The Pursuit of Scrappiness 198. Europe Strikes Back, Biggest Fundraising Announcements in March, Elon Controls 60% of World’s Satellites, Alibaba Joins AI Race, xAI Buys X
Welcome to a new type of episode of the Pursuit of Scrappiness podcast. A monthly analysis of topics we find relevant to highlight, discuss and share with you to help you become a scrappier and better version of yourself. We will be looking at events and developments in business, politics and technology from a European and particularly Baltic perspective.
On this episode we talk about:
- Baltic funding news
- Enefit Green going private
- How Europe strikes back in space and rocket tech
- Harry Stebbings’ new VC initiative
- Trade wars & AI wars
1/3 Baltics' Biggest Fundraising Announcements
- Walk15 secures €5M Series A at a €13M valuation, nearing 1 million users with its activity app.
- Change Ventures invests €250K in Latvian energy startup EngyCell, leveraging old Tesla batteries for storage solutions.
- Frankenberg Technologies raises €4M for defense tech, including mini-missiles to be tested in Ukraine.
- Estonian fintech Cino lands €3.5M seed funding for its card-linking payment-splitting app.
- Lithuanian startup Commody raises €0.5M pre-seed for NFT-enabled collectible car ownership.
- Eesti Energia’s €1B buyout of Enefit Green shakes up the Baltic stock exchange.
2/3 Europe Strikes Back: Tech Scene Highlights
- Harry Stebbings’ 20VC launches a €10M fund targeting founders under 25, backed by top European tech names.
- Revolut’s valuation soars to $48B after a Schroder’s stake revaluation, a 1000x return from its 2016 crowdfunding.
- Bolt acquires Danish taxi startup Vigo to enter Denmark’s regulated ride-hailing market.
- Secondaries dominate 2024 exits (71%), offering liquidity to startup stakeholders.
- EU set to fine Apple and Meta under the Digital Markets Act for competition and privacy violations.
- German startup ISAR Aerospace tests a rocket in Norway, aiming to rival SpaceX with NATO backing.
3/3 Global & U.S. Highlights
- Alibaba invests $50B in an AI model for devices like iPhones and BMWs, intensifying the global AI race.
- U.S. job-switching yields only a 4.8% wage increase vs. 4.6% for stayers, signaling a shift in career strategies.
- OpenAI’s $40B SoftBank investment hinges on its for-profit transition, challenged by Elon Musk’s lawsuit.
- XAI acquires X (Twitter) for $33B, integrating AI with social media amid a $80B valuation for XAI.
- DOGE claims $130B in savings, dwarfed by a $500B rise in U.S. government spending, raising questions about impact.
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