๐ช Take a Number
Everyoneโs paidโeventually. Not you.
Good morning!
Duralex, the French maker of the tempered-glass tumbler found in every school canteen in France and in one scene of Skyfall, has a buyer. A commercial court handed the factory to a 32-year-old former McKinsey consultant who collects distressed brands the way others collect stamps. Tupperware's French arm went into the album last year, a tyre retreader this summer. He keeps 155 of 220 jobs, promises an electric furnace and brings โฌ10M of private money alongside โฌ6M of public loans and grants. For a plant on its fifth insolvency in 20 years, that is a decent ending. Nobody should be sarcastic about 155 payslips.
A year ago, the factory, then owned by its workers, asked the public for โฌ5M through Lita, a platform selling "impact" investments. Pledges hit โฌ20M in two days. In the end, more than 10,000 small investors wired โฌ7M, tickets capped at โฌ1K, for securities advertising 8% a year over 7 years. The terms said last-rank subordinated: paid after everyone, which in practice means paid never. Half a year later, the company filed for court protection. With the cooperative set to vanish in the sale, those subscribers stand at the very back of the creditor queue, behind the pallet supplier. The platform never queued. On its published tariff, issuers pay a success fee of about 6% of the raise, so north of โฌ400K, collected at the door.
Every warning sat in the documents, in a smaller font than the nostalgia. The pitch sold a childhood. A year after the workers took over, EBITDA was negative by more than โฌ4M, the catalogue had not changed in 30 years and energy ate a fifth of sales. Two months after the raise, the company was passing the hat round for new moulds. Britain ran the same experiment at scale. BrewDog, the Scottish craft brewer, took ยฃ75M from 200,000 fans through its Equity for Punks scheme. They got exactly nothing when its UK business was sold out of administration to Tilray, a US cannabis and drinks group, for ยฃ33M earlier this year. America had Elio Motors, whose fans bought shares in a three-wheeler that never reached a driveway. Everywhere, customers are invited to fund the losses, seated at the bottom of the capital structure and paid in belonging.
Nostalgia is a superb acquisition channel and a terrible credit analyst. The professionals all leave with something. The platform kept its fee, the administrators bill the estate, and the buyer gets the factory without its debts, the crowd's โฌ7M included. The losers are those who acted out of affection for a glass that survives a fall onto a tiled floor. Their money did not. Somewhere, someone who put โฌ300 into saving French industry will soon receive a courteous letter. Industry, as it happens, was saved. The saver simply wasn't invited to the part where it pays.
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๐๏ธ Top Story
- ๐ซ๐ท Red Light District. France now rejects two-thirds of Russian diplomatic visa requests, aiming to block Moscow from rebuilding its spy network under diplomatic cover. (France Info)
- ๐ซ๐ท Debt End. France faces a triple crisis as youth protests, surging debt, and the far right converge, leaving the country teetering on the edge of financial and political collapse. (New York Times)
- ๐ช๐บ Block Party. The talks up Ukraine's path to membership, but behind the speeches, member states bicker over budgets and institutional headaches. (Libรฉ)
- ๐ท๐บ Spy Hard. Russian authorities arrested Japanese reporter Yuki Imai, claiming his coverage of defense topics crossed the line into espionage. (Washington Post)
- ๐ฆ๐ฟ Veil of Control. Azerbaijan faces unrest as students and teachers are barred from wearing hijabs in schools, prompting arrests and a clampdown on Instagram and TikTok. (Le Monde)
- ๐บ๐ธ Trigger Warning. Trump said leakers of military plans should be shot, turning a campaign rally into a history lesson on how not to handle secrets. (New York Times)
