Portugal continues to gain recognition as an emerging European startup hub. While it may not rank among the top 10 tech ecosystems, Portugal’s technology ecosystem contributed about 0.9 per cent of the total amount raised in the European tech ecosystem in 2024.

Additionally, the ecosystem demonstrated robust expansion, with the number of startups growing by 16 per cent to reach 4,719. Startups collectively generated €2.6 billion in turnover (a 17 per cent year-on-year increase) and employed over 26,000 people, despite a modest 4 per cent growth in the number of employees.

Portugal benefits from key enablers, including a strong education system, solid digital infrastructure, and growing R&D and patent activity. Growth is also evident in emerging regional ecosystems. However, challenges persist, such as limited collaboration between academia and business, and regulatory and bureaucratic hurdles that can hamper entrepreneurship and discourage investment.

Here are 10 Portuguese tech companies to watch in 2025.

Amount raised in 2024: €265M Powerdot is a company specialising in electric vehicle (EV) charging infrastructure. The company focuses on destination charging, installing EV chargers in everyday high-traffic locations such as supermarkets, shopping malls, restaurants, and hotels. Powerdot offers a turnkey solution by investing in, installing, and operating EV chargers at no cost to property owners, sharing revenue generated from the charging stations. Powerdot's mission is to accelerate sustainable mobility by making EV charging as convenient as charging a smartphone, integrating charging solutions seamlessly into users' daily routines. The company has attracted €265 million in investments over two rounds in 2024 to expand charging infrastructure, develop new technologies, and reinforce strategic partnerships across Europe.

Amount raised in 2024: €125M Greenvolt is a renewable energy company that specialises in three core areas: sustainable biomass energy, utility-scale wind and solar projects, and distributed generation solutions for businesses and communities. The company manages seven biomass power plants in Portugal and the UK, develops large-scale renewable energy projects with a pipeline of 9.3 GW, and offers decentralised energy solutions, including solar PV installations and energy communities. In 2024, the company completed a €125 million capital increase to bolster its financial stability.

Amount raised in 2024: €70M TEKEVER is a technology company specialising in unmanned aerial systems (UAS), satellite communications, and AI-driven surveillance solutions. The company offers integrated "Intelligence-as-a-Service" platforms that combine drones, satellites, and advanced data analytics to deliver real-time intelligence for maritime safety, border security, and environmental monitoring. TEKEVER's product lineup includes the AR3, AR4, and AR5 drones, designed for various missions ranging from short-range reconnaissance to long-endurance maritime patrols. These systems are equipped with features like vertical take-off and landing (VTOL) capabilities, satellite communication links, and modular payloads. The company's AI-powered platform, ATLAS, provides real-time and historical data processing, ensuring that decision-makers receive timely and actionable information. In 2024, TEKEVER secured €70 million in funding to accelerate R&D investments, foster product innovation, and expand its global production, delivery, and support operations.

Amount raised in 2024: €35M Indie Campers is a travel tech company that offers a global marketplace for campervan and RV rentals. With a fleet of over 7,000 vehicles, the company operates across more than 70 locations in Europe, North America, and Oceania. Indie Campers aims to democratize road trips by providing flexible, tech-enabled travel solutions, including short-term rentals, long-term subscriptions, and vehicle sales. Its digital platform simplifies the booking process and offers personalised travel advice, catering to a diverse community of travellers from over 130 countries. The company raised €35 million in 2024 and an additional €27.5 million in 2025.

Amount raised in 2024: €18M Infraspeak is a technology company specialising in intelligent maintenance management solutions. The company has developed a collaborative platform designed to streamline facilities management operations by integrating teams, assets, and processes into a unified system. The platform offers a suite of tools for preventive and reactive maintenance, asset management, compliance tracking, and real-time analytics. Its intelligent core, Infraspeak Gear™, leverages AI to automate tasks, provide actionable insights, and enhance decision-making processes. Additionally, Infraspeak Network™ fosters seamless collaboration between facility managers and service providers, ensuring efficient communication and workflow management. In 2024, Infraspeak secured €18 million in a Series B funding round to further its international expansion and enhance its platform's capabilities.

Amount raised in 2024: €17M Oceano Fresco is an aquaculture company pioneering sustainable and regenerative farming of native European bivalves. The company operates a vertically integrated system that includes a state-of-the-art hatchery at its BioMarine Center and the world’s first open-sea clam farm off the coast of Lagos in the Algarve. Oceano Fresco focuses on cultivating high-value clam species, which are currently in decline due to overexploitation and invasive species. These clams are bred in the hatchery and then grown in the open sea, feeding exclusively on naturally occurring microalgae, without the use of artificial feeds or antibiotics. This method not only produces a nutritious and sustainable protein source but also contributes positively to the marine ecosystem by enhancing biodiversity and capturing CO₂ in the clams' shells. In 2024, Oceano Fresco secured €17 million in funding to expand its production capacity and reinforce its position as a leader in regenerative bivalve aquaculture.

Amount raised in 2024: €15M CarboCode is a biotechnology company, specialising in the development, production, and commercialisation of human-identical glycosphingolipids and gangliosides. The company employs advanced biocatalysis and fermentation technologies to produce these molecules at an industrial scale. Their initial focus is on enhancing infant nutrition by supplementing formulas with gangliosides to more closely mimic the composition of human breast milk. CarboCode also explores applications in dermatology and cognitive health. In 2024, CarboCode secured €15 million to expand its production capacity and meet regulatory requirements in key markets, including the EU, USA, and China.

