Startupnews KW 49 - 2024

Former chancellor founds AI startup MaschinenHirn. TUM IDEAward. enventa Group takes over ERP Novum. ATechX launches second round of applications. German Accelerator and KITA enter into partnership. Rarimo secures 2.5 million US dollars. Munich Business Plan Competition 2025 launches: platform for innovative start-up ideas. E.COOLINE wins German Sustainability Award. Vytal Global expands into the USA . H.I.G. Capital closes Bayside Loan Opportunity Fund VII with USD 1 billion. 4SELLERS expands management team. neoshare AG expands management team.

Former Chancellor Christian Kern founds AI company MaschinenHirn

In November 2024, Austria's former Chancellor Christian Kern founded the AI company MaschinenHirn together with his son Niko Kern and Harvard graduate Stephanie Ness. Based in Burgenland, the start-up focuses on innovative process automation solutions for SMEs, life sciences and political organizations. Christian Kern contributes his experience as a strategy consultant, while Stephanie Ness contributes her expertise from 12 years in AI development as CTO. MaschinenHirn focuses on ethical AI, diversity and practical consulting to make companies more efficient and future-proof.

Fund

H.I.G. Capital closes Bayside Loan Opportunity Fund VII with USD 1 billion

H.I.G. Bayside Capital, H.I.G. Capital's special situations lending subsidiary, has successfully closed Bayside Loan Opportunity Fund VII. The fund, which comprises capital commitments of USD 1 billion, will focus on senior secured loans in stress and special situations in the European mid-market.

H.I.G., a global provider of alternative investments with USD 66 billion in assets under management, is thus continuing its proven strategy of generating equity-like returns. The fund is supported by an international investor base, including pension funds, foundations and family offices. With its experience and platform, H.I.G. is well positioned to take advantage of attractive investment opportunities in a challenging market environment.

Financing rounds

CoachHub receives 40 million euros

The digital coaching platform CoachHub has received €40 million in growth funding from HSBC Innovation Banking UK. The company plans to use the capital to accelerate investments in artificial intelligence and expand its product portfolio. This strategic funding round will support innovation and help CoachHub to deliver effective talent development and productivity solutions to organizations worldwide. CEO Matti Niebelschütz emphasizes that AI plays a central role in the growth strategy to make personalized coaching experiences accessible at scale. HSBC praised CoachHub's contribution to talent development and innovation.

Rarimo secures 2.5 million US dollars

Zero-knowledge identity protocol Rarimo has closed a USD 2.5 million funding round led by Ethereum co-founder Vitalik Buterin and other blockchain pioneers such as Nick White (Celestia) and Zac Williamson (Aztec). The aim of the vision board, which is made up exclusively of founders, is to create a future in which digital identities are private, user-controlled and decentralized. Rarimo will use the funds to launch as a ZK roll-up on Ethereum in the first quarter of 2025. Building on successful use cases, such as anonymous voting in authoritarian states, the project aims to enable new applications such as private social networks and ZK-based reputation systems

M&A and partnerships

Vytal Global expands into the USA with acquisition of TURN

The German company VYTAL Global, a leader in digital reusable packaging solutions, establishes the subsidiary VYTAL US Inc. and acquires assets and team members of the US provider TURN. The aim of the expansion is to establish modern, technology-supported reusable concepts in the USA, particularly for large events and venues. With a new warewashing facility in Atlanta, innovative tracking technology and digital customer loyalty programs, VYTAL aims to expand its leading position in the global reusable market and make sustainability economically attractive.

enventa Group takes over ERP Novum

The enventa Group, a leading provider of business software, has acquired its long-standing partner ERP Novum. This is the fourth acquisition since the partnership with Main Capital Partners in 2022 and marks a strategic step to expand the ERP offering. ERP Novum, specializing in mid-market customers in the technical trade, packaging and e-commerce sectors, brings expertise and proprietary modules to the enventa ecosystem. The acquisition enables the enventa Group to expand its industry reach, exploit cross-selling potential and strengthen its position as an ERP provider for German-speaking SMEs.

