Our batch #10 alumni startup Wisefood has successfully completed their Series A financing round!
The company receives a seven-figure sum from several private investors. Wisefood intends to use the funding to expand their plastic-alternative product portfolio to other sustainable items in addition to their edible drinking straws. Last year they replaced more than 50 million plastic straws with their edible “Superhalm” straws which are made completely out of renewable materials. During our program the company worked together with our corporate partner ALDI and they have continued their cooperation since – Superhalm straws can be found in more than 4,200 ALDI Nord and ALDI SÜD branches throughout Germany! The company is now planning to export to other countries as well.
Congratulations to Wisefood and all the best for their future!
Read @Munich Startup’s article about Wisefood’s financing round and future plans here (in German): https://www.munich-startup.de/58993/series-a-finanzierung-wisefood/
And more about Wisefood’s products here: https://www.wisefood.eu/
The COVID-19 pandemic is forcing the majority of Europeans to stay home. Already now, the economic impact of the crisis is leaving startups agitated about how to financially survive during this time. We have collected useful information and links about which actions are being taken (in Germany) to help startups to survive and where you can seek financial support during this crisis. Please take in notice that this post has been written based on the current released information and can change over time.
MEASURES BY THE GERMAN GOVERNMENT
The German government acts against the economic impact of the coronavirus with measures to protect jobs and to support companies. The goal is to equip businesses with enough liquidity that they will be able to make it through the crisis in good shape.
Find the summary about the current and planned measures here: Government_measures_Financial_Aid
MEASURES BY THE STATES
Some states have taken additional measures or facilitated access to loans to support local companies. You can read the about the state measures here: State_measures_Financial_Aid
GERMAN STARTUP ASSOCIATION
The Bundesverband deutsche Startups e.V. keeps startups updated regarding best practices and financing and liquidity support. They are also organizing online Q&A sessions and roundtables for startups.
- The Startup Corona Handbook
- Legal Questions Town Hall: Organized together with KMG to discuss and inform about public loans.
Photo by Mark Holleron
Congratulations to our Alumni Startup GBatteries from Batch #6 for receiving impressive seven-figure funding through the Breakthrough Energy Solutions Canada program!
GBatteries uses artificial intelligence to optimize a battery’s rate of charge, and their mission is to accelerate the adoption of electric vehicles, by enabling electric vehicles to charge as fast as it takes to fill a tank of gas. Their drive towards reducing greenhouse gas emissions has even been noted by Bill Gates on Twitter.
ServiceNow has signed an agreement to acquire Passage AI, a conversational artificial intelligence platform that lets clients build chatbots in multiple languages. The platform gives ServiceNow an automated way to respond to customer inquiries.
ServiceNow expects to complete the acquisition by the end of the first quarter of 2020.
On Wednesday our eight new startups pitched for the first time in front of our TechFounders mentors. Audience was clearly impressed by the interesting and groundbreaking developments and inventions that the teams presented, from solutions that enable hydraulic systems to be replaced by electromechanical ones to AI-powered software for improved recruitment processes . After the presentations, the startups had the chance to network with the guests and find mentors to help them on their startup journey.
From this basis, we will work together to polish these pitches into diamonds for Demo Day in May, where the startups will present their companies in front of 250+ investors, industry representatives and the press. It has been an exciting week and it’s only the beginning: in the upcoming 20 weeks the teams will get into different trainings and coachings to build their business model, improve their marketing strategies, learn more about HR and IP topics, and connect with successful CEOs and CTOs.”
Hundreds and hundreds of applications, thorough discussions and intriguing pitch events – We are more than excited to present the selected startups that we have the pleasure to coach and work together with the next 20 weeks.
Before meeting with our corporate partners and participating in all the workshops and coaching sessions, we wanted to welcome the new batch into our program by going for a hike together in beautiful Spitzingsee. After enjoying traditional Bavarian dinner and some beverages in a mountain hut, we raced our way down the snowy hill with sleds. See some impressions of the day below!
You can read more about our new batch on our “Current Startup” -page, and for more insight about our ongoing program and the startups journey with us, we suggest you to follow us in Instagram, Facebook, Twitter and LinkedIn. We’ll be posting individual introductions about our new startups throughout the upcoming weeks.
We can’t wait to see what success stories these startups will turn into!
You can the read press release about our new batch (in German) here.
The English version of the press release you can read here: PressRelease_Batch#11_EN
Congratulations to our alumni startup Volabo from Batch #8 for receiving a seven-digit Series A financing!
After being self-financed since its foundation in 2016, the company from Ottobrunn today announced its first round of financing. The family-owned Hechinger Group is investing in the Munich-based startup and the funding will be used in product development for entering the boat market. The company is developing a new drive technology, the Intelligent Stator Cage Drive (ISCAD), which is cheaper to produce than comparable electric drives, eco-friendlier and still keeps its efficiency.
We wish them all the best for the future!
Yesterday, the final and concluding event of the TechFounders Batch #10, the Demo Day, took place at the event location “Hoch5” in Munich. The event brought together more than 200 people from the startup ecosystem, including venture capitalists, business angels, corporates, startups, startup coaches and mentors as well as innovation and digitalization experts from all kinds of industries.
First, the ten startups of Batch #10 presented their innovative products and solutions. (find out more about Batch #10 here )
After the startup pitches, Prof. Dr. Dr. Ann-Kristin Achleitner (Professor at TUM School of Management), Dr. Gregor Matthies (Venture Partner Earlybird / Senior Advisor Bain & Company), Andreas Kunze (CEO & Co-Founder of Konux) and Kristina Bell (Group Buying Director, ALDI SÜD) discussed how to better advance innovation through collaboration.
Many thanks to our great startups – it was a huge blast to have you in our tenth batch – and to our panelists, who made time in their busy schedule to participate in the event!
We are very proud of our alumni startup Ultimate.ai from Batch #9 which just raised $6.5M in its recent funding round.
The round is led by the company’s existing investors, HV Holtzbrinck Ventures and Maki.vc. In addition, the EU granted research funding as part of Horizon 2020, a programme committed to backing Europe’s leading deep technology businesses.
ultimate.ai’s European founding story has given it a technical advantage in the market, attracting EU interest and prompting existing investors to double down. Founded in Finland, the business faced a defining challenge: there was no AI technology capable of handling the complex Finnish language. Leveraging recent breakthroughs in deep learning, the founders built the leading fully-language agnostic AI platform for customer service. Today ultimate.ai provides its multilingual customer service automation to multinational enterprises including Telia, ADAC and Finnair.
Congrats to the whole team!
On October 31, 2019, our COO Miki Yokoyama shared our experience and thoughts at the W&V Green Marketing Day in Munich on supporting startups and ALDI SÜD and ALDI Nord to reduce packaging waste and scale sustainable solutions with the TechFounders Accelerator Program! Click below to see a few impressions of the conference and our panel.