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Hi Sifted Reader,

It's that magical time of the week again: the latest Sifted podcast episode has just dropped — and we are diving into the metaverse 🤿 and discussing what the latest IPCC report on climate change means for startups. Listen to it on Spotify and Apple.

Meanwhile, on the website:

• Why are Europe's unicorns leaving for the US?
• The key challenges facing Europe's COOs
• The latest dispatch from Rosie Wood
• All you need to know about the alt protein market

— Tom, digital editor & Amy, editor

European tech’s been doing pretty well for itself lately. 

Last year saw $113bn raised, 247 $100m+ rounds and 78 new unicorns. But something’s awry: Europe’s unicorns are still being drawn to the US, upping sticks and relocating their headquarters stateside. 

Why?

We get to the bottom of Europe’s unicorn exodus.

Grow by SAP is an offering built for companies to accelerate their growth sustainably. Participating startups will receive a SaaS package and other benefits

including a dedicated growth success director.

Learn more here.

Life as a chief operating officer (COO) involves running between production, marketing and sales, finance and legal. It involves a lot of fingers in a lot of pies. 

COOs have to put out fires when things turn sour, strategise on how to build a strong company culture and work hand in hand with the CEO to beat off and stay ahead of the competition.

But what are the key challenges they're facing in 2022?

Miriam Partington turned to top European COOs to find out. 

Rosie Wood's back with a fresh dispatch from London VC firm Mild Conviction and she finds herself at the heart of a company reshuffle. 

When the firm's partnership realised they had a diversity issue ahead of a much anticipated AGM (featuring a guest appearance from none other than Harold Steblings) they made everyone a partner. Yes, everyone.

Read her latest here. 

Have you ever cooked up a vegan meat alternative and it didn't quite hit the spot?

That's because most companies have focused on perfecting the protein component of their meat substitutes, at the expense of cracking one key ingredient: fat.

Until now. A new wave of startups are trying to develop new kinds of fats that more realistically mimic the flavour and cooking experience of meat.  

Could a meat alternative indistinguishable from the real thing be on the horizon?

Amelie Bahr gives you a deep dive into the alt protein market. 

We’re taking Sifted’s in-depth journalism on the road! First, we’re heading to Estonia for a day of candid roundtables, intimate networking and lively debates you can sink your teeth into. See you there?

Join us May 3.

🕹️ Improbable has raised $150m from Andreessen Horowitz and SoftBank. The London-based games startup is diving headfirst into the metaverse. Improbable has been developing a technology that allows very large numbers of people — more than 10k — to be in the same online world at the same time. It's convinced the startup's former investors to back it once again.

🖥️ Germany lands its latest unicorn. Consumer tech subscription platform Grover raised $330m in Series C funding, making it Germany's latest unicorn. Grover rents out electronics like computers, games consoles and smartphones — devices are then refurbished and rented out to new users. The round consists of $110m in equity led by Energy Impact Partners, and $220m in debt financing from Fasanara Capital. Miriam Partington has more. 

🛡️ Internet security gets big backing in Lithuania. Nord Security, the company behind NordVPN, has raised a $100m financing round led by Novatar Ventures with participation from Burda Principal Investments and General Catalyst. The Lithuanian startup has a suite of modern internet privacy and security solutions, and it’s the first time it's raised outside capital. Founders and angel investors including Ilkka Paananen (CEO, Supercell), Miki Kuusi (CEO, Wolt) and Matt Mullenweg (CEO, Automattic) also joined the round, which valued the company at $1.6bn.

🏭 Welcome to the NFT factory. The what, you ask? A group of 51 entrepreneurs, artists, investors and insiders from the world of cryptocurrencies and blockchain have joined forces to launch the NFT Factory in France. In September 2022 the group will open a 400m2 site with plans to host regular exhibitions and events. You'll also be able to buy NFTs there, and the project aims build and connect the French NFT ecosystem. 

New venture fund launches for underrepresented entrepreneurs. EX Capital, a $5m fund from the founders of Portuguese digital health startup SWORD Health, aims to help fix venture capital’s diversity problem. 

Get to know the Sifted Team and Sifted Members in the French startup ecosystem over drinks and canapés at STATION F, the world’s largest startup campus. It’s first come, first served — so save your spot today! Not yet a member? Use the code PARIS2022 to get 20% off. RSVP

🌱 The sustainability wave flows into 2022. Last year's sustainability hype has continued into this year as the first quarter of 2022 saw €2.8bn funnelled into green startups — slightly less than the €2.9bn raised in Q4 2021, according to data from Dealroom. But where's the money going? Find out as we round up Q1's hottest sustainability investments.

📈 Lessons from Zapp. From engaging employees to tracking your supply chain's carbon footprint, it can be hard to know where to start with sustainability. Luckily, sustainability guru and head of sustainability at UK-based speedy grocery startup Zapp, Oscar Benjamin, has you covered. Here are his lessons on how to set sustainability goals.

Amy Lewin
Editor 

Get in touch with her at amy@sifted.eu
Or tweeting at @amyrlewin

Tom Nugent

Digital Editor

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

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