The European fintech sector continues to attract early-stage capital, with AI-powered financial modelling emerging as a particularly active frontier for investor interest. As finance teams across high-growth organisations grapple with the limitations of static spreadsheets and fragmented planning tools, a new generation of startups is building intelligent infrastructure to replace legacy workflows. Stockholm-based Galdera Labs has now entered this space with a €1.5 million pre-seed round to develop an AI-native financial modelling platform designed for growth-stage finance teams. The funding will support platform development, reasoning infrastructure buildout, and an initial customer rollout targeting fast-growing companies with complex financial operations. Galdera’s platform combines a high-performance calculation engine with a semantic memory layer that links financial data directly to underlying business context, assumptions, and strategic decisions — enabling finance teams to query models in natural language and simulate complex scenarios in minutes rather than weeks. Klarna Veterans Back AI Financial Modelling Vision The pre-seed round was led by J12 Ventures, with participation from Antler and a roster of angel investors drawn from notable European technology companies including Klarna, DeepL, Stripe, and Plata. The investor composition reflects strong confidence in the founding team’s pedigree and the market opportunity for intelligent financial planning infrastructure. Galdera’s three co-founders — Evan Rumpza (CEO), Mattia Scolari (CFO), and Giovanni Casula (CTO) — met at Klarna during the fintech giant’s most intensive growth phase. Responsible for financial planning across 26 markets, the team experienced first-hand how manual processes and fragmented Excel models struggled to keep pace as business conditions shifted faster than traditional models could be rebuilt. To manage the complexity, they built an internal system at Klarna that replaced the static planning cycle with a continuously updated model — enabling what previously required large analyst teams to be handled by just three people, supporting the company through both capital raises and IPO preparations. The lessons learned from that experience became the foundation for Galdera Labs. “We’ve personally sat with 50 spreadsheets at two in the morning using tools that were supposed to solve the problem but didn’t. That is the infrastructure we are building with Galdera,” said Evan Rumpza, CEO and co-founder of Galdera Labs. Building AI Finance Tools for the Next Generation of CFOs The market for AI finance tools and financial modelling software is evolving rapidly as organisations demand more dynamic planning capabilities. Traditional spreadsheet-based approaches, while flexible, often create fragmented workflows where assumptions become outdated and institutional knowledge is lost between budget cycles. Galdera’s platform addresses this gap with a two-layer architecture: a powerful calculation engine capable of handling large data volumes, paired with a semantic memory layer that preserves the reasoning behind financial decisions over time. The platform is designed to function as an always-on financial forecast that automatically updates as business conditions change. Users configure scenarios once, and the model recalculates impacts across revenue, costs, margins, and other key metrics in real time. This approach positions Galdera within a growing wave of European fintech startups applying artificial intelligence not merely as an overlay on existing tools, but as a foundational redesign of how financial planning operates. With the launch, Galdera is opening its platform to its first customers: fast-growing companies and organisations with complex operations where the pace of decision-making has outgrown the tools finance teams traditionally rely on. Early adopters already include companies such as DeasyLabs, Unify, and Counsel. The pre-seed round positions Galdera Labs at an early but promising stage in a sector where demand for intelligent, context-aware financial infrastructure is accelerating across European markets. As AI continues to reshape enterprise workflows, the intersection of financial modelling and machine reasoning represents a significant opportunity for startups capable of delivering genuine operational value to scaling businesses. Summary

The sustainable consumer goods sector is witnessing growing investor appetite as environmentally conscious brands prove they can combine purpose with profitability. East London-based Allday Goods, the cult kitchen knife brand that transforms plastic waste into chef-quality blades, has raised £765,000 in a seed round led by FIGR Ventures to scale its operations from artisan favourite to mainstream kitchen staple. Founded in 2021 by ex-chef Hugo Worsley, Allday Goods manufactures kitchen knives with handles crafted entirely from recycled plastic waste — sourced from Maldon Salt buckets, milk bottle handles, discarded plant containers, and fishing nets washed up on British shores. The brand, which started in Worsley’s parents’ shed using a repurposed toastie maker, has already achieved profitability with minimal external investment. Products consistently sell out within minutes during online drops, and queues have formed at London pop-ups, reflecting a level of consumer demand that few sustainable brands can match at this stage. FIGR Ventures Leads Seed Round with Sustainability-Focused Backers The £765,000 round was led by FIGR Ventures, with participation from Anotherway Ventures, Machroes Holdings — the family office of Lord Mervyn Davies — and angel investor Tom Gozney, founder of the premium pizza oven brand Gozney. The investor mix signals confidence in Allday Goods’ ability to bridge the gap between sustainable manufacturing and scalable consumer product design. Allday Goods’ knives pair handles made from 100% recycled food-grade polypropylene with British and Japanese steel blades. The company collects, cleans, shreds, and remoulds plastic waste into distinctive, colourful handles that carry visible traces of their former lives — a design choice that has become central to the brand’s identity. Each knife effectively diverts plastic from landfill whilst delivering professional-grade performance. Worsley commented on the raise, noting that the team had built the brand slowly and intentionally, and that securing backing from investors they genuinely admire represents a significant milestone for the next chapter of growth. From Cult Following to Mainstream Market Opportunity Allday Goods has already demonstrated significant commercial traction without substantial marketing spend. The brand’s high-profile collaborations with Ottolenghi, Soho House, Maldon Salt, Kerrygold, and Paul Smith have positioned it at the intersection of culinary craftsmanship and design culture. Features in The World of Interiors and Esquire have further cemented its reputation among discerning consumers who value both aesthetics and environmental responsibility. The fresh capital will be deployed to scale production capacity, expand the product range, and accelerate the transition from limited-edition drops to consistent retail availability. The challenge for Allday Goods will be maintaining the artisan quality and brand mystique that fuelled its cult status whilst meeting the demands of a broader consumer base — a tension that many direct-to-consumer brands have struggled to navigate. The broader sustainable kitchenware market continues to attract both consumer interest and investor capital across Europe. As regulatory pressure on single-use plastics intensifies and consumers increasingly seek products that align with their environmental values, brands like Allday Goods that demonstrate genuine circularity in their manufacturing processes are well-positioned to capture meaningful market share. Summary Company: Allday GoodsHeadquarters: East London, United KingdomFounded: 2021Founder: Hugo WorsleyRound: SeedAmount: £765,000Lead Investor: FIGR VenturesOther Investors: Anotherway Ventures, Machroes Holdings, Tom GozneyUse of Funds: Scale production, expand product range, transition to mainstream retail availability

