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10 April 2024·16 min read

Konrad Koncerewicz

Head of VC & Startups, Vestbee

Top European funding rounds closed in March 2024

Every month, Vestbee compiles a list of the most significant financial rounds closed in Central and Eastern Europe and the broader European region. Recently, we published a selection of 12 startups from CEE that secured funding in March, providing details on each deal. You can find below a list of 45 startups that received funds during March. 

Monzo, around €397M 

Location: the UK
Founded in: 2015 
Total funding received: €1.4B 
Recent funding sources: Abu Dhabi Growth Fund, Accel, CapitalG, Coatue, Google Ventures, Hongshan Fund, Passion Capital, Tencent. 

Monzo is a fintech startup that develops a mobile banking app that helps users manage their money and spend around the world. As of now, it is the UK’s largest digital bank, with more than 9 million customers. The fresh €397 million round values Monzo at an increased post-money valuation of $5 billion. 

Tubulis, €128M in a Series B round 

Location: Germany 
Founded in: 2012 
Total funding received: €200M 
Recent funding sources: Andera Partners, Bayern Kapital, BioMedPartners, coparion, Deep Track Capital, EQT life science, Evotec, Frazier Life Sciences, Fund+, HTGF | High-Tech Gruenderfonds, Nextech Invest, OCCIDENT, Seventure Partners

Tubulis is a biotechnology startup that specializes in generating new cancer treatment. The startup develops antibody-drug conjugates (ADCs) created not to harm healthy tissues, while delivering anti-cancer medication directly to tumor cells. With the recent €128 million in Series B funding, Tubulis plans to improve Clinical Development of Solid Tumor-Focused ADC Pipeline. 

Mews,€101.4M in a Series D round 

Location: the UK 
Founded in: 2012 
Total funding received: €316.4M 
Recent funding sources: Goldman Sachs, Kinnevik, LGVP, Notion Capital, Revaia

Mews is a hospitality management platform that helps manage hotel operations. The fresh €101.4 million Series D investment will be used by the startup to expand internationally and develop its platform. Following the round, Mew’s valuation increased to  €1.10 billion, with a slight improvement over the Series C announced in 2022.

Global Screening Services, €43.2M in Series A2 round 

Location: the UK 
Founded in: 2021 
Total funding received: €86.3M 
Recent funding sources: Alix Partners, Commonwealth Bank of Australia, Mitsubishi UFJ Financial Group, The Cynosure Group

Global Screening Services is a financial platform that solves cross-industry challenges by sharing information, embracing new technology, and providing sanctions transaction screening services. In March, the startup secured €43.2 million in a Series A2 funding round to achieve its goal of reshaping regulatory compliance globally. 

VOI Technology, €23M

Location: Sweden 
Founded in: 2018 
Total funding received: €497.4M 
Recent funding sources: Balderton Capital, Black Ice Capital, Creandum, Nineyards Equity, Project A Ventures, Stena Sessan, The Raine Group, VNV Global

Founded in 2018, Swedish VOI Technology is an urban mobility platform that offers e-scooters and e-bikes through its app. The startup has raised €23 million in an oversubscribed financing round, aiming at increasing the quantity of its third- and seventh-generation e-scooters and e-bikes in current and new markets.

Griffin, €22.2M in Series A round

Location: the UK 
Founded in : 2017 
Total funding received: €60.8M 
Recent funding sources: Breega, CircleRock Capital, EQT Ventures, MassMutual Ventures, NordicNinja VC, Notion Capital

London-based Griffin offers an all-in-one solution platform to companies that aim to build and launch financial services products. The startup has raised €22.2 million in Series A round to support its transition into a fully licensed bank. The funding follows securing a banking license in the UK., €22M in Series B round

Location: Germany 
Founded in: 2018 
Total funding received: €38M 
Recent funding sources: Motive Ventures, PayPal Ventures, Seaya, Walter Ventures is a digital payment management platform that made the entire claims process digitalized and simple. With the recent €22 million Series B funding, the startup plans to strengthen its leading market position in Germany, expand into new European markets and grow its platform.

AccessPay, €21.9M

Location: the UK 
Founded in : 2012 
Total funding received: €46.2M 
Recent funding sources: Beringea, Mastercard, NatWest, Praetura Ventures, Route 66 Ventures, True Ventures

AccessPay is a cloud-based platform that connects corporates and their banks to help modernize banking operations processes, reducing the risk of fraud and error while enhancing payment efficiency and optimizing cash visibility. AccessPay has secured €21.9 million towards research and development of its platform. 

