Welcome to Startups Weekly — a weekly roundup of must-sees from the world of startups. If you would like to receive this newsletter in your inbox every Friday, sign up here.
The week before Thanksgiving is usually busy with announcements of all kinds, but this week was especially interesting. Money was flowing to big issues like defense, cybersecurity, and health.
This week's most interesting startup stories
Image credit: N26
Let's start with the bad news and (temporarily?) dash your hopes. But there's also good news.
Running low on batteries: Struggling Swedish unicorn Northvolt has filed for bankruptcy in the US, denting European hopes for a stake in battery manufacturing.
Above the line: German fintech unicorn N26 had its first profitable quarter, with net operating profit of 2.8 million euros ($2.9 million) in the third quarter of 2024.
Wiz acquires Dazz: Cybersecurity heavyweight Wiz has acquired security remediation and risk management specialist Dazz. The cash and stock deal is valued at $450 million, slightly more than Dazz's valuation of $400 million after its recent cash withdrawal, according to people familiar with the matter.
Data Pipelines: In conjunction with its third quarter earnings, cloud company Snowflake announced it has agreed to acquire data pipeline management company Datavolo for an undisclosed amount.
This week's most interesting fundraisers
Image credit: Oura/Target
Several mega-rounds were announced this week, giving small but significant amounts of money to startups tackling big problems.
Fast Commerce, Fast Funding: Indian quick commerce startup Zepto raises $350 million in new funding, its third round in just six months, ahead of an IPO scheduled for next year. did.
Gold Rings: Finnish smart ring maker Oura has raised $75 million in investment from glucose device maker Dexcom in a Series D funding round, valuing it at more than $5 billion.
New unicorn: Lighthouse, a data analytics platform for the hospitality industry, has raised $370 million in a Series C round led by KKR at a $1 billion valuation.
Egg-like fusion: UK-based nuclear power startup Tokamak Energy has raised $125 million to continue developing its egg-like reactor design. The company, which was spun out from the UK Atomic Energy Agency, has been working on nuclear fusion since 2009.
Transatlantic: Portuguese dual-purpose drone startup Tekever has raised €70 million ($74 million) in a Series B round led by Scottish investment firm Baillie Gifford & Co. and the NATO Innovation Fund. The funding will help it expand into new markets, particularly the United States.
Lightning Up: Lightning AI, a startup that adapts PyTorch Lightning to enterprise needs and supports AI plans, recently partnered with Cisco Investments, JP Morgan, and Nvidia to expand the Lightning platform into new markets and grow its customer base. , secured $50 million from K5 Global. .
Just cause: OneCell Diagnostics, a startup using AI to reduce cancer recurrence, raises $16 million in an oversubscribed Series A round to help expand into the U.S. and India. It's done.
This week's most interesting VC and fund news
Image credit:Blue Bear Capital
Bullish on Blue Bear: Blue Bear closed its $160 million third fund to back AI founders in the climate, energy, and industrial sectors as part of a software-focused thesis.
Bling: Bling Capital, the seed VC firm founded by former Khosla Ventures general partner Ben Ling, has secured $270 million for its fourth fund, half of which will go toward follow-on investments.
Last but not least
Image credit: Hellsing
Defense technology startups have raised nearly $3 billion through 2024, according to Crunchbase. This has already surpassed 2022's previous record of $2.6 billion, which was surpassed by only 85 deals compared to 113 in the same year.