DealMatrix

DealMatrix VALUATION I SCOUTING I MATCHING

DealMatrix is a valuation engine that enables startups and investors to quickly and precisely calculate the value of their companies based on various valuation methods, map it against peers, and generate professional reports based on the findings.

๐Ÿ”ฅ ๐——๐—ฒ๐—ฎ๐—น ๐—ผ๐—ณ ๐˜๐—ต๐—ฒ ๐—ช๐—ฒ๐—ฒ๐—ธ ๐Ÿ”ฅ  #41: Spiko Raises $90M Series B Led by NEA to Make Yield UniversalParis and London-based Spiko, th...
12/10/2026

๐Ÿ”ฅ ๐——๐—ฒ๐—ฎ๐—น ๐—ผ๐—ณ ๐˜๐—ต๐—ฒ ๐—ช๐—ฒ๐—ฒ๐—ธ ๐Ÿ”ฅ #41: Spiko Raises $90M Series B Led by NEA to Make Yield Universal

Paris and London-based Spiko, the largest issuer of tokenized cash funds, has raised a $90 million Series B led by New Enterprise Associates (NEA), with participation from Index Ventures, Bpifrance, Speedinvest, Flourish Ventures and White Star Capital. The round brings Spiko's total funding to $120 million.

Founded in 2023, Spiko now manages $2.7 billion for more than 10,000 businesses and individuals in over 25 jurisdictions, a more than fivefold increase in twelve months. The new capital will go into launching new funds, opening new markets and growing the team across Europe.

๐Ÿ‘ ๐˜Š๐˜ฐ๐˜ฏ๐˜จ๐˜ณ๐˜ข๐˜ต๐˜ถ๐˜ญ๐˜ข๐˜ต๐˜ช๐˜ฐ๐˜ฏ๐˜ด ๐˜ต๐˜ฐ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฆ๐˜ฏ๐˜ต๐˜ช๐˜ณ๐˜ฆ ๐˜ต๐˜ฆ๐˜ข๐˜ฎ!

Spiko operates in the FinTech, Blockchain, and Financial Services sectors, offering tokenized money market funds that allow businesses and investors to earn returns on their cash holdings.

European benchmarks for Series B companies in these sectors as of Q3 2026 indicate valuation ranges of EV/Sales multiples of 8.42x - 10.45x and EV/EBITDA multiples of 34.25x - 46.48x.

โžก๏ธ Further information on valuation multiples in these sectors is available through the DealMatrix Multiples Platform at https://dealmatrix.com/multiples/

The IPEV guidelines are the reference most European funds report against.What they demand in practice is less about pick...
09/10/2026

The IPEV guidelines are the reference most European funds report against.

What they demand in practice is less about picking a technique and more about being able to reconstruct how you got there.

Most fund managers can name the IPEV guidelines. Fewer can say, without checking, what their own valuation file would look like to someone reading it cold six months later.

What it comes down to:
โ€ข Fair value is what a market participant would pay today, not what you hope to realise.
โ€ข Cost is not fair value, and a recent round loses weight as events accumulate.
โ€ข Calibration is the step most files are missing. Reconcile the method to the price you paid.
โ€ข Every input needs a source and a date. A remembered multiple is not an input.

DealMatrix publishes EV/Sales and EV/EBITDA for 140+ sectors across six regions and seven funding stages, adjusted for region and funding stage, with the derivation documented.

Full article: https://dealmatrix.com/ipev-2025-in-practice/

๐Ÿ”ฅOur Deal of the Month September/26 is TEKEVERTEKEVER, a European developer of AI-powered autonomous systems founded in ...
08/10/2026

๐Ÿ”ฅOur Deal of the Month September/26 is TEKEVER

TEKEVER, a European developer of AI-powered autonomous systems founded in Portugal in 2001, has announced the first close of its Series D financing round, raising $580 million at a valuation of $6.4 billion.

