Category: Startups

• Saronic, a startup making autonomous military boats, raised $175 million in a funding round led by Andreessen Horowitz at a valuation of over $1 billion
• Founded in 2022 by Navy Seal Team 6 veteran Dino Mavrookas and former Marine Rob Lehman, Saronic aims to build autonomous vessels to support the U.S. Navy’s fleet
• The company’s focus on autonomous systems aims to address the Chinese Navy’s superior shipbuilding capacity and bolster U.S.

• 77% of Indian tech start-ups invest in AI and advanced technologies
• 40% of tech start-ups originate in Tier II and III cities
• Study by SAP India and Dun & Bradstreet examines 113 Indian start-ups
• Indian start-ups prioritize operational efficiency, growth, and customer experiences through technology integration
• Bengaluru leads in funding and deal numbers, with tier 2 and 3 cities emerging as innovation hubs

Indian Tech Start-ups Embracing Advanced Technologies

Indian tech start-ups are at the forefront of innovation, with a recent study revealing that over 77% of these companies are investing in cutting-edge technologies such as Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), and blockchain. Read more

• Fashion-tech brand NEWME secures $18 million in Series A funding led by Accel
• Previous funding rounds included investments from Fireside Ventures and AUM Ventures
• NEWME plans to expand its omnichannel presence and open more offline stores
• Co-Founder & CEO Sumit Jasoria highlights the brand’s unique approach bridging fashion and technology
• NEWME targets over 500 million Gen Z customers in India and Southeast Asia, aiming for significant growth and innovation

Fashion-tech brand NEWME: Revolutionizing Gen Z Fashion

Fashion-tech brand NEWME has made headlines with its recent success in raising $18 million in a Series A funding round. Read more

• Israeli startups experienced a surge in private funding in the first half of 2024, with investments in cybersecurity leading the way.
• Private funding for Israeli startups increased by 31% to $5.1 billion in the first half of 2024, with potential total funding reaching $6.7 billion.
• The second quarter saw a significant increase in funding to $3.3 billion, up from $1.8 billion in the first quarter.

• Irish Venture Capital Association emphasizes the need for structural funding reform to create a “stable of unicorns” in Ireland
• Minister Peter Burke sets up committee to address scaling challenges faced by Irish tech companies
• International funding for Irish SMEs drops significantly, highlighting the reliance on unpredictable foreign investors
• Early-stage funding deals see an increase, with life sciences sector dominating VC funding
• Access to finance remains a major obstacle for Irish tech start-ups, with lobbying efforts focused on tax credits and state supports

Irish Unicorn Funding: A Path to Creating a Stable of Unicorns

In the realm of venture capital and tech start-ups, the concept of Irish unicorn funding has been gaining traction as a potential game-changer for Ireland’s entrepreneurial landscape. Read more

• Government fund of ₹1 trillion to support deep-tech startups in promising segments
• Inter-ministerial committee led by Department of Space working on fund framework
• Fund to be announced in next two months as part of National Deeptech Startup Policy
• Policy framework aims to boost R&D in private sector and develop niche technology-driven products in India
• Challenges for Indian deeptech startups include funding access, talent attraction, and research infrastructure

Understanding Tech Startup Funding and Market Framework

In the fast-paced world of technology startups, securing funding is often the key to success. Read more

• Washington fusion startups receive visits from Gov. Inslee and Sen. Murray as funding increases
• Fusion industry attracts over $900 million in funding last year, totaling $7.1 billion
• Fusion power seen as crucial for clean energy transition and meeting energy demands
• Washington state leaders support fusion sector with policies and funding initiatives
• Challenges remain in achieving commercially viable fusion energy production

Washington Fusion Startups: Gov.

• Israeli tech industry faces challenges post-war, with impacts on funding and workforce
• Negative attitudes towards Israel affecting venture capital funds and company activities abroad
• Israel’s tech sector plays a significant role in the nation’s economy
• Resilience shown by Israeli tech companies, with notable successes despite global downturn
• VCs launching new funds to support startups and address challenges post-war

Funding Resilience in Israeli Tech

In the wake of the events of October 7th, the resilience of Israeli tech has been put to the test. Read more

• QC Design selected for EIC Accelerator Program, secures €4 million in funding
• Quantum design automation software, Plaquette, aids in developing efficient logical qubits for fault-tolerant quantum computing
• EIC funding accelerates development of design-automation tools for fault-tolerant quantum computers
• QC Design emerges as one of the 68 winners out of 969 full proposals in the competitive EIC Accelerator program
• Company receives €2.5 million grant and up to €1.5 million in equity investments for Seed round