Amount raised in 2024: €15M Sensei is a deep-tech company specialising in autonomous retail solutions powered by artificial intelligence and computer vision. The company develops checkout-free shopping experiences that eliminate queues and scanning, offering real-time inventory tracking and actionable in-store analytics for retailers. Their proprietary technology integrates ceiling-mounted cameras, shelf sensors, and AI algorithms to create virtual baskets for shoppers, enabling seamless transactions without the need for additional apps or check-ins. In 2024, Sensei secured €15 million to support its expansion across Europe and Latin America. The company aims to transform traditional retail into a more efficient, data-driven, and customer-focused experience.

Amount raised in 2024: €10.85M Tonic App is a digital health company that offers an all-in-one mobile and web platform designed to support medical doctors in their daily practice. The platform provides access to clinical decision support tools, educational content, AI-powered assistance, job opportunities, and secure communication channels, all within a single interface. With a growing community of over 155,000 physicians across Portugal, Spain, Italy, and France, Tonic App aims to streamline healthcare workflows and enhance collaboration among medical professionals. The company serves various stakeholders in the healthcare ecosystem, including hospitals, pharmaceutical companies, and medical device manufacturers, by facilitating effective engagement with physicians. In 2024, Tonic App raised €10.85 million in Series A funding to further expand its services and reach.

Amount raised in 2024: $12.7M FRVR is a gaming technology company specialising in instant, cross-platform games accessible directly through browsers and messaging platforms. With a mission to democratize game distribution, FRVR bypasses traditional app stores by embedding games into everyday digital environments, partnering with platforms like Facebook, Snapchat, TikTok, and Samsung Game Launcher. FRVR has developed over 100 games, including popular titles like Solitaire FRVR, Basketball FRVR, and Krunker. The company has achieved significant reach, with over 2 billion lifetime players and more than 7 billion games played globally. In 2024, FRVR launched Upit, an AI-powered platform that enables users to create games without coding, furthering its commitment to making game development accessible to all. That same year, the company secured $12.7 million in funding to support its global expansion.

UK startups raised more than $8bn in VC investments in the first half of this year, more than double that of French startups, as the AI investment mania continues, new figures show.

As London and Paris thrash it out for European startup pre-eminence, new data from HSBC Innovation Banking UK and Dealroom shows that when it comes to VC funding, the UK still rules the roost.

The data shows UK startups raised more than $8bn in VC funding in H1 2025, triumphing over second-placed Germany ($4.4bn) and third-placed France ($3.2bn), meaning the UK has a 30 per cent market share across European VC investment in the period.  The UK figure was up three per cent on the previous half year.

Other European countries to make it into the top ten are Spain, Sweden, Switzerland, Netherlands, Ireland, Malta and Italy.

The new data underscores AI’s dominance in VC funding in the UK, with UK AI startups bagging $2.4bn in VC funding in the first half of 2025, representing 30 per cent of all UK VC investment raised. 

Ten years ago, AI accounted for less than 13 per cent of UK VC activity.

Some of the largest rounds in the first half of 2025 included AI drug discovery company Isomorphic Labs ($600m), AI corporate video maker Synthesia ($180m), and autonomous shipping technology startup Orca AI ($72.5m).

While London remains a global AI hub accounting for 68 per cent of the 179 AI funding rounds across H1, activity beyond the capital is gaining pace.

A total of 57 AI deals were closed outside of London, with startups attracting investment from Bude to Paisley, and Diss to Castlereagh.

In the UK, outside of AI, health tech and fintech both raised $2.3bn in new funding, ahead of enterprise software which raised $1.9bn.

Notable rounds in the quarter came from fintech such as wealth management platform FNZ ($500m), remittance payments startup Zepz ($165m) and payments company Dojo ($190m).

The data noted that the UK has now produced 188 unicorns, with quantum outfit Oxford Ionics joining the ranks this quarter.

Of these, 117 have already realised their $1billion plus valuations via exits.

Simon Bumfrey, head of banking, HSBC Innovation Banking UK, said: “It’s hugely exciting to see AI investment gathering pace, as new and varied use cases with real-world impact continue to emerge, from breakthroughs in personalised medicine to smarter logistics and financial services. 

 “What’s especially encouraging is the diversity of innovative AI startups across the UK – not just in established tech hubs, but in towns and cities nationwide."

Spacetech company Open Cosmos has acquired Connected, a Portuguese startup pioneering affordable, standardised IoT connectivity from space.

As one of Europe’s fastest-growing space infrastructure companies, Open Cosmos designs, builds and operates complete satellite missions, with production facilities in the UK, Spain and Greece – and new operations launching in Portugal.

This transaction marks one of the fastest successful startup exits in European space-tech history and a major milestone for Portugal’s emergence as a leading innovation and manufacturing hub for the space economy. The amount involved in the operation was not disclosed.

“Connected has built in two years what takes others five. They’re one of Europe’s most capable space startups,” said Rafel Jordà, founder and CEO of Open Cosmos. 

"Their hosted payload model fits seamlessly into our OpenConstellation vision, accelerating our ability to deliver scalable, multi-purpose and mission-flexible space infrastructure that serves both institutional and commercial needs across Europe and beyond.”

Founded in 2023, Connected rapidly developed a proprietary hosted payload platform for narrowband IoT connectivity, launched pilots across Europe and secured strategic partnerships with EchoStar Mobile, Fraunhofer and other international partners. 

Its technology is based on standardised protocols such as 5G NB-IoT and mioty. It dramatically reduces the cost and complexity of space-based communications, enabling applications ranging from infrastructure monitoring to emergency response, ocean surveillance, smart agriculture, and off-grid renewable energy systems.

