Munich-based FarmInsect, an insect technology company,  announced on Monday that it has closed an oversubscribed Series A funding round at €8M. 

Oslo’s Sandwater led the Series A round with participation from Bayern Kapital’s Growth Fund, the Minderoo Foundation’s Strategic Impact Fund, and the European Innovation Council Fund.

Existing investors HTGF and UnternehmerTUM Funding for Innovators also participated in the round.

FarmInsect says it will use the funds to support the commercial scale-up of its insect farming solution and to fund further R&D work to continue improving its technology.

The agriculture sector contributes significantly to CO2 emissions, and a significant portion of these emissions comes from the production and transportation of protein-rich animal feed such as soy and fishmeal. 

Cultivating soybeans, often used in pet and livestock diets, requires a lot of land clearing, often leading to deforestation. 

Fishmeal production is also energy-intensive and puts further pressure on wild fish stocks.

Here’s where FarmInsect offers a more sustainable alternative protein source for animal feed — black soldier fly larvae. 

Thomas Kuehn, Founder and CEO of FarmInsect, says, “We are very grateful for the trust our investors have placed in us. Together, we will pursue our ambitious goal to make insects the go-to protein source ahead of soy and fishmeal in the EU. In this next stage, we plan to intensify our R&D activities to expand and further improve the current breeding lines decisively.”  

FarmInsect: Sustainable alternative protein source for animal feed

In contrast to most insect farming companies that build megafactories, FarmInsect aims to decentralise production and empower farmers by utilising stranded energy and onsite feedstocks.

The company has developed an end-to-end solution, enabling customers to construct modular insect farms onsite at their facilities. 

The company fattens seed larvae with regional waste materials such as peels or harvest residues, and sends weekly shipments to customers. Within a week, the larvae grow over 250 times their body weight.

This circular system produces high-quality, protein-rich feed produced directly on the farm more cheaply, with lower CO2 emissions and independently of global supply chains.

FarmInsect allows farmers to reach feed cost savings of up to 30 per cent. Each step in the process is monitored by a proprietary software platform that guides the customer through production step by step. 

The investor

Sandwater supports companies that lead the way globally in driving positive climate impact and improving our health systems.

Sandwater typically invests in European companies at Late Seed to Series A and has made 12 investments from the current fund. 

Sandwater focuses on four verticals of Resource Efficiency, Energy Transition, Impact Enablers, and Health as a thematic investor with a strong impact mandate.

Morten E. Iversen, Partner at Sandwater, says, “We’ve recognised insects’ commercial and environmental potential for a long time. However, we struggle with the existing business model, which involves substantial capital investment and has proven difficult to scale. We were missing a commercially available, low-capex solution capable of driving meaningful volumes, and FarmInsect offers just that. We strongly believe in the founders’ ability to scale FarmInsect and accelerate the transition from CO2-intensive protein sources.”   

Chester, England-based Bikmo, a cycle and e-mobility insurance company, announced on Wednesday, October 18, that it has secured £3.4M (approximately €3.9M) Series A extension round led by Puma Private Equity. 

The company says it will utilise the funds to expand its operation into additional European markets and offer support to international partners.

The European Parliament, recognising the growing importance of cycling, has declared 2024 as the ‘Year of Cycling’ to double the distance covered by cyclists by 2030. 

The adoption of e-bikes is also on the rise, with UK electric bike sales having surged by over 40 per cent in 2020. 

Furthermore, e-bike sales accounted for 50 per cent of all bike sales in Germany in 2022. 

Bikmo has capitalised on this trend, with 40 per cent of its new policyholders opting for e-bike coverage. 

Louise Towers, CFO of Bikmo, says, “We’re delighted to close this round and onboard Puma Private Equity as we accelerate growth in the UK and Europe, continuing to increase our footprint and capitalise on the increasing opportunities in the wider bike and mobility sectors. Working with a company aligned with our values combined with their depth of experience in international growth across a wide range of technology-enabled sectors is a perfect match for Bikmo.”

Bikmo: Protecting the world’s riders

Founded in 2014, Bikmo is a cycle insurer with a mission to protect the world’s riders.

The company provides a range of insurance products designed to protect various types of cyclists, from road cyclists and triathletes to daily commuters. 

They offer coverage for both individual and commercial risks, including partnerships with brands like Deliveroo, along with additional services such as legal protection and breakdown assistance.

Additionally, the company has also built a core platform of microservices, an API ecosystem, and data insights that enable Bikmo to move fast across territories, products, and verticals.

The recent development of its API technology allows Bikmo to offer embedded insurance solutions, which can be integrated into other products or services easily.

This approach enhances the customer experience and boosts conversion rates, claims the company. 

Bikmo has already successfully implemented its first fully embedded insurance solution in collaboration with BuyCycle in Germany and is currently focused on integrating similar solutions with new and relevant partners.

The B Corp-certified specialist insurer protects over 75,000 riders in the UK, Ireland, Germany, and Austria, and is currently focusing on expanding into other European markets and supporting multinational partners.