- ๐ฌ๐ฑ Drill Intentions. Greenlandโs government publicly rebuffs Donald Trumpโs claim that large-scale US oil and gas exploration is imminent, insisting any major projects remain years away at best. (Spiegel)
- ๐ง๐ท Working Class Heroes. Brazil's Senate passes Lula's flagship reform to cut the workweek from 44 to 40 hours with no pay loss, giving millions a second day off and his campaign a much-needed talking point. (Ouest-France)
- ๐ป๐ช Deal or No Deal. With US sanctions easing and pressure mounting, Venezuelaโs government and opposition begin new talks focused on political transition and party participation. (Le Temps)
- ๐น๐ท Off the Air. Police seized Halk TV's headquarters, arrested staff, and replaced management, marking a new crackdown on Turkey's independent media. (Le Monde)
๐ฌ๐ง United Kingdom
- ๐ฌ๐ง Return to Sender. The UK threatens to ban all Eritreans from entering unless Eritrea agrees to accept more deported migrants and foreign offenders, escalating its visa penalty playbook. (BBC)
- ๐ฌ๐ง Grave Mistake. The UK government has issued a formal apology for decades of burying stillborn babies in mass graves, acknowledging the anguish inflicted on grieving families. (The Guardian)
๐บ๐ธ United States
- ๐บ๐ธ Missing Persons. With Kimberly Guilfoyleโs abrupt departure, President Trumpโs administration continues to shed its top female officials at a remarkable pace. (New York Times)
- ๐บ๐ธ Marching Orders. Hundreds of Army troops are deploying to Latin America for joint training and counternarcotics missions, as the Pentagon expands its war on drug trafficking and sets up a fresh regional HQ in Miami. (New York Times)
๐๏ธ Economy
- ๐ฉ๐ช Pop Tax. Germany plans to introduce a soda tax by mid-2027, hoping to boost health funds while the beverage industry warns of higher prices and more red tape. (Les Echos)
- ๐ช๐บ Rate Expectations. The European Central Bank may raise interest rates sooner than expected as inflation and energy costs outpace forecasts, with policymakers hinting at a possible move this month. (Boursier)
- ๐ช๐บ Budget Impossible. leaders open a bruising summit over the 2028-2034 budget, with โfrugalโ states demanding deep cuts and others insisting on more spending for priorities like defense and cohesion. (France Info)
- ๐ช๐บ Tour de Force. Nvidia CEO Jensen Huang sweeps through Europe announcing new investments in Doctolib, Genesis AI, Pigment and Entalpic, blending business, lobbying and industrial diplomacy in every stop. (FrenchWeb)
- ๐บ๐ธ Rich Manโs Burden. California voters will decide whether to slap a 5% wealth tax on the stateโs 200 billionaires, with $100B in new revenue at stake and Silicon Valley in full panic mode. (Le Figaro)
- ๐ป๐ช Sanction Relief. The US Treasury has lifted sanctions on Venezuela's National Assembly President Jorge Rodrรญguez, signaling a thaw in relations after Maduro's capture. (Bloomberg)
- ๐จ๐ณ Trade Winds. Chinaโs trade surplus is on track to hit $1T this year, as surging global demand for AI-powered exports leaves Western leaders fuming. (Les Echos)
- ๐ธ๐ฆ Buffer Zone. The IMF says Saudi Arabiaโs fiscal reserves and backup oil export capacity are shielding its economy from the fallout of the Iran conflict, unlike its Gulf neighbors. (Bloomberg)
๐ฌ๐ง United Kingdom
- ๐ฌ๐ง Bullionaireโs Club. London cements its status as the worldโs top physical gold hub, with central banks moving $1.3T in bullion from the US to the Cityโs vaults. (Financial Times)
- ๐ฌ๐ง Growth Target. Ministers set a 10% organic farming goal for 2036, promising climate benefits but leaving funding for the transition an open question. (The Guardian)
- ๐ฌ๐ง Continental Drift. Douglas Alexander argues the UK should prioritize deeper economic integration with the EU over striking stand-alone trade deals elsewhere, because the bigger prize is right next door. (The Guardian)
