Startup News GSA - Summer Wrap-Up (July & August '22)

ABOUT THIS EPISODE

Startups in GSA did better than expected. We had a few insolvency filings, but also amazing fundraisings like Celonis 1 bn US$ combination of equity and debt funding. Insuftech Wefox raises 400 m. One can already see the signs of a downturn, M&A activity going up, as well as the news about insolvencies or job cuts/ hiring freezes. But — according to a Bikcom survey — 8 out of 10 startups are still hiring. Deal time our recent guest Qonto buys former guest Penta and there was more in a B2B neobank deal week. Even Allianz had to learn, that one can not buy fintech success and there is more news on Wirecard.

We will also bombard you with funding data on Germany, Austria, and Switzerland, as well as global numbers. Keep in mind you can read all our news on our blog https://medium.com/@startuprad_io/this-month-in-german-swiss-and-austrian-gsa-startups-summer-2022-wrap-up-603e2c1939ae 

Welcome to start up bread dot IO, your podcast and Youtube blog covering the German startup scene with News, interviews and live e fits. Oh and welcome to this month in Germans with an Austrian startup news. It's our summer twenty two wrap up with which fills us with a bit of nostalgia, because apparently someone's already over, even though it's still hot um today, I have the honor to start the show. My name is Christian, I'm sitting in New York and I am joined by my co founder and Co host, Joe. Before we start, we have to congratulate you for having had your second baby. Well, actually, my wife had, I was just holding hands. Having said all this, let's get started, because we are having a new format here right now to wrap up July and August. We used to mesh up all of July, August September into one episode. In September. That tended to get very, very long, Um or, we had to leave a lot out, so this time we're trying something new. We came up with the idea of a stand alone summer wrap up Um, especially since the US are still the biggest market for us. We decided to publish the episode on Labor Day the US, is unofficial end of summer and a federal holiday. Um. So yeah, if if you want to, let us know if you like the idea. Um. Nonetheless, the recording will be a bit longer than usual because so much stuff has happened and uh yeah, so grab one of those last fancy drinks with summer drinks with little umbrellas and let's get started. We recorded the episode on Wednesday, August the twenty four two. Um, Germany is experiencing and in Flay Scian Spike, which is true for a lot of countries these days, Um, dying up funding and private markets for some, uh, mostly nonprofitable startups, as well as preparing for potentially very cold winter. So Germany has a huge discussion going on about rising energy, and especially gas prices, related a lot to the Ukraine war and Germany being very energy dependent on Russia. and Um, yeah, in preparation for that, from what I hear or read from here is that Germany is even considering to ban having store windows lit at night or public buildings at night, Um, just as a sign of Um, saving energy. As always, all news not yet included here will be published in our next news episodes in our regular September wrap up, and you can keep up to date with our Google calendar for all publications. This as a tiny bit of housekeeping.

And now let's get Your Business and Um let's give us a little overview about the episodes and tell us about the upcoming highlights. Yes, of course, our highlights. Startups in Gez a did better than expected, with a few insolvency filings, but also Mers Fund raisings, like Selonists, who raised one building as dollar published just a few days ago, a combination of equity and debt funding into tech. We Fox also raised four hundred million. One can already see the signs of a downturn. M and a activity is going up, as well as the news about insolvency or job cuts and hiring freezes. But according to bidcom survey, which is a German Association for Um Telecommunications and Electronics, UM survey found eight out of ten startups in Germany are still hiring. Deal time our recent guest control by its former guest Penta, and there was more in a B to be Neil Bank deal week. We blocked about it and even alliance, the German insurance jugging out had to learn one cannot buy fintech success. And there is more news on wire card. We will also bombard you with funding data in Germany, Austrian Switzerland, as well as global numbers. Please keep in mind you can read everything with a little bit. Patients find all the numbers on our medium block. Medium forward, slash, start up right minus I O or start up right slash I o, and there you can find everything we have linked here down in our shore notes. Don't miss out on our radio station and on link tree you can find all options to subscribe. Again, this podcast was made possible by the general support of investing Hassan, with which we run a dedicated sub podcast for startups in Hasstant in. STARTUP RAVEN DOT com the best way to identify investors and corporation partners for early stage startups that you can sign up there for early access. Chris, I did a little bit highlights. Can you bring in some top news? Yeah, so, probably one of the biggest success stories in German startup, in the German startup scene or funding scene in general, is Salonas and Salonis secured another one billion US dollars in funding Um with a four hundred million series d extension and a six hundred million credit facility. At evaluation of now around thirteen billion US dollars, cementing their spot at Germany's most valuable startup as well as Germany's only decarcorn so far, um and Um. But I do have to admit that I still have a bit of a hard time to explain what they actually do. So they are basically looking at your business processes and do process mining in order to help identify unrealized efficiencies. What they...

