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OXCCU, an Oxford-based carbon-to-value company converting carbon dioxide and hydrogen into sustainable aviation fuel (SAF), has received €2 million through the ATI Non-CO2 Programme.
The ATI Programme is delivered in partnership with the Aerospace Technology Institute, Department for Business and Trade and Innovate UK, part of UK Research and Innovation (UKRI). OXCCU is the first SAF company to receive grant, which will be used to investigate the non-CO2 effects of its synthetic crude ‘OXFUEL’.
“This ATI Programme funding not only enables us to advance our technology but also supports our ambition to lead the industry in producing cleaner aviation fuels with a reduced contribution to global warming,” said Andrew Symes, CEO of OXCCU.
This grant awarded under the ATI Non-CO₂ Programme aligns with a wider pattern of 2025 investment activity in Europe’s sustainable aviation fuel and e-fuels ecosystem.
Across the continent, similar startups are progressing from pilot to commercial scale – such as Spark e-Fuels (Germany), which raised €2.3 million to build its first e-fuel pilot plant; Catalyxx (Spain), which secured €3 million to enhance its sustainable chemicals and SAF R&D; and Brineworks (Netherlands), which obtained €6.8 million to scale its direct-air-capture technology for e-fuel production.
“Non-CO2 effects are an area of emerging science that could have substantial implications for climate strategy in aviation. This funding will provide critical insights as we work to validate and scale our OXFUEL product,” added Symes.
Founded in 2021, OXCCU, a ClimateTech spin-out company from the University of Oxford, is developing novel catalysts and reactor designs to convert carbon dioxide and hydrogen into hydrocarbons with high conversion and selectivity for use as fuels, chemicals and plastics.
The company is headquartered in the UK, with operations at Begbroke Science Park, Oxford, and London Oxford Airport.
The total funding cost of €3.4 million is a result of the co-investment between industry and the government through the Department of Business and Trade. The project runs from July 2025 to June 2027, aiming to better understand how to minimise the non-CO2 effects of OXFUEL, and supporting the broader goal of developing cleaner fuels with lower carbon intensity.
Supported by the Aerospace Technology Institute (ATI) Programme, the project will explore how this innovative new SAF produced with OXCCU’s novel F-T catalyst can potentially reduce the warming associated with the non-CO2 effects of burning hydrocarbon fuel in a jet turbine, in addition to the effect of the CO2 emissions.
The focus will include soot particles, which can cause cloud formation at altitude and therefore impact global warming, though the amount of warming (or cooling) these particles cause is dependent on the conditions and subject to ongoing research.
By focusing on cleaner fuel development, OXCCU seeks to position itself as a leader in the UK’s push towards a 10% SAF inclusion in jet fuel by 2030.
OXCCU’s SAF, marketed under the brand OXFUEL, leverages a novel iron-based Fischer-Tropsch catalyst which can work directly with CO2. It has high selectivity towards producing jet fuel range hydrocarbon syncrude in a single exothermic step, from which refined jet fuel can easily be made.
Compared to other processes, the company says this means fewer steps and less hydrogen input per amount of jet fuel, resulting in lower capital and operating costs.
By validating its technology at the OX1 demonstration plant at Oxford Airport in 2024, the company is focused on refining the lowest-cost pathways via direct hydrogenation of CO2, eliminating the complex RWGS step or the multiple stages associated with methanol production.
Residential buying and selling platform Homemove has acquired Home.co.uk, one of the UK’s original property websites, in a move that strengthens its ambition to build the UK’s most comprehensive free-to-list destination for estate agents and home movers.
The deal, for an undisclosed sum, follows Homemove’s $5 million growth funding round earlier this year and marks a major step in its strategy to simplify the moving process through technology, data and integration.
Every month, Homemove helps thousands of people manage their entire move — from selling and buying to moving and settling in — through one intuitive, AI-powered platform. In 2025, Homemove secured $5 million in growth funding to accelerate its national expansion.
By combining Homemove’s AI-led platform and fast product development with Home.co.uk’s trusted brand and respected market data, the acquisition creates a modern listings destination designed to connect every part of the moving journey — from first search to viewing, offer, conveyancing and move-in — on a single platform.
James Freestone, co-founder and CEO of Homemove, said:
“Portals have become profit engines instead of product companies that focus on improving the buying and selling experience for estate agents and consumers alike.
We’re building the UK’s most product-led listings destination - one that monetises outcomes, not estate agents.
Home.co.uk will remain free-to-list for estate agents forever and will provide an enriched and integrated full moving experience for home movers. ”
Ben Horton, Founder of Home.co.uk, said:
“Homemove’s technology and product focus perfectly complement Home.co.uk’s 30-year heritage in market data and informed decision-making. This partnership takes that foundation and scales it for a new era.”
Homemove plans to enhance Home.co.uk through 2025 with faster search, agent messaging & integrated booking tools, milestone tracking and listings with more detailed property insights. Listings will remain free for agents, while optional premium upgrades and downstream moving services will provide revenue growth for the Homemove ecosystem.
Home.co.uk will retain its name and continue to evolve under Homemove’s ownership. Both Ben Horton and co-founder Doug Shephard will remain as strategic advisers for twelve months.
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Beyond the lease: 10 European startups bridging real estate and finance
PropTech, short for property technology, is transforming how we buy, rent, and manage places to live, work and use. It covers a broad range of innovations across Property Search, Management, Smart Buildings, Fintech and Real Estate, Construction, Marketing, and Tenant Experience. From smart sensors in buildings to digital mortgage tools and data-driven marketing, PropTech is making the real estate world more connected, transparent, and efficient.
Last week, we explored how PropTech startups are reshaping property discovery and booking experiences across Europe. This week, we turn our attention to the intersection of Fintech and Real Estate, where technology is redefining how properties are financed, invested in, and traded. From tokenised ownership and rent-to-own models to AI-powered asset management and blockchain-backed investment platforms, these companies are transforming how money moves through property.
In this article, we highlight ten exciting European startups founded between 2022 and today that are leading the way in real estate finance, offering smarter, more inclusive, and more transparent ways to invest, own, and manage assets in the digital age.
Based in Amsterdam, Anyone.com is on a mission to enable anyone to own a home. Founded in 2023, the company offers an inclusive platform that helps people enter the housing market through innovative ownership models and financial flexibility. Its goal is to make homeownership more accessible for individuals who are often excluded from traditional lending or mortgage systems.
By combining technology with tailored financial solutions, Anyone.com is reshaping how people approach buying property. Its model promotes transparency and inclusivity, supporting a new generation of homeowners in overcoming financial barriers. To date, they have raised €5 million.
Based in München, einwert is reimagining real estate valuation through a hybrid, ESG-compliant approach. Founded in 2022, the company blends digital tools with human expertise to create a comprehensive and transparent appraisal experience. Its platform helps financial institutions, investors, and asset managers understand property values with precision while integrating sustainability criteria into their assessments.
Einwert’s technology-driven model streamlines valuation workflows and ensures consistent, data-backed results. By modernising how valuations are performed and reported, the company is helping set new standards in property analytics and green compliance. To date, they have raised €6 million.
