Multiverse Computing is the leader in quantum-inspired AI model compression. The company’s deep expertise in quantum software and AI led to the development of CompactifAI, a revolutionary compressor that reduces LLM size by up to 95% with only 2–3% precision loss. These models drastically lower computing requirements and open new use cases for AI across industries. Headquartered in Donostia, Spain, with offices across Europe, the US, and Canada, Multiverse won DigitalEurope’s 2024 Future Unicorn award and was recognized by CB Insights as one of the Top 100 Most Promising AI Companies in 2025. With over 160 patents and 100 customers globally, including Iberdrola, Bosch, and the Bank of Canada, Multiverse Computing has raised approximately $250 million to date. For more, visit multiversecomputing.com.
The Series B will be led by Bullhound Capital with the support of world-class investors such as HP Tech Ventures, SETT, Forgepoint Capital International, CDP Venture Capital, Santander Climate VC, Toshiba and Capital Riesgo de Euskadi – Grupo SPRI. The company has brought on widespread support for this push with a range of international and strategic investors. The investment will accelerate widespread adoption to address the massive costs prohibiting the roll out of large language models (LLMs), revolutionizing the $106.03 billion AI inference market.
LLMs typically run on specialized, cloud-based infrastructure that drive up data center costs. Traditional compression techniques —quantization and pruning—aim to address these challenges, but their resulting models significantly underperform original LLMs. With the development of CompactifAI, Multiverse discovered a new approach. CompactifAI models are highly-compressed versions of leading open source LLMs that retain original accuracy, are 4x-12x faster and yield a 50%-80% reduction in inference costs. These compressed, affordable, energy-efficient models can run on the cloud, on private data centers or -in the case of ultra compressed LLMs- directly on devices such as PCs, phones, cars, drones and even Raspberry PI.
“The prevailing wisdom is that shrinking LLMs comes at a cost. Multiverse is changing that,” said Enrique Lizaso Olmos, Founder and CEO of Multiverse Computing. “What started as a breakthrough in model compression quickly proved transformative—unlocking new efficiencies in AI deployment and earning rapid adoption for its ability to radically reduce the hardware requirements for running AI models. With a unique syndicate of expert and strategic global investors on board, and Bullhound Capital as lead investor, we can now further advance our laser-focused delivery of compressed AI models that offer outstanding performance with minimal infrastructure.”
CompactifAI was developed using Tensor Networks, a quantum-inspired approach to simplifying neural networks. This specialized field of study was pioneered by Román Orús, Co-Founder and Chief Scientific Officer at Multiverse. “For the first time in history, we are able to profile the inner workings of a neural network to eliminate billions of spurious correlations and truly optimize all sorts of AI models,” said Orús. Compressed versions of top Llama, DeepSeek, and Mistral models are available now, with additional models to follow.
Per Roman, Co-founder and Managing Partner at Bullhound Capital, said: “Multiverse’s CompactifAI introduces material changes to AI processing that address the global need for greater efficiency, and their ingenuity is accelerating European sovereignty. Román Orús has convinced us that he and his team of engineers are developing truly world-class solutions in this highly complex and compute-intensive field. Enrique Lizaso is the perfect CEO to rapidly scale the business in the global race for AI dominance. I’m also pleased to see so many high-profile investors, such as HP and Forgepoint, join the round. We welcome their participation.”
Tuan Tran, President of Technology and Innovation, HP Inc. commented: “At HP, we are dedicated to leading the future of work by providing solutions that drive business growth and enhance professional fulfillment. Our investment in Multiverse Computing supports this ambition. By making AI applications more accessible at the edge, Multiverse’s innovative approach has the potential to bring AI benefits of enhanced performance, personalization, privacy and cost efficiency to life for companies of any size.”
Bullhound Capital invested through GP Bullhound Fund VI, which also includes late-stage ventures such as Q-CTRL, LeoLabs, EcoVadis, CoverManager, Mentimeter, Sesame HR and Sanity. The investment was supported by:
- The LFF 2 Initiative – a partnership between the Société Nationale de Crédit et d’Investissement (SNCI) and the European Investment Fund (EIF), aimed at financing innovation in Luxembourg.
