Tech Startups Germany - Startups and Venture Capital
Business:Entrepreneurship
This Month in German, Swiss, and Austrian (GSA) Startups - November 2022 Wrap-Up
2022-11-24
FTX may be history, BUT a German Blog reports there are several parties interested in buying the European Entity of FTX. FTX also triggered Bitpanda to order a special audit from KPMG. We have some more job cuts, this time the 2nd round. Gorillas may sell itself at 1 bn USD even though they have raised 1.3 bn USD in venture capital already. Air taxis are still hot, Volocopter raises more than 180 m US$ to get closer to certification and Lilium sells 100 Airtaxis to Saudi Arabia. The German VC market is stabilizing, according to KfW Research. Our former guest Creditshelf partners with Goldman Sachs and pockets 100 m Euros. Gitpod, a startup from Kiel convinces the founders of GitHub and Shopify to invest.
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A German blog Finance Forward reports there are several parties interested in buying the European Entity of FTX, which is headquartered in Switzerland. Their information has been spot-on in other cases in the past.
Proptechs Homeday and McMakler enter the second round of job cuts. Homeday cuts 20 jobs (60 before) and McMakler again 100 employees
Sequoia-backed grocery startup Getir is close to buying its troubled rival Gorillas in a heavily discounted deal said to be worth less than $1 billion. They have been valued at their series C investment at 2.1 bn US$ and to date they raised more than 1.3 bn US$.
Related: Deutsche-Startups uncovered that Gorillas (which is in the process of selling itself) paid 300 m € this year for french competitor Frichti.
Saudi Arabia buys 100 air taxis from Munich -based startup Lilium. The delivery is expected 2025. Before the deal, they also hired former Airbus executive Klaus Roewe. Fingers crossed for them, they did not generate revenue yet, but 841 m Euros in losses so far.
Volocopter raises $182M to bring air taxi closer to certification, as part of their Series E funding
The company is currently testing its two-seater VoloCity air taxi for the requirements set by the European Union Aviation Safety Agency (EASA). Volocopter is looking to certify its aircraft in H2 2023 and generate revenue with rides in 2024.
Our former guest Creditshelf partners with Goldman Sachs and hits profitability - Goldman Sachs is providing the German alternative lender for SMEs with up to €100m of secured funding. Learn more in our interview with Creditshelf here https://buff.ly/3NVANo1
Creditshelf is Germany’s only listed pure-play fintech, offering a credit platform, where investors can grant credit to German small and medium enterprises.
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