In Leading News From Europe, Middle East & Africa (EMEA), Italian Luxury Fashion Firm Zegna Goes Public In $ 3.1 Billion Deal; Digital health sector in Europe receives additional funding of $ 30 million; venture capital investment in Saudi firms is on the rise; Davos Economic Forum postponed due to travel bans in Israel and Europe; regulators could agree on a cryptocurrency framework in 2022; and more.
Zegna goes public with $ 3.1 billion SPAC deal with Investindustrial
Italian luxury fashion firm Zegna debuted on the New York Stock Exchange under the symbol ZGN after a Special Purpose Acquisition Company (SPAC) deal with European private equity firm Investindustrial which valued the company to $ 3.1 billion. Former UBS CEO Sergio Ermotti leads the Investindustrial team, which struck the deal with Zegna in July.
Europe’s digital health tech sector secures $ 30million in additional funding as UK leads funding
German health tech start-up Formel Skin has secured 30 million euros ($ 33.8 million) in a Series A funding round for its dermatology platform. Led by Paris-based venture capital firm Singular and German investor HealthTech Heal Capital, the round brings the company’s total funding to 36 million euros ($ 40.6 million), making the company the one of the fastest growing healthcare technology companies in Europe.
Venture capital investments in Saudi firms on the rise
B2B e-commerce marketplace Sary has raised $ 75 million in a Series C funding round, seven months after raising $ 30.5 million in a Series B funding round. The latest round of funding, led by Sanabil Investments, backed by the Public Investment Fund, brings the company’s total funding raised to $ 112 million, making it one of Saudi Arabia’s leading venture-backed companies.
Davos Economic Forum postponed; Israel imposes travel bans
The World Economic Forum (WEF) postponed the forum meeting which was scheduled for January 17-21 in Davos, the Swiss mountain resort. This is the second year in a row that it has been postponed. “Despite the meeting’s strict health protocols, the transmissibility of omicron and its impact on travel and mobility made a postponement necessary,” the organization said.
Global regulators could agree on crypto framework in 2022, says BRI’s Benoît Coeuré
Benoît Coeuré, CEO of the Bank for International Settlements (BIS) innovation hub, suggested financial regulators should agree on a global framework for crypto next year after the rapid growth of decentralized finance (Challenge). Conversations about high-level global cryptocurrency and DeFi principles have intensified in recent months.
EU head of home markets says US trade chief is lobbying for big tech
Thierry Breton, the EU’s home markets commissioner, said a senior US official had campaigned on behalf of Big Tech – despite the EU approving a draft rule to reduce the power of US tech companies . This was accompanied by a transatlantic grudge among officials. Breton said US Secretary of Commerce Gina Raimondo was lobbying on behalf of Big Tech.