This Month in German, Swiss, and Austrian (GSA) Startups — February 2023
Updated: 2 days ago
This blog post first appeared first on old medium publication (https://medium.com/startuprad-io), and was moved to this blog with the relaunch of our website in summer 2024.
What Is This About?
The February 2023 DACH startup news roundup delivers 30 minutes of key updates from the German, Swiss, and Austrian startup scenes — covering the month's biggest funding rounds, notable founder moves, regulatory changes, and ecosystem trends across the region.
This article is part of our coverage of Monthly Startup News from Germany, Austria, and Switzerland.
This blog post first appeared first on old medium publication (https://medium.
Welcome to our February 2023 wrap-up with the important news from the startup scenes in Germany, Austria, and Switzerland in 30 minutes or less 🙂.
We follow our top-down structure in the news: First the top news, then we look with a bird’s eye view at the startup ecosystem in the German language countries, dig deeper by looking at interesting startup cities and end with general news.
Welcome to our startup news wrap-up for February 2023 by Startuprad.
All news not yet included here will be published in our next news episode.
New Blog
This Month in German, Swiss, and Austrian (GSA) Startups — February 2023 Startuprad.io brings you independent coverage of the key developments shaping the startup and venture capital landscape across Germany, Austria, and Switzerland.
This blog post first appeared first on old medium publication (https://medium.com/startuprad-io), and was moved to this blog with the relaunch of our website in summer 2024.
Welcome to our February 2023 wrap-up with the important news from the startup scenes in Germany, Austria, and Switzerland in 30 minutes or less 🙂.
We follow our top-down structure in the news: First the top news, then we look with a bird’s eye view at the startup ecosystem in the German language countries, dig deeper by looking at interesting startup cities and end with general news. And for those of you who are really serious about startups, there is even a collection called: Stay ahead of the curve where we share interesting reads, articles, studies, and podcasts.
Welcome to our startup news wrap-up for February 2023 by Startuprad.io with Chris from New York City and Joe from Frankfurt. We recorded this news episode on February 21st, 2023.
All news not yet included here will be published in our next news episode. Find all links to the quoted news on our Medium blog, link below.
Our Highlights:
Rising interest rates are leading to an interest rate war between the neobrokers. We covered the troubled company Windeln.de, which is now liquidated. Farewell! Moonfare extended it’s Series C funding to more than 130 m US$, but we are not sure who invested in the last batch, since a fund is mentioned, that was also founded by Moonfare’s founder. The City of Mainz goes live with its quest to become a world-class biotech hub. N26 was reportedly in advanced talks to buy dutch broker Bux, but buxed out shortly before the closing. AAAAAAnd, we like to end on a high note: Raising is in the process of reclaiming its unicorn status with new funding.
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Top News
Neobrokers Just Started — What May Be An Interest Rate War (Chris)
After german unicorn Trade Republic had a smashing success with offering 2% interest for money deposited there now also fellow unicorn Scalable offers even 2,3%, BUT only from 100k € on and only if you are a subscriber (4.99/month) Tagesgeld: Scalable bietet nun 2 3 Prozent Zinsen
Farewell Windeln.de
We have often talked in our news about the precarious position of windeln.de. Now it is finally liquidated windeln.de-Abverkauf: Insolventer Onlinehandel wird abgewickelt - DER SPIEGEL
Who Extended Moonfare’s Series C?