QC Design Selected For EIC Accelerator Program

Quantum design automation software company, QC Design, has been chosen to participate in the prestigious European Innovation Council (EIC) Accelerator program. Read more

• Investors and founders in Africa’s tech sector are feeling more optimistic about a return to dealmaking
• African startups saw a significant decrease in investments in the first half of this year compared to previous years
• Signs of macroeconomic stability in top African destinations and potential rate cuts by the US Federal Reserve are boosting optimism in the funding ecosystem
• Lessons learned from the past couple of years emphasize the need for better investment structure to avoid startup closures and misdeeds
• Renewed optimism is leading to the formation of new funds to support early-stage startups tackling significant challenges

Investors Optimistic About Africa’s Tech Sector Recovery

Investors and founders in Africa’s tech sector are feeling more upbeat about the future, as signs of a rebound in dealmaking emerge after a period of decline. Read more

• Khalifa Fund for Enterprise Development launches funding programmes to support start-ups in priority sectors
• Interest-free, long-term loans ranging from AED150,000 to AED3 million available for Emirati start-ups
• Programmes aim to enhance capabilities of start-ups in priority sectors and foster innovation and entrepreneurship among UAE Nationals
• Funding suite includes six products categorized under Startup Funding, Expansion Funding, and Agri-tech Funding programmes
• Funding products cover costs for micro start-ups, small and medium businesses, and agricultural sector enhancements

Khalifa Fund for Enterprise Development: Empowering Start-ups in Priority Sectors

In a bid to bolster the entrepreneurial landscape in the UAE, the Khalifa Fund for Enterprise Development has unveiled a range of innovative funding programmes aimed at supporting licensed Emirati start-ups in priority sectors. Read more

• The $2.5M Innovate Africa Fund has launched to support early-stage founders with transformative ideas.
• Co-founded by Kristin Wilson and Christian Idiodi, the fund aims to finance startups addressing issues like insecurity, unemployment, and poverty in Africa.
• The fund plans to support up to 20 startups in its first year and provide insight-driven capital to accelerate their growth.
• Innovate Africa Fund offers a comprehensive support package including finance, governance, public relations, and product development support.

• Moving Tech raises Rs 91 crore to fund technology, R&D, and product innovations for public transportation system
• Funds will be used to develop an integrated, digitized, and open transportation system
• Moving Tech aims to increase driver earnings and provide reliable, affordable, and sustainable mobility solutions
• Namma Yatri and its family of apps are open-source and part of the ONDC Network
• Moving Tech is focused on building inclusive, efficient, and sustainable mobility for the future

Funding the Future: Namma Yatri’s Vision to Fund Technology R&D

In a significant move towards revolutionizing the public transportation sector, Namma Yatri, a subsidiary of Moving Tech, has secured a substantial investment of Rs 91 crore to fund technology, R&D, and other critical aspects. Read more

• Yatri parent, Moving Tech, secures $11 million funding from Blume Ventures, Antler, and Google
• Funds to be invested in technology, R&D, and product innovation for driver empowerment and enhanced customer experience
• Moving Tech aims to increase driver earnings and provide reliable, affordable, seamless, and sustainable mobility solutions
• Company leaders emphasize a people-first approach and collaboration with community, government, and businesses
• Namma Yatri app launched as an alternative to Ola and Uber, introducing subscription and direct-payment models, expanding to multiple cities

Yatri Parent Funding: Namma Yatri Secures $11 Million Investment from Blume Ventures, Antler, Google

In a recent development, Moving Tech Innovations Ltd, the parent company of popular community-led mobility apps Namma Yatri and Yatri Sathi, has successfully raised $11 million in a pre-Series A funding round. Read more

• Breega, a leading European early-stage fund, has launched a $75 million fund targeting African startups.
• The fund, named “Breega Africa Seed I,” aims to support ventures in South Africa, Egypt, Nigeria, Kenya, and other African countries.
• Breega’s new African fund is led by Melvyn Lubega and Tosin Faniro-Dada, both bringing significant expertise to the table.
• The fund will focus on sectors like agri-tech, ed-tech, e-health, fintech, insurtech, prop-tech, and logistics to drive sustainable solutions.

