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The post Weekly funding round-up! All of the European startup funding rounds we tracked this week (Jul 14 – Jul 18) appeared first on EU-Startups.

This week we tracked more than 75 tech funding deals worth over €3.6 billion, and over 10 exits, M&A transactions, rumours, and related news stories across Europe. In addition to this week's top financials, we've also indexed the most important/industry-related news items you need to know about.

If email is more your thing, you can always subscribe to our newsletter and receive a more robust version of this round-up delivered to your inbox.

Either way, let's get you up to speed.

? Notable and big funding rounds

?? CityFibre secures €2.6B to accelerate UK full fibre rollout and M&A expansion

?? Lovable becomes Europe’s latest unicorn, following $200M funding round

?? GRIDSERVE secures €115M to accelerate high-power EV charging across UK’s busiest roads

??‍?? Noteworthy acquisitions and mergers

?? European prepaid payments fintech Recharge snapped up by Coda

?? Wagestream acquires pension technology provider Zippen

?? Altura acquires Tendara to accelerate European expansion in bid management

?? Rydoo acquires Semine to power next-gen finance automation across Europe

? Interesting moves from investors

? Prefequity's growth boosted by £15M investment from British Business Bank

? TechVision Fund closes Fund II at €50M to support startups in the Rhineland and Euregio Meuse-Rhine regions

⚠️ The Invisible Tsunami: Deep Science Ventures and Grantham Foundation sound alarm on toxicity crisis

?️ In other (important) news

?? UK Tech Minister “too cosy” with Google and Amazon, after increase in meetings

?? Antler “doubling down” on Europe as targets “outlier” founders with €500,000 initiative

⚛️ Hamburg Innovation and Devt Bank invests in Universal Quantum–TUHH alliance to advance next-gen quantum systems

? Recommended reads and listens

?? Time to act: tell Brussels why the 28th regime matters

? Geneva sets standards for trust in the age of AI

☀️ From startup to clinical partner: Aisel’s approach to ethical AI in mental health

?? Finland's tech ecosystem: Growth, green tech, and global reach

? European tech startups to watch

?? Whisper raises €1.6M for the next-gen cybersecurity platform

?? Teletactica secures $1.5M to scale battlefield-proven, jamming-resistant communications

?? TASS Vision raises €1.3M to bring privacy-first analytics to physical retail

?? TRIFFT Loyalty raises $550,000 pre-seed to scale its AI-driven emotional loyalty platform

?? Inntelo AI secures over £500,000 to boost hospitality tech growth

?? AzureCell Therapies secures €154,000 to advance regenerative cell therapy for Parkinson’s patients

?? The Fourth Law secures funding for autonomous defencetech robotics

Aachen-based TechVision Fund (TVF) II announced its closing with a fund volume exceeding €50 million to invest from the pre-Seed and Seed stages in promising tech startups, specifically those based in the Rhineland/NRW region as well as the Euregio Meuse-Rhine (Netherlands/Belgium).

TVF II will run until 2035 and is the fourth generation of venture capital funds managed by the team at TVF Management GmbH. In addition to NRW.BANK, Sparkasse Aachen, and other regional savings banks, new investors include Helaba (Landesbank Hessen-Thüringen) and entrepreneurs such as Erich Borsch (Co-founder of Aixigo), Jürgen and Leo May (JM Holding), Alexander Stoffers (next audit, Co-founder of Modell Aachen), and Dr Reik Winkel and Dr Christian Augustin (Founders of indurad GmbH).

“We have the staying power to support companies until they’re ready for international investors,” says Dr Ansgar Schleicher, Managing Partner of TechVision Fund. “With our current setup, we are excellently positioned to help further DeepTech teams become successful companies. We act not only as financiers but also as entrepreneurial sparring partners and strategists – always at the startups’ side.”

Founded in 2007, TVF is a leading early-stage VC fund focused on technology startups in the pre-Seed to Series A stages. The TVF management team has experience from four fund generations and currently manages over €100 million in assets.

Through the S-UBG Group network, TVF offers access to over 150 successful companies across various industries, fostering connections between startups and their first customers, partners, and advisors.

