Fundings Friday: Qonto, Flipdish, and MycoWorks
Online Financial Services Company Qonto Valued Near $5 Billion As French Fintech Roars
French Fintech Qonto is announcing a new fundraising round of 466 million euros. This brings the company’s valuation to just under $5 billion, or 4.4 billion euros. The outfit services small and medium-sized companies, offering both bookkeeping and financial management services for 9 euros a month on a subscription basis.
Analysts say this highlights the robust nature of France’s fintech sector, including significant recent private equity fundraising. Specifically, French digital company growth is pegged to stay-at-home measures, investment incentives, and low interest rates. Qonto executives indicate the fundraising will allow for a quadrupling of staff by 2025, plus entry into new markets.
Flipdish Hits Unicorn Status Following Investment Round Led by Tencent
The food tech sector has another unicorn within its ranks after startup Flipdish announced another $100 million in funding, bringing its valuation to $1.25 billion. This round was led by Tencent (TCEHY) and follows Tiger Global Management’s $48.5 million investment dating back to February of last year. Flipdish says the funds will be used to expand R&D while pursuing other markets like airports, movie theaters, hotels, and stadiums.
Founded in 2015, the company provides processing equipment for QR code orders and payments, allowing restaurants to bypass third-party delivery companies. Flipdish also offers customer loyalty programs, digital marketing, and self-checkout kiosks. Zooming out, company executives note the pandemic has left hospitality companies increasingly dependent on digital ordering processes.
Biomaterial Company MycoWorks to Scale Up Production of Leather Replacement Product
Biomaterial company MycoWorks says it will build a new production plant following $125 million in Series C financing. The company uses fungus-like threads called mycelium to make a leather replacement product, which is described as a higher-quality “pleather” containing no plastic or animal products.
Looking ahead, executives indicate plans to scale up production of Reishi, MycoWorks’ flagship product. The company maintains its “Fine Mycelium” process differs from competitors, andne co-founder first experimented with mycelium as a sculpture medium in the 1990s.
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