The UK is set replace existing startup and innovator visa routes for overseas entrepreneurs hoping to move to the country to start a business.
The changes will come in from April 13, and the requirement for founders to have £50k in their pocket ready to invest in their startup will also be scrapped.
So far, so good.
But it's unclear if policymakers will ditch the most controversial part of the existing schemes — the endorsement system, which is a "ripoff" according to one lawyer, and has led to some founders paying huge fees or giving away equity to get backing for their visa application.
Also from the Sifted newsroom today:
With plastics flooding the ocean and damaging the planet, companies are looking to leave a lighter footprint. From mushroom-based materials to self-destructing cups, our latest report explores the innovative startups promising to do better with sustainable packaging.
— the valuation that Europe's most valuable private startup, fintech giant Revolut, was assigned in a mammoth $800m round in July 2021 led by SoftBank and Tiger.
But times have changed. Last year Europe's buy now, pay later star Klarna saw its valuation slashed by 85%, and only last week US payments giant Stripe saw its valuation nearly halved, from $95bn to $50bn.
One of the world’s leading secondary brokers, Setter Capital, has Revolut holdings listed at a discount of more than 50%, according to documents seen by Sifted.
So it's worth asking: does the $33bn price tag still stack up?
💰 Series A+
Norwegian B2B buy now, pay later startup Two has raised an €18m Series A round from investors including Sequoia and LocalGlobe.
Commercial vertical take-off and landing drone producer Wingtra has raised a $22m Series B.
- XXII, a French AI-powered video analysis platform, has announced a €22m Series A.
Ireland's HT Materials Science, which is developing an additive that reduces energy consumption in commercial cooling and heating systems, has raised a $15m Series A from investors including Barclays and Aramco Ventures — the corporate venture arm of Saudi energy company Aramco.
Dutch startup Vitestro, which is developing autonomous blood drawing technology, has raised €12m in Series A funding.
- Sifflet, a French startup helping teams monitor and manage data, has raised a €12m Series A round led by EQT Ventures.
IPRally Technologies, an AI-powered Finnish company that helps IP and R&D teams find and classify patent information, has raised a €10m Series A.
💰Pre-seed & seed
Paris-based Roundtable, a platform for angel investors to form community chats and invest as special purpose vehicles, has raised a €3m seed round from 100 angels who use its service.
Metatime, a Turkey-based crypto exchange platform, has bagged $11m in seed funding.
Germany's Monite, which helps B2B software companies manage finances, invoices and expenses on one platform, has raised $5m in an additional seed funding.
Turkish mobile game developer Passion Punch has raised $4m in seed funding.
Mainteny, a Berlin-based platform that helps maintenance businesses digitise, has raised €2.7m in seed funding.
- MYSTiC GAMES, a blockchain gaming development studio, has raised a $1.3m seed round.
Carbonable, a Paris-based startup that helps companies invest in carbon capture on the blockchain, has secured $1.2m in seed funding led by Ethereal Ventures.
Copyright © 2023 SIFTED (EU) LTD, All rights reserved.