The Paris-based startup Silvr Europe has closed a $128 million Series A funding round,Chinese Dept. Solarwinds and plans to use the proceeds to expand its business. Silvr is a social networking platform for millennials that allows users to interact with others through online video. Founded in 2009, the company is based in Paris and operates in Germany, France, the UK and the US. Its CEO, David Duggan, tells TechCrunch that they plan to use the funds to launch new products, including chatbots and online photo albums.
Series A funding round
If you have been following the recent news in the fintech sector, you may have heard of Klarna. It’s a Swedish start-up that recently raised a EUR792 million venture round to expand its business. This makes it the fourth-highest-valued private fintech in the world.
In addition to Klarna, there are several other fintech startups raising funding this year. Other startups raising capital include Truepill, which offers a telehealth platform that helps people make healthy choices.
Another startup, YuLife, uses behavioral science to create an insurance product that rewards people for living healthy. It also uses the power of gamification to promote health and wellness. The company was recently funded by Anthemis Exponential Ventures, Creandum, and Dai-ichi Life.
We also have to mention Zvision Technologies, which recently raised tens of millions of dollars in Series C funding. The company develops long-range, vehicle-grade lidar products.
Another company, Electra, recently closed a funding round of EUR160 million. Founded in the UK, Electra provides ultra-fast charging stations for electric vehicles.
Earlier this month, we also learned that Swedish digital healthcare startup Kry has secured a series D round of EUR156 million. This funding will be used to expand its reach into new care segments.
Opened $128 million (EUR112 million) debt line
Having said that, a company has unveiled the first of its kind debt line of its kind in the European Union. This is a feat in and of itself. The requisite finesse is achieved via a series of high-tech vaults. Aside from the obvious, Silvr’s most important function is ensuring repayments of all types, and on time. Thankfully, Silvr has a plethora of partners in tow, including a small army of high caliber financiers, a whopping one million clients and a dedicated team of professionals to match. Besides the aforementioned perks, Silvr has also been a major benefactor in the form of its staff.
Future plans
There are many companies in Europe that claim to have the throne of venture capital, and the competition is stiff. In a quest for that elusive first pick, a few newbies have emerged to compete for your hard earned cash. The biggest and best of the pack are, the likes of Underline Ventures and Inovo VC. A few of the more established aficionados are also tucking away some of that precious real estate.
Conclusion
In fact, the oh-so-stylish XL Capital is announcing its newest fund, the XL Innovation Fund. The fund is a high-yield “micro” venture capital fund, whose mission is to invest in early-stage tech startups. Of particular note is its new “Bid” accelerator program, a six-month pilot program designed to help startups close the funding gap by snagging an investment from a reputable angel investor. Also on board is a new seed fund, the XL Startup Seed Fund, aimed at helping early stage startups gain access to the funding pipeline. This round is in the early stages, and will likely be announced in the coming months.
