The list: December’s hottest European seed investments

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Europe’s pre-seed and seed stage companies brought in €3.1bn in 2021 the highest year on record, up from €2.8bn in 2020.

That’s according to data from Dealroom, though it’s important to note that seed-stage data can change because of the reporting lag.


December saw 218 seed rounds, bringing in a collective €432m. The number of deals was lower than some of the months preceding December most months of last year saw around 230 deals.

The largest round in December was secured by Structure, a UK-based mobile investing app, which raised €18m.

Other big rounds included Lynx, a Moldovan company working on a platform to allow clinical data to be shared securely, which raised €10.6m, and Re:cap, a revenue-based financing platform, which secured €10m (as well as €90m in debt financing.)


It was a good month for healthtech and software. 17 healthtech startups secured funding, bringing in a collective €43m, and 16 software companies raised investment, bringing in a collective €33m.

15 fintech companies secured a collective €76m in seed funding — meaning the average round size for fintechs was significantly larger. It was €5m, compared with €2.5m for health and €2m for software.

As is nearly always the case, British companies secured the most seed-stage round in Europe (43 out of the 218), raising a collective €158m.

It was a strong month for Spain and Italy which saw 21 and 16 companies receive seed-stage funding respectively. The average round size in the countries was significantly lower than the UK, however. In Spain it was €1m, Italy €1.3m and the UK €3.6m.

December was also a particularly strong month for Lithuania, which saw 6 seed-stage countries secure funding, higher than it has been for a lot of the last year.


Here are some of the rounds that caught our eye over the last month from a gaming studio building the “petaverse”, to a healthtech using supercomputers to change clinical trials.

Health

Plaio, an Icelandic startup working on software for the pharmaceutical industry, raised a €2m seed round from Frumtak Ventures. It wants to help the industry organise its demand, manufacturing and purchase processes. 

Jóhann Guðbjargarson, founder of Plaio

Bologna-based CellPly, which is working on development of cell therapies in oncology, raised a €2m round.

Spanish healthtech Elem Biotech, which wants to revolutionise the clinical trials process using supercomputing to create avatars for testing, raised a €2m round. The startup is a spinout from the Barcelona Supercomputing Centre.

Gaming

Talewind, a British studio focused on developing gaming for the metaverse, raised a €2.8m seed round. Talewind will partner with Roblox game developers. Its backers include Animoca Brands, one of the big names in metaverse investing.

Dogami’s game

Another Animoca-backed company, French startup Dogami, raised 5.3m in new funding. The company runs a play-to-earn augmented reality mobile game, where players raise a 3D dog and earn $DOGA as a reward for their efforts. They’re calling it the “petaverse”.

Pets

And from AR pets to real pets, British startup PetsApp raised 3.9m. It runs a platform to help pet owners book appointments with their vet and manage their pet insurance.

Bird Buddy, a Slovenian startup which sells smart bird feeders that allow people to take photos of the birds, raised a €7.5m seed round, led by General Catalyst. It follows three successful crowdfunding campaigns on Kickstarter and IndieGoGo, which brought in $10m.

Food

Hier Foods, a German startup which runs a system to help local suppliers sell to retailers, raised a €7m seed round, led by US-based Collaborative Fund. It wants to offer a “decentralised alternative to global supply chains”.

Gardin, a British startup working on technology that will help the growth of seasonal crops all year round, raised a 10.8m seed round, led by Molten Ventures (previously Draper Esprit). Gardin uses sensors to allow farmers to analyse photosynthesis processes in crops instantly, enabling them to optimise growing environments.

Vignita’s founding team

Work

Paris-based Collective raised €7m last month. The startup’s running a marketplace for freelancer collectives to help them secure contracts as a group with companies.

Vignita, a Norwegian startup which helps people learn new skills within their workplace, raised 660k in December. The startup, founded in 2017, is working with 1,400 Norwegian companies.

Equality

Flair, a British startup running an analytics platform to help measure racial bias within companies and organisations, raised a $1.8m seed round, led by Hoxton Ventures and supported by Samos Investments. We chatted to Flair’s founders last month.

Flair cofounders Nii Cleland and Darrell Coker
Flair cofounders Darrell Coker and Nii Cleland

Space

Spaceforge, a startup based in Cardiff working on returnable satellites, secured a £7.7m seed round. The investment came from Type One Ventures, World Fund and SpaceFund. If you’re interested in space investments, we recently put together a guide to European spacetech.

Software

Coadjute, a British startup working on a blockchain network for the UK property market, raised a £6m investment round, led by Praetura Ventures. The company wants to make the software used by estate agents, brokers and lenders interoperable.

Munich-based ZenML, which runs an open source MLOps framework to simplify machine learning models, raised a $2.7m seed round led by Crane Venture Partners. 

Freya Pratty is Sifted’s news reporter. She tweets from @FPratty 

Go to Publisher: Venture Capital – Sifted
Author: Freya Pratty