PROSION Therapeutics named in Sifted as one of the 'Startups to watch in 2024'
Sifted asked investors to look into their crystal balls and select the companies they think will be the ones to watch in 2024.
It’s been a challenging year in German startup land. VC funding took a nosedive this year, dropping from $12bn in 2022 to $7.3bn as of December 7, and record numbers of startups went insolvent.
At the beginning of October, 238 startups had gone bankrupt in Germany this year, which is more than the number of insolvencies across the whole of 2022.
There were, however, some reasons to be merry. A few companies raised megarounds and three new unicorns were crowned: defence tech startup Helsing, AI-based translation software DeepL, and savings and investment fintech Raisin.
But who could the next stars of the German tech scene be?
Sifted asked investors from HV Capital, Cavalry Ventures, XAnge and La Famiglia to look into their crystal balls and select the companies they think will be the ones to watch in 2024. The catch? The VCs were not allowed to nominate portfolio companies.
Fadwa Ouardani, VC investor at XAnge
XAnge is a French-German fund investing in digital, deeptech and impact startups
PROSION, Cologne
PROSION Therapeutics is targeting complex so-called "undruggable" proteins by bridging the gap between small molecules and biologics. Its first target is ENA/VSP proteins, which are crucial in cell migration and metastasis in aggressive cancers. PROSION’s technology not only allows clinical targeting of these proteins, but also creates molecules that are small, cell membrane-permeable, chemically stable and protected by patent synthesis.