๐ŸชŸ Leaks on Display

When the blinds are down, someoneโ€™s got the window wide open.

A Free Lunch newsletter archive of April 30, 2026

Six months of hearings, 400 pages, and a verdict due on 4 May: cut โ‚ฌ1B from France Tรฉlรฉvisions, the country’s BBC equivalent, currently running on a โ‚ฌ4B public budget. Nobody will read the report. Everybody has read the leaks, because the leaks were industrial, the timing rehearsed, and a friendly right-wing publisher has a book in shops the same week with conclusions aligned to the comma. The rapporteur, Charles Alloncle, sits with the UDR, the hard-right splinter built around ร‰ric Ciotti after his break with Les Rรฉpublicains. He spent the inquiry loudly accusing his colleagues of leaking, while running the most disciplined leak operation the Palais Bourbon has hosted in a decade.

France Tรฉlรฉvisions is not pristine. Budget lines drift, editorial habits ossify, an audit case writes itself. The grievance is not that it gets scrutinised. It is that the same chamber willing to spend six months chasing โ‚ฌ1B will not spare an afternoon for the rest of the plumbing. The French R&D tax credit costs the Treasury โ‚ฌ7B every year. The Cour des comptes, France’s national audit office, has flagged it since 2013: half the envelope captured by 1% of firms, large corporates subsidising research they would have done anyway. Twelve years of reports, polite nods, no inquiry.

Take the retail venture investment scheme a 2024 finance inspectorate report recommended for extinction. The 2026 Budget Bill quietly euthanises most of it, save one carve-out: funds backing startups certified as young and innovative. The exception is the file Paul Midy carries personally, a Renaissance MP, former CEO of a now-imploded food-delivery startup, former director general of Macron’s party, and an obvious future fundraiser in the venture ecosystem the moment his mandate ends. Same man who will explain on any available panel that French taxes are too high.

The choreography is unusually tight in France, but the mechanism is universal. Every parliamentary chamber works the same triage. What sits under raison d’ร‰tat, defense, security, sovereign infrastructure, stays untouchable on principle. What serves donor bases, voter coalitions, or the chair waiting at the end of the mandate stays untouchable in practice. What is left has no patrons. Hence the Pentagon failing seven consecutive audits while Washington prosecutes PBS funding for the cameras. Hence Whitehall litigating the BBC licence fee on cycle while non-dom protections and agricultural inheritance reliefs sail through. Alloncle is hunting โ‚ฌ1B. The Cour des comptes asks for โ‚ฌ80B a year and gets a polite nod. France does not lack analysis. What no chamber ever produces is a legislator willing to pick a fight that runs upstream into state interests or downstream into their own retirement plan.

๐ŸชŸ Leaks on Display

๐Ÿ—ž๏ธ Top Story

  • ๐Ÿ‡ธ๐Ÿ‡ช Grain Theft Auto. The Swedish coast guard boarded and seized the Caffa, a Russian ghost fleet ship, over suspicions it was shipping stolen Ukrainian wheat. (France Info)
  • ๐Ÿ‡ท๐Ÿ‡ด Strange Bedfellows. Romaniaโ€™s Social Democrats and far-right AUR unite to force a no-confidence vote against liberal Prime Minister Ilie Bolojan, shattering the old anti-extremist pact. (El Pais)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Known Targets. Prime Minister Keir Starmer condemned a series of attacks on Jewish sites in London after two people were stabbed: police are investigating possible Iranian links. (Washington Post)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Arson for Hire. Three men are accused of being paid by a Russian-speaking contact to set fire to properties linked to PM Keir Starmer, a London court hears. (BBC)
  • ๐Ÿ‡จ๐Ÿ‡ญ Crowd Control. A slim majority of Swiss are warming to the idea of locking the countryโ€™s population at 10M, putting immigration and EU relations on the line. (Boursier)
  • ๐Ÿ‡บ๐Ÿ‡ธ Blockbuster. President Trump signals the is ready for a long-term blockade of Iranโ€™s ports and the Strait of Hormuz, betting pressure will force Tehran to negotiate on nuclear arms. (El Pais)
  • ๐Ÿ‡บ๐Ÿ‡ธ Bill of Persians. The racks up a $25B tab on Iran-related spending, proving influence in the region is anything but free. (Bloomberg)
  • ๐Ÿ‡ฆ๐Ÿ‡ท Deslomado Diplomacy. Manuel Adorni, under fire for unexplained riches and luxury travel, prepares to defend himself in Congress with Milei standing by. For now. (El Pais)
  • ๐Ÿ‡ฆ๐Ÿ‡บ Background Check. An official probe into the Bondi Junction stabbing finds major security gaps and urges tighter gun controls, as Australia reassesses its safeguards. (Bloomberg)
  • ๐Ÿ‡ฑ๐Ÿ‡ง Under My Umbrella. Saudi envoy Yazid Ben Farhan quietly visited Beirut to keep Lebanon inside Riyadh’s orbit as talks with Israel intensify and the ceasefire frays. (Le Figaro)
  • ๐Ÿ‡ฒ๐Ÿ‡ฑ Exit Strategy. France tells its 4,000 nationals to leave Mali after Tuareg rebels announce fresh offensives on three major northern cities. (Le Monde)
  • ๐ŸŒ Pirate Reboot. Somali pirates have seized multiple ships off Puntland after years of calm, exploiting chaos from Red Sea and Gulf crises for a comeback. (El Pais)
๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom
  • ๐Ÿ‡ฌ๐Ÿ‡ง Gone in a Flash. Labour could lose three-quarters of its council seats in a single night, as disillusionment with Starmer hands momentum to fringe parties. (Financial Times)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Generation Tumor. A major UK study finds eleven cancers are rising in people under 50, with increasing obesity the only factor that partly explains the trend. (BBC)
๐Ÿ‡บ๐Ÿ‡ธ United States
  • ๐Ÿ‡บ๐Ÿ‡ธ Color Lines. With a 6-3 vote, the Supreme Court curbs states from considering race in district maps, making it harder for minority voters to secure representation. (Wall Street Journal)

