Sweden-based Aira, a clean energy technology company, announced that it has secured SEK 1B (€86M) in funding from a group of investors to help Europe transition from gas and speed up the journey toward energy independence.

Altor, Collaborative Fund, Creades, Kinnevik, and Lingotto are among some of the investors in Aira’s mission. 

“We are delighted to welcome our new investors, who all have a track record of scaling impact companies. Our investors join us on our mission to drive the green transition and to take Europe off gas,” says Martin Lewerth, CEO of Aira Group.

Airs says the fresh capital will be used to expand its fully integrated platform across Europe and improve its services to customers.

“The funding secured is a key milestone on our journey to serve five million European households with clean energy-tech solutions. With this investment, we will further expand our European presence and accelerate our product and tech development to become a leading direct-to-consumer brand,” Lewerth adds.

Transforming European home heating

Europe currently relies on about 130 million fossil fuel-based boilers to heat homes, contributing to 10 per cent of Europe’s CO₂ emissions. A shift towards air-source heat pumps presents a significant opportunity to reduce household heating costs and carbon emissions.

Aira provides an accessible and innovative solution that accelerates the electrification of residential heating through intelligent clean energy technology. The company says that with Aira, European consumers have a dependable source for comprehensive home energy-saving solutions using intelligent heat pumps.

This technology enables households to save up to 40 per cent on heating expenses while reducing CO₂ emissions by more than 75 per cent. 

Aira’s consumer services are already available in Italy and Germany, with plans to launch in the UK later this year.

The company is also planning to expand in Italy and Germany to create 10,000 new clean energy jobs and serve five million homes over the next ten years. It will introduce a budget-friendly monthly payment plan for easier access to energy solutions.

In addition, Aira will diversify its tech portfolio, incorporating solar energy, dynamic energy tariffs, and smart heat pumps. Research and technological advancements will simplify the customer experience for energy optimisation. 

To meet increasing demand, the company will expand its manufacturing capabilities in Poland.

What the investors say

Commenting on the clean energy initiative, Georgi Ganev, CEO of Kinnevik, says, “At Kinnevik, we continue to focus on our generation’s biggest challenge – climate change. Residential heating stands for around 10 per cent of the CO₂ footprint, and we believe that Europe is at the start of a major transformation towards green energy.”

“We strongly believe in Aira’s vision to connect the full value chain, which allows for stronger margins and a harmonised consumer experience. Bold visions require great execution, and Martin Lewerth and the team have the right combination of experienced leadership and expertise across the critical functions,” he adds. 

Andrew Montgomery, partner at Collaborative Fund, says, “Our strategy is to invest in businesses that can generate the highest possible financial returns and have the largest climate impact – and we are constantly reviewing initiatives from entrepreneurs, startups, and large corporations.”

“We are excited about Aira’s bold ambitions for clean energy tech for every home, as residential heating is a prioritised sector from an abatement perspective. We’re also thrilled to be investing in a Swedish company helping to export the Nordics’ leadership in heat pump adoption, innovation, and design,” adds Montgomery.

Norwegian-Portuguese tech innovator Nortech AI announced that it has secured  €2.5M in a seed round of funding from Indico Capital Partners and Earlybird-X.

With the funding, Nortech AI seeks to push the maritime industry’s transition from reactive to proactive use of data, catalysing a new era of cost savings and environmental conservation through reduced greenhouse gas emissions.

The AI company discovered its niche as the maritime industry began addressing the lack of connected information systems and the waste of resources in recent years.

Embracing a smarter maritime industry

The maritime industry has been one of the most consumptive industries in the world in terms of fuel consumption. It used approximately 202.5 million metric tons of fuel of differing types in 2020, including heavy and light fuel oil, diesel/gas oil, and liquefied natural gas (LNG).

As the maritime industry begins shifting to light fuel oil, the need for advanced AI technology to track the fuel’s usage becomes increasingly in demand. 

Dubbed “maritime informatics”, the industry recognises a need for IT-powered collaboration that enhances operations, satisfies the client’s demands for transparency, and addresses societal concerns.

