Online shopping has created many benefits for retailers, including expanded reach, 24/7 accessibility, streamlined operations, improved inventory management, and reduced labour costs.

However, many B2B retailers lack the tools to set up their own digital platforms, while their counterparts rely on outdated tools and complex workplace management. 

Inspired by his experiences in B2C e-commerce startups in Turkey and London, Ihsan Diskan saw an opportunity to streamline the B2B ordering process and enhance the customer experience. The solution is Simplisales. I spoke to Diskan, its founder, to find out more. 

The birth of Simplisales

The idea for UK startup Simplisales emerged from a side project by Diskan in 2019. A London food wholesaler approached Diskan seeking a B2B retail e-commerce app. “I didn’t realise at first how big this would be”, and adds, “I delivered the app and moved on”

In late 2020, after the pandemic hit the world, another wholesaler based in Dublin asked Diskan for the same solution. Through research, he discovered that many wholesalers struggled to transform their business to e-commerce due to a lack of integration with outdated ERP systems and inefficient ordering processes.

After having conversations with a few more food wholesalers, Diskan realised that there was a huge gap in the market. 

“There are so many for B2C sales, but B2B is quite different. The average value of a B2B retail order is €830, 20 times that of an order on Amazon. 

“I have a potential customer who has a €100,000,000 annual turnover. They don't have online sales. The entire operation is based on phone calls, WhatsApp messages and around 20 sales reps going shops one by one.”

He hired a developer, and the duo prepared a fully B2B-oriented e-commerce app for wholesalers, integrated with an EPR that a friend had already developed and had many customers. 

“In 2022, after building an MVP and having a few customers we attended the Food & Drink Expo in the UK where we reached out to food wholesalers to understand the problems they are experiencing. 

I realised most of them are unhappy with their ERP providers because they are not cloud-connected or user-friendly. They have to connect to their services through a desktop computer. They can’t even use their mobile.”

Further, Diskan discovered that only 8 per cent of wholesale ordering is done through e-commerce, leaving a huge untapped market. 

Besides limiting sales to business hours, Diskan notes, “their margins and profit rate are, as a result, quite low. It was just screaming to be fixed.” 

“Despite years of selling data, they still lack customer segmentation, forecasting, or product recommendations. There are folks sitting on a goldmine who don’t know it. So I started Simpisales.”

Streamlining B2B ordering with an AI-powered platform

Simplisales has developed an AI-powered Commerce platform designed for B2B wholesalers, retailers, and manufacturers that streamlines ordering with no-code ERP integration

​​With the custom-branded Simplisales app and website, customers can place orders 24/7 using their mobile phone, computer, or tablet. Behind the scenes, the seamless no-code ERP integration and advanced AI technology work together to provide a smooth and effortless ordering experience.

The nascent startup attracted the attention of Startup Wise Guys and a €100,000 investment. 

The power of research and word-of-mouth referrals

Simplisales stands out for its efforts to understand the specific challenges of B2B retailers. The company spoke to retailers directly to understand their pain points. This approach was successful, as the company has since acquired the bulk of their customers by word of mouth. 

As Diskan detailed:

“Unbelievably, they heard about Simplisales from each other and wanted the same solution. Because it’s the future, and they need it.” 

The company has gone from strength to strength, attracting big wholesalers such as one with a €100 million annual turnover: “These folks are replacing their entire ERP to Simplisales because they think it's better.” 

Building stronger B2B relationships

Unlike competitors who merely provide a platform for transactions, Simplisales facilitates a deeper connection between companies and their customers. 

By integrating directly with a company’s ERP or Accounting systems (like QuickBooks, Xero, or SAP), ensures that its app and website are always up-to-date with real-time information. 

This eliminates the need for manual data entry and reduces the risk of errors, resulting in accurate pricing, up-to-date inventory, and seamless customer management.

Diskan  shared:

“When wholesalers use a generic solution, it's easy for customers to switch to a competitor. Our integrated approach, however, creates a stronger bond with your customers. We provide them with a native app and a website branded with their logo and colours. As a result, we see a 12.5% average sales increase per retailer.”

By streamlining operations and providing a consistent, reliable experience, we help you retain customers and reduce churn.

The Simplisales platform synchronises with the ERP every five minutes, ensuring that your app and website always reflect the latest data."

Further, retail prices can be customised to the supplier or customer and accessed via login to ensure that, unlike a B2C business, you aren’t showing your prices to your competitors. 

The company has grown to 10 team members and has generated over €20 million in cumulative Gross Merchandise Volume (GMV) since its inception. Last month alone, we achieved €1 million in GMV, demonstrating consistent growth."

There are over 100,000 wholesalers in the UK, and over 600,000 in the US, meaning the market potential for Simplisales is high. 

In the near future, the company plans to launch its marketing add-on for wholesalers and enhance its AI-generated features to support cross-selling and upselling, fully integrating with customers who sell both online and offline. 

By recognising the unique challenges faced by B2B retailers, Simplisales has the potential to transform B2B sales and empower businesses to thrive in the digital age.

Lead image: Freepik.

.I was recently confronted with the challenge of splitting the bill with a group of journo friends at a restaurant. Some of us were paying in euros, and one in pounds, another Bulgarian lev. Oh, and the bill was in Ukrainian hryvnia as we were in Lviv. 