๐Ÿ›๏ธ Economy

  • ๐Ÿ‡ซ๐Ÿ‡ท Survival of the Fittest Bot. The AI wave forces French tech workers to upskill or risk being replaced, with startups now downsizing more than hiring. (Maddyness)
  • ๐ŸŒ Tanker Tracker. As Gulf tensions stall shipping, data firm Kpler ๐Ÿ‡ซ๐Ÿ‡ท becomes the essential monitor for cargo movements and market watchers worldwide. (FrenchWeb)
  • ๐Ÿ‡ช๐Ÿ‡ธ No Entry Fee. Spain moves to block private firms from running state hospitals, insisting health is not for sale at the reception desk. (Bloomberg)
  • ๐Ÿ‡ช๐Ÿ‡บ War and Piece. As oil and gas giants rake in โ‚ฌ80M per day amid conflict, politicians revive the classic charge of ยซย war profiteersย ยป on air and online. (Le Monde)
  • ๐Ÿ‡ช๐Ÿ‡บ Spending Spree. April brought multiyear inflation highs to Germany and Spain, with energy-driven price increases proving hard to shake. (Wall Street Journal)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Cost of Living. A surge in taxes and staff expenses leaves 62,193 UK businesses teetering on the brink, according to Begbies Traynor. (The Guardian)
  • ๐Ÿ‡ท๐Ÿ‡บ Not Out Yet. Russia says it will not leave OPEC+ in the wake of the UAE’s exit, preferring to watch the door rather than use it. (Bloomberg)
  • ๐Ÿ‡บ๐Ÿ‡ธ Hold the Line. The Fed voted to pause interest rates again, leaving Jerome Powell to exit as chair with the status quo firmly in place. (Wall Street Journal)
  • ๐Ÿ‡จ๐Ÿ‡ฆ Maple Union. Canada is set to attend the European Political Community summit for the first time, fueling playful rumors of an EU membership bid. (Le Temps)
  • ๐Ÿ‡ฎ๐Ÿ‡ท Current Account. Iran’s currency crashed to record lows after the US navy tightened its blockade, putting even more pressure on the country’s battered finances. (Bloomberg)
๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom
  • ๐Ÿ‡ฌ๐Ÿ‡ง Ground Control. UK ministers tell refineries to boost jet fuel production, bracing for potential flight chaos if Iran conflict chokes supply lines. (The Guardian)
๐Ÿ‡บ๐Ÿ‡ธ United States
  • ๐Ÿ‡บ๐Ÿ‡ธ Goods News. Durable goods orders in the jumped 0.8% in March, topping analyst expectations of 0.2% and snapping a string of declines. (Wall Street Journal)
  • ๐Ÿ‡บ๐Ÿ‡ธ Fed Up. Kevin Warsh, Donald Trumpโ€™s pick for Federal Reserve chair, cleared the Senate banking committee by a 13 to 11 vote, putting him one step from confirmation. (Financial Times)

๐Ÿข Real Estate

๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom
  • ๐Ÿ‡ฌ๐Ÿ‡ง Lease and Desist. Housing minister Matthew Pennycook admits the ban on new leasehold properties in England and Wales will not arrive before the next election, despite years of promises. (The Guardian)
๐Ÿ‡บ๐Ÿ‡ธ United States
  • ๐Ÿ‡บ๐Ÿ‡ธ Home Run. The Commerce Department reported more housing starts in March, suggesting that builders are shaking off the winter chill. (Wall Street Journal)
  • ๐Ÿ‡บ๐Ÿ‡ธ Rate Expectations. Mortgage rates ticked up to 6.37% this week, but applications to buy a home climbed 1% as buyers wade back in. (Cnbc)

