“Nik comes in waves", depending on how passionate he is about a project, says one of Nik’s key lieutenants. The Nik in question is Nik Storonsky, the co-founder and CEO of Revolut, Europe’s most valuable startup.

The key lieutenant is James Gibson, general manager, Revolut Business.

For many people, Revolut is the bullet train UK retail neobank, launching products left, right and centre, sticking two fingers up at banking conventions, orchestrated by the Pied Piper-like figure of Storonsky.

But the $75bn-valued Revolut is also a business bank, with hundreds of thousands of business customers, from startups to big businesses and, says Gibson, it’s not beyond the realms of possibility that Revolut Business could be bigger than its retail banking arm in the future.

Pouring cold water on Tech.eu's suggestion that Revolut’s retail arm will always remain supreme, Gibson points out: “For a lot of banks globally, the business banking arm is much bigger than the retail banking arm.”

Gibson, a former management consultant who joined Revolut in 2017, is in a chipper mood, speaking over video, enthusing about recent and future product launches and account wins, rhapsodising about the potentially “huge” US market, while telling Tech.eu that Revolut has preserved its startup culture despite its 10,000-plus-sized global workforce.

Furthermore, Gibson’s mood is likely buoyed by Revolut moving into new glitzy London headquarters.

Some facts and figures

Revolut Business, as it’s called, launched in 2017 (two years after the launch of Revolut) and now accounts for between a growing 15 and 20 per cent of Revolut’s £3bn plus annual revenues.

Over 500,000 businesses are using Revolut Business, which, at its core, offers local and international money payments, FX, and spend management features- though the product offering is tailored to different markets.

For example, in the UK, the focus is balanced between payments, FX and spend management, while in the US, Revolut is more focused on payments and FX.

Revolut, which has over 60 million customers, says Revolut Business is ripping, adding more than 20,000 companies on average a month.

Global operations

Revolut Business operates in the UK, across the EU, the US, Singapore and Australia, with its biggest markets being the UK, Ireland, France and Italy. Its customers include Aer Lingus, Deel and CreditSpring.

In its early days, Revolut Business’s customer base swayed towards startups, says Gibson, but it's attracting bigger businesses as well.

Being a retail-business combo bank is a definite plus, adds Gibson, saying a “significant chunk” of its business customers are existing retail customers.

Another plus is that, unlike in retail banking, where opening up multiple accounts is largely hassle-free, opening up multiple business accounts is hassle-filled, a chore which, Gibson says, means that more than 50 per cent of Revolut’s business customers are primary account holders, helping boost deposits.

European differences

One of the biggest challenges facing Revolut Business is local market integration, says Gibson, an articulate Oxford University graduate, who estimates that Revolut’s product teams spend between 60 and 70 per cent of their time on this.

This includes, for example, making tax payments in specific countries, account integrations with specific local platforms, or launching different treasury products in different markets.

Earlier this year, Revolut, which has a Lithuanian banking licence, which it passports across the EU, said it was applying for a French banking licence, which Gibson said will “strengthen its presence in France”, but will not lead to a “massive change” in product direction.

US plans

Judging by the lack of Revolut press releases touting its US exploits, it could be argued that the US has hitherto not been a priority for Revolut.

However, reports have recently emerged that Revolut is ramping up its presence in the US, and it recently announced it is investing over $500 million in the US over the next three to five years.

Observers point out the likelihood is, though, for Revolut to achieve success in the US, which is heavily credit-based, it would likley need a US banking licence, either getting one itself or getting one via an acquisition. Revolut has previously tested the waters on getting its own US banking licence, but has not applied for one.

Gibson, who has previously worked for Revolut in the US in its New York office and served as Revolut’s business development manager, said: “The US could be huge. We are by no means dominating there yet, but it remains a priority for us.”

UK banking licence

Most business banks make their money through offering credit products but Revolut has yet not offered any pureplay credit products in Europe.

“Our customers who need credit are going elsewhere, such as high street banks,” says Gibson, when asked if not having a UK credit offering was damaging.

The UK, which is Revolut Business’s biggest market, would be an obvious bet, should it successfully exit the mobilisation stage of its UK banking licence application.

Gibson says: “We are aware that it is something we want to get into in the longer term. 

“In the longer term, we want to move to offering credit, and milestones like achieving a banking licence will definitely help us achieve that in the longer term.”

Hardware

While online banking remains Revolut’s bread and butter, Revolut has made gentle steps into payment hardware, as it looks to take on the likes of SumUp and Square.

It has launched payment terminals for larger businesses and retailers.

Over 100 of the quick-to-set-up terminals were deployed at the Primavera European music festival, and the tech meant that festival goers could make payments irrespective of the quality of the festival's WiFi.

Revolut has also launched card readers for shops and restaurants which means customers can make card payments via the reader and use services such as chip & pin, contactless, Google Pay and Apple Pay.

Relationshp with co-founders

Gibson, who is 35, says that one of the triumphs of Revolut is that its co-founders, Storonsky and Vlad Yatsenko are still “ very hands on” with the business, giving it “continuity”, in contrast to say the founders Monzo and Starling who have left.

He says: “Nik, you know, comes in waves. Sometimes when he is particularly interested or passionate about a project, he is a bit more hands-on, and at other times a bit more hands-off off and we get on with it.

“They are still very much involved. I speak to them regularly. I am speaking to Nik in an hour about giving him an update about what we have been up to.

“Nik is someone who pushes us all a lot to achieve a lot. The core of the company culture has stayed broadly similar. But we have definitely matured as an organisation over that time.”