This is where bill-splitting apps come in, and one of the most interesting is Cino.

I spoke to its CEO and co-founder, Elena Churilova, to find out more,

The idea of Tallinn-founded Cino occurred when Churileva started dating her partner, resulting in many shared expenses. 

She recalls having an earnest conversation because she felt like she was overpaying. 

"He said, 'Can we sit down? Because I think you owe me €300.' And I was like, what, what do you mean? And then we actually went through the accounts and it was true.

So I felt resentful, thinking I was overpaying because we were taking turns.

But in reality, I was the one who owed him money."

She looked for a bill-splitting app and discovered:

"I was a little bit appalled by the status of the expense industry in FinTech."

Following a background working as a product manager at companies such as Bumble, Booking.com, and TripActions, she had an itch to fix it. 

And with a background in product management, she was determined to fix it.

Simplifying shared expenses, one virtual card at a time

Cino works differently from other payment-splitting apps. 

For a shared payment, Cino links each person's bank account to one virtual payment card so you all pay together.

A shared virtual card works just like a regular card, exclusively available through digital wallets like Apple and Google Pay or for online payments. It's connected to more than one bank account (or person) within a group where everyone actively connects their bank account – meaning all transactions remain private and safe.

Once a virtual card is created, group members choose their auto-split ratio (what fraction of each transaction is paid by each member). From there, each transaction is auto-split. Choosing your own split ratio is essential so you aren't paying for your friend's four Long Island iced teas when you've been drinking Coca Zero) 

Churileva realised that existing offerings, primarily launched in the 2010s or earlier, take much work. 

"You have to take several steps:

1. You have ensure you have enough money in your bank account.
2. You have to calculate who owes what and remember it.
3. You have to send the payment request and most likely ask the person again if they'll pay their share, as they'll most likely forget. 

And for me, it was so ridiculous that every payment required so many steps."

She realised tha  "if I were to build a solution that was 10 times better than what's presented in the market, it had to be solved at the moment of payment. And that's what differentiates Cino."

Making shared finances a breeze 

Cino's primary users are couples—"our top users use us 21 times a month and can spend anywhere between €300 to €3000 a month," who use the app for everything from groceries to Spotify subscriptions and vacation and hotel bookings. 

Then comes friends on trips. "Many people love Cino because when you go on a trip, it usually takes three months for everyone to pay what they owe. Roommates are another popular segment. 

The company also sees growing interest from families where older members support a younger sibling or child. 

Breaking the taboo of money talk

Marketing is not easy in a crowded app store. Cino has gained traction through word of mouth and TikTok, with a number of videos going viral.

Churileva notes:

"Money is such a taboo subject, so we decided to start these conversations.

We also partnered with influencers in the space who love to talk about friends and relationships with us. So we're creating a sort of community to make money much more equitable and sustainable."

And this is just the beginning for Cino. The company plans to help people split rent and utilities, usually paid from their bank account, not through a card.

"So we are in talks to partner with a major fintech player to build these new payment flows together."

The company has also received a lot of interest from businesses approaching and asking for group payments at the checkout, such as when booking hotel rooms for a trip. 

The company also plans to launch in the UK. 

From pioneering advancements in solar and wind energy to developing groundbreaking nuclear technologies, European tech companies spearhead efforts to create a more sustainable and resilient energy future. Their initiatives aim to reduce carbon emissions and combat climate change while enhancing energy security and efficiency for businesses and consumers alike.

With a rich ecosystem of startups, scale-ups, and established enterprises, Europe is becoming a global hub for energy innovation. As these tech companies continue to push the boundaries of what is possible in the energy sector, they play a crucial role in shaping a cleaner, more sustainable future for Europe and beyond.

According to the Tech.eu research, in the first three quarters of 2024, European tech companies in the energy sector raised more than €5.1 billion.

The following ten companies are the top fundraisers during this period and are leading the energy transition by utilizing advanced technologies, including renewable energy solutions, smart grids, energy storage systems, and sustainable fuels.

Zenobē designs, finances, builds, and operates battery solutions that capture renewable energy, stabilize the grid, and power electric vehicles, with a focus on repurposing batteries at the end of their lifecycle. Committed to measurable impact, Zenobē partners with clients to reduce emissions, ensure reliable clean energy, and pioneer new battery applications. Driven by a mission to balance commercial and environmental goals, Zenobē’s projects range from supporting Scotland’s shift to 100% renewable energy to delivering Australia’s largest electric bus project. In the first three quarters of 2024, the company secured over €650 million to accelerate the deployment of electric buses across the UK and bolster Scotland’s leadership in renewable energy.

Highview Power is a provider of long-duration energy storage solutions that can be deployed at grid scale today. Its technology offers flexible, responsive, and reliable energy storage, reshaping renewable energy to meet the demands of a 24/7 world. This innovation reduces dependence on gas, stabilizes energy costs, and enhances energy security, supporting a thriving clean energy economy for all. In June, the company secured £300 million to fund the construction of one of the world’s largest long-duration energy storage (LDES) facilities in Carrington, Manchester, leveraging Highview Power’s proprietary LAES technology.