• Mastercard Foundation hosts conference on African tech funding to address decline in financial support for technology ventures in Africa
• Conference in Abuja gathered educators, investors, policymakers, and tech leaders to explore strategies for revitalizing funding for tech sector
• Emphasis on pivotal role of technology in advancing education and economic growth in Africa
• Discussions on building resilient and inclusive EdTech ecosystems, promoting digital literacy, and fostering collaboration among stakeholders
• Challenges faced by African EdTech sector include limited internet connectivity, infrastructural deficiencies, and declining funding for startups

Revitalizing African Tech Funding Through Collaborative Efforts

In a bid to address the concerning decline in funding for technology ventures across Africa, the Mastercard Foundation recently hosted a pivotal conference in Abuja. Read more

• The EIC Accelerator selected 68 deep-tech start-ups for funding in the latest round, providing a total of €411 million in funding, with a blend of grants and equity investments.
• The selected companies will benefit from a combination of grants and equity investments, with 96% receiving the full blended finance option.
• The companies have a diverse geographical spread across 17 countries, with 21% of them led by women.

• Uncover, Africa’s emerging beauty brand, successfully closed a $1.4m Seed II funding round led by EQ2 Ventures and igniteXL Ventures
• Uncover plans strategic expansion into the Democratic Republic of Congo, Nigeria, Uganda, and Ghana
• Global investors like EQ2 Ventures, igniteXL Ventures, and Chui Ventures support Uncover’s vision for personalized skincare solutions for melanin-rich skin
• Uncover’s data-driven approach and tech platform have fueled significant growth, with a loyal digital community of over 200,000 women
• The African beauty market, identified as the world’s fastest-growing, presents a significant opportunity for Uncover to disrupt with its innovative products and approach

Uncover Closes Oversubscribed Funding Round

Uncover, the rising star in Africa’s beauty industry, has recently concluded a highly successful Seed II funding round, raising an impressive $1.4 million. Read more

• Kenyan skincare firm Uncover secures $1.4m funding round led by EQ2 Ventures and IgniteXL Ventures
• Uncover, founded in Kenya, uses K-Beauty tech and African botanicals like Baobab and Rooibos for safe, nourishing skincare solutions
• Operations in Kenya, Nigeria, Uganda, and Ghana with plans to expand to the DRC
• Uncover prioritizes women of color, testing products on African women and seeing global demand
• Funding to support tech platform development, new product launches, market expansion, and personalized skincare solutions for melanin-rich skin

Kenyan Skincare Firm Uncover Secures $1.4m Funding

In the world of beauty and skincare, African brands are making significant strides, with Kenya’s Uncover being a shining example. Read more

• Baltimore Tech Hub not selected for Phase 2 funding by EDA, but still possible
• Community in Baltimore rallied together after the decision, emphasizing collaboration and partnership
• UpSurge Baltimore leading efforts to support Tech Hubs program with ambitious projects
• Call for public and private sector leaders to actively participate and provide significant funding for Baltimore Tech Hub
• Emphasis on collective impact and the need for sustained momentum to secure future federal funding

Building Towards the Baltimore Tech Hub Vision

In the realm of technological innovation and economic development, the concept of the Baltimore Tech Hub has been a beacon of hope for many in the region. Read more

• VCs are exploring **new sector funding** opportunities as the funding winter begins to ease
• Venture capital funds are exercising greater due diligence and discretion in investments
• $8.3 billion was invested in Indian companies by VCs in April-June 2024, with deal volumes up by 18%
• Sectors such as space tech, semiconductors, and deep tech are gaining interest, alongside SaaS
• Market expectations are improving as interest rates ease, with a focus on manufacturing and younger populations

New Sector Funding: VCs Exploring Opportunities Amid Funding Winter

In the ever-evolving landscape of venture capital funding, VCs are beginning to set their sights on new sectors as the grip of the funding winter starts to loosen. Read more

• Hotel tech startups in the travel industry have raised over $70 million in funding, with a focus on corporate travel, flying taxis, and hotel technology.
• LimoLane, a chauffeur service for businesses, raised $38.2 million for expanding its services globally and enhancing its software platform.
• Volant Aviation Technology secured $13.8 million for developing an electric vertical take-off and landing aircraft for flying taxis.

• IIMA Ventures, formerly IIMA-CIIE, has been a key player in early-stage venture capital in India for over 15 years, funding over 350 startups and focusing on emerging sectors.
• The firm’s investment thesis revolves around supporting entrepreneurs in deep tech, digital inclusion, and climate tech spaces by providing initial institutional funding.
• They have an active portfolio of over 100 companies across various stages, with investments ranging from $25,000 to $3 million, targeting sectors like space tech, healthcare, AI, and financial services.