Combating fraud

Fraud is an ongoing issue faced by banks of all stripes. A BBC Panorama programme last year named Revoluts in more fraud complaints than any other major UK bank, naming it in nearly 10,000 fraud complaints in one year.

One customer, who had £165,000 stolen from his Revolut business account, said Revolut's security measures failed to stop the theft after finding there was no helpline to call and having to wait more than 20 minutes for support via a chat function in the app.

Revolut says it invests a lot of money trying to combat fraud, estimating that in 2024 it saved customers £600m worth of fraud.

Gibson said: “I can tell you personally I spend a lot of time working with our teams in ways we can help our customers spot fraud early and make sure they don’t fall victim to it.”

New products

Recent launches and wins include new European marketing campaigns, several airlines using Revolut Pay, and Audio F1 using Revolut Business as part of a big sponsorship tie-up.

Famed for its rapid NPD, Gibson, who, during the interview, is fair game and doesn't swerve questions, said there will be more Revolut Business product launches coming soon.

France-based Temelion, an AI platform that optimises pre-construction workflows, has closed a €3.2 million seed round to accelerate its go-to-market and strengthen its position among French engineering consultancies. The round was led by 360Capital, with participation from ISAI Build Venture, SE Ventures and Kima Ventures.

Temelion’s platform automates repetitive work for building design engineers and keeps requirements, documents and deliverables in sync. It speeds bid/no-bid decisions, produces precise technical documentation and streamlines contractor evaluations. Trade-specific workflows for Mechanical (HVAC), Electrical and Plumbing are on the way, building a comprehensive toolkit to help engineers deliver faster, more accurate, higher-quality results.

Founded in 2025 by Jérôme Joaug, Rodolphe Héliot and Sébastien Gilles, Temelion is led by serial entrepreneurs with decades of experience operating and investing in high-growth companies.

Its vision is to free engineers from repetitive work so they can deliver faster, error-free outputs, reducing costs and raising quality across the built environment.

Jérôme Joaug, Co-founder and CPO of Temelion, shared:

When we first spoke with engineers, we expected resistance to AI. What we found instead was universal frustration with the hours spent crunching documents — work that none of them signed up for, yet dominates their daily lives.

The new funding will enable the company to expand its engineering team to refine the product across workflows, accelerate its commercial rollout in France (with a focus on building engineering firms), and invest in customer onboarding, support and integrations with industry-standard tools.

Google has pledged a £5bn AI investment into the UK, one of a string of expected major AI investments by US tech giants this week into the UK coinciding with the visit of President Trump to the country.

Google’s £5bn investment will be ploughed into infrastructure and scientific research over the next two years, including “pioneering” AI research in science and healthcare through its Google DeepMind operation.

Google, which is owned by parent company Alphabet, says the investment would help the UK boost its AI economy, open new doors for job opportunities and fortify cybersecurity.

Google, which is a significant player in AI and is behind the Gemini AI bot, said its investment is projected to create 8,250 jobs every year for UK businesses. The US tech giant is to officially open a £735m data centre in Hertfordshire today, alongside Chancellor Rachel Reeves. 

Ruth Porat, president and chief investment officer, Alphabet and Google, said: "Google’s investment in technical infrastructure, expanded energy capacity and job-ready AI skills will help ensure everyone in Broxbourne and across the whole of the UK stays at the cutting-edge of global tech opportunities.” 

Porat told the BBC that the government’s AI Opportunities Action plan was helping the investment but said “there’s still work to be done to land that”.

Demis Hassabis, co-founder and CEO, Google DeepMind, added: “We founded DeepMind in London because we knew the UK had the potential and talent to be a global hub for pioneering AI. The UK has a rich history of being at the forefront of technology - from Lovelace to Babbage to Turing - so it’s fitting that we’re continuing that legacy by investing in the next wave of innovation and scientific discovery in the UK." 

Rachel Reeves MP, Chancellor of the Exchequer, said:  “Google’s £5bn investment is a powerful vote of confidence in the UK economy and the strength of our partnership with the US, creating jobs and economic growth for years to come. This government is reversing decades of underinvestment that has held us back for too long, by slashing burdensome red tape, delivering bold reforms of the planning system and investing in better tech to unlock better jobs and opportunities. Through our Plan for Change we are building an economy that works for, and rewards, working people.”

The investment from Google comes amid expected investment announcements from OpenAI and Nvidia, to coincide with the visit by President Trump. OpenAI CEO Sam Altman and Nvidia CEO Jensen Huang are accompanying Trump on the visit.

The two firms are expected to announce a deal to support new data centres in the UK, which would be worth billions of dollars. It is expected that OpenAI will provide access to AI tools and tech and Nvidia the chips to power the AI models, with the UK government supporting the projects.

London-based Nothing closed $200 million in a Series C round at a $1.3 billion valuation. The round was led by Tiger Global, with significant support from existing shareholders GV, Highland Europe, EQT, Latitude, I2BF and Tapestry, alongside new strategic backing from Nikhil Kamath and Qualcomm Ventures.

Nothing is a consumer technology company building an AI-native platform where hardware and software converge into a single, intelligent system. Starting with smartphones, audio products, and smartwatches, and designed to extend across future form factors like smart glasses, robotics, and EVs, Nothing leverages the smartphone’s last-mile distribution and rich contextual signals to deliver deeply personalised, context-aware experiences.

Underpinned by an end-to-end value chain for speed, scale, and quality, the company pairs award-winning design with a global manufacturing and supply network.