The investor

Puma Private Equity is a provider of growth capital to small and medium-sized UK businesses across all sectors and regions.

The company delivers investments between £2M to £10M, partnering with management teams to accelerate their growth and help businesses throughout the country achieve their potential.

Since its inception, Puma Investments has raised more than £490M in capital. 

Kelvin Reader, Investment Director at Puma Private Equity, says, “We are excited to be backing Bikmo at this significant stage in their growth journey. They are ideally placed as one of the UK’s largest specialist bike insurers to capitalise on the e-bike movement and the increasing number of people opting to use bikes as a mode of transport.”

“We are also thrilled to back another company in the North West, our first deal since we set up a Manchester office to expand our presence in the North with Investment Director, Mark Lyons and recruit Emily Bourne. We are well placed to support the next generation of exceptional scale-up businesses emerging from the region,” adds Reader. 

Holstebro, Denmark-based Creative Force, an end-to-end creative operations workflow platform, announced that it has raised $8.9M (approximately €8.4M) in a Series A round of funding, bringing the company’s total funding to $17.9M (approximately €16.9M). 

The investment comes from the Export and Investment Fund of Denmark (EIFO) and Hearst Ventures, the global venture capital division of Hearst. 

Creative Force says it will use the funding to scale its Danish headquarters and new US office in Boston.

Elaborating on the expansion plan to Silicon Canals, Thomas Kragelund, CEO and co-founder of Creative Force, says, “Specifically, we’re targeting strategic growth in key markets like the UK, DACH, the Nordics, France and Spain. Each market presents unique opportunities, and we’re excited to deepen our collaborations with brands and retailers there.”

The company also aims to integrate generative artificial intelligence (AI) into its platform to enable retailers and brands to leverage the capabilities of AI in their creative workflows. 

What does Creative Force solve?

Historically, brands have outsourced content production to multiple vendors or struggled to handle it internally. 

The workflow to produce creative content includes everything from conducting numerous photo shoots, producing videos, scanning product sample barcodes, creating 3D models, copywriting, internal and external coordination, booking models, art direction, editorial oversight, file management, post-production, retailer or channel signoff, and more.

Here’s where Creative Forces comes into play.

Creative Force: Workflow platform for eCommerce content production 

Founded in 2019, Creative Force is a cloud-based workflow platform that helps large brands and studios create new content quickly, launch products faster, and avoid errors, manual data entry, and reshoots. 

The company claims the platform improves communication and collaboration throughout the entire content production process, maintains high quality and consistency, and increases efficiency by at least 30 per cent.  

The Creative Force platform also easily integrates with popular creative software, including Capture One, Adobe Creative Cloud, and Adobe Workfront. 

On working with European clients, Kragelund says, “Being a Danish company, we already have some great relationships with European customers, and 45 per cent of our sales are in Europe. Current customers include European retailers and brands like boohoo (UK), Debenhams (UK), OTTO (Germany), Breuninger (Germany), PVH (Netherlands), Scotch and Soda (Netherlands), J.Lindeberg (Sweden), Marc O’Polo (Sweden/Germany).” 

Creative Force handled more than 10M creative assets through its platform in the past year alone and has been quietly building its technology and working with some of the world’s biggest brands.

“We’ve been actively growing our European sales and customer success teams to support our growth and provide the best service possible to our European clients. I believe having team members in the regions we support is important. That way, our team understands the local needs and challenges (and sometimes even speaks the local language). This allows us to add genuine value for our customers,” adds Kragelund. 

What the investors say

Hearst Ventures makes strategic investments in companies operating at the intersection of media, information, and technology. It is a global investment group with offices in NYC, London, Beijing, and Tel Aviv.

The VC’s notable investments include Via Transportation, Buzzfeed, Roku, Sling Media, HootSuite, Brightcove, E Ink, Pandora, and XM Satellite Radio.

“Creative Force is poised to reshape the landscape of e-commerce content creation. The company’s goal of empowering creative teams to transition from cost centers to value-add contributors within their enterprises, amplified by AI innovation that is mindful of the rights of IP holders, promises an exciting future where brands and retailers can drive sales increases and enhance customer experiences in an increasingly digital world,” says Megumi Ikeda, managing director at Hearst Ventures. 

The Export and Investment Fund of Denmark (EIFO) provides a single point of access for Danish companies as well as for their foreign and domestic business partners who need risk-tolerant government capital

“EIFO is expanding investment to growth-stage tech companies. We have a longstanding relationship with the seasoned entrepreneurs at Creative Force, and this fuels our confidence in the company’s growth potential,” says Jacob Bratting Pedersen, partner at EIFO.

Reykjavík, Iceland-based Quest Portal, a startup that specialises in developing tabletop role-playing games (TTRPGs), announced on Thursday, October 19, that it has secured $7.6M (approximately €7.1M) in funding. 

