The Rundown: Edition 25 – Cleantech, Spotify Wrapped and the illusion of choice
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British VCs outperform US counterparts
A new report from the British Business Bank analysing VC funds launched between 2020 and 2023 found that UK-based funds delivered a total value-to-paid-in capital (TVPI) of 1.22, compared to US-based funds delivering 1.14. UKTN
BoE warns that the AI bubble is fuelled by debt
The Bank of England has warned that an estimated $5 trillion in AI investment over the next 5 years is underpinned by debt, which could heighten the risk of a financial crash. Times
UK ministers consider tougher laws on AI chatbots
Technology Secretary Liz Kendall has shared her concerns with MPs about children developing unhealthy relationships with generative AI chatbots. The move follows concerns that Ofcom, which regulates “user-to-user services”, does not fully cover some big platforms. FT
Anthropic hires lawyers in bid to up IPO prep
Anthropic has ramped up its US IPO preparations, hiring law firm Wilson Sonsini to start the process. This comes after reports that rival OpenAI is also scoping out plans to IPO. TechCrunch
Payments startup Sokin raises $50m Series B
UK fintech business Sokin is valued at $300 million following its Series B funding round led by Prysm Capital, with participation from Watershed Ventures, Morgan Stanley Expansion Capital and Aurum Partners. Tech Funding News
Spark Cleantech closes €30m Series A round
Paris-based Spark Cleantech, which focuses on decarbonising heavy industries, has announced a new funding round led by 360 Capital and Taranis, with additional investment from the Île-de-France Reindustrialisation Fund and Asterion Ventures. Tech.EU
London’s Expedition Growth Capital raises €323 million fund
Expedition Growth Capital has announced its Fund III, which was completed in four months, with more than half of commitments from US investors. It will invest in European software companies without venture capital. EU-Startups
Searchable secures $4m Seed funding
Searchable, a London-based startup that works with brands to improve visibility in the age of AI search engines, has announced its Seed funding round, led by Freestyle VC. UKTN
“We confuse social welfare policy with technology policy”
Duncan Johnson, CEO of Northern Gritstone, warned that the government’s approach to technology could undermine the nation’s ability to establish an innovative economy that can compete on the global stage. Times
Scotland at the forefront of the space race
Volodymyr Levykin, CEO and Founder of Skyrora, believes the European space sector is “at an inflection point” and Scotland is well positioned to emerge as a winner thanks to its rich history in aerospace, engineering, and innovation. The Scotsman
Does Lovable not love tax?
The Swedish unicorn is facing questions over its VAT payments. Gareth Kobrin, CEO of Yonda, said this wasn’t “uncommon” as nearly 70% of firms operating in the EU within the same space don’t comply with VAT laws. Sifted
AI in the Global South
Kate Kallot, CEO and Founder of Amini, has been named a TIME100 Impact Awards winner. The Nairobi-based AI company collects data and trains local models to forecast crop yields, detect climate risks, and strengthen resilience in regions that were previously invisible within the global data ecosystem. TIME
How business schools might help solve geopolitical tensions
The skills taught in business schools could be useful to shape diplomatic efforts between Ukraine and Russia, according to Guido Stein, Professor and Director of the Negotiation Unit at IESE Business School, and Marco Jodar, Captain in the Spanish Air Force. Resilience
Perhaps choice is a myth, and the illusion of choice is real. WIRED’s Steven Levy recently wrote that “there is only one AI company”, arguing that the partnerships and deals being forged by Nvidia, OpenAI, Google, and Microsoft are creating a “blob”. This – to put it mildly – deep interconnectedness means that users aren’t really able to pick between providers. Not only are our options limited, but it also adds intense pressure on the infrastructure that powers AI. Remember when the internet stopped working two months ago following an outage at AWS, which took everything from smart beds to banks offline? Stephen Kelly, CEO of Cirata, asked an important question: “How many warning signs do we need?” Maybe codependence isn’t a good thing after all. Clearly, we love a bit of Friday existentialism.
It’s been an exciting week for music, thanks to Spotify Wrapped telling you your listening age – The Rundown “knows” some 18, 61 and 90-year-olds – but it’s not all been fun and games. Some people have spoken out against the use of AI in the music industry, including Jorja Smith’s record label, which now wants a share of the royalties for a song it claims was made with an AI clone of the singer’s vocals. Even though C.J. Farley thinks it’s “time to rage against the AI music machine”, this is not a universally-held view. AI-generated music has previously topped the charts, and the future of country music appears to be AI, with “newcomer” Breaking Rust garnering 3 million streams on Spotify in under a month. Then, there’s the case of Warner Music Group (WMG) starting an AI music venture with technology startup Suno, a year after it sued the firm. Who knows if the artists at the top of our Spotify Wrapped 2026 will even be people at all…
If your Spotify Wrapped numbers were astronomically high and had you questioning your screentime, look no further: Cat Goetze (aka CatGPT) has launched Physical Phones. As a way to reduce her screentime but remain connected – albeit in a more low-tech way – Physical Phones was born, and the devices don’t even require a new number or a phone line. Apparently, there is a market for nostalgia and disconnecting in the modern age, with Goetze’s project passing $120,000 in sales in its first three days. While more traditional, many parents are getting their kids a Tin Can landline, rather than a mobile phone or tablet, so they can connect with friends without social media.