In four years, Nothing has shipped millions of devices and crossed $1 billion in cumulative sales at the start of 2025, growing 150 per cent in 2024. Its community-driven model and go-to-market operations enable it to launch and support new hardware worldwide within months, without the constraints typical of incumbents.

With this milestone, the company is moving beyond a unique independent smartphone origin to building an AI-native platform that unifies hardware and software into a single intelligent system.

The next chapter focuses on integrating AI across devices to reinvent how technology anticipates intent and acts on users’ behalf. Alongside the Series C, the company is preparing to launch a new community round, giving supporters another opportunity to join Nothing’s journey.

Aspire11 has announced the launch of its inaugural €500 million pension-backed fund, led by Pavel Mucha, a long-term VC investor in the CEE region. Aspire11 is designed to connect world-class innovation with long-term capital intended to support companies for decades.

Aspire11's goal is to open new pathways for European pension funds to increase their exposure to VC funds and growth companies. It is inspired by the Canadian Maple Model. Currently, only 0.02 per cent of assets flow into high-growth startups, leading to globally uncompetitive returns for Europe’s retirees. Aspire11 aims to break this cycle.

Pavel Mucha founded KAYA VC, one of CEE’s first venture firms, co-founded the venture debt firm Orbit Capital, and has backed some of the region’s most successful venture stories, including Rohlik Group, Mews, Booksy, and DocPlanner.  He has also been an LP in numerous exceptional seed VC funds behind companies such as Revolut, PhotoRoom, Incident and Yoco. 

With more than 15 years of experience in private (non-public) markets and venture capital, Mucha brings this track record to Aspire11’s mission of reshaping and growing pension capital as a generational force fuelling the future economy.

Removing the pressure of short-term exits and cap table disruptions

The fund invests directly into VC investors and entrepreneurs, without intermediaries. By removing the pressure of short-term exits and cap table disruptions, Aspire11 empowers entrepreneurs and VC investors to focus on building enduring, industry-defining businesses. The fund operates with a long-term horizon, focusing on private (non-public) markets, prioritising fee efficiency and active participation, and has a mission to strengthen pensions.

Aspire11 launches with a barbell approach consisting of two strategies, named  Tribes and Eternals. With Tribes, it invests into a new generation of early-stage VC investors, growing tribes of ambitious founders specialising in emerging technologies and demographic shift-driven opportunities. With Eternals, Aspire11 fuels a fund that can hold for 20 years or more, supporting companies with a long-term vision for generational value through quality execution.

Mucha is joined by Tülin Tokatli as a partner to build and curate the Tribes portfolio, drawing on her track record in evaluating VC investors as a former investor at the European Investment Fund (EIF).  

With pension company Rentea, which is part of Czech financial organisation The Partners Group, a major LP of Aspire11, the fund aims to demonstrate that once pension capital is placed in the hands of outstanding VC investors and entrepreneurs, it benefits everybody and drives lasting prosperity.

Europe is undercapitalised and dependent on overseas capital. 

Analysis by Aspire11 found that redirecting just 1 per cent of European pension funds’ assets under management (AUM) would unlock an estimated €87 billion — which represents less than a quarter of their average annual yield — without undermining societal stability or welfare.

Aspire11's calculations indicate that an annual investment of as little as 1 per cent of European pension funds' AUM into the continent's economy over the next decade would unlock a sum exceeding €1.1 trillion. This is due to the benefits of increasing valuations and decades of compounding interest.

According to the European Central Bank, EU pension funds allocate just 0.02 per cent of total assets to venture capital, compared with almost 2 per cent for US pension funds.

Aspire11 plans to gradually grow its global footprint in the years to come, while always keeping Europe high on its agenda.

For Pavel Mucha, founder of Aspire11, awakening dormant pension capital and connecting it efficiently to VC investors and lifelong builders has turned into a mission:

"Thanks to broader shifts in EU pension and long-term investment rules, pension capital can now engage with the private and venture markets.

For years, the pattern has been the same. European private markets have not been deep enough, and their progress has been painfully slow. Entrepreneurs across the continent have been scrambling for patient, long-term capital inside Europe so they can build at scale, while VC investors have been forced to seek liquidity overseas.

The contrast with the depth of North American markets has been obvious and has long screamed for change."

Aspire11 will back both lifelong business builders and frontier VC investors. Mucha explains, 

"With Tribes, we commit ourselves to the next wave of high-conviction VC pickers. Through Eternals, we are ready to support companies not just for years, but decades, to buy them time to win. “Aspire11 invites entrepreneurs and VC investors to join in growing this vision.

With a horizon measured in decades, our goal is to turn dormant pension funds into a force that works for the people who have built and served the country, ensuring that life after work is not only secure but also rich in quality and possibility.”

As Aspire11’s international team expands, it will gradually extend its global reach.

According to Jan Hammer, Partner at Index Ventures, European tech is entering a new era of entrepreneurship. 

“The ambition to create European-born $50bn and $100bn companies has shifted from aspiration to reality. Each success paves the way for the next, delivering value for employees, investors, and the economy at large.

This momentum presents a significant opportunity for European pension funds — most of which have yet to allocate capital to venture—to share in the growth and prosperity.” 

Kai Hansen, founder of Lieferando/Takeaway and angel investor, shared:

“Having built and backed companies myself, I know that the businesses which truly change industries and deliver outstanding returns are created by founders who stay focused over decades, not quarters. 

To back such founders, we need a new kind of venture investor — one free from the short-term cycles that define traditional VC."