 In just two years, Connected has evolved from a research-driven idea into a commercially operational platform that is shaping the future of space-enabled IoT.

According to Tiago Rebelo, former CEO at Connected, now Chief Revenue Officer (CRO) at Open Cosmos and Managing Director at Open Cosmos subsidiaries in Portugal, the company was in the middle of raising our Seed round when the opportunity emerged. 

“The offer from Open Cosmos was simply too aligned — in mission, culture and ambition — to ignore. 

It was a clear recognition of our technology and of the real-world progress we achieved with limited resources and relentless focus.” 

The company also received strong institutional backing, including support from the European Space Agency (ESA) and the Portuguese Space Agency, strengthening its positioning as a key enabler of interoperable, sovereign space services.

Just months after incorporation, Connected raised €2 million in the largest Pre-Seed round ever by a Portuguese space startup. 

As part of the deal, Connected becomes Open Cosmos’ dedicated IoT connectivity unit. All 22 Connected team members join a growing Open Cosmos Atlantic team of 18. 

Open Cosmos now employs close to 200 people, has been profitable for the last 4 years with high growth, on top of raising more than 50 million Euros to date. The company maintains a 100 per cent mission success rate in orbit across all its satellite missions.

The acquisition also builds on Open Cosmos’ expanding presence in Portugal. The company has invested over €15 million in national operations to date, and that figure is expected to exceed €50 million over the next three years as its local presence scales. 

This includes the launch of a new satellite factory at IPN in Coimbra, where three Portuguese-engineered satellites will be assembled and operated starting in late 2025. These missions, powered by Connected’s payloads, will deliver integrated Earth Observation data and IoT connectivity from orbit.

Connected will now lead Open Cosmos’ connectivity strategy, offering scalable and affordable solutions for industries ranging from maritime to energy, logistics and beyond.

“This is just the beginning,” added Tiago Rebelo. 

“Together, we’ll be building a future where Europe leads not just in technology, but in industrial capability, delivering meaningful space services that solve global problems, connects people and assets, protects critical environments and reinforces regional independence.”

Lead image: Open Cosmos.

Leeds-based AssetCool, a DeepTech company innovating advanced robotics and coatings for power lines, raised an €11.5 million Series A funding round to scale its proprietary robotics technology globally.

The oversubscribed round was led by Energy Impact Partners (EIP), with participation from Extantia Capital, Taronga Group, and existing investor Northern Powerhouse Investment Fund, managed by Mercia Ventures. This new funding builds on the support of additional investors including Kero Development Partners and Northern Gritstone.

“We are laser – focused on doing the hard yards to improve the physical layer of the grid, specifically overhead systems,” said Dr Niall Coogan, CEO and Co-founder of AssetCool. “The AssetCool team is innovating at the nexus between robotics and materials science to bring meaningful improvements to an aging network. We’ve developed a new range of coatings systematically optimised for overhead lines that makes the grid more efficient and resilient – not by rebuilding it, but by enhancing what already exists.”

Founded in 2016, AssetCool develops advanced robotics and functional coatings for energy infrastructure. Its core platform reportedly increases the capacity and efficiency of power lines through direct application of thermal-management nanomaterials.

Its platform technology in chemistry and robotics allows it to address a range of constraints for transmission network operators.

The technical team includes PhDs in Physics, Mechatronics, Synthetic Chemistry, and Computer Science, combined with real-world experience. Co-founder and CEO Coogan holds a Master’s in Chemistry and a PhD from the Power Networks Centre (CDT program) from the University of Manchester.

“AssetCool stands out in the market with its ability to deliver firm capacity upgrades faster and more cost-effectively than any alternative we’ve seen,” says Sam Bursten, Principal at EIP. “We’re excited to partner with the AssetCool team and support their global growth, leveraging our strategic utility network to help them scale.”​

Their innovation addresses what they believe to be one of the most pressing bottlenecks in today’s energy transition: grid congestion.

As demand for electricity surges, grid operators are under increasing pressure to boost transmission capacity quickly and affordably. At the same time, AssetCool says that the existing infrastructure is aging, and conventional methods to increase capacity, whilst critical for the energy transition, are slow, costly, and logistically challenging.

AssetCool’s proprietary coating platform aims to offer an alternative – allegedly capable of increasing the capacity of overhead lines by up to 30% with a solution that’s up to 20x cheaper and deployable in a fraction of the time.

By applying advanced nanomaterials directly on new or existing overhead conductors, AssetCool increases the lines’ thermal performance. The application of AssetCool’s coatings on existing grid infrastructure is made possible thanks to AssetCool’s “CapacityN” robotic platform.

These robots can deploy a range of functional coatings to address common constraints on overhead lines – including limited capacity, noise, and corrosion. They also provide a platform for additional services based on the collection of physical data and analysing it with AI.

The post British robotics company AssetCool raises €11.5 million to scale rapid robotic grid upgrade technology globally appeared first on EU-Startups.

Peec AI, the German startup building an AI search platform for marketing teams, has raised €7 million in funding just five months after the company was founded in order to help companies improve their Generative Engine Optimisation (GEO).

After closing their €1.8 million pre-Seed round in April the company raised a €5.2 million Seed round led by 20VC less than 4 weeks later due to a rise in revenue growth. The Seed round saw participation from Antler, Foreword VC, Identity.VC, Combination VC, and S20.

Marius Meiners, Co-founder of Peec AI, comments, “Companies have to adjust to a world where people are asking ChatGPT and Perplexity which TV to buy or where to go for vacation, while searches on Google are going down. We want to give marketers the tools to win on these new platforms and drive growth for their companies.”