- ๐ Trust Issues. The heads of the Bank of England and IMF warn that escalating cyber-attacks could erode public faith in the global financial system and drive people to stash cash at home. (The Guardian)
๐บ๐ธ United States
- ๐บ๐ธ Prime Time Share. Hollywoodโs top agencies and producers launch a campaign to force streamers like Netflix and Disney to spend half their budgets on indie-made shows, hoping to revive TVโs creative heyday. (New York Times)
๐ข Real Estate
- ๐บ๐ธ Chip Shot. GlobalFoundries ๐บ๐ธ secures up to $21B from Japan and subsidies to construct two semiconductor plants in New York, giving Washington a direct ownership slice. (Wall Street Journal)
- ๐บ๐ธ Power Down. BlackRockโs Larry Fink says pausing data center growth could stall the economy and push the toward recession, all thanks to overloaded grids. (CNBC)
๐ฌ๐ง United Kingdom
- ๐ฌ๐ง Trust Issues. The National Trust has received Rules, Londonโs oldest restaurant, as a gift, ensuring the 228-year-old institution will serve on indefinitely. (New York Times)
๐บ๐ธ United States
- ๐บ๐ธ Suite Surrender. The Plaza Hotel will close its doors in January 2027 for a four-year, full-facade renovation, leaving New Yorkโs gilded icon under wraps until 2031. (New York Times)
- ๐บ๐ธ Suite Sorrow. New York Cityโs new pied-ร -terre tax hits wealthy out-of-town owners like Steve Witkoff with higher bills and a lost abatement, proving that a Manhattan address now comes with a double sting. (Wall Street Journal)
- ๐บ๐ธ Hold the Fort. homeowners are refusing to sell despite mortgage rates topping 7 percent, keeping home prices stubbornly high while buyers wait for a break. (Wall Street Journal)
๐ฑ Listed Markets
- ๐ฌ๐ง Case Closed. Palantir has dropped its lawsuit against London Mayor Sadiq Khan after his office clarified that a ยฃ50M contract cancellation was not about the companyโs values, leaving the door open for future bids. (Financial Times)
- ๐ณ๐ฑ Future Proof. ASML ๐ณ๐ฑ reports customers are already eyeing orders for 2029 and 2030 as it smashes profit forecasts and raises its 2026 sales outlook. (CNBC)
- ๐ช๐บ Vax Appeal. Sanofiโs legally binding commitments convinced regulators to drop their antitrust investigation into its flu vaccine marketing campaign targeting CSL. (Wall Street Journal)
- ๐บ๐ธ Server Crash. Dell led a sell-off in data center stocks after Barclays flagged that corporate AI investments are lagging, sending shares of Dell, Oracle, and HPE tumbling. (CNBC)
- ๐บ๐ธ Story Time. YouTube ๐บ๐ธ is negotiating with publishers to bring audiobooks to its platform, aiming to narrate your next commute as well as your cat videos. (Wall Street Journal)
- ๐บ๐ธ Big Byte. Apple finishes the trading day at $5.005T, making it only the second firm to ever close above the $5T mark after Nvidia. (Wall Street Journal)
- ๐บ๐ธ Cash Magnet. BlackRock reported $205B in new inflows and a profit beat, pushing its shares higher as investors chase the AI-fueled rally. (CNBC)
- ๐บ๐ธ Bond Voyage. CoreWeaveโs bonds fell sharply to distress levels, with even Elon Musk chiming in as the AI cloud firm faces a rough patch. (Bloomberg)
- ๐บ๐ธ Money Magnet. BlackRock hauled in $205B in fresh funds, sending its total assets to an all-time high of $15.5T and confirming its dominance in asset management. (Financial Times)
- ๐ฐ๐ท Chip Wreck. Shares of SK Hynix ๐ฐ๐ท plunged 10% as fears over Fed rate hikes and AI investment jitters triggered a rout across Asia's tech sector. (CNBC)
- ๐ Silicon Slide. Semiconductor giants like SK Hynix and Samsung Electronics suffered double-digit losses, dragging down global markets and fueling a rush into bonds as inflation and AI earnings doubts took center stage. (Financial Times)
๐ฌ๐ง United Kingdom
- ๐ฌ๐ง Auto Pilot. Uber kicks off a robotaxi trial in Manchester using Pony and Verne tech, with the company steering toward a driverless UK future. (The Guardian)
๐๏ธ Big Deals (M&A)
- London Stock Exchange Group ๐ฌ๐ง is in talks to acquire global credit platform Octus ๐บ๐ธ from private equity firm Permira ๐ฌ๐ง for $3.5B.