The TVF team has financed and developed over 40 innovative startups in fields such as BioTech, software, semiconductors, mechanical engineering, DeepTech and MedTech, and new materials. Since the launch of TVF II in 2023, five startups have already been financed:

• membion GmbH: Based in Roetgen, membion has developed an innovative technology for wastewater treatment that saves up to 75% of space and over 90% of energy compared to current standards. In December 2023, TVF II and the DeepTech & Climate Fund (DTCF) invested €5 million together.
• Vivalyx GmbH: To better preserve organs intended for transplantation, Vivalyx created ‘Omnisol’ – a synthetic blood-like solution. Combined with its proprietary ‘Flowstore’ transport system, it enables the safe transport of organs over much longer distances and timeframes. In April 2024, TVF II and co-investors contributed approximately €7 million to support regulatory approvals in the U.S. (FDA) and Europe (CE).
• Black Semiconductor GmbH: This semiconductor startup from Aachen has developed a technology for connecting microchips using graphene, enabling higher-performance and more energy-efficient data transmission – particularly critical in the context of growing AI-driven computing demands. The DeepTech company has raised around €250 million from leading international VCs and via IPCEI funding from the state of NRW and the German government.
• IonKraft GmbH: A spin-off from RWTH Aachen’s Institute of Plastics Processing (IKV), IonKraft developed a coating process for plastic containers that prevents diffusion, provides chemical resistance, and protects contents. This eliminates the need for multi-layer solutions, replaces PFAS-containing layers, and enables recyclability. To accelerate growth, TVF II and co-investors invested €3.5 million in November 2024.
• Planted GmbH: Helping service companies meet their sustainability goals, Planted offers a SaaS platform for CSRD reporting and ESG monitoring. Through its own climate protection projects (e.g., reforestation), customers can automatically offset emissions. In December of last year, TVF II and co-investors invested a total of €3.8 million in the Cologne-based company.

As a partner in the Gateway Factory – recently equipped with millions in funding – TVF actively contributes to the ongoing development and success of the Aachen-Düsseldorf-Cologne startup region.

The post German VC fund TechVision Fund II closes €50 million+ to boost DeepTech startups appeared first on EU-Startups.

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The Fourth Law (TFL), an autonomous robotics company focused on solving massively scalable autonomy for defensive FPV drones, has raised funding from a group of venture funds and angel investors based in the EU, USA, and Canada. 

Headquartered in Kyiv, Ukraine, the company’s autonomy-enabling software stack — spanning simulation and analytical tools, autonomous applications, and fleet management systems — is highly transferable across various platforms, including quadcopters, fixed-wing UAVs, missiles, and ground or maritime drones.

It operates entirely independently of satellite navigation (GNSS), ensuring robust functionality in GPS-denied environments. Moreover, this technology has clear applications beyond defence, with potential uses in sectors such as logistics, manufacturing, and construction.

The company’s first products, the TFL-1 autonomy module and the Lupynis-10-TFL-1 UAS, which are operable both day and night, boost the success rate of FPV drone missions by 2 to 5 times, while only increasing costs by 10 to 20 per cent. 

This is achieved by handing over control of the drone during the final 500 meters of flight to an onboard computer powered by AI algorithms.

Following several years of R&D  and rigorous testing with the Armed Forces of Ukraine, TFL successfully pioneered a unique, multi-level AI system. It is engineered to precisely identify and categorise targets, whether stationary or moving, ensuring high-precision strikes.

The Fourth Law was founded by Yaroslav Azhnyuk, the serial entrepreneur behind Petcube (YC’W16, a global leader in pet cameras, with over 1M devices shipped), Ozero Design, and Fuel Finance. 

He is also a co-founder and investor in Odd Systems, a defence technology company specializing in the development and manufacturing of thermal cameras and FPV drones. 

According to Azhnyuk, massively scalable drone autonomy is the single most important defence technology of this decade. 

“There’s no one on the planet who understands this better than the Ukrainian Defence Forces. 

We’re doing the most important work of our lives, and the funding we’ve raised from the investors is an invaluable catalyst to the growing defensive capabilities of the Free World. We will need, however, much more resources to deliver on the full potential of this technology.

We must  make sure that the adversaries of democracy and freedom won’t get there faster.”

The company offers Lupynis-10-TFL-1 UAS to the Government and defence Forces while the TFL-1 module, through licensing, is available to other FPV manufacturers. 

Сodified and certified, TFL products are in use by the Government of Ukraine and numerous units in the Ukrainian defence Forces who use the products to resolve issues related to electronic warfare, and radio horizon limitations while enhancing their pilots’ precision capability. 

Colonel Ruslan Shevchuk, Commander of the 58th Motorised Infantry Brigade of the Armed Forces of Ukraine, noted:

“Since March 2025, pilots of the 58th Separate Motorised Infantry Brigade have been utilising aircraft equipped with the TFL-1 system, which has demonstrated its effectiveness on the battlefield during this period. 

It helps us overcome electronic warfare, jamming, acquire, and strike targets in challenging conditions. Its capabilities are most notably demonstrated during special missions. Our operational experience confirms it as a truly effective system.”

The Fourth Law is built on a thesis that by 2030, autonomous robots will be disrupting trillion-dollar industries, including in defence, transportation, agriculture, and construction. 

