🦄 The DART Weekly #10 ~ Six EUnchanting Unicorns

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December 26, 2020

Entrepreneurship Chronicles

How to turn a food delivery platform from local to global and make it one of the few European unicorns? If you are on that journey, ask Niklas Östberg for advice.
Niklas bootstrapped pizza.nu (Trends Festival) in Sweden in 2007. Then he expanded its operations to Poland, Austria, and Finland. Delivery Hero came about when he partnered with Team Europe.  Together they secured the first investment round, performed the first acquisition and pushed the international growth (VatorNews). In 2017 they completed the IPO at a €4.4B valuation, the biggest ever for a German company. After more than 20 M&A deals, Delivery Hero reached a market cap north of €20B and was included in the DAX (Delivery Hero).

THE TAKEAWAY
In the competition against Deliveroo and Uber Eats (Bits & Pretzels), Niklas explained that Delivery Hero’s strengths are better restaurants, good capitalisation, and quick execution (especially in M&A deals).
“As long as we keep moving very very fast, it’s hard for them to catch up in one or two years” he stated.

Ventures 101

🥳 Six EUnchanting Unicorns (and other exciting stuff)

We are less than 1 week away from 2020’s end. 
Disney has pulled out the big guns during the investor day (The Walt Disney Company <- mostly picture, for real fans), KFC launched its gaming console/frying appliance (CNN) and people are hyped for next year’s IPOs (sifted).
More importantly, with 2M jobs tech startups became the fastest growing job engine in Europe (European Startups <- download it if you like to crunch numbers).
Here’s our pick of 2020 happenings and Enchanting Unicorns in Europe and beyond.

October 2019 - Virgin Galactic completed merger with Social Capital Hedosophia and it started trading. Chamath Palihapitiya is happy. The SPAC rush has officially started.

June 2020 - Lilium became a unicorn. Elon’s ultimate foe, the scale-up is developing an alternative to e-mobility and boring tunnels under LA. Flying taxi competitors are dropping like flies.

June 2020 - Sweden's Northvolt raised additional $1.6B in debt financing in its mission to electrify Europe. Among its backers there are major OEMs, EIF and Steve Ek.

September 2020 - Klarna became the most valuable EU fintech unicorn at $10B valuation and 1M transactions per day. Neobanks are still all over the place. Consolidation is due soon.

October 2020 - Unicorn at $3B valuation, cloud communication platform MessageBird started acquihiring competitors and talents. Online retail boomed, customer support services did too.

November 2020 - From 0 to $2.1B+ valuation in 1 year, $20M ARR. Hopin had an amazing 2020. Yet, will remote work and online events outlast COVID?

December 2020 - The ten times deeptech unicorn UiPath is going public at a yet unknown valuation. The Romanian scale-up has chosen Wall Street. Will this exodus ever end?

Food for thoughts!

Of Unicorns and Cowboys

🦄 The Rounds

The deals worth knowing in Europe and beyond - ordered from coolest to coolio


🇩🇰 h-mobility: EIB signs €20.7M quasi-equity facility with Everfuel. The Danish startup uses hydrogen from chemical plants to supply stations for buses and trucks.

🇮🇹 Foodie: Deliveristo operates a B2B food marketplace. Its numbers so far: 300 suppliers, 15k products and now €4.5M from United Ventures. Next-up: Europe!

🌈 The Pots

The exits you should follow in Europe and beyond - IPO, direct listing, SPAC, bankruptcy ... all awesome stuff


🇬🇧 Pride: Is Transferwise becoming a public company soon? UK institutions are courting the $5B payment company. It might chose a SPAC for its market debut.

🇺🇸 Chamath: After a rough year, Opendoor debuted in the Nasdaq after merging with a SPAC. The home-selling platform is valued at ~$15B.

🇺🇸 Busy bee: The female centric dating app Bumble prepares an IPO at $6-8B valuation. Competitor Match Group, owner of Tinder and co., has a $40B market cap.

🤠 The Funds

The tales of unicorns' hunters you should know about - particularly relevant if you are a founder looking for backing


🇪🇺 Scouting: Sequoia extended its scout programme to Europe. The members belong to the innovation space and, grouped in cohort, have $100k to invest.

🌍 VCpedia: Here comes the ultimate VC fund database, and it is better than a spreadsheet. OpenVC connects founders and investors, for free!

🇯🇵 About time: SoftBank jumped on the hype train and filed for a SPAC. It will raise $500-600M to buy a NOT portfolio company. Chances are that more will come.

🧑‍🎤 ... and The Quirky Ones

The crazy stuff we gossip about while sipping our chai latte - it's like others, but better

🇩🇪 Silicon Valley?: Silicon Allee! Relocate.me reports that most tech talents expressed interest in relocating to Germany. 7 EU countries are in the top 10.

🇩🇰 Nuke-à-porter: Danish Seaborg Technologies will manage mobile nuclear power plants to supply energy in developing countries. A pilot is ongoing in Russia.

🇺🇸 Cause: People familiar with the matter stated that Apple will target car production in 2024. Two key ingredients: monocell and top-notch supply chain.

🇺🇸 Effect: Lidar stocks went up. Elon is not impressed, he shared his failed attempt to reach Tim Cook to discuss the possibility of Apple acquiring Tesla.
🌌 Wanna know more about the social and economic factors driving huge transformations in finance, startups, government regulations and economic policy? Take a look at the weekly newsletter by our friends at Reshaped!

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