- Global Diamond Consortium is pursuing the $1B acquisition of De Beers ๐ฌ๐ง from Anglo American ๐ฌ๐ง. Botswana ๐ง๐ผ may receive a 25% stake.
- Vinci Energies ๐ซ๐ท has completed the acquisition of All for One Group ๐ฉ๐ช, taking an 87.33% stake through a voluntary tender offer.
- Groupe Dekuple ๐ซ๐ท has acquired a majority stake in Italian omnichannel marketing agency Say ๐ฎ๐น.
- Lufthansa ๐ฉ๐ช has been selected by the Portuguese government to acquire a 44.9% stake in TAP Air Portugal ๐ต๐น for โฌ1.2B, ahead of Air France-KLM ๐ซ๐ท๐ณ๐ฑ.
- Secture ๐ช๐ธ has completed the acquisition of 100% of Bisiesto ๐ช๐ธ, a digital experience, ecommerce and conversion optimization firm.
- Mutua Madrileรฑa ๐ช๐ธ acquires a 10% stake in Alter5 ๐ช๐ธ, an AI platform for capital markets and institutional investment.
- Innovad ๐ง๐ช has acquired a majority stake in Olea Fortius ๐ฌ๐ท, effective September 30, 2026, with the FoodOxys ๐ฌ๐ท spin-off providing the scientific foundation.
- Titan SA ๐ฌ๐ท has announced a minority investment in Command Alkon ๐บ๐ธ, a construction-materials technology platform.
- Patric Palm ๐ธ๐ช acquires Favro ๐ธ๐ช after its bankruptcy.
- Zealand Pharma ๐ฉ๐ฐ partners with Generate Biomedicines ๐บ๐ธ to develop AI-based obesity treatments in a $1.2B deal.
- Accenture ๐ฎ๐ช has acquired customer intelligence firm Sagacity ๐ฌ๐ง.
- Rockaway Capital ๐จ๐ฟ is acquiring a British school-trip company ๐ฌ๐ง from KKR ๐บ๐ธ for more than CZK1B.
- Roche ๐จ๐ญ enters a $1.16B licensing agreement with RNA-focused Rona Therapeutics ๐จ๐ณ.
- Galderma ๐จ๐ญ has agreed to acquire ZO Skin Health ๐บ๐ธ from Blackstone, the Obagi family and other shareholders for $1.5B including debt.
- Arena ๐บ๐ธ has completed a $200M Series B funding round led by Lightspeed Venture Partners ๐บ๐ธ and Khosla Ventures ๐บ๐ธ, reaching a $3.1B valuation and surpassing $100M in annualized revenue.
- Anthropic ๐บ๐ธ has agreed to acquire AI verification startup Opaque Systems ๐บ๐ธ.
- Ithaca Holdings ๐บ๐ธ has agreed to acquire Bumble ๐บ๐ธ, the parent company of Bumble, Badoo and BFF, at a valuation of up to $1.3B.
- Cloudflare ๐บ๐ธ has completed the acquisition of open-source JavaScript and TypeScript runtime Deno ๐บ๐ธ.
- Apple ๐บ๐ธ has signed a hiring and non-exclusive technology licensing agreement with AI audio and podcast startup Huxe ๐บ๐ธ, without acquiring the company.
- Humana ๐บ๐ธ replaces WCAS ๐บ๐ธ with BlackRock ๐บ๐ธ as its partner in a joint venture owning 150 senior primary care clinics, in a $2.8B deal.
- Ancora Holdings ๐บ๐ธ is pushing Big Yellow Group ๐ฌ๐ง, valued at $2B, to explore a sale after building a stake.
- Agilent Technologies ๐บ๐ธ will acquire pathology software maker Proscia ๐บ๐ธ for $240M in cash.
- Reese Witherspoon ๐บ๐ธ will reacquire Hello Sunshine ๐บ๐ธ from Candle Media ๐บ๐ธ in partnership with producer Pierre-Antoine Capton ๐ซ๐ทโs Mediawan ๐ซ๐ท.
- Nvidia ๐บ๐ธ acquired minority stakes in French tech startups Doctolib ๐ซ๐ท and Genesis AI ๐ซ๐ท.
