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Series A SaaS Startup Benchmarks for 2018 • Tomasz Tunguz https://buff.ly/2QqkPD0
Global Monitoring Report on Non-Bank Financial Intermediation 2018 – Financial Stability Board https://buff.ly/2DzTycT
This report is the aggregation of data submitted by national regulators to the FSB. It is worth taking a look. Some highlights:
- The rapidly increasing role of online platforms in extending credit or facilitating credit creation (FinTech credit) has been highlighted by many jurisdictions as a key development in the non-bank financial space since the 2017 monitoring exercise.
- At a global level, it is estimated that about $284 billion in FinTech credit was extended in 2016.
- Results from the survey indicate that the size of FinTech credit varies widely across jurisdictions. …. In the very limited instances (17%) where respondents provided data on stocks or flows of FinTech credit from 2016-2018, it does appear to be growing rapidly, albeit from a very low base.
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As well as media partners of Frankfurt Forward: https://www.frankfurtforward.com/ this brings us straight to Housekeeping
Media Partnership with Frankfurt Forward:
We officially published our 101st audio podcast! We talk to Christina, who is an amazing lady and she talks about MeshCloud and her decision to relocate to Frankfurt and why Frankfurt is fast becoming Europe’s cloud computing and data storage hub.
Meet MeshCloud – Frankfurt Forward’s Startup of the Month February 2019 https://buff.ly/2X2DMQA
“This whole ecosystem with all the startups – within the last two years – has grown and has evolved so much, it feels like Frankfurt is growing up.”
“We as a company grow up and so does the Frankfurt Ecosystem … That’s a very exciting time to be here. Because you can help shape the ecosystem”
Also have a look where we post video interviews from Blockchain Startup Summit at Frankfurt School and LendIT in London: www.youtube.com/startupradio
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- Surely top news in Germany last month with WireCard
- An executive at #Munich based #fintech darling Wirecard is suspected of using forged contracts reports FT
“The news of suspect transactions rekindles questions about Wirecard’s accounting and internal controls which have dogged the company for more than a decade. Critical investors and analysts raised concerns about the group’s financial statements in 2008, 2015, and 2016, citing apparent inconsistencies. On each occasion Wirecard claimed it was subject to stock market manipulation and insisted the published figures were sound.” https://buff.ly/2RnTHFe?utm_source=-custom-by-source-0-
- Related: After the critical FT report, shares in Wirecard took a dive. Now Handelsblatt takes up the story and states 5 reasons why Wirecard is attacked so frequently. Also pointing out one story where the base of an FT report (Zatarra research) was questionable. Zatarra is now prosecuted for market manipulation https://buff.ly/2WyXOSu
- Related: Wirecard share price shoots up 20%, CEO Braun expects FT story to leave no traces https://buff.ly/2BeSoDl the share price took a 35% dive after the FT story broke.
- Related: After Wirecard share price tanked 4 times in just 2 weeks – several US law firms prepare class action lawsuits against the company reports Spiegel https://buff.ly/2GFBqBv
- Related: Munich prosecutor’s office investigates journalist behind FT story, which lead to a dive in the share price reported FAZ: https://buff.ly/2TW64dA
- Related: Germany Bans New Wirecard Short Sales in Unprecedented Move – Bloomberg https://buff.ly/2BAXgCX
We talked about rumors before. Now there is confirmation:
German classified ads platform Scout24 agrees to sell for €4.9 billion to Hellman & Friedman and Blackstone Group LP – Tech.eu https://buff.ly/2X3YUWU they are headquartered in Munich.
Bosch subsidiary BSH starts new startup program together with techstars, called “Future Home Accelerator” in Munich, focusing on topics like “Spotify for recipes” https://buff.ly/2RExTW7
The Munich based #chatbot Ibindo should help you with lovesickness. Great idea, right now in German only https://buff.ly/2Dcp9kD
Peter Thiel’s Valar Ventures, Acton Capital Partners and Atlantic Labs invest 25 M Euro in Munich-based startup Cluno, which offers a “car flatrate”, which allows to change car every 6 months (total Venture Capital raised now 32 M €) https://buff.ly/2WVlwc2
Munich based startup Shore raised in total € 36 m, but is now fighting for survival reports deutsche-startups.de. The company offers software for e.g. hairdressers and doctors to manage clients and payments https://buff.ly/2RYPKXK
“Accelerator Frankfurt partners with Santiment (a successful crypto data insights provider) to set up the Santiment Blockchain Hub in Frankfurt” https://www.acceleratorfrankfurt.com/2018/09/05/accelerator-frankfurt-partners-with-santiment-to-set-up-the-blockchain-hub/
Related: Out latest live stream from Accelerator Frankfurt Demo Day: https://www.youtube.com/watch?v=8jAQcMWEPBU we keep track of them since they are a hidden gem. They claim a 70% success rate for their market entry program (meaning their startups get business in Frankfurt, or investments or both), compared to large programs who have 20% success rates.