Founded in 2025 by Marius Meiners, Tobias Siwona, and Daniel Drabo, Peec Ai is building an analytics platform that enables marketing teams to analyse and improve their brand visibility in AI search. Since launching the product four months ago, Peec AI has reportedly generated €650k ARR, and is growing by €80k every week.

The founding team met during a Founder residency run by Antler in Berlin in late 2024 and they combine startup, engineering and marketing expertise.

Meiners was a professional esports athlete. After his esports career, Marius built products as a software engineer and worked in PwC’s Venture Deals practice on startup financing rounds, M&A, and LP investments. Siwona is a serial entrepreneur who has Co-founded a number of AI and consumer tech startups. Drabo ran a business selling ramen from a foodtruck while he was a law student. After graduating, he founded a LegalTech startup that helped laid-off employees secure severance payments.

Kieran Hill, Partner at 20VC, comments, “Peec’s growth is obviously phenomenal, but early-stage venture ultimately comes down to two key elements – is this a world-class team and are they directionally right? In the case of Peec, this team is the most cracked I have met in 2025. A+ product taste, insane work ethic and talent that runs deep throughout the company. Writing this check was a no-brainer for 20VC.”

Whereas the vast majority of searches used to be conducted through Google, now people are increasingly using popular LLM platforms such as ChatGPT or Perplexity for search.

A recent study showed that 27% of consumers now use AI Search platform for at least half of their internet searches. As a result, AI search has transformed the way consumers access information and interact with brands and is a fundamentally important channel for marketing teams to leverage.

Peec AI allows marketing teams to understand how brands are performing in AI search, benchmark against competitors, track recent mentions and understand which sources are driving the highest impact. This suite of features is aimed to encourage teams to introduce effective strategies to drive traffic and conversions from AI search platforms.

Christoph Klink, Partner at Antler, comments, “Brands can’t afford to ignore AI search. With Google alone reporting 1.5 billion monthly users of AI search in 100 countries, this is a new digital media that will be critical to the visibility and reputation of companies around the world. Peec AI gives marketing teams the tools they need to succeed in the AI search era.

“The founding team has a hunger and grit that only comes from being serial entrepreneurs. They have the technical expertise and vision to make Peec AI a category-leading AI search business. I am delighted to have supported Peec AI from day zero and the speed with which they have raised this funding is testament to their long-term growth potential.”

The post Berlin-based Peec AI raises €7 million four months after launch to empower companies to improve their GEO appeared first on EU-Startups.

AssetCool, a UK-based deeptech company pioneering advanced robotics and coatings for power lines, raised a £10 million Series A funding round to scale its proprietary robotics technology globally.

This innovation addresses one of the most pressing bottlenecks in today’s energy transition: grid congestion. As demand for electricity surges, grid operators are under increasing pressure to boost transmission capacity quickly and affordably. At the same time, the existing infrastructure is ageing, and conventional methods to increase capacity, whilst critical for the energy transition, are slow, costly, and logistically challenging. 

AssetCool’s proprietary coating platform offers a disruptive alternative, capable of increasing the capacity of overhead lines by up to 30 per cent with a solution that’s up to 20 times cheaper and deployable in a fraction of the time.

Dr. Niall Coogan, CEO and co-founder of AssetCool, said:

We are laser-focused on doing the hard yards to improve the physical layer of the grid, specifically overhead systems.

The AssetCool team is innovating at the nexus between robotics and materials science to bring meaningful improvements to an aging network. We’ve developed a new range of coatings systematically optimised for overhead lines that makes the grid more efficient and resilient - not by rebuilding it, but by enhancing what already exists.

By applying advanced nanomaterials directly on new or existing overhead conductors, AssetCool increases the lines' thermal performance.

The fast application of AssetCool’s advanced coatings on existing grid infrastructure is made possible thanks to AssetCool’s “CapacityN” robotic platform. These robots can deploy a range of functional coatings to address common constraints on overhead lines, including limited capacity, noise, and corrosion. They also provide an agile platform for additional services based on the collection of physical data and analysing it with AI, turning data into actionable insights.

The oversubscribed round was led by Energy Impact Partners (EIP), with participation from Extantia Capital, Taronga Group, and existing investor Northern Powerhouse Investment Fund, managed by Mercia Ventures. This new funding builds on the support of additional investors, including Kero Development Partners and Northern Gritstone. 

Sam Bursten, Principal at EIP, said:

AssetCool stands out in the market with its ability to deliver firm capacity upgrades faster and more cost-effectively than any alternative we’ve seen.

We’re excited to partner with the AssetCool team and support their global growth, leveraging our strategic utility network to help them scale.

By building and deploying both advanced coating and robotic systems, AssetCool is set to become a dominant player in the grid upgrade value chain. This includes everything from formulating novel coatings to applying them on new and existing overhead lines, as well as ongoing performance validation.

AssetCool has already successfully deployed its technology with multiple utilities around the world, and is positioned to become an essential tool for any grid operator seeking to increase grid capacity and resilience, without the long lead times or cost burdens of traditional infrastructure upgrades.

Lead image: AssetCool founder, Dr. Niall Coogan | Photo: Uncredited

Nautica Technologies, a pioneering Swiss robotics startup, has successfully raised $4 million to fuel the commercialisation of its disruptive technology and support the first commercial deployments across customer fleets.

Nautica Technologies is a robotics startup revolutionising hull maintenance in the shipping industry. Founded by robotics experts from ETH Zurich and EPFL, the company’s mission is to combat biofouling and reduce fuel consumption through proactive, autonomous hull grooming robots.

