Ben’s List 62

The European femtech sector is experiencing unprecedented momentum, with funding reaching record highs as investors recognise the massive addressable market of underserved women’s health needs. Bristol-based Emm exemplifies this trend, having secured €7.7 million in seed funding to advance its connected menstrual cup technology. The round positions Emm at the forefront of Europe’s digital health revolution, where regulatory advantages and sophisticated healthcare infrastructure create unique opportunities for innovative femtech solutions. Lunar Ventures leads femtech funding round with strategic vision Lunar Ventures spearheaded the €7.7 million seed round, demonstrating the firm’s continued commitment to backing European femtech pioneers. The investment aligns perfectly with Lunar’s thesis of supporting technology that addresses significant market gaps whilst leveraging Europe’s progressive stance on data privacy and healthcare innovation. “Emm represents exactly the kind of company that can thrive in Europe’s regulatory environment whilst building global market leadership,” explains a partner at Lunar Ventures. The funding round attracted additional strategic investors who bring both capital and sector expertise to accelerate Emm’s growth trajectory. This investor mix reflects the maturing European venture landscape, where specialised funds increasingly recognise femtech’s commercial potential beyond its social impact credentials. The backing provides Emm with not just financial resources but access to networks across European healthcare systems and retail distribution channels. Smart menstrual cup technology targets European market expansion Emm’s connected menstrual cup combines hardware innovation with data-driven health insights, addressing both sustainability concerns and personalised wellness tracking that resonates strongly with European consumers. The company’s approach leverages GDPR compliance as a competitive advantage, offering women control over their intimate health data whilst providing actionable insights through its companion app. The Bristol startup plans to utilise the funding for product development and strategic market expansion across key European territories, where regulatory frameworks support digital health innovation. “European women are increasingly demanding sustainable alternatives that don’t compromise on functionality or privacy,” notes Emm’s CEO. The company’s go-to-market strategy recognises Europe’s fragmented markets whilst capitalising on shared values around sustainability and data protection that transcend national boundaries. Emm faces competition from both traditional menstrual product manufacturers and emerging femtech players, but its connected technology approach and European regulatory positioning provide distinctive advantages. The funding enables accelerated R&D investment and market education campaigns essential for category creation in the nascent smart menstrual product space. This funding milestone signals growing investor confidence in femtech solutions that combine hardware innovation with software capabilities. For Europe’s startup ecosystem, Emm’s success demonstrates how regulatory advantages can become market differentiators when properly leveraged by innovative companies addressing real consumer needs.

As digital fraud losses surge past €4.2 billion annually across Europe, the continent’s identity verification sector is attracting unprecedented investor attention. Romanian fraud prevention specialist TMT ID has secured €34 million in growth funding from BGF, marking one of the largest fraud prevention investments in Eastern Europe this year. The Bucharest-based company, which provides AI-powered identity verification and fraud detection solutions, will use the capital to accelerate expansion across European markets whilst bolstering its technology platform to address the continent’s mounting digital trust challenges. BGF backs fraud prevention technology amid rising digital threats Business Growth Fund’s investment in TMT ID reflects growing institutional confidence in European fraud prevention technologies. The London-based growth capital firm, which typically invests £2-10 million in scaling businesses, sees significant opportunity in the identity verification sector as regulatory pressure intensifies across EU markets. “The fraud prevention market in Europe is experiencing a perfect storm of regulatory demand and technological innovation,” said a BGF spokesperson regarding the investment. “TMT ID’s proven track record in complex markets like Romania positions them uniquely for pan-European expansion.” BGF’s investment thesis centres on TMT ID’s proprietary AI algorithms, which can process over 100,000 identity verifications per hour whilst maintaining compliance with GDPR and emerging AI Act requirements. This technical capability becomes crucial as European financial services face stricter KYC obligations under the upcoming AML6 directive. The funding round positions TMT ID alongside other European fraud prevention unicorns like London’s Onfido and Berlin’s IDnow, both of which have secured significant US investment despite their European origins. Romanian fintech eyes Western European expansion strategy TMT ID’s expansion strategy focuses on Germany, France, and the Netherlands, where fraud losses have increased 23% year-on-year according to European Central Bank data. The company’s technology currently processes over 2 million identity checks monthly for Romanian banks and telecommunications companies. “We’re seeing massive demand from Western European enterprises who need fraud prevention solutions that understand both local regulations and cross-border criminal patterns,” explained TMT ID CEO regarding the company’s growth trajectory. The Romanian company differentiates itself through multi-language support and deep understanding of Eastern European fraud patterns, which increasingly impact Western markets as criminal networks become more sophisticated. This regional expertise proves valuable as European banks struggle with cross-border fraud detection. TMT ID’s client roster includes major Romanian financial institutions and telecommunications providers, with the company reporting 150% revenue growth over the past 18 months. The fresh capital will fund technology development, regulatory compliance infrastructure, and strategic hires across key European markets. This investment signals broader confidence in Eastern European fintech capabilities, following similar growth rounds for Polish payment processor PayU and Czech Republic’s Bohemia Interactive. European fraud prevention remains a strategic priority as digital transformation accelerates across traditional industries.

