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  • Fearless Fund setback in court, LifeBrand helps you be 'un-cancellable' and more in VC this week

Fearless Fund setback in court, LifeBrand helps you be 'un-cancellable' and more in VC this week

News in VC this week

  • Fearless Fund's Strivers Grant, was ruled by the court as a violation of civil rights because it only allows black women to apply. Read more on TechCrunch

  • SuperAI launches its first conference in Singapore with thousands of attendees and leaders in the field. Read more here

State of Venture Capital

2023 vs 2024 total funding amounts worldwide (Seed-Series D+)

1 Country 1 Investment

This week’s country is: Belgium

Novobiom (Seed, May ‘24) - €2.16m: Bio-inspired environmental technologies

Provider of waste management services and consultation intended to treat contaminated soil biologically. The company's mycoremediation technology uses mushrooms to address soil pollution and offers innovation guidance through biomimetic approaches. Novobiom raised funding from Noshaq, Climate Insiders, and Circular Innovation Fund. CIRI Ventures, Planetary Impact Ventures, and other angel investors also participated. The funds will help develop a biorefinery pilot plant, prepare the commercial launch of soil remediation solutions, and expand the team.

Investments from the past week

Seed

Weave (USA) - $10m: Streamlining drug development
AI & HealthTech

AI platform designed to automate investigational new drug (IND) submissions. By focusing on clinical note abstraction, data linking, and accelerated discovery the company helps streamline the long process. Weave raised $10 million in seed funding from Innovation Endeavors, Magnetic Ventures, and other undisclosed investors to enhance their platform's capabilities and streamline the therapeutic lifecycle.

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Frich (USA) - $2.8m: Get full access to other people’s finances
FinTech

A social finance application aimed at transforming how people interact with money by introducing savings challenges among friends, comparing finances from other anonymous users and much more. The company raised $2.8m in seed funding led by Restive Ventures, with participation from TruStage Ventures, K20 Fund, and Spartan Innovations. The funds will be used to make key hires, including a former Bumble employee for growth and an early Robinhood employee for product development.

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Medon (Latvia) - €0.32m: Latvia introduces telemedicine
HealthTech

A telemedicine platform aimed at connecting patients and doctors in a digital environment. The company offers video consultations with specialists in various fields and provides second opinions for any type of treatment. Medon raised €0.32m in pre-seed funding from undisclosed investors to expand its product, first in India, followed by the United Arab Emirates and Saudi Arabia.

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Zefi (Italy) - €1.73m: Build better products using customer feedback
AI & SaaS

AI copilot platform designed to modernize digital product management. The platform gathers product insights, detects relevant feedback, removes unstructured data, and leverages sales team knowledge to prioritize the backlog. The company raised €1.6 million of seed funding led by 14Peaks Capital and 360 Capital. Secways Capital and seven other investors also participated. The funds will fuel technological development and accelerate European commercialization.

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Series A

Firefly (USA) - $23m: Automated cloud platform management
AI & SaaS

Cloud asset management technology (think AWS, Google Cloud etc) designed to catalog, codify, and control cloud platforms. The technology discovers a company’s cloud footprint and targets all parts of the platform engineering lifecycle, including discovery, self-service provisioning, governance, drift management, and backup. Firefly raised $23 million in funding led by Vertex Ventures Israel. InMotion Ventures, Redseed, Hanaco Ventures, and SoftBank Group also participated in the round.

——

Squared Circles (USA) - $35.5m: Consumer-first venture studio
PE / VC Services

Operators of a consumer-first venture studio intended to incubate and accelerate businesses that shape a better future. The company offers a flexible approach to structuring partnerships and evaluating joint value creation. The company raised $40 million in funding led by L Catterton and undisclosed investors. The funds will be used to launch and scale at least five additional brands in the next three years.

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Supervizor (France) - €21.6m: Accounting error & fraud detection
FinTech & SaaS

Plug-and-play software platform designed to help internal audit teams automatically detect accounting errors and fraud. The software automates the identification of accounting and operational errors, fraud, and overpayments from suppliers. The company raised €21.6 million in funding led by Orange Ventures. La Maison Partners, ISAI, Adelie, NewAlpha Asset Management, and Wille Finance also participated. The funds will accelerate expansion in the American market.

Which startup do you think is a winner? (Seed-Series A)

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Series B

LifeBrand (USA) - $6m: Look back at everything you’ve ever posted on social media
AI, SaaS & Marketing Tech

Brand reputation and risk management technology designed to protect social media presence. The technology scans past history and monitors real-time activity, flagging and deleting potentially damaging content based on keywords and phrases. The company raised $6 million in funding from undisclosed investors. LifeBrand previously raised $27.14m earlier this year.

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FintechOS (Romania) - €60m: Helping traditional banks challenge Neobanks
FinTech

Tools to help traditional banking and insurance companies offer modern features similar to those of neobanks. FintechOS provides a low-code platform that integrates with existing core infrastructure, enabling significant transformation without extensive system overhauls. The company raised $60 million in a round led by BlackRock, Cipio Partners, and Molten Ventures, following $14 million in 2019 and $60 million in 2021. The funds will support international expansion. Key customers include Société Générale, Admiral, and Vibrant Credit Union.

Series C 

Frore Systems (USA) - $80m: Revolutionizing device cooling
Other Semiconductors

Cooling chips designed to cool consumer devices silently and efficiently. The company offers piezoelectric MEMS based on active cooling for heat dissipation in computing devices and solid-state thermal solutions that outperform traditional fans enabling device makers to enhance performance. The company raised $80 million in funding led by Fidelity Management & Research, with a pre-money valuation of $600 million. Qualcomm Ventures, Prosperity7 Ventures, MVP Ventures, Addition, Clear Ventures, Alumni Ventures, Mayfield Fund, and StepStone Group also participated. The funds will expand operations and product lines to meet the growing demand for cooling AI chips.

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Europe: There were no Series C deals in the last 7 days.

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