Strategically positioned at the intersection of robotics, climate technology, and maritime infrastructure, Nautica Technologies is offering an innovative and scalable solution to one of the industry's most pressing problems.

Cédric Portmann, CEO and Co-founder of Nautica Technologies, shared:

At Nautica, we’re transforming hull maintenance from a costly and reactive process to an automated, always-on system that enhances vessel performance while reducing environmental impact. We’re happy to be backed by investors who believe in our mission to make shipping more sustainable and efficient. This investment marks an exciting step in bringing our technology to customers worldwide.

Nautica’s innovative technology uses a swarm of autonomous underwater robots that work together to continuously clean, inspect, and maintain a vessel’s hull. This prevents the buildup of marine growth before it affects the vessel’s efficiency. The robots offer consistent cleaning with minimal environmental impact.

The round was led by b2venture, with participation from angel investors with backgrounds in shipping and robotics, as well as partners from Partners in Clime, Prequel Ventures, and Rethink Ventures.

Jan-Hendrik Bürk from b2venture, said:

Nautica’s proprietary technology addresses a critical challenge in the shipping industry, and their approach aligns perfectly with the growing demand for automation and sustainability in global supply chain operations. We are generally excited for vertical robotics applications, and Nautica especially has the potential to redefine how the maritime industry manages hull maintenance.

The global maritime industry is under increasing pressure to decarbonise, optimise operations, and meet evolving regulations. Biofouling remains a major challenge, increasing fuel consumption by up to 35 per cent and contributing to billions of dollars in costs annually. 

Nautica Technologies' solution is expected to deliver significant fuel savings, reduce GHG emissions and to improve regulatory compliance of vessels by minimising the risk of spreading invasive species.

Lead image: Nautica Technologies’ founders | Photo: Uncredited

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Tallinn-based CryptoSwift, the compliance infrastructure startup simplifying Travel Rule implementation for crypto companies, has raised a €510,000 pre-seed round to scale its platform ahead of sweeping new EU regulations.

With the Markets in Crypto-Assets (MiCA) regulation and updated FATF guidance becoming mandatory in the EU by the end of 2024, and the transition period ending in 2025, crypto companies are under growing pressure to comply with the Travel Rule.

This rule requires them to collect and share sender and recipient identity information for crypto transactions, much like SWIFT does in traditional finance. Yet most of the industry is still unprepared.

Indrek Ulst, founder of CryptoSwift, shared:

There is currently no precise data available detailing the exact number of Crypto-Asset Service Providers (CASPs) in the European Union that are fully compliant with the Travel Rule. However, based on available market research and industry insights, it is estimated that at least two-thirds of CASPs have yet to achieve full compliance.

CryptoSwift offers a plug-and-play compliance solution with the lightest integration effort on the market.

The startup has already signed partnerships with industry players like AML Watcher, Global Ledger, Scorechain, and Fraud.com. Early clients include Change Invest, Crypto2Cash, Crypto Voucher, and more.

The round was backed by early-stage investors Tenity, Startup Wise Guys, DEPO Ventures, and a group of industry angels.

Kevin Chavanne, Investment Manager at Tenity, emphasised that as crypto becomes mainstream, the most successful players will be those that integrate seamlessly with the regulated financial system. He added:

CryptoSwift is enabling that shift by making transactions transparent, compliant, and seamless. Their early traction and dual fluency in tech and regulation position them perfectly for what comes next.

The funding will be used to grow the team, expand market reach, and accelerate adoption across the EU.

Lead image: Indrek Ulst, CryptoSwift founder | Photo: Uncredited

European software VC Oxx today released its ‘Rising Stars of Open Source 2025’ report.

The research, which identifies open source companies before they reach significant scale, highlights the latest trends in software development. These include how LLMs are increasingly integral in software development, how NLP and coding are becoming more connected, and how agentic AI is being integrated into workflows.

The Rising Stars research, which Oxx has been publishing since 2021, addresses the need for investors to analyse open source companies differently from companies that are commercial from the outset. 

According to  Bob Thomas, Partner at Oxx, open source companies often delay their commercialisation until they have reached technical maturity and achieved organic adoption.

“Oxx has developed a unique methodology for assessing such companies, which includes the Product Community Fit – a measure of how engaged contributors are with the open source software.” 

There have been numerous successes from previous years. For example, Cursor – a code editor that incorporates AI tools to assist with programming, which was part of the 2023 cohort – grew to over $100 million in ARR in 12 months and also achieved unicorn status during a $105 million Series B funding round. 

There have been other noteworthy financing rounds, including Suno, which raised $125 million in May 2024, and Zed AI, which raised $32 million in November 2024. And more recently, in April 2025, Supabase raised $200 million at a $2 billion valuation.

According to Thomas, this year’s Rising Stars stand out because they have a strong product-community fit, and they’re also attuned to the major tectonic shifts – such as AI, automation and intelligent tooling – that are occurring beneath them.

“These open source projects, as they become businesses and scale, are successfully responding to a rapidly-changing environment and are building at the intersection of code and cognition, where generative models, natural language interfaces, and autonomous agents are redefining how software is being developed. “

Key themes in open source software

The Rising Stars of Open Source 2025 report highlights some key themes:

• LLMs are increasingly integral to software development: Retrieval-augmented generation (RAG) is improving language models’ integration with other parts of the software stack by giving LLMs access to private data repositories at low cost.
• Natural language is being translated better into code, putting software in the hands of a user base beyond traditional software developers.
• Agentic AI is being integrated into workflows: Generative AI is showing no signs of slowing down and many Rising Stars are using AI to develop innovative, automated software tools.
• Traditional developer tooling still holds strong.