Aspire11 now aims to bring European pensions into the mix to make them work for stronger returns and contribute to future economy and prosperity.

Ghent-based OnTracx has secured €1.2 million in seed funding to develop technology that helps runners and health professionals better understand the body’s response to running.

The funding round included imec.istart fund, PMV, KBC, and a group of business angels combining sports medicine expertise with entrepreneurial experience from Belgium and the Netherlands, complemented by a VLAIO innovation grant.

OnTracx is a Ghent University spin-off founded in 2023, which brings science-based innovation to the global running and sports-medicine market. Its smart sensor platform serves individual runners, especially those prone to overuse injuries, as well as physical therapists, podiatrists, athletic trainers, and running coaches. By turning award-winning research into scalable products, the company enables data-driven training, injury prevention, and rehabilitation in a market of more than 110 million runners worldwide.

Rather than promising to eliminate injuries, OnTracx makes hidden biomechanical load visible, with a distinctive focus on cumulative load over time, widely recognised as critical to better outcomes. A lightweight sensor worn on the lower leg measures load on tendons, muscles, and joints, targeting the lower-extremity overuse injuries most runners face. It can support screening, yet the emphasis remains on understanding how load accumulates to guide smarter training and rehab decisions.

OnTracx captures everyday running and training, offering a clear view of load and capacity without oversimplifying human movement. The platform supports safer ongoing training and more informed return-to-run after injury, combining objective sensor data with runner-reported inputs such as symptoms.

By bridging the needs of runners, therapists, and coaches, and with growing ecosystem support, OnTracx is closing the long-standing gap between care, training, and performance.

Senne Bonnaerens, CEO and Co-founder of OnTracx, shared:

Our goal is to give athletes and caregivers a clearer understanding of loading patterns so they can make informed choices. Most runners just want to keep running – whether for health, performance, or enjoyment – and understanding hidden loads is an important step toward that.

With 110 million runners worldwide, and many struggling with overload injuries, OnTracx helps runners and clinicians collaborate on safer, more sustainable training. As the industry shifts toward load-based insights, the company is shaping that transition, creating opportunities for runners, professionals, and partners to help define the next wave of training and rehab.

The new funding will refine OnTracx’s wearable sensor and digital platform, scale commercialisation, and prepare for market entry in Europe and the US.

Plumerai, London developer of AI solutions for cameras, today announced an $8.7 million Series A funding round. New investors Partech and OTB Ventures led the round, with support from Acclimate Ventures and existing investors. 

This brings the total funding received to over $17 million. 

Plumerai’s Tiny AI is already running on millions of cameras, and includes People, Vehicle, Animal & Package Detection, Familiar Face & Stranger Identification, and Multi-Camera People Tracking.

It’s faster, cheaper, private, runs on battery-powered cameras, and uses inexpensive and off-the-shelf chips. 
With an initial focus on home security cameras, it is now rapidly expanding into Enterprise Security, Retail, and more.

 In addition to the funding, Plumerai announced today its first Vision LLM-powered features: 

•  AI Video Search helps users search for anything in their camera’s video history, e.g. ‘person peering through a car window’.   
• AI Captions accurately describe what actions took place in a video, enabling cameras to send rich notifications to their owners, such as ‘A delivery driver rang your doorbell, placed the package on the ground, and left again’. 
  

These features unlock valuable new applications for Plumerai’s customers and are driven by the recent advances in multimodal LLMs that make it possible to draw deep insights from videos. 

Plumerai’s Tiny AI, which runs on the edge when combined with its cloud-based Vision LLM, enables unmatched accuracy with record-low cloud inference costs. 

Benchmarks performed by customers show Plumerai’s AI Video Search to be more accurate than cloud-only solutions such as Amazon Nova and Google Gemini, and to have cloud costs up to 135x lower.

 “We are at an exciting point in time where powerful Vision LLMs are now both accurate and cost-efficient enough to open up valuable new use cases, thanks to our combination of on-device Tiny AI with cloud-based Vision LLMs,” says Roeland Nusselder, Founder and CEO at  Plumerai. 

“We’re going to make it possible for everyone to have their own AI security guard and assistant that never gets distracted, so they feel safer and calmer than ever before. 

It will warn you about a stranger in your backyard, a leaking water pipe, or simply help you find your keys.

And it’s not just for the home, but for retail, offices, warehouses, elderly care and more. The trust of our partners and investors allows us to bring powerful AI into the physical world, beyond desktops and the cloud-"

Reza Malekzadeh, General Partner at Partech, says: 

“There are many companies building great products but they struggle to add powerful AI features to their devices. Plumerai enables them to do this, move faster to market, with high-quality AI features, and lower development costs. 

They are on track towards a future where trillions of intelligent edge devices are equipped with their AI.”

 “We are particularly impressed by the strength of Plumerai’s technology and product, which has clearly outperformed in every technical evaluation performed by customers,” adds Marcin Hejka, Managing Partner at OTB Ventures. 

“Since customers can use simple over-the-air software updates to activate Plumerai’s AI on devices that are already in the field, Plumerai has been able to scale up quickly with rapid ARR growth as a result.

We look forward to working with Roeland and the entire team on this next stage of growth.” 

The new funding will drive Plumerai’s ambition to enable trillions of intelligent devices, a future that is now accelerated by its new Vision LLM features. 

Madrid-based Cofrai, the software platform specialised in managing fire protection companies, has secured a €2 million seed round. The round was led by DFF Ventures with participation from recognised industry experts.