Aira is the next-generation home energy company committed to transforming how we heat our homes. Relying on fossil fuels for comfort is an outdated solution that poses a serious threat to our planet. The company is on a mission to deliver clean energy technology to every household. With their innovative technology, Aira is addressing residential heating, which is Europe’s third-largest source of CO2 emissions. Their heat pumps utilize clean, free air from the outdoors to create an ideal indoor climate, helping homeowners lower both their energy bills and carbon emissions. In the first three quarters of 2024, the company raised €345 million, to facilitate the installation of Aira Heat Pumps in thousands of homes across Germany.

Electra is a European leader in fast charging solutions for electric vehicles, dedicated to removing barriers to EV adoption by building an efficient network of fast-charging stations across Europe. With a focus on operational excellence and a team of 160 experts, Electra aims to make EV charging as seamless as refuelling with petrol, prioritizing time savings and user comfort. Operating at the intersection of technology, infrastructure, and mobility, Electra drives innovation across its offerings, services, and partnerships to meet the needs of a rapidly evolving market. In January the company raised €304 million, which will allow Electra to realize its ambition of installing 15,000 charging points by 2030 in Europe.

Sunly is a renewable energy company active in the Baltics and Poland, focused on developing, building, and managing renewable energy projects. The company focuses on creating integrated hybrid parks that combine wind, solar, and battery storage at a single connection point, delivering stable, cost-efficient energy directly to consumers. This approach reduces grid connectivity costs, enhancing energy security and efficiency for high-consumption industrial clients. In addition to generating clean energy, Sunly invests in startups and provides electricity directly to consumers. A few months ago, the company secured €300 million to accelerate the construction of 1.3 GW of solar, wind, storage, and hybrid parks across the Baltics and Poland.

Hometree is a home energy services company dedicated to accelerating the transition to net zero by assisting homeowners in adopting low-carbon living solutions. The company aims to support homeowners in navigating the challenges of transitioning to sustainable heating options, such as heat pumps and hydrogen boilers. By fixing, installing, and financing home energy hardware, Hometree offers services like boiler and home emergency cover, while rapidly expanding its product offerings to include low-carbon solutions. The company is committed to guiding homeowners through the decarbonization journey, helping them create a cleaner and more efficient future for their homes. With £250 million secured in debt financing, the company will provide funding for the installation of solar panels, battery storage systems, and heat pumps using a variety of industry-leading lease and loan solutions.

Deep Green is the data centre company that captures and repurposes the heat generated by computing for social good, at no cost. The company is committed to building a sustainable future for data infrastructure grounded in environmentally friendly principles. By collaborating with industrial and public facilities, Deep Green utilizes the heat emissions from its data centres to meet their heating and hot water needs. With £200 million funding received in January this year, a company will accelerate the deployment of its innovative technology throughout the UK, benefiting public swimming pools and district heating networks.

Enviria specializes in innovative solar-centric projects tailored to meet the unique needs of the B2B sector, utilizing their expertise in EPC (Engineering, Procurement, and Construction) and financial engineering. The company is committed to transcending private and civic engagement to challenge centralized energy production and ensure the success of the clean energy transition. Enviria’s focus is on creating value through integration, fostering a renewable energy ecosystem that empowers B2B participants to take control of their green initiatives. In February this year, the company raised over $200 million for the expansion of its commercial and industrial solar projects.

TES is a global green energy company dedicated to developing giga-scale projects for the production of hydrogen-based e-fuels, including e-NG (electric natural gas made from green hydrogen and CO2). Headquartered in Europe and operating internationally, TES harnesses renewable energy sources—such as solar, wind, and hydro—alongside climate-neutral CO2 to create e-NG, a drop-in fuel capable of replacing fossil natural gas. The company is committed to accelerating the adoption of green molecules across various sectors by simplifying their transport and consumption, helping to achieve real zero targets and win the climate race. In April, the company secured €140 million to fuel production of electric natural gas derived from green hydrogen.

Newcleo is a company that focuses on the design, construction, and operation of Gen-IV Advanced Modular Reactors (AMRs) cooled by liquid lead and fueled by reprocessed nuclear waste. By integrating existing technologies and reviving a nuclear industry model centred around the manufacturing and multi-recycling of Mixed Oxide fuel, newcleo aims to close the nuclear fuel cycle while safely generating clean, affordable, and nearly limitless energy essential for low-carbon economies. Employing over 850 highly skilled professionals across France, the UK, Italy, Switzerland, and Slovakia, newcleo is committed to developing the necessary skills and services for its ambitious projects while also contributing to the development of Small Modular Reactor supply chains throughout Europe and beyond. Recently, the company closed a round of €135 million.

Small modular reactor startup Blykalla has partnered with the global engineering company ABB to develop advanced nuclear reactor technology, with the aim of providing more clean and reliable baseload energy to the country's grid.

The collaboration will initially concentrate on constructing an electrical SMR pilot facility near the coastal town of Oskarshamn, approximately 340 km south of Stockholm, to test proof of concept before expanding to future plants.

ABB will explore how its automation, electrification and digitalization capabilities can support Blykalla’s SMR prototype SEALER-E, which features an electric lead-cooled reactor. This includes cybersecurity frameworks to ensure compliance with nuclear safety regulations.

SMRs offer lower capital costs and enhanced safety and flexibility in deployment in comparison with conventional nuclear power plants.