The investment comes from notable investors, including:

• Bing Gordon, the Founder of Electronic Arts
• Rahul Vohra, the Founder & CEO of Superhuman
• Icelandic storytelling luminaries, including Hilmar Veigar Pétursson, Birgir Ragnarsson, Sigurdur Arnljotsson, and Lakestar’s Mika Salmi & Beatrice Aliprandi

The company says it will use the funds to further develop its platform and democratise the TTRPG space, making it more accessible. Quest Portal says its early access launch was met with an overwhelming response. 

The community has grown to 10,000 players, playing over 140,000 games, encouraging the team to expand the platform further.

Besides funding, the Icelandic company also introduced “Quest Portal Pro,” a subscription service designed to improve the TTRPG experience. 

Quest Portal Pro features Quest Portal Assistant, a Game Master companion that simplifies various tasks such as drafting location ideas, creating NPC backstories, encounters, and more. 

According to the company, this subscription will provide support for popular TTRPGs like Dungeons & Dragons and Call of Cthulhu, aiming to elevate the tabletop gaming experience to new heights.

What is Quest Portal?

Quest Portal is a virtual tabletop (VTT) for playing TTRPGs on desktop and mobile devices. 

“Our mission is to increase creativity, empathy, and collaboration worldwide by making TTRPGs more social and accessible. We will achieve that by getting three things right. First, we help people get into character and the right mood for role-playing. Second, we augment their stories with delightful tools and AI in all the right places; generative art, helpful prose, and great content. Third, we bring people together by making sharing and spectating a fantastic experience,” says the company on its website. 

The platform offers innovative features, allowing users to dive into thrilling adventures with friends. 

Quest Portal focuses on players seeking an immersive experience while playing tabletop role-playing games.

Delft-based Qualinx, a fabless semiconductor company, announced on Thursday, October 19, that it has secured $10.2M (approximately €9.6M) in a Series A extension round of funding, bringing the company’s Series A total to $20M (approximately €18.9M).

The investment comes from existing investors FORWARD.one, InnovationQuarter Capital and Waterman Ventures, and includes an Innovation Credit facility from the Netherlands Enterprise Agency, RVO.

The Dutch startup says it will use the funds to complete the development of its second-generation GNSS IoT radio system-on-chip (SoC) and to commence mass production in 2024.  

The announcement comes after raising $8.8M (approximately €8.3M) in a Series A round in February. 

“This next step in our Series A financing round shows the confidence of our existing investors in DRF technology and our successful application for RVOs Innovation Credit facility reaffirms that our technology and market strategy are on track,” says Tom Trill, CEO at Qualinx.

Qualinx: Fabless semiconductor company

Qualinx was founded by Massoud Tohidian, Iman Madadi, and Amir Reza Ahmadi Mehr as a spin-off from Delft University of Technology.

The company developed and tested a new radio chip that can receive geo-positioning information from Global Navigation Satellite Systems (GNSS) with a 10 times lower power consumption, smaller chip size, and at reduced costs compared to existing solutions. 

The chip can detect signals from all major satellite systems, including GPS, to accurately determine location and time.

Qualinx’s DRF technology digitises analog functions of wireless chips. This brings CMOS scaling benefits to GPS-like radios and other industry-standard, short and long-range radios. 

In software, DFR functions can precisely configure the radio for each application, reducing power by up to 10x in smaller, lower-cost packages compared to traditional radios.

The QLX300+ is believed to be the world’s smallest and most power-efficient Global Navigation Satellite Systems (GNSS) sensor.

The second-generation QLX400 will combine the GNSS sensor with an IoT radio on one chip. 

The GNSS sensors detect signals from major satellite systems including GPS and Galileo to accurately determine location and time. 

The addition of radio creates a low-power system-on-chip that extends the operating life of battery-powered products from months to years.

The investors

FORWARD.one is a venture capital firm that focuses on high-tech hardware startups and scale-ups with €200M in assets under management, including investments in robotics, semiconductors, photonics, sensors, extended reality, and biomanufacturing. 

Arjan Göbel, partner at FORWARD.one, says “Qualinx has not only invented an exceptionally useful technology for solving real-world challenges, but the company has already proven its ability to execute on the milestones in its business plan. In the volatile world of deep-tech investment, we view Qualinx as an example to others of how to commercialise semiconductor innovation and we’re delighted to be alongside them on this journey.”

InnovationQuarter is one of the most active investors in The Netherlands. IQ funds disruptive startups & scale-ups in the province of Zuid-Holland who create a cleaner, smarter, and healthier world. Acting as a lifecycle investor with four funds, the IQCapital (€ 143M) fund has a particular focus on deep tech, life sciences & high-tech.

Marcus Preijde, programme coordinator at RVO’s Innovation Credit, says, “Qualinx put forward a strong proposal for the Innovation Credit, showcasing its cutting-edge technology and its potential to disrupt the semiconductor industry. Based on a well-defined business plan and its experienced leadership, we expect Qualinx to be very successful. Qualinx is undoubtedly a great example of the Dutch innovative companies and projects, which we are so proud to support with the Innovation Credit.”