Cofrai is a vertical SaaS platform that digitises and automates the management of fire protection companies. With back-office tools, a mobile app for technicians, and AI-powered features, Cofrai helps customers save time, reduce regulatory risk, and focus on scaling their business.

Though essential and tightly regulated, the fire-protection industry remains fragmented and dated. Thousands of companies worldwide still run on spreadsheets, paper, or legacy systems, driving inefficiency, extra costs, and compliance risk.

Cofrai closes this gap by bringing digitisation and AI to a field that safeguards public safety. Founded by Rafael Gorjao, Antonio Acevedo, and Javier Goitia, the company launched its MVP 18 months ago and already works with nearly 100 firms, including sector leaders.

It’s an essential sector for everyone’s safety, but digitally it remains stuck in the past. We want to close that gap with the best technology,

said Javier Goitia.

Cofrai’s platform unifies end-to-end operations and administration, supports compliance with Spain’s RIPCI and Verifactu requirements, and helps businesses scale through digital tools and intelligent automation.

The company will use funding to accelerate product development, strengthen its engineering team, and scale operations to consolidate its position as Spain’s standard while preparing for international expansion.

Shop Circle has announced the extension of its Series B funding round to a total of $100 million, combining $60 million in equity with strategic financing.

Shop Circle focuses on scalable, operationally critical software and is expanding its enterprise offering through targeted acquisitions and disciplined execution across product innovation, AI, and go-to-market. Its tools drive engagement and conversion, as well as internal operations, spanning both the interaction and efficiency layers of the modern software stack.

As Shop Circle evolves, it is becoming an AI-first acquirer, focused on delivering post-acquisition operational excellence across its portfolio.  I spoke to Luca Cartechini, co-founder and CEO of Shop Circle, to learn more. 

Shop Circle aims to build the leading European software platform powering the infrastructure of modern enterprise. 

"We want to acquire outstanding B2B products and scale them: applying AI to automate operations and lift margins on one hand, and strengthening go-to-market and partnerships on the other," shared Cartechini.

Efficiency is Europe's competitive edge

Cartechini asserts that while it's difficult for European companies to compete one-to-one with Silicon Valley on innovation — they can afford to pay developers millions of dollars — what Europe does better is efficiency.  This is why several acquisitive software companies have emerged locally in the past few decades, scaling successfully through a purely acquisitive path such as Visma, TeamSystem, and Bending Spoons.

"They've grown into far more than unicorns; they've become some of Europe's most important tech players. We believe you can build some of the greatest technology companies in the world from Europe, following a similar model," shared Cartechini.

Europe's software market is vast, but IPO potential is slim

Europe is home to nearly 13,000 software companies making over $10M in annual revenue, and around 4,000 are above $50M.  According to Cartechini, only one or two per cent have the potential to go public, while the rest are better suited to remain independent or become part of a platform like Shop Circle.

"Europe's market is very fragmented. Compared to Silicon Valley, there are fewer companies raising capital — and I think that's a good thing.

The problem with raising capital is that once you do, you can't go back. If you can't get to $100M ARR or more, you're stuck with liquidation preferences and investors pushing you to scale at all costs. 

Statistically, it's almost impossible in Europe for a standalone software company to reach $200M ARR."

Cartechini recalls his time in equity research covering listed tech companies: 

"The IPO threshold used to be around $100 million in ARR. Now it's closer to $500 million—out of reach for 99 per cent of venture-backed companies in Europe. Frankly, many of them should never have raised money in the first place."

Still, he argues, those companies can build great products and capture value by joining a larger platform. 

"We're seeing more and more opportunities—both from bootstrapped firms that grew sustainably and from those that raised a round or two before realising that partnering with a larger group would help them create something more meaningful."

An AI-first playbook for acquisitions

Shop Circle is still young — just four years in — while many of its peers have been building for 15 to 25 years. But over the past four years, Shop Circle has acquired 16 companies. Yet Cartechini notes a cultural difference compared to other firms pursuing a similar acquisition model: 

"Our edge is applying AI and taking a product-led operator approach. We are product- and people-first operators. Around 70 per cent of our team are technical developers, engineers, and product people. 

We're not a private equity firm. We have dedicated AI teams focused on automating operations and increasing margins across our portfolio, which enables us to adopt an AI-first, acquisitive business model."

One of Shop Circle's playbooks is embedding AI post-acquisition to expand margins.

It builds or adopts tools that automate repeatable tasks in HR, marketing, finance, and support. 

"That quickly lifts margins — we're already running at more than 25 per cent EBITDA across the portfolio, shared Cartechini.

When evaluating acquisitions, Shop Circle focuses on fundamentals: net dollar retention, churn, EBITDA, and cash flow.

"Churn is especially important in AI because no one yet knows how sticky these tools are. Most companies we acquire have usually been around 7–10 years, with proven product-market fit and strong cohorts.

Typically, we target companies with $2M–$10M ARR and a clear path where we can take them from two to ten."

For example, as part of this evolving strategy, Shop Circle has recently acquired KrakenD, a high-performance API gateway that simplifies and accelerates data delivery.

The four pillars of Shop Circle's acquisition model

According to Cartechini, Shop Circle has consistently proven it can improve their performance post-acquisition with a repeatable playbook that combines operating leverage, AI integration, and vertical expertise. 

"We now serve more than 130,000 paying customers, which gives us strong visibility into what works in B2B SaaS. It comes down to consistent execution, supported by metrics — including revenue, EBITDA margins, and growth — and a proven business model."

Cartechini argues that Shop Circle approaches acquisitions differently in four key ways.