Based in London, Factored provides rent-backed financing solutions that help renters unlock capital and landlords improve liquidity. Founded in 2023, the company uses technology to assess rental payment histories and offer flexible financial products tied to ongoing tenancies. Its approach supports both sides of the rental market by turning rent flows into usable, short-term financing opportunities.
By connecting rental income with innovative funding models, Factored bridges the gap between property management and financial access. The company’s platform enhances transparency and reduces friction for property owners, investors, and tenants. To date, they have raised €24 million.
Based in Dublin, MetaWealth offers a modern investment platform that tokenises real estate properties, giving investors access to income-generating assets. Founded in 2022, it allows users to buy digital shares in global properties and earn passive income through tokenised ownership. The model combines transparency, accessibility, and blockchain security.
MetaWealth’s platform bridges traditional real estate with decentralised finance, making property ownership more flexible and liquid. Its innovative approach enables investors to diversify portfolios and participate in markets once reserved for institutions. To date, they have raised €2 million.
Based in Limassol, MHV Group is a hospitality and real estate investment company focused on risk-adjusted and value-appreciating assets. Founded in 2022, the group manages a portfolio of properties across key destinations, combining investment expertise with operational excellence. Its strategy prioritises sustainable growth and stable returns through a balance of hospitality and property ventures.
MHV Group’s integrated approach connects capital, development, and management under one framework. By leveraging deep industry experience and data-driven analysis, the company continues to expand its portfolio while delivering long-term value to investors. To date, they have raised €20 million.
Based in Stockholm, Navian develops AI-driven tools that enhance the predictability and profitability of real estate projects. Founded in 2022, the company’s platform supports developers and investors with automated financial modelling, risk assessment, and project management capabilities. Its mission is to make property investment more data-driven and accessible.
By merging technological innovation with financial insight, Navian bridges the gap between property development and investment. Its solutions enable users to evaluate projects efficiently, optimise capital allocation, and maximise returns. To date, they have raised €2.3 million.
Based in Paris, Nopillo provides automated tools that simplify and optimise real estate tax declarations and investment returns. Founded in 2022, the company helps property owners and investors manage financial obligations more effectively through digital automation. Its solution reduces complexity and ensures compliance, allowing users to focus on profitability.
By integrating technology into tax management, Nopillo enables more efficient reporting and clearer financial oversight. The platform’s user-friendly design and automation capabilities streamline property-related accounting for both individuals and businesses. To date, they have raised €4 million.
Based in Zürich, Optiml helps real estate asset managers plan investments and renovations that balance profitability with sustainability. Founded in 2022, the company offers AI-powered asset and portfolio workflows that allow users to understand current performance, assess future potential, and make data-backed investment decisions. Its technology helps optimise renovation planning and portfolio strategy while ensuring compliance with evolving regulations.
By combining sustainability data with financial modelling, Optiml empowers professionals to make realistic decisions that drive both performance and environmental progress. Its platform simplifies collaboration across teams, transforming complex climate and financial goals into actionable insights. To date, they have raised €3.8 million.
Based in Lugano, Piece is a digital investment platform that makes income-producing real estate accessible to individual investors. Founded in 2023, it enables users to buy fractional shares in properties, diversifying portfolios while reducing capital requirements. Its transparent model offers a simple and secure entry point into institutional-quality real estate.
Piece’s technology bridges fintech and property, offering seamless onboarding, asset tracking, and performance monitoring. By lowering barriers to investment, the company is democratising access to real estate ownership across Europe. To date, they have raised €2.7 million.
Based in Paris, Skarlett gives senior citizens access to their home equity by converting real estate value into liquid assets. Founded in 2023, the company helps older homeowners improve their purchasing power without leaving their homes, providing financial independence and stability in retirement.
Skarlett’s model focuses on unlocking the wealth tied up in property while maintaining long-term security for its clients. By combining social purpose with financial innovation, the company is redefining how older generations can benefit from the value of their homes. To date, they have raised €12 million.
Czech defence group STV has signed a multi-year licence and strategic cooperation agreement with British cybersecurity startup Post-Quantum to deploy its quantum-safe communications platform across European, NATO, and global defence markets.
Founded in London, Post-Quantum develops modular encryption, identity, and transmission systems designed to remain secure in a post-quantum world. The company’s technologies have been adopted by NATO and major financial institutions and include the NIST-recognised Classic McEliece algorithm.
STV Group, headquartered in the Czech Republic, is one of Europe’s fastest-growing defence manufacturers and a leading supplier of munitions, armoured platforms, and loitering systems.
The partnership marks the first large-scale quantum migration of its kind and comes amid growing concerns over the risk of “Harvest Now, Decrypt Later” attacks, in which adversaries collect encrypted data today for future decryption once quantum computers mature.
Under the agreement, STV will integrate Post-Quantum’s NATO-tested platform into its defence systems to protect sensitive data and mission-critical operations from emerging quantum threats.
“This isn’t just about acquiring technology - it’s about building an uncompromising, end-to-end secure ecosystem for the future,” said JUDr. Pavel Kudrhalt, CEO of STV. “With the rising threat of ‘Harvest Now, Decrypt Later’ attacks, quantum-safe defences are no longer optional."
Rikky Hasan, CEO of Post-Quantum, added: “STV’s vision and leadership in defence innovation make them the ideal partner.”
04/11/2025 12:10 PM
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Kara Swisher Would Rather Work for Sam Altman Than Mark Zuckerberg
Swedish embedded finance provider Froda has partnered with UK-based Triffin, an AI finance platform for consumer brands. Froda will embed flexible working capital directly into Triffin’s agentic finance workflows and make up to £100 million in data-driven financing available to UK businesses over the next three years.
Triffin, launched in 2025, builds AI-powered finance operations tools for consumer brands and operates as an agent of Plaid Financial Ltd, authorised by the UK Financial Conduct Authority.
The integration went live in October and is expected to make working capital more accessible and efficient for UK small businesses.
Froda provides embedded financing solutions to banks, fintechs, and payment providers across the Nordics, the UK, Ireland, and Germany.
The partnership embeds Froda’s automated lending technology directly into Triffin’s AI finance workflows, enabling small businesses to access financing instantly for challenges such as upfront inventory costs and long retail or wholesale payment cycles. It marks Froda’s fourth embedded finance deal in the UK and strengthens its footprint in one of Europe’s largest SME markets.
“SME lending is at an inflection point, we’re leaving behind legacy systems built for another era and moving toward a model that reflects how modern businesses actually operate.” said Olle Lundin, co-founder and CEO of Froda.
Triffin’s AI agents automate finance tasks including pay runs, invoicing, and forecasting. The integration of Froda’s financing aims to give brands real-time liquidity while maintaining operational efficiency.
“We’re thrilled to partner with Froda to deliver on our vision of AI finance operations for the next generation of consumer brands. Our customers can focus on growing their businesses without worrying about cash flow, and without being limited by outdated finance models,” said Franklyn Martin, co-founder and CEO of Triffin.
