DACH Startup News November 2023: Founders, Funding and Ecosystem Updates
Updated: Sep 20
Welcome to our November 2023 wrap-up with vital news from the startup scenes in Germany, Austria, and Switzerland
What Is This About?
November 2023's roundup of vital startup news from Germany, Austria, and Switzerland. This edition covers the month's key funding rounds, founder movements, ecosystem developments, and notable stories shaping the DACH startup and tech entrepreneurship scenes.
Introduction
November 2023's DACH startup roundup covers the vital news from startup scenes in Germany, Austria, and Switzerland. This monthly wrap-up delivers the month's key funding rounds, founder movements, and ecosystem developments that shaped the final quarter of 2023.
November 2023's DACH monthly roundup tracks key funding rounds, founder movements, and ecosystem developments during the final quarter of a challenging year for the startup ecosystem.
Welcome to our November 2023 wrap-up with vital news from the startup scenes in Germany, Austria, and Switzerland Startuprad.io brings you independent coverage of the key developments shaping the startup and venture capital landscape across Germany, Austria, and Switzerland.
This article is part of our coverage of DACH Startup News January 2022: Founders, Funding and Ecosystem Updates.
Our Highlights:
AI startup Aleph Alpha raises half a billion dollars, CMBlu raises 100 mn € for energy storage, WeFox gets 55 M US$ from Deutsche and Unicredit, and Vanguard pulls the plug on their German robo advisor. It seems that Sono Motors has found an investor to keep going at least until the end of 2024 and the German subsidiary of WeWork also has to file for insolvency.
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Top News
Aleph Alpha raises 500 mn US$
Heidelberg-based Aleph Alpha raises a total investment of more than half a billion US Dollars from a consortium of industry leaders and new investors for their AI for Enterprises and Governments "Source Link dead 2026-09-14" The investors want to create a counterweight to OpenAi in Europe and offer with Luminous a chatbot that claims to be more transparent regarding its sources.
CMBlu Energy raises 100 mn €
German Energy scale-up CMBlu offers „warehouses for energy“, with batteries storing up to gigawatt hours. They now raised 100 million Euros, with Strabag being the sole investor, one of Europe’s largest construction companies, based in Vienna. The company with its local storing solutions hopes to benefit from the coming boom of renewables. CMBlu is located in Alzenau, not too far away from Frankfurt, but already in Bavaria. https://www.trendingtopics.eu/cmblu-energy-strabag-100-mio-euro-strom-speicher-startup/
WeFox Raises 55m US$
Deutsche Bank and UniCredit back $4.5 billion insurance startup Wefox with $55 million in fresh funds. WeFox is an online insurance broker and it did not raise equity, so their valuation stayed the same. https://www.cnbc.com/2023/11/03/wefox-raises-another-55-million-from-deutsche-bank-and-unicredit.html
Sono Motors May Have Found An Investor
Sono Motors was once hailed as a new hope for the German startup scene, listing early in the US in November 2021. The company wanted to increase the reach of electro-cars by adding solar cells but ran into many problems while developing electro-cars. In the end, they had to file for insolvency but are now restarting with tech that allows the retrofitting of solar panels for fossil fuel busses. Sono Motors filed a 6-K form with the SEC saying that the company secured its survival for 2024, apparently most of the 250 employees can find further employment.
Read more in our blog post: Sono Motors Finds Investor Sono Motors Finds Investor — Startuprad.io Medium
Vanguard Pulls The Plug on Their Robo Advisor in Germany
Vanguard’s German robo advisor costs millions and scores only 4 mn assets under management (AuM) at the end of 2022. A disaster according to FinanceFWD Wie der Robo-Advisor von Vanguard zum Millionengrab wurde to compare this: Scalable Capital had 11 months after launch more than 100 mn AuM
WeWork Germany Files For Insolvency
WeWork’s German subsidiary files for insolvency — the company had issues everywhere. Wework Germany: Tochtergesellschaft meldet Insolvenz an - Business Insider
Housekeeping & Time to Brag
Nothing to see here :-)
Ecosystem
Economic data
Germany’s €1 Billion for a „Fund of Funds“: Sifted reported its closing and details that the „Growth Fund Germany” is going to invest in German and European VC funds, in order to make more growth capital available to these markets — it’s traditionally lacking there. We have some more details in a blog post, based on Sifted: Germany's €1 Billion Fund of Funds: It Is Just The Start — Startuprad.io Medium
There is hope for an uptick in business in Germany: ifo Business Climate Index Rises (November 2023) ifo Business Climate Index Rises (November 2023) | ifo Business Climate Index for Germany | ifo Institute
Hubs
Here we want to highlight some hidden gems and cities of general startup interest.
