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Hi Sifted Reader,

It’s Friday and that means it’s time to tune in to the latest episode of The Sifted Podcast. This week Amy and Eleanor discuss the layoffs hitting Europe’s tech startups and hear tips on how to survive the downturn. You can listen on Apple and Spotify. Plus…

• VC's gender problem — in data 
• Are patents dooming alt-meat innovation?
• The people affected by Klarna's layoffs

— Sophie, editorial assistant & Tom, digital editor

Only 1.1% of VC investment in Europe in 2021 went to all-women founded startups — and for mixed-gender founding teams the figure was only 8.8%.

Today a new report reveals why that might be; a worryingly low percentage of general partners at Europe's VC firms are women — and they have less firepower than their male peers.  

We dig into European VC's gender problem.

Don't miss the chance to apply for the Amazon Launchpad Innovation Awards, designed to help startups creating consumer products scale. First prize includes €100k, free Amazon strategic support and a featured product placement on the Amazon Launchpad storefront. 

Last chance to apply before May 29 — apply here.

When Spanish delivery startup Glovo acquired Foodpanda Romania in 2021 staff say they were led to believe that no one would lose their jobs. 

But that all changed in January this year, as rumours began to circulate that layoffs may be coming — and Glovo then cut the jobs of nearly 40% of the Romania office’s team over Zoom.

Here’s how it happened.

Gorillas rose to fame with its promise of 10-minute deliveries during the pandemic, catching the attention of investors and becoming a unicorn in a record nine months. 

But things haven’t been so rosy recently. One former employee told Sifted the company was burning through €90m per month at the end of last year, it's struggling to attract more app downloads and has laid off more than 300 staff from its Berlin HQ this month.

So what does this mean for the rest of the speedy grocery industry?

In the current market slowdown, investors are becoming more selective and cautious.

But VC money isn’t the only option founders have to grow their startup. Bootstrapping offers an attractive alternative to growth, and is better than taking cash from VCs — according to Planta CEO Jesper Svensson.

So why should you consider bootstrapping? 

🛒  Zapp plans to lay off 10% of staff. The London-based speedy grocery company recently entered into a redundancy consultation period with staff as it looks to lay off between 200 and 300 employees, which would see it leave all cities other than London. 

📉 Getir and Nuri announce plans to cut staff. Getir, the speedy delivery app, plans to lay off around 14% of its global workforce, cutting around 4,500 roles. Nuri, the Berlin-based digital bank, has announced plans to make 20% of its

team — around 45 people — redundant in response to the economic downturn.

💳 Breaking down Klarna's layoffs. Even Europe’s most valuable startup isn’t immune to global economic pressures. Klarna, the BNPL giant, is set to lose 10% of its global workforce, with talent acquisition, engineering and business development roles most affected.

🚀 The companies still hiring. Despite the slowdown, we've found more than 90 startups and scaleups which are still hiring for roles across Europe.

🚘  FINN raises $110m Series B. The London-headquartered car subscription platform will use the money to expand across the US and Europe, with the goal of achieving 30k subscriptions by the end of 2022. The round was led by Korelya Capital, and the funding brings the startup's valuation to more than $500m.

From white-collar matchmaking to strategic partnerships, Austria’s startup experts will reveal how to tell if you’ve found the right corporate-startup fit at this year’s ViennaUp! Join us on June 2 for the next Sifted Sessions — and did we mention tickets are free?

See you in Vienna!

👩‍💻 Our Startup Life newsletter writer Anisah Osman Britton speaks to Catherine Birkett, CFO of GoCardless, about how to prepare for the economic downturn.

🦄 Sifted’s Sophie Rowe brings you the secrets behind Estonia’s unicorn success, following our first Sifted Sessions event in Tallinn earlier this month.

🧬 Iberia correspondent Tim Smith tells you why patents might be ruining innovation in the alt-meat industry, as more startups in the sector try to protect their formulas and attract investors. 

🛡️ Sifted's Steph Bailey looks into the growing interest among VCs in the cybersecurity industry. Here are the cybersecurity startups to watch.

🗣️ Struggling with customer retention? Here's how to build meaningful relationships with your users. (In partnership with Intercom).

👩‍💼 Last year, female founders secured just 1.1% of all VC investment in Europe. But things are slightly more positive in Austria. Here are Vienna's female-founders to watch. (In partnership with ViennaUP).

Sophie Zhang

Editorial Assistant

Get in touch with them at sophiezhang@sifted.eu

Tom Nugent

Digital Editor 

Get in touch with him at tomnugent@sifted.eu
Or tweeting at @TJNugent92

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