The round was led by UC Investments, the investment arm of the University of California, and Baillie Gifford. It marks UC Investments' first direct investment in Europe. Merlyn Advisors joined as a new strategic investor alongside existing shareholders Crescent Cove, Ventura Capital and Iberis Capital.

TEKEVER has turned more than 50,000 operational flight hours in Ukraine into long-term military programmes, including the British Army's CORVUS drone surveillance programme. The new capital will fund international expansion, manufacturing and technology capabilities, and strategic acquisitions.

๐Ÿ‘ ๐˜Š๐˜ฐ๐˜ฏ๐˜จ๐˜ณ๐˜ข๐˜ต๐˜ถ๐˜ญ๐˜ข๐˜ต๐˜ช๐˜ฐ๐˜ฏ๐˜ด ๐˜ต๐˜ฐ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฆ๐˜ฏ๐˜ต๐˜ช๐˜ณ๐˜ฆ ๐˜ต๐˜ฆ๐˜ข๐˜ฎ!

TEKEVER operates in the Aerospace, Manufacturing, and AI sectors, developing autonomous unmanned aerial systems (UAS) for defence, security, and surveillance applications.

European benchmarks for Series D companies in these sectors as of Q2 2026 indicate valuation ranges of EV/Sales multiples of 1.83xโ€“4.93x and EV/EBITDA multiples of 12.75xโ€“17.09x.

โžก๏ธ Further information on valuation multiples in these sectors is available through the DealMatrix Platform โ€“ Multiples Database at https://dealmatrix.com/multiples/

๐Ÿ”ฅ ๐——๐—ฒ๐—ฎ๐—น ๐—ผ๐—ณ ๐˜๐—ต๐—ฒ ๐—ช๐—ฒ๐—ฒ๐—ธ ๐Ÿ”ฅ  #40: Germany's Reverion raises โ‚ฌ154.2 million to scale production of power plants that generate el...
05/10/2026

๐Ÿ”ฅ ๐——๐—ฒ๐—ฎ๐—น ๐—ผ๐—ณ ๐˜๐—ต๐—ฒ ๐—ช๐—ฒ๐—ฒ๐—ธ ๐Ÿ”ฅ #40: Germany's Reverion raises โ‚ฌ154.2 million to scale production of power plants that generate electricity from gas

Eresing-based energy technology company Reverion, which builds reversible fuel cell power plants for decentralised energy supply, has closed a โ‚ฌ154.2 million ($175 million) Series B funding round led by Kembara VC, Mundi Ventures' โ‚ฌ1 billion DeepTech and climate fund. New investors Allianz, KfW Capital, Aurum Impact and Carbon Equity joined existing backers including Extantia, Energy Impact Partners and the EIC Fund. The valuation was not disclosed.

Most of the capital will go into a new production facility in Germany with an annual capacity of 250 megawatts and up to 800 new jobs. Reverion's plants reach 74.2% electrical efficiency in live customer operation, and seven commercial plants are already running in the field.

๐Ÿ‘ ๐˜Š๐˜ฐ๐˜ฏ๐˜จ๐˜ณ๐˜ข๐˜ต๐˜ถ๐˜ญ๐˜ข๐˜ต๐˜ช๐˜ฐ๐˜ฏ๐˜ด ๐˜ต๐˜ฐ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฆ๐˜ฏ๐˜ต๐˜ช๐˜ณ๐˜ฆ ๐˜ต๐˜ฆ๐˜ข๐˜ฎ!

Reverion operates in the Energy, CleanTech, and Manufacturing sectors, developing highly efficient reversible power plants based on fuel-cell technology.

European benchmarks for Series B companies in these sectors indicate valuation ranges of EV/Sales multiples of 5.89x - 13.71x and EV/EBITDA multiples of 29.59x - 34.53x.

