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Welcome to another edition of 🔍 Startup Researcher - Asia, your essential digest delivering the latest news and premium insights on startups and venture capital across the region 🌏️
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📰 Important News
- Monzo secured a European banking license to launch EU expansion via Ireland, as investors push to reinstate former CEO TS Anil.
- OpenAI appointed former UK chancellor George Osborne as Managing Director to lead international expansion.
- QuantumDiamonds announced a $150 million investment plan in a Munich facility to scale quantum chip inspection systems.
- N26 named Mike Dargan as CEO, the same day BaFin imposed new compliance-related sanctions.
- Quantum Systems and Frontline Robotics formed a German-Ukrainian joint venture to mass produce battlefield proven drones in Germany for Ukraine.
💸 Top Funding Rounds
- Lovable closed a $330 million Series B round led by CapitalG and Menlo Ventures, achieving a $6.6 billion valuation to expand its no-code tools.
- Swiss-based Neural Concept secured $100 million to advance its technology and scale its enterprise AI across industrial workflows.
- Exein raised an additional $117.3 million, bringing its 2025 total to $200 million, to expand its embedded, firmware-level security platform.
- PolyAI secured $86 million in a Series D round co-led by Georgian, Hedosophia, and Khosla Ventures, bringing total funding to over $200 million.
- Fuse Energy landed a $70 million investment round led by Balderton Capital and Lowercarbon Capital to accelerate its international expansion plans.
💰️ Notable Exits
- Quantum Systems acquired FERNRIDE to expand its defense autonomy stack, integrating autonomous ground vehicles into its multi-domain mission software.
- Monzo acquireddigital mortgage broker Habito, its first-ever acquisition, to embed a full mortgage brokerage experience directly within the Monzo app.
- Cowboy joined ReBirth Group Holding SA to gain industrial scale and improve delivery reliability, as its co-founder stepped down as CEO.
- Nordic resale platform Bought acquired Robes Rental, expanding its circular luxury fashion offering and marking its third acquisition of 2025.
- LawVu acquired Belgian intelligent contract drafting company ClauseBase, rebranding it as LawVu Draft.
🏦 About Investors
- Fortino Capital announced the final close of its third private equity fund, Fortino PE III, at an oversubscribed $821.3 million.
- Munich-based VC Picus Capital closed a $175.8 million preferred equity transaction provided by Carlyle AlpInvest.
- Spanish VC Kibo Ventures secured a $93.7 million first close for its new $175.8 million fund to expand beyond Spain.
- PSV Hafnium reached a $72.6 million final close to back DTU university spinouts in AI, cleantech, and hardtech, aiming to bridge lab to market gaps.
- Cloudberry closed a $35.1 million debut fund to back pre-seed and seed semiconductor photonics and advanced materials startups.
🚀Startup of the Week
Introducing our Startup of the Week 🏆
Lovable
Lovable was founded in 2023 by Anton Osika and Fabian Hedin to enable non-technical users to build software, from prototypes to production-ready applications, without coding. The platform sits at the center of the emerging “builder” economy, serving enterprise teams and founders alike, with companies like Klarna and Deutsche Telekom using it to accelerate development cycles. In a major validation of its traction, Lovable raised a $330 million Series B at a $6.6 billion valuation, co-led by CapitalG and Menlo Ventures, with participation from NVIDIA, Salesforce, and Deutsche Telekom’s venture arm. Led by CEO Anton Osika, Lovable is now expanding enterprise integrations and governance features as it pushes to make software creation accessible at a global scale.
💼 Investor of the Week
Introducing our Investor of the Week 🏆
Fortino Capital
Fortino Capital, founded in 2013, is a European B2B SaaS–focused private equity investor targeting mission-critical software and AI-driven companies across the Benelux and DACH regions. The firm recently reached a major milestone with the final close of Fortino PE III at a $821.3 million hard cap, significantly surpassing its $704 million target and lifting total capital raised above $1.7 billion. Led by Duco Sickinghe and Renaat Berckmoes, Fortino combines private equity with a hands-on, operator-led model. Recent platform investments include Modell Aachen, Seenons, and MEHRWERK, reflecting its focus on scalable, mission-critical software. Fortino’s role in the ecosystem is clear:building long-term European B2B SaaS champions through operational value creation.
🤑 Opportunity Radar
Call for Applications: The Startup Innovation Challenge 2026
Applications are now open for the Startup Innovation Challenge 2026 by Energie AG Oberösterreich, a global opportunity for startups building solutions in energy, AI, and sustainability. Apply by 4 January 2026 to compete for up to $50,000 in PoC funding, hands-on collaboration with an energy utility, and access to technical experts and real-world data; collaboration is primarily remote, with optional engagement in Austria. The program targets early- to growth-stage startups and professional teams ready to pilot validated solutions, with Pitch Day scheduled for March 2026. Apply now to partner with an established energy group and accelerate your path to enterprise deployment.
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