Neotaste, €15.1M in Series A round 

Location: Germany  
Founded in: 2021 
Total funding received: €21M 
Recent funding sources: Burda Principal Investments, Earlybird Venture Capital 

German Neotaste, a restaurant-finding software, secured €15.1 million in Series A round led by Burda Principal Investments and Earlybird Venture Capital. The funds will support Neotaste in expanding its market reach into new European cities.

Cure51, €15M in seed round  

Location: France 
Founded in: 2021 
Total funding received: €15M 
Recent funding sources: Hitachi Ventures, Life Extension Ventures, Olivier Pomel, Sofinnova Partners, Xavier Niel

Paris-based Cure51 is a techbio startup that works with international oncology centers and researchers in 36 countries. In March, the startup raised €15 million in a seed round to develop a “cohort” of data to understand why certain cancer patients survive for a long time, even with highly aggressive forms of the disease.

Formalize, €15M in Series A round  

Location: Denmark  
Founded: in 2021 
Total funding received: €20M 
Recent funding sources: BlackFin Capital Partners, West Hill Capital

Whistleblowing platform Formalize, designed to automate procedures and streamline compliance workflows for a range of frameworks and regulations, including NIS2, GDPR, ISO27001, SOC2, and more. Formalize has raised €15 million to enhance its strategic partnership program, collaborate with established names in the compliance and audit sector, and refine its approach to compliance. 

Lago, €13.8M in Series A round

Location: France  
Founded: in 2021  
Total funding received: €20.4M 
Recent funding sources: FirstMark, Y Combinator, New Wave, Script, Meghan Gill, Romain Huet, Clément Delangue, Matt Turck 

Lago, a Paris-based open-source billing platform, has raised €13.8 million in Series A funding. The company aims to use the capital to expand operations and its business reach.

Kaedim, €13.8M in Series A round 

Location: the UK 
Founded: in 2020 
Total funding received: €14.1M 
Recent funding sources: Andreessen Horowitz, Chris Kingsley, Eden Chen, Jane Walerud, Matt Robinson, Nate Mitchell, Patrick Pichette, Pioneer Fund, Scott Gelb, Siqi Chen, Sterling Snow, Tom Blomfield

Kaedim creates advanced Machine Learning algorithms that turn images into digital 3D models. The startup has secured €13.8 million in Series A funding to enhance its platform, expand its team, and further penetrate the market.

Limbic, €12.9M in Series A round  

Location: the UK 
Founded: in 2018
Total funding received: €13.1M 
Recent funding sources: Gaingels, Illusian Family Office, Khosla Ventures 

London-based Limbic has raised €12.9 million to bring its product to healthcare providers in the US. The startup develops an AI mental health chatbot and AI-powered clinical referral software used by 33% of the UK’s NHS talking therapies services.

Ember, €12.8M in Series A round 

Location: the UK
Founded in: 2019
Total funding received: €14.9M 
Recent funding sources: 2150, AENU, Contrarian Ventures, Gareth Williams, Inven Capital, Pale blue dot

Edinburgh-based Ember is an all-electric intercity bus operator using LFP batteries, which are cobalt-free. The startup has raised €12.8 million to fund EmberOS, the platform that manages the network and improves the customer experience, as well as to continue working on the development of its electric bus services.

Haiper,  €12.7M in Series round 

Location: the UK
Founded in: 2021
Total funding received: €30.4M
Recent funding sources: Octopus Ventures

Haiper is a startup that develops advanced AI models for visual content. In the coming months, it will create and launch a series of new AI models and collaborate with academic labs at the University of Oxford, the University of Cambridge University of British Columbia, Simon Fraser University, and Fashion Innovation Agency at London College of Fashion. 

Tonic App, €10.85M in a Series A round

Location: Portugal 
Founded in: 2016
Total funding received: €14.35M
Recent funding sources: Armilar Venture Partners, BlueCrow Capital, FSNB Health & Care, Iberis Capital, Portugal Ventures, Shilling, Vesalius Biocapital Partners

The Portuguese medical device Tonic App has secured €10.85 million to strengthen its artificial intelligence strategy, enter the UK and Germany, and expand its customer base, reaching more than 25,000 physicians.

Greenlyte Carbon Technologies, €10.5M in a Series round

Location: Germany 
Founded in: 2022
Total funding received: €18.5M
Recent funding sources: Carbon Removal Partners, Earlybird Venture Capital, Green Generation Fund, Partech, Udo Jung

Essen-based Greenlyte Carbon Technologies captures atmospheric CO2 and converts it into green energy sources, fuels, and storage. The startup has raised €10.5 million in a pre-Series A round. The capital round comes after Greenlyte secured two grants from the European Fund for Regional Development. Since its start 18 months ago, the company has raised over €20 million through a mix of equity and grants.