First, it buys to own forever. "We're not a private equity fund. We preserve the brand, the product, and the team. If they want, they can keep autonomy and become part of a larger organisation."

Second, it centralises the backend, taking over finance, legal, HR, and customer support — "the things founders don't enjoy"— so their teams can focus on product and customers. 

"By doing this, we've improved EBITDA margins almost every month.

Today we're at more than 25 per cent across the portfolio. Software companies usually have gross margins of 95 per cent, but many remain unprofitable because they're run inefficiently. With discipline and AI, you can make them highly profitable."

Third, it adds talent. According to Cartechini, each role at Shop Circle attracts more than a thousand applications. Shop Circle applies a rigorous, data-driven approach to hiring, reviewing over 45,000 applications annually to select the top 0.1 per cent of candidates with exceptional technical skills and long-term potential. 

"That allows us to place world-class engineers, operators, and AI specialists into portfolio companies when needed. A 10-person bootstrap team doesn't normally have access to that level of talent."

Cartechini contends that Europe doesn't have a talent shortage. 

"We have some of the best universities and engineers in the world. What we lack is capital. Our model allows us to combine Europe's talent base with the scale and capital needed to grow."

And fourth, it provides access to our customer base and network:

"We don't merge products because that's messy, but we give portfolio companies access to 130,000 customers and hundreds of consultants in GTM, product, partnerships, and pricing."

Often, the founder becomes GM of the acquired company. They maintain autonomy on product development but benefit from central support. In some cases, they even go on to lead a business unit within Shop Circle, with their own M&A budget to consolidate other products.

Cartechini asserts that it's crucial that transactions are fair and that founders see their companies not only preserved but actively scaled.

"That's very different from the horror stories many founders have heard."

Shop Circle's business model has resonated strongly with investors — this is the company's fourth round in four years, each at a higher valuation. 

Nextalia Ventures led the round, which included a mix of European and US investors, including existing backers, Primo Capital and CDP Venture Capital, alongside new strategic investors such as 645 Select Fund, which invested through its designated vehicle, FNDX, FG2 Capital, and entrepreneurial family offices backed by leading industrial and technology groups. 

“We invest through our Select Fund in the best companies of our venture portfolio, and Shop Circle has proven it has the potential to become one of the leading enterprise software companies globally. The next wave of digital transformation will belong to those who embed AI deeply into their products, pricing, GTM strategies, and internal workflows, exactly as Shop Circle is doing,” said Nnamdi Okike, Managing Partner at 645 Ventures.

"We doubled down on Shop Circle because we believe it can become one of the next leading European technology companies powering the infrastructure of modern enterprises," said Francesco Canzonieri, Founder and CEO at Nextalia Investment Management.

But for now, Shop Circle's goal is to keep building quietly and efficiently. The capital will fund an ambitious M&A roadmap, with multiple acquisitions already in advanced stages, and accelerate AI product development across the company's portfolio.

AI-native restaurant management platform Nory has raised $37 million in a Series B led by Kinnevik, bringing total funding to $62.6 million. The round comes just one year after the company’s Series A, led by Accel, which also participated in this round alongside existing investors.

Nory is an AI-powered restaurant management platform that unifies business intelligence, inventory, workforce, and payroll into one control centre to streamline operations and boost margins. It plugs into a restaurant’s existing tech stack and uses real-time data plus predictive analytics to forecast demand, optimise labour and inventory, and deliver actionable recommendations to frontline teams.

Built for independent, multi-location, franchise, and enterprise groups, Nory replaces scattered spreadsheets with a single source of truth for consistent, profitable execution.

Created by industry insider Conor Sheridan, it’s purpose-built for hospitality and has helped restaurants cut operating costs by nearly 20 per cent and lift core net profits by up to 50 per cent.

By automating time-consuming back-office tasks like business analysis, digital guest engagement, rota planning, procurement, and finance, Nory saves over 100 hours of admin per site each month, while its AI learns from historical operations and sales to deliver real-time insights and recommendations.

Conor Sheridan, Founder and CEO of Nory, commented:

At a time when hospitality is under pressure, we are putting restaurants back in control of their profitability and their destiny. 

The future of hospitality isn’t robots or gimmicks. It’s AI that makes restaurants smarter, leaner, and more profitable, with automation that frees teams up to focus on what matters: great food and even greater customer experiences.

The Series B will fund AI enhancements to Nory’s platform, including hiring world-class data scientists, advancing proprietary algorithms, and deploying autonomous AI assistants. It will also accelerate the company’s US expansion.

Nory, a British AI-native restaurant management system for hospitality businesses, today announced it has raised €31 million in Series B funding to further AI enhancements and drive the company’s expansion to the US.

The round was led by Kinnevik, with participation from Series A lead Accel, alongside other existing investors – bringing total funding to €53 million.

“At a time when hospitality is under pressure, we are putting restaurants back in control of their profitability and their destiny,” said Conor Sheridan, Founder and CEO of Nory. “The future of hospitality isn’t robots or gimmicks. It’s AI that makes restaurants smarter, leaner, and more profitable, with automation that frees teams up to focus on what matters: great food and even greater customer experiences.”

Nory claims to be the first AI-native restaurant management system, built to put hospitality operators back in control of their profitability. Founded in 2021 by Conor Sheridan, Co-founder of Mad Egg, an Irish restaurant group – Nory combines business intelligence, workforce management, inventory, and payroll into one platform.

