Sidewalk delivery robots, plant-based meat, Neumann's attempt to win back WeWork, Israel's downgraded credit rating, and many more...
What's Up Tech? #169
Welcome to our 169th newsletter, written with 🖤 by Arnaud Savouré and Justine Pelisson.
Fundraisings from last week with Project 3 Mobility, Starship Technologies, Pennylane, and Heura Foods
News from last week with Adam Neumann’s attempt to buy back WeWork and Israel’s downgraded credit rating
Internships & Job offers of the week
Enjoy the read! 🌞
🚗 Project 3 Mobility raised €100M for urban autonomous mobility ecosystem (🇭🇷)
Croatian firm Project 3 Mobility, known to develop an urban autonomous mobility ecosystem, closed a successful Series A round, raising a total of €100 million!💰
The funds raised by Project 3 Mobility will be utilized for the further development of all aspects of their urban autonomous mobility project, including the enhancement of autonomous electric vehicles, specialized infrastructure, and mobility services, as well as supporting the expansion of their team in the coming years.💡
Project 3 Mobility Closes Series-A Investment round, Raising in Total C. EUR 100 Million
🤖 Starship Technologies raised $90M to accelerate on self-driving delivery robots (🇸🇪)
Starship Technologies, the Estonian pioneer in sidewalk delivery robots, secured $90M in funding to scale up. 🚀
Starship, already profitable and with 6 million deliveries across 80 locations, plans geographic expansion especially in Europe, a new manufacturing scheme, and software/logistics investment. Despite challenges in the delivery robot space, Starship's community acceptance and profitability mark a distinctive position in the market. 🗝
Starship Technologies Raises $90M as Its Sidewalk Robots pass 6M Deliveries
🦄 Pennylane raised €40M to become an all-in-one accounting software (🇫🇷)
Pennylane, the French accounting software, just secured €40M, marking its transition to unicorn status with a valuation of over €1 billion! 📈
Despite focusing on accounting, Pennylane differentiates itself with unique distribution strategies and rapid feature additions. Its SaaS product integrates with third-party services, streamlining banking, receipt management, and billing. Additionally, Pennylane offers fintech products like professional banking and payment cards within its platform.🙏
Accounting Software Startup Pennylane Bcomes France’s Latest Unicorn
🌱 Heura Foods raised €40M to innovate plant-based meat (🇪🇸)
Spain's Heura Foods secured €40m in Series B led by Upfield to expand its plant-based food business, focusing on its patent-pending method around texture improvement without artificial additives. 👌
Partnership with Upfield aims to develop a plant-based cheese alternative, addressing concerns about environmental impact, with livestock farming contributing significantly to greenhouse gas emissions. Heura's innovation marks a milestone in advancing sustainable food choices globally. 🌍
Heura Foods Raises €40m to Banish Artificial Additives from Plant-Based Meat
🏢 Neumann's WeWork bid amid bankruptcy
Adam Neumann, the famous co-founder of the flexible workspace provider WeWork in 2010, has announced his intention to repurchase it post-bankruptcy, with Third Point and investors. 🤔
WeWork faces a colossal $18.6 billion debt following its bankruptcy filing in 2021. Neumann, frustrated by WeWork's uncooperative stance on the buyback offer, had earlier tried to stabilize the company with a $1 billion financing, abruptly halted without explanation. Despite regularly receiving buyout inquiries, WeWork prioritizes its independence and financial strength. 😏
While Third Point confirms discussions with Neumann's property company, no commitment to a transaction has been made. Neumann's venture, Flow, backed by Andreessen Horowitz, could involve the investment firm in a WeWork acquisition. 💼
📉 Moody's downgrades Israel's credit rating amid war risks (🇮🇱)
Last Friday, Moody's downgraded Israel's credit rating to "A2," citing political and fiscal risks from its conflict with Hamas. Despite the downgrade, Moody's kept the outlook negative, indicating the possibility of further downgrade. 😵💫
The conflict, ongoing since Oct. 7, poses challenges to Israel's security and stability. Israel's debt burden is expected to rise significantly, with defense spending doubling from 2022 levels. Still, the A2 rating carries relatively low risk. 📌
Prime Minister Benjamin Netanyahu said on Saturday that Israel’s economy was strong and “the downgrade is entirely due to the fact that we are at war.” He vowed that once the war ended, the rating would go up once again. 💪
Israel’s Finance Minister Blasts Moody’s Downgrade of The Country’s Credit Rating
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Internships
VC Analyst Data Ventures - Serena (Paris)
VC Intern - Planven Entrepreneur Ventures (Zurich)
Visiting Analyst Capital Formation - Speedinvest (Vienna)
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