Wobble Genomics, €9.93M in seed round 

Location: the UK
Founded in: 2021
Total funding received: €11.6M 
Recent funding sources: Business Growth Fund, Eos, IQ Capital, Mercia Ventures, Old College Capital

Wobble Genomics is a specialist in refining RNA and DNA sequencing to improve nucleic acid biomarker identification and detection. It has raised €9.93 million in seed funding, which will help the startup to commercialize its technology.

Bene Bono, €10M in a Series A round

Location: France
Founded in: 2020
Total funding received: €18M
Recent funding sources: 2050, AXA Venture Partners, Project A Ventures, Stride.VC

The French online store Bene Bono has raised €10 million in a Series A round. The capital will be used to hire key positions like a Director of Purchasing, Head of Product, and Lead Data Manager. The startup also aims to add new product categories, reaching 1,000 items by year-end, grow their private label to 7 products, expand in the French market, and continue to grow their services in Spain.

Packfleet, €9.3M in a Series A round 

Location: the UK
Founded in: 2021
Total funding received: €19.1M
Recent funding sources: General Catalyst, Voyager Ventures, Creandum, Entree Capital, Founder Collective.

London-based carbon-neutral courier Packfleet has raised €9.3 million in Series A funding. The funds will be used to expand its presence in London and to support the development of its routing software named Pathfinder.

Sophon, €9.21M 

Location: the UK
Total funding received: €9.21M
Recent funding sources: Huobi Ventures, Maven 11 Capital, OKX Ventures, Paper Ventures, SevenX, Spartan

London-based Sophon is a blockchain technology backed by a consortium of leading investors. Despite its value proposition remaining largely secretive, the project has already raised $10 million from several prominent investors and sealed several meaningful strategic partnerships. 

Midas, €8.1M in seed round 

Location: Germany
Founded in: 2023
Total funding received: €8.1M
Recent funding sources: 6th Man Ventures, Axelar Network, BlockTower Capital, Coinbase Ventures, FJ Labs, Framework Ventures, GSR, Hack VC, HV Capital, Lattice, Ledger Cathay Capital, Pareto Network Ltd, Peer Ventures, Phaedrus, Theia Blockchain

Berlin-based Midas offers an asset tokenization protocol, and has raised €8.1 million in a seed round. The startup plans to use the funds to grow its operations and invest more in development efforts.

Surge, €7.5M in seed round

Location: France
Founded in: 2018
Total funding received: €9.9M 
Recent funding sources: 50 Partners, Boutique Venture Partners, Eurazeo, HCVC, Kima Ventures, Malakoff Humanis, Teampact ventures

A seed platform for company builders, Surge closed its second round of funding, raising €7.5 million. This funding will enable the opening of SurgeLab, a laboratory focused on discovering immune biomarkers, completing the development of PreCyte, and supporting the enhancement of its advanced AI algorithms.

Scaleup Finance, €7.4M in seed round 

Location: Denmark 
Founded in: 2021
Total funding received: €23.6M
Recent funding sources: CircleRock Capital, Crowberry Capital, Fin Capital, Inveready, PROfounders Capital, Seed-X

Danish Scaleup Finance is a subscription-based financial management platform that aims to improve the management and administration of financial operations. Scaleup Finance has secured €7.4 million in the seed round. The capital will help grow its market in the UK and prepare for its expansion into the US.  

Theia Insights, €5.98M 

Location: the UK
Founded in: 2022
Total funding received: €5.98M
Recent funding sources: Clocktower Technology Ventures, Fidelity International Strategic Ventures, Unusual Ventures

Theia Insights has announced a €5.98 million seed round to leverage its latest cash injection to “attract industry-leading talent” from traditional classification and risk management companies. The startup offers advanced technology solutions developed specifically for international investment and financial markets.

