for the region to date with $4.8B set to be raised, beating the record set in Q3’18. This boom is largely driven by $100M+ mega-rounds on the continent, especially in China, which has started to see economic recovery from the pandemic.

Five of the 14 mega-rounds raised from April 1 through May 24 went to China-based companies. This includes a whopping $1B round for MGI Tech, a BGI Genomics-affiliated manufacturer of DNA sequencing instruments. 

Meanwhile, US-based companies pulled in 8 mega-rounds over the same period, worth a combined $1.1B. Erasca closed the largest round from this cohort, raising a $200M Series B co-led by ARCH Venture Partners and Cormorant Asset Management. The company says it will use the funding to further its pipeline of oncology therapies. 

Global digital health funding is on the decline

For digital health companies, the mid-quarter data points to a different story: global digital health funding levels could see a 16% quarterly decline and a 31% nosedive year-over-year. 

Similar to the trend in global healthcare funding activity described above, the quarterly drop is driven by declining funding to digital health companies based in North America — which could dip by 25% from Q1’20.

Notably, US-based digital health companies are on pace to pull in just under $2.4B in Q2’20, an almost $800M drop from Q1. The associated deal count is also projected to decrease to 208 over the same period, down from 231 in the previous quarter.

The biggest deal to a US-based digital health company in Q2’20 so far was telehealth company Amwell‘s $134M round. Amwell has reportedly filed to go public later this year, adding to the momentum from the Covid-driven surge in demand for telehealth services. 

See more healthcare trends in our State Of Healthcare Q1’20 Report.

The post Is Global Healthcare Funding Set For A Rebound This Quarter? appeared first on CB Insights Research.

As the pandemic subsides and the global economy begins to recover, manufacturers will need to operate at maximum efficiency to survive and take advantage of growth opportunities.

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Recent investments have gone to leading healthcare companies such as Oxford Nanopore Technologies in the UK, Doctolib in France, and KRY in Sweden.

One emerging area of focus is telehealth, which has garnered increased attention amid the Covid-19 pandemic.

Using CB Insights data, we identified the most well-funded digital health startups across Europe. Collectively, these startups have raised more than $2B in disclosed equity funding. 

See the full infographic below, as well as the complete list of startups at the end of this post. For more on top-funded digital health startups, check out our map of the most well-funded US digital health startup in every US state.

We define digital health to include companies in the healthcare space that use technology and software as a key differentiator. Our analysis ranks companies based on total disclosed equity funding and only considers digital health companies that have raised equity funding since 2015. We exclude subsidiaries and majority-owned startups.

Please click to enlarge. 

KEY TAKEAWAYS

• The top-funded digital health startup in Europe is UK-based DNA sequencer maker Oxford Nanopore Technologies, with $740M in total disclosed equity funding.
• Rounding out the top 3 most well-funded startups are telehealth provider Doctolib in France ($267M in equity funding) and telehealth app KRY in Sweden ($251M).
• Two of the 32 companies featured in our map are unicorns with disclosed valuations of $1B+: Oxford Nanopore Technologies ($2B valuation, UK) and Doctolib ($1.1B, France). 
• Eight countries boast top-funded startups that have raised more than $100M in equity funding, while 7 countries have top-funded startups that have raised between $10M and $100M. 
• The least well-funded startup on the map is Iceland-based mental health platform Proency, which has received $20K.
• Telehealth is one of the major themes for startups in our graphic. Three of the top 10 startups have a remote care or telemedicine focus, including Doctolib (France), which provides a platform for doctors to manage appointments and offer video consultations; KRY (Sweden), which offers an app to connect doctors with patients; and LetsGetChecked (Ireland), which is developing a variety of remote testing kits that allow users to test themselves at home.
• Another popular area of focus is genomics. This area is being explored by companies like Oxford Nanopore Technologies (UK), Agendia (Netherlands), and SOPHiA Genetics (Switzerland). Oxford Nanopore Technologies makes nanopore DNA sequencers used across cancer research, microbiology, plant science, and more. Agendia develops genomic tests for breast cancer, while SOPHiA Genetics offers an AI platform for genomic analysis.

See the most active investors in digital health startups in Europe here, and read more about funding trends in the region here. 

