European tech startups could reach $50bn valuations within the next few years, if they take the right steps July 5, 2018 Only six companies have managed to reach $50bn (£38bn) valuations since the turn of the millennium, and none of them were founded in Europe. So what does it take for a startup to become a tech titan? Firstly, a large gap remains between titans – companies founded after 2000 and valued at $50bn or higher [...]
UK venture capital firm Draper Esprit partners up with German counterpart Earlybird in merger anticipation July 4, 2018 Draper Esprit, the UK venture capital firm behind Graze, Revolut and Crowdcube, has formed a strategic partnership with fellow prolific tech investor Earlybird Digital West in Germany. The AIM-quoted firm has committed an initial £16m to Earlybird's Fund VI as part of the deal, with a further intention to invest £15m per year for the [...]
Want tomorrow’s tech titans to be British? Here’s how to do it July 4, 2018 There’s an often-quoted adage, which goes something like this: “Uber, the world’s largest taxi company, owns no vehicles. Facebook, the world’s most popular media owner, creates no content. Alibaba, the most valuable retailer, has no inventory. And Airbnb, the world’s largest accommodation provider, owns no real estate.” What unites them all? Yes, they are all [...]
DEBATE: Will the EU copyright reform being voted on this week ‘break the internet’? July 4, 2018 Will the EU copyright reform being voted on this week break the internet? Sam Dumitriu, head of projects at the Adam Smith Institute, says YES. The EU’s new Copyright Directive is anti-competition, anti-innovation, and anti- free speech. It requires online platforms to develop complex and expensive filtering systems to monitor and delete copyrighted content. If [...]
Google’s Waze teams up with Allianz to bring in-app roadside assistance to Londoners July 3, 2018 Google-owned and developed traffic maps app Waze has partnered up with insurance firm Allianz to offer emergency roadside assistance to its European users at the touch of a button. Available 24/7, Waze users will be able to click on the SOS button for roadside help inside the app in the event of a breakdown, flat [...]
The world could do with more visionaries like Elon Musk July 3, 2018 A year ago today, entrepreneur, disruptor, and space-obsessed innovator Elon Musk assured his 10m Twitter followers that it looked like Tesla would be producing 20,000 of its Model 3 electric cars per month by December. It’s taken an extra six months but, on Sunday, Tesla finally hit its goal. It has not been a smooth [...]
Behind the deal: Benjamin and Ariane de Rothschild revealed as backers of London tech startup Exo Investing July 3, 2018 London wealthtech startup Exo Investing has today announced the close of a €16.5m (£14.6m) seed round last summer, powered by a private investment from Benjamin and Ariane de Rothschild. The round also included backing from Madrid-based asset management firm ETS, and Daniel Treves and Hugo Ferreira, both former heads of La Compagnie Benjamin de Rothschild. [...]
Peer-to-Peer lender Zopa back in the black July 2, 2018 Peer-to-peer lender Zopa is back in the black as the firm's profit after tax for 2017 hit £1.5m. The financial firm, which matches borrowers with people looking to invest, reported a revenue increase of 40 per cent to £46.5m in its annual report for last year. The amount of money paid out by the lender [...]
Monzo losses deepen in 2018, as operational costs increase faster than growth July 2, 2018 Digital challenger bank Monzo has seen its losses increase fourfold over the last year, logging pre-tax losses of £33.1m in the year ending February 2018. Up from just £7.9m the year before, Monzo said this was the result of its operating costs ballooning from £8m to £34.9m as it invested heavily into becoming "a fully [...]
Playtech’s share price has dropped dramatically, after its second profit warning this year July 2, 2018 Playtech the maker of gambling software for clients like News UK, Ladbrokes and Paddy Power, issued a second profit warning yesterday for this year, causing its share price to drop dramatically as markets opened. Blaming an “increasingly competitive backdrop” for the continued hit on its revenues in Asia, the company’s share price fell by 23 [...]