Industrial electrolyzers, homorphic encryption, Financial Times in VC, Altman back at OpenAI, and many more...
What's Up Tech? #173
Welcome to our 173rd newsletter, written with 🖤 by Arnaud Savouré and Justine Pelisson.
Fundraisings from last week with Monzo, Sunfire, Mews, and Zama
News from last week with the Financial Times’ new Venture arm and Sam Altman rejoining OpenAI’s board
Internships & Job offers of the week
Enjoy the read! 🌞
💳 Monzo bank secured £340M ($430M) defying European tech funding trends (🇬🇧)
Monzo, the UK challenger bank, secured $430 million in a late-stage funding round, reaching a $5 billion post-money valuation. 💰
Despite funding challenges in the European tech landscape, Monzo's successful round marks a resurgence after previous setbacks, including a U.S. market exit and a down round in 2020. With nine million UK customers, Monzo pivoted to profitability in March 2023, diversifying its offerings beyond current accounts to include savings, investment funds, and credit products, aiming to be a comprehensive financial services hub.📈
Monzo, the UK Challenger Bank with 9 Million Customers, Raises $430 million
🌱 Sunfire raised €215M to power green hydrogen revolution (🇩🇪)
Sunfire, a German electrolyzer manufacturer, raised €215M in Series E funding and a €100M term loan from the European Investment Bank. Known for producing industrial electrolyzers based on pressurized alkaline and solid oxide (SOEC) technologies, the company plays a crucial role in the green energy transition by providing renewable hydrogen and syngas, offering climate-neutral alternatives to fossil fuels. ⚡️
The funds will accelerate Sunfire's growth in the hydrogen economy and solidify its position as a leading electrolyzer manufacturer. 🌍
Sunfire Secures More than 500 Million To Accelerate Its Growth
🏨 Mews raised $110M for hospitality tech revolution (🇳🇱)
Mews, the Dutch innovative hospitality cloud, secured $110M in funding at a $1.2B valuation. The platform aims to streamline operations for modern hoteliers, enhance the guest experience, and contribute to the digital transformation of the hospitality industry. 💻
The investment fuels global expansion, R&D, and acquisitions for the cloud-based hotel management disruptor. Founded in 2012, Mews aims to transform the industry with its integrated cloud system, managing 350,000+ hospitality spaces for 5,000 customers worldwide. 🚀
Mews Raises $110m to Accelerate Cloud Technology in Hospitality
🔒 Zama raised €67M for privacy-preserving blockchain and AI (🇫🇷)
Paris-based Zama, known for its cryptographic tools that empower developers to create privacy-preserving applications easily, secured €67 million. The funds will bolster team expansion and FHE application development for data privacy in various sectors. FHE (Fully Homomorphic Encryption) enables computation over encrypted data, ensuring privacy without utility compromise. 🛡️
Their latest solution, fhEVM, offers confidential smart contract protocols for EVM blockchains, safeguarding on-chain data with encryption. With over 75 diverse experts, including PhDs, Zama aims to revolutionize data privacy in blockchain, AI, healthcare, finance, and governmental security. 💡
💼 Financial Times group launches venture arm
Financial Times Group introduces FT Ventures, a CVC investing in high-growth media and tech firms, emphasizing data and intelligence. With an initial injection of $37.8 million, FT Ventures targets bold founders aligned with its values and global vision. Charter, a US-based future-of-work media and research company, marks FT Ventures' inaugural investment in a $3 million seed funding round. 👏
Founded in 1888, Financial Times Group, now part of Nikkei, has a history of strategic investments in companies like The Business of Fashion and Farm Infinity. Alexandra Calinikos, FT's strategy director, aims for partnerships benefiting founders and leveraging FT's expertise. 📈
🔄 Sam Altman rejoins OpenAI's board after investigation
Following an independent investigation, CEO Sam Altman returns to OpenAI's board, with the probe finding his conduct didn't warrant removal. Board chair Bret Taylor announced Altman's reinstatement alongside three new members: Sue Desmond-Hellmann, Nicole Seligman, and Fidji Simo. The investigation, conducted by WilmerHale, remains vague on details surrounding Altman's sudden firing last fall, referred to as "The Blip."🕵️♂️
Altman apologized for his actions regarding a former board member but declined further elaboration. OpenAI plans to enhance its conflict of interest policy and implement a whistleblower hotline. 🔍
Sam Altman rejoins OpenAI’s Board after Investigation into Sudden Firing
Internships
VC Analyst - 50Partners (Paris)
Investment Intern - Portage (Paris)
Growth Strategy & Expansion Intern - Cardino (Berlin)
Jobs
Operations Analyst - Volta Circle (London)
Investment Associate - Makers Fund (London)
Investment Analyst - Newion (Amsterdam)
👉 If you’d like to discover more offers, you can check our job board just here or fill this form to submit a new one.
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The whole baby vc crew 🖤