โžก๏ธ Further information on valuation multiples in these sectors is available through the DealMatrix Multiples Platform at https://platform.dealmatrix.com

๐Ÿ”ฅ ๐——๐—ฒ๐—ฎ๐—น ๐—ผ๐—ณ ๐˜๐—ต๐—ฒ ๐—ช๐—ฒ๐—ฒ๐—ธ ๐Ÿ”ฅ  #39: TEKEVER raises $580 million as investors back Ukraine-honed defence tech firmEuropean autonom...
28/09/2026

๐Ÿ”ฅ ๐——๐—ฒ๐—ฎ๐—น ๐—ผ๐—ณ ๐˜๐—ต๐—ฒ ๐—ช๐—ฒ๐—ฒ๐—ธ ๐Ÿ”ฅ #39: TEKEVER raises $580 million as investors back Ukraine-honed defence tech firm

European autonomous systems developer Tekever has raised $580 million in the first close of its Series D funding round, led by UC Investments and Baillie Gifford. The investment values the defence technology company at $6.4 billion.

Tekever plans to use the new capital to expand internationally, scale its manufacturing and technology capabilities, pursue strategic acquisitions, and accelerate the development of AI-powered autonomous systems.

๐Ÿ‘ ๐˜Š๐˜ฐ๐˜ฏ๐˜จ๐˜ณ๐˜ข๐˜ต๐˜ถ๐˜ญ๐˜ข๐˜ต๐˜ช๐˜ฐ๐˜ฏ๐˜ด ๐˜ต๐˜ฐ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฆ๐˜ฏ๐˜ต๐˜ช๐˜ณ๐˜ฆ ๐˜ต๐˜ฆ๐˜ข๐˜ฎ!

TEKEVER operates in the Aerospace, Manufacturing, and AI sectors, developing autonomous unmanned aerial systems (UAS) for defence, security, and surveillance applications.

European benchmarks for Series D companies in these sectors as of Q2 2026 indicate valuation ranges of EV/Sales multiples of 1.83xโ€“4.93x and EV/EBITDA multiples of 12.75xโ€“17.09x.

โžก๏ธ Further information on valuation multiples in these sectors is available through the DealMatrix Multiples Platform at https://dealmatrix.com/multiples/

25/09/2026

Private-market valuation needs more than a static benchmark.

DealMatrix Multiples provides a data-driven starting point for valuation professionals โ€” combining sector, region and funding stage to deliver relevant EV/Sales and EV/EBITDA multiples.

With 140+ sectors, stages from Pre-Seed to Series F, regional adjustments and 20 years of historical data, DealMatrix Multiples helps bring more context into private-market valuation.

Built for M&A, PE/VC and valuation professionals who need a fast, structured benchmark for their analysis.

See how it works in 23 seconds. ๐Ÿ‘‡

Explore private-market multiples:
https://dealmatrix.com/multiples/

๐Ÿ”ฅ ๐——๐—ฒ๐—ฎ๐—น ๐—ผ๐—ณ ๐˜๐—ต๐—ฒ ๐—ช๐—ฒ๐—ฒ๐—ธ ๐Ÿ”ฅ  #38: Open Cosmos Raises 348.0M USD in Series C FundingOpen Cosmos has raised โ‚ฌ300 million ($348 mi...
21/09/2026

๐Ÿ”ฅ ๐——๐—ฒ๐—ฎ๐—น ๐—ผ๐—ณ ๐˜๐—ต๐—ฒ ๐—ช๐—ฒ๐—ฒ๐—ธ ๐Ÿ”ฅ #38: Open Cosmos Raises 348.0M USD in Series C Funding

Open Cosmos has raised โ‚ฌ300 million ($348 million) in a Series C round co-led by Lightrock and ETF Partners, announced on 14 September 2026. The financing values the British satellite company at more than $1 billion, making it Europeโ€™s newest space unicorn.