There is a new house in Frankfurt, the Logistics Startup LAB called HAUS61. It is located in Frankfurt’s central Kaiserstrasse No …. 61 :-)| LinkedIn https://buff.ly/2RXuSjK
Indirectly we found numbers for Frankfurt-based VC arm of Bosch Venture Capital. Handelsblatt reports that they already invested 420 mn Euros, as of end of 2018: https://www.handelsblatt.com/unternehmen/industrie/kuenstliche-intelligenz-bosch-beteiligt-sich-an-britischem-ki-start-up-graphcore/23775886.html?ticket=ST-1829440-BA7zCQGeEtDOnXVJOR2z-ap2
A study of German Robo Advisors made it into the news. Happy to see Vaamo did well and Ginmon even made it in the Top 5
Frankfurt based canabis trader Cansativa raises “millions” in #VentureCapital https://buff.ly/2U1Kep9 #frmstartupscene #frankfurt #startup #VentureCapital
EDEKA Chooses Traxpay’s Award-Winning Supplier Financing Platform https://buff.ly/2EnakgN
#Frankfurt #fintech #SupplyChain #frmstartupscene #SupplyChain
Frankfurt blockchain startup Agora Innovation secures high six-figure investment from High-Tech Gründerfonds | High-Tech Gründerfonds https://buff.ly/2VoFYjQ
And this article tells us it was €750k http://www.finsmes.com/2019/02/agora-innovation-raises-e750k-in-funding.html
Darmstadt (Also Rhein-Main)
Merck Group obtained a #Blockchain patent to build “crypto objects”, a security measure combining #AI and blockchain. They combine machine learning to recognize physical objects and identify them with their DNA or chemical fingerprint
Ludwigshafen (Also Rhein-Main)
Exit for Berlin-based legaltech Flightright. They are sold to Ludwigshafen based Medien Union, which is majority-owned by billionaire family Schaub. Medien Union owns stakes in influential newspapers like Süddeutsche Zeitung (one of Germany’s top daily newspapers) and Stuttgarter Nachrichten. Their media empire grew out of a local newspaper called Die RheinPfalz https://buff.ly/2Up1d4w
In Hamburg, Alexa Loudspeakers went wild without anyone being at home. The neighbors called the police, which opened the door. Now the owner has a hole in the door and loudspeakers he doesn’t want to use any more https://buff.ly/2BnWCbS
Boerse Stuttgart enters Crypto trading, as the world’s first regulated exchange with their platform Bison. It addresses newbies and crypto cracks.
Instagrid: Stuttgart-based compact battery startup gets 7 digits venture capital investment reports WiWo Gründer https://buff.ly/2Tzx7eE
Loanboox is a Zurich-based platform for municipal credit. Now they raise 20 mn venture capital investors to include Deutsche Kreditbank reports WiWo Gründer https://buff.ly/2RqEByQ
Newly merged Italian-french Essilor-Luxottica online store for glasses wants to buy Oldenburg, Germany based Brille24 https://buff.ly/2RWvwxT
- Raisin: PayPal-backed Berlin fintech startup raises €100M funding; overall deposits cross €10B https://buff.ly/2Gm7Lhd
- Fintech companies raised a record $39.6 billion in 2018: research | Reuters https://buff.ly/2G7yMEi
- German #insurtech Wefox enters a joint venture with #Japan based SBI Holding to enter Asia https://buff.ly/2tgjrtD
- Leaked 2017 numbers of newly minted unicorn N26 (Allianz or Tencent invested likely based on them) some highlights:
- Commissions: 10,02m € total
Burn: 32 m € (but raised 400+ m in total)
CAC: Below 20 €/Customer
Onboarding: 4,50 €/Customer
Average deposit 600 €/Customer
They are not active in credit they only hand out approx 14 €/Client approx 9.57 m Euro in total
They earn money with cards and payments
They are active in 17 countries, but only offers investment or credit products in two of them
- Commissions: 10,02m € total
- Related: German #unicorn and challenger bank N26 now has a #chatbot for customer service. Gruenderszene tried it out and wrote a review titled “the chatbot who knows nothing” This is not surprising since the bots need to be trained. It appears the clients do this https://buff.ly/2TTvkBd Only thing left … we are not sure why clients should want to train the bot for N26 ….