๐Ÿ”— On-chain

  • ๐Ÿ‡ฌ๐Ÿ‡ง Gift Aid. Nigel Farage received a secret ยฃ5M gift from crypto billionaire Christopher Harborne, then reversed his decision and ran for MP in 2024. (The Guardian)
  • ๐Ÿ‡ฌ๐Ÿ‡ง Safe Deposit. Nigel Farage admits to receiving a ยฃ5M gift from crypto billionaire Christopher Harborne for his ยซย safetyย ยป but failed to declare it, prompting a parliamentary probe. (Financial Times)
  • ๐Ÿ‡บ๐Ÿ‡ธ Future Shock. prediction markets are gearing up to enter the perpetual futures trade, a corner of crypto known for its size and risk appetite. (Cnbc)
  • ๐Ÿ‡บ๐Ÿ‡ธ Star Search. Blockworks sets sights on being the Morningstar of crypto, pitching itself as the must-have data source for digital assets. (Cnbc)
  • ๐Ÿ‡จ๐Ÿ‡ฆ Cash Out. The Canadian government plans to ban crypto ATMs, citing their role as a favorite tool for scammers and money launderers looking to cash in. (FinExtra)

๐Ÿ’ฑ Listed Markets

  • ๐Ÿ‡ซ๐Ÿ‡ท Crude Awakening. TotalEnergies posted a $5.4B profit in Q1, fueled by $100+ oil prices after the US-Israel attack on Iran. Activists want a windfall tax. (Libรฉ)
  • ๐Ÿ‡ซ๐Ÿ‡ท Flow Rider. Amundi rides a wave of ETF enthusiasm, reporting its best quarterly inflows since 2021 while everyone else braces for turbulence. (Bloomberg)
  • ๐Ÿ‡ช๐Ÿ‡บ Kid Gloves. The accuses Meta ๐Ÿ‡บ๐Ÿ‡ธ of lax age checks on Facebook and Instagram, warning that underage users are slipping through with ease. (Bloomberg)
  • ๐Ÿ‡จ๐Ÿ‡ญ Bank Shot. UBS delivered an $3B profit, up 80% for Q1, with investors instantly rewarding the Swiss bank with a 5% share price rally. (Cnbc)
  • ๐Ÿ‡บ๐Ÿ‡ธ Cloud Nine. Alphabetโ€™s net income soared 81% to $62.6B as its cloud business boomed, pushing first-quarter revenue past $110B and analyst expectations. (Wall Street Journal)
  • ๐Ÿ‡บ๐Ÿ‡ธ Virtual Insanity. Metaโ€™s Reality Labs posted a $4.03B loss on just $402M in sales last quarter, bringing the metaverse money pit to over $80B in cumulative losses. (Cnbc)
  • ๐Ÿ‡บ๐Ÿ‡ธ Oxy Moron. Purdue Pharma is criminally convicted for fueling the opioid crisis, but only the company pays a fine and not a single Sackler goes to jail. (Le Monde)
  • ๐Ÿ‡บ๐Ÿ‡ธ Bet Bots. Blackstone creates a new division to manage its artificial intelligence and fast-growth tech investments, hoping the machines know what theyโ€™re doing. (Bloomberg)
๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom
  • ๐Ÿ‡ฌ๐Ÿ‡ง Injection of Faith. AstraZeneca ๐Ÿ‡ฌ๐Ÿ‡ฌ switches from pause to play, committing ยฃ300M to UK pharma sites a year after cooling on local investment. (The Guardian)

๐Ÿ›Ž๏ธ Big Deals (M&A)