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From 2015 to Q1’20, investors poured a total of $6.9B into Europe-based digital health companies across 1,327 deals.

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The post Funding Trends In Europe’s Digital Health Space appeared first on CB Insights Research.

While deal activity and funding saw year-over-year (YoY) declines in North America, Asia, and Europe, Asia experienced the largest drop in both funding and deal activity in Q1’20.

Deal activity in Asia declined 20% YoY, compared to declines of 17% in North America and 10% in Europe.

Looking at the change in deal activity on a quarterly basis reveals an even more dramatic contraction in Asia. In Q1’20, deal activity in Asia declined 28% versus Q4’19, with North America and Europe experiencing 10% and 14% declines, respectively, during the same period.

Meanwhile, total funding to VC-backed startups in Asia fell 20% YoY compared to a 13% decline in Europe and a 4% decline in North America.

On a quarterly basis, however, funding in Asia rose in Q1’20 compared to Q4’19 due to an uptick in funding to China-based startups. 

Funding to VC-backed startups in China rose 25% compared to Q4’19, though deals declined 39% over the same period. These divergent trends emerged as most investors sat on the sidelines while select investors doubled down on successful bets by participating in large rounds to later-stage companies. 

Among the biggest bets in China in Q1’20 were three $1B+ mega-rounds to each of the following Beijing-based startups: Beike Zhaofang, Ziroom, and Yuanfudao. Beike Zhaofang and Ziroom operate real estate marketplaces, while Yuanfudao is developing a personalized learning edtech platform. 

India, meanwhile, experienced a quarterly contraction in both funding and deals. Funding to VC-backed startups in India fell 26% in Q1’20 compared to Q4’19, while the number of deals fell 16%.

On a YoY basis, however, this reflects a 4% increase in deal activity and a 19% increase in funding — rising by about $500M to reach almost $3B — as the startup ecosystem in the country matures. 

The largest round in India during Q1’20 was OYO Rooms’ $807M Series F in March 2020. The Airbnb-backed startup operates an online marketplace for renting hotels and guesthouses. 

Not including China and India, funding to VC-backed startups based in the rest of Asia fell 14% in Q1’20 versus the same quarter a year prior; deal activity fell 9% during the same period. 

Take a look at all the underlying data and more insights in the PwC/CB Insights MoneyTree Report Q1 2020.

The post How Deals To Asia-Based Startups Fared Compared To Europe And North America In Q1’20 appeared first on CB Insights Research.

US VC DEAL ACTIVITY DECLINES FOR THE THIRD CONSECUTIVE QUARTER

In Q1’20, US deals fell 9% QoQ, with some of the decline likely attributable to the Covid-19 pandemic. Nonetheless, funding still rose 14% QoQ on the back of larger deals.

Source: PwC CB Insights MoneyTree Report Q1 2020

ASIA SEES THE LARGEST DROP IN FUNDING AND DEAL ACTIVITY

Asia deal activity declined 20% YoY in Q1’20, compared to declines of 17% in North America and 10% in Europe, with some of the decline likely attributable to the earlier outbreak of the Covid-19 pandemic.

Source: PwC CB Insights MoneyTree Report Q1 2020

US UNICORN BIRTHS ARE ON THE DECLINE

The number of VC-backed startups valued at $1B+ continues to rise, but aggregate valuation dips for
the second consecutive quarter.

Source: PwC CB Insights MoneyTree Report Q1 2020

Access previous Venture Capital Funding Reports

• MoneyTree Report Q4 2019
• MoneyTree Report Q3 2019
• MoneyTree Report Q2 2019
• MoneyTree Report Q1 2019

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Funding to French Tech companies reaches record high

2019 funding surpassed 2018 totals by more than 23%. Funding this year has been driven by more than a dozen$50M+ deals, a $170M Series E, and a $125M Series D.

France lags behind Germany & the UK for Q4’19 dollar funding

After maintaining its position in second place ahead of Germany in H1’19, France has remained in third place for quarterly dollar funding in H2’19.

Kima Ventures ranks as France’s most active private investor in 2019

Startups like Lunchr and Meero have been funded by multiple investors on this list

The post Tech Funding Trends In France Q4 2019 appeared first on CB Insights Research.