The Futurum Group is a global technology research and advisory firm for high-tech. The Group offers research, market intelligence, analysis, advisory, lab evaluation, marketing, and lead generation services. 

Steve Dickens, VP and Practice Leader at research and advisory firm Futurum Group, says, “We have been tracking Qualinx and their innovation trajectory for over a year, and the team raising capital in a tough market speaks volumes. The semiconductor and positioning space is ripe for disruption, and we are watching closely as Qualinx comes to market and are excited by the innovation we have seen so far.”

The United Kingdom government announced on Monday, October 16, a Fairness Innovation Challenge to address bias and discrimination in artificial intelligence (AI) systems.

The challenge invites UK-based companies to apply for government investment of up to £400,000 to fund innovative new solutions aimed at eradicating bias from AI technologies. 

The competition aims to support up to three groundbreaking projects, each potentially securing a funding boost of up to £130,000. 

This initiative aligns with the UK’s commitment to hosting the world’s first major AI Safety Summit where dialogues will revolve around managing the risks associated with AI while maximising its potential for the benefit of the British people.

The Centre for Data Ethics and Innovation, operating under the Department for Science, Innovation, and Technology, has initiated the Fairness Innovation Challenge’s first round of submissions. The challenge aims to encourage the development of novel techniques to embed fairness in the creation of AI models.

The primary goal is to counter the threats posed by bias and discrimination by encouraging innovative approaches. 

AI model developers are urged to consider a broader social context immediately.

UK Government emphasising fairness in AI

Fairness in AI systems is one of the fundamental principles laid out in the UK government‘s AI Regulation White Paper. 

AI is a powerful tool for good, presenting near limitless opportunities to grow the global economy and deliver better public services.

In the UK, AI is already being trialled within the National Health Service (NHS) to aid clinicians in identifying cases of breast cancer, and it holds great potential in developing new drugs and treatments and addressing global challenges like climate change. 

However, these opportunities can only be fully realised by addressing and rectifying issues related to bias and discrimination in AI systems.

Minister for AI, Viscount Camrose, says, “The opportunities presented by AI are enormous, but to fully realise its benefits we need to tackle its risks.”

“This funding puts British talent at the forefront of making AI safer, fairer, and trustworthy. By making sure AI models do not reflect bias found in the world, we can not only make AI less potentially harmful, but ensure the AI developments of tomorrow reflect the diversity of the communities they will help to serve,” adds Camrose.

Although several technical bias audit tools are available in the market, many of them are developed in the United States. 

While companies can use these tools to identify potential biases in their systems, they often fail to align with UK laws and regulations, says the government.  

Focus areas of the challenge

The challenge promotes a fresh UK-led approach that emphasises the social and cultural context in AI systems in addition to the technical considerations.

The challenge will focus on two main areas:

First one involves a partnership with King’s College London, where participants from the UK’s AI sector will work on mitigating bias in their generative AI models. These models, developed in collaboration with Health Data Research UK and the support of NHS AI Lab, are trained on anonymised records of over 10 million patients to predict potential health outcomes.

The second challenge is a call for ‘open use cases,’ where applicants can propose novel solutions tailored to address bias in their unique AI models and specific focus areas. It includes combating fraud, building new law enforcement AI tools, or assisting employers in creating fairer systems for analysing and shortlisting candidates during recruitment.

Companies currently face a range of challenges in tackling AI bias, including insufficient access to data on demographics and ensuring potential solutions meet legal requirements. 

The CDEI is working in close partnership with the Information Commissioner’s Office (ICO) and the Equality and Human Rights Commission (EHRC) to deliver this Challenge. 

The Fairness Innovation Challenge closes for submissions at 11am on Wednesday, December 13, 2023, with successful applicants notified of their selection on January 30, 2024.

Europe has experienced continuous growth in venture deal value for the third consecutive quarter. However, the total annual value for 2023 is expected to lag significantly behind the figures from previous years.

PitchBook has released the Q3 2023 European Venture Report, showcasing a comprehensive analysis of the VC landscape in Europe during this period. The report covers key areas such as deals, nontraditional investors, cleantech, exits, and fundraising.

Here are the key takeaways from the report. 

Deals

Venture capital deal value in Europe for the first nine months of 2023 was €43.6B, representing a 49.1 per cent decline compared to the same period in 2022.

Based on the total deal value of €109B in 2022, it is believed that there won’t be a significant enough recovery by year-end to boost 2023’s total compared to the past two years, says the report. 

Every quarter, deal value in Europe has increased since Q1 2023, with Q3 deal value being 5.9 per cent higher than in Q2. 

According to the report, these improvements suggest that the market may have moved beyond its lowest point, but uncertainty in the European macroeconomic environment persists. 

