Tech startup M&A picks up in downturn

Now is an unfortunate time to raise money – Startup valuations take a hitinvestor no rush to write checks Companies that burn through a lot of money each month are looking increasingly unpopular.

Several startups are shopping around for buyers – some big players with deep pockets are looking for bargains.

Since this month, the online boutique shopping mall Trouva has been acquired by the online home furnishing platform Made.comwhile other European unicorns such as Personio, Paddle, Flink and bunq have also made acquisitions.

Here, we list the top mergers and acquisitions that have taken place in Europe since May 2022. The list is based on Dealroom data and does not include any startups founded before 2005.

We’ll keep it updated – let us know if we’ve missed any great deals.

Merger List

gamble

Acquired company: From the Bench — mobile game development studio founded in 2008
headquarter location: Alicante, Spain
who bought it? TappX — a digital adware company based in Barcelona
Who is at the hat table? Caixa Capital Risc, Bonsai Venture Capital

Acquired company: GamerzClass — e-learning product for aspiring esports players
headquarter location: Copenhagen, Denmark
who bought it? Metafy – Los Angeles-based online gaming tutoring portal, founded in 2020
Who is at the hat table? Jesper Vesten Drescher, VF Venture, 500 Global, Bumble Ventures, TrueSight Ventures, Ben Holmes, ByFounders, Morten E Wulff, Dreamcraft Ventures

Software as a Service

Acquired company: Quentic – Occupational Safety, Environmental Management and Sustainability Software
headquarter location: Berlin, Germany
who bought it? Advanced Manufacturing Control Systems – Ireland-based software company established in 2002
Who is at the hat table? High Tech Gründerfonds, One Peak Partners, Morgan Stanley, Berlin-Brandenburg Business Angels Club, Shutterstock, Wecken & Cie, Morgan Stanley Expansion Capital, B!GRÜNDET, Maria 01

Acquired company: AreTheyHappy — Reputation Management Software
headquarter location: Ghent, Belgium
who bought it? Black Box Intelligence — restaurant analytics provider based in Texas
Who is at the hat table? Diversified Capital

Acquired company: Back – Employee Experience Software
headquarter location: Berlin, Germany
who bought it? personal — Munich-based HR software company founded in 2015
Who is at the hat table? Point Nine, Seedcamp, MH2 Capital, La Famiglia, Gradient Ventures, Charlie Songhurst, Matthias Hilpert, Renaud Visage

Acquired company: Okarito — Travel Management Software for Small Businesses
headquarter location: Paris France
who bought it? Swile – France scales up with employee benefit cards and app, founded in 2016
Who is at the hat table? The Family, Kima Ventures, Axeleo Capital, Wilco, Geoffroy Roux de Bézieux

Acquired company: Futrli — business accounting and forecasting software
headquarter location: Brighton, UK
who bought it? Sage Group – UK-based multinational enterprise software company founded in 1981
Who is at the hat table? Headline, Notion Capital, Firstminute capital, Tech Nation

Acquired company: Formulate – sales management tools using artificial intelligence
Headquarters: Stockholm, Sweden
who bought it? Relex Solutions, Finnish retail planning unicorn, raised €500 million in February
Who is at the hat table? Bo Mattsson, DHS Venture Partners, Industrifonden, Lars Lindgren, European Innovation Council, HenQ, J12 Ventures

Acquired company: Satismaster — Customer Feedback Platform
Headquarters: Prague, Czech Republic
who bought it? Productboard – a unicorn recently based in San Francisco and launched in Prague
Who is at the hat table? CEED Tech, FIWARE, Nextech Ventures, StartupYard

Acquired company: Scortex — AI-based industrial site quality control management tool
Headquarters: Paris France
who bought it? TriGo, a French corporate giant that provides quality testing.TriGo has committed to invest €5 million in Scortex as part of the acquisition
Who is at the hat table? Agoranov, Notion Capital, Alven, Sap.io, Plug and Play, Plug and Play Insurtech, Sap.iO Foundry Munich

Acquired company: Side – French online personnel service
Headquarters: Paris France
who bought it? Randstad Innovation Fund, the CVC division of Amsterdam-based HR multinational Randstad
Who is at the hat table? Agoranov, Notion Capital, Alven, Sap.io, Plug and Play, Plug and Play Insurtech, Sap.iO Foundry Munich

consumer

Acquired company: Cajoo — Rapid Delivery Startup
headquarter location: Paris France
who bought it? Flink – Berlin-based grocery delivery unicorn
Who is at the hat table? Carrefour, First, XAnge, Toutiao

Acquired company: Trouva – a marketplace for independent boutiques and brands
headquarter location: London, England
who bought it? Made.com – British homeware brand, founded in 2010
Who is at the hat table? Playfair Capital, Index Ventures, Avonmore Developments, LocalGlobe, Go Beyond Investing, Patty Dimond, Downing Ventures, Robin Klein, Octopus Ventures, Business Growth Fund, C4 Ventures, Ada Ventures, Downing LLP, Tech Nation

Acquired company: Tripadvisor – travel tech listing UK and France camping and outdoor holidays
headquarter location: London, England
who bought it? Hipcamp — the largest outdoor travel vacation booking platform in the U.S., was previously backed by rapper Jay Z’s investment vehicle, Marcy Venture Partners

Fintech

Acquired company: Tricount — group expense management app
headquarter location: Brussels, Belgium
who bought it? bunq — Dutch unicorn neobank.After the merger, Tricount may start offering bunq products in its app
Who is at the hat table? Belcube (Belgium Seed Stage Fund)

Acquired company: finAPI — a leading open banking API provider in Germany
headquarter location: Munich Germany
who bought it? Yapily, a UK open banking startup.With the acquisition of finAPI, it hopes to expand its presence in Germany, and with this acquisition, its customer base has nearly doubled
Who is at the hat table? PwC Accelerator

Acquired company: Profitero – e-commerce analytics platform
headquarter location: Dublin, Ireland
who bought it? Publicis Groupe – French digital advertising multinational company
Who is at the hat table? Delta Partners, Enterprise Ireland, Polaris Partners, Episode 1 Ventures, Scaleworks. Founded in 2010, the company had raised $40 million before being acquired.

