European fintech has been bitten by layoffs again, with news that Ireland's Wayflyer has let go of 40% of its staff — 200 jobs, 70 of which are at its Dublin HQ — and Sweden's Juni has cut a further 30% of its workforce, after letting go of 10% in September.
In funding news biotech Cradle has emerged from stealth with €5.5m in seed money and a machine learning platform it hopes will supercharge the biomanufacturing sector. And VC Index Ventures is launching its second seed-focused fund, of $300m, less than two years after launching its first.
Elsewhere, in the wake of "radical transparency” taking off, how candid should startups be? Our upcoming Sifted Talks digs into the open startup movement. Hear what the experts have to say on November 23. From the Sifted newsroom: |
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— Sadia, editorial assistant & Tom, digital editor
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🤔 Which investors have backed the most crypto startups? After the collapse of crypto exchange FTX, confidence in the sector is plummeting. But which investors have been most seduced by crypto companies in the past couple of years? And which European investors got involved with consumer-facing crypto’s biggest deals? Sifted digs into the data. |
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Teachers’ Venture Growth (TVG) brings over 30 years of expertise and a long-term commitment to help founders scale their businesses into global leaders. |
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🥲 What not to say to a freshly fired friend. When your company lets a colleague go or a pal loses their job, it can be hard to know how to respond. Anh-Tho Chuong Degroote, CEO of Lago, details exactly what kind of communication is helpful — and, crucially, which phrases to steer well clear of.
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🇩🇪 The German startups worth watching. Despite a dip in funding since the jubilant days of 2021, there's still plenty to be excited about in German tech. From sustainable battery recycling to digital food supply chains, here are 13 startups based in Germany that VCs are keen to keep an eye on.
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🧩 Become a pro at product-market fit. Before jumping headfirst into an industry, startups have to make sure that there's a valid demand for their services. That's where product-market fit comes in. But how do you find it? Senior product and operations people from various startups and VCs offer their advice.
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🇮🇹 What's hot in Italian tech? Italy has recently come into its own as a European tech hotspot, becoming one of just three countries to maintain positive growth in first three quarters of 2022. Interested in digging deeper into this promising dark horse? Sifted has all the details and data you need to know.
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🏭 More bad news for Britishvolt. It's not been a great few months for the gigafactory startup, which has taken another hit as its only secured creditor appointed receivers over part of its assets, protecting itself in case the company goes under. |
🎤 You're on your own mate. Life as a solo GP isn't for the faint-hearted, as the luxury of more freedom is brought down to earth by the increased risk and responsibility of going it alone. But in Europe, a growing number of investors are venturing into uncommon ground. Here's an updated list of all of the crazy kids slaloming solo across Startup Europe.
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❌ More layoffs at Juni. The Swedish fintech is letting a further 30% of its employees go, after 10% of its workforce was cut in September. It also raised $206m in a debt and equity Series B round earlier this year, after which it said its plan was to grow the team's headcount by 60 employees.
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🌱 Index Ventures' plants the seed again. The San Francisco and London-HQ'd VC firm has launched a second seed-focused fund, this time of $300m. It's been just a year and a half since it launched its first $200m seed fund, and the money from the new vehicle will be invested in startups across the US, Europe and Israel.
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🧬 Cradle comes out of hiding. The biotech company, which has created a machine learning platform that reverse engineers proteins to make product-development experiments more cost-efficient, emerged from stealth with a €5.5m seed round.
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💳 Wayflyer lays off 40% of workforce. The Irish fintech attributed the loss of 200 jobs, 70 of which were at its Dublin HQ, to the consequences of overstretching on growth. Losses at its Irish unit grew sevenfold in 2021 compared to the year before; meanwhile, its global headcount increased fivefold.
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👶 Baby steps for the EU's deeptech fund. The European Innovation Council (EIC) Fund has announced its first two investment agreements since hiring an external fund manager to help unclog its stalled deeptech investment scheme. But not all's rosy — dozens of other companies selected for equity investment are still waiting for their money.
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Calling all startup folk 📢 |
Running or working at an early-stage startup isn't always easy. And when it feels like you're driving the train while building the tracks, who do you turn to for support?
Every Wednesday morning Sifted's Startup Life newsletter brings you a dose of sage wisdom from across European tech, dropping everything you need to manage and grow a successful business straight into your inbox. Sign up to: |
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Sadia Nowshin Editorial Assistant |
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