The round also attracted a broad group of international investors, including Trill Impact, Santander Alternative Investments, A&G Global Investors, Phoenix Court, Entrepreneurs First, Institut Catalร  de Finances, the UK National Security Strategic Investment Fund, Convex Group, Iberis Capital, Shilling VC, Amena Ventures, IREON Ventures, Endeavor Catalyst, Sustainable Forward Capital (SFC VC), and two international pension funds. Claret Capital Partners additionally provided a venture debt tranche.

๐Ÿ‘ ๐˜Š๐˜ฐ๐˜ฏ๐˜จ๐˜ณ๐˜ข๐˜ต๐˜ถ๐˜ญ๐˜ข๐˜ต๐˜ช๐˜ฐ๐˜ฏ๐˜ด ๐˜ต๐˜ฐ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฆ๐˜ฏ๐˜ต๐˜ช๐˜ณ๐˜ฆ ๐˜ต๐˜ฆ๐˜ข๐˜ฎ!

Open Cosmos operates in the Aerospace, Manufacturing, and Data & Analytics sectors, developing and operating satellites while providing Earth observation data and AI-powered analytics.

European benchmarks for Series C companies in these sectors as of Q2 2026 indicate valuation ranges of EV/Sales multiples of 2.57xโ€“6.74x and EV/EBITDA multiples of 17.91xโ€“26.62x.

โžก๏ธ Further information on valuation multiples in these sectors is available through the DealMatrix Multiples Platform at https://platform.dealmatrix.com

๐Ÿ”ฅ ๐——๐—ฒ๐—ฎ๐—น ๐—ผ๐—ณ ๐˜๐—ต๐—ฒ ๐—ช๐—ฒ๐—ฒ๐—ธ ๐Ÿ”ฅ  #30: Humanoid Series A: Humanoid Raises $152M, Hits $1.35B ValuationHumanoid, a UK-based AI and ro...
29/07/2026

๐Ÿ”ฅ ๐——๐—ฒ๐—ฎ๐—น ๐—ผ๐—ณ ๐˜๐—ต๐—ฒ ๐—ช๐—ฒ๐—ฒ๐—ธ ๐Ÿ”ฅ #30: Humanoid Series A: Humanoid Raises $152M, Hits $1.35B Valuation

Humanoid, a UK-based AI and robotics company developing industrial humanoid robots, has announced a $152 million Series A funding round at a $1.35 billion post-money valuation, bringing its total capital raised to $270 million.

The round was led by Prime Movers Lab, with participation from Schaeffler, Bosch, Fubon Financial Holding Venture Capital and AGLAร‰ VENTURES. The financing underscores strong investor confidence in Humanoid's rapid ex*****on and the increasing commercial potential of industrial humanoid robotics.

๐Ÿ‘ ๐˜Š๐˜ฐ๐˜ฏ๐˜จ๐˜ณ๐˜ข๐˜ต๐˜ถ๐˜ญ๐˜ข๐˜ต๐˜ช๐˜ฐ๐˜ฏ๐˜ด ๐˜ต๐˜ฐ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฆ๐˜ฏ๐˜ต๐˜ช๐˜ณ๐˜ฆ ๐˜ต๐˜ฆ๐˜ข๐˜ฎ!

Humanoid operates in the Robotics and Artificial Intelligence sectors, developing wheeled and bipedal industrial humanoid robots and the proprietary KinetIQ AI system that runs them.

DealMatrix benchmarks (Q2 2026) for Series A robotics, automation, and artificial intelligence companies indicate valuation ranges of EV/Sales multiples of 6.25x-13.28x and EV/EBITDA multiples of 40.76x-59.85x.

