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.”

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.”   

Berlin-based Lillian Care, a healthcare technology company founded by experienced entrepreneurs in the German healthcare industry, announced that it has secured €2.4M in a pre-seed round of funding.

The company also plans to raise an additional €2.4M at the seed stage, with total funding commitments of €5M. 

The company says the funds will be utilised to address the shortage of general practitioners and provide primary care services in underserved areas.

Investors supporting Lillian Care

The investment was led by Barcelona-based Nina Capital, a specialised VC firm based in Europe that invests in startups at the intersection of healthcare and technology. The firm supports founders committed to advancing healthcare through innovative tech solutions.

The round also saw participation from Aescuvest, Caesar Ventures, OHA BTG, Calmstorm, and individual investors like Björn von Siemens, Wieland Sommer, Inga Bergen, and Fredrik Debong.

Marc Subirats, General Partner at Nina Capital, says, “The Lillian Care model represents a disruptive innovation that aims to involve nurses in the management of chronic and elderly patients, initially focusing on rural areas and small cities, but with the potential for broader application within the healthcare system.”

“Such models are increasingly recognised as essential for ensuring the long-term sustainability of healthcare systems. Lillian’s adaptation to the German situation is the best we have seen to provide close-to-home general practice services for an increasingly underserved and ageing society,” adds Subirats.

Building innovative healthcare facilities nationwide

Founded in 2023 by Linus Drop, Dr. Florian Fuhrmann and Markus Liesmann, Lillian Care claims to be tackling Germany’s doctor shortage by establishing hybrid medical practices nationwide. 

Lillian Care takes inspiration from Lillian Wald, the founder of American community care. With her hands-on and problem-solving approach, she had a great influence on the development of healthcare.

Ulrich Weigeldt, chairman of the Family Physicians Association, says, “The Lillian Care concept can inspire young physicians to work as essential primary care physicians in underserved regions because they are relieved of administrative tasks, work from home on a daily basis and teamwork characterises the collaboration.”

Lillian Care’s platform empowers nurses to be the first point of contact for outpatients, handling 60 per cent of treatments with digital supervision from doctors. This approach allows physicians to concentrate on complex cases. 

The platform utilises data-driven processes, ensuring high-quality care and reintroducing local healthcare to underserved areas where practices have closed. In addition to improving healthcare access, Lillian Care also enhances working conditions for medical staff.

Capital utilisation

Lillian Care says it will use the funds to expand its hybrid medical practices network. With a goal to become a market leader by 2030, the company aims to enhance patient, nurse, and physician satisfaction while establishing value-based care contracts with health insurers.

This funding is crucial as around 4,000 primary care physicians’ offices are currently vacant and studies predict 11,000 more will be unfilled by 2035, exacerbating Germany’s physician shortage crisis.

Lillian Care’s innovative care model aligns with new initiatives introduced by regulators and health insurance providers, creating favourable conditions for its success.

Linus Drop, founder and CEO of Lillian Care, says, “We are building a network of hybrid primary care practices supported by a comprehensive technology stack that enables fast setup, streamlined workflows for interdisciplinary care teams and telemedicine treatments.”

“In Germany, the shortage of primary care physicians is a concern, especially in rural areas. To ensure medical care, we offer physicians and nurses an innovative care model that takes into account the needs of modern professional care teams and takes inspiration from the lessons learned by healthcare systems internationally,” adds Drop.

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. 

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.

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.”

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.