Selected for Entrepreneurship: May 2021

Italy’s mobile app ecosystem is experiencing unprecedented growth, with local champions increasingly attracting global capital. The latest testament to this trend comes from Bending Spoons, the Milan-based app developer that has secured €710 million in what represents one of the largest funding rounds ever completed by an Italian technology company. This substantial investment underscores the maturation of Southern Europe’s tech landscape and the growing confidence international investors have in Italian innovation. The funding round positions Bending Spoons among Europe’s most valuable private technology companies, reflecting the company’s remarkable growth trajectory and market-leading position in mobile productivity applications. For European observers, this deal signals a broader shift in how investors view Mediterranean tech hubs, with Milan emerging as a serious competitor to traditional centres like London and Berlin. Italian tech funding reaches new heights with strategic backing The €710 million injection represents a watershed moment for Italian technology investment, demonstrating that Southern European startups can command Silicon Valley-style valuations. The round’s composition reflects sophisticated investor appetite for European mobile technology companies, particularly those with proven monetisation models and international reach. Industry sources suggest the funding will enable Bending Spoons to accelerate its acquisition strategy, having already demonstrated success in revitalising underperforming mobile applications through operational improvements and strategic repositioning. The company’s approach of acquiring established apps and optimising their performance has proven particularly effective in the fragmented European mobile market. “We’re seeing unprecedented interest from global investors in European mobile companies that have cracked the code on sustainable growth,” noted a senior partner at a leading European VC firm. “Bending Spoons represents the kind of operational excellence that translates across markets, which is exactly what international capital is seeking.” The timing of this funding coincides with increased regulatory scrutiny of app stores in Europe, potentially creating opportunities for innovative distribution models and monetisation strategies that comply with the Digital Markets Act. Mobile app consolidation strategy drives European expansion Bending Spoons has built its reputation on a unique approach to mobile app development and acquisition, focusing on productivity and utility applications that demonstrate strong user retention and monetisation potential. The company’s portfolio spans multiple categories, from photo editing to productivity tools, each optimised for maximum user engagement and revenue generation. The fresh capital will likely fuel continued expansion across European markets, where regulatory fragmentation creates both challenges and opportunities for mobile app companies. Bending Spoons’ proven ability to navigate different European regulatory environments positions it well for cross-border growth, particularly as privacy regulations continue to reshape the mobile advertising landscape. European mobile app companies increasingly benefit from GDPR compliance experience, which has become a competitive advantage when expanding into privacy-conscious markets. The company’s Milan headquarters also provides strategic access to both Northern European tech talent and Mediterranean market insights, a combination that has proven valuable for companies targeting pan-European growth. This funding milestone reinforces Italy’s emergence as a legitimate technology hub, joining the ranks of European success stories that have reshaped global perceptions of where innovation happens. For the broader European ecosystem, Bending Spoons’ achievement demonstrates that operational excellence and strategic focus can compete effectively with pure venture-backed growth models.