“We are excited to welcome ABB as a partner and to benefit from the in-depth expertise they can bring to this SMR project,” commented Jacob Stedman, CEO of Blykalla. “We see strong momentum in Sweden for nuclear power in general, and SMRs in particular. This is why we look forward to bringing our technology to market as part of efforts to enable the transition to a net zero future.”

Nuclear power reactors provide about 30 percent of Sweden’s electricity. In November 2023, the country’s government unveiled a roadmap to expand nuclear energy, increasing new capacity corresponding to two large-scale reactors (2,500 MW) by 2035 and building up to 10,000 MW by 2045, which could include SMRs. This supports the goal of a completely fossil-free electricity system.

“The energy transition is one of the greatest challenges but also opportunities of our time and at ABB we are in favor of all low-carbon energy sources including nuclear,” said Per Erik Holsten, President of ABB Energy Industries. “We are proud to build a partnership with Blykalla and use our automation and electrification knowledge to support the role of SMRs in producing clean electricity and driving decarbonization.”

Portugal-based Infraspeak has raised an €18M Series B funding round for its facilities management platform. The round was led by Endeit Capital, with the participation of existing investors Indico Capital Partners, Bright Pixel Capital, Caixa Capital and Innovation Nest.

Infraspeak's platform manages over 240,000 buildings across 32 countries. This investment will fuel Infraspeak's expansion within Europe, Latin America and Africa through via new markets including France, the DACH region, and the Nordics.

Infraspeak will invest aggressively in its go-to-market motions, hiring over 100 new team members in 2025 and investing in key positions such as Chief Revenue Officer, Growth Director, or Enterprise Sales Director. The company will also invest in cotent and experiences.

“At Infraspeak, we always look at funding rounds as new stepstones to accelerate our growth,” said Felipe Ávila da Costa, co-founder & CEO of Infraspeak. “We believe that with the new resources available and the added expertise of Endeit Capital by our side, we can further revolutionise the facility management industry by allowing everyone involved in the operation of a building to work as one, from the building visitors to the maintenance team, from the audits and compliance team to financial managers, from facility managers to all kinds of service providers, ultimately improving the lives of those using, managing, and maintaining buildings.”

“We’re pleased to see Infraspeak attract further investment, as they work toward reshaping facilities management on a global scale,” said Stephan de Moraes, Managing General Partner at Indico Capital Partners. “Their integrated approach to streamlining building operations meets a clear need in the market, and this new round will help them expand into key regions and develop further solutions. With a clear strategy and a dedicated team, Infraspeak is well-prepared for its next phase of growth.”

Indico Capital Partners is a venture capital fund manager based in Portugal that invests in global and sustainable technology companies. Indico's funds invest primarily in software as a service, marketplaces, artificial intelligence, the Internet of Things, fintech, cybersecurity, and blockchain companies.

Dog care marketplace Rover has acquired cat-sitting community platform Cat in a Flat.

The acquisition expands Rover’s European footprint into Switzerland, Belgium, Austria, and Ireland, among the ten countries currently served by the Rover marketplace.

Rover connects pet parents with pet care providers who offer overnight services, including boarding and in-home pet sitting, as well as daytime services, including doggy daycare, dog walking, and drop-in visits.

Since 2014, Cat In A Flat has grown its cat-sitting community to over 50,000 care providers, who’ve provided two million visits across nine countries. (I use the service myself). 

The acquisition builds on Rover’s current European operations, which account for its fastest-growing segment of new customer acquisition globally. 

“Today’s announcement marks another exciting milestone in Rover’s European expansion,” said Brent Turner, COO and president of Rover. 

“We’re thrilled to have Cat In A Flat join the Rover Group family, which allows us to offer a dedicated product for cats and their people.

We believe there is a significant opportunity ahead for us to serve the needs of cat parents better globally and look forward to supporting Cat In A Flat in its journey.”

“We are excited to join Rover in the common goal to offer bespoke pet-loving care across Europe and believe our additional expertise in cat care supported by our cat-loving community will make this journey a great success and will bring cat- and dog-lovers together through our partnership,” said Kathrin Burckhardt, co-founder of Cat In A Flat.

Cat In A Flat will continue operating as its brand and entity.

Lead image: Freepik.

Starling Bank has launched a tool to tackle the problem of bank impersonation scams, in what it says is an industry first.

Starling, one of the UK’s most high-profile challenger banks which has attracted over $1bn in funding, has launched an in-app tool aimed at helping customers identify and protect themselves against fraudsters impersonating themselves as banks.

It comes as scams in which criminals call, email or message people pretending to be from a bank are on the rise, according to official figures.

Criminals stole £1.17 billion through unauthorised and authorised fraud in 2023, with £79m down to bank impersonation fraud. Rival banks have also invested in combating bank impersonation scams.

The tool works by the call status indicators instantly letting customers know if they’re receiving a genuine call from Starling at that very moment.

The indicators will also indicate if Starling has never called them or will give information on when the bank last called them.

The indicators will be visible on the home screen and within the payment screen - where a customer would be looking if they were being pressured into transferring funds, Starling said.

When someone opens the Starling app to make a payment, they will see one of the following messages: “We’ve never called you”, “We’re calling you now”, “You’re on a call with Starling”, “We aren’t calling you” or “No recent calls ”.

