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This Month in German, Swiss, and Austrian (GSA) Startups — June 2022

Dunes in Germany in Summer via Pixabay

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Tech Layoffs

  • Global startup job cut reaches 17.000 people. Recent job cutters include unicorn Berlin Brands Group with 10% of their employees
  • German neobroker unicorn Trade Republic raises 250 m € at 5 bn € valuation, despite challenging market environment (for trading and fundraising). This is up from a 4.4 bn € valuation at their last fundraising in Mai 2021, despite that they are joining a long list of startups to cut expectations and jobs
  • Crypto trading platform Bitpanda cuts headcount by a third
  • A few weeks ago Berlin-based crypto startup Nuri announced to ax 20% of its headcount. Now they have to freeze withdrawals from some of their accounts since their partner Celsius Networks did so
  • Rocket Internet has already cut headcount: 30% of their workforce at their Global Founders Capital (formerly 94) and 50% at their Flash Ventures (formerly 40)

Fast Delivery Startups in Trouble

Challenging Fundraising Environment

  • Personio nabs $200M at a $8.5B valuation as its HR for small businesses hits the big time — Making it one of Europe’s most valuable startups
  • Insurtech Startup Wefox Seeks Funding at Over $5 Billion Value almost doubling their previous valuation



After The Downturn on the Horizon…

Delivery Hero Leaves DAX

Housekeeping & Time to Brag

  • You guys know that we changed our hosting service? We are heard each week in (as of June 27th) more than 90 countries across the world (it was actually 94).
  • Also, we passed in June the 2 m views mark on Youtube!
  • We just had the English world premiere of Kranus. Now they are in the news with their Series A funding of 6.5 m US$ You can learn more about the founder in our English world premiere here:


  • European Capital Report found only 61 newly founded investors in 2021 in Europe. 43 of them VCs, 10 of them in GSA. Much more data is in the report (link opens PDF)
  • Investors expect down rounds for most startups and scale-ups
  • Value of US and European IPOs tumbles 90% this year
  • Disappearing Term Sheets and Down Rounds: Inside Venture Capital’s New Normal
  • Within 4 years of GDPR in Germany, the authorities punished 1.072 violations, with a total of 1,6 bn Euros in fines. Nearly half of it came from Amazon, for not asking users explicitly enough to get targeted ads.
  • Germany’s Federal Cartel Office opens investigations in Google Maps since the service can not be combined with other maps
  • Let's end this section with some good news. The expected downturn is not the end of all days and: Tech startup M&A picks up in the downturn one example here is the recent acquisition Zalando made learn more below



  • LOVR found a market niche. With more and more consumers replacing meat, there is also less leather to go around. Now LOVR form Darmstadt raises a seed round for their plant-based leather replacement. The company behind the LOVR material is called Revoltech and they did not disclose the total funding
  • Frankfurt, Germany-based solar energy startup Enviria collects €22.5 million in Series A rays “While the vast majority of solar energy-related projects hailing from Germany focus on residential installations and rental and maintenance services, Enviria is taking a different route, focusing instead on photovoltaic energy solutions including energy-as-a-service products customized for the distinct needs of businesses.”
  • Bosch VC (headquartered in Frankfurt) launches $295M fund for deep tech startups
  • Keep in mind the good news from Wingcopter
  • Frankfurt-based SaaS startup Autengo is sold to Kaiserslautern-based Saltow AG, which in turn is owned by Tyre24. Autengo offers SaaS solutions for car dealerships



  • Finn is a Munich-based startup for car subscriptions. They now raise 110 m US$ after “brutal weeks” of fundraising
  • Our own blog post: Munich-based e-bot 7 Was Acquired for More Than 50 m US$ by S&P600 company LivePerson
  • OroraTech is a startup, dedicated to detecting wildfires from orbit. Their first satellite was launched in January with a SpaceX rocket. Now this satellite and its AI detected the first wildfire


Braunschweig (not too far from Hannover)

  • Braunschweig-based startup Okapi Orbits raises 5,5 m Euros seed funding to protect satellites from collisions with space debris