- Related: N26 stops cooperation for their #investment product (with #Frankfurt-based #Roboadvisor Vaamo) https://buff.ly/2ImSjn1?utm_source=-custom-by-source-0- it appears to be part of a strategy shift, away from fees in cooperation with other fintechs to making money with their own premium products
- The top 10 VC investors in European fintech companies | PitchBook https://buff.ly/2NhYveT
#Short Startup Stories
- German online shop Bergzeit (think skiing and hiking) is keeping up with Amazon and Decathlon. They are profitable and generate 60 mn revenues in 2018. Alpinist also increasingly book courses via Bergzeit. The headquarter is located close to Munich https://buff.ly/2sWW1JE
- Meet the Austrian startup Honest Food, they run ghost restaurants, from which you can only order. They own one large kitchen, where they prep & freeze food & their franchisees make the final prep. Good Brands and Vapiano founder Gregor Gerlach are investors. The money makes Honest Food from franchising fees and the orders of their real partner restaurants https://buff.ly/2Wu5DZN
We have been talking a lot about the startup Sonnen in our news. Now here are news related to it: Shell buys German solar battery maker sonnen https://buff.ly/2V3LdFu
- Berlin-based Start-up behind Oaknorth platform secures €30m venture capital https://buff.ly/2BJ77GJ
- Berlin-based proptech startup Architrave raises €2 million for its platform to manage real estate documents | EU-Startups https://buff.ly/2RKerqH?utm_source=-custom-by-source-0-
- Munich-based Corrux monitors heavy machinery on building sites and aims to forecast failures, now they raise M 3,1 US$ venture capital https://buff.ly/2I9yrn8
- Founders of financial news portal Onvista- and challenger bank N26 and Atlantic Labs invest M 1.4 € in Berlin based Vantik. The startup has an app for retirement savings https://buff.ly/2I7iYE5
- NWZ Digital, Global Founders Capital, German Media Pool, BPO Capital, Monkfish Equity and several Business Angels invest in women focused online dating Lemon Swan “seven digits” venture capital as seed round https://buff.ly/2RTNscs
- Evonik invests in start-ups https://buff.ly/2S9II2k
- Softbank closes in on deal for #German online travel business GetYourGuide https://www.telegraph.co.uk/technology/2019/02/17/softbank-closes-deal-online-travel-business-getyourguide/?utm_source=twitter
#Corporate Venture Capital
- Bitburger Ventures, the Venture Capital arm of the German beer brewery is starting to invest in startups. They buy 10% of Atlantic Food Labs https://buff.ly/2RwLnD2
- Osram – a globally leading lighting manufacturer – buys minority stake in #Berlin-based #startup beaconinside https://twitter.com/OsramCOM/status/1095972240481533952?utm_source=-custom-by-source-0-
- Allianz X, the investment arm of German insurance giant Allianz, gets more money to invest – now 1 bn Euros. Previous investments include N26, Lemonade or Simplesurance https://buff.ly/2BKNE8z?utm_source=-custom-by-source-0-
- ProSieben (also a large investor in the German startup scene) reshuffles senior management https://www.nasdaq.com/article/prosieben-reshuffles-senior-management-20190219-00792
Bitbond: German regulator BaFin approves first virtual venture capital financing round, tokenized debt based on blockchain https://buff.ly/2GL6rnI?utm_source=-custom-by-source-0-
“About a year ago, I received a LinkedIn connection from Richard Briggs—a Brooklyn Law Grad who spend 25 successful years at Lehman and was operating his own family office. He knew a bunch of other VCs in NYC and seemed like a great potential Limited Partner connection.