Europe’s space technology sector is experiencing a strategic shift as the continent moves to reduce its dependence on toxic propellants and build sovereign capabilities in satellite operations. Amid tightening EU regulations on hydrazine-based systems and growing demand for sustainable orbital infrastructure, a new generation of deeptech startups is emerging to fill critical gaps in the European space supply chain. Arkadia Space, the Castellón-based propulsion startup, has secured €14.5 million through the European Innovation Council (EIC) Accelerator — one of the EU’s most competitive deeptech funding instruments. The package comprises a €2.5 million grant, €6 million in equity from the EIC Fund, and €6 million in private investment. Arkadia is the first Spanish space company to access EIC Accelerator funding, selected from 923 applications as one of just 61 startups in this round. EIC Accelerator backs hydrogen peroxide propulsion The funding signals the European Commission’s recognition of hydrogen peroxide propulsion as a strategically important technology. Arkadia’s flagship product, the DARK propulsion system, is a hypergolic bipropellant engine that combines high-concentration hydrogen peroxide with a proprietary green fuel. The system ignites spontaneously upon propellant contact, eliminating the need for complex ignition hardware and reducing operational and refuelling costs by more than 60 per cent compared with conventional hydrazine-based solutions. Founded in 2020 by Francho García (CEO) and Ismael Gutierrez (CTO), the company has spent five years developing alternatives to the toxic propellants that have long dominated satellite manoeuvring. The cost differential is striking: filling a satellite tank with hydrazine typically costs around €2 million, whereas Arkadia’s hydrogen peroxide-based operations run under €50,000 — including all ground equipment. Arkadia achieved a critical milestone in March 2025 when its DARK system became the first hydrogen peroxide-based propulsion technology to fly in orbit from Europe. Launched aboard a D-Orbit ION Satellite Carrier on SpaceX’s Transporter-13 mission from Vandenberg Space Force Base, the system successfully completed in-orbit test firings that matched ground test data, confirming its viability for commercial satellite operations. “This recognition confirms that we are on the right path and gives us a tremendous boost to commercialise the technology as early as next year,” said Francho García, co-founder and CEO of Arkadia Space. European spacetech builds momentum with strategic partnerships The EIC backing comes as Arkadia deepens its ties with the European space establishment. The company holds four contracts with the European Space Agency (ESA), including work under the Future Launchers Preparatory Programme. Perhaps most notably, Arkadia has secured a supply agreement with MaiaSpace, the ArianeGroup-backed reusable launch vehicle programme, to provide 250-newton reaction control thrusters — a contract that positions the startup within Europe’s next-generation launch architecture. The company has also developed ARIEL, a 250-newton monopropellant thruster that reached technology readiness level 6 within two years, further demonstrating the versatility of its hydrogen peroxide platform across both satellite and launcher applications. Arkadia previously raised a €2.8 million seed round in October 2023, led by Draper B1 with participation from Expansion Ventures. The latest EIC funding brings total capital raised to approximately €17.3 million, providing a substantial runway to move from demonstration to commercialisation. The company plans to expand its testing infrastructure at Castellón Airport and targets production of 300 to 400 propulsion systems annually, with a view to becoming a vertically integrated European supplier of green propulsion technology. Summary Company: Arkadia SpaceHeadquarters: Castellón, SpainFounded: 2020Round: EIC Accelerator (grant + equity + private)Amount: €14.5 millionLead: European Innovation CouncilPrevious funding: €2.8M seed (Draper B1, 2023)Use of funds: Commercialisation of green propulsion, R&D expansion, testing infrastructure, scaling operations

The intersection of artificial intelligence and financial infrastructure continues to attract significant venture capital attention across Europe, as institutional investors seek more sophisticated tools to navigate increasingly complex global markets. Cambridge-based deeptech startup Theia Insights has secured $8 million in a Series A round to advance its AI-powered platform that creates dynamic, real-time maps of the global economy for the investment industry. The round brings Theia Insights’ total funding to $14.5 million since its founding in 2022. The fresh capital will be directed towards expanding into private markets, scaling its research and engineering capabilities, and accelerating global commercial growth. Founded by former Amazon Alexa scientist Dr Ye Tian alongside co-founders Isami Ito and Dr James Thorne, the company has built proprietary technology that processes vast quantities of corporate data to represent companies across multiple evolving sectors rather than constraining them to single industry labels. MiddleGame Ventures Leads Strategic Investment Round The Series A round was led by MiddleGame Ventures, a specialist fintech investor, with participation from Further Ventures and existing backer Unusual Ventures. The investor mix reflects a deliberate strategy to bring both financial services expertise and deep technology understanding to the cap table. Unusual Ventures, which led Theia Insights’ earlier $6.5 million seed round in 2024, has continued to back the company’s vision of building foundational AI infrastructure for global capital markets. Theia Insights has already secured notable commercial traction in the institutional investment space. The company’s technology powers S&P Dow Jones Indices’ Atlas Indices and is distributed through Nasdaq Datalink for mutual fund thematic exposure data. Its client base spans global index providers, asset managers, hedge funds, and investment banks, positioning it at the infrastructure layer of financial decision-making. The company is also a portfolio company of Fidelity International Strategic Ventures and has been selected for the AWS Generative AI Accelerator programme. Dr Ye Tian, CEO and