TFL's vision for full and massively scalable autonomy for defensive FPV drones assumes five stages of autonomy:

1. Terminal guidance 
2. Terminal guidance for bombing 
3. Target detection and engagement 
4. GPS-denied navigation
5. Autonomous take-off and landing 

Once that is achieved, second-order products become possible and viable for the modern military requirements, including drone swarms and nests, drone carriers, and fully autonomous interceptors of drones of different types. 

Lead image: The Fourth Law CEO and founder, Yaroslav-Azhnyuk. Photo: Sasha Maslov.

The Ministry of Defence of Ukraine has launched K4 Startup Studio, a new program designed to support defence startups developing AI-powered technologies. Its goal is to create solutions that give Ukraine a technological edge on the battlefield.

The initiative is supported by the Federal Ministry of Defence of Germany and the Better Regulation Delivery Office (BRDO).

K4 introduces a new model of collaboration between the government, tech sector, and Armed Forces.

The Ministry of Defence has identified four key challenges — priority areas that directly respond to the real needs of the Armed Forces. Teams are expected to submit solutions addressing these specific challenges. 

However, proposals for other AI-driven defence technologies are also welcome if they demonstrate strong potential for military application. 

Participants will be selected through a multi-stage evaluation process. Up to 10 teams will be accepted into the program, with 4 of them each receiving a $250,000 grant to develop their solution. All startups will be evaluated twice by a specially formed Grant Committee made up of military experts and frontline users of emerging technologies.

Selected teams will begin with a 4-month intensive development phase, including mentorship from top Ukrainian and international experts, battlefield testing, and direct military feedback. This will be followed by a 6-month period of individual support, focused on helping teams attract investment and/or secure government procurement contracts.

For startups, the key benefit is direct access to real users and the opportunity to scale into operational defence systems. For investors, K4 offers early access to validated technologies tested under real combat conditions.

According to Kateryna Chernohorenko, Deputy Minister of Defence for Digital Development, Transformations, and Digitalisation:

"Ukraine is the only country where AI is already being battle-tested. We’re not just adapting — we’re setting trends. We’ve seen real examples of effective AI use in combat, and that’s why we believe in this direction and invite partners to invest in Ukrainian defence tech. 

K4 is a program for those ready to turn their code into a weapon in the hands of our defenders." 

Germany’s largest heat pump installer thermondo has raised €50 million in special purpose vehicle financing for its flex financing program, which aims to make the transition to climate-friendly heating solutions much easier and more widely accessible through affordable instalment payments.

The funding enables the company to provide around 1,600 heat pumps on instalments for homeowners throughout Germany.

The thermondo flex instalment purchase model allows homeowners to switch to a heat pump without a large upfront investment. Instead, the system is financed over 15 years through fixed monthly payments at a market-standard effective annual interest rate of 6.00 per cent.

On average, the monthly payment before applying for government subsidies is under 300 euros. If the maximum state subsidy of 70 per cent is used for an early partial repayment, the monthly rate can be reduced to under 100 euros. Special repayments or full repayment are possible at any time without additional charges. 

The financing, including consultation, contract processing, and customer service, is provided directly by thermondo. Customers retain ownership of the heat pump from the outset and benefit from government subsidies and consistently low heating costs.

“For the energy transition, we need financing solutions that work for everyone”, commented Jason Goldstein, VP Strategic Finance at thermondo. 

thermondo was launched in Berlin in 2013 as a digital heating installer – today, thermondo is considered a key enabler of the energy transition for Germany's existing one - and two-family homes.

With the takeover of the southwest German photovoltaic company FEBESOL in April 2024, the thermondo Group employs over 1,000 people, including over 600 permanent craftsmen: inside and has an installed base of over 50,000 systems, including over 9,000 heat pumps in its inventory. Thermondo is therefore not only considered the largest heat pump installer, but also the cleantech with the second largest customer base in Germany.

TechVision Fund (TVF) has closed Fund II,  the fourth generation of venture capital funds managed by the team at TVF Management,  raising over €50 million. 

The fund invests in the Pre-Seed and Seed stages across various verticals, with a primary focus on teams based in the Rhineland/NRW region, as well as the Euregio Meuse-Rhine (Netherlands/Belgium).

As a partner in the Gateway Factory — recently equipped with millions in funding —TVF actively contributes to the ongoing development and success of the Aachen-Düsseldorf-Cologne startup region.

TVF relies on a strong investor ecosystem. In addition to NRW.BANK and Sparkasse Aachen, as well as other regional savings banks, the fund is supported by numerous entrepreneurial private investors from its network. New investors include Helaba (Landesbank Hessen-Thüringen) and entrepreneurs such as Erich Borsch (Co-Founder of Aixigo), Jürgen and Leo May (JM Holding), Alexander Stoffers (next audit, Co-Founder of Modell Aachen), and Dr Reik Winkel and Dr Christian Augustin (founders of indurad GmbH).

