Sifted - Is Neko Health worth $1.7bn?

Good morning there,

Since coming out of stealth in 2023, Spotify founder Daniel Ek’s full-body scanning startup Neko Health has fast become one of the hottest companies in Europe’s fast-growing preventative healthcare industry.

When it first launched, slots at its Stockholm clinic sold out in hours, and the company now has a waitlist of 100k patients waiting to be scanned head to toe by its high-tech equipment. For up to £300, Neko promises to deliver patients a full health analysis in as little as one hour.

Investors have been fawning over the startup. They poured $260m into its Series B less than two months ago, in a round that valued Neko at a whopping $1.7bn. In Sifted this morning Europe editor Mimi Billing asks whether the valuation stacks up.

Elsewhere today:

• How the CEO of Manna is upending drone delivery: ‘It’s an eight-day-a-week job’
• EU unveils fresh draft of AI Act rules: 'There are still significant concerns'
• Opinion: We need to rethink VC for the long-term

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🇪🇺 The EU just published a fresh draft of rules for companies using general-purpose AI models — but industry insiders warn there are still “significant concerns.”

💸 Europe’s VC industry needs to ditch short-term thinking and stop copying Silicon Valley, according to investor and researcher Johannes Lenhard. 

🌯The CEO of Irish drones startup Manna tells Sifted how his company is upending food delivery in Dublin: “It’s an eight-day-a-week job.”

🏥 Is Daniel Ek’s Neko Health worth $1.7bn?

London. Editorial assistant Maya Dharampal-Hornby is at Tech’s Next Power Move today. Drop her a line if you’re there.

Paris. Newsletter editor Tom Nugent is at Hello Tomorrow in Paris tomorrow and Friday. Also there? Get in touch.

Online. Senior reporter Freya Pratty is hosting a Sifted Talks on April 9 with Dexory and Yamato discussing how expanding into the APAC market can offer startups a world of opportunities — but it requires meticulous planning. RSVP here.

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Espoo, Finland-based GoByBike, which provides employee bike services, raised €125m in debt funding. Santander CIB and Castlelake participated in the round.

Cologne, Germany-based Vytal, which develops sustainable reusable packaging solutions for take-away and delivery, raised €14.2m in funding. Inven Capital and Nrw.Venture led the round and were joined by investors including Emerald Technology Ventures, Grazia Equity, Rubio, Chi Impact Capital and Kiko.

London-based Supercritical Solutions, which develops high-pressure electrolyser technology, raised £14m in Series A funding. Shell Ventures and Toyota Ventures led the round and were joined by investors including Al Mada Ventures, Blackfinch Ventures, Kibo Invest, Global Brain Corporation, Top Ventures, Earth Venture Capital, Alumni Ventures, Lowercarbon Capital and Anglo American Platinum.

Dublin-based Neuromod, a medical device company specialising in neuromodulation treatments, raised €10m in Series B funding. Fountain Healthcare Partners and Panakès Partners led the round.

Helsinki-based eBrands, which builds a digital export platform that simplifies international expansion for consumer brands, raised €7.5m in funding. Veikko Laine Oy and Varma Mutual Pension Insurance Company participated in the round.

Munich, Germany-based Reshape Energy, which develops a platform to help building owners and tenants install low-carbon energy solutions, raised €5m in funding. Vireo Ventures and PostScriptum Ventures participated in the round.

London-based Flagright, which builds an AI-native AML compliance platform to combat financial crime, raised $4.3m in seed funding. Frontline Ventures led the round and was joined by investors including Y Combinator, Pioneer Fund and Moonfire Ventures.

Milan-based Lexroom.ai, an AI-driven legal research platform, raised €2m in seed funding. Entourage led the round and was joined by investors including Verve Ventures, Banyan Ventures, Vento Ventures, X-Equity and Joe Zadeh.

London-based CapRelease, an embedded finance platform for e-commerce retailers, raised £1.7m in pre-seed funding.

Ede, Netherlands-based Cano-ela, a foodtech startup developing seed-based ingredients, raised €1.6m in funding. OostNL, Value Factory Ventures and Ecoseed participated in the round.

London-based Cloud Gateway, which provides network infrastructure management services, raised £1.5m in funding. David Webb led the round.

Groningen, Netherlands-based Cortalix, a biotech which creates single-domain antibodies for use in a range of medical treatments, raised €1m in funding. Future Tech Ventures and Rabobank Innovation Loan participated in the round.

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