Figures show that 73 per cent of adults fear becoming a victim of bank impersonation scams.

Sarah Lenette, financial crime specialist, Starling, said: 

“We’re constantly looking for new ways to stop scammers in their tracks. Bank impersonations are very sophisticated and anyone can become a victim.

“Call status indicators give our customers confidence to know whether they’re being contacted by a genuine representative of the bank, or a con artist, which is why we’re proud to launch this today.”

Earlier this month, Starling was fined £29m by the UK financial regulator for “shockingly lax” financial screening controls.

The FCA has fined Starling Bank £28,959,426 for financial crime failings. The regulator also said the challenger bank, founded by Anne Boden, had "repeatedly breached a requirement not to open accounts for high-risk customers".

Munich media company  Cataneo is being acquired by  Brand Engagement Network (BEN), a developer of conversational AI solutions for businesses and consumers, in a $19.5 million cash and stock transaction.

Cataneo,offers an all-in-one solution for ad sales, inventory management, and campaign optimisation. It helps broadcast and entertainment companies streamline operations, increase revenue, and enhance audience engagement. 

Cataneo's Mydas platform is an air-time sales management and ad traffic system that manages over €5 billion in annual media spending. The platform supports over 5,000 users and over 1,000 media brands across four continents.

At the heart of BEN's offerings are AI-powered digital assistants and lifelike avatars, providing more personal and engaging experiences through browsers, mobile applications, and even life-size kiosks. These safe, intelligent, and inherently scalable AI solutions empower businesses to efficiently serve customers using validated data delivered through SaaS, Private Cloud, and On-Premises technology. 

By integrating BEN's advanced Generative AI, Cataneo is poised to strengthen its offerings and deliver greater value to its brands and customers.

"We believe the combination of BEN's safe, intelligent, and scalable Generative AI platform, with Cataneo's Mydas tools, can transform how brands engage with their customers," said Paul Chang, Chief Executive Officer of BEN. 

"This acquisition marks a significant step towards the future of interactive advertising, where consumers are not just marketed to, but actively engaged with, leading to more meaningful and enhanced online experiences."

Cataneo's Chief Executive Officer, Renato Rocha Pinto, stated:

"We believe combining our technologies will significantly enhance consumer engagement and substantially benefit our global clients."

While Cataneo will continue to serve its existing clients independently, the company plans to collaborate closely with BEN to integrate AI into its internal processes and provide enhanced customer tools. 

Upon closing, Cataneo will become a wholly owned subsidiary of BEN, with plans to expand operations in the US and Latin America. Renato Rocha Pinto will continue as Cataneo's Chief Executive Officer after the acquisition.

The transaction is subject to securing financing on mutually agreeable terms and obtaining customary regulatory approvals and guarantees by certain BEN shareholders. It is expected to close in the fourth quarter of 2024.

Belgium-based 3D animation software company Swoove Studios has closed a $7.5M (€6.9M) seed funding round led by European angel investors.

The round brings the total raised to $11M since its launch in 2020. The company has kicked off a strategic review as it continues to scale across Europe. It launched this month in the US. Swoove's proprietary platform, powered by AI, enables users to create unique 3D animation videos without any prior experience.

Creators use Swoove's platform to create 3D animations. The app offers a diverse set of tools and features that cater to all levels of expertise, from beginners to seasoned creator, and is used in over 100 countries.

Rudy Verbeeck, CEO and Co-founder of Swoove Studios, said: “Swoove is the future of 3D animated storytelling. We have created a unique platform and become the go-to for 3D animation globally.

"We are thrilled to announce the completion of our latest funding round, and now plan to implement exciting updates to give users more of what they’re asking for, including building opportunities for monetisation and allowing further integration with other services for new brand and platform partnerships.

"As part of this incredible demand and opportunity, we want to work with a like-minded partner to help us achieve our potential and scale further.”

Belgian company Paleo has announced a new partnership with Vienna-based foodtech Revo Foods. The project has been funded with a total project volume of €2.2M by the European Union. This funding enables the development of myoglobin for vegan salmon alternatives using Paleo's precision fermentation technology and Revo Foods 3D structuring capability.

The joint project, starting in August 2024 and running for two years, aims to develop myoglobin designed to mimic salmon and integrate it into the recipe for Revo Foods 3D structured vegan salmon filet alternative "THE FILET – Inspired by Salmon". Paleo produces the myoglobin incorporated into Revo Foods' recipe. With 3D Structuring Technology, multiple materials can be integrated into each other, such as fats into a protein component. 

Paleo uses precision fermentation to produce animal proteins using yeast. The production process is entirely free of animal use and the company delivers an end-product that is free of GMO. Paleo currently develops beef myoglobin, complemented with species such as chicken, pork, tuna and even mammoth. Revo Foods develops 3D food-printing technology, where multiple materials are structured together. In September 2024, Revo Foods opened the world’s largest 3D food-printing facility, the "TASTE FACTORY," in Vienna. Funding for the project is provided by Eureka Eurostars, an international funding program for small and medium-sized enterprises (SMEs) for collaborative research and development projects.