Popular uses of AI in the maritime industry include optimising navigation and routes, estimating fuel consumption with higher accuracy, maintaining equipment and vessels, and procuring real-time information on port density and traffic.

Michael Schmitt, a partner at Earlybird-X, says, “Industrial IoT is a critical conduit for streamlined, intelligent, and sustainable operations. Nortech AI simplifies the digitalisation journey, empowering industries to become more data-driven without hassle.”

Utilising AI for shipping operations

Nortech AI uses a plug-and-play solution to offer remote commissioning and capture and use industrial IoT data to its clients. 

Vessels and their respective businesses can speed up their digital initiatives to make real-time decisions and enhance their operations. The solution works by scalable data models – built with live operational data and simulation data – where templates developed from successful proofs-of-concept can be contextualised and reused to solve many use cases with the same model.

When using Nortech AI’s services, clients from the shipping industry can track their vessels’ hull and propeller performance, slip, carbon intensity index, trim, and fuel performance levels.

Ultimately, the startup aims to interconnect various industrial needs from data analytics to process automation. Nortech AI will also expand the use of its platform and products in other industries thanks to the assistance from its latest funding round.

Stephan Morais, managing general partner at Indico Capital Partners, says, “The maritime industry is ripe for the implementation of software that helps it become more sustainable.”

“Nortech’s software is fast to integrate with existing systems onboard and therefore allows ships’ operations to become more sustainable immediately. We are proud to be supporting this transition of the global maritime industry with our Blue Fund.”

Stockholm-based Ankra, a cloud infrastructure automation platform, announced that it has raised €1.1M in a pre-seed funding round led by UK-based B2B investor Superseed, alongside industry-leading angel investors.

Ankra says it will use fresh capital for the development of its platform to accommodate a waitlist of clients and the company’s growing operations in the UK market.

The cloud infrastructure company automates cloud infrastructure setup and maintenance in a compliant manner, allowing companies and products to go live in days compared to month-long setups. This initiative aligns with Ankra’s goals to address the challenges of maintaining cloud infrastructure for prominent institutions.

Issues plaguing cloud infrastructure

The glaring complexity of cloud infrastructure only increases as companies expand into the new digital frontier. Developers need to spend hours to maintain the system from system crashes, service slowdowns, and data losses.

Ankra discovered many instances of this issue when the company cooperated with Ericsson’s 5G projects, Saab’s military-grade infrastructure, Sweden’s FX banking infrastructure, and business scaling at Google. Developers are pressed into maintaining technical issues while neglecting their core programming and app development tasks.

As a result, institutions needlessly drain their resources, especially when the demand in the developer job market exceeds the available supply by ten times.

An example of this issue is the current availability of only 11,000 people in the workforce for site reliability engineering (SRE) and DevOps jobs in the US. This number is insufficient to fill 125,000 jobs in these specialties, thus reflecting the imbalance of supply and demand of available developers.

Ankra deems this issue problematic, especially in high-compliance industries such as fintech and banking that demand more timeframe and less room for bugs and progressive product iteration.

Revolutionising maintenance of cloud infrastructure

In response, Ankra’s platform changes software development teams’ methods in managing and maintaining their cloud infrastructure. The platform simplifies resource provisioning and allows developers to automatically set up resources they need anywhere and anytime, thus saving hundreds of hours.

Ankra stands out in the market as the only product supporting end-to-end setup and maintenance of a Kubernetes-based infrastructure, allowing developers to manage the entire lifecycle of their application through one single pane of glass.

By relying on Kubernetes, clients may enjoy benefits such as automated and customisable config for their teams. Without needing Terraform or Cloudformation, clients can make profiles available for their teams and import existing clusters in seconds.

The cloud infrastructure company will launch its product to selected customers, including startups and UK high-tier banks in 2024.

Mads Jensen, managing partner at SuperSeed, says, “The team at Ankra are focused on delivering what matters for customers that are deploying complex infrastructure – real productivity enhancement and cost savings. For banks and fintechs, Ankra offers excellent ROI.”