Alan is the first independent insurance company to receive a license from the French Prudential Supervision and Resolution Authority (ACPR, the supervisory body in charge of ensuring a stable financial system and protecting consumers) in over 30 years, and is the first startup to bring a digital approach to health insurance to the region.

We analyze Alan’s:

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This announcement marks the first customer for Fidelity’s European digital assets business, which officially launched in December 2019. Just as it does in the US, the company offers custody and trade execution for digital assets like cryptocurrencies.

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US VC funding and deals fall for the second straight quarter

US VC-backed companies raise $23B in Q4’19, down 16% compared to Q3.

Graph shows US deals and dollars Quarterly. Source: PwC CB Insights MoneyTree Report Q4 2019

Global deal activity, funding declines in last quarter of 2019

Global VC funding falls 16% in Q4’19 compared to Q3’19.

Asia and Europe see increased deal activity, while North American deals fall

North American deal activity declines for the second consecutive quarter in Q4’19; four states more than double investments while most decline.

Graph shows top 10 states by investments. Source: PwC CB Insights MoneyTree Report Q4 2019

Access previous Venture Capital Funding Reports

• MoneyTree Report Q3 2019
• MoneyTree Report Q2 2019
• MoneyTree Report Q1 2019

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Revolut’s mission is to offer a single platform serving end-to-end financial needs for customers on a global scale. The company is focused on helping customers improve financial health while expanding financial inclusion. 

We analyze Revolut’s:

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Combined, these 50 startups have raised $30B+ in total disclosed funding, and operate across industries including fintech, e-commerce, healthcare, and more.

Using CB Insights data, we identified all the Europe-based startups that have reached unicorn status. Below are more details on each of the companies that make the list, ranked by valuation.

Global Switch (UK)

Valuation: $11.1B

Total disclosed funding: $6.3B

Select investors: International Data Corporation, Aviation Industry Corporation of China, Essence Financial, Jiangsu Sha Steel Group

Global Switch, the most valuable Europe-based unicorn, operates data centers in Europe and Asia. In July 2018, a consortium of investors bought a nearly 25% stake in the company for almost $2.8B. The company said that the investment would help fund its expansion plans ahead of an anticipated IPO.

Klarna (Sweden)

Valuation: $5.5B

Total disclosed funding: $957M

Select investors: Sequoia Capital, General Atlantic, Institutional Venture Partners

Klarna provides online payment services. The company has made a handful of acquisitions in recent years, including its purchase of cart and checkout browser extension Shop.co in 2018 and its $75M acquisition of Germany-based payments company Billpay in 2017. It is the most well-funded tech startup in Sweden, and the second most well-funded tech startup in Europe as a whole.

Auto1 Group (Germany) 

Valuation: $3.5B

Total disclosed funding: $1.1B

Select investors: DST Global, DN Capital, SoftBank Group

Founded in 2012, this Berlin-based company runs an online used car marketplace in over 20 countries. In 2018, it launched a fintech subsidiary, Auto1 Fintech, with Deutsche Bank and Allianz.

Otto Bock Healthcare (Germany) 

Valuation: $3.5B

Total disclosed funding: $704M

Select investors: EQT Partners

Medical technology company Otto Bock is a prosthetics maker. Swedish buyout group EQT Partners bought a 20% stake in the company in June 2017.

Greensill (UK)

Valuation: $3.5B

Total disclosed funding: $1.71B 

Select investors: SoftBank Group, General Atlantic

Supply chain finance company Greensill positions itself as a third party between businesses and suppliers, aiming to limit risk for both parties by providing early payments to suppliers and offering funding to businesses.

N26 (Germany)

Valuation: $3.5B 

Total disclosed funding: $683M 

Select investors: Battery Ventures, Allianz X, Tencent Holdings, Greyhound Capital

N26 is a mobile banking platform. The startup offers account holders benefits like no minimum account balances, no annual maintenance fees, accelerated paycheck direct deposits, and a built-in personal finance tool.

Transferwise (UK)

Valuation: $3.5B

Total disclosed funding: $481M

Select investors: Andreessen Horowitz, Richard Branson, BlackRock, IA Ventures, Vitruvian Partners

TransferWise is a peer-to-peer currency exchange service that aims to give customers better exchange rates than banks.

