Pathfounders

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Pathfounders is a fresh, new tech media brand offering informed reporting, analysis, and opinion on the top tech startups and VC firms across Europe, and their bridges to Silicon Valley. We’ll also look at the wider, under-reported, international tech startup ecosystem, from the Middle East, to Africa, Asia, and Latin America. Pathfounders will use its network to tell you what the mood and gossip are in London, Paris, Stockholm, Barcelona, and Berlin. From Ireland to Istanbul; from Oslo to Malta, to MENA. Pathfounders will profile and interrogate the new wave of startups, products, and services, many of them based on generative AI. Edited by Mike Butcher, it will also feature contributions from a network of European and global journalists, analysts, and guest writers. Source

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Scope National
Language English
Country United Kingdom
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Internal AI usage has given health insurer Alan an AI company valuation

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By Mike Butcher Verified
| Pathfounders Verified
French health insurance startup Alan is raising €480 million in a round led by Prosus, valuing the company at €5.5 billion, reports the FT. That makes it Europe’s biggest non-AI startup financing so far this year. But while it may not be an AI company, its use of AI is giving it an AI-style valuation. Alan has 1.1 million members, is profitable in France only, and expects to surpass €1 billion ARR by the end of 2026. First-quarter ARR reached €800 million, up 53% year-on-year.
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Britain’s startups and investors have a warning for the next Chancellor

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By Mike Butcher Verified
| Pathfounders Verified
The resignation of UK Prime Minister Keir Starmer has blown open British politics, with the only-just-elected Andy Burnham now the clear frontrunner to enter Downing Street. But for the UK tech industry, the bigger question may not be who becomes Prime Minister, but who gets the keys to the Treasury.
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Astral Systems lands £23M to scale up novel approach to fusion reactors

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By Mike Butcher Verified
| Pathfounders Verified
Last year, I covered Bristol UK-based Astral Systems, wondering if its compact nuclear reactors could revolutionise cancer detection by scaling up the production of isotopes used in treatments, and perhaps go further. Fast-forward a year, and the firm has hit a £23M first close of its Series A funding round, making it one of the largest hard-tech/deep-tech rounds raised outside London and potentially positioning Astral as the UK’s biggest nuclear fusion tech scale-up.
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Tsuga raises $35M Series A as AI strains legacy observability platforms

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By Mike Butcher Verified
| Pathfounders Verified
France-based Tsuga has raised a $35 million Series A to scale its AI-native observability platform, as enterprises face rising telemetry costs, shrinking budgets and more complex AI workloads. The round was led by Singular, with participation from General Catalyst, DST Global and QuantumLight. Picus and Databricks Ventures also joined. Singular and General Catalyst previously backed Tsuga’s $10 million seed round in December 2025.
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Join our next events in London and Berlin

| Pathfounders Verified
The Anthropic export ban has ignited debate amongst European founders and investors. Are we about to lose access to the most cutting-edge US foundational AI models? It's time to unpack the implications for funders and investors. ​Too few people fully understand the implications of "sovereign AI" and the technologies surrounding it, especially if entrepreneurs and investors want to build in this space.
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Seedcamp raises $320M as Europe’s original seed fund pushes past $1B AUM

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By Mike Butcher Verified
| Pathfounders Verified
Seedcamp has raised $320 million across two new funds, giving the London-born early-stage investor fresh firepower to back European founders from day one, and continue as they sccale. The raise is split between a $220 million Core fund, Seedcamp VII, focused on first-cheque investments, and a $100 million Select fund designed to follow on into portfolio companies through Series B and beyond. Founded in 2007 with a $2.5 million first fund, Seedcamp now manages more than $1 billion in assets.
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Pathfounders Newsletter: Some VCs preen themselves over Cusp AI; Join our events in London & Berlin

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By Mike Butcher Verified
| Pathfounders Verified
*Get Pathfounders journalism via WhatsApp* Join our next events: LONDON: The Sovereign AI Race Is On: What are the opportunities for founders and investors? July 16, 6:00 PM - 9:00 PM Speakers include: ​• James Wise, Partner at Balderton Capital ​• Ben Peters, Co-Founder and CEO of Cogna ​• Vaysh Kewada, Co-Founder and CEO of Salience Labs ​• Carlos Munoz Ferrandis - Co-founder & COO at Alinia AI BERLIN: Is infrastructure the hot new space for startups?
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AVP and Earlybird target €500m for European defence growth fund

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By Mike Butcher Verified
| Pathfounders Verified
European VCs AVP and Earlybird have teamed up to launch what they dub “E2D”, a growth-stage defence and dual-use technology fund targeting the creation of a €500 million fund. The Franco-German venture will invest across space, air, land, maritime and subsurface technologies, backing both defence-native companies and businesses selling into military and commercial markets.
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VCs, founders and 'role models' launch initiative to ignite new culture of ambition in UK

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By Mike Butcher Verified
| Pathfounders Verified
Venture capitalist Pippa Lamb and HelloFresh co-founder Hamish Shephard have launched Project Ambition, a campaign aimed at, they say, literally encouraging the cultural ‘vibe’ of ambition in Britain’s young people. The move follows another initiative launched by FirstMinute Capital founders Brent Hoberman, dubbed Enterprise Britain, which has garnered support from the usual suspects and captains of industry.
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Prism tool shows developers the carbon impact of AI as they code

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By Mike Butcher Verified
| Pathfounders Verified
Digital product studio ustwo and the University of Bristol have launched Prism, an open-source plug-in that estimates the carbon emissions generated by developers’ use of AI tools. The tool is being promoted by the Green Software Foundation community. The plug-in sits inside a developer’s integrated development environment (IDE) and its makers claim it can provide real-time, directional estimates of the energy and carbon associated with AI interactions.
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Pathfounders Journalists

Butcher, Mike
Isaacs, Amelia