The project aims to make the appearance of the vegan salmon filet even more similar to conventional salmon, the taste more authentic, and will improve the nutritional value, particularly the iron and protein content. Using myoglobin from precision fermentation can further reduce the ecological footprint and make a significant contribution to environmental protection, while Revo Foods in-house developed 3D Structuring technology enables efficient integration of myoglobin into food products. Revo Foods and Paleo are proud to enter this partnership to shape the future of food technology.

London-based medtech Scalpel AI, has raised $4.8M (£3.8M) in a funding round led by Mercia Ventures, with participation from Tensor Ventures and private investors.

The investment will enable Scalpel AI to scale its global operations and roll out its technology with major players in the healthcare supply chain, including sterile services, hospitals, and prominent third-party logistics services such as GlobalMed Logistix.

Scalpel AI allows healthcare providers to manage and track surgical tools and implants using computer vision and machine learning, especially when there are staff shortages. It generates a digital twin for each tool as it moves from vendor warehouses to operating rooms and back and also verifies that surgical trays delivered to the operating theatre contain the right equipment. 

Scalpel was founded in 2017 by Dr Yeshwanth Pulijala, a PhD in medical visualisation, after witnessing firsthand how the mismanagement of surgical tools could result in near misses or even critical errors in patient care

He commented: “The success of any surgery depends not only on what happens inside the operating theatre but also on having a smooth-running operation behind the scenes. At Scalpel AI, we work with leading medical device companies and healthcare organisations to transform their logistical supply chain and reduce costs by millions of dollars.

"Together, we are making surgery safer for patients while paving the way for personalised surgery, which we believe is the future of healthcare.”

Lee Lindley of Mercia Ventures added: “Ensuring that surgical trays contain the right equipment is essential for an effective healthcare system. Existing solutions use simple mechanisms such as barcodes, RFID tags, and manual validation.

"Scalpel AI’s platform has the potential to transform how surgical trays are managed. This investment will enable the company to scale internationally and pursue its goal of being recognised as the industry standard. We’re excited to be supporting Yesh and Shah on this journey.”

Chancellor Rachel Reeves today delivered the biggest tax-raising budget since 1993, as she increased spending on the NHS and schools.

Here are some of the key announcements impacting tech startups and VC:

-A rise in capital gains tax, which is a tax on the sale of assets and shares, which will increase from 10 per cent to 18 per cent on basic rate payers, and 20 per cent to 24 per cent for those on a higher rate.

-Employer National Insurance contributions, a levy paid directly from a firm to the government, which will rise from 13.8 per cent to 15 per cent.

-Abolishment of “non-dom” status, which allows those UK residents whose permanent home for tax purposes is outside of the UK, not to pay UK tax on money they earn outside of the UK.

-Carried interest, which will impact VC, will go up to 32 per cent from 2025, ahead of further changes in 2026.

-Business Asset Disposal Relief (BADR), previously known as Entrepreneur's Relief, will remain at 10 per cent this year, before rising to 14 per cent in April 2025, and to 18 per cent from 2026/27.

-The government says it’s maintaining £20.4bn worth of R&D investments for 2025/26

-The government says it will undertake a cross-government review of technology adoption for growth, innovation and productivity.

Phil Bungey, co-founder and chief operating officer at UK wealthtech Prosper, said:

“There is a real chance that the tax changes put young people in the UK off starting new businesses.

"But the most immediate fallout from these changes is we risk losing the entrepreneurs leading mid to late-stage fintechs in the UK — i.e., the people who generate the most capital. 

"But the beauty of startups is that they’re agile. Founders that are unhappy with the changing regulatory environment are looking to do business in more favourable tax regimes.

"Competing governments could see this as a real window of opportunity to poach our brightest -and most well-capitalised - fintech talent.”

Charles McManus, chief executive, ClearBank and co-chair of the Innovate Finance Unicorn Council, said: 

“The combined increase in capital gains tax and National Insurance - as well as the drop in the threshold for National Insurance Contributions for businesses - could have a significant knock-on effect in terms of the number of entrepreneurs establishing businesses in the UK, as well as already exacerbating the challenges we have already seen around UK businesses listing in other markets”

Dom Hallas, executive director of the Startup Coalition, said:

"Any budget with increases to CGT, gradual increases to BADR and taxes on investors going up is never easy.

"Today will be hard for founders seeing taxes on their businesses rise. But... given some of the disastrous predictions and worries - Government has listened to ensure that entrepreneurs’ biggest fears have not materialised and some balance has been struck. Bad, but not disastrous."

Santosh Sahu, founder & CEO of Charac, the SaaS platform, said: 

“The Chancellor's support for small businesses, as well as research and development, is welcome, yet tax raises for high-net-worth individuals, who are often pivotal investors in early-stage companies, may drive them out of the UK.

“Higher taxes on capital gains, for example, may lead these investors to seek out other, more favourable markets, which could ultimately stifle the flow of funding critical to the UK’s vibrant startup ecosystem.”

Russ Shaw, founder of Tech London Advocates and Global Tech Advocates, said:

"The rise in Capital Gains Tax risks stifling investment at a time when we need it most.Evidence from the US shows that higher capital gains deter start-up funding, which could directly contradict the government’s growth ambitions.

 “Britain’s entrepreneurs are key to our global competitiveness, bringing vital investment and pioneering solutions in sectors like healthcare and green energy. Dissuading this investment risks slowing our progress and weakening the UK’s reputation as a top innovation hub. Higher CGT could drive talent and capital elsewhere, just when we need them to power job creation and economic resilience."