“We look forward to supporting the founders in launching into the UK market and getting commercial traction with London’s world-leading fintech companies,” adds Jensen.

Amsterdam-based Arcola, a private equity firm, announced that it has acquired a majority stake in Straatweg Group, a Dutch manufacturer of speciality plastic components for the food, healthcare, and sustainable energy industries.

Straatweg Group has a manufacturing site in China and recently opened a new production facility in Breukelen, The Netherlands, to better serve its customers in Asia, Europe, and the US. Some of the group’s brands include Orange Plastics, Qbig Packaging, IBC Store, and Used to create New.

“The global flexible packaging industry, valued at approximately $150B (€141.7B) in 2021, is forecast to generate strong revenue growth over the coming years, primarily driven by a market shift towards more speciality packaging in the food and healthcare product segments. The Straatweg Group’s activities fit squarely within these high-growth areas,” says Benoît Lammens, founder of Arcola.

“Through the smart application of technology, selective acquisitions and by strengthening existing and building new international strategic partnerships, we believe the Straatweg Group is well-positioned to outperform the wider market’s growth trajectory,” adds Lammens.

Flexible packaging market opportunities

Flexible packaging is a modern, cost-effective way to package goods using non-rigid materials. It is popular for its versatility and ability to protect products from damage. The packaging is made from a variety of materials, including metal, plastic, and paper.

Market research reports the value of the global flexible packaging market at €235.5B ($248.9B) in 2022. The same study projects the market to reach €298.3B ($315.5B) by 2027 with a 4.8 per cent CAGR during the forecast period. 

The market growth is attributed to its versatility to be formed into various shapes and sizes, such as pouches, bags, and sachets, that the food and health industry needs. Flexible packaging films and pouches also offer excellent resistance against punctures and tears, and their seals help prevent spoilage and wastage to protect food flavour and texture.

Flexible packaging can use up to 75 per cent less energy and produce one-tenth of the amount of carbon dioxide emissions compared to metal cans. It also requires less water and energy to manufacture and can reduce food waste.

Assisting SMEs achieve robust growth

Private equity investors can find outsized opportunities in the SME sector, which is often overlooked and hard to access. By identifying niche market champions and working with strong management teams, private equity investors can help these companies achieve robust future growth and returns.

Arcola says it partners with experienced entrepreneurs in related industries to support its portfolio companies in Benelux. The entrepreneurs provide deep market insights, extensive networks, and co-investment opportunities, while Arcola gives the portfolio companies access to capital and resources.

In the Straatweg Group acquisition, Arcola partnered with entrepreneur and investor Marc van der Put, founder and former CEO of 2Connect.

“A decisive factor in our decision to partner with Arcola was the unique combination of private equity growth know-how with the proven entrepreneurial business-building expertise that co-investor Marc van der Put brings to the table. This represents a real added value for us in supporting the Straatweg Group as we continue to build our national and international market presence over the coming years,” says Straatweg Group co-owner Jaap Sondaar.

Stockholm-headquartered Mediatool, a media management platform that assists global brands and advertisers, announced that it has raised 80M SEK (€7M) in a fresh round of funding.

The company says the funds will support its upcoming US expansion and meet the growing demand for its platform in the American market. As part of this expansion, Mediatool will open a new office in New York in the first quarter of 2024.

“This investment is of great significance to Mediatool, and we look forward to collaborating with Fairpoint Capital and eEquity,” says Alexander Högman, CEO of Mediatool.

“Mediatool has already made a significant impact on the industry. Currently, 40 per cent of Mediatool’s revenue comes from the USA, and now is the perfect time to take the company to the next level and establish a stronger presence in the United States,” adds Högman.

Two new investors, B2B technology Venture Capital investor Fairpoint Capital and growth investor eEquity, joined Mediatool in this funding round. Previously, Newion, J12, Almi Invest, and Twig invested in the company.

“We have followed the company for several years and are extremely impressed by what Alexander and his team have built,” says Hadar Cars, investment director at Fairpoint.

“With experience from many other SaaS companies that have managed to scale quickly, we believe that Mediatool has all the important components in place,” adds Cars.