Since 2007, the experienced TVF team has financed and developed over 40 innovative startups in fields such as biotech, software, semiconductors, mechanical engineering, deep and medtech, and new materials. 

Since the launch of TVF II in 2023, five startups have already been funded:

membion: Based in Roetgen (near Aachen), membion has developed an innovative technology for wastewater treatment that saves up to 75 per cent of space and over 90 per cent of energy compared to current standards. 

Vivalyx: To better preserve organs intended for transplantation, Vivalyx created “Omnisol”—a synthetic blood-like solution. Combined with its proprietary “Flowstore” transport system, it enables the safe transport of organs over much longer distances and timeframes. 

Black Semiconductor: This semiconductor startup from Aachen has developed a key technology for connecting microchips using graphene, enabling higher-performance and more energy-efficient data transmission—particularly critical in the context of growing AI-driven computing demands.

IonKraft: A spin-off from RWTH Aachen’s Institute of Plastics Processing (IKV), IonKraft developed a coating process for plastic containers that prevents diffusion, provides chemical resistance, and protects contents. This eliminates the need for multi-layer solutions, replaces PFAS-containing layers, and enables recyclability. 

Planted: Helping service companies meet their sustainability goals, Planted offers a SaaS platform for CSRD reporting and ESG monitoring. Through its own climate protection projects (e.g., reforestation), customers can automatically offset emissions. 

“We have the staying power to support companies until they’re ready for international investors,” says Dr Ansgar Schleicher, Managing Partner of TechVision Fund. 

“With our current setup, we are well positioned to help further DeepTech teams become successful companies. We act not only as financiers but also as entrepreneurial sparring partners and strategists—always at the startups’ side.”

The fund runs until 2035.

Edinburgh-based startup SWURF has secured a six-figure investment and welcomed three additional industry leaders to its board to connect underutilised venues with remote/hybrid workers.

The latest investment round includes follow-on funding from Gareth Williams, Co-founder of Skyscanner, who has backed SWURF since 2022. The round was also supported by the Scottish Government’s Techscaler programme, Scottish Enterprise, and private investors.

The new funds will accelerate SWURF’s rollout across additional UK regions and select European markets. Looking ahead, the company is preparing for a further raise of €1.1 million later this year to fuel global expansion.

Nikki Gibson, CEO and Co-founder of SWURF, said: “With Alison guiding our international rollout, Scott shaping our tech strategy, and Daniel bringing a proven track record in tech innovation, strategic development, and digital transformation, SWURF is positioned to grow with purpose and precision.

“Their leadership is a game-changer as we take SWURF to new markets and new heights.”

Founded in 2020 during the pandemic, SWURF offers a mobile app that connects remote and hybrid professionals with underused hospitality venues – such as cafés, hotels, and co-working hubs – transforming them into dynamic off-peak workspaces. The platform enables access to flexible working locations and aims to foster community engagement through exclusive perks and curated events.

In tandem with the investment, SWURF has made three strategic board appointments aimed at strengthening its leadership for international growth.

• Alison Grieve, Founder of G-Hold and an expert in product innovation, joins as Chair of the Board.
• Scott Leckie, who previously served as SWURF’s fractional CTO, steps into a permanent board role to lead the company’s tech evolution.
• Daniel Rodgers, Founder of hospitality tech success story QikServe, has been appointed Non-executive Director.

The app currently boasts a network of over 300 activated venues across the UK and has built a user base of more than 11,000. According to internal data, it has generated approximately €2 million in revenue for its hospitality partners, highlighting the platform’s potential to create real economic impact for venues during off-peak hours.

Alison Grieve, Chair of the Board at SWURF, said: “In an economic environment where both hospitality and commercial property sectors are seeking new models of resilience, SWURF is targeting a fast-evolving segment of the flexible work economy.

“This next phase of funding will help us transform more everyday venues into productive, community-driven workspaces, powered by technology and a hospitality-first mindset.”

Daniel Rodgers, Non-Executive Director at SWURF, added: “SWURF solves a real pain point for me. When travelling, it’s often difficult to find welcoming spaces to work.

“I am also passionate about supporting hospitality to find new markets and opportunities. Swurfers typically spend £15–£30 per visit. By extending traditional service windows, hospitality operators can tap into this community and create incremental revenue that supports profitability and reduces waste.”

With a growing population of over 35 million digital nomads globally and increasing demand for accessible, community-oriented workspaces, SWURF is emerging as a notable player in the intersection of hospitality and the future of work.

If it works, the company’s model offers a win-win for both venues and customers: it gives workers flexibility and connection, while helping hospitality venues boost footfall and generate sustainable income outside peak hours.

The post Scottish startup SWURF lands fresh funding to connect venues and remote workers appeared first on EU-Startups.

This week sees the launch of a report from Deep Science Ventures and the Grantham Foundation for the Protection of the Environment, which reveals that the extent of toxic chemical exposure in air, food, and water is higher than previously recognised.