Safety

Acquired company: Ubble.ai — Authentication service
headquarter location: Paris France
who bought it? Checkout.com — London-based fintech unicorn, UK’s most valuable startup
Who is at the hat table? Partech, Kima Ventures, Breega, Bpifrance, Thomas Rebaud (founder of French unicorn Meero).

Acquired company: BehavioSec – “Behavioral Biometrics” Cybersecurity and Authentication Products
headquarter location: Stockholm, Sweden
who bought it? LexisNexis – New York-based data analytics company founded in 1970
Who is at the hat table? Conor Venture Partners, Northzone, Norrlandsfonden, Lunova, Partnerinvest Norr, PwC Accelerator, ABN AMRO, Trident Capital, Cisco Investments, Octopus Ventures, ABN AMRO Ventures, FinTech Innovation Lab, Luleå University of Technology, Plug and Play, Plug and Play Insurtech, Swedish startup, Almi Invest

Acquired company: Hdiv Security — Ongoing web security bug tracker
headquarter location: San Sebastian, Spain
who bought it? Datadog – a data analytics extension in the US, founded in 2010
Who is at the hat table? Adara Ventures, BIND 4.0 – Basque Open Innovation Platform, StartUp Alcobendas, Telefónica Innovation Ventures, BIC Gipuzkoa, Prosegur, Wayra

Acquired company: Excellium Services — Penetration Testing and Cyber ​​Incident Response
headquarter location: Luxembourg Cottern
who bought it? Thales Group – French multinational company working in aerospace, defense and security
Who is at the hat table? Sonay IM

Renewable Energy

Acquired company: Groendus — B2B Renewable Energy Network
headquarter location: Utrecht, The Netherlands
who bought it? Joint acquisition by Dutch pension fund APG and Canadian asset manager OMERS Infrastructure
Who is at the hat table? NPM Capital

transportation

Acquired company: Clicars – used car e-commerce marketplace
headquarter location: Madrid, Spain
who bought it? Aramis Group – French online marketplace for used cars, founded in 2001
Who is at the hat table? West Asia Ventures, Inaki Berenguer, PSA Group, Luis Sanz, Pau Sabria, Startup University Ventures

Acquired company: Reby — micro-mobility and e-scooter service
headquarter location: Barcelona, ​​Spain
who bought it? Lithium Home – Headquartered in California electric bicycle Company, established in 2018
Who is at the hat table? 500 Global (formerly 500 Startups), Exor Seeds, Fuel Capital, NEO, Abac Nest, Edward Lando, Simon Rothman, Exor, Ruben Ferreiro, Hard Yaka, House of Lithium

Acquired company: Share NOW (formerly Car2go) – Mercedes-Benz and BMW’s car-sharing joint venture
headquarter location: Stuttgart, Germany
who bought it? Stellantis – the combined Fiat-Peugeot parent company. Stellantis already has a mobile subsidiary, Free2move, which Share NOW will join
Who is at the hat table? Daimler

deep tech

Acquired company: Myrmex — unmanned delivery robot
headquarter location: Iliopolis, Greece
who bought it? Ocado – UK-listed supermarket technology company
Who is at the hat table? Odyssey Ventures

Acquired company: Metaliquid — AI video analytics for data discovery
headquarter location: Milan, Italy
who bought it? BeMyEye – London-based data-as-a-service provider founded in 2011
Who is at the hat table? unknown

Acquired company: ProGlove — Wearable barcode scanner for warehouse workers
headquarter location: Munich Germany
who bought it? Nordic Capital – Stockholm-based private equity fund founded in 1989
Who is at the hat table? Intel Capital, Bayern Kapital, GettyLab, DIVC, Summit Partners, TechFounders, Technical University of Munich (TUM), Plug and Play, Plug and Play Insurtech

Acquired company: IFollow – a French startup developing autonomous robots for warehouse optimization
headquarter location: Alcouis, France
who bought it? Stow Deutschland – developer of racking systems
Who is at the hat table? Axeleo Capital (AXC), WaterStart Capital (NCI), Agoranov, W2 Labs, Normandie Capital Investissement, Supernova Invest, Socadif, Bpifrance

Health and Wellness

Acquired company: PlusDental – manufacturer of invisible aligners
headquarter location: Berlin, Germany
who bought it? Straumann Holding Deutschland – Swiss dental care provider
Who is at the hat table? Ping An Group, HV Capital, Lakestar, Cadence Growth Capital, Jebsen Capital, Bruce Darnell, SB21 – Saarbruecker21, Elephant & Castle Capital. The purchase price was 112.5 million euros, while the company raised 77 million euros.

Acquired company: Wavy – Paris-based health industry communications management company
headquarter location: Paris France
who bought it? Treatwell — online booking platform with five acquisitions in history
Who is at the hat table? Bpifrance, Kima Ventures.