How Mediatool’s platform works

Mediatool is a media management platform that helps advertisers streamline their media planning, activation, and monitoring workflows. It provides a central hub for managing all media campaigns across channels, campaigns, and business units. 

As a SaaS platform, Mediatool aggregates all media data, including investment data, audience metrics, and campaign results, in one place. This enables advertisers to act promptly on their data and optimise their strategies across multiple markets, campaigns, and brands to increase ROMI. It is also highly scalable, making it suitable for businesses of all sizes.

There are two options: “mediatool for brands,” which provides clarity and centralised data management for marketing campaigns, and “mediatool for agencies,” which enhances delivery across client portfolios, benefiting advertising agencies.

Global clients

Traditionally, ERP systems efficiently handle payroll, supply chain, and sales costs. However, media spending, even for large global advertisers with robust IT systems, is often managed using spreadsheets despite being one of the most cost-heavy items in the P&L. 

This is where Mediatool comes as a solution for global companies with complex marketing departments and major media agencies. 

“During our due diligence, we conducted interviews with several US-based retail giants, only to discover that they manage billions of dollars in media spend using primarily spreadsheets. Mediatool’s innovative solution addresses this glaring need,” says Jessica Mattson, deal partner for eEquity’s investment.

“The market for a modern, flexible, and reliable SaaS Media Management solution is essentially uncharted territory, and we are excited to have found Mediatool to tap into this blue ocean,” Mattson adds.

The firm successfully onboarded several of Europe’s most prominent advertisers in 2023, solidifying its position as an industry leader. It also works closely with some of the world’s largest advertisers and leading media agency networks to help them manage their clients’ campaigns effectively.

Mediatool currently manages over $6B (€5.675B) in media budgets for over 70 major advertisers.

Berlin-based Inuru announced that it has raised  $10M (€9.5M), underscoring the growing confidence in the company’s cost-efficient OLED (Organic Light-Emitting Diode) technology.

The fund comes from Aper Ventures, Adamed Technology (the venture capital arm of Polish pharmaceutical company Adamed Pharma), ARIA, and a group of business angels.

While OLED technology offers several advantages, its high manufacturing costs have limited its widespread use. This recent infusion of investor support will enable Inuru to introduce its technology to a broader audience and expand into new industries that can benefit from more visible and interactive labels.

“Adamed’s investment validates the pressing need for improved medication delivery. Our OLED labels empower brands to enhance medication adherence and help patients regain control over their health,” Inuru CEO Marcin Ratajczak says.

“Today, our collaborations with global innovation champions like CEACO, Displate, and Cattier have helped us mature our technology and expand production capacities. This expansion will enable us to produce superior products more efficiently and cost-effectively, ultimately benefiting a broader market,” he adds.

Inuru’s strategic focus in medication, entertainment sector

The issue of patients at risk of taking expired medications and not adhering to prescribed guidelines has driven the need for smarter, more interactive labelling solutions. The repercussions of non-adherence and medication mismanagement contribute to an estimated $600B (€570B) in preventable healthcare expenses and 325,000 annual fatalities.

Inuru’s primary focus is to harness its technology, known for augmenting product visibility on store shelves, to create intelligent and interactive labelling solutions. These labels have the potential to revolutionise medication intake and prescription drug management.

As the printed electronics market continues to grow, the company is venturing into the entertainment sector. This sector is projected to grow from $9.9B (€9.4B) in 2021 to $23B (€21.85B) by 2026, offering significant opportunities for startups and investors.

“As we aim to capitalise on our OLED technology to disrupt the healthcare and FMCG industries, we rigorously evaluate multiple financial avenues, including the prospect of an IPO,” says CFO of Inuru, Robert Chudala.

“These considerations form part of a comprehensive capital strategy designed to sustain our rapid scaling efforts and facilitate our entrance into new markets, geographically and across different industry verticals,” adds Chudala.

Illuminating innovation in OLED technology

Inuru specialises in cost-effective OLED micro lighting, electro-lighting labels, and films produced through digital printing. Backed by a portfolio of 25 patents, the company is on a mission to “enlighten the world” with its innovative Surface Lighting technology.