"The Invisible Tsunami" report emphasises that our current approach to managing synthetic chemicals is inadequate. It reveals that over 3,600 synthetic chemicals from food contact materials alone are routinely present in human bodies. 

The report recommends a two-fold shift in the way we approach synthetic chemicals. 

Firstly, to modernise chemical regulation to reflect the needs of the 21st century. Regulators predominantly use toxicology data from partial studies, often missing serious health effects stemming from hormone disruption, which can occur at surprisingly low doses.

 Secondly, there is a need to close the loopholes and exceptions which leave the public exposed to chemicals which are either known to cause harm or for which there is insufficient public hazard data.

 Last but not least, to accelerate innovation by developing, funding, and scaling deep technology solutions for safer chemical alternatives across pesticide and food contact materials.

Literature review reveals chemicals behind UK’s declining health and biodiversity

Amidst the UK's escalating cancer rates, declining fertility, and a surge in chronic diseases, Deep Science Ventures' team of scientists conducted an extensive analysis of peer-reviewed literature. 

The resulting report outlines causal and correlational links between toxicity and a variety of severe human health conditions, including cancer, obesity, Alzheimer’s, pregnancy complications, ADHD, fertility issues, heart conditions, and respiratory ailments.

 Beyond human health, these chemicals are causing noticeable and widespread damage across ecological systems, affecting biodiversity and the delicate balance of natural environments.

Crucially, the report highlights critical shortcomings in current toxicity assessment, research and testing methods, exposing ways in which existing checks and balances are failing to protect human and planetary health at a bigger scale than what’s been reported so far. 

The industrial economy has introduced over 100 million new chemicals; of these, 350,000 are currently in commercial use, and their production has skyrocketed fifty-fold since the 1950s.

The $200M Venture engine powering deeptech innovation

Deep Science Ventures is a venture creator building deeptech companies in four sectors: agriculture, climate, computation and Pharmaceuticals. For just under a decade, DSV has pioneered venture creation through funded partnerships with organisations like Coca-Cola, AbbVie, Anglo American, Agency of Advanced Research and Invention - ARIA (the UK's ARPA), and Cancer Research UK. 

Its agriculture vertical aims to create resilient and regenerative food systems by engineering soil ecosystems, plant resilience, and biomaterial production. In climate and energy, DSV targets high-impact decarbonisation by developing scalable solutions for electrifying industry, extracting resources with minimal impact, and creating carbon-negative materials. The computational technologies vertical explores how AI and automation can reduce waste, enhance environmental interfaces, and accelerate scientific discovery. In pharma, it focuses on building curative treatments using gene therapy, synthetic biology, and predictive drug discovery platforms. 

Across all sectors, DSV takes a first-principles, venture creation approach—building companies from the ground up to address systemic failures in science and technology.

The DSV’s portfolio, worth over half a billion dollars, has raised more than $200 million from investors including Breakthrough Energy Ventures, Lowercarbon Capital, Sequoia’s scout fund, Sam Altman, and Patrick Collison. DSV is a global team of scientists and exited founders based in London, Tokyo, and Boston, with backgrounds from Bell Labs, Imperial College, and Intel.

Examples of portfolio companies include: 

Nanoweave converts wet agricultural residue into textile-grade nanocellulose using on-site plasma tech.

Lilliput Technologies has developed a nanomaterial spray that filters harmful light to boost crop heat-resilience and yields by over 30 per cent.

Thunderstone is developing a novel electrochemical process to extract critical metals like nickel directly from ore without mining, dramatically reducing environmental impact and cost.

Mission Zero Technologies develops direct air capture (DAC) technology that removes carbon dioxide from the atmosphere using an energy-efficient, modular electrochemical process.

"This research, collating peer-reviewed work, shows that humanity is facing a widely underappreciated exposure to chemicals through food, air and water," said Dr Adam Tomassi-Russell, Director of Climate, Deep Science Ventures.

 "The scale of the problem appears widespread and research shows the need for a fundamental shift in how we approach our understanding, funding and innovation efforts to solve this problem.”

Jeremy Grantham, co-founder and Chairman, The Grantham Foundation for the Protection of the Environment, stated:

"Toxicity is the most underrated threat facing humanity. DSV have done a remarkable job pulling together the evidence and brainstorming ways to tackle the problem. I hope this report makes a big splash!"

The Grantham Foundation for the Protection of the Environment is a private foundation established in 1997 by Jeremy and Hannelore Grantham. Dedicated to protecting and conserving the natural environment, particularly in addressing climate change, the Foundation is governed by five trustees who are members of the Grantham family.

Amsterdam-based Recharge, a leading prepaid payments platform, has been acquired by Singaporian company Coda, a leader in digital content monetisation, to collectively serve the full digital content economy across both B2B and B2C.

