This Month in German, Swiss, and Austrian (GSA) Startups - May 2023 | Episode #385

Tech Startups Germany - Startups and Venture Capital

Welcome to our May 2023 wrap-up with important news from the startup scenes in Germany, Austria, and Switzerland in 30 minutes or less 🙂.

We follow our top-down structure in the news: First, the top news, then we look with a bird's eye view at the startup ecosystem in the German language countries, dig deeper by looking at exciting startup cities and end with general news. And for those serious about startups, there is even a collection called: "Stay Ahead of the Curve," where we share in-depth reads, articles, studies, and podcasts.

Our next news episode will be published on June 29th, and then we are - for the news - in summer break.

Our Highlights:

Germany is now officially in a recession, but one with barely any unemployment. Also, we still track many startups going out of business, BUT the overall picture is improving. The German VC and PE Barometer - which captures the mood of many German investors - is showing an uptick. This shows especially in the massive amount of new funds raised; they promise a bright future for startups! We tracked at least 3,4 bn Euros of newly raised funds, which will be invested entirely or partially in startups in Europe and GSA. Look at our medium blog; we have more information on what the investors are looking for and how to pitch them. We also have investments and exits worth at least 5,4 bn Euros and news in this episode, including WeFox, Tier Mobility, Infarm, Blinkist, Bitpanda, Aleph Alpha, Sono Motors, and many more.

Let's talk startups:

Find all links and the other news here: https://medium.com/startuprad-io/this-month-in-german-swiss-and-austrian-gsa-startups-may-2023-episode-385-87fd564d483a

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This recording is supported by HTAI and the Enterprise Europe Network Hessen

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Top News

Deal or No Deal?

Getir is in talks to take over German grocery app rival Flink | Financial Times

But then: Flink's sale to Getir fell through. Now Flink is raising 150 M € from investors, including grocery giant Rewe and Doordash

Tier Mobility to Merge with Competitor

European e-scooter giant Tier Mobility maps route to merger

Will Infarm Be Soon Outfarm?

Infarm keeps shrinking and is leaving Europe, reports Handelsblatt. The greenhouse startup reportedly has only 80 employees in Europe left and will get an investment at an unknown valuation for their relocation - likely to the Middle East with low energy prices

Blinkist Makes a Large Exit!

Berlin-based startup Blinkist is sold to Australian education startup Go1 for an undisclosed amount, reported to be "hundreds of millions." Blinkist offers short wrap-ups of nonfiction books as text or audio

Large Drops in Valuations are Not Only for the Small Companies

Bitpanda boss admits his company may now be worth only 2.5–3 bn US$, vs 4.1 bn US$ valuation at their August 2022 funding

Germany Will Have Another Gigafactory

but not from Tesla. Swedish unicorn Northvolt builts Gigafactory in the north of Germany for 4.5 bn Euros - thanks in part to large subsidies

Heidelberg-based AI Startup Aleph Alpha is Seen as a Promising Competitor of ChatGPT, and Big Names Line Up to Invest

SAP CEO indirectly confirms their investment in German AI startup Aleph Alpha, rumored to be up to 100 m Euros

Related news later emerged: We reported that SAP wants to invest in Heidelberg-based ChatGPT competitor Aleph Alpha, now Intel also shows interest in investing

WeFox closed large funding

wefox raises $110M in Debt and Equity Funding to become profitable: Wefox secures new funding at $4.5 billion valuation as it aims for profitability. The company sells insurance products through in-house and external insurance brokers.

Sono Motors has to file for bankruptcy

For now, this is the end of a dream. Sono Motors wanted to bring with the Sion a solar roof charging car to the market. They raised several crowdfunding rounds and got external investors. They eventually made it to a NASDAQ listing in 2021 but could not finish the development of the car with the money at hand, even the down payments of many enthusiasts.

Mentioned in this episode:

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