Inuru’s self-powered and intelligent Embeddable Lighting Films (ELFs) provide manufacturers with a streamlined way to incorporate illumination into their products. This advancement paves the way for a brighter, more interconnected future.

The startup has been at the forefront of integrating OLEDs into everyday items, harnessing their potential for entertainment, safety, and marketing purposes. It has gained recognition for illuminating iconic brands like Coca-Cola and Cattier bottles using its printed OLED technology.

Inuru has also set its sights on the American toys and games industry with the introduction of the first OLED-infused game board set available at Walmart. With this product, Inuruis is expecting triple-digit revenue growth for this year.

The surge in demand has also prompted the company to complete its production line near Berlin. The automated production line will significantly reduce manufacturing costs and contribute to the popularisation of OLED technology in everyday applications.

Paris-based Ardian, a world-leading private investment house, announced that it has launched a new platform, Ardian Semiconductor, to invest in the semiconductor industry.

Ardian Semiconductor has been launched in partnership with Silian Partners, a group of highly successful senior executives from the semiconductor industry with over 115 years of professional experience.

The company says that the innovative platform will invest across the semiconductor value chain focused on European countries and assist companies to grow as global leaders in their markets.

Paul Boudre, senior managing director & co-founder of Silian Partners, says, “We are delighted to partner with Ardian, who perfectly understand the unique opportunity to address a critical need of the European semiconductor value chain and become its financial sponsor of choice.”

“Through a bespoke strategic partnership, we bring together in One Team seasoned private equity investors, proven investment processes, and successful semiconductor leaders,” adds Boudre.

Current trends in semiconductor industry

Semiconductor devices are critical enablers of the digital transformation and green transition of key sectors, including data infrastructure, mobility, industrial, and consumers.

Since the widespread use of semiconductors for multiple purposes, the industry has undergone several decades of consistent mid-to-high single-digit growth. 

Analysts believe the semiconductor industry will grow and reach €948B by 2030, driven by trends including artificial intelligence (AI), cloud computing, electrification and automation of mobility and industry, and smart and connected devices.

In this regard, Europe is one of the most attractive regions to invest in semiconductor development. European companies are global leaders in the semiconductor value chain for the mobility and industrial markets that experience rapid technological transformation.

Europe also leads through its innovation ecosystems, IP, and specialised equipment and materials companies that support trends such as the AI revolution. Leverage for firm foundations and attractive government incentives are also prominent in Europe, such as its €43B European Chips Act to strengthen global leadership of the global supply chain.

Partnering with Silian Partners

Ardian Semiconductor wants to be the partner of choice of the European semiconductor value chain by bringing innovative and flexible capital solutions. The platform also provides strategic and operational expertise into the equation to leverage the companies’ distinctive technologies.

Ardian and Silian Partners will work as One Team, where the former’s successful private equity capabilities and investment processes will boost the semiconductor industry’s future growth.

Ardian seeks to procure at least €1B for a dedicated semiconductor fund, according to two sources with knowledge of the matter. The investment house declined to comment on the matter.

Ardian Semiconductor will be powered by a detailed analysis of technology trends and their implications on the semiconductor value chain. The team will cooperate in identifying attractive opportunities and work closely with entrepreneurs and management teams to determine their strategic roadmaps.

“Ardian is the ideal firm with the right people and culture to build this first-of-its-kind investment platform together. As we initiate dialogues with companies and entrepreneurs, we have confirmation that we enable solutions for the industry that do not exist today and that our approach will create significant value across the board,” says Boudre.

UK-based Globacap, a capital markets technology company, announced that it has raised $21M (€19.93M) in a Series B funding round of funding. 

The company says that the new funds will support the firm’s mission to digitise and automate private capital markets worldwide.

With the new funding, the capital markets technology company also aims to boost marketing and sales activities, expand its operations in new regions, enhance its product development, and grow its customer base. Previously, it has secured over $30M (€28.46M) in funding. 

