Top GSA Startup News October 2024: New Unicorns, Green Tech, and Major Financial Shifts
Welcome to Startuprad.io’s monthly roundup of German, Swiss, and Austrian (GSA) startup news! In this October 2024 episode, we bring you the latest developments that are shaping the startup and tech ecosystem across the DACH region. Join co-hosts Jörn “Joe” Menninger and Chris Fahrenbach as they discuss the top five stories impacting founders, executives, and investors in tech, health, fintech, and green construction. Each segment offers an in-depth look into this month’s biggest news, from emerging unicorns to impactful funding rounds and strategic shifts in sustainable tech. If you’re an entrepreneur, tech investor, or simply passionate about innovation, this episode delivers key insights into the trends driving Europe’s startup future. Episode Highlights: 1. Lilium’s Financial Struggles and eVTOL Innovation In a challenging environment for aerospace startups, Germany’s electric vertical take-off and landing (eVTOL) pioneer, Lilium, faces self-administered bankruptcy as it struggles with funding. Despite setbacks, Lilium continues to champion sustainable aviation. This story sheds light on the high-risk, high-reward landscape of aerospace and clean tech, where funding scarcity can challenge even the most innovative players. 2. Egym and Orderfox Achieve Unicorn Status This month saw two major unicorns emerge from the GSA region: German fitness tech leader Egym and Swiss AI-based procurement firm Orderfox. Egym, with a valuation over $1 billion, is pioneering healthtech, advancing towards an IPO. Meanwhile, Orderfox brings AI-driven efficiency to industrial procurement, demonstrating the commercial potential of AI in transforming traditional sectors. These successes underscore the strength of health and AI innovations in Europe. 3. Gropyus’ €100 Million Funding for Sustainable Housing In Austria, modular construction startup Gropyus raised €100 million to expand its production of eco-friendly, timber-hybrid buildings. By scaling affordable, sustainable housing solutions, Gropyus is addressing Europe’s housing shortages with a tech-driven, environmentally conscious approach. This funding push reinforces the potential of green construction as a solution to urban development challenges. 4. EU Deep Tech Initiative with Venture Capital Partnership To foster Europe’s tech ecosystem, the European Union launched a support network with over 70 venture capital investors. This partnership in the Trusted Investors Network aims to bridge the tech innovation gap between Europe and global leaders, promoting fields like AI, biotech, and sustainable energy. This collaborative approach highlights the EU’s commitment to strengthening deep tech through strategic funding and community-building. 5. SolarisBank’s €178 Million Loss and Restructuring SolarisBank, a prominent German fintech, posted a €178 million loss this month, prompting a restructuring with job cuts and a new focus on profitability. With intense competition and rising costs in fintech, SolarisBank’s experience reflects broader challenges for European fintech companies. Learn how they’re adapting operations to remain competitive in an evolving market. 📍 Useful Links Original Blog Post: https://www.startuprad.io/blog/this-month-in-german-swiss-and-austrian-startups-october-2024 Work with Us: https://www.startuprad.io/become-a-partner Subscribe: https://linktr.ee/startupradio Give Us Feedback: https://forms.gle/SrcGUpycu26fvMFE9
