Roko Karanusic
Hey - welcome to the thirty-eighth edition of VC Angle Weekly Updates! We’re moving weekly briefings to Sundays from now on.
As always, we're keeping tabs on what actually matters across 🇪🇺 European tech, as well as relevant global tech news. If something broke the news this week and it's worth your time, it's probably below. Scroll on for the deals, reads, and reports you'll want on your radar.
In This Edition:ElevenLabs raises $500M, eyes IPO
SpaceX acquires xAI for $250bn
Mundi closes €750M for Kembara Fund
Fundraising now demands traction over MVPs
US unicorns staying private longer
⏱️ 2:47 Reading Time
💥 Main Events Past Week
ElevenLabs raises $500M Series D at $11bn valuation, building towards IPO
ElevenLabs co-founders Piotr Dąbkowski and Mati Staniszewski. Image Source: Iconiqcapital.com
ElevenLabs raised $500M in a Series D led by Sequoia, valuing the AI voice generator at $11bn. The valuation triples from its January 2025 Series C when it raised $180M at $3.3bn, bringing total raised to $781M across five rounds. CEO Mati Staniszewski says the company is building towards an IPO after closing 2025 with over $330M in ARR.
SpaceX acquires xAI for $250bn, values combined entity at $1.25tn
SpaceX acquired xAI for $250bn, valuing the combined company at $1.25tn. The deal boosts SpaceX’s valuation to $1tn from its recent $800bn secondary sale, while xAI’s $230bn valuation is based on its recent $20bn funding round. Shares in the merged entity are priced at $527, with xAI shares converting to SpaceX stock at roughly 7:1.
Mundi Ventures closes €750M for Kembara Fund I, targets European Series B gap
Spain-based Mundi Ventures closed €750M for Kembara Fund I, its fifth and largest fund targeting deep tech and climate Series B and C rounds. The fund could reach €1.25bn at final close and plans initial checks of €15M to €40M across 20 companies, with follow-ons up to €100M per company.
📰 Other News
- BottleCap AI, a startup Harry Stebbings claimed has “the largest upside in his investing career”, has raised a $7.5m seed led by 20VC as well as europe's top founders [See here]
- BAE Systems launches incubator to commercialise defence tech [See here]
- A16Z VC to founders: “You shouldn’t stress over insane ARR numbers!” [See here]
- Europe must keep control of key technologies, says EU commissioner [See here]
- Macron responds to X going crazy over his €30M AI investment announcement: “France ranked first among countries attracting foreign investment to build data centers”