Moonfare is a fintech from Germany, allows individuals to invest in Private Equity Funds, founded by former KKR Germany Head Steffen Pauls. They cap their Series C extension round at about $15M, bringing its Series C funding to $130 million+ Moonfare caps Series C extension round at about $15M bringing its Series C funding to $130 million+ - TNGlobal the Berlin-based fintech allows HNWI, family offices, banks, and their advisor's access to top-tier private markets investments. BUT German business magazin Manager Magazin reports that for this extension the only investor mentioned by name is one that Mr. Pauls has co-founded: https://www.manager-magazin.de/finanzen/geldanlage/moonfare-steffen-pauls-feiert-investment-durch-eigenen-fonds-7gc-als-erfolg-a-0cfccba4-d0ab-467d-93b0-0d5aacaa5d7d
You can find his profile at 7 Global Capital here on their website as Managing Partner and Founder: https://www.7globalcapital.com/team/steffenpauls
City of Mainz Starts to Invest some of Their Billions in the BioTech Hub
You may remember that we told you the story of Mainz? A lovely city with a normal annual budget of 100 million Euros, the capital of one of Germany’s states. Since they are also the headquarters of BioNTech they got flooded with tax revenues as soon as the corona vaccine was rolled out. They showed more than 1 bn € profit as a city in 2021 alone and they want to invest the money to become a world-class biotech hub. Now the company they want to use to drive this initiative is operational: biomindz | Newly established company to promote Mainz as hub for life science and biotechnology now operational and supporting the city of Mainz Newly established company to promote Mainz as hub for life science - realwire.com
Here is the interview with the person in charge of the BioTech Hub: medium.com
N26 Bux(ed) Out?
According to a press report, N26 was in discussions to acquire Dutch broker Bux, but backed out shortly before the deal was closed. The price tag is also reported as around 100 m €, but N26 feared too much complexity with the deal and the post-merger integration Übernahme geplatzt: N26 wollte niederländischen Broker Bux kaufen
Raisin Get It’s Horn Back
Not everybody is suffering from higher interest rates. The deposit broker fintech Raisin is in the process of raising 50 m € venture capital at a 1,5 bn € valuation reports Boersenzeitung Raisin steht vor Finanzierungsrunde. We talked about them losing narrowly their unicorn status in our news before, but apparently, they are on their way back to reclaim it.
We had Raisin in an interview before many people outside of Germany knew they existed. Have a listen at our interview form 2017 here (Podcast - Raisin - Born out of the global financial crisis - YouTube)
Housekeeping & Time to Brag
Today we want to hint at two events we will be both attending this year, where we are media partners. Look at our medium blog for discount codes:
EU startups Summit (April 20th to 21st) in Barcelona use code STARTUPRADIO20 for 20% off. Learn more about the event and book your tickets here: https://www.eu-startups.com/eu-startups-summit-2023/
Tech Open Air TOA (July 5th to 7th) in Berlin https://festival.toa.media/
Get a completely free online ticket to the Crypto Asset Conference 2023 on March 29th and 30th in European Time Zone. Book via this link here: www.eventbrite.com/e/crypto-assets-conference-2023-cac23a-tickets-515386273217?discount=Assets23T Day 1 (Wed., March 29, 2023): Digital Securities, Tokenization of Assets, Custody Day 2 (Thu., March 30, 2023): Web3, Crypto Assets such as Bitcoin and Ethereum, Defi, Metaverse, and Carbon Tokenization
Ecosystem
A European View: Report says Europe’s AI industry’s set to confound market expectations, generating 25% CAGR through to 2026 Report says Europe's AI industry's set to confound market expectations generating 25% CAGR through to 2026 - Tech.eu
The mood in the German VC market hits a low — only seen at the onset of the corona pandemic — according to KfW’s VC and PE index Schwindende Investitionen: Deshalb haben es Start-ups derzeit schwer
Here is a full English version: German Private Equity Barometer / German Venture Capital Barometer | KfW
‘They fire, we hire’ — Germany seizes on Silicon Valley’s woes 'They fire we hire' - Germany seizes on Silicon Valley's woes | Reuters
„European Tech Champions Initiative“ will be an EU government VC umbrella fund, backed by Germany, France, and Spain. The fund will be located by EIB. It aims to keep tech startups from leaving EU-Länder wollen aussichtsreiche Tech-Firmen mit staatlichem Risikokapital halten So far only 3,75 bn € are committed, but the initiative wants to reach 10 bn € in the future https://www.eif.org/what_we_do/etci/index.htm
Germany has the strictest liability rules for crowdfunding platforms in Europe. Now the federal government wants to ease them to the level of other European countries. Bundesregierung stellt Erleichterungen bei der Haftung in Aussicht
Hubs
Here we want to highlight some hidden gems and cities of general startup interest. Berlin and Munich are so large, they are excluded here. You will find their news in the respective sections.