co-founder, explained the company’s fundamental thesis: “We must first see the economy clearly, not in fragments but as an interconnected whole.” This philosophy underpins a platform that processes regulatory filings, earnings transcripts, and financial disclosures to construct multidimensional representations of companies, moving beyond the limitations of traditional static classification systems that assign businesses a single industry label. AI-Powered Financial Intelligence Gains Momentum in Europe Theia Insights’ core product suite comprises four solutions that address distinct institutional needs. Its Dynamic Industry Classification system reveals how companies actually operate across multiple sectors, whilst its Thematic Factor Risk Model analyses stock movements through more than 200 thematic and style factors. The Concept2Universe tool converts investment ideas into actionable portfolios with evidence-based rankings, and its Theme Watch Indices track daily returns across over 200 global themes. The funding arrives at a time when European deeptech startups are increasingly demonstrating that foundational AI research can translate into commercially viable products for regulated industries. The financial services sector, in particular, has shown growing appetite for AI tools that go beyond simple automation to provide genuinely novel analytical capabilities. Traditional classification systems, which have underpinned investment analysis for decades, are increasingly seen as inadequate for capturing the complexity of modern businesses that operate across multiple sectors simultaneously. With partnerships already established with major financial infrastructure providers and a technology stack built on advanced NLP, large language models, and knowledge graph architecture, Theia Insights is well positioned to capitalise on the growing demand for AI-driven investment intelligence. The Series A funding should enable the company to broaden its reach into private markets and deepen its presence across the global investment ecosystem. Summary Company: Theia InsightsHeadquarters: Cambridge, United KingdomFounded: 2022Round: Series AAmount: $8 million (total raised: $14.5 million)Lead Investor: MiddleGame VenturesOther Investors: Further Ventures, Unusual VenturesUse of Funds: Private markets expansion, R&D, global commercial growth

Europe’s quick commerce sector is entering a new phase of maturity, with profitability replacing growth-at-all-costs as the defining metric for investors. After years of aggressive expansion, consolidation, and high-profile collapses, the sector’s survivors are now demonstrating that rapid grocery delivery can work as a sustainable business. Berlin-based Flink, one of the last independent quick commerce operators standing in Europe, has secured approximately $100 million in new growth capital at a $900 million valuation. The funding round, led by existing investor Prosus, will strengthen Flink’s financial position and support a targeted expansion across its core markets of Germany and the Netherlands. The company plans to open new fulfilment hubs in selected German regions throughout 2026, applying strict profitability and density criteria to each new location rather than pursuing unchecked geographic expansion. Prosus Leads Round as Investor Confidence Returns to Quick Commerce The round was led by Prosus, the Amsterdam-listed technology investment group and long-standing Flink backer, with participation from Btomorrow Ventures, the corporate venture arm of British American Tobacco. Strategic partner REWE, one of Germany’s largest grocery retailers, also remains closely involved in Flink’s operations through a supply chain partnership that gives the company a significant edge in product sourcing and logistics. The investment brings Flink’s total funding to approximately $1.4 billion. Notably, the $900 million valuation represents a substantial reduction from the company’s peak valuation of $5 billion in May 2022, reflecting the broader market correction that swept through the quick commerce sector as pandemic-era demand normalised and investor sentiment shifted decisively towards unit economics over top-line growth. Yet the fact that Prosus continues to lead funding rounds signals genuine confidence in Flink’s restructured business model. The company confirms it is now operating profitably at EBITDA level, a milestone that few quick commerce operators have achieved. Flink reports an average basket size exceeding €45, suggesting it has successfully moved beyond impulse purchases towards serving regular household grocery needs. Quick Commerce Consolidation Reshapes European Market Flink’s funding arrives against a backdrop of dramatic consolidation in the European quick commerce landscape. Gorillas, once a fierce Berlin-based rival, was absorbed by Turkish competitor Getir in late 2023. Getir itself subsequently imploded under financial pressure and was sold to Uber in February 2026, effectively removing the two most prominent competitors from Flink’s core markets. This consolidation has left Flink as one of the last independent quick commerce operators in Europe, with a dense network of fulfilment hubs across approximately 80 cities in Germany and the Netherlands. The company’s expansion plans target 110 cities by 2027, though management has emphasised that each new hub must meet rigorous profitability thresholds before launch. The broader European quick commerce market continues to grow, with Germany’s segment projected to reach $11.6 billion by 2026. Flink’s disciplined approach to expansion, combined with its REWE supply chain partnership and demonstrated path to profitability, positions the company to capture a meaningful share of this growing market without repeating the overextension that plagued earlier entrants. Flink’s journey from pandemic-era losses of €515 million in 2022 to EBITDA profitability represents one of the more compelling turnaround stories in European tech. Whether the company can sustain this trajectory while expanding into new cities will be the key test in the months ahead. Summary Company Flink Headquarters Berlin, Germany Founded 2021 Round Growth Amount $100M Valuation $900M Lead Investor Prosus Other Investors Btomorrow Ventures Total Funding ~$1.4B Use of Funds Expansion of fulfilment hubs in Germany and the Netherlands

