Hello Sifted reader,

The flywheel effect in European tech has been underway for a while, with alumni from OG successes like Spotify, Skype and Wise spinning off to found their own thing.

But it's a process that is speeding up and playing on repeat as the ecosystem matures and more tech successes are created. You learn the ropes, you start your own thing, you teach others the ropes, they start their own thing... yada yada.

We've recently been taking a more active look at the startups spinning out more startups and what their grads are actually building. We've hit failed UK energy provider Bulb, whose collapse birthed nine new companies,

we’ve found seven companies and two more in stealth founded by alumni of the German fintech Trade Republic and we profiled 19 Revolut alumni who've launched 12 companies.

Look out for Adyen and DeepMind dropping soon, plus... we want to know from you: What other startup engine companies should we be looking into? Let us know.

Also from the Sifted newsroom:

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🇫🇷 Frst raises €72m first close of third fund. The France-based VC is targeting €100m to back 30 French seed-stage startups with cheques of between €1-3m. 50% of the fund will be reserved for follow-ons.

👩‍🏫 Brighteye Ventures closes second fund at €100m. The edtech VC will back around 35 pre-seed to Series A startups across Europe, with cheques of €200k-250k for pre-seed and €1.5m-3m for later stages. It's particularly interested in three types of edtech business model.

🤝 French insurtech Luko acquired. The Accel-backed startup, which had the cash for two acquisitions last year, had been searching for a buyer for weeks. It filed for bankruptcy last week, and has now been snapped up by British insurance giant Admiral for an undisclosed sum.

📈 The number of funding rounds for deeptech startups is following a similar trajectory to most of European tech: they're down. But the sector has one thing to shout about — there were 45 more exits across the sector in 2022 compared with the year before, the highest in a year ever. For a deep dive into the data, including the most active VCs, notable angels and who's on the sector's unicorn list, dip into the Sifted's latest briefing. (Exclusively for subscribers)

💸 How much have Europe's top VCs actually been investing? Here are the most active European investors by deal count so far in 2023.

🎙 From supporting scaleups and tapping pension fund cash to getting the commercialisation of research right, Chloe Smith, the minister in charge of the UK's Department for Science, Innovation and Technology, tells the Sifted Podcast about the government's grand plan to become a leader in tech.

🤔 What does a ______ actually do?

Dive into deeptech at our next pitch event | June 27
Generative AI, quantum computing and spacetech are all deeptech sectors that are having a moment. Meet Cradle, yuri, Small Robot Co, Quadrant and Fairbrics — five of the leading early-stage startups in the sector — on June 27, where they’ll show off their cutting-edge tech and business models. Count me in.

Get your revenue back on track | June 28

The growth-at-all-costs era is history and startups are scrambling to figure out how to boost their revenue. Join us on June 28 as speakers from Stripe, Personio, Travelperk and Crane Venture Partners reveal the secrets to reigniting your revenue stream.

Don't miss out!

Network with the best of European tech | October 4-5
Sifted's journalism is leaving the page and entering the stage for two jam-packed days of panel discussion, intimate roundtables and networking from a star studded lineup of Europe's best in tech. Join the likes of Kry, Olio, Northzone, Sweep, Plural and more as we cover everything from the power of AI to the European dream of tech sovereignty.

Check out the agenda and grab your ticket.