Frankfurt / Rhein-Main-Area
We had our first-ever interview with main incubator. They already rebranded to neosfer. Now they spin off their first startup Lissi Commerzbank gründet Lissi aus und darf auf besseres Ranking hoffen | FAZ
TVARIT secures 6,5 M Euro Venture Capital for their industrial AI TVARIT sichert sich 6,5 Millionen Euro für nachhaltige Lösungen in der Metallindustrie | Startbase
Former football player (Eurocup Winner 1996) and football manager Oliver Bierhoff and Frankfurt-based Finvia Family Office set up a unit for pro athletes. Finvia wants to offer investment opportunities in the sports sector. Oliver Bierhoff und Finvia gründen Finvia Sports
Hamburg
Foodtech startup GoodBytz secures 12 M € investment GoodBytz sichert sich 12-Millionen-Investment - Hamburg Startups. They are offering kitchen robots for restaurants that should be able to prepare complete meals.
Oxolo — a generative AI startup — Closes €13M Series A Funding Oxolo Closes €13M Series A Funding
Mannheim
Mannheim-based Klarna subsidiary Stocard becomes profitable. They are offering loyalty card solutions for chain stores. Klarna-Tochter Stocard fährt erstmals Gewinn ein | FinanceFWD
Heilbronn
Germany’s richest man wants to ensure Europe has an OpenAI rival. The Dieter Schwarz Foundation has therefore chosen Aleph Alpha as its main strategic partner for an AI innovation park in South West Germany. Germany’s richest man wants to ensure Europe has an OpenAI rival | Sifted
Austria
Graz-based same-day delivery hNow has to file for insolvency hNow: Grazer Startup muss Insolvenz anmelden | brutkasten
Austrian parliament enables a new legal form for companies called FlexCo. They expect a new wave of newly started companies from that FlexCo: Regierung rechnet nicht mit einer Gründungswelle
Switzerland — Again Biotech Reigns Supreme
Spacetek Technology AG raises CHF 5.8 million to redefine real-time analysis of gases and liquids CHF 5.8 million to redefine real-time analysis of gases and liquids
SkyCell AG provides pharmaceutical supply chains with temperature-controlled hybrid containers. It has completed a USD 57 million equity financing round at a USD 600 million valuation with M&G Investments Skycell raises USD57 million
Onena Medicines closes 3.7M CHF funding round to advance its novel antibody portfolio Onena Medicines closes 3.7M CHF funding round to advance its novel antibody portfolio
Memo Therapeutics Raises CHF 25 Million Series C Financing Memo Therapeutics Raises CHF 25 Million Series C Financing
Evolva: a CHF 20 million exit deal prevents company closure Evolva: a CHF 20 million exit deal prevents company closure
Alivion secures CHF 3.8 million to give mobile devices a sense of smell Alivion secures CHF 3.8 million to give mobile devices a sense of smell
General News / Tech News / Companies News Section
A little note here. Since we aim to inform you about the startup world in GSA, SMEs and large enterprises are also active in the markets. Therefore we include some news of them here as well:
New Funds, in case you are looking for money:
Berlin-based AI venture studio Merantix is raising a new €100m fund to co-invest in startups Berlin-based AI venture studio Merantix is raising a new €100m fund to co-invest in startups | Sifted
Fintech News
Startups Via Trade and Myos fund purchases of Amazon merchants. The business was hyped, but now both are in trouble Probleme der Finanzierungs-Fintechs: Berliner Volksbank stampft Vai Trade ein, Myos pausiert Kreditvergabe | FinanceFWD
The fourth wave of layoffs running through the former bearer of hope for German proptechs McMakler Neue Entlassungswelle bei Berliner Proptech-Hoffnung McMakler | FinanceFWD
Berlin-based fintech Solaris Bank scores a win against German finance oversight body Bafin — there will be no limiting customer deposits Solaris: Fintech setzt sich gegen Bafin durch - Business Insider
Siemens uses J.P. Morgan’s blockchain for programmable payments Blockchain von J.P. Morgan von Siemens für programmierbare Zahlungen genutzt | FAZ
PE fund Pollen Street Capital starts consolidation of the German wealthtech market "Source Link dead 2026-09-14" finance Group, Fundhero, and fundsaccess will be working together under the Pollen Street Umbrella
Crypto platform Bullis, backed by billionaires like Peter Thiel and Christian Angermayer is preparing its launch in Germany Kryptoplattform von Peter Thiel und Christian Angermayer: Bullish bereitet Standort in Deutschland vor | FinanceFWD
Trade Republic: Neobroker generates 145 M € loss in the business year ending September Trade Republic: Neobroker verbucht Fehlbetrag von 145 Millionen Euro
General News
German fund of funds Equation buys VC fundraising platform Betterfront German fund of funds Equation buys VC fundraising platform Betterfront | Sifted
Grover founder steps down from his CEO job in a surprise move. He feels it is the right time to do so. Linda Rubin (formerly COO) takes over. She is a seasoned manager with experience in JP Morgan and Rothschild Grover-Gründer gibt Chefposten bei dem Miet-Elektronik-Start-up ab
Celonis buys AI startup Symbio, and adds generative AI capabilities Celonis lässt euch ChatGPT nutzen, um Prozesse zu verstehen - Business Insider
Berlin-based unicorn Getyourguide was a hot candidate for an IPO in 2024, but now the CEO dampens these hopes Getyourguide verschiebt Börsengang bis auf weiteres
Schumpeters Schöpferische Zerstörung ⇒ Creative Destruction Still Ongoing:
Schumpeter was one of the most influential economists of the 20th century and coined the term creative destruction in German Schöpferische Zerstörung as well as Entrepreneur. Learn more about him here: https://en.wikipedia.org/wiki/Joseph_Schumpeter. We introduced this section towards the end of covid and it is still going strong.