Frankfurt
CLARK Group acquires Anorak and further expands on the UK market "Source Link dead 2026-09-14"
German Casper competitor Emma Matratzen grows in 2022 to 873 Mio.https://medium.com/startuprad-io/meet-emma-they-are-on-their-way-to-becoming-the-worlds-no-1-sleep-brand-5fcda0d1a109 learn more about the company, its founder, and its origins here: https://medium.com/startuprad-io/meet-emma-they-are-on-their-way-to-becoming-the-worlds-no-1-sleep-brand-5fcda0d1a109
Bloomwell Group raises “several million” venture capital from investors Artemis Growth Partners, Measure 8 Venture Partners, a German Family Office, and actor Moritz Bleibtreu. The Frankfurt-based company owns several cannabis brands Bloomwell Group sammelt Millionen ein - 468 Capital setzt auf Marley Spoon - Fleet Technology übernimmt carValoo - deutsche-startups.de
Deutsche Bank’s Asset Management Arm Eyes Crypto Investments in Deutsche Digital Asset Management (DDAM) or Bankhaus Scheich (Traidas) (both based in Frankfurt) Deutsche Bank’s DWS in Talks to Invest in Crypto Firms DDA Tradias - Bloomberg Learn more about the founder of DDAM here (under their old brand name) Iconic Funds Wants to Be The Largest Crypto Asset Manager in Europe - YouTube
Europe’s first AI testing hub starts in Frankfurt KI auf dem Prüfstand: Bundesweit erster KI-Test-Hub in Frankfurt eröffnet | heise online
Hanau
French company Data4 will invest billions to set up a new data center in Hanau (30 km from Frankfurt). The center will be one of the largest of its kind in Europe Hanau: Milliardeninvestition in neues Rechenzentrum von Data4 | FAZ
Marburg
BioNTech from Mainz invest in production capacity in their facility in Marburg investing 40 mn € for their Plasmids, the basis of mRNA technology Biontech verstärkt Plasmid-Produktion in Marburg
Mannheim
Despite topping out around 30 mn € annual revenue the jewelry startup Paul Valentine, based in Mannheim has to file for insolvency Schmuck-Startup Paul Valentine im Insolvenzverfahren - Business Insider
Göttingen
The Life Sciences growth fund in Göttingen starts at 12 m Euro and is planned to top out at 20 m Euros to fund life science startups around Göttingen and from the university Wachstumsfonds Life Sciences in Göttingen startet mit 12 Mio. Euro
Austria
Austrian crypto unicorn Bitpanda changes its setup. The new parent holding is now located in Switzerland Bitpanda: Neues Mutterunternehmen in der Schweiz
Vienna-based startup valuation company Valutico raises “mid seven-digit” venture capital investment by Austrian investors PUSH Ventures, aws Gründerfonds (not Amazon but Austrian WirtschafsService) and Erste Group Valutico: Wiener Fintech holt Millionen-Investment bei PUSH Ventures aws und Erste Group
Austrian startup Revo Foods gets 1,5 m Euro government grant for their 3D printed vegan fish from Vienna Revo Foods: Millionenförderung für veganen Fisch | brutkasten
Switzerland
CHF 2.3M to market Terapet first product and boost R&D CHF 2.3M to market Terapet first product and boost R&D
Unisers secures $14M to develop defect-detecting tools in chip-making Unisers secures $14M to develop defect-detecting tools in chip-making
Entrepreneurial activity in Switzerland plummets Entrepreneurial activity in Switzerland plummets
General News / Tech News / Companies News Section
New VC Funds, If You’re Looking for Money
VC Planet A raises 160 m € fund for climate tech 160 Millionen Euro – Planet A legt neuen Fonds für Klimaschutz-Startups auf as always: Pitch them directly with the link here: https://v9pa530bdk5.typeform.com/to/wqQpSgge?typeform-source=planet-a.com
Fintech News
Fintechs C24 Bank and Solaris Bank under Bafin (German finance oversight) scrutiny Fintechs wie C24 Bank Solaris geraten ins Visier der Bafin | FAZ as the authors point out — a lot resembles the troubles of N26 with Bafin (that we covered in other news recordings).