• UK universities are urging the new Labor government to increase funding for startups spun out of academia to £108 million per year
• Negotiations between universities and startups over term sheets have been lengthy, with technology transfer offices demanding large equity stakes
• The UK is moving towards a system where universities take smaller equity stakes in spinoff companies, depending on the technology being developed
• Lowering the amount of equity universities take and making deal terms clearer could lead to faster negotiations and support the fast-paced tech industry
• Increase in startups spinning out from academia has led to a £5 billion industry, but structural problems hinder their growth, requiring bold moves from the new government

UK Universities Push for Increased Funding for Startups

The tech industry is booming, and countries around the world are racing to capitalize on the AI revolution. Read more

• UK tech industry secures nearly a third of European VC funding in 2024, with £7.4 billion invested
• London leads with a 30% rise in investment, surpassing major European cities like Paris and Stockholm
• Cambridge sees an 83% surge in VC investment, reaching £517 million, driven by AI, fintech, and energy sectors
• Notable deals include Wayve’s $1.05 billion for self-driving car tech and Monzo’s £104.6 million funding round
• The UK tech sector’s robust performance in 2024 signals recovery and growth, with a focus on building a skilled workforce for sustained innovation and competitiveness.

• Dutch fund LUMO Labs plans to invest €100m in tech companies with a positive impact on society, focusing on areas like social care, education, climate, and sustainable living.
• LUMO Labs has already secured commitments of €25m and aims to raise the total amount within a year, making it one of the largest Dutch impact funds.
• The fund was founded by software entrepreneurs Andy Lürling and Sven Bakkes, who initially invested their own money before launching a fund in 2020 for external investors.

• Aina Abiodun of VertueLab is raising a fund to support climate tech startups addressing urgent climate needs
• VertueLab, a nonprofit, is investing in North American climate companies focusing on climate adaptation and greenhouse gas emissions reduction
• The organization offers programs for startups, including accelerators, grant assistance, and initiatives for diversity and equity
• Abiodun emphasizes the importance of adaptation and resilience technologies alongside mitigation efforts
• Washington State is seen as a promising hub for climate tech, but there is a need for more support for later-stage startups and education on emerging opportunities

Climate Tech Startups: A Growing Industry in Urgent Need of Solutions

In the realm of climate tech startups, one leader stands out for her commitment to addressing the urgent needs of communities grappling with the impacts of a changing climate. Read more

• Defense tech startup Helsing raises $489 million in funding, led by General Catalyst, valuing the company at $5.4 billion
• Helsing develops AI software to enhance weapons capabilities in drones and jet fighters, improving battlefield decision making
• The company has been active in Ukraine and the Baltic states amid concerns of aggression from Russia
• Despite a slower year for global venture funding in defense tech, Helsing’s funding round is the sector’s second largest ever
• Anduril remains the largest defense tech funding recipient with a $1.5 billion Series E round in late 2022

Defense Tech Startup Helsing Raises at $5.4B Valuation

In the realm of defense technology, the recent news of Helsing, a startup specializing in artificial intelligence software for defense applications, raising $489 million in funding at a valuation of $5.4 billion has caught the attention of investors and industry observers alike. Read more

• UK retains top spot in Europe for tech sector venture capital investment
• UK tech companies raised more than France and Germany combined
• London remains Europe’s leading center for tech investment
• Dealroom data shows significant funding for energy and generative AI companies
• Hopes for increased venture capital funding, UK now third-largest market

UK Tech Investment Continues to Soar

In a time where technological advancements are shaping the future, the UK stands out as a beacon of innovation and investment in the tech sector. Read more

• Early Game Fund II makes cross-border investment in Polish-founded cybersecurity startup Relock
• Relock offers real-time protection for company APIs and data exchange to detect immediate threats
• Early Game Ventures’ second fund worth €60M focuses on investing in technology startups in Romania and the region
• Relock’s new high-frequency secrets rotation engine enhances security for APIs and other critical uses
• Early Game’s investment in Relock supports their strategy of leading early funding rounds for promising startups, emphasizing the importance of cybersecurity in the evolving digital landscape

Investing in Cross-border Innovation: Early Game Fund II Backs Polish-founded Relock

In the fast-paced world of technology startups, venture capital firms play a crucial role in fueling innovation and driving growth. Read more