Several companies in this year’s cohort are focused on building traditional tools, such as databases, API management systems and data engineering tools, which are aimed at developers who continue to leverage the open-source ecosystem.

“We have high conviction in the 2025 Rising Stars cohort bringing a new wave of foundational technologies to market. These projects aren’t just thematically aligned with today’s trends — they’re laying the groundwork for the next generation of infrastructure and applications in B2B software,” says Thomas.

The Rising Stars of Open Source 2025 include UK and European startups:

• Apify ??  Web scraping and data extraction platform.
• Astral  ??  High-performance Python tooling.
• FlowFuse  ?? Built around Node-RED, helps with industrial workflows.
• n8n  ?? Germany Open-source workflow automation tool.
• NetBird  ?? Norway Open-source Zero Trust Networking, based in Oslo.

Oxx partners with the most promising European B2B software companies at the scale-up stage. As a specialist SaaS investor, Oxx provides each entrepreneur with a support system of unique specialist expertise and network, and a culture of unfaltering partnership and absolute conviction.

The firm’s strategy is built around the concept of “Go-To-Market Fit”, developing a structure for thinking about how to build a repeatable, sustainable growth engine.

The report is live at oxx.vc/rising-stars

London-based HIVED, an AI-powered parcel delivery startup reinventing logistics for the e-commerce era, has raised $42 million in a Series B round to accelerate hiring, fuel expansion into several new UK cities, and further develop its proprietary models.

The UK has the world’s third-largest ecommerce market, accounting for around 10% of its GDP, yet most logistics firms still depend on outdated systems that weren’t designed for it.

HIVED takes a different approach by building its parcel delivery network from the ground up, specifically for e-commerce. Its HIVEDmind platform leverages AI, real-time data, and modern architecture to seamlessly connect retailers, warehouses, drivers, and end customers through a single, fully integrated end-to-end system.

Retailers integrate directly with real-time warehouse sorting, while routing algorithms adapt to driver behaviour and real-world situations. The entire system runs on a 100 per cent electric fleet, making it the world's only end-to-end electric logistics network, and uses dynamic delivery clusters that are continuously redrawn based on live parcel volumes. A move that replaces traditional postcodes with flexible, data-driven boundaries.

All parcels are tracked live from depot to doorstep, and retailers get a holistic view of the entire journey via dashboards with geo-coded delivery photos, behavioural alerts, and fraud pattern detection, such as suspicious repeat orders to drive value and protect reputations.

Murvah Iqbal, Co-founder and CEO of HIVED, said:

Parcel delivery should feel seamless, not stressful, but most of the industry is still running on systems that were never designed for ecommerce.

At HIVED, we’ve taken a fresh approach – rethinking everything from first principles, putting technology and experience at the centre, and proving there’s a better way to do this at scale. This raise is a huge step forward in making great delivery the norm, not the exception.

Due to the accuracy, depth and dynamism of HIVED’s models, the platform can forecast highly accurate delivery volumes better for its customers. It knows how long deliveries take in certain neighbourhoods, where bottlenecks like courtyards or gated buildings can cause delays, and even where is best to park, all based on real-world behaviour, not theoretical assumptions. 

This level of nuance is extremely complex to model, but is key to fixing logistics, especially the last-metre challenge. It’s also what gives HIVED its sharp competitive edge, making it the UK’s highest-rated parcel delivery company on Trustpilot by far.

Shoppers love HIVED so much that having it as a delivery option is becoming a key factor in choosing between retailers, making it a competitive advantage for its partners, too.  

The round was led by NordicNinja, the leading investor known for backing logistics pioneers like Bolt and Einride. Wex Venture Capital, Marunouchi Innovation Partners, Elemental Impact, Yamato Holdings, Future Back Ventures by Bain and Co, Rocketship VC and existing investors, including Planet A, also participated.

Tomosaku Sohara, Managing Partner at NordicNinja, said:

HIVED is doing what no one else in logistics has managed to do – pair a truly outstanding consumer experience with deep operational control. They haven’t just improved delivery, they’ve reimagined it from the ground up, with technology as the foundation, not an afterthought. This means their technology isn’t just modern, it’s built to scale.

We believe HIVED has the platform, the team, the operational excellence and the momentum to reshape the future of parcel delivery, and we’re proud to back them as they expand across the UK.

Anna Lundstrom, CEO of Nespresso UK & Ireland, said:

Today’s customers want fast, convenient, personalised experiences, with sustainability at their core. For many, receiving a parcel from Nespresso is their very first physical interaction with the brand, and HIVED’s clear, dynamic live tracking and seamless delivery build a sense of trust and reliability.

It’s not innovation for innovation’s sake – HIVED really listens to customers and focuses on doing things in the best, most efficient way.

The funding will accelerate HIVED’s UK rollout, grow its engineering and data team, and scale development of its proprietary logistics intelligence platform, HIVEDmind.

Lead image: HIVED team | Photo: Uncredited

Germany-based Peec AI, a startup building a leading AI search platform for marketing teams, has raised a €5.2 million seed round, just weeks after closing a €1.8 million pre-seed round in April.

The total €7 million raise comes only five months after the company was founded, driven by a surge in revenue growth.

Peec AI is building an analytics platform that enables marketing teams to analyse and improve their brand visibility in AI search.

AI search platforms like ChatGPT and Perplexity are changing how people find information, with 27 per cent of consumers now using them for at least half of their searches. As a result, AI search is quickly becoming a critical channel for marketing teams to reach and engage their audiences.