  • BNP Paribas ๐Ÿ‡ซ๐Ÿ‡ท agrees to sell its 67% stake in Banque Marocaine pour le Commerce et l’Industrie (BMCI) ๐Ÿ‡ฒ๐Ÿ‡ฆ to Holmarcom Finance Company ๐Ÿ‡ฒ๐Ÿ‡ฆ, with completion expected in Q4 2026.
  • Pernod Ricard ๐Ÿ‡ซ๐Ÿ‡ท and Brown-Forman ๐Ÿ‡บ๐Ÿ‡ธ end discussions regarding a potential merger.
  • Finaltis ๐Ÿ‡ซ๐Ÿ‡ท acquires Kirao ๐Ÿ‡ซ๐Ÿ‡ท, pending regulatory approvals from the financial markets authority.
  • Seaya Andromeda ๐Ÿ‡ช๐Ÿ‡ธ acquires a majority stake in Smileat ๐Ÿ‡ช๐Ÿ‡ธ, a company specializing in organic baby food.
  • VivaGym ๐Ÿ‡ช๐Ÿ‡ธ acquires Synergym ๐Ÿ‡ฑ๐Ÿ‡บ, an operator in the same segment in Spain.
  • Izertis ๐Ÿ‡ช๐Ÿ‡ธ acquires ACKstorm ๐Ÿ‡ช๐Ÿ‡ธ for โ‚ฌ16M, a cloud specialist based in Barcelona.
  • Adyen ๐Ÿ‡ณ๐Ÿ‡ฑ acquires Talon One ๐Ÿ‡ฉ๐Ÿ‡ช for approximately โ‚ฌ750M, marking a significant deal in the German startup scene.
  • BNP Paribas Fortis ๐Ÿ‡ง๐Ÿ‡ช sells 25% of its stake in AG Insurance ๐Ÿ‡ง๐Ÿ‡ช to Ageas ๐Ÿ‡ง๐Ÿ‡ช for โ‚ฌ1.9B.
  • Nestframe ๐Ÿ‡ธ๐Ÿ‡ช acquires Colive ๐Ÿ‡ธ๐Ÿ‡ช with an annual revenue of โ‚ฌ40M, aiming for a billion kronor turnover in the coming years.
  • EQT ๐Ÿ‡ธ๐Ÿ‡ช is preparing an improved takeover offer for Intertek ๐Ÿ‡ฌ๐Ÿ‡ง.
  • Kone ๐Ÿ‡ซ๐Ÿ‡ฎ agrees to acquire TK Elevator ๐Ÿ‡ฉ๐Ÿ‡ช for โ‚ฌ29.4B.
  • DCC ๐Ÿ‡ฎ๐Ÿ‡ช is evaluating a takeover bid from KKR ๐Ÿ‡บ๐Ÿ‡ธ and Energy Capital Partners ๐Ÿ‡บ๐Ÿ‡ธ.
  • CVC Capital Partners ๐Ÿ‡ฌ๐Ÿ‡ง injects โ‚ฌ210M into Lipton ๐Ÿ‡ฌ๐Ÿ‡ง after acquiring it from Unilever for โ‚ฌ4.5B.
  • KKR ๐Ÿ‡บ๐Ÿ‡ธ explores a sale of Flora Food Group ๐Ÿ‡ณ๐Ÿ‡ฑ, a spreads business carved out from Unilever in a โ‚ฌ6.8B deal, aiming for a valuation of up to $10B.
  • Blue Mountain ๐Ÿ‡บ๐Ÿ‡ธ acquires CompuCal ๐Ÿ‡ฎ๐Ÿ‡ช, a calibration software provider, enhancing its presence in Europe.
  • Sallie Mae ๐Ÿ‡บ๐Ÿ‡ธ acquires Scholly ๐Ÿ‡บ๐Ÿ‡ธ, a scholarship app created to help students find financial aid.
  • Capacity ๐Ÿ‡บ๐Ÿ‡ธ acquires Lang.ai ๐Ÿ‡ช๐Ÿ‡ธ, a Spanish AI startup previously focused on ticket classification.
  • Goldman Sachs Alternatives ๐Ÿ‡บ๐Ÿ‡ธ and Bain Capital Ventures ๐Ÿ‡บ๐Ÿ‡ธ lead a $150M investment in Hightouch ๐Ÿ‡บ๐Ÿ‡ธ, an AI marketing startup valued at $2.75B.
  • CVC ๐Ÿ‡บ๐Ÿ‡ธ mulls a $9B bid for Nexi ๐Ÿ‡ฎ๐Ÿ‡น, an Italian fintech company.
  • Bridgepoint ๐Ÿ‡บ๐Ÿ‡ธ acquires a majority stake in iC Consult ๐Ÿ‡ฉ๐Ÿ‡ช, the world’s largest independent provider of identity security services.
  • China Investment Corporation (CIC) ๐Ÿ‡จ๐Ÿ‡ณ considers selling its 10% stake in Heathrow ๐Ÿ‡ฌ๐Ÿ‡ง amid concerns over the ยฃ33B cost of developing a third runway.
  • ANZ ๐Ÿ‡ฆ๐Ÿ‡บ acquires Worldline ๐Ÿ‡ซ๐Ÿ‡ท’s 51% stake in their joint venture for A$89M.

๐Ÿงณ Private Markets & VC

  • ๐Ÿ‡บ๐Ÿ‡ธ Fool’s Gold. Elon Musk told a federal court he regrets giving OpenAI $38M in early funding, calling himself ยซย a foolย ยป for backing what is now an $800B giant. (New York Times)
  • ๐Ÿ‡บ๐Ÿ‡ธ Open Season. Anthropic aims for a $900B valuation in its latest funding talks, surpassing OpenAI for the first time in their high-stakes rivalry. (Cnbc)
  • ๐Ÿ‡บ๐Ÿ‡ธ AIcarus. Jim Cramer says the latest OpenAI wobble proves the AI rally flew too close to the sun, with chip and data center stocks taking a sharp dive. (Cnbc)
  • ๐Ÿ‡บ๐Ÿ‡ธ Owl By Myself. Blue Owl investors rejected Saba Capital’s attempt to buy out their BDC, preferring to stay perched rather than sell under pressure. (Bloomberg)
  • ๐Ÿ‡บ๐Ÿ‡ธ Red Flagged. Seven families accuse OpenAI of negligence, saying it did not inform authorities when a mass shooter reportedly used ChatGPT for planning. (Wall Street Journal)
  • ๐Ÿ‡บ๐Ÿ‡ธ Safe Bet? Wells Fargo CEO Charlie Scharf tells investors private credit will not take down the system, but warns about possible blind spots. (Bloomberg)
  • ๐Ÿ‡ฎ๐Ÿ‡ฑ War Chest Open. Israel is preparing to sell portions of its state defense firms by year’s end, giving the public a chance to buy into the arsenal. (Bloomberg)

