Froda expands partnership with EIF unlocking €150M for SMEs - Related to raises, €150m, workforce, expands, froda

Froda expands partnership with EIF unlocking €150M for SMEs

Froda, a provider of capital to SMEs, has strengthened its partnership with the European Investment Fund (EIF) by securing an additional lending capacity of €100 million.

This builds on an existing €50 million guarantee, bringing the total to €150 million. It also extends Froda’s financing reach across all 27 EU member states.

This makes Froda the first corporation to establish an EU-wide microfinance partnership with the EIF, providing critical financing support to SMEs across Europe. EIF leverages various guarantee programs to expand financing options for SMEs.

Froda is a Swedish fintech organization that provides financing to small and medium-sized businesses (SMEs). Froda's goal is to make it easier for business owners to access financing, and to help them grow their businesses. Essentially, they act as a digital lender that uses technology to simplify the business loan process for SMEs, offering an experience with minimal paperwork and quicker decision-making. Since 2021, Froda has focused on developing embedded finance solutions as the cornerstone of its international expansion.

Since 2022, it has partnered with the EIF to improve access to financing for micro-enterprises, businesses with fewer than ten employees, in Sweden SMEs financed through Froda experienced an average growth of 131% within their first year after receiving financing. With €150 million in lending guarantees, Froda aims to replicate the efforts in Sweden on a wider scale to 10,000 SMEs across Europe.

"The extended support from EIF represents a pivotal step in our mission to unlock growth opportunities for SMEs throughout Europe. By enabling our Embedded partners to expand into new markets, this partnership is set to transform the landscape of SME financing. Our vision is to create a financing ecosystem that fosters cross-border expansion for both Froda and our partners," stated Olle Lundin, CEO and co-founder of Froda.

"The InvestEU program is built to provide scalable, impactful solutions for microfinancing. We’ve witnessed how EIF’s targeted guarantees in Sweden have enabled Froda to unlock growth for micro-enterprises. Expanding this model across the EU, I am confident that our strengthened partnership will build a robust, sustainable financing infrastructure that supports Europe’s entrepreneurial backbone," added Marjut Falkstedt, CEO of EIF.

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Zelt raises $6M to streamline workforce admin

London-based HR operations platform Zelt has raised a $6M funding round led by Nauta, with participation from Venrex and Episode 1.

Zelt's software allows managers to monitor different aspects of HR across the employee lifecycle, enabling them to simplify and automate people processes across HR, Finance and IT functions.

This funding round will enable the firm to expand its product set to include more areas of operations, expand to new geographies and add new and improved feature.

The emergence of cloud software has led to the development of countless point solutions in areas like onboarding, payroll, holidays, benefits and performance management. The result is a maze of tools and subscriptions organisations need to navigate which makes it challenging to manage data, processes and reporting.

Zelt aims to centralise this data, with elements that enable clients to stack together a range of modules to the platform in order to build out workflows and automate manual processes such as employee onboarding or payroll.

“2024 was an excellent year for Zelt as we launched our new Growth module, onboarded our first 1,000+ headcount organisation and closed a new round of funding that will enable us to invest even more into building the best product available in the market.

"We see a $50bn opportunity globally as organisations move away from legacy and point solutions, to a next-generation all-in-one platform. Alongside the capital, it's great to have such an experienced and well aligned investor like Nauta on board as a partner at this stage in our journey.” commented Chris Priebe, Founder and CEO at Zelt.

“By investing across B2B software, Nauta has a strong grasp on the variety of solutions in place across the enterprise landscape to pay, support and monitor employees. We have also seen how these solutions have evolved and grown over the last 20 years, to the point where enterprises can have hundreds of subscriptions and chaotic practices in place to satisfy the needs of the workforce.

"Zelt provides an answer to this problem, enabling a more modern approach to people operations and offering a seamless way to save time and money. Many mid-market companies are looking for all-in-one solutions now and we’re excited to watch Zelt go after this opportunity. The team has achieved some very impressive milestones already and Nauta is delighted to be backing them.” added Carles Ferrer, General Partner at Nauta.

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Irish biotech Cambrean acquired by DNA startup Nucleus

DNA startup Nucleus has acquired Irish biotech Cambrean, an AI-based health platform using algorithms to analyse data from wearables like Oura rings and Apple Watches to create actionable health assessments.

Cambrian Genomics is a DNA startup that utilizes a laser-based technology to synthesize custom DNA, essentially "printing" genetic material, allowing consumers to design and modify the DNA of organisms like plants and animals through computer-aided design, potentially creating new creatures with specific traits. This technology has raised concerns regarding potential biohacking risks.

Cambrean’s research maps the relationships between sleep, nutrition, workouts and vitals, creating algorithms that allow customers to track everyday factors that impact their health. Cambrean’s proprietary technology is the key asset in the deal, and a step towards NUcleus creating a centralised health platform that integrates data from diverse data such as blood tests, wearables, and microbiome analysis; it creates a path toward creating a centralised health platform that integrates data from diverse data such as blood tests, wearables, and microbiome analysis.

Combining baseline genetic assessments with real-time tracking from wearables offers potential to mitigate their risks for chronic diseases.

The acquisition follows Nucleus' $14M Series A, bringing its total funding to nearly $32 million. The round included new funding from Neo, Giant Step Capital, One Eight Capital, and notable angels including Balaji Srinivasan and Achal Upadhyaya. The enterprise also received continued support from Ohanian’s Seven Seven Six and Peter Thiel’s Founders Fund, who led previous rounds.

“Thoughtfully integrating each data point with DNA is the way to tell the complete story about someone’s health. That’s what we plan on doing with Cambrean,” stated Kian Sadeghi, Founder and CEO of Nucleus. “We’re reimagining healthcare by building a data-rich, AI-driven ecosystem that begins with genetic insights and extends to every aspect of personal health management.”.

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