Xaver, €5.7M in pre-seed round

Location: Germany
Founded in: 2023
Total funding received: €5.7M
Recent funding sources: 22 Capital, Cavalry Ventures, Elmar Broscheit, Felix Ohswald, Gleb Tritus, Interface Capital, Jessica Holzbach, Mario Götze, Martin Blessing, Matthias Setzer, Michael Wax, Motive Partners, Notion Capital, Patrick Andrae, Raffaele Terrone, Robin Capital, Sequoia Capital, The Delta, and Tushar Ahluwalia 

German fintech Xaver has secured €5 million in pre-seed funding and unveiled its B2B AI platform for life insurance and private pensions. The startup develops a platform that offers AI-powered financial advisory and sales tools to enhance efficiency and improve advisory services and sales processes., €5.5M in Seed round 

Location: the UK
Founded in: 2022
Total funding received: €7.4M
Recent funding sources: Chao Wang, Digital Currency Group, Ian, Inception Capital, Ken Li, Kenzi Wang, Lightspeed Faction, Martin Kappelmann, OKX Ventures, Sinhae Lee, Stefan George, Tagus Capital, and  Volt Capital

London-based Web3 AI space  announced the completion of a €5.5 million seed funding round. With the capital, will expand the team and advance its innovative artificial intelligence training platform.

Odne, €4.9M in Series A round

Location: Switzerland
Founded in: 2018
Total funding received: €8.6M
Recent funding sources: Dental Innovation Alliance, HATCHER+, NV Capital, Plug and Play, Revere Partners, Züricher Kantonal Bank

Swiss dental startup Odne has raised €4.9 million in Series A funding to prepare for its entry into the US market. The startup develops a platform for root preservation therapy (RPT), which introduces three new medical devices that facilitate minimally invasive root canal cleaning and light-cured obturation.

Senisca, €4,3M Venture-Series Unknown

Location: the UK
Founded in: 2020
Total funding received: €9.3M
Recent funding sources: APEX Ventures, Emerging Longevity Ventures, Lifespan Vision Ventures, QantX, R42 Group, Trend Investment Group

Senisca is a biotech startup that focuses on treating age-related diseases via altering RNA biology. It has secured €4.3 million to finance the development of its senotherapeutic platform.

Think Cyber Security, €4.2M in seed round 

Location: the UK
Founded in: 2016
Total funding received: €4.2M
Recent funding sources: Fuel Ventures

London-based Think Cyber specializes in decreasing staff's risky behavior, surpassing typical security measures to tackle phishing and scams. The startup secured €4.2 million from Fuel Ventures to support the development of Think Cyber's nudging technology, focusing on reducing external threats and internal risks.

Sablier, €4.14M in seed round

Location: the UK
Founded in: 2019
Total funding received:  €4.14M 
Recent funding sources: A.Capital Ventures, a16z crypto, Alp Ergin, Ari Barmat, Auryn Macmillan, Ben Middleton, Blake Gao, Clement Fermaud, Cyfrin, Daniel Bar, David Iach, David Truong, DCV capital, Evan Van Ness, Fenbushi Capital, Founderheads, GD1, Igor Barinov, John Henderson, Kartik Talwar, Kerman Kohli, Lito Coen, Martin Tellechea, Matej Nemcek, Moshe Malawach, Paul Salisbury, Sarunas Legeckas, WAGMI Ventures

Sablier is a real-time payment protocol that manages tasks like token vesting, payroll, airdrops, grants, and similar processes. The fresh capital will allow Sablier to hire top global talent, enhance and broaden its product lineup, and develop a next-generation payment platform (codenamed "Sablier V3") currently in stealth mode. 

Pelikan Mobility, €4M in seed round

Location: France
Founded in: 2022
Total funding received: €4.04M
Recent funding sources: Frst, Pale blue dot, Seedcamp

French startup Pelikan Mobility develops a software platform that automates the creation of optimization scenarios considering factors like charging times, fuel and charging costs, vehicle range, and parking availability for diesel and electric vehicles (EVs).

With the current funding, Pelikan Mobility aims to lower the cost and improve the operational efficiency of commercial fleet electrification. 

Mindfuel, €3.75M in seed round

Location: Germany
Founded in: 2015
Total funding received: €3.75M
Recent funding sources: Project A Ventures

German data product management startup Mindfuel has closed a €3.75 million seed funding round from Project A Ventures.  Mindfuel will use the funding towards developing its all-in-one data product management software  'Delight', expand in Europe and the US, and further develop the software with over a dozen enterprise customers.

Kurs Orbital, €3.7M in seed round 

Location: Italy
Founded in: 2022
Total funding received: €3.7M
Recent funding sources: Credo Ventures, Galaxia, In-Q-Tel, Inovo VC, OTB Ventures

Turin and Kyiv-based spacetech startup Kurs Orbital develops ARCap, a standardized rendezvous module that can be installed on any kind of satellite, spacecraft bus, orbital transfer vehicle, or cargo/crewed ship. It helps with tasks such as moving satellites, extending their lifespan, servicing them in orbit, and removing space debris. The startup has raised €3.7 million to grow the team and further develop its first flight model.