The digital therapeutics market for diabetes management is experiencing rapid growth across Europe, as healthcare systems increasingly recognise the potential of software-based interventions to improve patient outcomes and reduce costs. France, with an estimated 4.2 million people living with diabetes, stands at the forefront of this transformation — and one Montpellier-based startup is positioning itself to lead the charge. DiappyMed, the French medtech company behind the clinically validated insulin dose calculation app EkiYou, has raised €5 million in a seed funding round. The investment was led by Ventech and AFI Ventures, with additional participation from Sofilaro and IRDI Capital Investissement. Alongside the raise, DiappyMed has announced a strategic partnership with pharmaceutical giant Sanofi to accelerate the deployment of its digital therapy across France. Ventech and Sanofi Back Personalised Diabetes Care The seed round marks a significant milestone for DiappyMed, which was founded in January 2021 following research conducted at Montpellier University Hospital by co-founder Omar Diouri. The company’s flagship product, EkiYou, is the first digital therapy application in France to have demonstrated clinically proven improvements in postprandial glycaemia within target range — a critical metric for effective diabetes management. EkiYou works by calculating the appropriate insulin dose for patients based on their meals, physical activity levels, and blood glucose readings. The application effectively replaces the complex mental arithmetic that many insulin-dependent patients must perform daily, reducing dosing errors and improving glycaemic control. DiappyMed also launched EkiYou Carbs in November 2022, a complementary carbohydrate counting tool co-developed with Montpellier University Hospital. The partnership with Sanofi is particularly noteworthy. The collaboration aims to massively deploy EkiYou as the first French digital therapy dedicated to personalised insulin dose calculation for both healthcare professionals and patients living with diabetes. Sanofi’s involvement brings not only commercial reach but also deep expertise in insulin therapy, positioning DiappyMed at the intersection of pharmaceutical and digital health innovation. European Digital Therapeutics Market Gains Momentum DiappyMed’s raise arrives at an opportune moment for the digital therapeutics sector. The global market for digital therapeutics in diabetes management was valued at approximately $1.6 billion in 2023 and is projected to reach $5.3 billion by 2033, according to industry estimates. In Europe, regulatory frameworks are evolving to accommodate digital health solutions, with France’s health insurance system moving towards reimbursement of validated digital therapies. Indeed, a central objective for DiappyMed is to achieve reimbursement from the French national health insurance (Assurance Maladie) in 2026. Securing reimbursement would represent a transformative moment for the company, as it would effectively integrate EkiYou into the standard care pathway for insulin-dependent diabetes patients across France — dramatically expanding its addressable market and providing a template for expansion into other European healthcare systems. The €5 million investment will support DiappyMed’s pursuit of this reimbursement milestone, whilst also funding further clinical development, platform enhancements, and the scaling of its commercial partnership with Sanofi. As European healthcare systems grapple with rising diabetes prevalence and mounting treatment costs, digitally enabled solutions like EkiYou represent a compelling proposition for payers, providers, and patients alike. Summary Company DiappyMed Headquarters Montpellier, France Founded January 2021 Round Seed Amount €5 million Lead Investors Ventech, AFI Ventures Other Investors Sofilaro, IRDI Capital Investissement Strategic Partner Sanofi Use of Funds Health insurance reimbursement, clinical development, Sanofi partnership scaling

Europe’s residential energy landscape is undergoing a fundamental transformation as households seek alternatives to volatile grid prices and fossil fuel dependence. At the heart of this shift lies a persistent technical challenge: how to bridge the seasonal gap between summer solar abundance and winter energy demand. Oslo-based Photoncycle believes it has the answer, and has just secured the capital to prove it at scale. Photoncycle has raised €15 million in a Series A round co-led by NordicNinja and Voima Ventures, with continued participation from existing backers Lifeline Ventures, Eviny Ventures, Luminar Ventures, and Momentum. The funding will support the commercial rollout of the company’s solid-state hydrogen energy storage system in Denmark, followed by expansion into the Netherlands ahead of the country’s planned phase-out of net metering. NordicNinja and Voima Ventures back long-duration energy storage play The investor syndicate reflects a strong Nordic conviction in deep-tech climate solutions. NordicNinja, backed by major Japanese corporates, has increasingly focused on European sustainability infrastructure, whilst Voima Ventures brings deep expertise in science-based ventures from its base in Finland. The participation of all existing investors in the round signals continued confidence in Photoncycle’s technology roadmap. Founded in 2020 by CEO Bjørn Brandtzaeg, a visiting fellow at the Massachusetts Institute of Technology where the company was incubated, Photoncycle has developed a system that converts surplus summer solar electricity into hydrogen via a reversible fuel cell. The hydrogen is then processed into a solid state and stored in an underground unit capable of holding up to 10,000 kilowatt-hours of energy — approximately 20 times the density of a comparable lithium-ion battery system. When energy is needed during winter months, the hydrogen is converted back into electricity through a fuel cell, with recovered heat available for space heating or hot water via a heat pump. The storage material itself costs around $1,500 for 10,000 kWh of capacity, a figure that positions Photoncycle’s technology well below conventional long-duration energy storage alternatives designed for residential applications. Europe’s seasonal energy gap creates a substantial market opportunity The residential storage market remains dominated by lithium-ion batteries, which excel at short-duration cycling but are not economically viable for storing energy across seasons. This leaves a significant gap in the European energy transition, particularly in northern countries where solar generation peaks in summer whilst heating demand surges in winter. Denmark represents Photoncycle’s initial commercial beachhead, and for good reason. The country has some of the highest household energy prices in Europe, and approximately 300,000 homes still rely on gas-based heating systems that are scheduled for phase-out by 2035. Photoncycle reports a growing waiting list of Danish homeowners keen to adopt the technology. The company intends to offer its system under a subscription-based model, in which the seasonal storage unit is installed at the customer’s property and operated as part of an integrated energy solution. The model can incorporate existing solar panels or include new installations, and covers maintenance, system operation, and access to energy trading markets. Looking ahead, Photoncycle’s industrialisation plan is ambitious. An industrial plant is set to go live in 2027 as the first phase of a planned 1.4 terawatt-hour annual manufacturing capacity expansion. At full scale, the facility could provide seasonal storage for an estimated 140,000 homes. After Denmark, the Netherlands is next in line, where the impending end of net metering is expected to drive strong demand for residential storage alternatives. The round positions Photoncycle among a growing cohort of European climate-tech ventures tackling the energy storage challenge beyond lithium-ion, in a market segment that is attracting increasing attention from both institutional investors and policymakers focused on energy sovereignty. Summary Company Photoncycle Headquarters Oslo, Norway Founded 2020 Founder & CEO Bjørn Brandtzaeg Round Series A Amount €15 million Lead investors NordicNinja, Voima Ventures Other investors Lifeline Ventures, Eviny Ventures, Luminar Ventures, Momentum Use of funds Commercial rollout in Denmark and Netherlands; first phase of 1.4 TWh annual manufacturing capacity