- Jump Trading ๐บ๐ธ acqui-hires prop trading startup Ito Markets ๐บ๐ธ, which makes markets in compute.
- Megan Fox ๐บ๐ธ becomes a co-owner of creator platform Subs.com ๐บ๐ธ.
- Berkshire Hathaway ๐บ๐ธ has built a 4% stake in Bending Spoons ๐ฎ๐น through a fresh $330M investment, following a $600M investment in its July IPO.
- Amazon ๐บ๐ธ is in advanced talks to acquire AI startup Decart ๐บ๐ธ for about $7B.
- Payward ๐บ๐ธ has agreed to acquire Saldo Bank ๐ฑ๐น, subject to regulatory approvals, with the deal expected to close in 2027.
- Fairfax Financial Holdings ๐จ๐ฆ acquires a 60.7% stake in IDBI Bank ๐ฎ๐ณ for nearly $6B.
- Grupo Televisa ๐ฒ๐ฝ and Fintech Holdings ๐บ๐ธ have agreed to acquire AT&T Mexico ๐ฒ๐ฝ for $2B.
- Mexico ๐ฒ๐ฝ will approve the merger of low-cost carriers Volaris ๐ฒ๐ฝ and Viva Aerobus ๐ฒ๐ฝ.
- Jardine Matheson ๐ญ๐ฐ acquires Gammon Construction ๐ฌ๐ง from Balfour Beatty ๐ฌ๐ง for $330M, taking full control.
- Vaaris Energy ๐ณ๐ฌ has acquired Shell Nigeria Gas Group ๐ณ๐ฌ from Shell ๐ฌ๐ง.
๐บ๐ธ United States
- VestGen Wealth Partners ๐บ๐ธ secures growth capital from Willow Tree Credit Partners ๐บ๐ธ to fund further M&A activity.
- Ensorcia Group Holdings ๐บ๐ธ has entered a binding letter of intent to acquire Argentina Wildcats ๐บ๐ธ, which holds interests in the former LEXI lithium property in Argentina.
- West Madison Foods ๐บ๐ธ acquires The Flavor of California ๐บ๐ธ, holding company of the Bobโs Big Boy Salad Dressings & Dips license, from Salt Creek Capital ๐บ๐ธ and CEO Julie Pantiskas.
- Terminus Capital Partners ๐บ๐ธ makes a majority investment in PickTrace ๐บ๐ธ, an agricultural workforce management and operations technology company.
- HealthpointCapital ๐บ๐ธ has invested in Ospitek ๐บ๐ธ, a surgical operations software provider.
๐งณ Private Markets & VC
- ๐ฌ๐ง Loan Rangers. Neobanks like Allica Bank and Iwoca are racing ahead of consumer fintechs by filling the SME lending gap that traditional banks left wide open. (Financial Times)
- ๐ซ๐ท Circle of VCs. Exotec and other French unicorns are backing startups launched by ex-employees, proving the ecosystem funds itself as much as outsiders. (Les Echos)
- ๐บ๐ธ Model Behavior. Anthropic ๐บ๐ธ posts a staggering $16.8B in third-quarter revenue, just in time to dazzle investors ahead of its public debut. (CNBC)
- ๐บ๐ธ Tender Mercenaries. Anduril's latest employee share sale pegs the defense tech startup at a staggering $90B, putting Silicon Valley valuations on a war footing. (CNBC)
- ๐บ๐ธ Power Lawless. The rise of $100M-plus AI fundraising rounds is breaking venture capitalโs old math, leaving smaller VCs squeezed out and diversification dreams in tatters. (Financial Times)
- ๐บ๐ธ Mission: Implausible. A Saudi engineer at OpenAI ๐บ๐ธ was arrested for allegedly planting a $14 spy device in a San Francisco conference room, proving espionage budgets are not what they used to be. (Italian)
๐ฌ๐ง United Kingdom
- ๐ฌ๐ง ChatPay. OpenAI ๐บ๐ธ handed its 110 London staff an average of ยฃ2.3M each last year, proving AI salaries now rival footballersโ paychecks. (The Guardian)