The transaction brings together two profitable regional innovators with scaled businesses, complementary strengths and a shared ambition to lead the future of global digital distribution and monetisation. The transaction is backed by Apis Partners, Insight Partners, Smash Capital alongside Coda’s other investors.

“Joining forces with Coda gives us the opportunity to take everything we’ve built – from our platform to our partnerships – and extend it globally to truly become the global leader we set out to be. With complementary strengths and a shared DNA, this unique combination sets us up to create even more value for the brands, publishers, and customers we serve,” said Günther Vogelpoel, CEO of Recharge.

Recharge is innovating in digital prepaid payments, connecting global brands with their customers through platform solutions. With multi-country digital storefronts like Recharge.com and Startselect.com, Recharge enables users to access prepaid payment products from multiple locations. The company also powers B2B digital rewards and incentives, helping businesses acquire, engage, and retain customers with Giftcloud.

Trusted by companies such as Apple, Google, Vodafone and PlayStation, the company has been driving convenience and innovation in the prepaid ecosystem since 2010, partnering with over 1,000 brands and service providers worldwide.

With over 16,000 products spanning gaming, mobile, gift cards, and lifestyle, Recharge combines a marketing-led, consumer-first approach with established brand equity and a user base of more than 8 million.

“At Recharge, we’ve focused on building the technology platform that connects and scales the prepaid payments ecosystem – enabling seamless transactions between users, products, and brands through smart, data-driven infrastructure,” added Vogelpoel. “That focus, combined with a passionate team that consistently executes with precision, and pace, has allowed us to scale a profitable and trusted business across Europe and beyond.”

Coda is innovating in digital content monetisation. They are trusted by 300+ publishers – including Activision, Electronic Arts, and Riot Games – to grow their audiences and revenue worldwide. Their out-of-app solutions include Custom Commerce, a fully customisable web store; Codapay, which enables seamless direct payments through a single API integration on publishers’ websites; Codashop, a marketplace for millions of gamers to purchase in-game content; and Distribution, which extends content reach through a network of trusted commerce partners.

Coda distributes more than 500 titles from over 300 publisher partners and powers webstores for flagship franchises such as Call of Duty: Mobile and EA SPORTS FC Mobile. With a network of over 400 local payment channels, Coda aims to offer consumers better value and more choice.

“This transaction brings together two regional commerce leaders with distinct but highly complementary strengths. At Coda, we’ve focused on scaling our B2B capabilities alongside, working with the world’s leading digital publishers to maximise their revenue – particularly in high-growth, complex markets across Southeast Asia. […] Most importantly, we’re bringing together two teams that share the same values: ambition, collaboration, and commercial sharpness. That gives us a strong foundation to lead the next chapter in global digital content distribution and monetisation,” said Shane Happach, CEO of Coda.

The acquisition accelerates Coda’s expansion beyond gaming and strengthens its ability to serve the broader digital content economy – across categories, customers, and continents – by extending its presence in Europe and building on its direct-to-consumer capabilities.

For Recharge, the deal brings B2B expertise, access to deeper partnerships with top-tier digital content publishers, and a proven playbook for growth in high-growth markets, especially across Asia.

Based on 2024 figures, the combined business would have processed more than €1.5 billion in sales, served over 200 million customers, and operated in upwards of 180 markets.

“We’ve long admired what the Recharge team has built – a profitable, consumer-focused business with top global brands and real depth across Europe,” added Happach.

The post Coda accelerates global expansion with acquisition of European payments platform Recharge appeared first on EU-Startups.

If you’re a European startup founder eyeing deep tech innovation, the European Innovation Council (EIC) is a name you should know. With a €10.1 billion budget under Horizon Europe (the EU’s flagship research and innovation funding programme) the EIC has become a powerhouse in supporting startups and SMEs, completing over 150 investment rounds, including 60 in 2024 alone. This robust investment activity underscores the EIC’s pivotal role in nurturing innovation across the continent.

A key driver of the EIC’s success in helping startups reach the market is its Corporate Partnership Programme (CPP). The CPP has facilitated the introduction of over 1,500 EIC-backed startups to more than 120 leading corporations such as ABB, ABInBev, Airbus, ENGIE, Ikea and Shell. This has already resulted in more than 100 deals and over 500 follow-ups. By facilitating these collaborations, the EIC accelerates the growth of Europe’s innovation ecosystem, ensuring startups have the resources to scale and thrive globally.

This structured approach to collaboration is the subject of the newly released EIC report, Unlocking Innovation with Corporate Venturing, capturing seven years of CPP data. The aim is to better understand what elements of these partnerships are critical for success, alongside understanding where there is room to grow. Drawing from this research, the EIC hopes to further strengthen Europe’s deeptech ecosystem, support startups as they scale up and overall industrialise innovation.

