European Tech Weekly Recap: Helsing's $1.8B, Uber's $14.8B Delivery Hero Deal, and Neko Health's $700M

🇸🇪 Neko Health — $700M Series C at ~$7B valuation (July 15)

Daniel Ek's preventive health body-scanning startup raised $700 million in a Series C at a valuation just under $7 billion. The round was led by Lightspeed Venture Partners and co-led by O.G. Venture Partners (the fund of billionaire Eyal Ofer). Existing investors Atomico, General Catalyst, and Lakestar participated, alongside new backers Liberty City Ventures, Positive Sum, and BDT & MSD. The round also attracted prominent individual investors including Mark Zuckerberg and Priscilla Chan, Maria Sharapova, Claudia Schiffer, and Thierry Henry. The valuation represents roughly a fourfold increase from the $1.7 billion valuation at its Series B in January 2025. Neko Health plans to use the proceeds to expand into the U.S., starting with a flagship clinic in New York City later in 2026, followed by other cities.

🇨🇭 SWISSto12 — $70M Series C (July 16)

The Lausanne-based aerospace company raised $70 million (€61 million) to scale manufacturing of its multi-orbit microGEO satellites and meet growing demand from commercial and sovereign government customers. The company reports more than $500 million in total contracts and generated $140 million in revenue in 2025. The raise follows an $84.8 million award from European Space Agency (ESA) Member States to the HummingSat ARTES partnership project. Investors in SWISSto12 include Swisscom Ventures, UBS, Zürcher Kantonalbank, Venture Kick, and the European Space Agency.

Major M&A & Acquisitions

🇩🇪 Uber acquires Delivery Hero — ~€13B / $14.8B equity value (July 16)

Uber agreed to buy Germany's Delivery Hero at an equity value of approximately €13 billion ($14.8 billion), creating the world's largest mobility and food-delivery platform outside China. Uber offered €41.50 per share in cash. Uber was already Delivery Hero's largest shareholder, holding a direct stake of about 25%. The combined platform will span 99 countries with a combined pro-forma gross merchandise value (GMV) of $236 billion in 2025. The transaction is expected to close in the second half of 2027, pending regulatory approval. To reduce antitrust risk, Delivery Hero separately agreed to sell part of its business covering 14 markets — including the Turkish brand Yemeksepeti — to investment firm SSW Partners for about $1.6 billion.

🇩🇪 SAP acquires Prior Labs — €1B+

SAP's acquisition of Prior Labs (reported as a €1B+ deal) was another notable enterprise AI deal tracked during the week, though precise terms were not independently reverified from primary sources.

🇩🇪 Omio acquires Rail Europe

The Berlin-based travel platform Omio acquired Rail Europe, consolidating rail distribution across the continent.

Investor Moves & Fund News

🇩🇪 Acurio Ventures — €115M secondary market fund

The Berlin-based VC closed a €115 million fund focused on secondary market opportunities in European tech.

Strategic Developments

🇬🇧 Revolut — planned 2027 US bank launch

The UK-based fintech giant confirmed plans to launch a US bank in 2027, expanding its global banking ambitions.

Other Notable Funding Rounds Tracked

The broader weekly tally spanned sectors including defense-tech (Helsing), health tech (Neko Health), space tech and satellite manufacturing (SWISSto12), enterprise AI and SaaS, fintech, climate tech, and mobility.

Macro Themes & Context

The week underscored several macro themes in European tech:

• Defense-tech acceleration — Helsing's record raise, following a $1.2 billion investment in German drone maker Quantum Systems the prior week, reflects surging demand amid geopolitical tensions and a European push for sovereign defense capabilities.
• Health tech boom — Neko Health's rapid valuation growth (4x in 18 months) signals deep investor appetite for AI-driven preventive medicine and full-body scanning.
• Food delivery consolidation — Uber's acquisition of Delivery Hero marks a major reshaping of the global food-delivery landscape, creating a combined platform that spans 99 countries.
• European space manufacturing scaling — SWISSto12's Series C shows growing sovereign appetites for independent satellite infrastructure and multi-orbit capabilities.
• Secondary market liquidity — Acurio's €115 million fund highlights a maturing European VC secondary ecosystem enabling earlier liquidity for startup investors.