Fundraising

  • Enviromena ๐Ÿ‡ฌ๐Ÿ‡ง (Renewable Energy): ยฃ825M
  • True Anomaly ๐Ÿ‡บ๐Ÿ‡ธ (Aerospace): $650M (Eclipse, Riot Ventures)
  • Rogo ๐Ÿ‡บ๐Ÿ‡ธ (Fintech): $160M (Kleiner Perkins, Sequoia, Thrive Capital, Khosla Ventures, J.P. Morgan Growth Equity Partners, BoxGroup, Mantis VC, Jack Altman, Evantic, Positive Sum)
  • Hightouch ๐Ÿ‡บ๐Ÿ‡ธ (Marketing): $150M (Goldman Sachs Alternatives, Bain Capital Ventures, Iconiq Capital, Sapphire Ventures, Amplify Partners, Y-Combinator, TD7)
  • Aidoc ๐Ÿ‡บ๐Ÿ‡ธ (Healthcare): $150M (Goldman Sachs Alternatives, General Catalyst, SoftBank Investment Advisors, NVentures)
  • Crรฉdit Maritime ๐Ÿ‡ซ๐Ÿ‡ท (Finance): โ‚ฌ120M
  • Sereact ๐Ÿ‡ฉ๐Ÿ‡ช (Robotics): $110M (Headline, Bullhound Capital, Felix Capital, Daphni, Air Street Capital, Creandum, Point Nine)
  • Scout AI ๐Ÿ‡บ๐Ÿ‡ธ (Defense-tech): $100M (Align Ventures, Draper Associates, Decisive Point, Booz Allen Ventures, BVVC, Neman Ventures, Evolution VC Partners, Heraclitus Capital Management, Sigmas Group, Disruptive Founders Fund, Vaughn Capital Partners)
  • Citibox ๐Ÿ‡ช๐Ÿ‡ธ (Logistics): โ‚ฌ100M
  • Verda ๐Ÿ‡ซ๐Ÿ‡ฎ (AI): โ‚ฌ100M (Lifeline Ventures, byFounders, Tesi, Varma)
  • Parallel Web Systems ๐Ÿ‡บ๐Ÿ‡ธ (Infrastructure): $100M (Sequoia Capital, Kleiner Perkins, Index Ventures, Khosla Ventures, First Round Capital, Spark Capital, Terrain Capital, Abstract Ventures)
  • Firestorm Labs ๐Ÿ‡บ๐Ÿ‡ธ (Defense): $82M (Washington Harbour Partners, NEA, Ondas, In-Q-Tel, Lockheed Martin Ventures, Booz Allen Ventures, Geodesic, Motley Fool Ventures, Litquidity Ventures)
  • Cloudsmith ๐Ÿ‡ฌ๐Ÿ‡ง (Software): โ‚ฌ61.5M (TCV, Insight Partners)
  • Axoft ๐Ÿ‡บ๐Ÿ‡ธ (Neurotechnology): $55M (C.P. Group Innovation, Alumni Ventures, Stanford President’s Venture Fund, Hillhouse Investment, Gaorong Ventures)
  • Liquid Instruments ๐Ÿ‡บ๐Ÿ‡ธ (Tech): $50M (Keysight Technologies, Australian Government’s National Reconstruction Fund Corporation)
  • Actively ๐Ÿ‡บ๐Ÿ‡ธ (Tech): $45M (TCV, First Harmonic, Bain Capital Ventures, First Round Capital, Alkeon)
  • Lace Lithography ๐Ÿ‡ณ๐Ÿ‡ด๐Ÿ‡ช๐Ÿ‡ธ (Manufacturing): โ‚ฌ40M
  • Zellify ๐Ÿ‡ธ๐Ÿ‡ช (Fintech): $34M
  • Forest ๐Ÿ‡ฌ๐Ÿ‡ง (Mobility): โ‚ฌ31M
  • SPREAD AI ๐Ÿ‡ฉ๐Ÿ‡ช (AI): $30M (DTCP Growth, IQT, OTB Ventures, Salesforce, Thesiger Capital, Christian Schulz, HV Capital, Nauta Capital)
  • UNIVITY ๐Ÿ‡ซ๐Ÿ‡ท (SpaceTech): โ‚ฌ27M (Blast, Expansion, Deeptech)
  • Decade Energy ๐Ÿ‡ซ๐Ÿ‡ท (Energy): โ‚ฌ22M (Eiffel Investment Group, SET Ventures)