...do, example, now, as the press release stated about the new funding, is that they're helping with supply chain issues to Um, make your business run more smoothly. And, Chris, do you know what's also impressive about them? They're raised in total two point four building you as dollars and funding. So they not even doubled their funding with this one building US dollar, but still a lot of money. And it's and it also goes a bit again to since we always try to provide a bit of a context about Germany and the German startup scene. It goes back, I think, to this idea of that German the fact that Germany very often is not probably like the sexiest startup market and coming up with like, oh, the new facebook, or let's have like, I don't know, let's have flying cars and all this stuff, but rather something that works, something that makes money, something like sap being like the business software that everybody uses, and it might not be fleshy but it might make money. So yeah, Um. Moving on to we fox, which is a Berlin based intro tech which also was able to get quite some money despite the market conditions. They closed the four hundred million US dollars series d round and are now also valued at four points, much more than just a billion dollars, precisely at four point five billion dollars Um. A bit sadder news is that one former guest of hours had to fire for insolvency. The crypto start up movie has had a streak of bad luck. First they had to announce that they need to cut almost twenty of their head count, then millions of their clients money was frozen with Celsius, and now a block claimed. It all hit during fundraising, Um and might eventually followed by an insolvency filing. and Um now the insolvency administrators has there are parties interested in buying the company. So we will see how this will all develop in the very volatile crypto market. Talking about developing to actual banks. Talking about developing here new brokers, Um that and the quick delivery startups, who is the story, part of my language, hot ship in the last few years, and now new brokers close to the edge. No good news from the SEC report on the post of child of all new brokers, Um, the Robin Hood, almost imploded during Gamestop, name Stock Chaos Rights Techno. Unfortunately there's no report for Germany mentioning, for example, trade republic, but we know they also stopped with the trades. One of the reasons very simplified. Um. All the trading goes through a few loopholes where you have to post collateral and then has to be cash, high valued stuff, and that was something they had to come up with in order to get trades done. Um Bank man freedes ftx seeking a path to buy Robin Hood Rights...

Ploomberg. And what does this mean for big panda? Tread to Republican scalable capital and the twenty six? And we we do not know yet if they're looking for a strategic buyer or an I P O. Yeah, B Two B new banks had a pretty big deal week. We talked about control announcing plans to acquire Penta, as we have predicted two weeks before, admittedly relying on another podcast, but we found it very another block, but we found it very likely. We had extensive coverage of Pana in the past linked in the article, as well as an interview with Kantos, head of Germany. Also contest with selling itself at the very healty discounter price. They're officially headquartered the parent company in Denmark but day exclusively operated in Germany. Again, quick deliver viability of quick delivery business models is still questioned, or is now questioned. After only one year ago, gorillas has to close shop in Belgium. Um Gorillas wants to save itself with advertising from consumers and food giants around the world, the producer of the product Um, they deliver every day. Then there's more signs of the current economic environment for startups. Music, Munich based quick delivery startups arrived. Delivers tag atchets and lifestyle product. They just had to shut down two of their five locations in Germany. Go rilla's also closed their rider platform street fleet and laid off one hundred plus riders. They completely shut it down. Um Quick Delivery Service, fresher post from Humbug, changes its delivery model at home, with the first news delivered with electric cargo bikes and close the shop in Munich and Berlin. And later Fresher Po had to sell file for insolvency along with almost the exact same day with competitor get faster. It looks like frienshop posts will be able to continue. There's no statement from get faster. The reason for friendship posts filing for insolvency was reported later. They were in the purse of of being acquired, but the deal fell through as the buyer pulled out in Germany. You say yes, stency Clian clock on Don Campaign. That translated a little bit. First we had no luck and then there was bad luck. Delivery here on clovero targeted in EU antitrust inspection and then the EU antitrust authorthy authorities even searched delivery hero headquarters. So they're there in a questionable market position, margins going down, profits going down, and then the market authorities also search your headquarters. That is not really good place to be now, and I mean we we spoke about it...