The application of AI in clinical trials is rapidly reshaping the pharmaceutical development landscape, as biotech companies and contract research organisations grapple with spiralling data complexity and mounting pressure to accelerate drug approvals. Zurich-based Rivia has secured €13 million in Series A funding to scale its agentic data platform, which aims to transform how clinical trial operations teams manage the vast volumes of data generated during modern drug development programmes. The round, led by European venture capital firm Earlybird through its dedicated health fund, brings Rivia’s total funding to approximately €16 million following a €3 million seed round in 2024. New investor Defiant joined the round alongside returning backers Speedinvest, Amino Collective and Nina Capital. The fresh capital will be deployed to expand Rivia’s teams in Zurich and Boston, and to accelerate the rollout of its suite of embedded AI agents designed to automate clinical trial workflows. Earlybird Health leads investment in agentic AI for clinical trials The Series A was led by Earlybird Health, the healthcare-focused arm of pan-European venture firm Earlybird, which manages a dedicated €173 million health fund backing companies that are transforming patient outcomes through technology. The investment underscores growing investor confidence in AI-powered infrastructure for the life sciences sector, particularly platforms that address the operational bottleneck of clinical data management rather than drug discovery alone. Founded in 2022 by Erik Scalfaro and Tiago Kieliger, Rivia was born from first-hand frustration with the fragmented data landscape in pharmaceutical development. Scalfaro, who spent a decade in the pharma industry, has spoken of clinical operations as a world dominated by manual spreadsheet work — downloading hundreds of Excel files, formatting data, and consolidating information rather than focusing on patient outcomes. Kieliger, previously a cybersecurity engineer for the Swiss defence department, brought deep technical expertise in building secure, scalable data infrastructure. Rivia’s platform serves as what the company calls a reusable intelligence layer for clinical trials. Its data engine integrates thousands of heterogeneous data files in real time, applies trial-specific scientific logic through a proprietary library of reusable configurations, and feeds harmonised data directly into operational review workflows. The company currently supports 40 clinical trials across Europe and the United States, handling data volumes that have grown over 400 per cent in the past decade. From data engine to agentic AI in clinical trial operations On this data foundation, Rivia is now launching a suite of embedded AI agents designed to automate high-impact clinical workflows. The company’s first agent, Spark, converts natural-language queries into publication-grade clinical visualisations instantly, eliminating the manual effort traditionally required to produce trial analytics. Additional agents are being deployed for proactive data quality monitoring and oversight workflows, enabling earlier detection of deviations and intelligent prioritisation of issues across trial sites. The broader market opportunity is substantial. The global AI in clinical trials market is estimated at approximately $1.5 billion in 2026 and is projected to reach $18–20 billion by the end of the next decade, driven by increasing data complexity and regulatory pressure for faster, more efficient trial execution. Rivia’s ambition is to reduce clinical trial costs by up to 50 per cent by replacing manual processes with scalable agentic systems — a proposition that resonates strongly in an industry where the average cost of bringing a new drug to market continues to exceed $2 billion. The strategic decision to build the data infrastructure layer before deploying AI agents is central to Rivia’s thesis. As co-founder Kieliger has noted, AI and agents can deliver significant value for clinical trials, but the limiting factor remains the underlying data infrastructure. By establishing a robust intelligence layer that aggregates data across sources and models the specific scientific logic behind each trial, Rivia has created the foundation upon which its agentic capabilities can operate with precision and reliability. With this latest funding, Rivia is well-positioned to capitalise on the accelerating adoption of AI in clinical trials across Europe and the United States. The combination of a proven data platform, embedded AI agents, and backing from specialist healthcare investors suggests the Zurich-based company is building for long-term impact in a sector where efficiency gains translate directly into faster patient access to life-saving therapies. Summary

The autonomous vehicle sector is undergoing a strategic recalibration across Europe, as investors increasingly back companies focused on controlled industrial environments rather than the complexities of open-road driving. Oxford-based Oxa has emerged as a leading beneficiary of this shift, securing $103 million in the first close of its Series D funding round to expand its autonomous driving software across ports, airports, warehouses and manufacturing facilities. The round, which brings Oxa’s total funding to more than $250 million, was anchored by a $50 million commitment from the UK’s National Wealth Fund — a significant endorsement of the company’s industrial automation strategy. Additional backing came from NVentures, Nvidia’s venture capital arm, alongside existing shareholders BP Ventures, IP Group and Australian pension fund Hostplus. A second and final close of the Series D is expected during the first half of 2026. National Wealth Fund and Nvidia Back Industrial Autonomy Vision The involvement of the UK’s National Wealth Fund, which manages £27.8 billion in assets directed at the country’s clean energy and growth industries, signals growing governmental confidence in autonomous vehicle technology as a pillar of British industrial competitiveness. IP Group, the Oxford-based intellectual property commercialisation company, invested £7.5 million from its own balance sheet and a further £19 million through funds it manages on behalf of Hostplus, bringing its combined beneficial holding in Oxa to 20.3 per cent. Nvidia’s participation through NVentures is particularly strategic, given the chipmaker’s dominant position in the AI computing infrastructure that underpins autonomous driving systems. Oxa has been collaborating with Nvidia to accelerate what it terms Industrial Mobility Automation (IMA) — the automation of repetitive driving tasks that businesses perform millions of times daily across logistics and industrial operations. Gavin Jackson, CEO of Oxa, has described Britain as experiencing a “watershed moment” for AI, arguing that advances in digital infrastructure are laying the groundwork for a new industrial era. The funding will enable Oxa to intensify its focus on commercialising