  • Fence ๐Ÿ‡บ๐Ÿ‡ธ (Fintech): $20M (Galaxy Ventures, ParaFi Capital, Crane Ventures Partners)
  • Squads ๐Ÿ‡บ๐Ÿ‡ธ (Fintech): $18M (Solana Ventures, Coinbase Ventures, Haun Ventures, L1D, Collab+Currency, Electric Capital, Placeholder, JumpCrypto, Robot Ventures)
  • Groove Quantum ๐Ÿ‡ณ๐Ÿ‡ฑ (Semiconductors): โ‚ฌ16M
  • SquareMind ๐Ÿ‡ซ๐Ÿ‡ท (Healthcare): โ‚ฌ15.3M
  • Zapata Quantum ๐Ÿ‡บ๐Ÿ‡ธ (Quantum Computing): $15M
  • Crazy Mountain ๐Ÿ‡บ๐Ÿ‡ธ (Beverage): $15M (CAVU Consumer Partners, Coatue, Discovery Land Company)
  • Rocsys ๐Ÿ‡ณ๐Ÿ‡ฑ (Mobility): $13M (Capricorn Partners, Scania Invest, Forward.One, SEB Greentech Venture Capital, Graduate Ventures)
  • definity ๐Ÿ‡บ๐Ÿ‡ธ (Data Engineering): $12M (GreatPoint Ventures, Dynatrace, StageOne Ventures, Hyde Park Venture Partners)
  • Performativ ๐Ÿ‡ฉ๐Ÿ‡ฐ (Fintech): โ‚ฌ11.96M (Deutsche Bรถrse Group, Rabo Investments)
  • Patronus ๐Ÿ‡ฉ๐Ÿ‡ช (Healthcare): โ‚ฌ11M (3TS Capital Partners, Grazia Equity, Singular, Burda Principal Investments, Adjacent, NAP, UVC Partners)
  • OpenObserve ๐Ÿ‡บ๐Ÿ‡ธ (Tech): $10M (Nexus Venture Partners, Dell Technologies Capital)
  • General Analysis ๐Ÿ‡บ๐Ÿ‡ธ (AI): $10M (Altos Ventures, 645 Ventures, Menlo Ventures, Y Combinator)
  • Marloo ๐Ÿ‡ฌ๐Ÿ‡ง (Fintech): $10M
  • Incapto ๐Ÿ‡ช๐Ÿ‡ธ (Foodtech): โ‚ฌ10M (McWin, Cardumen Capital, Lever VC)
  • MagicCube ๐Ÿ‡ฆ๐Ÿ‡ช (Security): $10M (e& capital, Verifone, Bold Capital Partners, Mosaik Partners)
  • BetHog ๐Ÿ‡ฌ๐Ÿ‡ง (Gaming): โ‚ฌ8.5M (Will Ventures, RockawayX, PCV, 6MV)
  • Shapes ๐Ÿ‡บ๐Ÿ‡ธ (AI): $8M (Lightspeed, AI Capital Partners, AI Grant)
  • Quiver AI ๐Ÿ‡ช๐Ÿ‡ธ (AI): $8M (Andreessen Horowitz, Kfund)
  • Swanky ๐Ÿ‡ฌ๐Ÿ‡ง (Ecommerce): ยฃ7.6M
  • QuoIntelligence ๐Ÿ‡ฉ๐Ÿ‡ช (Cybersecurity): โ‚ฌ7.3M (Elevator Ventures, BMH Beteiligungs-Managementgesellschaft Hessen, eCAPITAL ENTREPRENEURIAL PARTNERS, Mercurius Private Equity)
  • Chord ๐Ÿ‡บ๐Ÿ‡ธ (AI): $7M (Equal Ventures, M13, Chingona Ventures, CEAS Investments)
  • Fasal Bio ๐Ÿ‡ญ๐Ÿ‡ท (Renewable materials): โ‚ฌ7M
  • Redpine ๐Ÿ‡ธ๐Ÿ‡ช (AI): โ‚ฌ6.8M (NordicNinja, Luminar Ventures, node.vc)
  • Neutonic ๐Ÿ‡ฌ๐Ÿ‡ง (Nootropics): $6M (Alan Barrett, Ollie Marchon, Ross Edgley, Dan Martell, Codie Sanchez, Nomit Shah, Zach Ranen)
  • HrFlow.ai ๐Ÿ‡ซ๐Ÿ‡ท (AI): โ‚ฌ6M (115K, La Banque Postale, EmergingTech Ventures)
  • DOJO AI ๐Ÿ‡ต๐Ÿ‡น (AI): โ‚ฌ5.1M (Armilar, Heartfelt VC)
  • Cerca Magnetics ๐Ÿ‡ฌ๐Ÿ‡ง (MedTech): โ‚ฌ4.3M