...quite often on the on the podcast already, and I think I mean with all these things, is this idea of like for every a problem, for every solution, and it seems kind of just like retro engineered that this is something that people urgently need. Even with something like arrive, who claims to like bring you your favorite centered candles within thirty minutes. I mean it's Nice, but how many? How many centered candles do people want to have delivered on a regular basis? And how much are they willing to pay for a price premium? Fault for me one year. Maybe maybe you should treat yourself a bit more. Two more centered candles, and also to support the startup scene. But yeah, I mean with all of these UH. And also there's a lot of criticism going on, and I spoke about how here in my New York neighborhood, those super fast delivery startups closed down one after the other, and they also had to face a lot of criticism for having what is called the dark stores. So the storefronts, which are part of the community part of the city, all of a sudden became private places because you were not allowed to walk into the supermarkets. So there were also politicians especially on the more progressive side, who said no, we need those spaces to be like public spaces and you can't just put up a warehouse in the middle of the city. And so yeah, I think there's a lot of a lot of question marks still around this business model and we will see how it question marks good, good, thank question marks. Drop cuts kept coming even during summer. The current market conditions led to a half in of open positions at the German Unicorn startups. And here are some examples, including a hiring freeze as established tech company A S A P. We just talked about them. Office software company lends joints bigger names and cuts fift of the team. Austrian CRYPTO UNICORN BID Punder cuts more than of its head count and will really struck me with a real estate claque for a platform. Mcmarkler was seen as a Unicorn candidate in Berlin, but they first celebrated with their employees using the Hashtag one team to post photos, and then, after this day were they announced the fire twelve percent of the workforce. Not Really Nice. Also, Emerson aggregated Unicorn Cellar eggs had laid off staff. Um as a wave of layoffs continues to sweep the industry. But it's not all bad news. As we said, Aida of ten startups in Germany are still looking to hire employees, according to a recent survey of bitcom. But I would bet it's the people who are very hard to combine, like product managers, Um, experienced coders and stuff like that. I just recently talked to a person who is in charge of head hunting for several companies and Um, they thought there was...

...a big opportunity to get Ukrainian coders to Germany because the company broke down. They had something like two thousand coders. Yes, how much? He got two. They were all swopped out. It's it's incredible this market if you already have the skills, Um, you can't buy Fintech success. Even if you are an insurance jugging out. Hey money is insurance giant alliance take on a multi banking APP UM. By the way, I think they almost all disappeared. They even hired to experience entrepreneurs, but now they pull the pluck on the project. And the last top news again white card. White Card apparently forge client details to secure nine million investment from soft pank, reported the Financial Times. Let's go a little bit to my most favorite stuff, housekeeping and time to Brag. It can and so we can tell you how awesome we are. This is already half our well, so we duck into the analytrics of our hosting service. In the first half of our podcasts were downloaded and heard in one hundred and nine countries across the world. That really blew my mind. We also reached the global top twenty entrepreneurship podcasts on Apple, podcasts Apple Entrepreneurship Hall, as well as the top one hundred business podcasts, all on Apple. For the first time that we know of. Um. We only made aware of this stance. We use a non new analytric service called Potter Um, and in August we apparently did pretty good. We were trending around the world. Our podcast was in apple's entrepreneurship podcast charts in Germany, Ukraine and Croatia. Fintech Germany was in the apple's business and entrepreneurship podcast in Mauritius. Yes, surprise tell out of me as well, deep tech with Um Deep Tech Germany was an apple's entreprene renership podcast charts in the UK and Belarus. Plus Global Entrepreneurship and business podcasts, as we said before, plus chargeables, podcast charts, Global Global Tech, global business, Global News. Is a India and France. Guys. We're very, very happy for your support. Thank you very much. And we published a lot of stuff, including the new bank deal week and also something some zone buys. I P of JURM STARTUP SIRONA for three million years dollar. All employees are fired. Um. That was one of the strongest performing blogs this summer. Chris, I talked enough. Can you take over the ecosystem and and keep in mind you're still you're still challenge for keeping your blaque belt in geography so well. It will be coming up, but first of all let's take a bit of a step back and have a look at the ecosystem with some inspiring articles that we found. Uh One is that we start out the two questions from...

