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| Hey Insiders, Here are the latest stories: - Getsafe acquires Luko’s German portfolio
- Crypto startup funding drops 63% YoY
- Banking-as-a-service startup Synapse lays off 40% of its workforce
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p/karan-chafekar | |
| 1 | | German digital insurtech startup Getsafe acquired French insurtech startup Luko's German portfolio for an undisclosed sum. Getsafe added Luko's 50,000 policies, including liability, pet, and home content insurance. The acquisitions increased Getsafe's customers to over 550,000 across Europe. More: - Getsafe now operates in four countries in Europe after expanding into France earlier this year.
- Before entering France, Getsafe had 400,000 customers.
- Luko was nearing insolvency when it was acquired by British insurer Admiral Group.
- However, Admiral didn't acquire the German and Spanish operations of the firm.
- Since Getsafe didn't disclose the transaction details, it is unknown whether Luko will be able to pay off its outstanding debts.
Zoom out: - Luko entered Germany after acquiring Coya in 2022.
Q: What legal and regulatory challenges do startups face when acquiring assets from insolvent firms? Join the conversation here. |     | |
| 2 | | Global crypto startup funding dropped 63% YoY in Q3 2023, per Pitchbook data seen by Bloomberg. 
What the numbers say: Global crypto startups were able to raise $1.9B in VC funding in the recent quarter. The current funding tally represents the lowest quarterly total since Q3 2020. What happened: Funding for the sector has dropped significantly due to the fallout of notable crypto startups, including cryptocurrency exchange FTX, last year. The criminal trial of FTX's co-founder Sam Bankman-Fried started last week. Why it matters: FTX and other notable crypto sector startups, including NFT marketplace OpenSea and NFT creator Yuga Labs, benefited from the crypto bull market in 2021. Now, startups in the sector are laying off employees and cutting costs due to the VC funding pullback. "If they're not able to raise a round, even a down round, they're either going to go out of business or get acquired at a valuation that's much, much lower," said Pitchbook analyst Robert Le. | | | |
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| 3 | | Wisk Aero, an eVTOL company, began testing its autonomous aircraft at Long Beach Airport, near Los Angeles. Wisk has experimental certification from the FAA for its fifth-generation aircraft. More: - "You have to be able to get the people and the systems working together in real environments to learn and iterate. This is real-world autonomy we're talking about," said Wisk CEO Brian Yutko.
- The company previously tested the eVTOL in Oshkosh, Wisconsin, and San Luis Obispo Airport, California.
- Wisk is currently building its sixth-generation aircraft, for which it expects experimental certification to be approved by 2024.
- The aircraft is also expected to be tested in Bentonville, Arkansas, at the UP Summit in the fall of 2024.
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| 4 | | Synapse, a banking-as-a-service startup, announced the layoff of 40% of the company (86 people). This follows an 18% reduction of its workforce in June due to "current macroeconomic conditions." More: - According to Jason Mikula of Fintech Business Weekly, Mercury, one of Synapse's largest clients, gave a notice of non-renewal with plans to move to Evolve.
- There is speculation that the company might lay off at least 130 people.
- Synapse has raised a known total of $50M, including a $33M Series B led by Andreessen Horowitz in 2019.
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| 5 | | Corporate learning platform 360Learning acquired French AI-powered skills management platform eLamp for an undisclosed sum. The acquisition will help 360Learning become the "go-to-learning platform" in the reskilling and upskilling market. More: - 360Learning will incorporate eLamp's technology into its platform to provide skills-based learning solutions to corporate employees.
- CEO and co-founder Nick Hernandez said, "With our acquisition of eLamp, 360Learning is the first learning vendor to integrate the whole value chain of upskilling on one platform: from understanding skill gaps to designing and delivering the right training plan that optimizes each employee's career evolution. Unlike lagging skill matrixes of the past, AI now does it for you in real-time."
Zoom out: - 360Learning acquired British edtech startup Looop for $20M in early 2022.
- The edtech startup had previously bagged a $200M investment co-led by Sumeru, SoftBank, and Silver Lake Waterman.
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| 6 | | Valpas, a Finnish Internet-of-Things startup, began a petition for the Office of the Mayor and Deputy Mayor of Paris to address the issue of bedbugs prior to the Olympic Games in 2024. The startup developed fake bed legs with IoT sensors and integrated traps. More: - Valpas offers a subscription to hotels, including Sokos Hotels in Finland and ARP-Hansen Hotel Group in Denmark.
- The company claims to have protected 15,000+ rooms from the pests.
- Bed bugs are becoming increasingly visible in Paris, including in the city Metro, trains, and ferries.
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| 7 | | 
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- AstronauTx, a biotech startup developing treatments for neurodegenerative conditions, raised $61M (£48M) in Series A funding led by Novartis Venture Fund. Brandon Capital, Bristol Myers Squibb, EQT Life Sciences, MPM Capital, and the Dementia Discovery Fund invested in the round.
- Defense autonomous ship maker Saronic bagged $55M in Series A funding. Caffeinated Capital led the round with participation from 8VC, Andreessen Horowitz, Lightspeed Venture Partners, Point72 Ventures, Ensemble VC, and others.
- Startup accelerator program Techstars Seattle doubled the class size of its latest cohort, selecting 24 startups for the program.
- Fast fashion startup Virgio will be pivoting into sustainable clothing. The news comes a year after it raised $37M from Prosus, Accel, and others.
- monday.com and BILL drove acquisition, engagement, and retention by adding Cord's SDK to their product. You can, too.*
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INSIDE STARTUPS LEADERBOARD (7 DAYS) |
 | Analyst | | Karan Chafekar is a Management Consultant, Business enthusiast, and Licensed Pilot.
Nicolas is a Sr. Analyst at Inside, covering startups and transportation trends. He is an avid map maker and data nerd. Nicolas has worked in the shared-scooter space, as well as advised e-bike and moped start-ups. | | This newsletter was edited by Vibha Chapparike | |
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