Fundraising
- Kairos Power ๐บ๐ธ (Energy): $643M (Google Ventures, DCVC, Samsung C&T Corp., US Department of Energy)
- ID Finance ๐ช๐ธ (Fintech): โฌ545M (Spice Expeditions, WashU, Kingsway Capital, i80 Group)
- ICON (Construction): $200M (Baillie Gifford, BlackRock)
- Salience Labs ๐ฌ๐ง (Semiconductors): $125M (Bullhound Capital, AMD Ventures, Intel Capital, SBI Group, Hudson River Trading, British Business Bank, Applied Ventures, Oxford Science Enterprises, Cambridge Innovation Capital, Silicon Catalyst Ventures)
- Labelbox ๐บ๐ธ (AI): $100M+ (Infinitum Partners, Wipro Ventures, Andreessen Horowitz, B Capital, Tau Ventures, Snowpoint Ventures)
- Suki ๐บ๐ธ (Healthcare): $90M (Healthier Capital, Crosslink Capital, Hercules Capital)
- 1KOMMA5ยฐ ๐ฉ๐ช (Clean tech): โฌ70M (b2venture, Marunouchi Innovation Partners, CalSTRS, eCapital, G2 Venture Partners, Eurazeo)
- Reach Security ๐บ๐ธ (Cybersecurity): More than $50M (Top Tier Capital Partners, Ballistic Ventures, In-Q-Tel, M12, Microsoftโs Venture Fund)
- Prolific Machines ๐บ๐ธ (Biotech): $50M (Atoms & Bits, Nant Capital)
- Harmonic Security ๐บ๐ธ (Cybersecurity): $50M (Crosspoint Capital Partners)
- Zenzap ๐บ๐ธ (Messaging): $44M (Bessemer, Lightspeed, The Garage, Nir Zohar, Yoram Tietz)
- Pluto ๐ฎ๐ฑ (Cybersecurity): $42,5M (Jump Capital, Skinos, Ansa Capital, angel investors)
- Altay Therapeutics ๐บ๐ธ (Biotech): $37M (Sound Bioventures, HealthCap, Fountain Healthcare Partners, Biogen New Ventures, Pappas Capital, Global BioAccess Fund)
- Scuba (AI): $34M (Accel, IVP)
- Duvo ๐ฌ๐ง (AI): $32M (Balderton Capital, Index Ventures, Northzone, Credo Ventures)
- Allara ๐บ๐ธ (Healthcare): $30M (Index Ventures, GV, Camino Partners, Foreground Capital, Family Fund)
- Scimplify ๐ฎ๐ณ (Chemicals): $25M (Hitachi Ventures, Henkel, Teknor Apex, Accel India, Bertelsmann India Investments, Omnivore, 3one4 Capital)
- EZ Bombs ๐บ๐ธ (Food): $25M (CAVU Consumer Partners)
- Brellium ๐บ๐ธ (Healthcare): $23M (Left Lane Capital, First Round Capital)
- Qilimanjaro Quantum Tech ๐ช๐ธ (Quantum computing): โฌ19.6M (Indra Group through IndraMind)
- Tamr ๐บ๐ธ (AI): $21M (Volition Capital)
- Causa Prima ๐บ๐ธ (Fintech): $20M (Base10 Partners)
- Magentic ๐ฌ๐ง (AI): $18M (Felicis, Borusan Ventures, Sequoia Capital, The Westly Group, First Momentum Ventures)
- Switched Source ๐บ๐ธ (Energy): Over $17M (Cubit Capital)
- HyLight ๐ซ๐ท (Aerospace): โฌ13M (Rubio Impact Ventures, DRW, Teampact Ventures, Y Combinator, Ring Capital)
- Cachet ๐ซ๐ฎ (Fintech): โฌ11M
- Fragment ๐บ๐ธ (Fintech): $12M (FirstMark, BoxGroup)
- Harbor ๐บ๐ธ (AI): $10M (Base10 Partners, Abstract, 8VC)
- Forgepoint ๐บ๐ธ (AI): $9.8M
- Evos ๐บ๐ธ (AI): $9M (Uncork Capital, Field Ventures, Crosslink Capital, Utopia Capital Management, Sandwith Ventures)
- CarbonFarm ๐ซ๐ท (Climate): โฌ7M
- NAGA Group ๐ฉ๐ช (Fintech): $8M (Presto, MDream)
- Aatmunn ๐ฎ๐ณ (Industrial intelligence): $8M (Memento Growth Partners)
- Othello ๐บ๐ธ (AI): $8M (A16z Speedrun, Owl Capital, Andy Fang, Thomas Wolf, Ryan King, Chris Larsen)