The Hut Group (UK) 

Valuation: $3.3B

Total disclosed funding: $3B

Select investors: Barclays Bank, HSBC, Banco Santander, Old Mutual Global Investors, Artemis Investment Management

The Hut Group is an e-commerce platform focused on beauty and wellness. The company operates more than 100 websites, including SkinCareRx, Glossybox, MyVitamins, and IdealShape.

BGL Group (UK) 

Valuation: $3B

Total disclosed funding: $900M

Select investors: CPP Investment Board

BGL Group is a financial services company that runs sites that let users compare insurance products.

Monzo (UK)

Valuation: $2.5B

Total disclosed funding: $416M

Select investors: Accel, General Catalyst, Stripe

Monzo is a challenger bank. In June 2019, the company raised a $144M Series F from investors including Accel, General Catalyst, Stripe, and Y Combinator, among others.

Celonis (Germany) 

Valuation: $2.5B

Total disclosed funding: $368M

Select investors: Accel, 83 North

Celonis is a data analytics company that aims to help enterprises improve business processes.

OakNorth (UK) 

Valuation: $2.4B

Total disclosed funding: $991M

Select investors: Clermonth Group, SoftBank Group, Toscafund Asset Management

OakNorth provides property financing and loans to small- and medium-sized businesses using its online platform, Acorn, which uses machine learning to make lending decisions. In February 2019, the fintech company raised a $440M Series E from Clermont Group and SoftBank Group.

FlixBus (Germany)

Valuation: $2.25B

Total disclosed funding: $561M

Select investors: Baillie Gifford & Co., General Atlantic, Holtzbrinck Ventures, European Investment Bank, Luxor Capital

Munich-based FlixBus runs a long-distance bus booking service that covers cities across Europe and some of the US. In addition to its platform, FlixBus also owns and operates its own buses within its network.

NuCom Group (Germany) 

Valuation: $2.2B

Total disclosed funding: N/A

Select investors: General Atlantic

NuCom Group has a portfolio of consumer and lifestyle brands, including E-harmony, Parship, Flaconi, and Amoreli. Growth equity firm General Atlantic has a nearly 30% stake in the company as of January 2019.

BenevolentAI (UK)

Valuation: $2.1B

Total disclosed funding: $346M

Select investors: Temasek, Woodford Investment Management

BenevolentAI uses artificial intelligence to speed up drug discovery. The startup raised $90M from Temasek in September 2019, contributing to a record-breaking level of funding to AI healthcare companies that quarter.

Babylon Health (UK)

Valuation: $2B

Total disclosed funding: $635M

Select investors: DeepMind Technologies, Kinnevik, Vostok New Ventures

Babylon Health is an AI-driven telemedicine startup that connects users with healthcare professionals to diagnose symptoms and get appropriate medical care as soon as possible. Headquartered in the UK, Babylon Health also operates in the US, Ireland, Canada, Rwanda, and Southeast Asia.

Checkout.com (UK)

Valuation: $2B

Total disclosed funding: $230M

Select investors: Blossom Capital, Endeavor, GIC, DST Global, Insight Partners

Checkout.com combines payment services, risk/fraud monitoring, and customer service into a unified payment platform API.

Improbable (UK)

Valuation: $2B

Total disclosed funding: $604M

Select investors: Andreessen Horowitz, SoftBank Group, Temasek

Improbable offers a cloud-based platform that helps developers build simulated worlds for games and other uses.

Deliveroo (UK)

Valuation: $2B

Total disclosed funding: $1.5B

Select investors: Accel, Amazon, DST Global, General Catalyst, T. Rowe Price

Online delivery company Deliveroo uses machine learning to help optimize delivery times. The company raised $575M in a 2019 funding round with participation from Amazon and T. Rowe Price, among others.

Oxford Nanopore Technologies (UK)

Valuation: $2B

Total disclosed funding: $702M

Select investors: Illumina, Invesco Perpetual, IP Group

Oxford Nanopore Technologies is a biotech company that offers DNA/RNA sequencing technology.

CureVac (Germany) 

Valuation: $1.7B

Total disclosed funding: $434M

Select investors: Eli Lilly & Co., L-Bank, Bill & Melinda Gates Foundation

CureVac is a biopharmaceutical company that uses mRNA for medical purposes such as developing vaccines.