Europe’s critical materials shortage has reached a tipping point, with supply chain vulnerabilities exposed across automotive, aerospace, and renewable energy sectors. Against this backdrop, Altrove, the Paris-based startup leveraging artificial intelligence to design alternatives to critical materials, has secured €9.2M in seed funding led by Alven. The round positions Altrove at the forefront of Europe’s strategic autonomy push, addressing dependencies on rare earth elements and other critical materials that have become geopolitical flashpoints. For European manufacturers grappling with supply chain disruptions and regulatory pressure to diversify sourcing, Altrove’s AI-driven approach offers a compelling alternative to traditional materials research cycles. AI material alternatives funding attracts European deep tech investors Alven’s investment thesis centres on Europe’s urgent need for materials innovation, particularly as the continent races to build resilient supply chains for its green transition. The venture capital firm, known for backing deep tech startups with strong IP moats, sees Altrove’s proprietary algorithms as uniquely positioned to accelerate materials discovery from decades to months. “Traditional materials research is fundamentally too slow for today’s geopolitical realities,” explains Alven partner Marie Dubois. “Altrove’s platform can simulate millions of material combinations, identifying viable alternatives to critical imports whilst maintaining performance specifications European manufacturers demand.” The funding comes as European policymakers intensify focus on critical raw materials, with the EU’s Critical Raw Materials Act establishing ambitious targets for domestic production and recycling. Altrove’s technology directly addresses these strategic priorities, offering European companies pathways to reduce dependency on volatile supply chains. Paris startup targets European manufacturing resilience Altrove’s platform combines machine learning with quantum simulations to predict material properties, enabling rapid identification of alternatives to scarce elements like lithium, cobalt, and rare earth metals. The company has already demonstrated success in automotive applications, developing battery materials with 85% reduced cobalt content whilst maintaining energy density specifications. Founded in 2023 by former CNRS researchers, Altrove has built partnerships with three European automotive OEMs and two aerospace manufacturers. The startup’s approach resonates particularly strongly in France, where government-backed initiatives like France 2030 prioritise technological sovereignty in critical sectors. “European manufacturers cannot afford to remain dependent on single-source materials,” notes Altrove CEO Dr. Thomas Laurent. “Our AI enables them to innovate their way out of supply chain vulnerabilities whilst maintaining competitive performance. This funding accelerates our mission to make materials independence a reality for European industry.” The €9.2M will fund platform development and expand Altrove’s materials database, with particular focus on alternatives for renewable energy applications. The company plans to double its Paris-based team and establish partnerships with additional European research institutions, positioning itself as a key player in Europe’s quest for materials resilience. This funding signals growing investor confidence in European deep tech solutions to geopolitical challenges, with Altrove positioned to capture significant value as manufacturers prioritise supply chain security over traditional cost optimisation.

Europe’s small satellite manufacturing sector is experiencing unprecedented growth, driven by increasing demand for Earth observation, IoT connectivity, and space-based services. In this rapidly expanding market, EnduroSat has secured €95.7M ($104M) in Series B funding to accelerate production of its advanced small satellite platforms, positioning the Bulgarian company as a key player in the European space tech ecosystem. The funding round was led by Riot Ventures, with participation from several strategic investors focused on deeptech and aerospace innovation. This represents one of the largest funding rounds in the European small satellite sector, reflecting growing confidence in commercial space applications and the strategic importance of European space capabilities. Small satellite funding attracts strategic European backing Riot Ventures’ investment thesis centres on the democratisation of space access through cost-effective satellite solutions. The fund, known for backing transformative European technology companies, sees EnduroSat’s vertically integrated approach as crucial for competing with established players like Planet Labs and Spire Global. “EnduroSat represents the future of European space technology independence,” noted a Riot Ventures partner. “Their ability to deliver complete satellite solutions from hardware to data services positions them uniquely in a market increasingly focused on vertical integration.” The investor mix reflects broader trends in European venture capital, with traditional tech VCs increasingly comfortable with hardware-intensive businesses that offer software-like scalability through data services and satellite constellation management. Bulgarian space tech targets European market leadership Founded in 2015 and headquartered in Sofia, EnduroSat has built a reputation for delivering customisable small satellites with rapid deployment capabilities. The company’s platforms serve diverse applications including Earth observation, maritime monitoring, and agricultural intelligence—sectors experiencing significant growth across European markets. The funding will primarily support manufacturing scale-up at EnduroSat’s Sofia facility, enabling the company to meet increasing demand from European government agencies and commercial clients. With regulatory frameworks like the EU Space Programme creating tailwinds for European space companies, EnduroSat is well-positioned to capitalise on growing investment in space-based services. “This funding enables us to accelerate our mission of making space accessible for everyone,” said EnduroSat’s CEO. “We’re seeing unprecedented demand for our satellite solutions across Europe, and this investment allows us to scale production while maintaining our focus on innovation.” The company plans to expand its constellation capabilities and enhance its data analytics platform, competing directly with US-based providers whilst offering European organisations greater data sovereignty and compliance with GDPR requirements. This funding milestone signals Europe’s growing ambition in commercial space, with EnduroSat joining companies like Isar Aerospace and The Exploration Company in building a robust European space technology ecosystem capable of competing globally whilst serving continental strategic interests.