Observed Signal · Nov 2, 2022 · Funding · Source: Trending Topics · Impact: 2/5 · Sentiment: Negative
Dried-Up VC Market: Real Entrepreneurs Don't Care About Valuations
At the Web Summit in Lisbon, Checkout.com founder Guillaume Pousaz and Bolt founder Markus Villig discussed the deteriorating venture capital environment in Europe. Pousaz said the fundraising landscape has completely changed, noting that raising millions with a PDF is no longer possible after the 2021 hype cycle. Checkout.com reached a $40 billion valuation in early 2022, while Bolt was valued at €7.4 billion. Pousaz said he focuses on revenue and margins rather than valuations, acknowledging that multiples have declined. Villig said only large, cost-efficient companies will survive the consolidation in the mobility sector, and expects Bolt to return to profitability the following year. Both companies raised significant funding in early 2022, giving them runway, but Villig does not expect large funding rounds in 2023. Estonia's inflation above 20 percent is pressuring consumer spending.
High-profile European founders (Checkout.com, Bolt) publicly signal a severe VC funding winter, which affects fundraising conditions for tech and adtech startups across Europe.
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Key Takeaways & Evidence Grounding
- Checkout.com founder Guillaume Pousaz said the fundraising landscape has completely changed and raising millions with a PDF is over.
- Checkout.com was valued at $40 billion and Bolt at €7.4 billion in early 2022.
- Bolt raised €628 million in early 2022 to secure its runway.
- Estonia's inflation is above 20 percent, pressuring consumer spending.
- Markus Villig said Bolt expects to be profitable again in 2023 and does not count on large new funding rounds.
Connected Companies & Entities
2 Entities mapped“Checkout.com founder Guillaume Pousaz's payment company reached a $40 billion valuation in early 2022 and processes hundreds of billions of ...”
“Bolt founder Markus Villig's mobility platform is valued at €7.4 billion and combines carsharing, e-scooters, taxis, and food delivery in on...”
Ontology Mapping & Concepts
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Endeavor Catalyst launches $320M Fund V, doubles down on Europe
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Checkout.com annualised net revenue hits $750M
Payments provider Checkout.com announced that its annualised net revenue jumped 28% year-on-year to $750 million, attributing growth to increased payment volume and geographical expansion. The company, valued at $12 billion, expects to achieve $150 million in adjusted EBITDA profit for 2026, having turned profitable in 2024. Checkout.com operates across 56 countries with 10 acquiring licences and projected payment volume of $480 billion for full-year 2026. The company also plans to expand its money management offering and accelerate its AI strategy in agentic commerce and payments. Additionally, it disclosed an internal $40 million dividend from subsidiary Checkout Limited to the parent, which it clarifies is a treasury transaction, not shareholder distribution. Chief Revenue Officer Antoine Nougué emphasized that sustained profitability enables investment in AI to help merchants generate revenue. The company employs 1,700 people.
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