...legendary venture capitalist Hunter Walk, claiming that these two questions are what you need to understand the next few years of venture and startups. Number One, is it a tech recession or a general recession? Number two, will there be one category winner or multiple five billion plus winners Um? In our show notes you can get more in depth of these encouraging questions. We also see some grim news for the German economy on the horizon, and here there are not yet the news of the potential natural gas shot fall in the fall fully included. German consumers are spending less money than they used to. Retail revenues took a dive by around nine percent in June. Um. It's the largest dive for twenty eight years. Um. It does not look good for all retailers, but especially offline retailers are struggling a bit. Um. I guess it's a bit of part of what happened and what also had to do partly with the like many subsidies or money being handed out during the pandemic Um, which I guess led in a couple of countries to the fact that there was much more money in the market, which then leads to the inflation, and so on and so on, an inflation being a psychological phenomenon that's hitting nearly many countries. Well, well, well, it's yeah, become uh, yeah, it's a long story. Anyway. Swiss startups raised two point six billion Swiss Francs, which is also roughly the same amount of money in euros and dollars. In venture capital in the first half of twenty two. The government is discussing a government backed fund to support innovative Swiss text startups. Um. We have an article about this in the show notes. And Venture capital investments in Austrian startups also show no sign of slowing. They raised eight one million euros in venture capital in the first half of twenty two. Sixty seven percent increased versus the is half of twenty one. But there have been more smaller investments made. Um. The startups in the first half of twenty two are not meeting the single largest we see funding from the record of twenty one, despite three hundred million euros funding for goal student. Um. Bringing our focus back to Germany, a couple of news here. The venture capital investments in Germany dipped by twenty in money in the first half of twenty two and seven percent in numbers, but it was still the second best half year on record. Um. And then something very specific to Germany, which turned out to be a very like beloved idea of the German government, the nine euro ticket uh, in order to explain that for foreign listeners in Germany in June, July and August you could basically buy a flat rate for UH buses and local...

...trains for nine euros for the whole country. People loved it. Obviously people love it, and it also makes sense in terms of, Um, the environment and uh yeah, Um, so the but the whole thing also led to the fact that the not covered long distance buses grew a big headache. Buses departing the same day Um are half full at most. So this is one of the UM collateral damages there as well. Amazon had fifty six of the German e Commerce Market in twenty one, translating to more than forty seven billion euros and revenues Um, and up from six percent from five years ago. So it's really like crazy. Um, the EU wants to set up its own satellite network for Fast Internet connections. Now Germany pushed the initiative to include startups as well. Germany moves to legalized cannabis expected to create a domino effect. Um, we've talked about it in an interview already, you can find the link in the show notes. And German white hat hackers at Cows Computer Club hacked the video event from six national international providers. As a result, the German regulators stopped video identification for certain activities. Um Moving on to companies who were able to collect some money, yes, or companies who collected data about collecting money. Most of the time. We are now relying here, in this special part of the ecosystem, funding numbers on CB insights and competitors. Um Funding to cybersecurity startups dipped a little bit, they found Um Global Fintech funding sees lowest level since q four. The State of Vanore Capitol report global funding the clients by more than for a straight quarter. Um Tiger Leits aim shift and shifting lineup of most active investors and venture couple sees a slow down. But here comes to good news at the end. While two hundred and thirty building you as dollars of dry power sit on the site, that means the vcs have to invest at one point two hundred and thirty billing you as dollars. Next section talk about hubs and deserving cities and entrepreneurs who will never get any English coverage. First of of course, my home took Frankfurt um also something I wrote as Ramn vcs, so to say, my hobby project. Yes, I'm sitting here and filling out the exs of sheets. I know I have a sad life. Startups in the Greater Rhein in mind area have raised in the first half of two more funding than in all of one. That's the good news. Were Tract Twenty eight deals worth four...

...hundred and seven million years, which would be approximately half of what all of Austria raised. We also had twenty investments over twenty, twenty and one the state of Hessan made in their Um Corona eight program valued at only eight point eight million years in companies we classified as startups, and Frankfurt based note energy raises seven million years in series eight funding. We go a little bit to the south to damp shot, honored security based in Hanover. Hanover, Germany, acquires cybersecurity training expert, I t seal, based in damp shot. We talked to those guys Um in our interview. And the drone start up. Yes, we also cover them. Win Copter is looking for sites to set up a factory. Since this is expensive. They're also looking for new funding. Of course, can learn more in the interview with the CEO we did some time back. Often work not geography here, but I tried to give you some perspective. A city with a bit over Sixty Tho people, pretty close to Strasbourg. Um, the AI start up conversion maker, raises four million years in venture capital. The city of Coopeland's close to Golng and the helpful population of about hundred thousand people, not too far from Frankfurt as well. NBA Legend Lebron James Invests, amongst others, in thirty million U, as well as private equity investment round in Copeland's based Canyon Bicycles to fund their US expansion. And I headed over to the black belt indiography, Christian and moving to the north to Hamburg, where we see that Startup Suena raised one point two million euros for their new AI tool, which will have trade of electricity, and Hamburg based postmates cloned ring Google raised five million euros in funding in in hopes of being a valuable competitor there. Kaisa's Lauto and also known as a k town because of uh still being a city, I think, with a lot of US soldiers in it and around it. Um, our one interview guest, Lube is e d a, just raised their seat funding. They're working on a game changing technology for developing semiconductors. Um You can learn more in the show notes. The main reason, sorry Chris, the main reason for the for lots of American soldiers is uh, the air base Ramstein and the military hospital in lamb school, which are very important installations in Europe for the U S military. Go ahead. Yeah, Munich, bad as a city people know, has been faring well during corona. Their insolvency is declined in one by nearly fourteen percent. Only three four companies are...