04/11/2025 12:10 PM
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04/11/2025 11:24 AM
Europe’s founders unite: new Fund aims to build Europe’s first trillion-dollar tech giants
Today over 100 founders and operators from across Europe have joined forces to launch United Founders, a new Pre-Seed and Seed-stage fund dedicated to supporting deeptech and emerging tech startups.
United Founders was created by Vít Horký — the entrepreneur behind B2B startup Brand Embassy (acquired by US software group Nice in 2019) — and Jakub Havrlant, founder of Rockaway Capital. They’ve brought together a founding team of former entrepreneurs operating across major European hubs, including the UK, France, Switzerland, Germany, Belgium, and Central Europe.
The fund’s members include lead entrepreneurs from 26 countries including Florian Seibel, co-founder of Quantum Systems; and Christina Mace-Turner, known for her roles at Apple and Flipboard.
Also among the mentors are André Petry, founder of Tacto; Liina Laas, Partner at The Better Fund; and Michal Pechouček, former CTO of Avast. They are joined by leaders such as Laurent Philonenko, who previously held senior positions at Cisco and Asana, and Sébastien Borget, co-founder of The Sandbox.
The fund plans to write cheques of up to €1 million for startups working on hardware, dual-use innovation, and medtech solutions. Its early investments include Israeli startup Wonderful, which develops customer-facing automation tools, and German healthtech company Every Health.
“No European tech company has surpassed €100 billion in valuation in the past 50 years,” said Vít Horký, General Partner of United Founders.
“Our ambition is for Europe to create its own trillion-dollar giants like Apple, Microsoft, Amazon, Google, Nvidia, and Meta.”
“I’m delighted to join United Founders’ exceptional team and Founder Force community,” said Tony Kypreos, Managing Partner for the UK and Entrepreneur in Residence at the London Institute for Healthcare Engineering.
“This once-per-cycle moment of transformation demands a new kind of venture model and United Founders is delivering it across Europe.”
04/11/2025 12:10 PM
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Agate Sensors wins Swedish defence contract for physiology monitoring
Finnish deep tech startup Agate Sensors has secured an innovation contract with the Swedish Defence Materiel Administration (FMV) under its Military Innovation Program to demonstrate its hyperspectral sensing technology for human performance monitoring.
Founded in 2024 as a spin-out from Aalto University, Agate Sensors is headquartered in Espoo and backed by investors Voima Ventures and LIFTT. The company develops software-defined, chip-scale hyperspectral imaging solutions designed to deliver laboratory-grade optical sensing across multiple industries.
The agreement marks Agate Sensors’ first defence collaboration and the first external demonstration of its physiological monitoring technology in high-stress and high-risk military environments. The project aims to evaluate how the company’s ultra-miniaturised hyperspectral sensors can enhance understanding and decision-making in defence contexts.
Agate Sensors’ hyperspectral photoplethysmography (HPPG) system captures hundreds of light wavelengths to measure subtle biochemical and metabolic changes, going beyond conventional wearable sensors that rely on only a few wavelengths. The technology has been miniaturised into a fingertip-sized solid-state chip suitable for wearable integration.
“This isn’t an incremental step, it’s a new capability that changes how defence forces can understand, predict, and optimise human performance in the most demanding environments,” said Mikael Westerlund, Chief Business Officer at Agate Sensors.
The FMV collaboration will run until March 2026 and include technical validation, joint demonstrations, and presentations at Purple NECtar 2025 in the Netherlands and Defence Innovation Paris later this month. While the project focuses on wearable-based human monitoring, Agate Sensors said its hyperspectral platform could eventually support applications such as smart weapon optics, drone systems, and autonomous platforms.
Beyond defence, the company sees potential for its technology in sectors including consumer health, agriculture, food quality control, and product authentication.
04/11/2025 11:10 AM
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04/11/2025 10:52 AM
Bulgarian unicorn Payhawk plays down Brex's European challenge
The CEO of Bulgarian spend management unicorn Payhawk has played down the threat of US rival Brex, which recently announced it was launching across the EU, saying they were targeting different customer bases and that the EU was a fragmented market.
Payhawk CEO and co-founder Hristo Borisov also said that Payhawk was not pursuing an IPO in the near term, but was keeping its options open regarding a potential listing venue if and when it decided to go public.
Borisov said: “We’re keeping optionality. The US offers deep capital markets for large SaaS/fintech issuers; Europe is core to our business and talent footprint. We’ll choose the market that best matches our scale and investor base when the time is right.”
Payhawk, which became Bulgaria's first-ever unicorn in 2022, now employs around 480 people with offices in Sofia, London, Berlin, Barcelona, Amsterdam, Vilnius, Munich, Paris, New York and a soon-to-open new office in another European city.
Payhawk offers customers spend management services, so employees can manage their spending lifecycle, from company card to bills and invoices in one place.
Payhawk, founded in 2018, reported revenues of €23.4m in the year ending December 2024, up 85 per cent on the year, but it is not yet full-year profitable.
The boost in revenues was attributed to the startup offering a broader suite of services, on top of its corporate cards, including travel, accounts payable and procurement services.
Currently, around 95 per cent of Payhawk's revenues come from Europe.
Earlier this year, San Francisco-based spend management rival Brex said it was launching in the EU, having bagged an EU Payment Institution licence.
But Borisov played down the threat from Brex, saying the US firm had a different target market to Payhawk, targeting startups and small businesses with up to 40 people.
Borisov: "We are usually owning the mid-market space, the more mature companies, so that is a key differentiator."
Furthermore, he also pointed out that the EU was a fragmented market, with different rules across areas like payments and currencies.
He added: "You don’t have to win in one market, you need to win in 29.”
Big incumbents like American Express also have a major presence in the corporate card market.
In the US, Borisov said he expected Payhawk’s US revenues to grow as much as 30 per cent of its overall revenues in five years. He said US businesses were more amenable than European businesses to working with startups like Payhawk.
He said the two firms had gained traction by giving out free corporate cards to startups and small businesses.
He said: “The problem we have seen in the US is that the spend management market has been a market which has been heavily subsidised from a go-to-market perspective.
"From a price perspective, there are several companies that have already raised more than $3 billion. The way they compete is really heavily subsidising the product.
"What we have been trying to do in the US is if they are playing that game, to try and change the game, so instead of us offering a free product and trying to monetise the customer later on, we have tried to build something sustainable that customers are willing to pay with right now.”
Instead of offering its own corporate cards, Payhawk offers services on top of existing card giants like Visa and MasterCard.
Borisov also said that Payhawk, which has yet to make any acquisitions, was currently being turned off from making acquisitions by, generally speaking, prices being too high for potential targets, saying startups were clinging to their high valuations of 2021.
04/11/2025 11:10 AM
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Why henQ chooses the roads less travelled: Inside the Dutch VC’s new €67.6 million fund for the “odd ones out”
Venture capital investor henQ out of Amsterdam has successfully launched its fifth fund, having raised €67.57 million out of their €90 million target – with the intention of investing in 8-12 B2B software teams across Europe, with initial check sizes of €1-10 million.