- Uvi ๐บ๐ธ (AI): $7.5M (CT Innovations, Cardumen, Mana VC, 91 Ventures, Gaingles VC)
- Swamp Club ๐บ๐ธ (AI): $7M (Amplify Partners, Encoded Ventures, select angels)
- Coding Giants ๐ต๐ฑ (Edtech): Up to โฌ6M
- Cambridge Heavy Industries ๐บ๐ธ (Energy): $6.2M (Azolla Ventures)
- Stride ๐ฌ๐ง (Healthtech): ยฃ4.6M (Arฤya Ventures, Morgan Stanley Inclusive & Sustainable Ventures, Better Ventures, Innovate UK, a16z Scout Fund investor, angel investors)
- Lightsprint ๐บ๐ธ (AI): $6.1M (645 Ventures)
- Dapta ๐บ๐ธ (AI): $6M (Chingona Ventures, Crew Capital, Broom Ventures, Cometa VC, 500 Global, Fen Ventures)
- Ambio ๐ซ๐ฎ (Recycling): โฌ5.1M (b2venture, Montis, Lifeline Ventures)
- OlsAro ๐ธ๐ช (AgTech): โฌ5M (Industrifonden, Nordic Foodtech VC, Future Food Fund, AgFunder, GU Ventures, PINC)
- Zaria ๐บ๐ธ (Fintech): $5.2M (Lightspeed Venture Partners)
- KP Labs ๐ต๐ฑ (Spacetech): โฌ4.42M (Momentum Capital Partners)
- Marklo ๐บ๐ธ (AI): $5M (Forerunner, Freestyle Capital, Klaviyo and Shopify angels)
- Matters ๐ฌ๐ง (Fintech): $5M
- Danish legaltech startup ๐ฉ๐ฐ (Legaltech): โฌ2M
- Olimpe Technology ๐ซ๐ท (Water treatment): โฌ1,8M (Newfund, Impactivist)
- Autentic AI ๐ช๐ธ (AI): โฌ1.5M (Baobab Ventures, Lanai Ventures, Acurio Ventures, Masia VC)
- Plora.ai ๐ญ๐บ (Robotics): โฌ1.2M (Day One Capital, Underline Ventures, Tiny Supercomputer Investment Company)
- Sainaptic ๐ฌ๐ง (Edtech): ยฃ1M (Cornerstone VC, Ufi Ventures, Elm Venture Partners, Brighteye Ventures)
- Mothium ๐ช๐ธ (Mobility): โฌ1M (Arcano Partners, Fundalogy, Impacto Andalucรญa Innovaciรณn y Desarrollo SICC, S.A.U.)
Fund Watch
- Jolt Capital ๐ซ๐ท: $1.2B (5th flagship deeptech VC fund, backed by CDP Venture Capital)
- NATO Innovation Fund ๐ต๐ฑ: โฌ1B (venture capital fund, opened Warsaw office)
- Nuveen Real Estate ๐บ๐ธ: $700M (latest Australia CRE credit fund)
- Fortune Favor Technology ๐ญ๐ฐ: $600M (merger with Quantumsphere Acquisition)
- Adams Street ๐บ๐ธ: $363M (evergreen VC and growth fund, launched)
- IFC ๐บ๐ธ: $300M (evergreen emerging markets private credit vehicle, $2B target, anchored by Tokio Marine)
- Savory Fund ๐บ๐ธ: $202M (3rd restaurant-focused private equity fund)
- Balerion Space Ventures ๐บ๐ธ: $200M (2nd fund)
- Finance Earth ๐ฌ๐ง: $100M (African nature and carbon investment fund, seeking to raise)
- Gaius Capital ๐ฉ๐ช: โฌ50M (Gaius Nachfolgekapital I, debut private equity fund, closed)
- Czech IP Lab Ventures ๐จ๐ฟ: โฌ27M (EIF commitment to new โฌ50M deep-tech fund)
- IP Lab Ventures ๐จ๐ฟ: โฌ27M (IP Lab Ventures Fund I, deep tech VC fund, targeting >โฌ50M)
- Monte Carlo Capital ๐ฒ๐จ: $15M (Fund II, deeptech, AI and SpaceTech VC fund, first close)
- Wave Ventures ๐ซ๐ฎ: โฌ10M (3rd fund, final close. Margarethe Bรถhme named managing partner)
- StepStone ๐บ๐ธ: reached half of combined target for 6th flagship and GP-led fund
๐IPO
- SmartLunch ๐ต๐ฑ (Foodtech): filed its prospectus for a Warsaw Stock Exchange IPO planned for this year, potentially combining new and existing shares.
