For a startup to survive the cold, harsh world of business, you’re going to need a solid idea, an interested audience, a user base which grows quickly, and a lot of funding. Getting a startup off the ground is hard enough, but keeping it afloat year after year is a struggle. Startups in London reportedly have the lowest survival rate in the UK, and it’s said that for every 10 startups, only one will still be there after a year. However, if we consider what’s happening Europe-wide, there is a lot to be excited about, especially if you’re an investor. There is a lot of big news happening after some recent funding rounds, so here’s what you should know.
Brits prove they can analyse data as well as anyone
Not just good at PowerPoint presentations, Concentra Analytics is a British company which provides software and tools necessary for analysing, visualising and understanding data. With clients like the NHS and LeasePlan, it’s fair to say that Concentra Analytics is already doing pretty well for itself, but apparently, there’s always room for improvement. CA has raised $56.4 million in a recent funding round managed primarily by One Peak Partners, which will be used for further international expansion, despite already having 170 employees across offices in London, USA, Netherlands, and Hong Kong.
Smartphone insurance is all the rage
Another Germany-based company is performing well, as simplesurance recently secured $24 million during a Series C funding round, primarily from Allianz X and Rakuten Capital. Due to the growing number of smartphones appearing in the hands of so many citizens around the world, it should come as no shock that these smartphone owners would consider insurance, especially when the price range for a new model can be well beyond £600. However, as the simplesurance homepage displays, the company is broadening their range of product insurance to tablets, laptops, cameras, game consoles, and TVs to cater for our love for all tech items. The new funding will likely be used for further expansion into new territories, as the company is already operating in 30 countries.
PayPal + card readers + iZettle = billions of dollars
In what is currently PayPal’s largest acquisition to date, the online payment giant has purchased Swedish startup iZettle for a staggering $2.2 billion. iZettle, much like the USA-based company Square, provides point-of-sale apps and wireless card-reading devices which allow payments via smartphones and tablets. Founder and CEO of iZettle, Jacob De Geer, was quoted as saying, “You never start a company planning to sell it. But this is a very exciting way for the company to continue its vision.” The acquisition from PayPal is thought to allow iZettle to expand its presence towards SMBs in what is definitely their toughest market, the USA. iZettle expects a gross revenue of $165 million at the end of 2018, eclipsing $110 million back in 2017.
Good news if you’re looking for a mortgage
A London-based startup named Trussle has recently secured approximately $18 million in a Series B funding round, primarily led by Goldman Sachs, Finch Capital, and Seedcamp. Since 2016, Trussle’s idea has been to move the process of opening or even switching a mortgage to the online world. The process is said to be – by and large – faster and easier compared to other methods of obtaining a mortgage. Trussle has grown considerably since its previous funding round, with the team jumping from 14 to 70 employees. Philip Aldis, a managing director at Goldman Sachs, was evidently thrilled about the latest funding round for the online mortgage broker. “Trussle is at the forefront of revolutionising the UK mortgage market, making it more efficient and convenient for consumers to find the right mortgage,” he said. “We look forward to supporting the company’s ambitious growth plans.”