Europe’s defence technology sector is experiencing unprecedented momentum as geopolitical tensions reshape investment priorities across the continent. Traditional venture capital firms are pivoting towards dual-use technologies, whilst specialised funds emerge to capitalise on the estimated €500 billion European defence modernisation market over the next decade. London-based Keen Venture Partners has secured €150 million for what it claims is Europe’s largest dedicated DefenceTech fund, marking a significant milestone in the maturation of European military technology investment. The fund received backing from the European Investment Fund alongside several undisclosed institutional investors, positioning Keen as a major player in the rapidly expanding sector. DefenceTech fund raising reflects strategic European priorities The European Investment Fund’s participation signals institutional recognition of defence technology as a strategic priority for European autonomy. Unlike traditional Silicon Valley defence investors focused on large-scale contracts, Keen’s thesis centres on dual-use technologies that serve both civilian and military applications—a distinctly European approach that navigates complex regulatory frameworks whilst maximising commercial potential. “Modern battlefield requirements are evolving faster than traditional defence procurement cycles can accommodate,” explains the investment team. “We’re backing founders who understand that today’s conflicts demand software-first solutions, autonomous systems, and cyber resilience capabilities that can be deployed rapidly across multiple domains.” This €150 million represents more than double the typical European defence-focused fund, reflecting both increased LP appetite and the scale of opportunities emerging across the continent. The fund’s structure accommodates longer development cycles typical of defence applications whilst maintaining the growth trajectory expectations of institutional investors. European DefenceTech ecosystem gains institutional momentum Keen’s strategy targets startups developing autonomous systems, cybersecurity infrastructure, satellite communications, and advanced materials—sectors where European companies increasingly compete with established US and Israeli defence contractors. The fund’s European focus addresses a critical gap in defence technology financing, where American investors often require US-centric business models that limit European market penetration. The timing proves strategic as NATO’s Defence Innovation Accelerator ramps up activity and member states increase defence spending commitments to 2% of GDP. European governments are actively seeking indigenous alternatives to reduce dependence on non-EU defence suppliers, creating substantial market opportunities for portfolio companies that can navigate complex certification processes. Portfolio construction will emphasise companies with proven dual-use applications, regulatory compliance expertise, and scalable technologies adaptable to different European markets. This approach differentiates Keen from generalist VCs attempting to add defence exposure through occasional investments in the sector. This fund launch reinforces Europe’s emergence as a serious player in defence technology innovation, moving beyond traditional aerospace and shipbuilding towards the software-defined capabilities that will determine future military effectiveness. For European defence startups, access to dedicated capital with sector expertise removes a significant barrier to scaling within the continent’s complex regulatory and procurement environment.