- The European Investment Fund (EIF) – with capital from the GFF – EIF Growth Facility, including matching contributions from both the ERP and EIF.
About Multiverse Computing
Multiverse Computing is the leader in quantum-inspired AI model compression. The company’s deep expertise in quantum software and AI led to the development of CompactifAI, a revolutionary compressor that reduces LLM size by up to 95% with only 2–3% precision loss. These models drastically lower computing requirements and open new use cases for AI across industries. Headquartered in Donostia, Spain, with offices across Europe, the US, and Canada, Multiverse won DigitalEurope’s 2024 Future Unicorn award and was recognized by CB Insights as one of the Top 100 Most Promising AI Companies in 2025. With over 160 patents and 100 customers globally, including Iberdrola, Bosch, and the Bank of Canada, Multiverse Computing has raised approximately $250 million to date. For more, visit multiversecomputing.com.
About Bullhound Capital
Bullhound Capital is the investment management arm of GP Bullhound, partnering with founders building category-leading technology companies. Launched in 2008 with over €1 billion deployed, it has invested in global leaders such as Spotify, Klarna, Revolut, Slack, Unity, ConnexAI, and EcoVadis. With 13 offices worldwide, its platform delivers hands-on, founder-focused support across strategy, growth, and execution. From quantum to entertainment, Bullhound Capital backs global leaders applying artificial intelligence to solve real-world problems.
For inquiries, please contact:
Press inquiries: press@bullhound.com
In collaboration with Paddle, we surveyed over 100 European SaaS companies, ranging from early-stage ventures to late-stage growth. The report evaluates key performance metrics including growth, revenue retention, and operational efficiency, which are critical to navigating the current market environment.
The report also explores public market valuations, M&A trends and fundraising activity in the European SaaS sector. It includes a detailed review of deal activity, highlighting quarterly trends and providing country-specific analysis.
Alexis Scorer, Partner at GP Bullhound, commented: “This year’s survey demonstrates encouraging progress across the European SaaS sector, with companies displaying continued improvements in gross margins, operational efficiency, and overall profitability. Nearly half of companies surveyed are now EBITDA positive, highlighting the continued emphasis on capital efficient growth. Despite subdued fundraising volumes, an increase in larger private placements and increasing M&A activity underscores the sector’s adaptability and resilience. With Public market SaaS valuations now above the three-year average and a renewed focus on profitable growth, the industry is well-positioned to benefit from an improving Macroeconomic environment in 2025.”
GP Bullhound European SaaS survey key takeaways
- Growth rates remain stable for late-stage SaaS. Despite a slight overall decrease in growth in 2023 across the cohort surveyed, growth rates for the €50m+ ARR companies are broadly in line with the previous year.
- Continued improvement in operational efficiency. ARR per FTE is approaching €150k for growth-stage companies and remains significantly above 2021 levels for €50m+ ARR companies, despite a slight reduction from last year.
- Stable year-on-year Net Revenue Retention of 110%. Median Net Revenue Retention was 110% – 112% in 2023 for companies surveyed, nearly identical to rates these companies exhibited in 2022.
- Broad improvements in Gross Margin year-on-year. All ARR cohort groups saw improvements in gross margin ranging from 1% – 7%, reversing the trend highlighted in last year’s survey.
- Nearly half of all SaaS companies surveyed are now profitable. Continued improvements in profitability, with 44% of all companies now EBITDA positive, compared with ~33% in last year’s report.
Public Market European SaaS
- SaaS valuations have increased above the 3-year mean. Average European SaaS valuations are trading at 6.7x, above the 3-year average of 5.4x.
- Growing emphasis on profitable growth. Correlation between public market valuations for the European SaaS index and Rule of 40 performance has increased significantly, with a renewed emphasis on growth versus last year.
- US vs EU SaaS valuation gap diverging again. Following a recent period of convergence between public US and European SaaS valuations, listed US SaaS companies are now valued at a 20%-40% premium over their European counterparts.
European SaaS Deal Activity
- Resilient M&A volume in 2024 YTD. Strong M&A activity in the YTD period signals early stages of recovery following several quarters of consecutive growth.