Corporate credit card and expense management fintech Moss is frequently mentioned as a potential future unicorn. They had to disclose numbers and only generated 1,6 M € revenue in 2021, but currently are valued at around 500 m € Kreditkarten-Startup Moss: Erst 1,6 Millionen Euro Umsatz trotz hoher Bewertung | FinanceFWD
Insurtech unicorn wefox cuts jobs, less than 10% of the overall 1.400-strong workforce Milliarden-Start-up Wefox: Versicherungsgruppe entlässt Mitarbeiter - Wirtschaft - SZ.de
General News
Used car marketplace Heycar cuts 16% of their workforce Heycar entlässt ein Sechstel seines Teams - Business Insider
We have not talked about Uber in a loooooooooong time. Let's talk about Uber Reserve: Uber takes another shot at the German taxi market in Frankfurt, Berlin, and München Uber Reserve: Angriff auf Taxis in Frankfurt Berlin und München | FAZ before, you could only book an uber right now, now you can reserve 30 days in advance (formerly only possible with taxis)
Superfoods startup natural mojo (part of invincible brands) has to file for insolvency +++ flowkey +++ natural mojo +++ Yababa +++ Nuri +++ Venture Capital +++ - deutsche-startups.de
Zenloop files for bankruptcy Zenloop files for bankruptcy - Tech.eu
Munich-based unicorn startup Flix breaks even for the first time Flixbus und Flixtrain: Konzern Flix schreibt schwarze Zahlen learn more about the company in our founder interview here https://medium.com/startuprad-io/meet-the-german-entrepreneur-of-the-year-co-founder-of-flix-which-now-owns-greyhound-gsa22-1c3681ebafac
A Very Few And Selected Fundraisings — End on a high note :-)
Munich-based Robotics Startup Kewazo Raises $10M in Series A Funding Kewazo Raises $10M in Series A Funding
Kittl, a Berlin, Germany-based provider of an online design platform, raised €10.8M in Series A funding. The round was led by Left Lane Capital, with participation from Speedinvest, Des Traynor, and Shaan Puri Kittl Raises €10.8M in Series A Funding
German edtech Knowunity, a TikTok for schoolwork, raises €9m Series A extension German edtech Knowunity a TikTok for schoolwork raises €9m Series A extension | Sifted
Cylib fuels up with €8 million to hit the accelerator on sustainable electric mobility | EU-Startups Cylib fuels up with €8 million to hit the accelerator on sustainable electric mobility | EU-Startups
Stay ahead of the curve
How To Find 🧠 SMART Money VCs and VALUE-ADDED Investors | via @dreamit How To Find SMART Money VCs and VALUE-ADDED Investors | Dose 064 - YouTube
How to estimate market size? (TAM or Total Addressable Market) How to calculate Total Addressable Market (TAM) - Startups 101 - YouTube
Why VCs and Angel Investors Say “No” to entrepreneurs | Alicia Syrett | TEDxFultonStreet Why VCs and Angel Investors Say "No" to entrepreneurs | Alicia Syrett | TEDxFultonStreet - YouTube
The Upside of Venture Capital’s Slowdown The Upside of Venture Capital’s Slowdown
On Y Combinator startups and the AI revolution On Y Combinator startups and the AI revolution | by Jared Heyman | Medium
Rising interest rates triggered a neobroker interest rate war in Germany, creating both winners (Raisin, approaching unicorn valuation with a 50M raise) and losers (Windeln.de continuing its troubles) in the DACH fintech landscape.
Moonfare extended its Series C with backing from a former KKR Germany head via 7 Global Capital, validating the private equity access platform's model of letting individuals invest in PE funds.
N26 was in discussions to acquire Dutch broker Bux but backed out shortly before the deal closed, signaling the neobank's ambition to expand into brokerage despite continued regulatory challenges with BaFin.
Mainz leveraged its BioNTech-fueled billions to invest in building a BioTech hub, transforming a city with a normal €100M annual budget into an emerging life sciences center.
Austrian crypto unicorn Bitpanda moved its parent holding to Switzerland, while jewelry startup Paul Valentine (Mannheim, ~€30M annual revenue) filed for insolvency — showing the continuing market correction across sectors.
