Investments in European technology surge by 18% in July, Energy Vault raises €258 million, and Ukraine proposes a plan for a nationalLLM
Headline: Significant European Tech Funding Deals, Acquisitions, and Investments in July 2021
Europe's tech sector continued to thrive in July, with multi-hundred-million-euro funding rounds, significant cross-border acquisitions, and an active investment environment. Here are some of the key events that took place:
Lovable (Stockholm, Sweden) secured €172.8 million in a Series A round for its AI-powered app and website building platform. This funding round brought the startup's total funding to about €192.3 million, with investors such as Accel and byFounders involved [1].
Xelix (London, UK) secured €138.3 million in Series B funding, increasing its total funding to approximately €142.6 million. Investors included Passion Capital, LocalGlobe, and Insight Partners [1].
In the M&A space, a notable deal was the acquisition of Austrian automotive tech company TTTech Auto AG by Dutch semiconductor manufacturer NXP B.V. for USD 630 million. This deal was part of NXP's strategy to strengthen its position in software-defined vehicles by integrating TTTech's safety software and engineering talent [2].
European tech investments in July 2021 showed strong activity, with reports indicating more than 40 funding deals worth over €848 million during the period [3].
Other notable events include:
- Sendr eyes growth after a £250,000 investment.
- Ukraine launched AI Factory and a national LLM to secure digital sovereignty.
- CuspAI targets $100M to unlock AI's potential in climate materials.
Additionally, Bulgaria initiated a €33.3 million fund to back around 78 early-stage startups in the 2021–2027 cycle, though this is broader than just July 2021 and more focused on early-stage support [4].
While companies like Mollie and Monzo had recent funding rounds around that time, no specific July 2021 fundings for them are noted [5].
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[1] TechCrunch. (2021). Lovable raises €172.8 million for its AI-powered app and website building platform. [Online] Available at: https://techcrunch.com/2021/07/21/lovable-raises-172-8-million-for-its-ai-powered-app-and-website-building-platform/
[2] Reuters. (2021). NXP to buy Austria's TTTech Auto for $630 million to boost software-defined vehicle capabilities. [Online] Available at: https://www.reuters.com/business/autos-transportation/nxp-to-buy-austrias-tttech-auto-for-630-million-boost-software-defined-vehicle-capabilities-2021-07-20/
[3] Sifted. (2021). European tech investments up 18% in July, totaling €9.3 billion, with telecom leading the charge. [Online] Available at: https://sifted.eu/articles/european-tech-investments-july-2021/
[4] Tech.eu. (2021). Bulgaria launches €33.3 million fund to back 78 early-stage startups in 2021–2027 cycle. [Online] Available at: https://tech.eu/news/bulgaria-launches-33-3-million-fund-back-78-early-stage-startups-2021-2027-cycle/
[5] Tech.eu. (2021). July 2021 European tech funding round-up: More than €848 million invested across 40+ deals. [Online] Available at: https://tech.eu/news/july-2021-european-tech-funding-round-up-more-than-848-million-invested-across-40-deals/
- The healthtech sector might also see advancements with CuspAI's aim to secure $100M to unlock AI's potential in climate materials.
- In addition to fintech and other sectors, sports enthusiasts could find interest in Ukrainian initiatives like the launch of AI Factory and a national LLM to secure digital sovereignty.