Late-stage investments have shown more significant declines compared to early-stage investments. Venture growth deals, in particular, decreased by 61.9 per cent in Q3 2023 compared to the same period in 2022.

Early-stage venture capital deals have proven more resilient and have been increasing sequentially since Q1 2023. The report says Cleantech and AI technologies have been prominent in early-stage deals. 

Early-stage investments are expected to continue to be more robust as investors take a long-term approach, and their returns are less immediately tied to exit markets, which still need to be stronger within the venture capital landscape.

“Overall, we believe early-stage investments should remain more resilient due to investors taking a long-term investment approach and returns being less imminently tied to exit markets — which continue to remain the weakest area within venture markets,” says the report. 

According to the report, cleantech investments dominated the top 10 deals in Q3 2023, with the largest one occurring in France. Verkor, a low-carbon battery production company, secured a substantial €2.1B investment, including €600M in debt.

Cleantech is a major attraction for venture capital, evident in the second-largest deal of €1.5B invested in H2 Green Steel, supporting a green steel plant in Sweden with significantly reduced CO2 emissions.

Regionally, France and Benelux demonstrated remarkable resilience with a 37.7 per cent decline in deal value over the first nine months of 2022. It led to a significant increase in the region’s share of the European deal value, now accounting for 23.2 per cent. 

The UK and Ireland maintained the lead with 33.0% of the deal value in Europe during Q3 2023.

Furthermore, the proportion of US investors in Europe decreased, with their capital investment declining more than the overall market. 

This shift could be due to higher market uncertainty, prompting US investors to focus on domestic opportunities and return to familiar markets for more stable returns.

Nontraditional investors

The PitchBook report says nontraditional investor participation in the venture capital (VC) market has decreased in line with the broader market. 

VC deal value involving nontraditional investors dropped to €32.3M in Q3 2023, marking a 49.5 per cent decline compared to Q3 2022.

Nontraditional investors, including sovereign wealth and hedge funds, have seen a shift in their investment behaviour, as the report reveals. They have allocated a larger portion of their investments to the private market due to declining valuations in public equity markets.

This shift in investment strategy led to reduced VC deal activity in 2022. Still, there is now more resilience in nontraditional investor participation, with their share of overall deal value remaining at 74.1 per cent in European VC deals through Q3 2023.

Notably, the venture growth stage experienced the most significant decline in nontraditional investor participation, while the early stage demonstrated greater resilience, reflecting broader industry trends.

Cleantech

Cleantech deal activity is more resilient than the overall market, although it is expected to slow down from the previous year. According to the report, the decline in cleantech activity is milder than in the broader market. 

Deal value in cleantech through Q3 2023, as a percentage of the full year 2022, stands at 57.2 per cent, while the total European VC market is at just 40 per cent. It suggests that cleantech remains more insulated from a market downturn.

Other key verticals in Europe, such as software as a service (SaaS), fintech, and AI & machine learning, have shown more significant declines in deal value this year.

Favourable regulations in Europe, especially on decarbonisation, are expected to support the growth of cleantech startups and the race toward achieving net-zero carbon emissions in the continent.

In Q3 2023, five of the ten largest deals in the quarter were cleantech deals, including the top three investments, indicating continued investor interest in the sector.

The limited exit activity in cleantech is evident, with exit value in Q3 2023 at only 7.1 per cent of the previous year’s level, while other verticals have seen higher exit activity.

European governments are increasing their investments in cleantech, with examples such as the French government offering tax credits to encourage investments in renewable and low-carbon technologies expected to generate substantial private investments by 2030.

Exits

Exit activity in the venture capital (VC) ecosystem has shown limited recovery in 2023, fluctuating around a low-single-digit billion value throughout the year, unveils the report. 

In the first three quarters of 2023, exit value reached €9.1B, 72.8 per cent lower than the same period in the previous year.

Further, 2023 is expected to be the most depressing year for exit value since 2013, says the company. 

The report suggests that the revival of exit activity is expected to depend on a recovery in broader valuations and public listings. 

The ratio of total investments-to-exits has decreased from 11.9x in 2022 to 11.5x at the end of Q3 2023, primarily due to a greater decline in the number of investments compared to exits.

The report says the IT hardware demonstrates the most resilience, while the energy sector experiences the greatest declines in exit activity during the first nine months of the year.

The resilience in IT hardware is attributed to acquisitions like Augmenta and Panthronics.

In software’s largest sector, exit value declines are moderate, decreasing by 69.3 per cent through Q3 2023 compared to the first three quarters of 2022.

In the third quarter of 2023, exit activity was prominent in five sectors, with software and biotech & pharma generating the most value.

The top 10 exits in Q3 2023 also featured a dominance of the software industry with the largest exit being the acquisition of biologics player Kerecis for €1.2B in the biotech & pharma sector.

Fundraising

In Q3 2023, VC fundraising was only at half the level of 2022, with €13.9B raised in the first nine months compared to €27.6B in 2022.

