Fundings Friday: Qonto, Flipdish, and MycoWorks

On-line Monetary Providers Firm Qonto Valued Close to $5 Billion As French Fintech Roars

French Fintech Qonto is saying a brand new fundraising spherical of 466 million euros. This brings the corporate’s valuation to only beneath $5 billion, or 4.4 billion euros. The outfit companies small and medium-sized corporations, providing each bookkeeping and monetary administration companies for 9 euros a month on a subscription foundation.

Analysts say this highlights the sturdy nature of France’s fintech sector, together with vital latest personal fairness fundraising. Particularly, French digital firm progress is pegged to stay-at-home measures, funding incentives, and low rates of interest. Qonto executives point out the fundraising will permit for a quadrupling of employees by 2025, plus entry into new markets.

Flipdish Hits Unicorn Standing Following Funding Spherical Led by Tencent

The meals tech sector has one other unicorn inside its ranks after startup Flipdish introduced one other $100 million in funding, bringing its valuation to $1.25 billion. This spherical was led by Tencent (TCEHY) and follows Tiger World Administration’s $48.5 million funding courting again to February of final yr. Flipdish says the funds might be used to develop R&D whereas pursuing different markets like airports, film theaters, inns, and stadiums.

Based in 2015, the corporate supplies processing tools for QR code orders and funds, permitting eating places to bypass third-party supply corporations. Flipdish additionally presents buyer loyalty applications, digital advertising, and self-checkout kiosks. Zooming out, firm executives word the pandemic has left hospitality corporations more and more depending on digital ordering processes.

Biomaterial Firm MycoWorks to Scale Up Manufacturing of Leather-based Alternative Product

Biomaterial firm MycoWorks says it’s going to construct a brand new manufacturing plant following $125 million in Sequence C financing. The corporate makes use of fungus-like threads referred to as mycelium to make a leather-based alternative product, which is described as a higher-quality “pleather” containing no plastic or animal merchandise.

Trying forward, executives point out plans to scale up manufacturing of Reishi, MycoWorks’ flagship product. The corporate maintains its “Fantastic Mycelium” course of differs from rivals, andne co-founder first experimented with mycelium as a sculpture medium within the Nineties.

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