For this fund, henQ substantially increased its base of entrepreneurial LPs with, among others, founders of companies such as Optiver, Exact, Mendix, SEOshop, Zivver and inSided, the latter four being henQ alumni. henQ’s investment philosophy is guided by their interest in investing in the “odd ones out” in European B2B software.
Mick Mackaay, Partner, on why henQ prefers to invest in markets that other investors see as boring or irrelevant: “there is a tendency among venture capitalists to focus on market predictions and macro analyses, and to invest based on rather specific takes on the future or ‘market theses.’
“At henQ, instead, we focus almost exclusively on the level of execution of the founders, here and now. All other investment criteria are trumped by this, they can never sway us to invest. Therefore, we are able to make very fast decisions, often in markets that are temporarily undervalued.”
The launch of henQ 5 aligns with a broader pattern of European venture funds in 2025 focusing on B2B software and adjacent enterprise-tech segments.
In the UK, Notion Capital announced a €114 million growth fund aimed at AI-driven software and FinTech, while Evantic Capital launched a €341 million debut fund to support B2B-AI companies.
Meanwhile, in the Netherlands – henQ’s home market – DFF Ventures secured €50 million (out of a €60 million target) for investments in vertical AI, recommerce and marketplaces.
Against this backdrop, henQ’s decision to build an independently funded, moderately sized vehicle focused on early-stage B2B software startups illustrates a more concentrated and entrepreneur-driven approach within the same ecosystem.
Rob Rousseau, Principal & Head of Investor Relations, shared with EU-Startups: “At henQ we do not want to scale through fund size or the number of people on our team. We will stay as lean and small as we can. At the same time, we want to get better every single year. And the quality and entrepreneurial background of the LPs in henQ 5 help us to do just that.”
Founded in 2004, henQ is venture capital fund for B2B software startups that support European founders with initial checks that range from €1 to €10 million. The VC remarks that they like “boring” or “too small” markets, unconventional business models, or any early-stage company that’s just a little different in one way or another.
henQ invests throughout Europe in Seed and Series A rounds of B2B software startups, and was an early investor in, among others, Mendix, Mews, Sendcloud, Zivver, Wemolo and imagino.
It is run by fund managers Mick Mackaay, Coen van Duiven, Rob Rousseau and Jan Andriessen.
Jan Andriessen, Partner, said: “A common misunderstanding is that a European top performing company looks exactly like its American counterpart, whereas it’s considerably more complicated to scale from Europe than it is in the US. Due to the complexity of running a European company, focus and founder time to unlock new geographies and products are key, and oftentimes simply deploying more money hurts more than it helps.
“In practice this means that, from a certain critical size onwards, many European B2B software companies can actually scale up rather cash efficiently and without much external funding. This fits perfectly with a more concentrated portfolio.”
henQ 5 has achieved almost the same size as its predecessor fund in its first close already (henQ 4), despite the fact that its team decided to raise the fund without institutional or government sponsored money, which constituted almost half of the committed capital for henQ 4.
That decision reflects henQ’s commitment to independently make investment decisions that are solely focused on long-term returns, as well as their view that a great fund with commensurate returns should not be dependent on public money.
But the proven formula will remain intact, meaning the same type and number of investments, in the same phase, with the same team.
henQ intends to deploy the fund in the next 5 years, by investing in 8-12 world class B2B software founding teams across Europe, with initial check sizes of €1-10 million – ideally in markets that most other founders and investors see as boring or irrelevant.
This means an average of two new investments per year, only a handful compared to other players in the same phase. henQ’s aim is for every deal to have an interesting return profile in and by itself – not that returns of the fund are driven by only a tiny fraction of the portfolio.
EU-Startups has previously featured henQ in several contexts, including its role within the Amsterdam startup ecosystem (EU-Startups, 2019) and as an investor in Formulate, a Stockholm-based AI retail promotions startup that raised €3.7 million (EU-Startups, 2020).
Deeptech mu-ray.tech, founded by experts from DESY and CERN, and deeptech GScan, which specialises in muon tomography, have closed their €325,000 initial investment round to commercialise disruptive Muon Beam Imaging (MBI) technology.
MBI, which utilises cutting-edge Laser Plasma Accelerator technology, is positioned as a potential game-changer across numerous industries:
Defence, aerospace, and car industries need more penetrative diagnostics for production and Maintenance, Repair, and Overhaul (MRO).
Safer medical imaging, especially focused on sensitive patient groups, including children and pregnant patients, and the early diagnosis of cancer via chemical element analysis (calcium, iron, and iodine buildup)
"Muon radiation allows us to identify the composition of materials, creating completely new opportunities in the aerospace, automotive, defence industries, and in the long term, medical imaging. It will be the next revolution in the imaging domain after Computer Tomography (CT), Magnetic Resonance Imaging (MRI) and Positron Emission Tomography (PET),” noted co-founder Kristjan Põder, a researcher who currently leads the development of Laser Plasma Accelerator-based commercial applications at DESY in Hamburg.
According to Andi Hektor, co-founder and GScan veteran:
“In Hamburg, we are right next door to our potential partners and customers— Airbus, Philips, Rheinmetall, Siemens, and many others.
This proximity allows us to validate and deploy the technology much faster. In Tallinn, we are building our software and AI team enjoying the dynamic startup ecosystem and software engineering talent pool in Estonia,”
MBI has established ties within the Cambridge and Oxford deeptech ecosystem, developed through research and work with GScan, which are critical for attracting top UK talent.
The investment was led by Mart Maasik and Matti Hautsalo at Nordic Science Investments, with participation from Toomas Bergmann at Peaksjah and Swiss CERN angel investor Michele Battistin. The startup also received support from the Estonian Business and Innovation Agency.
According to lead investor, Mart Maasik, Partner at Nordic Science Investments, Kristjan Põder and Andi Hektor possess a unique combination of scientific expertise and business acumen:
“As a deeptech investor, we are excited by mu-ray.tech's unique combination of world-class competence —bringing together AI, advanced sensors, high-power photonics, and particle physics with proven commercial expertise.”
The funding will fuel the company’s mission to deliver safer, penetrative 3D imaging capabilities with the power to identify the chemical composition of imaged materials.
Since 2021 to date, the European AI tech ecosystem has experienced strong growth, particularly in
funding volume. According to the Tech.eu database, after a significant drop in
investment activity in 2022, the market saw a notable recovery in 2023,
followed by continuous year-over-year growth in funding.
Over the five-year
period, the total amount of investment nearly doubled (from €2.2 billion in
2021 to €4.6 billion in the first ten months of 2025), while the number of deals remained relatively
stable. The average deal size more than doubled, indicating growing investor
confidence in scaling existing companies rather than supporting early-stage
startups, a shift aimed at ensuring sustainable growth.
In this
period, European AI startups had collectively raised around €13.2 billion in
funding, with France, Germany, and the UK emerging as key development hubs.