Philip Salter, founder of The Entrepreneurs Network, said:

“Entrepreneurs will be somewhat relieved that the Capital Gains Tax (CGT) rate wasn’t hiked as high as many feared.Similarly, there were rumours that Business Asset Disposal Relief (BADR) would be scrapped, so the worst-case scenario was avoided.

“Nevertheless, BADR will still be ratcheted up over the coming years, meaning Britain will become an increasingly unattractive place to both start and exit a company.


"We know that many entrepreneurs are already looking to move their business from the UK – and this only makes that move more compelling. This is why 1,250 of the UK’s most ambitious entrepreneurs signed our letter against such changes.”

Lead image: Freepik.

InGain is a B2B fintech company that provides a lending solution for traditional and fintech lenders, SME lenders, crowdfunding platforms, and businesses in non-finance industries looking to launch and scale their lending and financial products. 

The company aims to solve challenges in lending where traditional banks struggle to offer solutions for specific products. Their goal is to make various products more accessible to customers through lending options.

For over 10 years InGain has been supporting the consumer finance industry, fintech companies, and banks with an out-of-the box, yet fully customisable loan management system. 

On top of the core system, the company also delivers system integration services and custom feature development. InGain has executed hundreds of projects with more than 50 global clients across a variety of sectors.

I spoke to InGain CEO Armand Liseks to find out more. 

With InGain, any business can become a financier and develop new product offerings and business models. 

Its platform enables businesses to focus on their core operations without the hassle of IT management. Its no-code SaaS loan management system serves secured and unsecured instalment and credit line loans, subscription, rent-to-own, and other fintech products. 

Increasing financial inclusion and driving the circular economy

The platform can be used by all sectors from automotive to education and real estate. Its loan management system caters to both secured and unsecured business and retail loans, including instalment loans, auto leasing, mortgages, line of credit, buy-now-pay-later, payday loans, invoice factoring and more.

“We want finance to be way more inclusive. We want to give every business out there the opportunity to test whether they can build up a new business line in financing and become a FinTech.”

Liseks highlights the potential of digital transformation to streamline operations and unlock new business opportunities. 

“Companies can explore new markets, new products, use cases, and different niches. They can go live in a matter of weeks and with very little cost, go and test the markets with their MVP.”

Liseks offers the example of car dealerships which traditionally have over 200 cars in their parking lot that sit idle, depreciating in value waiting to be sold. 

“By using InGain, they can easily provide car subscriptions and leases, contributing further to the circular economy and bringing in additional revenue.”

Lenders can now scale their business without the hassle of IT management. 

According to Liseks:

“The beauty of SaaS is that you work on the product development, and maintenance simultaneously. 

But then when it comes to some edge cases and some customizations, well, then it's good luck.”

We combine these two worlds because, in addition to SaaS, we give our customers the flexibility to easily customise in a timely way—essential when a regulation changes abruptly. 

With InGain, they can make the changes themselves rather than waiting for others to prioritise their requests, which ensures their technology stack does not become outdated over time."

InGain also allows businesses to migrate from a collection of external vendors to a single system vendor “because we do A to Z, the full load management life cycle.” 

This provides tremendous cost savings—one client saved over 80 per ent on their IT operating costs. 

InGain software is also used by property investment firms to facilitate real estate development by connecting crowd-funded capital with developers.

According to Liseks, this market segment is growing rapidly, and recent regulations have made it even more attractive.

“By addressing the challenges posed by previous scams and fraudulent platforms, we can help to establish a more trustworthy and transparent industry."

One customer in Nairobi is a developer building 60,000 apartments and with plans to sell 60 per cent of those apartments as rent to own. 

“All of a sudden for the first time in their life, their customers have an opportunity to purchase a property because they are finally eligible for financing — the ability for these companies to create secured loans is how we impact end consumers for the better.” 

ConnectPay is a Lithuanian Electronic Money Institution (EMI) providing an all-in-one online business financial platform.

The company has developed its BaaS product, allowing digital banking services to be directly integrated into non-bank business products1.

It also collaborates with government institutions like the Bank of Lithuania to develop innovative regulatory technology solutions, such as automating regulatory reporting.

The company recently launched the European Fintech Index (EFI), a new comprehensive data tool launched by ConnectPay to provide key insights into the fintech market across Europe. 

This data project started as an internal market research initiative by ConnectPay but expanded to offer a single source of key fintech attractiveness indicators in the form of a country ranking. 

I spoke to Marius Galdikas, ConnectPay's CEO, to learn more about the company's genesis, journey, and the findings of the European Fintech Index.

Digital asset companies are at the forefront of the evolving financial landscape, leveraging blockchain technology to create new ways to manage, trade, and invest in assets. These companies offer a broad range of services, from cryptocurrency trading platforms and tokenization of real-world assets to decentralized finance (DeFi) solutions and digital asset custody.

By integrating traditional financial structures with the flexibility of blockchain, digital asset companies provide secure, transparent, and accessible opportunities for individuals and institutions alike. They are driving innovation, transforming how value is exchanged, and paving the way for a more decentralized, efficient, and inclusive global financial system.

Here are ten digital asset companies that closed the biggest rounds in the first three quarters of 2024.