solutions for Industrial Mobility Automation, supercharging the development of its configurable and explainable self-driving software, Oxa Driver, and its development toolchain, Oxa Foundry. European Autonomous Vehicle Market Gains Momentum Oxa’s funding round arrives against a backdrop of accelerating investment in European autonomous vehicle technology. The continent captured approximately 38 per cent of the global autonomous vehicle market in 2024, with the Europe and CIS semi- and fully autonomous vehicle market valued at $15.5 billion and projected to reach $26.8 billion by 2030 at a compound annual growth rate of 9.55 per cent. Founded in 2014 as a spinout from the University of Oxford by robotics professors Paul Newman and Ingmar Posner, Oxa — formerly known as Oxbotica — has deliberately pivoted away from the congested open-road self-driving market towards industrial applications where the technology can deliver immediate commercial value. The company’s full-stack autonomous driving software, Oxa Driver, is both vehicle- and platform-agnostic, with no dependence on external infrastructure such as GPS, making it particularly well suited to the controlled but complex environments found in industrial settings. The company’s existing customer base includes major logistics operators such as DHL, energy giant BP and automotive logistics provider Vantec. The fresh capital will be deployed to deepen these relationships, expand into new industrial verticals and further develop Oxa’s technology stack. The broader trend towards industrial autonomy reflects a pragmatic shift in the autonomous vehicle sector, where companies that once pursued ambitious on-road robotaxi visions are finding faster paths to commercialisation in structured environments with predictable traffic patterns and clear operational boundaries. Summary Company Oxa (formerly Oxbotica) Headquarters Oxford, United Kingdom Founded 2014 Founders Paul Newman, Ingmar Posner CEO Gavin Jackson Round Series D (first close) Amount Raised $103 million Key Investors UK National Wealth Fund, NVentures (Nvidia), BP Ventures, IP Group, Hostplus Total Funding Over $250 million Use of Funds Scaling Industrial Mobility Automation across ports, airports, warehouses, and factories

Equity and dilution are the twin forces that shape every founder’s economic outcome. From the moment a startup issues its first shares to the day it exits, the interplay between giving up equity (to investors, employees, and partners) and building value determines whether founding a company is financially transformative or merely a learning experience. Yet many founders enter fundraising negotiations with only a surface-level understanding of how equity dilution works — and the cumulative cost of that knowledge gap can be millions of euros in lost ownership. This guide explains the mechanics of startup equity and dilution in practical terms: how ownership changes with each funding round, how to model the long-term impact of dilution, and how to make informed decisions that protect founder economics through multiple rounds of financing. What Is Equity in a Startup? Equity represents ownership in a company. When founders incorporate a startup, they issue shares — typically ordinary shares (common stock) — that represent 100% ownership. As the company grows and raises capital, new shares are issued to investors, employees, and other stakeholders, changing the ownership distribution. Startup equity exists in several forms. Ordinary shares (common stock) are held by founders and employees. Preferred shares are issued to investors at each funding round and carry additional rights — liquidation preferences, anti-dilution protection, and governance rights — that ordinary shares do not. Stock options give employees the right to purchase shares at a predetermined price (the exercise or strike price) after they vest. Warrants are similar to options but are typically issued to lenders or strategic partners. The critical distinction is between basic ownership (shares currently issued and outstanding) and fully diluted ownership (all issued shares plus all shares that could be issued through options, warrants, and convertible instruments). Investors always think in fully diluted terms, and founders should too. How Dilution Works Dilution occurs whenever new shares are issued, reducing the percentage ownership of existing shareholders. It is a mathematical certainty of raising external capital — and it is not inherently negative. Dilution in exchange for capital that increases the company’s value is a good trade; dilution on unfavourable terms or without corresponding value creation is destructive. The basic dilution formula is: New Ownership % = Old Ownership % × (Old Shares / New Total Shares). If a founder owns 60% of 10 million shares and a new round issues 2.5 million shares to investors, the founder’s ownership drops to 60% × (10M / 12.5M) = 48%. Dilution happens at multiple points during a startup’s life: when co-founders receive their shares (splitting the initial 100%), when advisers receive equity, when the employee stock option pool (ESOP) is created or expanded, at each funding round when new shares are issued to investors, and when convertible instruments (SAFEs, convertible notes) convert into equity. A Typical Dilution Journey Understanding the cumulative impact of dilution across multiple rounds is essential for long-term planning. A realistic European startup dilution trajectory for a two-founder company might look like this: Incorporation: Two co-founders split 100% ownership (50/50 or 60/40). Combined founder ownership: 100%. Pre-seed / Advisers: 2-5% allocated to early advisers and a small initial ESOP. Founder ownership: 95-98%. Seed round: Investors receive 15-25% of the company. If an ESOP is expanded to 10%, the combined dilution from seed investors and the ESOP reduces founder ownership to approximately 65-75%. Series A: Investors receive 15-25%. The ESOP may be topped up to 12-15%. Post-Series A, founders typically retain 40-55% combined ownership. Series B: Another 10-20% dilution from new investors, plus potential ESOP expansion. Post-Series B, founders typically hold 30-45% combined. Series C and beyond: Continued dilution, though typically at smaller percentages as valuations increase. By the time a company reaches Series C, founders may hold 20-35% combined — which, at a company valued at €200 million or more, represents very significant economic value. The Option Pool Shuffle One of the most impactful — and least understood — dilution events occurs not when investors buy shares, but when the employee option pool is created or expanded. At Series A and beyond, investors typically require that the ESOP be carved out of the pre-money valuation, meaning the dilution falls entirely on existing shareholders (founders and seed investors), not on the new investors. The practical impact is significant. A company with a stated €20 million pre-money valuation that must create a 12% ESOP from the pre-money is effectively giving founders a lower real valuation. The €20 million pre-money includes the ESOP, so the implied value of the existing shares is closer to €17.6 million. Founders who negotiate a larger option pool than they actually need are diluting themselves unnecessarily. The