French AI companies alone raised over €4.1 billion, followed by Germany with €3.4
billion and the UK with €2.5 billion. This influx of capital has fueled a new
generation of European AI “unicorns” and even “decacorns,” showing that
Europe’s AI scene is maturing rapidly and becoming globally competitive.
Looking at
the 2025 data (first ten months), investments in AI companies amounted to €4.6
billion. This year was particularly marked by mega funding rounds, such as the €1.7 billion investment in France’s Mistral AI in the third quarter of 2025, led by
corporate giants ASML and Nvidia. That single deal alone drove a significant
growth (approximately 37 per cent) in European AI funding in 2025.
The most
highly funded European AI companies between 2021 and 2025 span a broad range of
applications, from generative AI content creation to enterprise automation and defence
technology. These companies illustrate how Europe’s AI strengths have
diversified and deepened, confirming that Europe now has its own major AI
technology players.
Mistral AI is a Paris-based AI startup, founded in 2023, which focuses on large language models. It provides an enterprise platform to build, fine-tune, and deploy large language models, agents, and multimodal systems. Tools like AI Studio, Le Chat, and Mistral Code support search, creation, coding, and automation, with deployment on-prem, in the cloud, or at the edge. The company offers services for bespoke pre-training and domain specialisation, emphasises privacy and data control, and serves global customers across technology, defence, automotive, and finance.
So far, the company has raised over €2.8 billion. Backed by prominent VCs (a16z, Lightspeed) and European funds (BPI France), Mistral is Europe’s leading contender in foundational AI models.
In its latest funding round closed in September 2025, Mistral raised €1.7 billion, lifting its valuation to around €11.7 billion. The round marks the start of a strategic partnership with ASML, which has taken a major stake in the company.
Helsing is a Munich-based defence AI company focused on software for sensor fusion, electronic warfare, and autonomy. The company develops AI-enabled capabilities across air, land, sea, and space in support of defence and national security.
Helsing’s systems fuse sensor and battlefield data, network existing platforms, and provide resilient precision effects. Its portfolio includes strike and ISR/strike coordination tools designed for contested electronic-warfare environments. The company partners with European governments and the defence industry and emphasises stringent ethical and safety standards.
Founded in 2021, Helsing has raised more than €1.3 billion across several large financing rounds (including €600 million raised in June 2025) to expand product development and research, accelerate deployment of its all-domain defence technologies, and strengthen European technological sovereignty.
Notable investors include Prima Materia (Daniel Ek), General Catalyst, Accel, and Lightspeed Venture Partners, alongside strategic collaboration with Saab and programmes with customers across Europe.
UiPath is a global company that enables enterprises to automate complex business processes by integrating AI-agents, robots, people, and models into a unified automation platform.
Founded in 2005 in Bucharest and now headquartered in New York, UiPath serves thousands of customers across more than 100 countries, helping organisations transform how they operate through advanced automation and AI.
The company’s flagship product, UiPath Platform™, supports the full lifecycle of automation, from process design and deployment to orchestration and management, with a strong emphasis on governance, security, and scalability. UiPath’s mission is to “uplevel knowledge work so more people can work more creatively, collaboratively, and strategically.”
In early 2021, the company raised $750 million to strengthen its balance sheet ahead of its listing. After that, the company listed on the NYSE in April 2021, raising approximately $1.34 billion at $56 per share. Since the IPO, UiPath has focused on public-company execution, broad platform expansion, ecosystem building, and large-enterprise penetration.
Poolside is a next-generation AI company focused on building foundation models, multi-agent systems, and developer-centric tools to accelerate software engineering in enterprise environments. The company combines model development and deployment into a unified stack. It offers proprietary models such as Malibu and Point, developer surfaces including IDE extensions and binaries, and enterprise-grade infrastructure supporting deployment in private clouds, VPCs or air-gapped environments.
Poolside AI partners with major cloud providers to enable corporations to fine-tune its models on proprietary codebases and deploy them with strict security and governance.
Over the past five years, Poolside has raised around $626 million aimed at scaling infrastructure and models ahead of its first commercial product. Poolside is backed by a group of prominent global investors, including Bain Capital Ventures, along with DST Global, NVIDIA, Felicis Ventures, and Bpifrance.
Aleph Alpha is a Heidelberg-based AI research and development company (founded 2019) focused on explainability and “sovereign” AI for European industry and government use. It builds human-centric generative-AI systems with an emphasis on security, transparency, and regulatory compliance.
Its platform, centred on the full-stack PhariaAI suite, supports customisation and deployment of advanced models in controlled environments (on-premise, cloud, hybrid, and air-gapped), enabling customers to retain data and IP sovereignty. Aleph Alpha develops the Luminous family of large language models and related components and provides transparency tools to support enterprise evaluation and governance.
To date, Aleph Alpha has raised around €500 million, including a Series B round in November 2023 supported by investors such as Bosch Ventures, Schwarz Group, and IPAI, to accelerate research and deployment in regulated sectors.
Synthesia is a London-based AI video company whose platform enables organisations to generate professional videos from text using lifelike avatars and voiceovers, without the need for traditional production resources. Founded in 2017 by researchers from UCL, Stanford, TUM, and Cambridge, Synthesia is used in enterprise communications, training, and localisation and includes governance features for large-scale deployment.
The company has introduced “Synthesia 2.0,” expanded enterprise tooling, and continues to advance its research in synthetic media.
Since 2021, Synthesia has raised over €485 million across multiple financing rounds to support platform development and international expansion. In 2025, the company accelerated its growth, completing $380 million in financing ($180 million in January and $200 million in October), resulting in a $4 billion post-money valuation. Notable investors include NEA (Series D lead), Accel, GV (Google Ventures), NVentures (NVIDIA), Kleiner Perkins, IVP, ICONIQ Growth, WiL, Atlassian Ventures, and PSP Growth.
DeepL is a language-AI company that develops an enterprise platform for translation and writing, offering products such as DeepL Translator, DeepL Write, DeepL Voice, and the DeepL API, plus integrations with a range of business tools. The platform places particular emphasis on data privacy, user control, and flexible deployment for organisations. Founded in 2017 and headquartered in Cologne, DeepL serves customers globally across multiple sectors and continues to expand its specialised language models and features such as glossaries.
Over the past five years, DeepL has raised over $400 million in two funding rounds (January 2023 and May 2024) to support R&D, product innovation, hiring, global expansion, and go-to-market efforts. Notable investors include Index Ventures, ICONIQ Growth, Teachers’ Venture Growth (Ontario Teachers’), IVP, Atomico, WiL, and Bessemer Venture Partners.
ElevenLabs is a London-based Voice AI research and deployment company that develops advanced audio models for text-to-speech, voice cloning, dubbing, and conversational agents in over 70 languages. Its platform enables creators, developers and enterprises to generate realistic, emotionally rich voices and deploy them across content localisation, podcasts, customer support, gaming, education and accessibility use-cases. The company’s technology powers voice agents, multiplies language coverage, and helps users scale audio creation while reducing engineering overhead.
