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Today it's all about the people with the money. Fund-of-funds Isomer Capital and solo GP Sarah Drinkwater have both announced first closes of new funds while IQ Capital has closed a $200m vehicle for deeptech. There's also been a departure at Fred Destin's Stride.

Also from the Sifted newsroom:

• Infarm to quit Europe 
• The 10 fastest growing techbio startups in Europe
• We couldn't raise a Series A, so we pivoted

From a compliance manager in the UK to a tax manager in Germany, your next role could be at Revolut.

👋 Stride loses second investor this year. The early-stage UK VC — which has backed troubled car marketplace Cazoo, edtech Knowunity and wellbeing platform Oliva Health — has also gone through a fair few partners since Fred Destin and podcaster Harry Stebbings launched it in 2018.

🥬 Infarm, once Europe’s largest vertical farming company, is leaving the continent entirely, Sifted understands. Its Berlin HQ is “a ghost town”, according to one source, while its flagship UK facility is shut too. But it could it find new life in Qatar?

💰 Isomer Capital announces first close of new €250m fund. The European fund of funds has raised a third of the cash and will invest €5m-10m in 20 early-stage funds in the UK and Europe.

💸 Solo GP Sarah Drinkwater raises a third of new £10m fund. Common Magic will write cheques of £100k-150k for 30 “community” startups — like Monzo and Depop — at pre-seed and seed in the US and Europe.

👾 Deeptech VC firm IQ Capital closes a $200m fund. It's the Cambridge-headquartered firm's fourth — and largest — fund. It invests in startups at seed and Series A across Europe, and its average cheque size at seed stage tends to be around $2.5m.

Big appetite for plant-based "meat", as foodtech continues to tempt investors. It was one of the few sectors that raised more cash in 2022 than 2021, with cell-based alternative protein startups seeing a surge in funding as regulators in the US and Israel approved it for human consumption. Get your teeth into the foodtech data in our latest Sifted Briefing — including an early-stage market map, the sector's most active investors and the trends to watch.

We also asked five VCs for the (non-portfolio) foodtechs they've got their eyes on.

💃 Last year Book Salon tripled revenue, raised €3m in seed money and expanded into new markets. But the company had to pivot after investors shut their chequebooks in 2023 and a €10m Series A was off the cards. Here's why CEO Harri Myllylä thinks founders should change their funding strategy when times are tough.  

🧬 The 10 fastest growing techbio startups in Europe.

🎙️ Robot butlers, Typeform's troubles and climate tech software are on the menu as Amy and Eleanor chat through the week in Startupland on the Sifted pod.

Sifted Talks | Don’t gamble with your startup’s data | June 14
As your customer database grows, so does the threat of cyberattacks. But where to begin with securing your business? This Sifted Talks will explore how to keep your data safe in 2023 and beyond. Sign up here.

VivaTech | Paris | June 14-17
Bringing together startups, tech leaders, major corporations and investors responding to the world’s biggest challenges. Use code SIFTEDVT23 for 20% off your pass.

Deeptech pitch event | Online | June 27
Deeptech will be taking centre stage at our next exclusive subscriber pitch event on June 27 at 12:30pm BST. Subscribers can join us to meet five of the very best from Europe’s early-stage cohort who’ll show off their cutting-edge tech and business models. RSVP.

📈 Scaling from 5 to 50 employees? Here's when to recruit, who your first 10 hires should be and how to find company-employee fit.

🤑 How much should startups pay their first 10 employees? And how much equity should you give away?

🛠️ How to grow beyond Series A — including when to fill your C-suite, which roles to prioritise and cultural red flags to avoid. 

🗞️ Get top tips from Europe's startup operators in our Startup Life newsletter. It drops every Wednesday and is full of how-tos, smart reads and latest people moves. Sign up for free here.

Do you want to get in front of Sifted's audience of startup founders, operators and VCs? Get in touch here.

Kai Nicol-Schwarz

Reporter

Get in touch with him at

kai@sifted.eu

He tweets from 

@NicolSchwarzK

Tom Nugent

Digital Editor

Get in touch with him at

tom@sifted.eu

He tweets from 

@TJNugent92

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