Darktrace (UK) 

Valuation: $1.7B

Total disclosed funding: $232M

Select investors: KKR, Samsung Ventures, Summit Partners

Founded in 2013 by a group of Cambridge mathematicians and government cyber intelligence experts, Darktrace is a cybersecurity company that uses artificial intelligence.

Graphcore (UK)

Valuation: $1.7B

Total disclosed funding: $310M

Select investors: Sequoia, Microsoft Ventures, Dell Technologies Capital, C4 Ventures, Samsung Catalyst Fund

Semiconductor company Graphcore specializes in manufacturing IPU (Intelligence Processing Unit) microchips for use in AI and machine learning environments, with a particular focus in NLP (natural language processing) and GPU (Graphical Processing Unit) areas.

BlaBlaCar (France) 

Valuation: $1.6B

Total disclosed funding: $450M

Select investors: Accel Partners, Index Ventures, Insight Venture Partners

Carpooling app BlaBlaCar says it has 60M members in 22 countries. Based in France, the company focuses on long-distance carpooling but also runs BlaBlaLines, a short-distance commuter carpooling service.

Northvolt (Sweden)

Valuation: $1.6B

Total disclosed funding: $1.6B 

Select investors: BMW Group, Volkswagen Group, Goldman Sachs, Siemens

Swedish sustainable battery developer Northvolt is working toward market offerings in the auto, industrial, and portable battery spaces. Northvolt is trying to boost sustainability by employing responsible component sourcing and 100% renewable energy-powered manufacturing.

Revolut (UK)

Valuation: $1.5B

Total disclosed funding: $336M

Select investors: Index Ventures, DST Global, Ribbit Capital

Revolut is a UK-based fintech company that provides money management services, international money transfers, currency exchange, and prepaid debit cards.

Cabify (spain)

Valuation: $1.4B

Total disclosed funding: $481M

Select investors: Rakuten, Seaya Ventures, TheVentureCity

Cabify is a transportation network that offers on-demand rides through its mobile app. It is the most well-funded tech startup in Spain. 

OVO Energy (UK) 

Valuation: $1.3B

Total disclosed funding: $256M

Select investors: Mayfair Equity Partner, Mitsubishi Corporation

OVO Energy is a sustainability-focused energy company operating in the UK. OVO clients can choose from carbon reduction options like carbon-neutral gas, renewable electricity, and electric vehicle support.

Atom Bank (UK)

Valuation: $1.2B

Total disclosed funding: $588M

Select investors: Toscafund Asset Management, Woodford Investment Management, BBVA

Atom Bank is a UK-based mobile-only lender that provides mortgages and savings accounts.

BrewDog (UK) 

Valuation: $1.2B

Total disclosed funding: $297M

Select investors: TSG Consumer Partners, Crowdcube

BrewDog is a Scottish brewery that sells beer in over 60 countries. We featured the startup in the craft beers category of our disruptive beer startups market map.

DEEZER (France)

Valuation: $1.2B

Total disclosed funding: $442M

Select investors: Access Industries, IDInvest Partners, AGF Private Equity

Founded in Paris and originally known as Blogmusik, Deezer is an internet-based music streaming service that operates across 180+ countries worldwide.

Rapyd (UK)

Valuation: $1.2B

Total disclosed funding: $175M

Select investors: Durable Capital Partners, Coatue Management, Tiger Global Management

Rapyd offers a payments platform that aims to make it easier to sell across borders by accepting local payments.

DoctoLib (France)

Valuation: $1.1B

Total disclosed funding: $267M

Select investors: Accel, BPI France, Bertrand Jelensprenger, Kerala Ventures

Doctolib operates a database of medical practitioners that compiles information for users to search, review, and make appointments through.

Deposit Solutions (Germany)

Valuation: $1.1B

Total disclosed funding: $199M

Select investors: Deutsche Bank, e.ventures, Peter Thiel

Banking startup Deposit Solutions offers an open banking product that allows banks to offer third-party deposit products without having to set up retail infrastructure or depositors having to open new accounts.