While weaker year-over-year, fundraising has increased since H1 2023 with €8.9B raised. 

The report anticipated that fundraising in 2023 will surpass 2022 levels, unlike the trend seen in private equity which has been strong. One of the reasons for this lag is the need for megafunds in VC, which can significantly impact total capital raised.

The largest VC funds in 2023, like NATO’s Innovation Fund and Highland Europe Technology Growth V, are much smaller than the top private equity funds.

Smaller VC firms face an even tougher fundraising environment, with LPs prioritising relationships with established firms.

There is a shift of capital towards more experienced VC managers, comprising 59.6 per cent of capital raised in Q3 2023, up from 53.3 per cent in 2022.

The number of first-time VC funds closing in Q3 2023 (23) is significantly lower than the total in 2022 (76).

Rotterdam-based Skoon Energy, an AI-powered software platform for clean mobile energy, announced on Thursday that it has closed $5.6M (approximately €5.3M) in a Series A round of funding led by Blue Bear Capital with participation from the Graduate Entrepreneur Fund. 

Skoon says the latest capital infusion will enable it to grow its team, advance the development of its software platform, and expand into new global markets.

The Series A round follows investments by Kees Koolen (early investor and CEO of Booking.com and former COO of Uber), Damen Shipyards, and Rabobank. 

What does Skoon solve?

A report by BloombergNEF reveals that at least $21.4T needs to be invested in the electricity grid by 2050 to support a net-zero trajectory for the world.

While electrification in buildings and transportation continues to advance, dirty fossil fuel-powered generators for temporary applications remain high due to grid congestion or black-out prevention.

Here’s where Skoon Energy comes into play! 

Skoon Energy: What you need to know

Skoon Energy was founded in 2017 to transform on-site energy supply. 

The company focuses on connecting users of traditional fossil fuel-powered generators with suppliers of clean mobile energy solutions, which include batteries, hydrogen, and solar generators.

Skoon’s software platform is powered by AI, enabling customers to choose the most suitable energy system for their needs. 

“With scalable and data-driven access to energy systems globally, grid operators can turn to Skoon to enable flexibility in the electricity grid. Instead of relying on legacy infrastructure, which can be outdated, grid operators can deploy a mobile grid—mobile energy systems—to support or replace their electricity grid at scale. This flexibility in time and location placement allows grid operators and their customers to save costs and efficiencies to unlock the benefits of freedom in planning,” says Peter Paul van Voorst tot Voorst, founder and CEO of Skoon Energy. 

Users can actively monitor their energy consumption and easily calculate their carbon savings.

According to the company, the platform is designed to provide cost-effective, zero-emission energy for various applications, including construction sites, events, and on-site film production. 

It helps reduce the reliance on fossil fuel generators for temporary power needs.

Skoon operates an online marketplace with over 150 verified suppliers offering clean mobile energy systems.  This marketplace facilitates the supply and demand for clean energy solutions across industries and end users.

European rental companies, including Atlas Copco, Volta Energy, and Morillo Energy already use the platform.  It is also adopted by large-scale energy users such as Vattenfall, the Dutch Ministry of Defence, and the Port of Amsterdam.

Challenges 

Talking about the significant challenges/opportunities for Skoon Energy, Peter Paul van Voorst tot Voorst says, “The energy market today is going through tremendous growth and rapid change, which is challenging for most companies to keep up with. Our years of experience replacing fossil fuel generators at project sites, such as construction and film sets, have positioned Skoon perfectly to provide clean mobile energy solutions everywhere. It also means Skoon is ready to tackle grid congestion challenges at a large scale.”

“The funding from Blue Bear Capital and Graduate Entrepreneur Fund not only validates our platform’s value but also serves as a critical launchpad to realize our vision to replace the use of fossil fuels at on-site projects and to provide clean power and true flexibility to electricity grids, globally,” adds Peter.

The Investor

Blue Bear is a venture capital and early growth equity firm driving the expansion of digital technologies into multibillion-dollar verticals across the energy, infrastructure, and climate industries. 

The VC’s portfolio covers operational AI, IoT, and cybersecurity technologies, deployed with enterprise customers to drive connectivity and efficiency across the world’s most critical industries. 

“Skoon unlocks access to low-carbon power generation to decarbonise the $10b global power rental market,” says Dr. Carolin Funk, partner at Blue Bear Capital. “Their platform provides an integral service that connects hard-to-electrify use-cases with innovative suppliers, reducing reliance on fossil fuels and improving overall grid stability.”

Graduate Entrepreneur Fund is a €58M early-stage fund that partners up with visionary alumni founders from the universities of Delft and Rotterdam. 

It provides companies with capital and support from an extensive network of +140 successful entrepreneurs and business leaders. 

“Flexibility is the future of electricity, and Skoon is the gateway to that future—a platform for easy access to clean mobile energy systems,” says Auke van den Hout, managing partner at Graduate Entrepreneur Fund. 