Founded in 2022, the company raised over $290 million, including $180 million raised in January 2025, which valued the company at $3.3 billion. ElevenLabs is backed by several leading global investors, including Andreessen Horowitz (a16z), ICONIQ Growth, NEA, and Sequoia Capital, which have participated across multiple rounds.
n8n is a Berlin-based, source-available AI workflow automation platform that enables technical teams to build multi-step automations and AI agents through a visual, node-based editor, deployable self-hosted or in the cloud. The platform combines more than 400 integrations, guardrails, and optional custom code to orchestrate applications, data, and LLMs across business processes. Founded in 2019, n8n operates under a fair-code (Sustainable Use) license.
Over the past five years, n8n has raised approximately $240 million, including a $180 million raise in October 2025 that valued the company at $2.5 billion. Notable investors include Accel (Series C lead), Meritech, Redpoint, Visionaries Club, NVIDIA’s NVentures, and Deutsche Telekom’s T.Capital, while earlier backers include Highland Europe, HV Capital, Sequoia, and Felicis.
Stability AI is a London-based generative AI company founded in 2019. It develops foundational models that span image, video, 3D, audio, and language modalities, most notably its flagship Stable Diffusion, and offers a suite of tools via a cloud-native platform for enterprise and creator workflows. Stability AI emphasises open access to its model weights and advocates for the democratisation of AI, allowing developers, creatives, and businesses to build and deploy generative-AI applications with flexible licensing and deployment options.
The company is backed by a diverse group of investors, including Coatue Management, Lightspeed Venture Partners, Greycroft, Sound Ventures, and O’Shaughnessy Ventures, with WPP also making a strategic investment and partnership agreement. Over the past five years, Stability AI has raised over $230 million to accelerate open models across image, language, audio, video, and 3D.
04/11/2025 10:10 AM
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With hopes of bridging the AI “trust gap”, Britain’s Vigilant AI.ai raises €665k for their AI teammates
Vigilant AI.ai, the Derby-headquartered tech platform that delivers AI teammates designed for regulated businesses, has raised €665k in pre-Seed funding to grow the team and accelerate the move from pilots to revenue-generating deployments.
The round was led by B2B SaaS investor Haatch. The round combines funds from three Haatch-managed sources including funding from Haatch, the East Midlands Combined County Authority and British Business Bank.
Mark Wood, Co-founder & CTO of Vigilant AI.ai, shares: “As a trusted advisor to financial services boards, I kept seeing the same pattern: teams got excited about the potential of generative AI but then hit a wall when asked about governance and compliance. We founded Vigilant AI.ai because the toolset to answer those questions simply didn’t exist.
“Our platform enables people in the business to onboard AI Teammates where work happens whilst real-time guardrails and audit logs protect and govern. Customers gain AI productivity at speed, with regulatory compliant trust.”
This pre-Seed investment in Vigilant AI.ai comes amid a wave of UK startups building AI agent and governance platforms for regulated and enterprise environments.
In August 2025, Archestra secured €2.8 million to help companies deploy secure AI agents that manage internal data sources safely. The following month, Zango AI raised €4 million to address regulatory complexity in financial compliance through autonomous AI systems. Also in July, Magentic attracted €4.6 million for enterprise automation, while Synthesized closed a €17 million + Series A to scale its AI testing and data governance tools.
Together, these announcements illustrate an active 2025 funding environment for UK-based AI startups addressing trust, compliance and workflow integration in enterprise settings.
While Vigilant AI.ai’s pre-Seed amount is smaller, its focus on real-time governance for regulated teams positions it within the same trend toward provable-trust AI solutions. The company’s Derby base also reinforces the UK’s strength in producing compliance-focused B2B SaaS innovators outside the London core.
Mike Anyfantakis, Co-founder & CPO of Vigilant AI.ai, adds: “We’re already finalising our first pilots, and it is clear that clients want to go live fast. They are keen to create and collaborate with their AI teammates in their everyday work, at speed. By making compliance an always-on, real-time feature, we give financial services and other regulated firms confidence to deploy AI Agents in their team workflows. We’re excited by the feedback received from early customers and looking to further develop our product in collaboration with our partners.”
Founded in 2024, Vigilant AI.ai delivers AI Teammates that embed generative AI into enterprise workflows with real-time compliance guardrails. The company says their mission is to unlock the potential of AI whilst ensuring every action is provably compliant.
Vigilant AI.ai aims to create an immutable audit trail, letting teams work faster without breaching policy.
AI promises double-digit efficiency gains, yet most regulated firms still face a “trust gap”: they struggle to prove every AI action is policy-safe – this is where Vigilant AI.ai looks to make a name for themselves.
Fred Soneya, Partner at Haatch, adds: “We back Founders solving deep, universal pains in B2B SaaS. Vigilant AI.ai tackles the biggest blocker to enterprise GenAI adoption: provable trust. Their real-time compliance layer is exactly what our fintech and financial-services network has been asking for.”
The fresh capital will be used to:
Hire key engineering and go-to-market talent.
Productise the platform for broad rollout – adding intuitive controls, enterprise-grade security certifications and self-service onboarding.
Convert in-flight pilots into revenue in Q4 2025 and launch additional deployment with forward-thinking regulated businesses.
The Copenhagen-based impact startup Contribe, which enables consumers to support charitable causes while shopping online, has raised €433k in new capital as an extension of its pre-Seed round.
This brings Contribe’s total pre-Seed funding to €1.3 million, which will be used to take the company’s concept global. Investors include Rockstart, Human Act Development, and Better Future Fund.
“We’re seeing significant demand in the market – especially from end users who, perhaps surprisingly, are increasingly motivated by the opportunity to make a difference,” says Christoffer Bouet, CEO and Co-founder of Contribe.
Contribe’s pre-Seed extension follows a broader wave of 2025 funding across Europe in adjacent segments such as loyalty technology, e-commerce enablement and impact-driven SaaS.
Talon.One (Germany) raised €114 million to accelerate the global rollout of its AI-based loyalty and promotion infrastructure.
Understory (Denmark) secured €12 million (Series A) to expand its TravelTech platform that unifies digital tools for experience providers.
MEGA (Denmark) obtained €1.7 million (pre-Seed) to develop compliant AI voice agents for order-to-cash automation.
Norrsken (Sweden) launched a €57 million fund to back early-stage, impact-driven ventures across Europe.
Together, these investments underline continuing investor appetite for startups that link technology with measurable impact or customer-centric innovation. The presence of other Danish companies such as Understory and MEGA in this funding landscape also highlights Denmark’s growing role as a hub for purpose-driven and scalable tech ventures – a context that reinforces Contribe’s international growth ambitions.
“We’ve proven that the model works for everyone. End users are happy, our clients grow their revenue, and NGOs gain more resources,” says Bouet, adding: “There’s nothing holding us back anymore. The next step is to take Contribe global and build a product that can define a whole new category within loyalty and e-commerce – with the vision that every purchase in the future contributes to a good cause.”
Founded in 2023 by Christoffer Winther Bouet, Tobias Ørskov Madsen, and Lasse Viggo, Contribe helps webshops increase sales and customer loyalty through charitable donations at checkout.