Peec AI helps marketing teams tap into this shift by showing how their brand performs in AI search, benchmarking against competitors, tracking mentions, and identifying the sources driving the most impact. With these insights, teams can develop smarter strategies to boost traffic and conversions from AI search platforms.

Marius Meiners, co-founder of Peec AI, comments:

Companies have to adjust to a world where people are asking ChatGPT and Perplexity which TV to buy or where to go for vacation, while searches on Google are going down. We want to give marketers the tools to win on these new platforms and drive growth for their companies.

The seed round was led by early-stage venture firm 20VC, with participation from Antler, as well as Foreword VC, Identity.VC, Combination VC, and S20.

Kieran Hill, Partner at 20VC, said:

Peec’s growth is obviously phenomenal, but early-stage venture ultimately comes down to two key elements - is this a world-class team, and are they directionally right? In the case of Peec, this team is the most cracked I have met in 2025. A+ product taste, insane work ethic and talent that runs deep throughout the company. Writing this check was a no-brainer for 20VC.

Christoph Klink, Partner at Antler, thinks that brands can’t afford to ignore AI search, adding:

With Google alone reporting 1.5 billion monthly users of AI search in 100 countries, this is a new digital media that will be critical to the visibility and reputation of companies around the world. Peec AI gives marketing teams the tools they need to succeed in the AI search era.

The founding team has a hunger and grit that only comes from being serial entrepreneurs. They have the technical expertise and vision to make Peec AI a category-leading AI search business. I am delighted to have supported Peec AI from day zero and the speed with which they have raised this funding is testament to their long-term growth potential.

Lead image: Peec AI team | Photo: Uncredited

Vok Bikes, an Estonian company behind a new generation of four-wheeled electric cargo bikes, has raised €5 million to further expand across Europe and accelerate the shift away from vans in city centres.

The Series A funding round is led by SQM Lithium Ventures, the corporate venture capital team affiliated with SQM International Lithium (SQMi). The round was joined by existing investors Metaplanet, Specialist VC, Sunly, and SmartCap – Estonia’s state-backed VC fund, whose Green Fund investment is supported by the EU’s NextGenerationEU recovery plan.

“Vans are a blunt tool for a precision job,” says Indrek Petjärv, CEO and Co-founder of Vok Bikes. “Cities have changed, and Vok is designed for how they move today.”​

Founded in 2019, Vok Bikes designs and manufactures automotive-grade, four-wheeled electric cargo bikes built specifically for commercial use in dense urban environments.

Since launching in 2020, the company has emphasised in-house engineering, resulting in innovations like its proprietary 4Drive drivetrain, which reportedly delivers superior ride quality and durability compared to conventional cargo bikes.

Vok serves a wide range of clients from national postal services to food delivery platforms and micro-service providers in 14 countries across Europe, serving clients from a mobile car wash in the Netherlands to bakeries in London.

Early adopter Wolt has scaled its fleet in seven countries, and IKEA stores in Utrecht and Stockholm now offer Vok bikes for customer rentals.

In total, Vok Bikes has raised over €10 million in venture capital.

“We are thrilled to support a brand that is redefining electromobility,” said Mark Fones, CEO of SQM International Lithium. “Vok’s in-house 4Drive system and top-tier engineering approach have raised the bar by delivering reliability and ride quality on par with automotive standards.”

As cities tighten emissions regulations and deal with worsening congestion, Vok presents an alternative that is both environmentally friendly and commercially viable.

In a test by e-bike rental company Zoomo, a Vok XL beat a van by 20 minutes on a delivery route through London – a 44% faster delivery time with zero emissions and no parking delays.

According to figures provided by Vok, cost comparisons show that Vok is up to 64% more efficient than small city vans over five years, due to lower fuel, maintenance, tax, and parking expenses. In cities like London, 66% of vans operate with less than half of their cargo space used. Vok is right-sized for city deliveries, with no “wasted weight, energy, or space“.

“Each Vok e-bike produces up to 95% less CO₂ than a petrol car, carries up to 100 deliveries, and glides through city traffic,” said Mark Bushby of Modern Milkman, a UK-based delivery company. “We’re already seeing the business and environmental benefits.”

With new funding, strong client traction, and a product engineered for modern logistics, Vok Bikes is aiming to become a key player in the shift toward sustainable urban mobility.​

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Roamingo, a rising leader in travel data services for brands like Visa, Bank of Georgia, TBC Bank, Qatar Airways, Pegasus Airlines, and multiple insurance providers, has agreed to a new strategic partnership with digital connectivity pioneer eSIM Go. The alliance deepens eSIM Go’s growing network of high-performing partners and accelerates the companies’ shared mission to make world-class mobile connectivity easy for global travellers and the businesses that serve them.

“From the beginning of our collaboration a year ago, we knew we spoke the same language—sharing a vision of delivering affordable and dependable connectivity to customers worldwide,” said Levan Kiladze, Co-founder & CEO of Roamingo. “Elevating this partnership to a strategic level highlights what we’ve already achieved and unlocks even more possibilities for our users and business partners. With Roamingo’s back-end intelligence and user-first tools combined with global reach and network strength, we’re creating a new standard for travel connectivity.”

Roamingo has rapidly built a reputation for delivering top-tier connectivity experiences, integrating eSIM data plans directly into user journeys via its 5-star-rated mobile app and its B2B headless eSIM platform. At the heart of Roamingo’s platform is its proprietary Connectivity Quality Management system, a smart engine that proactively identifies and resolves potential connection issues in the background before the user even notices. This intelligent switching and diagnostics layer guarantees seamless, uninterrupted data access, no matter where the customer is travelling.