“Peter Paul, Daan, and the Skoon team have the right background to scale this business. As new investors, we are very excited to support them through our international networks,” adds Hout. 

Sweden-based Volta Trucks, an automotive company offering electric trucks for sustainable cities, announced on Tuesday that it has filed for bankruptcy after failing to secure a battery supplier and additional capital. 

The announcement comes ten months after raising €60M in a Series C extension round. 

Proterra, the battery supplier for Volta Trucks, filed for Chapter 11 bankruptcy, which resulted in a reduction of forecasted vehicle production volumes.

This uncertainty with its battery supplier negatively affected the Swedish company’s ability to raise sufficient capital in a challenging environment for EV players.

The main trading entity of the Group, Volta Trucks Limited, will shortly file for administration in England with insolvency practitioners from Alvarez & Marsal anticipated to take office. 

Other Group entities will shortly file for insolvency proceedings in the relevant jurisdictions.

“The Board has not taken this course easily or lightly and is fully aware of the significant impact this will have on the organisation’s dedicated workforce, as well as customers and partners. We would like to sincerely thank the Volta Trucks team and are incredibly proud of their pioneering work to deliver such an innovative zero-emission commercial vehicle,” says the company in a statement. 

Volta Truck: What you need to know

Founded in 2019 by Carl-Magnus Norden and Kjell Walöen, and currently led by CEO Essa Al-Saleh, Volta Trucks is a full-electric commercial vehicle manufacturer and services company. 

It has offices in Sweden, France, and the UK, and is partnering with several global supply chain leaders for the development and production of its vehicle Volta Zero.

The company already has thousands of pre-orders for the full-electric Volta Zero. 

The Volta Zero is a purpose-built full-electric 16-tonne vehicle designed for inner-city logistics, thereby reducing the environmental impact of freight deliveries in city centres. 

The truck offers an operating range of 150-200 Kms (95–125 miles) and, as per company claims, will eliminate an estimated 1.9M tonnes of CO2 by 2026.

The Dutch startup ecosystem, known for its dynamic and thriving environment, is privy to a diverse pool of talents and innovation to shape its future.

These talents, that include entrepreneurs, thought leaders and community builders, have made remarkable strides in the vibrant Dutch tech hub. 

What’s more important is the diverse pool from which these talents come. And celebrating each of them is a boost to the entire Dutch startup ecosystem. 

Black Achievement Month

The “Black Achievement Month” is a tribute to the exceptional entrepreneurs and leaders of colour who have made immeasurable contributions to the ecosystem.

While the entrepreneurial journey can be challenging for anyone, it can be even more so for individuals who belong to historically marginalised communities. 

Despite these obstacles, numerous black visionaries in the Netherlands have broken barriers, created groundbreaking startups, fostered innovation, and built bridges within their communities.

In this article, we are shining the spotlight on these black entrepreneurs, thought leaders and community builders who have not only transformed their lives but have also enriched the entire Dutch startup ecosystem with their ideas, talent, and resilience.

Marian Spier

Marian Spier, a distinguished serial entrepreneur, is dedicated to driving positive change for women-led startups globally, while also providing invaluable guidance to organisations and corporations on their journey toward greater inclusivity.

Her entrepreneurial journey began in 2012 when she embarked on a consulting venture, rapidly expanding her reach to encompass an impressive and diverse clientele across 15+ countries. 

Furthermore, Marian’s commitment to empowering female entrepreneurs led her to establish FEM-START, a pioneering platform to bridge the global funding gap for women entrepreneurs. 

Beyond her entrepreneurial pursuits, Marian holds advisory and board member roles in prestigious organisations such as Van Doorne, the Van Gogh Museum, VandenEnde Foundation, Harper’s Bazaar, and Soho House Amsterdam.

Kimberly Ofori

Kimberly Ofori, a former banker turned management consultant and successful digital entrepreneur, boasts a dynamic career filled with remarkable achievements. 

Over the past decade, she has demonstrated her entrepreneurial prowess by founding and selling two companies, while her professional journey has taken her to various corners of the world, engaging with clients in the Middle East, Africa, the United States, and Europe. 

With an extensive background spanning multiple industries and continents, Kimberly brings invaluable experience.

Kimberly now runs Ofori & Co, a strategic innovation consultancy where she supports fast-growing companies and large corporations to scale innovations to new markets and on organisational design, culture change and leadership.

She is currently seated as chair of the executive board at VOAW, the advisory board of several startups, and functions as an advisor for entrepreneurship programmes run by the UNDP and the European Innovation Council.

Ruben Brave

Ruben Brave is a Dutch internet pioneer, a board member at impactful tech or media-related organisations, a media professional, and a serial entrepreneur in technology, media, and telecommunication (TMT). 

He stood at the cradle of leading Dutch online initiatives of some of the largest companies in publishing, sports, telecom, and travel.

With his company, Entelligence, he builds public benefit corporations in collaboration with knowledge institutions, such as the Center for JobKnowledge Research that has developed an innovative assessment to determine the growth potential of individuals. 