RebrAIn, €3.7M in seed round

Location: France
Founded in: 2021
Total funding received: €3.7M
Recent funding sources: Karista, NACO

French  RebrAIn offers specialized technology for organizing neurosurgical procedures. The startup closed €3.7 million in seed funding from Karista and Naco. The capital will be used to accelerate the startup’s commercial growth internationally.

nsave, €3.7M in seed round

Location: the UK
Founded in: 2021
Total funding received: €3.7M
Recent funding sources: ACE Ventures, FONGIT, Sequoia Capital, SVA, TQ Ventures, Y Combinator

nsave develops a digital banking services platform that provides a secure way to save money in various currencies. nsave’s application offers financial services without account restrictions, allowing customers to access safe global accounts with strong security. The startup has raised €3.7 million in a seed round to further develop its fintech solutions.

Belong, €3.4M in pre-seed round

Location: the UK
Founded in: 2020
Total funding received: €3.4M
Recent funding sources: Connect Ventures, Edwina Johnson, Gautham Radhakrishnan, January Ventures, John Kay, Octopus Ventures, Portage Ventures, Ricky Knox, Viola FinTech, William Todd

Wealth-building platform Belong offers customers an optional loan to increase their long-term investments in equities. It has secured €3.4 million in pre-seed funding to expand operations and development efforts.

StackOne, €3.3M in seed round

Location: the UK
Founded in: 2023
Total funding received: €3.3M
Recent funding sources: Charlie Songhurst, Episode 1, Playfair Capital, Portfolio Ventures, Revenue Syndicate, Sequoia Capital, Upscalers

StackOne offers an embedded integration platform-as-a-service (embedded iPaaS). The startup has secured €3.3 million in seed funding, led by Episode 1. StackOne plans to use the funds to expand its presence in the US, European, and Australian markets and invest in AI technology to enhance its unified API offering for enterprise software. 

Graswald, €3M in seed round

Location: Germany
Founded in: 2021
Total funding received: €4.2M
Recent funding sources: Angel Invest, Arnav Bimbhet, Christopher North, FOV Ventures, HTGF | High-Tech Gruenderfonds, Lakestar, Patrick Andrae, Philipp Kloeckner, Robin Capital, ScoutFund, Supernode Global

German Graswald develops automated 3D solutions for large enterprises and creative professions, aiming to democratize 3D creation. It has closed a €4.2 million seed funding round to grow its business reach and expand its operations.

Imperia SCM, €3M

Location: Spain
Founded in: 2019
Total funding received: €3.3M
Recent funding sources: Samaipata, All Iron Ventures, the Accel Starter Programme, Draper B1 ,Angels Capital ,Hugo Arévalo, Jonathan Benhamou, Kintxo Cortés, Christian Stiebner, Xavier Pladellorens, Maex Ament.

Spanish startup Imperia SCM  offers supply chain management software to companies internationally. The startup has raised  €3 million, aiming to expand globally and become a leading provider in demand forecasting, production planning, and supply planning.

Synch, €2.8M in seed round

Location: the UK
Founded in: 2023
Total funding received: €2.8M
Recent funding sources: Alt Capital, Haystack, Ritual Capital, Y Combinator

Salesforce automation platform Synch announced that it has raised €2.8 million in a seed round led by Alt Capital, Haystack, Ritual Capital, and Y Combinator. The capital will be used to increase operations and development projects.

iCustoms, €2M in seed round

Location: the UK
Founded in: 2022
Total funding received: €2M
Recent funding sources: Fuel Ventures, MontBlu Capital, Outrun Ventures, Plug and Play, SyndicateRoom

London-based iCustoms offers AI-powered trade compliance solutions. The startup has secured €2 million in a seed round to work on developing and growing its platform. In addition, the company's vision is to transform the industry by providing a powerful and essential solution for businesses worldwide.

SynergyXR, €2M

Location: Denmark
Founded in: 2008
Total funding received: €4,8M
Recent funding sources: Aura Ventures, Export and Investment Fund, Innovestor, Kvanted Ventures, North-East Venture

Danish SynergyXR announced that it has secured €2 million to accelerate digital transformation across the manufacturing and production sectors in Europe and the US. The startup offers enterprise-level Extended Reality (XR) software developed for the industrial, energy, and manufacturing sectors.

Related Posts:

Top European Funding Rounds Closed In February 2024 (by Katarzyna Skoneczna, Editor, Vestbee)

TOP European Funding Rounds Closed In January 2024 (by Katarzyna Skoneczna, Editor, Vestbee)

TOP European Funding Rounds Closed In December 2023 (by Katarzyna Skoneczna, Editor, Vestbee)

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