Flowdesk is a company that brings together deep expertise from traditional markets and advanced knowledge of algorithmic trading and cryptocurrency. The company’s innovative trading infrastructure connects with over 140 centralized and decentralized exchanges. By leveraging this technology alongside the industry experience, Flowdesk delivers top-tier crypto finance solutions while prioritizing our clients' interests. The company has raised $50 million in Series B funding round, which will be used for the obtaining of the digital asset trading licenses in Singapore and the US.

Sygnum is a global digital asset banking group rooted in Swiss and Singaporean heritage. The company provides professional and institutional investors, banks, and corporates with trusted access to digital asset services, backed by institutional-grade security and expert support. Offering regulated banking, asset management, tokenization, and B2B services, Sygnum holds licenses in Switzerland, Singapore, Abu Dhabi, and Luxembourg. Their crypto-native team bridges traditional finance and digital assets, creating a trusted gateway to the future of finance. The company has raised $40 million, which it will use to enter new markets and broaden its range of regulated products and services in the digital asset sector.

M^0 is a decentralized infrastructure layer for the issuance of cryptodollar assets. It is an innovative on-chain protocol complemented by off-chain standards and APIs, enabling multiple Minters to issue a fully fungible cryptodollar, $M. Minters use the protocol to manage $M's supply, while independent Validators ensure transparency by continuously providing data on off-chain collateral stored in top-tier storage structures. The system operates under a unique governance model known as the Two Token Governor, ensuring coordinated and efficient management. A few months ago, the company raised $35 million which will be used to expand operations.

Timeless is a European leader and global pioneer in democratizing the collectables market by tokenizing real-world assets on a secure digital platform. The company makes luxury items like watches, art, cars, and whisky accessible and tradable for everyone, with investments starting from 50€. Their platform handles storage, insurance, and maintenance, while investors track their assets effortlessly. Launched in 2021, Timeless Investments operates under New Horizon GmbH, based in Berlin, and has tokenized over 600 collectables worth more than €27 million. At the beginning of the year, the company received a €11.5 million investment.

Crossover is a company which separated trade execution from custody and brokerage, allowing them to concentrate on offering the leading institutional-only platform for cryptocurrency trade execution. Their platform CROSSx is a pioneering electronic communication network (ECN) for digital assets, offering unparalleled speed and customization. Its ultra-low-latency, quote-driven matching technology, advanced interaction rules, and smart order routing provide a competitive edge over traditional Central Limit Order Book (CLOB) models. Institutions can access global liquidity and a next-generation matching engine through a streamlined onboarding process. Potential partners interested in licensing CROSSx's cutting-edge matching engine for superior execution and tailored liquidity solutions can also make inquiries through the platform. In 2024, the company has raised $12 million, which will be used to invest in its team and technology and to further strengthen its position in the market.

Midas, is a provider of a asset tokenization protocol. The company ensures asset security through a bankruptcy-remote structure and daily independent reporting by Ankura Trust. Built for DeFi composability, Midas tokens are permissionless, transferable, and auto-compounding, allowing seamless integration with decentralized finance strategies. Operating under full compliance with European regulations, Midas offers secure, transparent investment opportunities for everyone, with no minimum investment thresholds. In Q1 2024, the company raised $8M in funding which will be used to expand operations and development efforts.

IN1 is a groundbreaking global platform for unified financial management of both fiat and cryptocurrencies. Leveraging advanced technology, it integrates seamlessly with other financial services, enabling users to manage all their cards and accounts through a single, user-friendly mobile app. IN1 offers fiat accounts, a crypto wallet, and the world’s first dual fiat and crypto card with a simple switching feature. The platform adheres to the highest regulatory standards and employs advanced security measures to safeguard users' funds. Recently, IN1 has raised $6 million in seed funding.

SCRYPT is a company that leads the crypto asset revolution with a strong focus on transparency and trust. The company specializes in delivering customized solutions for a wide range of clients, from established financial institutions to cutting-edge web3 startups. SCRYPT’s mission is to drive the transition to a new financial era with integrity and innovation. Offering a comprehensive range of services, including trading, custody, staking, and investment management, they are not merely embracing the blockchain ecosystem—they are actively shaping its future. At the end of May, the company has raised $5 million.

Ouinex is a regulated, secure crypto and derivatives trading platform designed for low latency and competitive fees. It integrates traditional finance (TradFi) infrastructure into Web3, offering innovative cross-margining capabilities that allow users to trade TradFi instruments using crypto as collateral. The platform is tailored for experienced traders from the TradFi space, ensuring a committed and active community. With tokens distributed directly on the platform, Ouinex has secured a dedicated user base ahead of its product launch. With their latest $4 million round, the company intends to use the funds to further develop and enhance its platform, and to secure additional regulatory licenses.

Cryptosmart is a unique cryptocurrency platform based entirely in Italy and domiciled within the European Union, setting it apart from other exchanges that often lack transparency. Unlike platforms with unknown ownership and offshore accounts, Cryptosmart provides clear ownership information, a verifiable address, and operates within EU regulations. With a commitment to transparency and legal accountability, Cryptosmart ensures users know who they are dealing with and offers accessible, trustworthy service. In April, the company raised €3.5 million and completed the acquisition of IBX AG.