In this exclusive interview, Stéphane Ouaki, acting Director of EISMEA (the European Innovation Council and SMEs Executive Agency, which is responsible for the implementation of the EIC), shares his vision for the future of European deeptech startups. He discusses how the EIC Corporate Partnership Programme is playing a crucial role in scaling deeptech startups, the key challenges faced in corporate-startup collaborations, and how EISMEA plans to continue supporting Europe’s deeptech ecosystem in the years to come.

Thank you for joining us, Stéphane! To kick things off with a wider perspective, what are your top strategic priorities for the EIC Corporate Partnership Programme over the next five years? In other words, what can startups expect to see more of?

The EIC strives to be the investor of choice for visionary innovators, to unlock massive private deep tech investment, and to fuel breakthroughs in Europe’s green and digital transitions. The EIC Corporate Partnership Programme is a key part of this strategy. Over the next five years, we will continue propelling EIC-backed scale-ups by connecting them with decision-makers at Europe’s leading firms and helping them expand networks, win new clients, and accelerate growth. We are currently in the third edition of this programme, during which we will facilitate 31 hands-on Corporate and Multi-Corporate Days over 30 months, focusing on key strategic innovation areas such as Health, Biotech, Energy, and Sustainability.

Given your role at the helm of EISMEA, you have a unique vantage point on the challenges and opportunities facing startups across Europe. From your perspective, what are some of the biggest hurdles startups face when partnering with corporates, and how does the EIC CPP help to overcome them?

Fast-moving, risk-tolerant startups often clash with corporates’ layered, risk-averse decision chains, leading to stalled pilots and missed opportunities. This challenge is highlighted in the EIC’s recent report “Unlocking Innovation with Corporate Venturing”, citing ‘internal misalignment’ and the so-called ‘pilot trap’ as key reasons why many partnerships never scale.

The EIC Corporate Partnership Programme helps to overcome these hurdles with a structured, multi-phase framework. This matches startups to corporates, based on clearly defined innovation needs and shared objectives. The programme forges a unified roadmap by, on the one hand, partnering closely with corporates to pinpoint their most pressing challenges, and on the other, to equip scale-ups with intensive mentoring and stakeholder-alignment workshops. The result is clear governance and securing executive buy-in, laying the foundation for sustainable, long-term collaboration.

The EIC Corporate Partnership Programme has already enabled over 1500 startup-corporate collaborations and helped achieve more than 100 deals. Can you give a concrete example that demonstrates how such a partnership contributes to scaling innovation across Europe?

Holcim is a good example of a successful corporate-startup partnership made possible by the EIC Corporate Partnership Programme. By piloting Nanolike’s IoT inventory-management solution in Greece and scaling it globally, Holcim demonstrated how structured matchmaking, thorough preparation and strong operational commitment can turn a proof-of-concept into widespread deployment.

This, in turn, accelerates the scaleup’s path to industrialisation and enhances the company’s competitiveness. A good number of partnerships replicate this blueprint across diverse industries, generating validated pilots, aligning internal stakeholders and fostering executive buy-in. This ultimately advances the systemic adoption of cutting-edge technologies and strengthens Europe’s innovation ecosystem.

The EIC Corporate Partnership Programme is part of the EIC Business Acceleration Services (BAS), which offers a range of tailored programmes to help startups scale. For readers who may not be familiar with the BAS, how does the EIC CPP fit into this broader initiative, and how does it work alongside other BAS programmes to support startups in Europe?

The EIC Business Acceleration Services (BAS) offers a range of tailored programmes to help startups scale, encompassing three main pillars: Contracts, Contacts, and Skills. The CPP specifically supports the “Contracts” pillar by facilitating partnerships between startups and large corporations. It works alongside other BAS initiatives, such as the EIC Innovation Procurement Programme, Investor Readiness Programme, and Scaling Club, creating a comprehensive ecosystem that supports startups with business development, investment readiness, internationalisation, and ecosystem integration.

EISMEA has just released a new report, Unlocking Innovation with Corporate Venturing, examining why so many corporate-startup partnerships struggle to deliver. What are some of the key takeaways from that research, and how are they shaping the CPP’s approach?

The report confirms many of the things we’ve learned over the past few years, particularly around the importance of structure. One of the biggest blockers to successful partnerships is internal misalignment within corporates between business units, priorities, or even between innovation teams and procurement. That’s why many engagements never move beyond the pilot phase.

What we’ve seen is that success depends on four things: clear strategy alignment, far-reaching internal commitment, strong in-house skills, and a willingness to experiment. These pillars are at the core of how we’ve built the CPP, from the tailored scouting and challenge framing to the post-engagement follow-up. By embedding this structure in our approach, we’ve been able to significantly improve the chances of scale-ups securing real, lasting deals.

