SeedTable #5

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A couple of things:

First, I’m going to try a new format. The initial article will be optional (when I have something important to say) and the links below will have some level of analysis, instead of being just links.

Second, I’ll be taking a couple days off next week, enjoying the sun with friends in Uruguay. I’ll also spend some time reflecting about 2018 and planning a strong 2019, as I do every year.

If you’d like to do an Yearly Review, but don’t know where to start, here’s a great template you can use. I wholeheartedly recommend the practice.

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Here’s an easy template you could follow: “I read SeedTable because…”

Thanks in advance and see you on the 11th!


This Week in Europe: Food delivery gone wild

Takeaway acquires Delivery Hero Germany in a €930 million deal will pay €508 million in cash. The remainder will be paid in new shares, giving Delivery Hero an 18% stake in

The two companies were going head-to-head for years in Germany. had the winning hand (growing 2x as fast) by benefitting from having one unified German brand with Lieferando, while Delivery Hero had multiple brands to manage.

Delivery Hero is applauded for its decision to cut its losses and focus on winning markets: ~80% of Delivery Hero’s GMV will now come from markets where it has a #1 position.

A slam dunk for then? Not yet. Now it has a large, complex and still lossmaking operation in Germany to focus on.

What’s next in online delivery? “The delivery landscape is changing rapidly. The addressable markets keep expanding as more restaurants adapt. Investment data into new food tech startups is mind-boggling and led by massive Asian rounds.”



Another bumper year for UK tech: $7.9B invested and $40B in exits

While Europe closed the venture gap with tue US, the UK tech sector grew in 2018 despite Brexit: $7.9B invested and $40B in exits.

The highlight is that 2017 numbers were skewed by a few mega rounds, but 2018 shows distributed growth across the ecosystem with a higher number of total rounds. On top of that, the UK has created more than one third of all European unicorns.

These are strong signs of a more stable, growing tech environment. We’ll see what happens once Brexit is fully implemented.

Zynga Acquires Helsinki-based Small Giant Games

Mobile game studio Small Giant Games, maker of the hit franchse Empires & Puzzles, has sold 80% of their business to Zynga for $560 million – $330 million in cash and $230 million of unregistered Zynga common stock.

Good Reads

Discover the Romanian tech startup ecosystem

The country’s tech startup ecosystem is accelerating fast, with Romanian tech startups raising €53 million in 2017 – a three-fold increase over 2016. With 1,000 startups, 40 events per year, and 51 coworking spaces, Romania is ready to jump on a rocket.

The issue? Romania lacks investment money. Local VCs Gapminder, Early Game Ventures, Gecad Ventures, and Fribourg digital have less than €170 million under management.

How Machine Learning and AI Can Predict Gentrification

New research from the Urban Studies journal uses London as a test site to show how machine learning can predict which neighborhoods will gentrify next.

The study used machine learning to analyze 2001 data in order to “predict” gentrification as it occurred in 2011. Then, using that model, it predicted where gentrification will occur in 2021.

The model predicts gentrification not only in the central neighborhoods of Westminster, Kensington, and Chelsea, but also that it will spread further out to typically working-class boroughs and slow down the neighborhoods that underwent the most drastic change from 2001 to 2011.

8 tips on how to scale up in Eastern Europe

Silicon Canals talked to Barnabas Malnay, business developer at the EIT Digital Accelerator in Hungary. These are the key takeaways for you.

  • Combine local tech talent with management skills from elsewhere
  • Take advantage of relatively cheap working force
  • Knowing the local language is necessary
  • Investors prefer a global vision and unique technology
  • Make cold emails warmer and don’t lose hope if you’re left in the dark
  • Mutual respect pays off
  • Hierarchy matters
  • Invest in relationship management and trust building

Fundraising & Acquisition News

  • Belgian drone traffic management startup Unifly raises €14.6 million. Good timing with this week’s issues at Gatwick airport.
  • Price f(x) secures €25 million Series-B funding to expand with its modular SaaS solution for price optimization.
  • London-based fin-tech startup Flux raises €6.6 million (led by to bring receipts into the digital age. With partners like Pure, Costa Coffee, EAT., pod and itsu, they might be onto something.
  • Spanish tax advice startup Declarando raises €525k to help more freelancers pay less taxes. Self-employed people in Spain, known as autónomos, have to pay notoriously high taxes – a minimum of €275 per month. Declarando wants to save freelancers up to €4000/year.

The European startup scene moves fast

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