For a long time, Silicon Valley has overshadowed Europe’s startup scene. However, the continent is gradually gaining ground with over 60 tech start-ups worth over 1 billion USD. In this article, you will find details on the companies causing a stir and should be watched in 2021.
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Klarna
Fintech/Payments
Klarna is a payments solutions provider for online stores. The company was recently valued at 10.65 billion USD and is aiming for a public listing soon. The company’s operations involve offering “buy now pay later” loans at specific retailers. These loans enable consumers to get instant credit at checkout and pay later in installments. It has extended its operations across Europe, the US, and Australia.
Klarna was established in 2005 in Sweden and makes most of its revenue from retailers who give the company a portion of the transaction price each time. The fintech company also makes an undisclosed revenue from late consumer fees and interest.
Northvolt
Energy/ Energy Storage
Northvolt surprised many in 2019 when it raised 1 billion USD. A former Tesla employee founded the startup based in Sweden. It is establishing a lithium-ion battery cell factory to supply the growing global fleet of electric cars.
The company was in the headlines in 2020 when Spotify founder Daniel Ek declared that he would take part in a new 600 million USD funding round into Northvolt. This will be the initial investment from his “moonshot” fund worth 1 billion Euros.
Deliveroo
Food Logistics & Delivery
Deliveroo is a food logistics and delivery company based in London, UK. The company has successfully established itself to become a household name across Europe. Nowadays, people no longer get takeaway; they get Deliveroo.
The 2020 lockdowns because of the global health pandemic saw the company’s business increase immensely. The number of riders working for the company doubled from 25000 to 50000. They also welcomed 20,000 new restaurants to their platform. Deliveroo is now heading to its initial public offering after it raised a 7 billion USD valuation.
UiPath
Robotics/ Enterprise Software
UiPath is based n Bucharest, Romania, and is involved with designing and developing software robots to help automate repetitive business tasks. The company has registered significant growth in recent years. It has registered 6000% growth in valuation in the past few years to 7 billion USD.
Generally, the RPA industry is growing at over 60% every year. This puts UiPath in a pole position to profit from the trend. However, they must overcome competition from Blue Prism and Automation Anywhere if they are to become the big global RPA Company.
AUTO 1 Group
Transportation/ Ecommerce
Auto1 Group is based in Berlin, Germany, as a pan-European online bazaar for second-hand cars. The company values and buys used cars from dealerships, manufactures, and individuals and sells them at a profit to dealerships.
There is a massive market for used cars in Europe, with approximately 39 million vehicles sold across Europe each year. The company has spread its operations to over 30 countries with around 35000 professional partners. Moreover, their records suggest they sell over 40000 cars every month. The company is headed for an enormous European IPO.