There was only one problem. Richard Briggs didn’t exist.“
A cautionary note on doing your Due Diligence even on potential Investors “The Potential for Fraud Caused by the Unnecessary Mystery of the Family Office World … “so it’s nearly impossible to tell who from the family office world is legitimate” https://buff.ly/2WIQ8gI
German financial administration is trying to get their taxes from #Google, by taxing the companies who bought ads with them 15% (in some cases going back 7 years). The clients than should get their money from #Google again https://buff.ly/2TZPKIO
The German startup RISE offered to “invest like a billionaire”, but their ICO was now stopped by German Finance Watchdog BAFin. This is the first time this happened https://buff.ly/2BGeoHt
They had pretty aggressive marketing and if this video does not tell you that all red flags should go up, you may need train your red flags again … https://www.youtube.com/watch?v=tlhXIuh8gFE
The Berlin-based online fashion shop Lesara was under insolvency protection since fall. They negotiated with an investor, but he jumped ship on a very short notice. Now the company will be wound down. In total they raised 85.3 M€ venture capital. We are sad to see them go. https://buff.ly/2WzzOyU
Natural Dental Implants AG (NDI) raised in April 2018 M2.5 € on Companisto, a Germany based crowdfunding platform. They then started to prepare for an IPO and added another M1€ from existing VC investors for their artificial teeth. In total they have raised more than M 20 Euros and needed more money at the end of 2018. Two existing investors wanted to invest along, but they needed more money. So they talked to two business angels, who unfortunately canceled their offer in January, so the company had to file for insolvency
CB Insights: Here are the top 100 AI companies in the world, including TwentyBN from Berlin. Congratulations!
- mymuesli was hyped for the idea of tailor made cereal combination. Now they “only grow” 15 % – to 58,8 M € revenue with a loss of 3,2 M € writes deutsche-startups.de https://buff.ly/2t7v6uH the article appears to be 15% are way below expectations
- Indian food delivery unicorn Zomato in talks to sell UAE business to Delivery Hero for $250 million https://buff.ly/2RDjt8s
BREAKING NEWS from today: #BMW and #Mercedes parent #Daimler will bundle their self driving and self parking #tech research reports FAZ_NET exclusively https://buff.ly/2VpUb04 they want to reach the “next step before 2025” ⇒ Meaning self driving cars
#German #coach startup #flixbus wants to expand to Russia reports Handelsblatt. The company is already active in #Europe and the #USA
Insolvent #Berlin-based #mattress #startup Muun gets bought by Lower Saxony based Matrazzo https://buff.ly/2G8Wksk
#Uber Eats and #Foodora leave Austria https://buff.ly/2BIui4e?utm_source=-custom-by-source-0-
#Swiss based TV platform Zattoo takes over #Berlin-based streaming provider Magine TV https://buff.ly/2sR3IAK
Lidl now allows in Germany to lease cars through their online shop https://buff.ly/2G9Ld3m
Finally, end on a high note!
“CEO of A.I.-Driven Insurance Start-Up Lemonade Says Mockery Is the Highest Form of Flattery” https://buff.ly/2Twqr0O
Stay Ahead of the Curve
Quickly Unpacking #Spotify’s Acquisition Of #Gimlet #Media https://buff.ly/2WAaEjr?utm_source=-custom-by-source-0-
Aroundhome grows to €48,3m revenue, but losses increase to €5,1m writes deutsche-startups. ProSieben already owns 94% of the company. The company offers all kinds of services around properties https://buff.ly/2EkNtCI?utm_source=-custom-by-source-1- #proptech
$1B+ Market Map: The World’s 308 #Unicorn Companies In One Infographic https://buff.ly/2WslgAZ
What Spotify needs in order to become a great podcast app https://buff.ly/2HTEIDv
The first #newspaper appears to have made it in the #digital age! Let’s hope many do so as well!
The New York Times Co. Reports $709 Million in Digital Revenue for 2018 https://buff.ly/2GdOFKu
#Marketing Super Bowl Ads 2019: Why Brands Played It Safe https://buff.ly/2MV21M8
Raising A SAFE Or Convertible Note In Between Rounds – AVC https://buff.ly/2WGkaSb
Why an economic downturn may not affect the VC landscape uniformly https://buff.ly/2DXADu4
The Forbes #Fintech 50 For 2019 https://buff.ly/2DTsCGq
with @BitfuryGroup being the only one from outside US or UK on the list.
#Tech Trends To Watch In 2019 – CB Insights Research https://buff.ly/2RGbpDU
Warsaw’s startup ecosystem at a glance | EU-Startups https://buff.ly/2UlZflm
Porsche participates in US start-up “Urgent.ly” https://buff.ly/2WiEpoK
Startup Dictionary: 20+ of the most common startup buzzwords briefly explained | EU-Startups https://buff.ly/2RbU6dD
The New “Amazon for Billionaires” Wants to Sell You a $51 Million Yacht Online
Hush Hush wants to be the e-commerce site for the uber-wealthy. But will it work?
New filing: Amazon spent $1.65B on acquisitions in 2018, headlined by Ring and PillPack deals https://buff.ly/2G9LenW