Contribe’s software enables webshops to let customers donate a percentage of each purchase to a charitable cause – at no extra cost to the customer. The result is reportedly higher conversion rates, better customer loyalty, and increased revenue for webshops, while NGOs receive more funding for their work.
The company currently has over 1 million users and nearly 400 webshop clients across 15 countries.
According to a new study, Danes donated DKK 7.6 billion to charitable causes in 2024 – an 8.4% increase compared to the previous year. This growing desire to make a difference is clearly reflected in Contribe’s growth: over the past year, the company has quadrupled its customer base and expanded from 6 to 15 markets.
With the new investment, Contribe is ready for its next phase: scaling globally and building a category-defining product. The funding will go towards international expansion, product development, and growing the team.
EU-Startups previously featured Contribe in August 2024, reporting on its earlier €1 million pre-Seed round aimed at helping businesses connect with sustainability-minded consumers.
Rubio Impact Ventures, an impact venture capital firm out of Amsterdam, announces this morning that they have raised over €70 million in commitments for its third impact fund – aiming to invest in thirty companies tackling the climate crisis and social inequality.
The third fund is supported by many existing as well as new investors, including a large group of successful Dutch entrepreneurs and families, and institutional partners such as the European Investment Fund (EIF), Invest-NL, Oost NL, Brabantse Ontwikkelings maatschappij, ING and NN Social Innovation Fund. RVO has once again provided an innovation loan under the Seed Capital scheme.
Machtelt Groothuis, Co-founder of Rubio: “In an era of accelerating climate change and social challenges, the most valuable companies of the future are the ones building real solutions for global problems. The launch of our third fund reflects that the impact investing model is recognised, the opportunity is clear, and the urgency has never been greater.”
This announcement fits into a wider 2025 trend of renewed activity in impact and sustainability-focused venture capital across Europe.
In the Netherlands, CapitalT announced the first close of a €50 million Fund II, targeting purpose-driven Founders in ClimateTech and the future of work. Across southern Europe, Suma Capital closed a €210 million ClimateTech fund, focusing on industrial decarbonisation and scale-up support.
Together, these developments highlight that even as European venture fundraising faces headwinds, impact-driven funds are maintaining investor confidence and channeling capital towards climate and social innovation.
For Rinke Zonneveld, CEO of Invest-NL, it was a “no-brainer” to invest in Rubio’s new fund: “Rubio is leading the pack in the Dutch impact investing scene. They didn’t just set the standard, they created it. Especially how they don’t just talk climate but tackle social issues head-on is inspiring others and convincing institutional investors to enter this space.”
Founded in 2015, Rubio invests in early and growth-stage companies creating scalable solutions for urgent global challenges, from climate and circularity to education and well-being. The firm links 100% of its carried interest to independently verified impact results, aiming to ensure that financial success and positive impact go hand in hand.
With the launch of this third fund, Rubio’s total AUM will rise to €220 million. This continues the firm’s mission to help scale entrepreneurs who combine impact and returns.
Since its founding, Rubio has backed over forty fast-growing companies turning ideas into measurable change.
This portfolio includes companies like:
Sympower (enabling grid flexibility for the transition torenewable energy)
NoPalm Ingredients (protecting rainforests with circular palm oil alternatives)
OpenUp (increasing access to qualified mental healthcare support)
Aartjan Bontje from family office FlowFund Foundation, who has backed all three funds says: “From Fund I to today, I’ve seen Rubio deliver on their promise: building successful companies while creating measurable impact. This third fund is proof that the movement towards impact is accelerating, and exactly the kind of shift the world needs.”
EU-Startups has previously featured Rubio Impact Ventures across multiple funding stories highlighting its role as a leading Dutch impact investor.
In April 2024, Rubio led a €3 million round for Amsterdam-based Renewaball to reduce the environmental footprint of sports equipment. The firm also backed NoPalm Ingredients in July 2024, supporting the scale-up of its sustainable palm-oil alternative. In 2025, Rubio appeared in several impact-oriented deals, including a €3 million round for Chapter and participation in Vytal Global’s €14.2 million raise for reusable packaging.
Most recently, EU-Startups reported Rubio’s continued involvement in the ClimateTech sector through Sympower’s €42 million funding to advance Europe’s energy transition.
“Rubio was one of the first movers in the European impact market, launching its first fund in 2015 at a time when the market was still nascent. By targeting European startups that aim for social and climate impact, while also helping to build the environment for risk capital investment in the impact investing space, Rubio has been an inspirational partner for the EIF, and we’re happy to continue our fruitful collaboration,” added Marjut Falkstedt, Chief Executive of the European Investment Fund.
Vigilant AI.ai, a Derby-based platform delivering AI
teammates for regulated businesses, has raised £585,000 in pre-seed funding led
by Haatch. The round draws on three Haatch-managed sources, including Haatch,
the East Midlands Combined County Authority, and the British Business Bank.
Regulated enterprises see AI’s efficiency potential
but face a trust gap: they must prove that every AI action complies with
policy. Vigilant AI.ai addresses this by embedding generative AI directly into
existing workflows as “AI Teammates,” operating within real-time compliance
guardrails and generating an immutable audit trail. The platform deploys
quickly, integrates natively with tools like Slack, and enables domain experts,
not just IT, to build and govern teammates.
Vigilant AI.ai is built on three principles. First,
protection must be real-time. Compliance is enforced as work happens, not only
in advance reviews or after-the-fact audits. Second, effectiveness depends on
meeting people where they work, so AI teammates operate inside existing systems
rather than as another standalone app. Third, teams should be empowered to
build, govern, and evolve their own teammates, ensuring solutions stay
practical and responsive to real needs.
The new funding will support hiring and go-to-market,
productizing the platform for broader rollout (including intuitive controls,
enterprise-grade security certifications, and self-service onboarding), and
converting in-flight pilots into revenue in Q4 2025 alongside additional
deployments with regulated customers.
04/11/2025 08:10 AM
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Bridging EU-US venture gaps: Interview with Jillian Manus, EIC Advisor and Structure Capital Partner
Today, we’re excited to share a conversation with Jillian Manus, who is both Managing Partner of Structure Capital (an early-stage Silicon Valley venture fund) and a US Venture Advisor for the European Innovation Council.
Jillian brings a unique EU-US investment perspective to the table, especially within the current context of EU innovators being pushed to scale abroad due to a lack of late-stage capital in Europe – taking jobs, IP, and revenue with them.
She recently spoke at the Ventures.eu Forum 2025, which brought together family offices, LPs, GPs, fund-of-funds, policymakers, and founders to explore this challenge. Taking place under the umbrella of the EU-funded Innovation Radar Bridge project, the Forum provided a platform to map and accelerate Europe’s most promising innovators.
In this interview, we talk about how founders can use storytelling to attract investors, climate tech solutions, the role of pension funds and family offices in venture capital, Europe vs the US, and future trends to watch.