German Accelerator and KITA enter into partnership

The Start2 Group, operator of the German Accelerator, signed a Memorandum of Understanding (MOU) with the Korea International Trade Association (KITA) in Seoul on November 27, 2024. The aim of the partnership is to support start-ups from Germany and South Korea in their expansion into international markets and to create new growth prospects. The agreement provides for the exchange of resources and networks to promote innovation and cooperation between the countries. As part of this, the German Accelerator plans to open an office in Seoul by 2025. This initiative, supported by the Federal Ministry for Economic Affairs and Climate Protection, will further strengthen the startups and make them visible at events such as NextRise 2025, where Germany will be the partner country.

Personnel

4SELLERS expands management board

4SELLERS, a leading provider of software solutions for digital commerce, has expanded its management team to include Moritz Drechsel and Julius Hansen. Together with Michael Grinzinger, they will take over the strategic and operational management with a focus on innovation, product development and customer orientation. The founders Peter Voigt and Christian Meier are withdrawing from day-to-day business and moving to the Advisory Board, where they will continue to advise on strategic decisions.

Dr. Andreas Muschter becomes part of the neoshare AG management team

neoshare AG has appointed Dr. Andreas Muschter as Managing Director of neoshare Real Estate GmbH. As CFO, he will also help shape the strategic direction of the entire group. With his expertise, he will continue to drive forward the digital transformation and sustainability goals of the real estate and financial sector.

Awards, events & other

Munich Business Plan Competition 2025 starts

The Munich Business Plan Competition, organized by BayStartUP, gives start-up teams from Upper Bavaria the opportunity to submit their innovative business ideas by 21 January 2025. The competition not only offers prize money totaling 48,500 euros, but also individual expert feedback, free workshops and access to an extensive network of over 400 business angels and 200 investors. The aim is to support start-ups from future-oriented industries such as AI, renewable energies and life sciences in the development of viable business models and to promote their innovative strength. Successful alumni such as FlixBus and Quantum-Systems testify to the competition's potential as a springboard for sustainable growth.

E.COOLINE wins German Sustainability Award for innovative climate adaptation

The E.COOLINE cooling textiles from pervormance international GmbH in Ulm have been awarded the German Sustainability Award. The sustainable COOLINE SX3 technology offers a climate-friendly alternative to energy-intensive air conditioning systems and addresses the increasing health and productivity risks caused by rising temperatures. The cooling textiles, which achieve a cooling capacity of up to 660 watts using water and air without external energy, are already being used in the world of work, sport, medicine and leisure. The founders Gabriele Renner and Sabine Stein emphasize the dual effect of their products: Protecting health and the environment.

TUM IDEAward

Three startup ideas from research were honored with the TUM IDEAward 2024. First place went to Aiina Robotics, a team that is developing an AI-controlled construction robot designed to make dangerous work on construction sites safer and more efficient. Second place went to ReduCO2 with a process for sustainable CO2 conversion into graphite, an important raw material for batteries. Bioexotec came third with a biomarker test that can diagnose head and neck tumors early and easily. The Technical University of Munich (TUM), UnternehmerTUM and the Zeidler Research Foundation are supporting the winners with a total of 37,500 euros and individual start-up advice.

ATechX launches second round of applications

ATechX, Aroundtown's proptech accelerator in collaboration with noa and Fifth Wall, is accepting applications for the second cohort. Following a successful first phase with 165 international applications and ongoing pilot projects in Aroundtown's real estate portfolio, the program is aimed at startups in the fields of climate technology, real estate management and workflow automation. The aim is to promote market-ready innovations, drive sustainable solutions and increase efficiency in the real estate industry. Participants receive access to one of Europe's largest real estate portfolios, individual support and investment. Further information is available on the ATechX website.