Notable investors such as Moore Strategic Ventures, Cboe Global Markets, the Johannesburg Stock Exchange (JSE), GABI Ventures, and Asia-focused investment firm QBN Capital participated in the funding round. 

“The completion of our Series B enables us to firmly accelerate our global scaling journey,” says Alex Green, Globacap co-founder and CCO.

“We have a strong team, market validation from key clients across exchange groups, securities firms, private equity, and other asset managers, and now validation from our investors, who are some of the world’s largest and most respected institutions,” Green adds.

Globacap’s mission

According to data and insights company Preqin, private market assets under management (AUM) reached $11.7T in 2023, growing at an annual rate of approximately 20 per cent since 2017. It’s projected to nearly double in the next five years. Despite its significant size and growth, transactions in this market remain slow, manual, and time-consuming, often spanning weeks or months. 

“Private capital markets are rapidly growing, but their opaque nature is holding them back from reaching their true potential,” says Myles Milston, Globacap co-founder and CEO. 

“We are bringing public markets-like infrastructure to private capital markets to improve access, boost liquidity and remove administrative burdens,” adds Milston.

Globacap was established in 2017 to answer this problem, delivering public markets-like efficiency to private markets. Financial institutions, including securities exchanges, securities firms, private banks, and asset managers, can utilise Globacap’s platform to accelerate their commercial activities.

Its efforts to streamline private markets can reduce barriers in the market, enhance investor access, and boost transaction frequency and liquidity, thereby unlocking dormant economic growth potential.

Clients and users

The company will also use the funding to build upon the success of its white-label SaaS solution, which streamlines processes in private capital markets. 

The software’s digital workflows enable financial institutions to expedite private market activities and reduce operational expenses. It is used by key intermediaries like JSE and Instinet.

“The Globacap ecosystem is a vital enabler to our JSE Private Placements business, and our joint relationship has equipped the JSE to drive our diversification strategy in supporting capital formation in private markets,” says Valdene Reddy, JSE’s director of capital markets.

“As the JSE, we support Globacap’s next growth phase, and we look forward to continued growth that will produce innovative and implementable solutions to address the ever-evolving need of customers,” adds Reddy

In addition to its work with JSE, Globacap’s software has facilitated over 70 private placements, handled more than $350M (€332M) in secondary liquidity with automated settlement, and administered over $14B (€13.29B) worth of private securities.

Amsterdam-based Orderchamp, a digital wholesale marketplace, announced the launch of a new dropshipping solution, Dropshipping by Orderchamp. 

The new solution allows retailers to add thousands of premium items from the marketplace to their stores without investing in inventory. The items are then shipped directly to customers by the brands themselves.

Orderchamp’s solution helps retailers and brands thrive in tough economic times. It opens up new sales channels and reduces cash flow constraints for retailers, who can now choose which products to keep in stock and which complementary items to add for direct-to-consumer delivery via brands. 

The solution allows retailers to grow their product catalogues exponentially without risk for inventory. It also provides an easy way for brands to expand their reach and connect with new customers.

“Our mission remains clear: to empower independent retailers and brands to succeed in tomorrow’s market. We listened to the needs of our growing community of 7,000 premium brands and 150,000 retailers, and are excited to take this next step in risk-free wholesale,” says Joost Brugmans, co-founder and CEO of Orderchamp.

Dropshipping solution for European retailers 

Established in 2019, Orderchamp is an online B2B wholesale platform connecting brands and retailers across Europe. The company’s notable investors include henQ, Prime Ventures, former AfterPay CEO Stefan van den Berg, Vinted CEO Thomas Plantenga, and Deliverect CEO Zhong Xu.

Orderchamp offers a unique and high-quality assortment of over one million products from more than 7,000 different European brands. In addition to the Netherlands, the platform is active in Belgium, Germany, Austria, Denmark, and France. It also serves various customers throughout Europe.

Dropshipping by Orderchamp is built on the technological foundation of its thriving wholesale marketplace. The first 200 brands to offer dropshipping include home brands House Nordic and Jesper Home & vtwonen, beauty brand Rock Your World, and jewellery brand Bazou.