- Prisjakt ๐ธ๐ช (E-commerce): filing for a Nasdaq First North IPO at a โฌ61M valuation.
- CSG ๐จ๐ฟ (Defense): acquired a 9.5% stake in MDA Space for $435M.
- Glencore ๐จ๐ญ (Mining): began trading in Australia through a direct listing.
- General Atlantic ๐บ๐ธ (Asset management): planning a IPO in early 2027 at a valuation of up to $10B.
- Transsion ๐จ๐ณ (Smartphones): raised $390M in a Hong Kong listing priced near the top of the marketed range.
- AirTrunk ๐ธ๐ฌ (Data centers): delayed its $1.5B Singapore REIT IPO until next year.
- Big Caring ๐ฒ๐พ (Pharmacies): planning a Bursa Malaysia IPO to raise up to $600M by mid-November.
- Jio Platforms ๐ฎ๐ณ (Telecoms): attracting $20B demand for a record $3B-$4B IPO at a potential $110B valuation.
๐งณ Debt
- Tencent ๐จ๐ณ: raised $5.7B through dollar and offshore yuan bonds.
โ Failures
- GSK ๐ฌ๐ง: the pharmaceutical company plans to cut up to 1,217 jobs in Belgium as part of a $2.5B cost-saving plan.
- Altice International ๐ซ๐ท: creditors sued the telecoms group for allegedly moving billions beyond the reach of lenders owed $9B.
- Unsere Grรผne Glasfaser (UGG) ๐ฉ๐ช: creditors hired Lazard to negotiate the fiber operatorโs โฌ1.65B debt.
- Telia ๐ธ๐ช: plans to cut 900 jobs to achieve SEK 1 billion in gross savings.
- Gamepires ๐ญ๐ท: the gaming studio behind SCUM is cutting staff amid challenging market conditions. The number of affected employees is unknown.
- Character.AI ๐บ๐ธ: the chatbot startup filed for Chapter 11 bankruptcy and will sell assets to Disney for $20M amid lawsuit costs.
- The Picklr ๐บ๐ธ: the pickleball facility franchisor filed for Chapter 11 bankruptcy protection to reorganize its finances.
- Netflix ๐บ๐ธ: plans to lay off roughly 1,000 employees, or 6% of its workforce.
๐ฏ For a Few More Minutesโฆ
- ๐ซ๐ท Picture This. AFP opens its vast photo archives with three new books, revealing decades of unseen images and forgotten moments from Franceโs newswire history. (France Info)
- ๐ซ๐ท Jurassic Perks. Nantesโ Natural History Museum will soon display its own dinosaur after its team uncovered a rare sauropod fossil in the Rocky Mountains. (Le Figaro)
- ๐ซ๐ท Reel Politics. The films "Naza" and "Notre Salut" are drawing crowds and sparking debate, marking a comeback for politically charged French cinema that refuses to stay silent. (Libรฉ)
- ๐ช๐บ Time Out. The leap second may finally be benched as international delegates push to end the practice before it triggers a global computer bug in 2035, with Russia holding out. (Le Parisien)
- ๐น๐ท Pot Luck. A shipwreck near Kekova Island, dating back nearly 5,000 years, has yielded amphorae still holding ancient residues and a new record for maritime archaeology. (BBC)