Ruben has a profound insight and understanding of the network economy and is a frequent author on media-related issues.

Jerrel van Eer

Jerrel van Eer boasts a wealth of expertise spanning over 15 years within the CRM sector. As a seasoned consultant and product owner, he is passionate about conceiving and delivering customer-centric solutions.

His primary specialisation lies in Salesforce, where he excels in implementation, optimisation, and integration for medium and enterprise-level enterprises.

Leveraging his extensive skill set, Jerrel plays an instrumental role in assisting companies in maximising their operational efficiency, offering them top-notch IT solutions. 

His primary objectives include:

• Aligning business goals and requirements.
• Crafting strategic architectural designs.
• Executing innovative solutions with precision.

He has a proven track record of driving innovation, enhancing efficiency, and maximising customer satisfaction by leveraging cutting-edge technologies and agile methodologies.

Jerrel van Eer also has a strong interest in UX management and best practices. 

Virgill Olvira

Virgill Olvira founded Mindset Media, a multicultural digital agency in Amsterdam. With a diverse team, they create compelling media campaigns.

He is an energetic and inspired professional who blends innovative marketing and sales strategies in his work. He has a talent for developing strong and long-lasting relationships with clients, which helps him make meaningful connections.

Sacha Martina

Sacha Martina, the founder of Your Talent Agency, is a dynamic and accomplished professional dedicated to empowering businesses in the Netherlands with a diverse and international workforce. 

Her agency, Your Talent Agency, is a trusted partner for companies such as Instruqt, Trunkrs, Lepaya, Pacmed, Aidence, Otrium, and many others, helping them grow by acquiring top talent.

Beyond her entrepreneurial works, Sacha is a seasoned diversity and inclusion specialist and a captivating public speaker. 

As a woman of colour in the business world, she has firsthand experience confronting bias and prejudice. This journey has driven her to advocate for greater awareness of multiculturalism, equality, and social justice issues.

Sacha’s professional background in HR and People & Culture has equipped her with the skills to lead international (tech) companies and translate business objectives into tangible goals, using OKRs and KPIs to optimise people teams. 

Marianne Dorder – Servet

Marianne Dorder-Servet, the Information Manager at the Laboratory Amsterdam UMC, is dedicated to enhancing the efficiency and effectiveness of information processes within organisations. 

With a wealth of experience, Marianne excels in pinpointing users’ information requirements and skillfully transforming their functional requirements and desires into tailored solutions.

She skillfully oversees the direction of information services (IV) within the laboratories, actively participating in the formulation of a long-term strategy and a comprehensive roadmap that outlines the necessary steps to achieve their goals. 

Kemo Camara

Kemo Camara is the founder and CEO of Omek, a professional platform designed to lift the African diaspora. 

For the past 20 years, he has lived, studied, and worked in cities across Africa, The United States, and Europe. 

Further, he has founded startups, built non-profit organisations, and played various leadership roles in community organisations. 

Shea Harty

Shea Harty is a social impact entrepreneur who founded the Empowerment Foundation to provide access to information and resources for immigrants who are unemployed and living in the Netherlands. 

The foundation is now expanding to help Women in STEM to increase the number of women leaders in STEM and to provide women founders with access to funding for their startups. 

Shea Harty is also a sought-after speaker at internal corporate events and prominent industry conferences. 

Her talks address a range of critical subjects, including diversity, inclusion, equity, community engagement, the imperative for more women in technology, conquering the fear of sales, and strategies to foster greater workplace engagement.

Tirza Snoijl

Tirza Snoijl is an accomplished project wizard with a remarkable ability to navigate through complexity and bring solutions tailored to the needs of entrepreneurs. 

Her expertise spans from meticulously crafting business plans to generating precise financial projections and perfecting the art of pitching. 

Tirza’s extensive experience allows her to easily identify potential weaknesses and develop strategies that strengthen an entrepreneur’s pitch. 

However, what truly ignites Tirza’s passion is her dedication to working with underrepresented entrepreneurial groups. She recognises the obstacles these aspiring business leaders encounter when pursuing financial support. 

For her, regardless of background, every individual deserves an opportunity to thrive.

Tirza’s commitment to levelling the playing field is evident through her sharing of knowledge and developing specialised tools and processes. 

Her ultimate objective is to empower entrepreneurs to bring about change within their communities and create intergenerational wealth.

Nancy Poleon

Before founding BrandedU in 2014, Nancy Poleon worked as a marketing manager for BMG in London to help artists such as Britney Spears, Alicia Keys, and Pink rock the stage. 

She realised her experiences from the entertainment world could be used in personal branding too, which resulted in the BrandedU Rock-’n-Roll Branding method.

It’s a unique personal branding method based on encouraging authentic behaviour. Because we believe that personal brands are built from the inside out and are based on authenticity. 

Where other programmes are often focused on changing women, Poleon’s venture encourages women to be themselves.