Full automation through integrations helps retailers and brands process orders efficiently, saving them precious time. The service is now available for Shopify and WooCommerce webshops, with more integrations with Lightspeed, Adobe Commerce (Magento), and Prestashop coming later this year.

Offline retail collaboration with TICA

Last August, Orderchamp opened its first offline experience, Orderchamp World, in collaboration with TICA, a lifestyle purchasing platform. The store embodies the two companies’ strategic partnership in September 2022.

Orderchamp World lets retailers explore and buy a wide range of brands that were previously only available online at TICA x Orderchamp. Customers can interact with the products, purchase, and order additional variations online using QR codes.

Some of the brands featured in the store are 1nig, 8 seasons design, Aardeko B.V., Ambiente Europe BV, Amennis Trading, APS Glass & Bar Supply, Art Collection International BV, Artisan Home, Asian Mix Interior, Avandi, Axbo Design, Azur Natural Bodycare, and B&B Trend Company. 

Customers can also find products from B-Cause, BBBLS, BDIFFERENT, Be-Uniq, Beads From Nature, Bell Arte, Big Products Import BV, BOB Bijzondere Binnenhuis Accessoires B.V., BOMMEL & BOMMEL delicatessen, and Bos Kaasgereedschappen B.V.

Italy-based Pack, a HRtech firm that specialises in corporate mentoring and coaching services since 2022, announced that it has raised €500K in a pre-seed funding round.

The company’s next strategic steps will be directed toward attracting top-tier coaches and mentors to enhance its coaching and mentoring services. These funds will also support the scientific and technological advancement of its innovative digital platform, which incorporates artificial intelligence.

“At Pack, access to top global talents is crucial. In the coming months, we will significantly expand our network of coaches and mentors available for our partner companies,” says Pietro Maria Picogna, CEO of Pack.

“Additionally, we will complete our scientific committee, composed of some of the most important PhDs globally,” Picogna adds.

Investors and strategic partners

The funding round marks one of the most substantial pre-seed funding rounds in the Italian HRtech landscape. Investors include Praxi Spa (ITA), Techstars LLC (US) through the Techstars Partners 2021 vehicle, Ad Maiora Srl, C360, and Happily Welfare Srl (ITA).

Strategic business angels, including Emilio Cosso (CEO, Bergen Engines), Andrea Sacco (CEO, Isonova), and Achilleas Kotrozos (CEO, Growth Pal), also joined the round.

“The involvement of entities like Praxi and C360 in Pack’s capital will enable us to increase our distribution capacity in the Italian market. Furthermore, Pack will continue its R&D activities dedicated to the development of new products and highly performing SaaS solutions,” says Picogna.

“The recently closed round will also allow us to expand into Southern Europe, where we already have our first success cases,” he adds.

Pack also received legal support from firms such as Bonelli Erede, led by partner Giulia Bianchi Frangipane and senior associate Enrico Goitre, Bird & Bird under the guidance of Attorney Francesco Pezcoller for Techstars, and Leading Law, where Attorney Mario Donadio represented Praxi Spa.

Pioneering digital HR transformation

With a team of young professionals under 30 hailing from diverse backgrounds, Pack, founded by Picogna and Giacomo Gentili, seeks to become a market leader in Italy and export its expertise to Europe with a strong focus on Spain, Greece, and Portugal. 

Currently, Pack’s platform manages global leadership programmes with mentors and coaches hailing from over ten different countries. The company has introduced a specialised digital solution aimed at enhancing corporate training procedures, which garnered a remarkable 94 per cent satisfaction rate and an impressive Net Promoter Score of 52 points.

“What we launched this year is a true technological innovation in the field of training and development. There are still very few companies in the world that are investing in the digitalisation of their HR processes using AI,” Picogna says.

“The entry of strategic financial and industrial partners demonstrates that it is possible to kickstart this trend from our country to continue improving the job market worldwide,” adds Picogna.

Since its establishment in 2022, Pack has attracted over 15 multinational companies to adopt its technology for digitising their training and development processes, with the aim of attracting top talents. The company’s core mission, however, remains centred on improving the job market and supporting its stakeholders.