  • PlaqueTec ๐Ÿ‡ฌ๐Ÿ‡ง (MedTech): โ‚ฌ4.2M
  • KEMARO ๐Ÿ‡จ๐Ÿ‡ญ (Robotics): โ‚ฌ4.2M
  • Naturbeads ๐Ÿ‡ฌ๐Ÿ‡ง (Sustainability): โ‚ฌ4.1M
  • Axomove ๐Ÿ‡ซ๐Ÿ‡ท (Digital Health): โ‚ฌ4M (Digital Prevention Fund, Go Capital, Inco Ventures)
  • VREY ๐Ÿ‡ฉ๐Ÿ‡ช (Climate Tech): โ‚ฌ3.3M (Rubio Impact Ventures, High-Tech Grรผnderfonds, kopa ventures)
  • dehaze ๐Ÿ‡ฉ๐Ÿ‡ช (Healthtech): โ‚ฌ3.2M (YZR Capital, DN Capital, Angel Invest, Zoho, Better Ventures)
  • Cnuic ๐Ÿ‡ฌ๐Ÿ‡ง (Semiconductors): $3M (Tensor Ventures, Blank Space Ventures, Silicon Roundabout Ventures, Phasechange, SANDS, Superlative)
  • Foamlab ๐Ÿ‡ณ๐Ÿ‡ฑ (Biotech): โ‚ฌ3M (ICOS Capital, Value Factory Ventures, DOEN Ventures)
  • Virvolt ๐Ÿ‡ซ๐Ÿ‡ท (Mobility): โ‚ฌ3M (CoopVenture, AfriMobility)
  • Calibre ๐Ÿ‡ฌ๐Ÿ‡ง (HealthTech): โ‚ฌ2.8M (Amino Collective, Daybreak Ventures, Cocoa Ventures)
  • PolymerActive ๐Ÿ‡ฉ๐Ÿ‡ช (Cleantech): โ‚ฌ2.5M
  • Askleia ๐Ÿ‡ซ๐Ÿ‡ท (Biotech): โ‚ฌ2.3M
  • Certifyde ๐Ÿ‡บ๐Ÿ‡ธ (AI): $2M (K5 Global, Flamingo Capital, George Ruan, Brad Garlinghouse, Roland Peralta, Taylor Fritz, Diplo, Kygo)
  • IC Realtime ๐Ÿ‡บ๐Ÿ‡ธ (Security): $2M
  • Punto ๐Ÿ‡ช๐Ÿ‡ธ (AI): โ‚ฌ2M
  • Nox Mobility ๐Ÿ‡ฉ๐Ÿ‡ช (Mobility): โ‚ฌ2M (IBB Ventures, Tommaso Lucca)
  • Predictheon ๐Ÿ‡ช๐Ÿ‡ธ (Healthcare): โ‚ฌ1.8M
  • Spacebackend ๐Ÿ‡ฑ๐Ÿ‡บ๐Ÿ‡ช๐Ÿ‡ธ (Aerospace): โ‚ฌ1.8M (Bynd, Athos, DraperB1)
  • Sillage ๐Ÿ‡ซ๐Ÿ‡ท (AI): โ‚ฌ1.7M (Kima Ventures, Angel Invest, Drysdale Ventures)
  • Cleo Labs ๐Ÿ‡ซ๐Ÿ‡ท (RegTech): โ‚ฌ1.5M (Larry Berger, Kima Ventures, Financiรจre Saint-James)
  • Noreja ๐Ÿ‡ฆ๐Ÿ‡น (Process Intelligence): โ‚ฌ1.1M (Markus Neumayr, Jan Sprengnetter, Martin Kaiser, Gordana McNamara)
  • Always Friday ๐Ÿ‡ฎ๐Ÿ‡น (AI): โ‚ฌ1.05M (Vento Ventures, P3 Ventures)
  • Tapaya ๐Ÿ‡จ๐Ÿ‡ฟ (Fintech): โ‚ฌ1M (Passion Capital, Depo Ventures, BADideas.fund)
  • Eaship ๐Ÿ‡ช๐Ÿ‡ธ (SaaS): โ‚ฌ1M
  • BASE4 Biosciences ๐Ÿ‡ช๐Ÿ‡ธ (Biotech): $1M (Kfund, Baobab Ventures)
  • Atech ๐Ÿ‡ฉ๐Ÿ‡ฐ (AI hardware): โ‚ฌ681k (Nordic Makers, Emblem, Lovable, Sequoia Scout Fund, Andreessen Horowitz Scout Fund)
  • BioThrust ๐Ÿ‡ฉ๐Ÿ‡ช (Biotech): Amount undisclosed (RWTH Aachen University, Freigeist, ALAGO, NRW.BANK, Theo Bongartz)
  • BliskoMed ๐Ÿ‡ต๐Ÿ‡ฑ (Healthcare): 3M PLN (24Ventures)
  • Solar Spy ๐Ÿ‡ต๐Ÿ‡ฑ (AI): 1,5M zล‚ (VO2 Ventures)
  • PIAP Space ๐Ÿ‡ต๐Ÿ‡ฑ (Space): 12M zล‚ (Agencja Rozwoju Przemysล‚u S.A.)
  • SeniorDomo ๐Ÿ‡ช๐Ÿ‡ธ (Healthcare): Not disclosed
  • Kashable ๐Ÿ‡บ๐Ÿ‡ธ (Fintech): Amount raised not provided

