French recruitment powerhouse Welcome to the Jungle has successfully acquired Otta, the cutting-edge UK-based startup job search platform, specialized in tech job placements. Otta, founded in 2019, boasts an impressive track record, collaborating with renowned companies like Deliveroo, Checkout.com, and Multiverse. Notably, the platform enables job seekers to tailor searches, emphasizing key details like visa sponsorship opportunities.
Welcome to the Jungle’s complete acquisition of Otta signals a strategic move to fortify its foothold in both the European and US recruitment markets. This acquisition, providing an exit for investors including Tiger Global, LocalGlobe, and Paul Forster of Indeed.com, underscores Otta’s significant rise, having raised over $24 million (£19 million) since its inception.
Paris-based Welcome to the Jungle, led by CEO Jérémy Clédat, expressed a shared vision with Otta, emphasizing a future of work driven by powerful matching capabilities and a commitment to disrupting market norms. Otta’s brand will persist post-acquisition, with co-founders Sam Franklin, Theo Margolius, and Xav Kearney remaining integral to the company.
While the acquisition fee remains undisclosed, startup data platform Dealroom estimates Otta’s valuation between $80 million and $120 million. Welcome to the Jungle’s recent $54 million Series C funding round positions them strategically for further growth and innovation in the recruitment sector.
UK Leads in Female Founder VC Funding, Yet Gender Gap Persists
A new report, ‘State of Gender Diversity in European Venture 2024,’ reveals the UK’s remarkable lead in the percentage of venture capital funds invested in startups with female founders. With 16% of VC investment directed towards such startups, the UK outpaces other European nations, except Luxembourg. Denmark follows closely with 15%, excluding Luxembourg.
Despite the gender gap, female founders and fund managers in the UK and Europe exhibited resilience amid challenging economic conditions. The report highlights a substantial increase in funding for European female entrepreneurs, reaching €5.9 billion (£5 billion), marking the third-highest year on record. Of Europe’s 12,000 startups with at least one female founder, half are backed by VCs.
Particularly noteworthy is the surge in funding size for female founders, with Series C funding averaging €80 million (£68.2 million), a 45% increase from 2022. The report underscores the importance of continued support for female entrepreneurs and the untapped potential for innovation driven by these trailblazing women.
Labour’s Fintech Vision: A Cause for Celebration
Labour’s recently unveiled fintech and financial services policies present a noteworthy vision for the sector. The party’s commitment to making the UK the global hub for
fintech is evident in its comprehensive plan focusing on three key areas: maintaining the UK’s status as a fintech leader, reinforcing consumer protections, and fostering innovation.
Key initiatives include broadening the British Business Bank’s remit, establishing a British equivalent of the Tibi scheme, and enhancing regional financial centers. Labour’s approach to consumer protection involves overdue regulation of ‘buy now, pay later’ (BNPL) services and implementing safety standards for AI in financial services.
The party’s emphasis on innovation includes the creation of a ‘Regulatory Innovation Office’ and a steadfast commitment to entrenching open banking, aligning with the evolving landscape. While the announcements receive initial applause, fintech stakeholders will scrutinize the party’s deeds as the election approaches, emphasizing the importance of turning promises into tangible actions.
Former FCA Digital Assets Head Joins CryptoUK
CryptoUK, the prominent British blockchain industry trade association, has enlisted Binu Paul, former head of digital assets at the Financial Conduct Authority (FCA), as an independent consultant. Paul’s wealth of experience, overseeing the FCA’s digital assets regulatory capability and framework during the crypto winter, positions him as a valuable asset for CryptoUK.
With over six years of expertise at the Financial Markets Authority in New Zealand, specializing in fintech and regulatory affairs, Paul’s appointment aligns with CryptoUK’s mission to advance the blockchain industry. As 2024 unfolds, Paul’s role is poised to contribute significantly to the industry’s goals and navigate crucial developments in the crypto and digital asset landscape.
Manageable’s Founder on Navigating Leadership Challenges
Inken Thomas, co-founder and chief product officer at Manageable, shares insights into effective leadership and navigating challenges in a dynamic market. Manageable, founded in 2020, offers a personalized skills development platform for new and mid-level managers, featuring an AI-powered digital companion.
Thomas advocates for a proactive approach for first-time founders, urging them to go to market swiftly to prove product-market fit and embrace agility. Motivating teams revolves around a shared purpose, and Thomas emphasizes the significance of stimulating projects that drive meaningful impact. Her productivity hack underscores the importance of recognizing variable productivity in knowledge work and maintaining a balance between flow states and necessary breaks.
Labour’s Economic Plan: Tech Industry Highlights
Labour Party’s recently unveiled ‘Financing Growth’ report outlines economic policies crucial for supporting British business growth. Key highlights include a revamp of the British Business Bank (BBB) to empower it with a more ambitious and targeted remit, focusing on regional support and matching funding for spinout seed funds.
Labour’s commitment to developing an AI strategy, regulating ‘buy now, pay later’ (BNPL) services, advancing open banking, supporting a digital pound, and evaluating progress in capital markets underscores the party’s tech-forward approach. The report aligns with Labour’s vision of making the UK a leader in fintech, emphasizing clear standards, consumer protection, and innovation in the financial sector.