Nory delivers real-time insights and AI-powered recommendations that streamline decision-making, reduce costs, and increase margins. On average, restaurants using Nory reportedly cut operating costs by nearly 20% and boost core net profits by up to 50%.

Nory partners with leading hospitality brands across the UK & Ireland, including Jamie Oliver Group, Black Sheep Coffee, and the Azzurri Group.

Hit by rising taxes, inflation, and skilled labour shortages, the UK hospitality sector is nearing breaking point, with bars, restaurants, and pubs closing at a rate of two per day. Headwinds are expected to persist as new employment costs introduced by the UK Government in April 2025 squeeze margins even further.

According to the company, Nory helps restaurant operators save over 100 hours of admin per restaurant each month by automating time-consuming back office tasks such as business analysis, digital guest engagement, rota planning, procurement, and finance. Its AI platform learns from historical operational and sales data to deliver real-time business insights and AI-driven recommendations directly to frontline workers.

“Nory is rewriting the hospitality playbook,” said Jose Gaytan de Ayala, who led the investment for Kinnevik. “As the sector faces rising costs and complexity, Nory stands apart as the only AI-native platform purpose built to help restaurants meet and overcome these headwinds. We were impressed by the strong customer feedback, which highlighted the quality of Nory’s platform and the meaningful ROI it delivers for customers. With our support, Nory will go even deeper on AI and bring the next wave of innovation to restaurant owners in the UK and beyond.”

The Series B will fuel further AI enhancements to Nory’s platform, including the strategic hiring of data scientists, continued development of proprietary algorithms, and the deployment of autonomous AI assistants. The funds will also drive the company’s US expansion.

The post London-based HospitalityTech startup Nory secures €31 million to transform restaurant operations with AI appeared first on EU-Startups.

Madrid-based Lightbase, an AI-powered developer tools platform, announced its official launch along with a €2.2 million pre-seed funding round. The investment will fuel Lightbase’s mission to accelerate the pace at which engineering teams deliver value by eliminating one of their most persistent bottlenecks: knowledge fragmentation.

The round was led by Picus Capital, with participation from Kfund, Helloworld, and angel investors Jorge Poyatos, Albert Nieto, Christian Beedgen, and Rodrigue Schäfer.

In growing engineering organisations, the real productivity bottleneck isn’t writing code, it’s finding and sharing the knowledge needed to change it. Developers spend roughly a third of their time coding, with the rest lost to meetings, interruptions, and coordination. Senior engineers carry the heaviest load, fielding questions and mentoring. The problem deepens with new hires, who face a steep learning curve and remain dependent on teammates because there’s no reliable, self-serve way to navigate the codebase. When experienced engineers switch teams or leave, critical context disappears, creating costly, hard-to-close knowledge gaps.

Lightbase, an AI-powered code intelligence platform, solves this by turning codebases and engineering tools into a living knowledge system. It plugs directly into repos and workflows, analyses the code, and uses AI to deliver instant, accurate answers about how your systems work, far beyond what generic AI coding assistants provide. The result: fewer interrupts, faster onboarding, preserved institutional knowledge, and a meaningful lift in real engineering throughput.

As teams scale and systems grow more complex, Lightbase gives engineers, product managers, and new hires rapid insight into architecture, data flows, and dependencies. This reduces constant pings to senior developers and can free up to 50 per cent of time lost each week to onboarding, meetings, and repeated explanations.

This pre-seed investment will accelerate Lightbase’s product development and expand its engineering team. Following strong results with early customers, Lightbase is opening its platform to more companies across Europe and North America.

Paris-based Seyna announced today a €10 million funding round to enable the insurer to maintain its growth trajectory without compromising its solvency ratio, and to further accelerate its investments in technology and AI.

The round was led by 115K, the fund of La Banque Postale, with the support of its long-standing shareholders White Star Capital and Elaia bringing its total funding to €57 million.

“This acceleration confirms that the market believes in Seyna’s value proposition. Our technology investments allow us to launch better, tailor-made products for each broker or MGA, without compromising on risk management, even with a diverse product portfolio. The strength of our system, reinforced by this funding round, gives us confidence in scaling growth in a controlled manner,” explains Stephen Leguillon, CEO of Seyna.

Since 2019, Seyna says they have been growing on one principle: rebuilding all the operations of a primary insurer from scratch, powered 100% by technology. In 2024, Seyna exceeded €91 million in Gross Written Premiums. Today, it announces a surge in demand for its products, expecting to surpass €125 million in premiums in 2025.

“Seyna is moving in the right direction. We know we can count on them for our upcoming launches and market expansion. Their ability to turn our data into actionable decisions is a true differentiator,” adds Benoît Dominique, President at Phenomen.

Seyna’s model, an insurer 100% broker-dedicated, tech-powered, and focused on a limited number of verticals has found its market. The company will continue pursuing its Horizon 2027 strategy: consolidating its verticals, investing in technology for resilience and margin improvement, and ensuring sustainable growth. Already operating internationally in three countries (Germany, Spain and Poland), the insurer will also continue to support its broker clients as they expand across Europe.

“We are building a real insurer, just like our peers, under the same constraints. However, by embedding technology and generative AI, we’re able to automate operations such as portfolio monitoring that others still handle manually,” says Jean Nicolini, CFO & CRO.

Seyna says its differentiation lies in its ability to operate more efficiently than competing insurers through technology. Seyna’s recent advances in AI, such as processing bordereaux data, improving pricing benchmarks, speeding up legal work, and automating portfolio monitoring go to prove the impact of these investments. This new funding will accelerate them.

