In today’s news, venture capital fund Presto Ventures has a new fund to help B2B startups, while delivery firm Gorillas is closing warehouses and planning to exit Belgium.
VC Firm Presto Ventures Raises $36M for B2B Startups
Prague-based Venture Capital (VC) fund Presto Ventures has closed a €30 million ($36.8 million) funding round to help early-stage B2B startups in Central and Eastern Europe.
As Private Equity Wire reported on Friday (June 24), the new funding will help support as many as 40 tech startups in the Business-to-Business sector, giving them fast access to capital, growth, and business development. The fund will use the new money to focus on investments at the seed and pre-seed stages.
Presto’s past investments have included Cloudtalk, IP Fabric, Yieldigo, Sharry, and Wolf3D.
Gorillas Leaves Belgium, Hands Off Some Business to Efarmz
Amid tectonic shifts in the global grocery delivery market, Gorillas is closing its warehouses in Belgium and handing off some of its business for undisclosed terms to Belgium organic and seasonal products delivery firm Efarmz, Reuters reported on Friday (June 24).
Gorillas is also reviewing operations in Belgium, Denmark, Italy and Spain.
Last week, Gorillas had merger and acquisition talks with Gopuff, Jokr and other competitors. JPMorgan Chase & Co. is working with Gorillas to weigh options as the food-delivery startup tries to strategize in a competitive market and as consumers worldwide respond to inflation by spending less.
Muse Launches Supply/Invoice Financing Product
Muse Finance, a startup that develops business financing tools, announced on Thursday (June 23) that it had launched a new solution combining supply finance and invoice finance.
The latest offering from Muse intends to help businesses pay overseas suppliers while unlocking cash tied up in their pending invoices.
After recognizing a rising demand for an extension to working capital in the U.K., Muse built the new product to alleviate the financial burden on small businesses when paying their suppliers. It will also offer increased flexibility when repaying finance and allow customers can better manage their cash flow, Muse said in a statement.
Careem Boosts Food Delivery Space Footing with MUNCH:ON Acquisition
Dubai-based ride-hailing company Careem has acquired the food delivery platform MUNCH:ON for an undisclosed sum.
The acquisition is not Careem’s first foray into the food delivery business, where it already serves millions of customers in the UAE, Saudi Arabia, Jordan and Qatar.
Besides ride-hailing and a growing presence in the food delivery space, through partnerships, Careem also offers services including car rentals, home cleaning and PCR testing to its customers in the UAE. The company also launched a digital payment platform, Careem Pay, in April 2022.
South African Tech Startup Yellow Raises $23 Million to Expand Energy Financing Business
In a funding round led by London-based investment bank Lion’s Head Global Partners, The South African startup Yellow has raised $23 million in debt financing.
Yellow was founded in 2018 to provide asset-backed finance to households in underserved areas that lack access to electricity, financial services, and connectivity. It currently operates in Malawi and Uganda.
The capital injection comes nearly two years after Yellow raised $3.3 million from institutional investors in a Series A funding round. Prior investors include Triple Jump, SunFunder, SIMA, and Trin.
The new money will support the company’s growth in Malawi and Uganda, where the company hopes to reach 100,000 customers. It will also be used to help Yellow expand into alternative markets and verticals.
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