VC Angle Weekly Briefing #9: Lovable Hits Unicorn Status & EU Tech Funding Drops 30% YoY
VC Angle Weekly Update #9
Hey — welcome to the ninth edition of VC Angle Weekly Updates! As always, we're keeping tabs on what actually matters across 🇪🇺 European tech. If something broke the news this week and it's worth your time, it's probably below. Scroll on for the deals, roles, reads, and events you'll want on your radar.
In This Edition:
Lovable becomes Europe's latest unicorn with $200M Series A at $1.8B valuation
European Innovation Council launches €20M fund for Ukrainian deep-tech startups
Global startup M&A surges 155% to $100B driven by mega-deals
European tech funding drops 30% to €35B despite steady deal count
📰 What Happened This Week
Lovable becomes Europe's latest unicorn following $200M Series A
Swedish AI coding startup Lovable raised $200M in a Series A led by Accel, reaching a $1.8B valuation and becoming Europe's latest unicorn. The round marks Sweden's biggest-ever Series A. Founded in 2023, Lovable enables "vibe coding" for non-technical users to build apps and websites, serving 2.3M users on its platform with a 45-person team.
Lloyds Banking Group in talks to acquire digital wallet provider Curve for £120M
Britain's biggest high street bank is in advanced talks to buy Curve for up to £120M, with a deal potentially announced by September. The acquisition price would value Curve below its 2023 Series C funding round of £133M. Founded in 2016 by Shachar Bialick, Curve provides digital wallet services amid growing regulatory pressure on Apple to open its payment ecosystem.
European Innovation Council announces €20M funding initiative for Ukrainian deep-tech startups
The EIC launched a new €20M funding program for Ukrainian deep-tech SMEs and startups, building on the Seeds of Bravery project launched after Russia's invasion. Companies can apply for grants up to €500K to develop technologies from TRL 4 to TRL 6-7 in AI, robotics, biotech, and cybersecurity. Around 40 projects expected to receive funding, with special emphasis on women-led enterprises. Applications open August 12, deadline November 26.
🔍 Reads & Reports
OVHcloud Startup Program offers €100K in credits with zero equity requirements
StartUs Insights covers OVHcloud's 2025 startup program providing up to €100K in free cloud credits across three tracks - Startups (€10K), Scaleups (€100K), and Enablers. The European sovereign cloud alternative offers GDPR compliance, protection from US CLOUD Act, and technical support without taking equity. Program targets tech startups under 5 years old with <50 employees and <€10M revenue, with rolling applications and 12-month support duration.
Global startup M&A surges 155% to $100B in H1 2025, driven by mega-deals
Crunchbase data shows startup acquisitions reached $100B in disclosed-price deals in H1 2025, up 155% YoY. Google's planned $32B Wiz acquisition accounts for one-third of total value, while other major deals include OpenAI's $6.5B purchase of Jony Ive's design startup Io and ServiceNow's $2.85B acquisition of Moveworks.
However…
European tech funding drops 30% to €35B in H1 2025 despite steady deal count
Tech.eu's H1 2025 report shows European tech funding fell over 30% year-on-year from €50.1B to approximately €35B, while deal count remained steady at just under 2,000. The data reveals shifting investor behavior: H1 2023 had highest deal volume (2,300+) but lowest capital (€28.7B), H1 2024 peaked at €50.1B, and H1 2025 shows a correction toward more cautious and selective funding.
EU loses €1.3 trillion annually to fragmentation, calls for unified digital company form
Ivan Landabaso argues Europe's startup future is at risk without urgent action, advocating for a single digital-first EU company form #EUInc with 16,000+ supporters. He criticizes Brussels' latest 28th regime proposal as "not bold, not startup-first" and warns it preserves 27 national systems instead of creating unified rules. Key issues: it's a directive not regulation, tailored for legacy businesses not startups, and consulted notaries/lobby groups rather than founders.
💶 Where Funds Went (Or Will Go)
Startups
Startups
🇮🇹 Exein raises €70M Series C to protect critical infrastructure from IoT backdoor attacks
🇩🇪 Q.ANT raises €62M to transform computing with photonic technology
🇬🇧 Numan raises $60M to scale preventive healthcare platform
🇨🇭 vVARDIS raises $50M from OrbiMed to offer drill-free dental decay treatment
🇸🇪 Tandem Health raises $50M Series A to scale AI scribe technology across NHS
🇬🇧 Paddle raises $25M to expand Merchant of Record services for digital products
🇫🇷 Spiko raises $22M Series A to bring US-style cash optimization to Europe
🇩🇪 MOTOR Ai raises $20M seed to build Europe's first certified autonomous vehicle fleet
🇬🇧 Prefequity receives £15M from British Business Bank to expand private credit operations
🇳🇴 🇧🇪 Semine gets acquired by Rydoo to accelerate finance automation
Investors
🇩🇰 EIFO and Novo Nordisk Foundation invest €80M to launch QuNorth quantum initiative
🇵🇹 Ventures.eu closes €30M Fund I first close to back early-stage startups across Portugal (60%) and Europe (40%)
💼 Open Roles
Super Capital → Investor Relations Associate in Paris, France. Apply here.
Planet A Ventures → Visiting Analyst Intern in Berlin, Germany (Remote). Apply here.
HV Capital → Visiting Analyst - Early Stage AI Team in Berlin, Germany. Apply here.
Cherry Ventures → Visiting Finance Analyst in Berlin, Germany. Apply here.
Gateway Ventures → Visiting Analyst in Vienna, Austria. Apply here.
Big Sur Ventures → Visiting Analyst in Madrid, Spain. Apply here.
👋 That’s a wrap for this week.
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