At Structure Capital, you describe your mission as ‘Investing in entrepreneurs who build smart solutions to waste’. How do you see the intersection of sustainability and profitability shaping the next wave of venture investing, particularly in Europe’s deeptech and climate sectors?
The good news is that the EU has enacted policies like the European Green Deal, SFDR, and taxonomy regulations, encouraging financial markets to direct capital toward sustainable activities. These frameworks don’t just foster growth in green sectors but also reduce the search costs for investors and enhance transparency, leading to more informed investment decisions and risk mitigation. As we all know, European investors tend to first risk mitigate a company rather than to build it up. These policies will help but not solve the bigger cultural challenge.
You’ve often spoken about the importance of storytelling and emotional intelligence in venture investing. How can European founders and funds leverage stronger narratives to attract global capital and scale their innovations?
Founders should first communicate the big problem they are solving. The qualified problem. Followed by why the team is uniquely capable of doing so, and clearly state their UVP. It is less about emotional intelligence and more about a customer’s (and funders’) emotional connection to the product. Steve Jobs would say, “You don’t want someone to buy your product, you want them to own it”. It has to be an extension of them, elevating the quality of their lives personally and professionally.
You recently spoke at the Ventures.eu Forum. What were the key takeaways from the event, particularly for investors and policymakers looking to support European innovations?
Three takeaways I’d highlight:
Implement EU-wide startup labour rules
Offer credit to companies from member states that spend 3% on defence
Build a more robust procurement infrastructure
One topic highlighted at the Forum was the role of pension funds and family offices in venture capital. How do you see their participation evolving in Europe over the next few years?
The EU startup pipeline is robust. On par with the US, but US VCs still invest 7x more and 100x faster. Europe has €15 trillion locked up in pension funds. If they dedicate only 2%, €300 billion, to scale up VC funds/entities, this would change the entire competitive innovation landscape of Europe. Ireland, Italy, and now Luxembourg understand and are already introducing policies.
Compared to the US, Europe is often seen as lagging in pension fund involvement in VC. Why do you think this gap exists, and what lessons could Europe learn from the US experience?
It stems from not fully understanding the US VC pension fund dynamic. The EU is looking at the metrics and not the methodology. I believe that if we could create a forum to bring some of the leading US pension funds together with the EU member state pension fund leaders, they could help mollify their EU concerns. Best practices would be shared around risk mitigation and more.
How have US pension funds’ investments in venture capital delivered better returns for policyholders, and what might this imply for European investors?
Over the past decade, US public pension funds reported a median annualised return of between 13.5% and 15.2% from private equity, which includes venture capital – significantly higher than what was achieved through public equities, real estate, or fixed income. More than 88% of US public pension funds have a portion of their portfolio in these alternative assets, and nearly all plan to maintain or increase that allocation due to reliable, robust, and relatively less volatile returns. These numbers speak volumes. EU investors just need to listen!
Looking ahead, what trends or opportunities should investors and policymakers in Europe be paying attention to in order to accelerate innovation?
The sectors in Europe poised to deliver the highest innovation investment returns over 2025–2030 are artificial intelligence, biotech, climate/clean tech, fintech, healthtech, and deep tech (including quantum computing, advanced robotics, and semiconductors).
I would also add Defence/Dual technology to this list. More US investors are looking to join the EU venture community to invest in Europe through this Defence entry point. There is so much opportunity to be realised, which will generate a return to all stakeholders.
In this episode of Uncanny Valley, we run through the top stories of the week and dive into why the promise of a tech-forward school in Texas with software instead of teachers fell apart.
03/11/2025 07:10 PM
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Pine Labs aims to take Indian fintech global even as it cuts valuation for IPO
Stockholm-based BOOST Pharma, a clinical-stage biopharmaceutical company focused on developing novel cell therapies for rare skeletal pediatric diseases, today announced that Sound Bioventures has joined its investor syndicate with a €3.1 million investment.
The financing will support continued clinical development of BT-101, BOOST Pharma’s pioneering stem cell-based therapy for osteogenesis imperfecta (OI), also known as brittle bone disease.
“We are honored to welcome Sound Bioventures to our syndicate – a collaborative, hands-on investor group that shares our vision of transforming care for children living with rare skeletal diseases,” said Ingelise Saunders, Chair of BOOST Pharma. “Their commitment strengthens BOOST Pharma’s position as a leader in cell therapy for genetic bone disorders and enables continued progress of BT-101 towards the clinic.”
This investment into BOOST Pharma reflects a wider pattern of European funding for advanced cell- and gene-therapy ventures in 2025.
In Sweden, Cellcolabs raised €10.3 million to scale manufacturing of mesenchymal stem cells, aiming to reduce production costs and expand access to regenerative treatments. In Germany, Akribion Therapeutics secured €8 million for its programmable cell-depletion platform, while Finland’s StemSight attracted €2.3 million to progress stem-cell therapies for restoring vision. In neighbouring Denmark, Fuse Vectors closed €4.9 million to develop its cell-free viral vector technology supporting gene-therapy delivery.
With both BOOST Pharma and Cellcolabs headquartered in Sweden, the country shows a growing concentration of regenerative-medicine innovation, reinforcing Sweden’s and Europe’s broader commitment to clinical-stage biotech development.
“We believe BOOST Pharma’s innovative approach to treating osteogenesis imperfecta has enormous potential to deliver not only clinical impact for patients but also durable value creation. We look forward to working together to reach new milestones,” said Johan Kördel, Managing Partner at Sound Bioventures.
Founded in 2019, BOOST Pharma is based on years of collaborative research from Karolinska Institute in Stockholm with the focus on novel cell therapy treatments for Osteogenesis Imperfecta. The research teams of associate professor Cecilia Götherström and professor Magnus Westgren have reportedly shown that that treatment with BOOST Cells greatly enhanced the quality of life for patients suffering from this otherwise extremely debilitating disease.
BOOST Pharma has made significant progress advancing BT-101, a novel mesenchymal stem cell therapy intended for children born with OI. BT-101 is designed for early intervention, administered to infants to address the underlying cause of OI and reduce fracture frequency in affected children.
In mice models, BT-101 has shown that cell therapy leads to higher calcium deposition, higher alkaline phosphatase activity, and a high ectopic bone formation.
Once injected, cells will migrate to the bone of patients with OI, where they will engraft and start bone formation. BOOST Pharma obtained human proof-of-concept for BT-101 after four children with Type III and IV OI were treated; the children have been followed for years up to adolescence.
BT-101 allegedly shows great promise for the effectiveness of treating children with OI: the children treated followed their own growth curve, had increased lengthwise growth compared to contemporary OI patients and showed a significant reduction of bone fractures. The cells are considered to be safe with no adverse reactions and no immune responses towards the donor MSC.
BT-101 therapy starts at the prenatal stage, when OI is first diagnosed, or as early as possible after the child is born. By treating this early, BOOST Pharma is addressing the disease at the earliest possible stage, thereby increasing the treatment benefits for the patient in later years, such as strong bones and possibly improved lung function.
With this new investment, BOOST Pharma aims to accelerate clinical development and move closer to delivering the first disease-modifying therapy for OI.