- Growing proportion of larger late-stage fundraisings. Whilst fundraising activity remains muted, deal value has begun to recover with a notable increase in the proportion of $250m+ transactions in 2024 YTD.
Enquiries
For any enquiries, please contact:
Alexis Scorer, Partner, at alexis.scorer@gpbullhound.com
For press inquiries, contact: press@gpbullhound.com.
About GP Bullhound
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999 in London and Menlo Park, the firm today has 13 offices spanning Europe, US and Asia. For more information, please visit www.gpbullhound.com.
For more than 20 years, RavenPack has been a cornerstone for some of the world’s largest institutional investors, with its data and analytical solutions utilised by the most successful hedge funds and banks. The new funding will be used to bring Bigdata to market, further enhancing its capabilities.
Bigdata, available in private beta to select users this summer, is set to transform decision-making for financial professionals by offering instantaneous insights and analytics grounded in quality sources. By leveraging real-time data sets and global economic trends, Bigdata ensures users receive the most current market insights while emphasising high-quality data to minimise the risk of hallucinations and provide trusted information for reliable and accurate decision-making.
Per Roman, Founder and Managing Partner at GP Bullhound, stated: “The evolution of technology has brought us through several transformative waves, culminating in the current convergence of data and computing power that heralds the fourth wave of software innovation, with AI at its core. Our investment in RavenPack aligns with our philosophy of supporting founders who are at the helm of new technological waves. We are confident that RavenPack is poised to lead the charge in this new era of financial data analytics with the upcoming launch of Bigdata.com”
Armando Gonzalez, CEO and Co-Founder of RavenPack, added: “This investment marks a pivotal moment for RavenPack. With the support of GP Bullhound, we are set to bring our most advanced solution to the market, setting a new standard in the financial services industry. Financial professionals want to tap into the tremendous power of AI, but current chatbots have yet to fully meet their evolving needs. Bigdata.com aims to change that by empowering its users with real-time trusted data, providing a gateway to instant knowledge and confident decision-making for an eager market.”
GP Bullhound is investing in RavenPack through its DoubleDown I (DD1) fund, which also includes late-stage ventures such as ConnexOne, Playtomic, and HackerOne. By strategically investing in the AI-led software revolution, GP Bullhound focuses on the sustained growth of software by backing category leaders in the later stages of venture. The investment was made with participation from the European Investment Bank (EIB) Group.
For inquiries, please contact:
Per Roman, Managing Partner, per.roman@gpbullhound.com
Alon Kuperman, Partner, alon.kuperman@gpbullhound.com
Press inquiries: press@gpbullhound.com
About RavenPack
RavenPack is a leading provider of data analytics and insights for financial institutions. Specialising in transforming unstructured data into actionable intelligence, RavenPack utilises advanced natural language processing and machine learning techniques to analyse vast amounts of news, social media, and other textual content. Their products help clients improve investment performance, manage risks, and uncover market opportunities. Trusted by hedge funds, banks, and asset managers worldwide, RavenPack’s innovative solutions support data-driven decision-making in the fast-paced world of finance. https://www.ravenpack.com/ https://bigdata.com
About The European Investment Bank (EIB)
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It provides finance and expertise for projects that contribute to EU objectives. The EIB Group works closely with public and private-sector partners to support sustainable investment, job creation, economic growth and innovation across Europe.
About The European Investment Fund (EIF)
The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe’s micro, small and medium-sized enterprises (SMEs) by helping them to access finance. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, the EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth and employment.
About GP Bullhound
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999 in London and Menlo Park, the firm today has 12 offices spanning Europe, the US, and Asia. For more information, please visit www.gpbullhound.com.
Established in 2015, the Valencia-based HR software company, Sesame, has rapidly grown to serve over 8,000 customers, with its platform reaching more than 300,000 users. The platform empowers companies to digitise routine HR tasks, from time management and core HR administration to performance and engagement. It leverages artificial intelligence to gain deeper employee insights and craft bespoke work experiences.
“Thanks to the investment from GP Bullhound, we’re empowered to propel our vision of redefining employee management with cutting-edge technology,” said Albert Soriano, Founder of Sesame. “This partnership enables us to accelerate our product development and expand geographically, ensuring that businesses everywhere can benefit from our sophisticated, AI-driven solutions.”