...acording to a recent report by Munich startups. So I think in that case it does not just include startups but also like your little mom and pop shop, but still the economy and Munich being relatively healthy. Moving on to Switzerland. As we always say, we are focusing on all German language markets, and in Switzerland we see that Meta physics with a K is an immersive technology startup from Lausanne, Switzerland. Lausan also, a fun fact, the hosting city of the very first ever Eurovision song contest in nineteen now metaphysics race two million US dollars and venture capital to bring their solution into the metaverse. Um Swiss Fintech, your Koi is competing against other startups managing corporate spending. Like most fuel and spenders but spend desk but argue it's not. A winner takes our market, and the investors seem to agree so far. They are rumored to be valued at five million dollars Um. Swiss startup type BISE, type wise receives a five hundred thousand U S dollars from Y combinator to continue developing their AI power. It's smartphone keyboard for consumers. So very much looking forward to that. And the biotech startup tropic biosciences. Biosciences raises thirty five million US dollars, led by Blue Horizon. And in Austria. Keep in mind the news from the ecosystem and funding on the job cuts at big punder and the stults of veen. Proud of Vienna. Bataidigungski and Biha is a newly set a venture capital fund owned by the city of Vienna. They aim to invest fifty million euros in the city's startup scene, which sounds like a very profound, uh profound steak Um LS F twenty thirty is a new life signed life science fund raised into role Austria. Austria, they're looking at fifty to eighty million euros, and Obo Wunderkin, while is an EDU tech an early start up in Vienna. Their building of Dreaming Robot Toys for children ended for now in an insolvency. You know, Jenna based mental health startup stress coach exits to Boston based kg a inc. and Um, yeah, I mean stress coach. Make a guess of what it are. My guess is those little balls that you need to screwze in order to stay calm Um, which lets me move on to more General News, Tech News, company news section. Even more investors and new funds are still raised. The German federal government and created UNSTAR FAVIDA ALF BO KF W unveiled the new venture tech growth financing, a dept fund for Growth Stage Tech companies with one to one and twenty five million euro tickets jointly with private investors. Um We have more about the...

...strategy behind it. Also in the show notes Einstein Industry's ventures, a new venture capital fund aiming to raise three hundred million euros and invest them in European space startups. Exciting. HEILMAN brothers exited their daily deal to Google. Now they want to convert their family office into an impact venture capital fund aiming at five hundred million euros for the first fund. Former VC fund managers for June Fund and Atlantic labs food are raising two new funds for their new VC in Berlin, one seed and one growth, aiming for two hundred twenty million euros Um we already mentioned dots of Veen. The city of Vienna is initiative exchange is a VC with French roots, or probably the ex sange Um, and already they're already having an office in Munich. Now they open an office in Berlin and raised two hundred twenty million euro fund to invest mostly in German startups. The headline VC closes over nine d fifty million dollars to invest in early stage startups. French v See Eliah may have what you're looking for, a new Deep Tech Fund for Europe startups. As Elijah Alpha two closes at seventy seven million euros, Cathay Innovation launches what will truly be one of the largest multi stage VC funds with one billion euros. Family owned home appliances company four there, which they I mean it's a dysing competitor. I mean four back is like. It's a proud German industrial story. We will talk about one day they raised with their four back ventures. Their next fund totally totally hundred and fifty million euros. And finally, a very few selected fundraisings for companies. I will just like speed through it. Berlin based Marketing Automation Start Up Retail Rocket knaps twenty four million dollars and Bison, New York based sail play despite current market conditions. Munich based deep tech start up sellers raises twenty five million euros in series a funding. Britain based Cut Moss lends twenty one million twenty nine million euros to streamline payments for migrant workers. The Berlin based Intro Tech Element, the leading white label provider of digital insurance solutions, is receiving an additional investment of sixteen million euros from existing and new investors. Conversational Commerce as a service platform childs raises a series a funding of twenty million US dollars to become Europe's market leader. Satellite Startup live EO raises nineteen million euros from investors and E B and EU research funding for their automatic recognition of dangers to pipelines, railroads and power lines um which sounds like an important endeavor to be in and Gunzilla Games raises fully six million dollars to redefine the battle royal genre by letting players trade their in game items off the grid. I pretty sure...