Roamingo’s value proposition spans both consumer and enterprise use cases:

• A powerful travel companion app that allows users to discover, activate, and manage eSIM data globally

• A full-featured, white-label eSIM portal for businesses to offer branded travel data products

• A robust API toolkit that enables partners to embed eSIM functionality directly into their own apps, wallets, or customer portals

• Integrated support tools and localisation, including multilingual customer service for global travellers

“Roamingo is a highly ambitious, innovative and capable partner, and we’re delighted to extend our very successful partnership to the next level,” said Mitch Fordham, CCO at eSIM Go. “Their ability to merge cutting-edge technology with consumer and enterprise needs is very impressive and sets them apart in their market. Our plans are closely aligned, and we’re excited to embrace many future opportunities together.”

The strategic alignment equips Roamingo with continued access to tier-1 carrier networks, preferred pricing, and deeper infrastructure support for its expansion into new geographies. It also allows eSIM Go to penetrate further growth markets and demonstrate its value in a wide range of demanding enterprise use cases.

Beyond the Partnership: How Roamingo Is Reimagining Travel Connectivity

Roamingo’s bold vision doesn’t end with global coverage; it extends to how connectivity is embedded into the modern digital lifestyle. Leading fintech apps, travel platforms, insurers, and airline portals now integrate Roamingo’s eSIMs directly into their own products using the company’s white-label and API solutions. This embedded model gives businesses the ability to offer seamless, co-branded mobile data experiences to their customers without building infrastructure from scratch.

What sets Roamingo apart is not just its back-end power but the relentless focus on user-centric innovation. One of the most popular features introduced recently is the ability for users to transfer leftover gigabytes to friends or family, a feature that quickly became a favourite among Roamingo’s growing user base. It reflects the company’s mission to give travellers more control, more flexibility, and more value than ever before.

That commitment to customer experience is reflected in Roamingo’s app store performance: the platform maintains a consistent 5-star rating across both iOS and Android app stores, with thousands of glowing reviews. From backpackers to business travellers, users consistently praise the app’s reliability, global coverage, and responsive support.

As Roamingo scales across the Caucasus and beyond, the company continues to challenge the status quo of travel data. Its hybrid model of consumer innovation and infrastructure-grade technology positions it not just as a product but as the platform powering the future of global mobile connectivity.

The post Roamingo partners with eSIM Go to expand travel connectivity in the Caucasus and emerging markets (Sponsored) appeared first on EU-Startups.

Masłomiąca-based Proteine Resources, a BioTech startup developing next-generation functional proteins from insects, has secured €9.5 million in blended financing from the European Innovation Council (EIC) Accelerator.

Selected from thousands of applicants, Proteine is one of two Polish startups in this cohort, and just the 9th ever from Poland to receive the grant. Proteine is supported by SMOK Ventures, Bitspiration Booster VC, and has participated in EIT Food Accelerator Network (EIT FAN), including the Circular Economy Hub in Helsinki and Labena Ventures Accelerator.

“The EIC Accelerator is where DeepTech gets its wings,” said Bartłomiej Roszkowski, Co-founder and Co-CEO of Proteine – and a YC alumnus. “We’re thrilled to be among the few selected. It’s a powerful validation of what we’ve built – and what’s coming next.”

Founded in 2017, Proteine’s mission is to create functional, high-performance proteins tailored to the needs of animals – with a focus on health, digestibility, and sustainability. Its proprietary insect bioconversion platform upcycles mushroom stems and mycelium, reportedly converting them into premium-grade protein rich in bioavailable taurine and L-arginine.

These are critical amino acids for cats and active pets, supporting:

• Immune balance
• Digestive health
• Allergy mitigation
• Visible coat and skin improvements.

“We’re not just producing protein – we’re delivering a performance ingredient,” said Konrad Wlodarczyk, Founder of Proteine Resources and technology developer. “It works because it’s built with biology in mind – from the input stream to the metabolic profile.”

According to the company, the product has also shown exceptional palatability, including for sensitive animals like cats, which are often challenging to serve with novel proteins.

The €9.5 million in funding will allow Proteine to build a 10x scaled pilot facility, launch the world’s first fully autonomous insect protein factory, deploy a modular, low-energy​ design adaptable to any location with sidestream feedstock and commercialise a 1:1 functional analogue of beef for the premium pet food segment.

By integrating AI-based controls and automation, Proteine aims to reduce operational costs and enable decentralised production — innovating how sustainable proteins can scale.

In many European countries, mushroom growers spend up to €80k per year disposing of residual stems and mycelium – a cost Proteine’s solution transforms into a revenue-generating input – as per comments by Proteine.

Their system allegedly:

• Eliminates waste management costs
• Reduces greenhouse gas emissions and leach risk
• Provides local farmers with a stake in circular food innovation.

“We help turn a problem into a profit center,” said Roszkowski. “And we do it in a way that’s scalable, measurable, and emissions-neutral.”

Its ingredients are bioactive, digestible, climate-positive and cost-effective.

“What Proteine has built isn’t just a product – it’s a platform,” said Borys Musielak, managing partner at SMOK Ventures. “They are transforming one of the biggest environmental challenges in agriculture into a scalable business with real BioTech credentials. That’s rare.”

“BioTech that’s both sustainable and commercially aggressive is hard to come by,” added Andrzej Targosz, partner at Bitspiration Booster VC. “Proteine’s model hits all the right notes – circular, autonomous, and globally relevant. We’re excited to be part of the journey.”

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