optimal approach is to size the ESOP based on your actual hiring plan for the next 18-24 months. If you can demonstrate that you need a 10% pool rather than a 15% pool (with a detailed hiring plan showing specific roles and equity allocations), you save 5 percentage points of dilution — which at a €20 million valuation represents €1 million in founder value. Anti-Dilution Protection Anti-dilution provisions are investor protections that adjust their ownership if the company raises a future round at a lower valuation (a “down round”). These provisions can significantly amplify dilution for founders in adverse scenarios. Broad-based weighted average is the standard and most founder-friendly form. It adjusts the investor’s conversion price based on the weighted average of the old and new prices, taking into account all outstanding shares. The adjustment is proportional and relatively modest. Narrow-based weighted average uses a smaller denominator (only certain share classes) in the calculation, resulting in a larger adjustment and more dilution for founders. It is less common but still encountered. Full ratchet is the most aggressive form — it adjusts the investor’s conversion price to the exact price of the down round, regardless of the amount raised. This can dramatically increase investor ownership at the expense of founders and employees. Full ratchet provisions should be resisted in all but the most exceptional circumstances. Protecting […]

Runway — the number of months a startup can operate before it runs out of cash — is the most fundamental metric in startup survival. Every strategic decision a founder makes is constrained by runway: when to hire, when to fundraise, whether to pursue growth or efficiency, and when to pivot. Yet many founders track their runway only loosely, relying on back-of-the-envelope calculations that miss critical variables. This guide provides a rigorous framework for calculating, extending, and managing your startup’s runway. Understanding runway is not just about knowing when the money runs out. It is about making better decisions every month — decisions that optimise the balance between growth and survival, between ambition and prudence. How to Calculate Startup Runway The basic runway formula is straightforward: Runway (months) = Cash Balance / Monthly Net Burn Rate. If a company has €1.2 million in the bank and spends a net €100,000 per month more than it earns, it has 12 months of runway. However, the simplicity of this formula masks important nuances. The first is the distinction between gross burn and net burn. Gross burn is the total monthly expenditure — salaries, rent, software, marketing, everything. Net burn subtracts revenue from gross burn. A company with €150,000 in monthly expenses and €50,000 in monthly revenue has a gross burn of €150,000 and a net burn of €100,000. The second nuance is that burn rate is rarely constant. Hiring plans, seasonal revenue patterns, one-off expenses (office moves, conference sponsorships, equipment purchases), and annual payments (insurance, software licenses) all cause the burn rate to fluctuate month to month. A more accurate runway calculation uses a forward-looking cash flow model that projects monthly inflows and outflows for the next 12-24 months, accounting for planned hires, known commitments, and expected revenue growth. The Runway Framework: Red, Amber, Green Experienced operators and investors use a traffic-light framework to assess runway health. The thresholds below are guidelines, not rigid rules, but they reflect the consensus among European VCs and CFOs. Green (18+ months). The company is in a strong position. There is ample time to execute on the current plan, hit milestones, and fundraise from a position of strength. Strategic hiring and growth investments can proceed with confidence. Amber (9-18 months). The company should be actively planning its next fundraise. If the plan is to raise equity, the process should begin when runway hits 12 months — fundraising typically takes 3-6 months, and you want to close with at least 6 months of cash remaining. If the plan is to reach profitability, the path must be clearly mapped with specific milestones. Red (under 9 months). Urgent action is required. If a fundraise is not already in progress, the company should immediately reduce burn rate (hiring freezes, discretionary spending cuts) and explore all capital options — equity, venture debt, bridge loans, or revenue-based financing. Fundraising from a position of desperation leads to unfavourable terms, down rounds, or failure. Building a Cash Flow Model A proper runway model goes beyond the simple division formula. It is a month-by-month projection of all cash inflows and outflows, typically built in a spreadsheet with three scenarios: base case, optimistic case, and conservative case. Revenue projections should be based on current run rate, pipeline, and historical conversion rates — not aspirational targets. For the conservative case, assume flat or modest growth. For the optimistic case, assume your sales targets are met. The base case should be your honest best estimate. Expense projections should include every committed cost: current salaries (including employer taxes and benefits, which in Europe can add 25-45% to the gross salary), rent, software subscriptions, professional services, and planned hires with their expected start dates. Do not forget one-off costs: VAT payments, annual insurance renewals, equipment purchases, and conference or travel budgets. Working capital effects matter for companies with significant accounts receivable or accounts payable. A company that invoices enterprise customers on net-60 terms may show strong revenue on the P&L but experience cash inflows 60-90 days after the sale. The cash flow model must account for this timing gap. Strategies to Extend Runway When runway is shorter than desired, founders have several levers to extend it — each with different trade-offs. Reduce burn rate. The most direct approach. Common measures include slowing or freezing hiring, renegotiating vendor contracts, reducing discretionary spending (travel, events, marketing experiments), and in severe cases, salary reductions or layoffs. The key is to cut without destroying the company’s ability to hit the milestones needed for the next round. Accelerate revenue. Offering annual prepayment discounts (pay 12 months upfront for a 15-20% discount), launching a new pricing tier, or focusing sales efforts on quick-close deals can bring cash forward. For SaaS companies, shifting from monthly to annual billing can dramatically improve cash flow. Raise non-dilutive capital. European founders have access to a rich ecosystem of grants, subsidies, and tax incentives that US companies do not. Government innovation grants (Bpifrance, Innovate UK, EIC Accelerator), R&D tax credits (the French CIR, the UK R&D tax relief), and regional development funds can provide meaningful capital with zero dilution. The trade-off is time — grant applications can take months to process. Revenue-based financing. For companies with predictable recurring revenue, revenue-based financing (RBF) provides capital in exchange for a percentage of future revenue until a predetermined amount is repaid. European providers include Capchase, Re:cap, and Uncapped. RBF is non-dilutive and faster than equity fundraising, but the effective cost of capital can be high. Venture debt. As covered in our separate venture debt guide, adding a debt facility alongside or after an equity round can extend runway by 6-12 months with minimal dilution (typically 0.5-2% in warrants). Runway and Fundraising Timing The relationship between runway and fundraising timing is critical. Starting a fundraise too late — with less than 6 months of runway — forces founders into a weak negotiating position. Investors can sense desperation, and they either extract aggressive terms or pass entirely. The optimal time to begin fundraising is when […]