Berlin-based proptech startup Allmyhomes has to file for insolvency Vertriebsplattform Allmyhomes ist pleite
Fretello from Linz wanted to help you play the guitar. For now the plan ends in insolvency Fretello: Gitarrenlern-Startup trotz Millioneninvestments in Konkurs - keine Sanierung geplant
Berlin-based escooter producer Unu has to file for insolvency Elektro-Mobilität: Berliner E-Moped-Hersteller Unu meldet Insolvenz an
Vienna-based “Crypto Management” has to file for insolvency. Vienna prosecutors investigate due to suspicions of fraud and embezzlement Wiener Krypto-Dienstleister ist pleite, Verdacht auf Betrug
Berlin-based Verbally has to file for insolvency. The startup allowed to organize meetings +++ Verbally +++ Wooga +++ June's Journey +++ Wegatech +++ Workation +++ HelloFresh +++ - deutsche-startups.de
End on a High Note: Successful Fundraisings and Exits:
Keep in mind this is a small selection. The news here and their total value show how resilient the startup scene is. We included only selected fundraisings above 5 million Euros or USD
Quantum Systems raises €63.6M Series B becoming the first European company to raise over €100M on dual-use tech Quantum Systems raises €63.6M Series B becoming the first European company to raise over €100M on dual-use tech - Tech.eu
Nouscom Raises €67.5m in Series C Financing Nouscom Raises €67.5m in Series C Financing
OBI one of Germany’s largest DIY Store chains invests in Munich-basec clean tech 42watt Vorreiter in der Energiewende: OBI investiert in Clean-Tech-Start-up 42watt und erweitert Portfolio-Angebot für seine Kund:innen
ECBF invests in RED Horticulture ECBF: Investition in RED Horticulture | Gabot.de Learn more about ECBF in our interview here: Meet One Of The Investors Investing 300 M € For Europe's Green Deal — Startuprad.io Medium
Graz-based blackshark_ai extends Series A with an extra €13.8 million to expand 3D mapping technology Graz-based blackshark.ai extends Series A with an extra €13.8 million to expand 3D mapping technology | EU-Startups
Munich-based The Landbanking Group bags €10.5 million to launch an investment platform for natural capital Munich-based The Landbanking Group bags €10.5 million to launch an investment platform for natural capital | EU-Startups
We will be back shortly before Christmas on December 21st.
Stay Ahead of the Curve
The dizzying rise, and even more vertiginous fall, of WeWork The dizzying rise, and even more vertiginous fall, of WeWork | WeWork | The Guardian
Juniper Research Releases its Top 10 Fintech & Payments Trends for 2024, Amidst Unprecedented Technological Shifts "Source Link dead 2026-09-14"
Autopsy of a SaaS death Autopsy of a SaaS death | by Sammy Abdullah | Medium
The Next Big Wave of AI | Morgan Stanley Internet Trends: Nathan Feather | Thoughts on the Market
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AI startup Aleph Alpha raises half a billion dollars, CMBlu raises 100 mn € for energy storage, WeFox gets 55 M US$ from Deutsche and Unicredit, and Vanguard pulls the plug on thei
This article covers a significant development in the DACH startup and venture capital ecosystem.
The DACH region (Germany, Austria, Switzerland) continues to be one of Europe's most dynamic startup markets.
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What are the key facts about DACH Startup News November 2023:?
Welcome to our November 2023 wrap-up with vital news from the startup scenes in Germany, Austria, and Switzerland
How does this affect the German startup ecosystem?
This article is part of our coverage of DACH Startup News January 2022: Founders, Funding and Ecosystem Updates.
What are the latest startup funding trends in the DACH region?
Startuprad.io tracks venture capital and startup funding across Germany, Austria, and Switzerland. Explore our pillar coverage pages for the latest data.
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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This article is part of Startuprad.io’s ongoing coverage of monthly DACH startup news.
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