Deals and M&As
French energy technology company Schneider Electric has agreed to take over Shelly Group, the Bulgarian maker of smart home and IoT devices, in an all-cash deal that values the company at €1.2 billion. Schneider will pay €70 for every Shelly share it does not already own, 27% above Shelly's reference price of €55.20. Founders Dimitar Dimitrov and Svetlin Todorov together hold about 57% of the company. The voluntary tender offer has a 95% acceptance threshold and needs approval from Bulgaria's Financial Supervision Commission and competition regulators. Closing is expected by the end of Q1 2027.
Prague-based internet infrastructure provider CDN77 has sold a minority stake to CVC Capital Partners. Financial terms were not disclosed, but a source told Reuters the deal values the company at around $1.9 billion (€1.7 billion). Founder and CEO Zdenek Cendra keeps his majority stake and stays on as CEO. Founded in 2011, CDN77 runs a network of more than 230 locations worldwide with 330 Tbps of capacity and has been cash-flow positive for 11 years in a row. The company reportedly targets about $270 million (€250 million) in revenue this year, up from $218 million (€201 million) in 2025.
Romanian-founded FintechOS has secured $28 million (around €26.5 million) in combined equity and debt financing. Bek Ventures, IFC, Cipio Partners and Molten Ventures provided the equity, and Santander CIB added a senior debt facility. FintechOS builds an AI-native layer that helps banks and insurers modernise legacy core systems, and it reached profitability in the first half of 2026. The money will go toward its US expansion, where the business grew 130% over the past year, and toward consolidation in Europe. The company has raised nearly €170 million since it was founded in 2017.
mika, co-founded by Polish entrepreneur Agnieszka Walorska, has raised a €6 million ($6.85M) seed round led by Smedvig Ventures.Wecken & Cie. (through Care4 AG), Keen Venture Partners and Dutch Founders Fund also joined, along with angels including studiVZ co-founders Dennis Bemmann and Michael Brehm. Founded in 2024, mika automates bookkeeping, VAT returns, annual accounts and tax filings for German limited companies, and in-house accountants review what the AI does. The startup now serves more than 750 German GmbHs and UGs, up from 400 at the start of the year, and passed a €1 million annual revenue run rate in July.
Funds & other news
Forty.5 Ventures has closed its debut fund at $30 million to back pre-seed and seed founders in Southeastern Europe. Tickets will range from $200,000 to $1 million, with a focus on vertical AI, fintech, cybersecurity and consumer tech, including gaming, sports, media and creator economy infrastructure. The firm has offices in Belgrade, Los Angeles and Singapore, and its LPs are family offices, angels and operators from Europe, the US and Asia Pacific. Forty.5 was set up in 2020 and has operated as a studio and investor since. Its portfolio already includes qooob, OTLRS, Arena+ and ANDEIM.
The Estonian Defence Forces have signed a three-year cooperation agreement with Archangel, a venture fund founded in 2025 that backs early-stage defence tech founders from the UK, the Baltics and the Nordics. Major Ivo Peets, commander of the EDF's Force Transformation Command, and Archangel founder and managing partner Nicholas Nelson signed the agreement at the ABCD Conference. Under the deal, the two sides will share information and contacts between the military, defence startups and investors. Portfolio companies will also be able to test their solutions in Estonia. Archangel's portfolio includes Kraken Technology Group (uncrewed maritime systems), Labrys Technologies, Project Q, LYSK, Offset Labs and Sky Spy.
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