GetYourGuide (Germany)

Valuation: $1.1B

Total disclosed funding: $655M

Select investors: SoftBank Group, Battery Ventures, Spark Capital, Highland Europe, Swisscanto Invest

GetYourGuide is a booking platform that operates globally with an interface in 20+ languages, showcasing travel opportunities, personalized tours, and events for tourists.

OVH (France) 

Valuation: $1.1B

Total disclosed funding: $1.2B

Select investors: KKR, TowerBrook Capital Partners

OVH is a cloud provider specializing in web hosting, in addition to offering products such as domain names, emails, and internet access.

Radius Payments Solutions (UK)

Valuation: $1.1B

Total disclosed funding: $200M

Select investors: Inflexion Private Equity

Radius provides payment services to the fleet & logistics sector.

Vinted (Lithuania)

Valuation: $1.1B

Total disclosed funding: $260M

Select investors: Accel, Burda Principal Investments, Insight Partners

Fashion startup Vinted offers an online e-commerce platform for users to buy and sell their clothes. The company also operates a secondhand marketplace where users can sell, swap, and gift clothes.

About You (Germany) 

Valuation: $1B

Total disclosed funding: $300M

Select investors: German Media Pool, Seven Venture Capital

About You is a fashion e-commerce company based in Hamburg. The company tailors the shopping site to each shopper, in addition to offering an app store and developer center.

Acronis (Switzerland)

Valuation: $1B

Total disclosed funding: $178M

Select investors: Goldman Sachs

Acronis is a Singapore-founded, Swiss-based data protection company offering encrypted file sharing and sync services. Goldman Sachs led a $147M funding round in September.

Avaloq Group (Switzerland) 

Valuation: $1B

Total disclosed funding: $300M

Select investors: Warburg Pincus

Avaloq offers cloud-based fintech services to banks.

BitFury (Netherlands)

Valuation: $1B

Total disclosed funding: $170M

Select investors: Blockchain Capital, iTech Capital, NAVER Ventures

BitFury offers a variety of software and hardware products, including blockchain services, high-performance computing, and crypto-infrastructure.

Bolt (estonia)

Valuation: $1B

Total disclosed funding: $177M

Select investors: Didi Chuxing, Daimler, TMT Investments

Bolt is a ride-hailing platform that boasts more than 10M users in 25 countries.

CMR Surgical (UK)

Valuation: $1B

Total disclosed funding: $386M

Select Investors: Cambridge Innovation Capital, Escala Capital, ABB Technology Ventures

CMR Surgical is a surgical robotics systems company focused on developing tools for minimally invasive surgeries.

Meero (France)

Valuation: $1B

Total disclosed funding: $298M

Select investors: White Star Capital, Global Founders Capital, Aglae Ventures, Alven Capital

Meero provides infrastructure and management for photographers, ranging from finding jobs for freelance photographers to invoicing and post-production work.

MindMaze (Switzerland) 

Valuation: $1B

Total disclosed funding: $119M

Select investors: Hinduja Group, Leonardo DiCaprio

MindMaze uses virtual reality and neuroscience to create human-machine interfaces. Its “mindmotion” product uses VR to help help rehabilitate patients with neurological injuries.

Numbrs (Switzerland)

Valuation: $1B

Total disclosed funding: $79M

Select investors: Investment Corporation of Dubai, Centralway

Swiss mobile-first banking app Numbrs gives clients the ability to link multiple bank accounts or loyalty cards and collect them into one space, as well as providing spending predictions and personal money transfer services.

OcSiAl (Luxembourg)

Valuation: $1B

Total disclosed funding: $5M

Select investors: A&NN, Rusnano

Materials synthesis company OCSiAl focuses on carbon nanomaterial manufacturing and development. 

OutSystems (Portugal) 

Valuation: $1B

Total disclosed funding: $422M

Select investors: Goldman Sachs, KKR, PME Investimentos

OutSystems provides a cloud-based mobile app development platform. The company has over 245 global partners and operates across 20+ industries.

Omio (Germany)

Valuation: $1B

Total disclosed funding: $296M  

Select investors: Battery Ventures, Lakestar, Goldman Sachs Investment Partners, Atomico

Berlin-based travel booking company Omio compiles bus, train, and plane offerings. Omio’s algorithms allow travelers to sort based on price, total travel time, or convenience to tailor to different customers’ travel preferences.

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