Entities & Ecosystem Map
Startups & Companies
Moonfare — German fintech for individual PE fund access, Series C extension backed by former KKR head
N26 — German neobank, attempted Bux acquisition fell through
Raisin — Deposit broker fintech raising €50M, approaching unicorn status from rising interest rates
Bitpanda — Austrian crypto unicorn moving parent holding to Switzerland
Paul Valentine — Mannheim jewelry startup (~€30M revenue) filing for insolvency
Windeln.de — Continuing troubled trajectory
Bux — Dutch broker, N26 acquisition target (deal fell through)
Heycar — Used car marketplace cutting 16% of workforce
C24 Bank & Solaris Bank — Under BaFin scrutiny
Investors & Funds
7 Global Capital — Former KKR Germany head's fund, invested in Moonfare Series C
Planet A — Raised €160M climate tech fund
Göttingen Life Sciences Fund — Starting at €12M, targeting €20M
Cities & Hubs
Mainz — Investing BioNTech-related billions into BioTech hub development
Mannheim — Paul Valentine insolvency
Göttingen — Life sciences growth fund launch
Regulators
BaFin — Scrutinizing C24 Bank, Solaris Bank, and neobroker activities
Relationship Map
Moonfare → Series C extension → 7 Global Capital (former KKR Germany head)
N26 → Failed acquisition → Bux (Dutch broker)
Raisin → Benefiting from → Rising interest rates (approaching unicorn)
Bitpanda → Corporate restructuring → Parent holding moved to Switzerland
Mainz → BioTech hub investment → Fueled by BioNTech tax revenue billions
BaFin → Regulatory scrutiny → C24 Bank, Solaris Bank
Planet A → €160M fund → Climate tech startups
Notable Quotes
"Rising interest rates are leading to an interest rate war between the neobrokers" — Startuprad.io, highlighting how macro conditions reshaped the German fintech landscape in February 2023.
"Not everybody is suffering from higher interest rates. The deposit broker fintech Raisin is in the process of raising 50 million" — showing how the same macro trend creates winners and losers.
Internal Links
Related: This Month in GSA Startups — March 2023 — the following month's roundup with GoStudent, Aleph Alpha, and more.
Related: refurbed — Austria's Next Unicorn — deep dive into another Austrian soonicorn mentioned alongside Bitpanda.
Entity: CreditShelf and Goldman Sachs in German Fintech — more on institutional investors in German fintech.
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Become a Partner — Learn about sponsorship and partnership opportunities
Contact us: partnerships@startuprad.io
Editor-in-Chief: Jörn "Joe" Menninger on LinkedIn
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What happened with the Moonfare Series C in 2023?
Moonfare, a German fintech that allows individuals to invest in private equity funds, extended its Series C round in early 2023. The extension was backed by the former head of KKR Germany through his fund 7 Global Capital, validating Moonfare's democratized PE access model.
Why did N26 fail to acquire Bux?
In February 2023, reports indicated that N26 was in advanced discussions to acquire the Dutch broker Bux but backed out shortly before closing the deal. The failed acquisition reflected N26's ambitions to expand into brokerage services while simultaneously facing regulatory pressure from BaFin.
How did rising interest rates affect German fintechs in 2023?
Rising interest rates in early 2023 created winners and losers among German fintechs. Deposit broker Raisin benefited enormously, raising €50M and approaching unicorn valuation as customers sought better deposit rates. Meanwhile, neobrokers faced an interest rate war competing for customer deposits, and BaFin increased scrutiny of fintechs including C24 Bank and Solaris Bank.
Why did Bitpanda move its holding to Switzerland?
Austrian crypto unicorn Bitpanda restructured its corporate setup in early 2023, moving its parent holding company to Switzerland. This followed a broader trend of crypto companies seeking more favorable regulatory environments in Europe.
About the Host
Joern "Joe" Menninger is the host of the Startuprad.io podcast and covers founders, investors, and policy developments across the DACH startup ecosystem. Through more than 1,300 interviews and nearly a decade of reporting, he documents the evolution of the European startup landscape. Follow Joern on LinkedIn.
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Startuprad.io covers the most important startup developments from Germany, Switzerland, and Austria every month. If your company wants to reach founders, investors, and operators across the DACH startup ecosystem, we work with a select number of partners on high-trust visibility and thought-leadership formats. Explore partnership options here: Partner with Startuprad.io
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