As global competition intensifies, particularly with the US and Asia, where do you see Europe’s unique opportunity to lead in innovation? How can initiatives like the EIC CPP help strengthen Europe’s position?

Europe’s innovation leadership is rooted in its research excellence and strong and vibrant deep tech sector. The EIC Corporate Partnership Programme accelerates this by fostering a clear win-win for startups and major corporations alike. With this, corporates are fuelled by homegrown innovations, allowing them to face global competition, while European startups get the opportunities to scale in Europe, instead of having to look elsewhere for opportunities to grow. By fostering strategic partnerships and providing access to new markets and investment, the Programme contributes to enhancing Europe’s competitiveness, reducing dependencies, and opening new opportunities. The key to securing Europe’s leadership in the global innovation race is a collaborative ecosystem. The CPP has grown to become an indispensable initiative to achieve this.

If you’re a European startup founder or decision-maker at a corporate, you can download the full EIC report here, or explore what it means to become a partner in the EIC Corporate Partnership Programme here.

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TRIFFT Loyalty, a UK tech startup helping brands cultivate “meaningful emotional connections” with customers, has raised €474k in a pre-Seed funding round to grow their team, embed AI functionality, and expand to the US.

The round was led by Lighthouse Ventures, with participation from BD Partners, Gi21 Capital and Koopeo. The company has also confirmed multiple commitments for its forthcoming Seed round.

Jason Smith, CEO and Co-founder, said: “At TRIFFT, we believe loyalty should be emotional, not merely transactional. When a customer recommends your brand to a friend or leaves a positive review, that is genuine loyalty. Our platform helps brands understand their customers better and respond more intelligently. The data already exists, but brands are constrained by technical limitations. We built TRIFFT to remove those barriers. Our goal is to become the Shopify of loyalty.”

Founded in 2024, TRIFFT Loyalty is an SaaS startup helping mid-sized brands create and manage flexible, data-driven loyalty programmes focused on emotional connection and behavioural engagement.

Founded by Jason Smith (ex-Google, Groupon, Exponea/Bloomreach), Jakub Minks (ex-McKinsey), and Matúš  Nickel (15+ years in loyalty tech), TRIFFT enables rapid deployment of enterprise-grade loyalty solutions without technical overhead. TRIFFT currently supports over 30 brands across Europe.

The platform was specifically designed to help mid-sized companies implement advanced, data-led loyalty strategies swiftly, without the need for in-house technical capacity.

The company explains that businesses still approach loyalty as a simple spend-and-reward mechanism. Approximately 90% operate some form of loyalty activity, often little more than a birthday voucher or a cashback scheme, while 65% admit they cannot measure the return on their loyalty investment.

TRIFFT offers an alternative to existing loyalty solutions: a platform that leverages behavioural data, such as referrals, reviews, and frequency of visits, to power tailored experiences, rewards, and communications that genuinely enhance brand affinity.

TRIFFT’s proprietary SaaS platform integrates directly with leading commerce and engagement platforms including Bloomreach, Klaviyo, Shopify and WooCommerce. It also features a mobile white label React Native app that enables brands to deploy a fully functional, branded loyalty application in under an hour, without the need for development resources. The platform operates across both online and offline touchpoints, offering brands a unified view of customer behavior.

Clients include the Marks & Spencer and Big Table Group, the UK’s largest hospitality operator with brands such as Bella Italia and Las Iguanas.

Within just 45 days of of their latest loyalty campaign, TRIFFT reportedly helped increase their average annual visit frequency from 1.2 to 1.7 visits, a 42% uplift in customer engagement.

Unlike traditional loyalty solutions that charge based on the size of a brand’s database, TRIFFT’s pricing is based solely on active loyalty participants. Inactive records incur no fees.

Michal Zalesak, Co-founder and managing director at Lighthouse Ventures said, “The surge in customer acquisition costs has made retention a strategic imperative for most brands. Loyalty is no longer a ‘nice to have.’ It’s one of the top three priorities for brands today. TRIFFT addresses this with a clear value proposition: flexible pricing, rapid implementation and a loyalty model that aligns with how customers actually behave.

“We see strong potential not only in the technology itself, but also in the experienced team bringing it to market with sharp focus and clear execution.”

The company will use the funding to grow its team to 50 by the end of 2025, with key hires across customer success, sales and engineering. TRIFFT is also embedding AI functionality into its platform, including a feature that will enable businesses to auto-generate loyalty programmes based on sector, existing data and business goals.

The company continues to expand across the UK and Europe, while also preparing for market entry into the United States.

“Most loyalty tools feel like software from another era. TRIFFT is built for the brands of tomorrow – nimble, data-savvy, and emotionally aware. That’s exactly where we want to be as investors,” said Damir Špoljarič from Gi21 Capital.

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