โžก๏ธ Further information on valuation multiples in these sectors is available through the DealMatrix Multiples Platform at https://platform.dealmatrix.com

๐Ÿ”ฅ ๐——๐—ฒ๐—ฎ๐—น ๐—ผ๐—ณ ๐˜๐—ต๐—ฒ ๐—ช๐—ฒ๐—ฒ๐—ธ ๐Ÿ”ฅ  #29: Helsing Series E: European defencetech leader secures $1.8B at $18B valuationHelsing has rais...
20/07/2026

๐Ÿ”ฅ ๐——๐—ฒ๐—ฎ๐—น ๐—ผ๐—ณ ๐˜๐—ต๐—ฒ ๐—ช๐—ฒ๐—ฒ๐—ธ ๐Ÿ”ฅ #29: Helsing Series E: European defencetech leader secures $1.8B at $18B valuation

Helsing has raised USD 1.8 billion in a Series E financing round, valuing the European defence AI company at USD 18 billion post-money.

The round attracted both new and existing investors, including Dragoneer Investment Group, Lightspeed Venture Partners, Disruptive, Iconiq, Growth Equity at Goldman Sachs Alternatives, JPMorganChase, Canada Pension Plan Investment Board (CPP Investments), General Catalyst, Plural, and StepStone.

Investor demand significantly exceeded the available allocation, highlighting strong market confidence in AI-driven and software-defined defence technologies.

๐Ÿ‘ ๐˜Š๐˜ฐ๐˜ฏ๐˜จ๐˜ณ๐˜ข๐˜ต๐˜ถ๐˜ญ๐˜ข๐˜ต๐˜ช๐˜ฐ๐˜ฏ๐˜ด ๐˜ต๐˜ฐ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฆ๐˜ฏ๐˜ต๐˜ช๐˜ณ๐˜ฆ ๐˜ต๐˜ฆ๐˜ข๐˜ฎ!

Helsing operates in the Defence Technology and Artificial Intelligence sectors, developing AI software and autonomous systems for military and national security applications across Europe.

DealMatrix benchmarks (Q1 2026) for Series E artificial intelligence, drones, and data and analytics companies indicate valuation ranges of EV/Sales multiples of 1.82xโ€“3.58x and EV/EBITDA multiples of 9.31xโ€“14.78x.

โžก๏ธ Further information on valuation multiples in these sectors is available through the DealMatrix Multiples Platform at https://platform.dealmatrix.com

๐Ÿ”ฅOur Deal of the Month June/26 is NEURA RoboticsNeura Robotics, a German robotics company specializing in humanoid syste...
01/07/2026

๐Ÿ”ฅOur Deal of the Month June/26 is NEURA Robotics

Neura Robotics, a German robotics company specializing in humanoid systems, has secured a major Series C funding round backed by a mix of leading U.S. technology firms and European industrial investors.

The round, which raised up to $1.4 billion, attracted participation from Tether.io, Qualcomm, Amazon, NVIDIA, Bosch, Schaeffler, and the European Investment Bank (EIB).

According to a person familiar with the transaction, who spoke on condition of anonymity because they were not authorized to discuss the matter publicly, the financing values Neura Robotics at approximately $7 billion. The company declined to comment on its valuation.

๐Ÿ‘ ๐˜Š๐˜ฐ๐˜ฏ๐˜จ๐˜ณ๐˜ข๐˜ต๐˜ถ๐˜ญ๐˜ข๐˜ต๐˜ช๐˜ฐ๐˜ฏ๐˜ด ๐˜ต๐˜ฐ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฆ๐˜ฏ๐˜ต๐˜ช๐˜ณ๐˜ฆ ๐˜ต๐˜ฆ๐˜ข๐˜ฎ!

NEURA Robotics operates in the Robotics, Artificial Intelligence (AI), and Industrial Automation sectors, developing cognitive robots that enable safe and intelligent human-robot collaboration across industrial and service environments.

Given the companyโ€™s current Series C stage, European benchmarks (Q1 2026) for Robotics and AI companies indicate valuation ranges of EV/Sales multiples of 1.54xโ€“3.76x and EV/EBITDA multiples of 10.19xโ€“16.84x.

โžก๏ธ Further information on valuation multiples in these sectors is available through the DealMatrix Platform โ€“ Multiples Database at https://platform.dealmatrix.com

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