  • Accenture buys a bank data center in Tirol, Austria called ARZ. They gain 600 new employees and want to use it to build up further
  • Do you know Vienna-based anti-Robin Hood fintech Froots? They just raised 2,5 m to encourage long-term investments


  • Wemakeit, a Swiss crowdfunding platform is taking an unusual route to fundraise. Within a few days, they raised 6,4 m CHF by selling shares to 4.400 backers
  • The crowdfunding market in Switzerland approaches 1 bn CHF. It has reached 792 m CHF in 2021
  • Swiss proptech startup Foxstone raises 10 m CHF venture capital to invest in their real estate platform
  • Swiss traveltech startup Chain4Travel raises 4,5 m US$ to build their blockchain solution
  • Zug, Switzerland-based Klarpay AG raises CHF 3 Mio., to accelerate growth

General News / Tech News / Companies News Section


  • More bad news for one of Germany’s largest investors: Tiger Global’s 52% Plunge Prompts Fee Cut, Redemption Plan
  • Meet getquin: Social network for investors from Berlin scores $15 million to expand beyond DACH


  • Founders of Penta challenger bank started Pile, a B2B crypto startup. Now Pile raised 2,8 m € pre-seed funding, led by Anthemis and Barclays Female Innovators Lab, investors also include N26 CEO and soccer player Mario Götze
  • Former Penta co-founder launches crypto API startup with €2.8 million backing
  • Berlin-based financial management startup Airbank (which offers financial management for SMEs) raises $20 million
  • Germany-based investment API Upvest scores $42m
  • Despite Klarna being in crisis mode „Buy now, pay later“ fintech Mondu from Germany raises 43 m US$ in series a funding, investors include Peter Thiel’s Valar Ventures
  • Jones Lang Lasalle’s VC arm invests in Berlin-based proptech ecoworks in a 7,7 m € investment round, amongst other investors
  • Do you see the trend to API focused startups?

New VC funds

  • Project A Ventures raises the largest fund to date of $375m
  • Also, keep in mind the Bosch VC fund for Deep Tech Startups mentioned in the Frankfurt section “Bosch VC (headquartered in Frankfurt) launches $295M fund for deep tech startups
  • Berlin-based Climate-tech VC World Fund just added PwC as an anchor LP to its $365 million fund. Check out the 17-slide pitch deck it used to land the deal.

A very very few selected VC fundings

  • CoachHub raises $200M led by Sofina, SoftBank Vision Fund 2, just 8 months after their last funding — Despite the large funding, they are not a unicorn (yet).
  • Silicon Valley Bank approves 100 m US$ for Berlin-based Recap Platform
  • Omio tops up with $80 million as travel bounces back
    The capital raised will be used by the Berlin-based startup to reinitiate global expansion activities including M&A deals and new strategic partnerships
  • Berlin’s Distribusion — a B2B marketplace — rakes in €30 million to make ground transportation accessible online
  • Berlin-based ecolytic gets €13.5 million to empower more sustainable consumer habits

Some Startups Did Not Make It …

  • Kurando is a German fast delivery service for pharmacies. Now they have to file for insolvency. Operations have already ceased
  • AgTech Agrando raised 12 m € venture capital in the summer of 2021, but now has to file for insolvency
  • Retirement savings fintech Vantik has to file for insolvency. They wanted to offer the savings with a cash-back scheme and had to make the filing due to a busted funding round

Other News

  • Doordash closes shop in Germany, only the brand will be retained by Wolt there
  • Hinted already in the top news, when we talked about M&A activity picking up:
    Zalando acquires majority stake in Highsnobiety, bringing together content and commerce Highsnobiety is a fashion and lifestyle media brand founded in 2005 and currently generates 60 m US$ global revenue, based in Berlin
  • Do you know Autodoc? It is a Berlin-based online marketplace for spare parts. It is completely owned by its three original founders and generates 1 bn Euro revenues
  • 10 Most Innovative Food Waste Startups Around the World including @Choco_app

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