Startup valuation is one of the most debated and least understood aspects of the fundraising process. Unlike mature companies that can be valued based on cash flows, earnings multiples, or asset values, early-stage startups often have minimal revenue, no profits, and uncertain futures. Yet every funding round requires a valuation — a number that determines how much of the company investors receive for their capital and how much founders retain. Understanding the methods, benchmarks, and negotiation dynamics of startup valuation is essential for any founder entering a fundraising process. This guide covers the main valuation methods used at each stage, the benchmarks that European investors apply, and the practical strategies for negotiating a fair valuation that serves both founders and investors. Why Startup Valuation Matters Valuation directly determines dilution — the percentage of the company that founders give up in exchange for capital. A higher valuation means less dilution for the same amount of money raised. However, valuation is not simply “higher is better.” An inflated valuation creates expectations that must be met at the next round; failing to grow into the valuation leads to a down round, which damages morale, triggers anti-dilution provisions, and signals weakness to the market. The optimal valuation is one that fairly reflects the company’s current progress and near-term potential, attracts high-quality investors, and sets a realistic bar for the next funding milestone. Experienced founders and investors refer to this as a “Goldilocks valuation” — not too high, not too low. Valuation Methods for Early-Stage Startups Several methods are used to value startups at different stages. No single method is definitive — in practice, valuations are determined by a combination of methodology, market conditions, and negotiation dynamics. The Berkus Method is one of the simplest frameworks for pre-revenue startups. Developed by angel investor Dave Berkus, it assigns value (up to €500,000 each) to five key risk factors: the quality of the idea, the founding team, the existence of a working prototype, strategic relationships, and evidence of early traction or sales. The maximum pre-money valuation under the Berkus method is €2.5 million, making it suitable for pre-seed and very early seed valuations. Comparable transactions (or “comps”) are the most common method for seed and Series A valuations. This approach looks at what similar companies raised at similar stages and applies those benchmarks. If comparable SaaS companies in Europe are raising Series A rounds at 15-25x ARR, a company with €1 million ARR might expect a pre-money valuation of €15-25 million. The challenge lies in finding truly comparable transactions — sector, geography, growth rate, and market conditions all affect the comparison. Revenue multiples become the dominant method from Series A onward. SaaS companies are typically valued at a multiple of ARR (annual recurring revenue), with the multiple determined by growth rate, retention metrics, gross margins, and market opportunity. High-growth European SaaS companies (100%+ year-over-year growth) might command 20-40x ARR, while steady-growth businesses (30-50% YoY) trade at 8-15x. Marketplace businesses are often valued on a multiple of gross merchandise value (GMV) or net revenue. Discounted cash flow (DCF) analysis is theoretically the most rigorous method but is rarely used for early-stage startups due to the enormous uncertainty in projecting future cash flows. DCF becomes more relevant at growth stage (Series C+) and pre-IPO, where the business model is proven and financial projections are more reliable. Scorecard method adjusts average seed-stage valuations based on specific factors. Starting with the average seed valuation in the relevant market (for example, €4 million in Western Europe), the method applies weighted adjustments for team strength (25% weight), market size (20%), product stage (15%), competitive environment (10%), and other factors. This produces a customised valuation grounded in market averages. European Valuation Benchmarks by Stage While every company is unique, the following ranges represent typical European valuations in 2026. These are medians — outliers exist in both directions. Pre-seed: €1 million – €3 million pre-money. At this stage, valuation is driven almost entirely by team quality, market potential, and the investor’s assessment of risk. Pre-seed valuations vary less by sector and more by geography and investor profile. Seed: €3 million – €8 million pre-money. Companies with a working product and early traction command the higher end. AI, deeptech, and climate startups with strong IP or regulatory moats may exceed this range. Seed valuations have increased by approximately 30% over the past three years across Europe. Series A: €10 million – €30 million pre-money. The range widens significantly at this stage because Series A valuations are anchored to revenue metrics. A SaaS company with €1.5 million ARR growing at 150% annually will command a materially different valuation than one growing at 50%. Series B: €30 million – €100 million pre-money. Growth rate, market position, and path to profitability drive valuations at this stage. The gap between top-quartile and median companies widens considerably. Factors That Drive Valuation Up or Down Beyond the baseline metrics, several factors can significantly influence a startup’s valuation in either direction. Growth rate is the single most powerful driver. A company growing at 3x year-over-year will typically command 2-3x the valuation multiple of a company growing at 1.5x, even with similar absolute revenue. Investors are buying future value, and growth rate is the strongest predictor of future scale. Net revenue retention (NRR) above 120% signals that existing customers are expanding their usage — a strong indicator of product-market fit and a predictor of efficient future growth. Companies with NRR above 130% command premium valuations because each cohort of customers becomes more valuable over time. Competitive dynamics in the fundraise itself matter enormously. A company with three term sheets will achieve a higher valuation than an identical company with one. Creating competitive tension — by running a structured process with multiple interested funds moving in parallel — is the single most effective negotiation lever available to founders. Market conditions fluctuate significantly. In hot markets, valuations rise across the board as more capital chases fewer deals. In downturns, even strong companies may need to […]