A $700m seed in London, $13bn for Finland, and a reverse Delaware flip...
Seb Johnson
September 21, 2026 • Estimated Reading Time: 5 minutes
🌟 QUICK INTRO
Hello and welcome back.
DeepMind alumni's Emulate is raising $700m at a $3.7bn valuation, Google committed €13bn to Finnish data centres in its biggest ever European investment, and Langdock did a reverse Delaware flip.
Read on, but before you do two quick things from me:
We are kicking off the referrals part of the Scaling Europe business, starting with the two things we get asked about the most: PR support and LinkedIn ghost writing. If you are a founder that needs help with either of these two things, we can recommend some superb providers. Just drop me a message on LinkedIn.
I'm giving a keynote on the future of AI in Europe this week. The event is being run World Wide Technology who is bringing together the best of the European ecosystem to help early-stage AI companies secure their first enterprise clients. Sign up here if of interest: https://luma.com/WWT-launchpad-preview
💰 BIG ROUNDS
UK-based Open Cosmos raised €300m to expand satellite manufacturing capacity and accelerate deployment of connectivity and Earth observation services. Read more here.
Italian Exein raised €234m at a €1.4bn valuation to build its security layer and foundation model for physical AI. Read more here.
Bulgarian EnduroSat raised $205m to scale satellite manufacturing and build production facilities in the US and largest space and defence hub in the EU. Read more here.
Dutch EUCLYD raised a €200m Series A to develop ultra-efficient infrastructure for foundation AI model inference. Ex-ASML chief Peter Wennink joins as Chairman. Read more here.
Swedish Tandem Health raised a $100m Series B led by the Scaleup Europe Fund to build an AI-native operating system for European healthcare. Read more here.
UK-based Isometric brought its Series A to €43m to expand its industrial certification platform beyond carbon removal. Read more here.
UK-based Jack & Jill raised a $40m Series A led by Air Street Capital to scale AI agents on both sides of hiring. Read more here.
UK-based iGii raised €26.5m Series B to commercialise its proprietary carbon nanomaterial for advanced materials and manufacturing. Read more here.
UK-based Ryft raised a €23m Series B to accelerate payments expansion into Europe and the US. Read more here.
German Nomos raised a €20m Series A led by Index Ventures to let heat pump and solar installers offer licensed electricity retail under their own brands. Read more here.
UK-based Magentic raised a €16m Series A led by Felicis to expand its AI agents automating industrial procurement and supply chain operations. Read more here.
Icelandic Treble raised a €15m Series A-2 for its sound simulation and acoustic digital twins platform enabling physical AI development. Read more here.
💰 SLIGHTLY SMALLER ROUNDS
UK-based MicroLub raised £7.5m to scale its protein-and-water technology replacing fats, emulsifiers and thickeners in food.
UK-based OriginalVoices raised a £1m pre-seed round led by Iona Star. Read more here.
Turkish Arcustin Games raised $500k from Webrazzi GSYF as an AI-native game studio. Read more here.
🎙️ Podcast of the Week - Lukas Saari, CEO and co-founder of Tandem Health
Tandem Health just raised a $100 million Series B led by the Scaleup Europe Fund. The company is one of the most exciting companies coming out of Sweden at the moment.
It's operating in over a dozen markets and is expanding rapidly across healthcare operators in Europe.
World Wide Technology is a $20bn technology solutions provider, privately held, with a focus on AI. We have been an NVIDIA global partner for over a decade, we delivered the first AI-powered national data centre for a sovereign AI platform, and we helped build four of the world's top twenty supercomputers to serve multiple NeoClouds and Hyperscalers globally.
We help organisations get from use case identification to business outcome at scale, through AI Studio: a single secure platform combining strategic visioning, governance and practical guidance to accelerate AI adoption with measurable results. Top tier partner to the likes of NVIDIA, VAST, HPE, Supermicro, AMD and Intel, ensures WWT are genuinely vendor agnostic across a 200-plus partner ecosystem.
Now we are working to bridge the gap between the companies building AI in Europe and the infrastructure and enterprise demand waiting for them. Find out more at wwt.com
📰 BIG NEWS
Langdock
The company announced switching from a from a US Inc. to a European company.
This is one of the first times I've seen this happen. Usually it goes the other way - European companies "flip" their legal top co from a European one to a US one.