...you're one of those people who has like a couple of very pricey virtual swords. I once became I once became a big I once became a victim of paypal theft and all of a sudden on paper popped up that there was like it was a pretty substantial amount. It was like nine dred euros or something for a virtual shield of apparently a character and one of those multi online role play things. But then I was able to stop it by calling the bank, and the bank lady she was really uh, she was really in on the joke. She was like sure, let me refund you for your virtual like, for your virtual things, let me let me put the money back, and what else do you need today? And she thought it was very funny. So anyway, Fintech News, Fintech news from me. Yes, UK German Fintech sum up raised a six four million at eight point five billion valuation Um, with its pain and business tech now used by four million S and B s. The investment was led by bank capital tech opportunities with funds from Black Rock PDO the partners center bridge, crest land, Finn Capital and so on. It is yet unclear if it was a down round or not. German neo broker scalable capital surpasses ten billion years in their client assets under management. German fintech raised in D s byst the payment services from bank service team from Bank House Lens in Munique. Raising already owns a licensed bank in Frankfort. You can learn more about the founder in our interview. I D now raising funds shelving Germany's largest Fintech exit for now. We also reported um about this. You can learn more, of course, in the interview. Plus I D now group invests in European platform and points Jean Mark. So sorry for buttering the name as vice president of Engineering Um. Eventually, when the by now, pay later hype is almost over, Dodge bark enters the market and during the crypt of whom bitch Max wanted to buy Munich based Bank Bunk House Fund the height. Now the bank is looking for a new buyer. And some Tesla News related to Germany. Too many cameras in the Tesla. Berlin police Ben's Tesla cars from their properties. Teslas gear factory in Berlin stops delivering of model wife for the time being, and during some of the Giga factory closed down for approximately two weeks. Chris, you want to do some general news yet? Uh, just some. Corp, one of the big giants in German industrial history, invests in aging in Bavaria based CAP on adding digital paper use and asset as a service solutions for industrial customers to their offering. And I guess something that we've never spoken about on the podcast so far is Kenya based into tech startup. It's called M Tech, started by...

...a German entrepreneur named Benter Krogmann, and they have more in Buffett already amongst their clients. It's a fascinating story. Germany's two content shift shortlists five companies. You can learn more about the shortlisted startups of the last year's and our interviews with them. Salando berries their shopping service salon and puts launch in the US market on hold. Germany kindabs investment platform. Juicy fields is feared to be a scam. The investors cannot access their accounts, the founders disappeared and even the financial watchdock in Germany. BAFFIN warned already in March not to invest. So drive fields rather than juicy field food tech. The vertical farming startup in farm is a Unicorn, but apparently only makes millions in revenues. Now. The revenue in the first bard of twenty two shrank by three point six percent, but rose in the first half um by thirty three percent. It's still not a good sign for Unicorn in the current environment. That's it, and we call it a special episode for a reason, because it's a bit longer than we usually do. We will be back September twenty nine with our September wrap up, which here in our Google doc was initially called a warp up. So I think we do a warp up and a wrap up at the same time. We still have some more inspiration in our stay ahead of the curve section in the show notes. Uh talking about strategic investors being overrated, software as a service, M and a is who multiplied, and the dreaded down rounds share shaving billions of start up valuations. Um. But apart from that, I still hope that you can all enjoy the last days of some of the first days of fall. Enjoy what a new season brings, embrace all the feelings that it brings with you and, uh, maybe go buy a centered end and, of course, sent us ideas what a work up could be. We're open to your suggestions. Chris, we's a pleasure. That's always talking to you. Bye from Frankfurt by guys from New York. That's all the folks find. More news streams events at interviews at www dot's startup, red DOT IO. Remember, sharing is carry.

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