Fund Watch

  • Seraphim Space ๐Ÿ‡ฌ๐Ÿ‡ง: ยฃ350M (spacetech investment trust, targeting new raise)
  • BMW i Ventures ๐Ÿ‡ฉ๐Ÿ‡ช: $300M (new fund, AI-focused, early-stage to Series B)
  • Kurma Partners ๐Ÿ‡ซ๐Ÿ‡ท: โ‚ฌ215M (Kurma Biofund IV, biotech fund for incurable diseases)
  • SETT (Digital SEPI) ๐Ÿ‡ช๐Ÿ‡ธ: โ‚ฌ200M (state-backed investor, active in startups)
  • CDTI Innvierte ๐Ÿ‡ช๐Ÿ‡ธ: โ‚ฌ195M
  • Illuminate Financial ๐Ÿ‡ฌ๐Ÿ‡ง: $135M (Early Growth Fund, AI & Fintech for financial services)
  • Ground State Ventures ๐Ÿ‡ณ๐Ÿ‡ฑ: $88M (early-stage quantum tech fund, final close)
  • DFF Ventures ๐Ÿ‡ช๐Ÿ‡บ: โ‚ฌ70M (III fund, supporting early-stage startups)
  • Langre Tech ๐Ÿ‡ช๐Ÿ‡ธ: โ‚ฌ50M
  • Basque Government ๐Ÿ‡ช๐Ÿ‡ธ: โ‚ฌ50M (Hazten Scale-up, VC fund for startups)
  • Max Samuel ๐Ÿ‡ช๐Ÿ‡บ: โ‚ฌ25M ($30M) (Off Piste Fund I, early-stage venture fund)
  • Kfund ๐Ÿ‡ช๐Ÿ‡ธ: โ‚ฌ20M (KFoundersPreseedII, pre-seed fund)

๐Ÿ””IPO

  • Guillemot Corporation SA ๐Ÿ‡ซ๐Ÿ‡ท (Tech): plans to buy back a maximum of 400,000 shares for future cancellation.
  • Drone Volt ๐Ÿ‡ซ๐Ÿ‡ท (Drones): raising โ‚ฌ3.85M through a capital increase with new shares and warrants.
  • Pershing Square Tontine Holdings ๐Ÿ‡บ๐Ÿ‡ธ (Finance): successfully completed a $5B IPO under the leadership of Bill Ackman.
  • Roze AI ๐Ÿ‡ฏ๐Ÿ‡ต (Robotics): SoftBank plans to take its new AI and robotics venture public in the second half of the year.

๐Ÿงณ Debt

  • AB Science ๐Ÿ‡ซ๐Ÿ‡ท: raised โ‚ฌ3.2M in a private placement from a limited number of investors.
  • Vivacta Bio ๐Ÿ‡บ๐Ÿ‡ธ: closed Series A and Series A+ financing of over $50M.
  • QualiFi LLC ๐Ÿ‡บ๐Ÿ‡ธ: secured $5M in SBA 7(a) financing for a West Coast-based medical staffing company.
  • Starwood Real Estate Income Trust ๐Ÿ‡บ๐Ÿ‡ธ: has halted redemptions amid high interest rates impacting asset flight.
  • PT Vale ๐Ÿ‡ฎ๐Ÿ‡ฉ: secured a $750M Sustainability-Linked Loan to enhance its sustainable finance strategy.

โŒ Failures

  • Spiders ๐Ÿ‡ซ๐Ÿ‡ท: aprรจs 18 ans d’activitรฉ, le studio de jeux vidรฉo a รฉtรฉ liquidรฉ, sans repreneur, en raison des difficultรฉs de sa maison mรจre.
  • Planta ๐Ÿ‡ธ๐Ÿ‡ช: the company faced significant layoffs amid declining productivity and a shift in employment practices, raising concerns about the stability of the Swedish employment model.
  • Barclay brothers ๐Ÿ‡ฌ๐Ÿ‡ง: they avoided bankruptcy after a settlement with HSBC over ยฃ143M in overdue debts.
  • KPMG ๐Ÿ‡บ๐Ÿ‡ธ: the firm is laying off about 4% of its U.S. advisory workforce due to weaker demand for services.

๐ŸŽฏ For a Few More Minutesโ€ฆ

  • ๐Ÿ‡ซ๐Ÿ‡ท Star Date. French students discover a star in the Milky Way that appears older than the galaxy itself, making the Big Bang feel recent. (France Info)
  • ๐Ÿ‡บ๐Ÿ‡ธ Life on Mars? NASA’s Curiosity rover has detected seven new organic molecules never seen before on Mars, hinting at possible DNA precursors in ancient Martian rocks. (Italian)
  • ๐Ÿ‡บ๐Ÿ‡ธ Hit ‘Em Up Again. Tupac Shakur’s family has filed a wrongful death lawsuit in Los Angeles against Duane ยซย Keefe Dย ยป Davis, aiming to unmask everyone allegedly involved in the 1996 murder. (BBC)
  • ๐Ÿ‡บ๐Ÿ‡ธ Fictional Assets. A executive confesses to faking the books in a $300M disaster, proving imagination is not a substitute for cash. (Bloomberg)
  • ๐Ÿ‡ญ๐Ÿ‡ณ Billionaire Island. Tech moguls including Peter Thiel and Sam Altman are funding Prรณspera, a private island state in Honduras with its own laws and tax rules. (Businessinsider)
  • ๐Ÿ‡ฎ๐Ÿ‡ณ Hippo Critical. Anant Ambani, son of billionaire Mukesh Ambani, offers to relocate 80 of Pablo Escobarโ€™s problematic Colombian hippos to his Indian wildlife sanctuary instead of letting them be culled. (Le Parisien)
  • ๐Ÿ‡ฟ๐Ÿ‡ฆ Citation Needed. The new South African AI policy was written by AI, but the official document cited sources that do not exist in reality. (Thenextweb)

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