In its annoucement the company has said:
"We believe one of the world's great technology companies can be built here. One that helps people shape the future of their work with confidence.
We're putting our ambition, our work and our company's legal home behind that belief.
With ambition, Langdock SE"
They also announced surpassing €50m ARR, as well as releasing a suite of new products.
Read more here.
Emulate
We now have more news around the new World Model AI lab that is being built in London.
It's called Emulate and the founders helped create Genie world models while at Google DeepMind.
The company is raising $700 million at a $3.7 billion valuation and the round is being led by Index Ventures and Lightspeed.
Read more here.
Google commits €13bn to Finnish data centres
Google announced a €13bn investment across four Finnish data centre sites over 2027 and 2028: expanding its existing Hamina campus and building new facilities in Kajaani, Vaala and Muhos. Its largest single investment in Europe ever.
Google estimates the construction phase will support 37,000+ jobs and add €3.6bn a year to Finnish GDP.
Read more here.
Europe at "acute risk of marginalisation" without AI build-out
A group of senior European policy and technology figures published a report titled Transformative AI Strategy for Europe arguing that Europe needs vastly more datacentre capacity, frontier-AI expertise inside institutions and coordinated investment to avoid being left behind in the AI era.
The report was welcomed by many in the European tech community, and criticised by others as more talk than action.
Read more here.
📰 SMALLER NEWS
US fintech Ramp launched in the UK after acquiring Swedish payments infrastructure, positioning its offering around helping startups control AI model and token spend.
Anthropic, OpenAI and Google are in discussions to collaborate on an industry-led AI safety standards body, following mounting public pressure.
Revolut faces a $3m ransom demand after hackers threatened to sell confidential customer records unless the fintech paid.
Chancellor John Healey urged European leaders to include the UK in the EU's 'Made in Europe' policy aimed at curbing reliance on Chinese components. Signal on where UK-EU tech cooperation is heading.
Proposed EU rules would restrict independent access for younger users across social platforms, games and AI chatbots.
Tom Watson, the former Deputy Leader of the UK Labour Party, has joined Palantir Technologies.
The Revolut CEO has hinted at a joint London-New York listing.
💰 M&A
The Vienna Stock Exchange is acquiring a majority stake in German North Data, the company data platform. Read more here.
Polish SaaS platforms cyber_Folks and Shoper merged to create a nearly $1bn e-commerce powerhouse.
Swiss Aeon acquired German blood diagnostics platform Aware Health, closing a Seed extension that brings total Seed funding to over €12m. Read more here.
Swiss Endra acquired Planlabs to expand mechanical engineering capabilities alongside its Power Studio launch. Read more here.
Belgian LeHibou acquired Afarax to accelerate its European expansion. Read more here.
💶 FUND NEWS
UK-based Crane Venture Partners raised €419m across four vehicles to expand across Europe, APAC and the US, including Crane III (€146m), Crane APAC I (€129m), Crane US I (€86m) and Crane Opportunity Fund (€56m). Read more here.
Danish Seed Capital closed Fund V at €130m to back Nordic startups from Seed to Series A, expanding beyond Denmark to Sweden with focus on FinTech, cybersecurity, resilience and AI-driven B2B. Read more here.
Luxembourg-based Brighteye Ventures closed a €62.4m first close on Fund III to invest in AI, learning and labour infrastructure ("HumanOS"). Read more here.
UK VC veteran Eileen Burbidge launched NFG Ventures, a £20m early-stage solo GP focused on first institutional cheques.
Danish BioInnovation Institute committed €9.5m to 17 early-stage startups through convertible loans. Read more here.
🎪 EVENTS
Parloa has announced WAVE 2026: The AI + CX conference: October 7-8, 700+ enterprise AI and CX leaders in Berlin for hands-on workshops, a look at real-world AI roadmaps, and a peek into what's coming next. 30+ speakers, including leaders from HealthEquity, AUTO1, Langdock, and SAP, as well as world champion Bastian Schweinsteiger. Register now with code W26-ScalingEu-50 for 50% off here.
Tickets are available for Wave, the leading tech conference in Turin. Confirmed speakers include Dario Amodei, Jony Ive, Charlie Songhurst, and many more. Get 10% off using discount code SCALINGEUROPE-WAVE10 at checkout here.
THAT’S ALL
Thank you.
Seb