“At 115K, we are convinced that Seyna brings a unique value to the insurance sector: their perfect knowledge of the brokerage model supported by a technology-driven approach that is unique on the market, as well as their ability to iterate swiftly within a rigorous regulatory framework make them a rare asset in the insurance space.

“For the past three years we have witnessed the team’s excellent execution capabilities and steady progress, therefore we are thrilled to provide them with the combined insurance expertise of both 115K and La Banque Postale to support their growth ambitions,” says Armelle de Tinguy, General Partner at 115K

In an insurance carrier model, premium growth automatically requires more solvency capital. Instead of turning down capacity requests from brokers or slowing down insurance product launches, Seyna has chosen to anticipate demand and reinforce its ability to scale safely with this new funding round.

“This round is not a short-term sprint: it consolidates our efforts. It allows us to support growth and tech investment without compromising the company’s structural balance. Our ambition remains unchanged: to build an infrastructure that enables us to onboard more and more portfolios while remaining brokers’ first choice and delivering top-tier profitability,” concludes Leguillon.

The post French InsurTech startup Seyna raises €10 million as it expects to surpass €125 million in premiums in 2025 appeared first on EU-Startups.

Portuguese-founded defencetech startup Tekever has opened its biggest UK site, where it will manufacture drones for surveillance and intelligence purposes. The 254,000-square-foot facility is located in The Spectrum Building, a historic Grade 11-listed building designed by architect Sir Norman Foster in Swindon and is expected to open in 2026.

The defencetech startup, which became a unicorn in May this year, says it will produce one of its largest drones in the UK for the first time, and increase production of another from the site. The UK has already brought £270m of Tekever drones supporting Ukrainian forces attacking Russian air defence systems.

The opening of the new site forms part of a five-year Tekever initiative aiming to create over 1,000 highly skilled jobs in the UK and invest more than £400m into British drone production and advanced AI warfare capabilities. It will be the manufacturer's fourth UK site and its largest so far. Swindon has a long-standing history linked to UK defence. 

It produced the Supermarine Spitfire during the Second World War while drone companies Stark and Munin Dynamics are located in Swindon.

Karl Brew, Tekever, head of defence unit, said: "Our new facility will not only increase Tekever’s capacity to innovate and meet the rapidly evolving needs of our clientele, but also enable our business to operate more efficiently as we continue to scale our ambitions in line with our fervent commitment to transforming the UK’s defence industry into a leading powerhouse on the global stage.” 

Will Stone, MP for Swindon North, said: "This announcement supports my ongoing commitment to establishing a Drone Cluster of excellence in Swindon, creating highly skilled, well-paid jobs while also fostering new education and training opportunities for young people in our community.”

feld.energy, a Munich-based agricultural photovoltaics (Agri-PV) startup, has secured more than €10 million in Seed funding to scale its dual-use solar and farming systems across Germany.

The round was led by HV Capital, with backing from Future Energy Ventures, AENU, and Angel Invest.

Dr Adrian Renner Co-founder and CEO, says “Securing this Seed round is a decisive step forward for feld.energy. Our vision is to prove that farming and renewable energy can complement each other to create lasting value. By empowering farmers to generate clean electricity without compromising food production we improve agricultural resilience and accelerate the shift toward a climate-neutral economy. This funding will help us strengthen our team and scale our solution so that farms everywhere benefit from this dual-use approach.“

Founded in 2024 by Dr Adrian Renner and Lukas Zels, feld.energy aims to enable farmers to simultaneously grow food and generate clean electricity using modular, machine-friendly Agri-PV systems.

The company operates across the full deployment chain – from feasibility assessment to construction – and positions its tech as both subsidy-free and economically compelling. Under its lease model, farmers can earn over €100k over 20 years, all while reportedly maintaining full agricultural output.

“The Agri-PV sector is at an inflection point, and feld.energy is exceptionally well positioned to unlock its enormous potential,” noted David Kuczek, General Partner at HV Capital.

Germany’s energy transition is creating a fertile ground for such innovation. The country aims to achieve 60% renewable energy in gross final consumption by 2050, and the Fraunhofer Institute for Solar Energy Systems (ISE) estimates that Agri-PV could unlock up to 2,900 GW of technical potential across the nation.

With land-use pressures mounting and water conservation becoming increasingly vital, solutions like feld.energy’s are uniquely positioned to address both climate and economic concerns simultaneously.

Operating on a mission to make solar-agriculture co-existence the norm, not the niche, feld.energy focuses on areas ranging from arable fields and pastures to speciality crops. Its technology promises machine-compatible solar installations that preserve farming workflows while delivering decentralised energy output.

“Agri-PV is rapidly trending because it brilliantly addresses the growing land competition for food and energy production, offering win-win solutions for farmers through diversified income and enhanced crop resilience, all while driving the green energy transition forward. We believe that feld.energy’s exceptional Founders are the ones who will bring Agri-PV from niche to the mainstream,” said Jan Palasinski, Partner at Future Energy Ventures.

With this fresh funding, feld.energy plans to grow its team, scale operations, and bring its model to more farms across Germany – and potentially beyond. The startup’s long-term goal is to transform dual-use farmland into a climate-resilient, income-generating standard for modern agriculture.

Philip Specht, Partner at AENU, praised the founders’ vision: “feld.energy is leading the charge in the fast-growing Agri-PV market, transforming agricultural land into hybrid powerhouses that blend energy generation and farming.”

The post Farm to fuse box: Germany’s feld.energy harvests over €10 million to double up farmland as solar fields appeared first on EU-Startups.