Per Roman, Founder and Managing Partner at GP Bullhound, stated, “At GP Bullhound, we strategically invest in the AI-led software revolution, focusing on the sustained growth of software by backing category leaders in the later stages of venture. Sesame is a prime example of our focus, with its innovative HR technology set to revolutionise the way businesses worldwide interact with their employees, and we are excited to support their product and international expansion.”
This capital injection allows Sesame to develop new software features, launch new verticals, and accelerate its international expansion. The funding round also includes contributions from PSG.
For enquiries, please contact:
Joakim Dal, Partner, joakim.dal@gpbullhound.com
Carlos de la Esperanza, Principal, carlos.delaesperanza@gpbullhound.com
About Sesame HR
Sesame HR is the HR software focused on redefining the employee experience. It digitises routine HR processes so that managers and HR professionals can put talent, career development, and team wellbeing at the heart of growing their business and building a successful corporate culture. They currently have more than 8,000 customers and 300,000 users in more than 30 countries in Europe, the United States, and Latin America. https://www.sesamehr.com
About GP Bullhound
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999 in London and Menlo Park, the firm today has 12 offices spanning Europe, the US and Asia. For more information, please visit www.gpbullhound.com.
Established in 2015, the Valencia-based HR software company, Sesame, Sesame is the HR software focused on redefining the employee experience. It digitises routine HR processes so that managers and HR professionals can put talent, career development, and team wellbeing at the heart of growing their business and building a successful corporate culture. They currently have more than 8,000 customers and 300,000 users in more than 30 countries in Europe, the United States, and Latin America.
We guide SaaS founders, CEOs and investors on how to navigate market challenges while highlighting the performance indicators of companies most likely to emerge stronger.
We surveyed over 100 SaaS companies across Europe in partnership with HSBC Innovation Banking, from startups to late-stage scaleups. We analyse the trends and compare key metrics including growth, headcount productivity and revenue retention, which are critical to navigating the current environment.
The report also explores public market valuations, M&A and fundraising in European SaaS, including the quarterly evolution of deal activity along with a country-specific breakdown of what’s trending.
Alexis Scorer, Partner at GP Bullhound, commented: “The focus on capital efficient growth highlighted in last year’s report has been evidenced by this year’s survey, indicating broad improvements in operational efficiency across the European SaaS sector. Despite the continued decline in SaaS fundraising volumes, M&A activity has proved resilient and remains well above pre-pandemic levels for European SaaS.”
European SaaS survey – key takeaways
- Median ARR growth for SaaS companies with over €25m ARR declined from 44% in 2021 to 27% in 2022
- Significant increase in ARR per FTE to €124k; average grows by 30% vs last year’s report
- Slight improvement in Net Revenue Retention from 104% to 105% YoY
- Median gross margins fell from 80% in last year’s report to 75% this year
- Over a third of companies surveyed now profitable and c.40% of cohorts with ARR growth below 60% are profitable
European SaaS deal activity – key takeaways
- Despite the decline in fundraising volume since the Q2 2022 peak, total funds raised are above pre-Covid levels $4bn–$5bn per quarter
- SaaS M&A activity remains resilient with 178 transactions per quarter 2023 YTD, 30% above 3-year average
European SaaS public market – key takeaways
- Valuation gap between public US and European SaaS companies stabilised in 2023
- Revenue multiples for listed European SaaS companies recovering from c.4.3x at the start of the year to 4.8x in October
Multiples for listed SaaS companies reboundin
Enquiries
For any enquiries, please contact:
Alexis Scorer, Partner, at alexis.scorer@gpbullhound.com
About GP Bullhound
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s entrepreneurs and founders. Founded in 1999 in London and Menlo Park, the firm today has 14 offices spanning Europe, the US and Asia.
Founded in Sevilla in 2015, CoverManager has developed an end-to-end software suite for booking management, aggregating all online and offline channels into a single dashboard, automating bookings, and optimising table use. The platform was developed hand in hand with demanding high-end restaurants, and has a vast range of functionalities and customisation options, including features such as rider management, a fully-fledged CRM tool, and the recently launched “payments-at-the-table” selection.
After rapidly becoming the leading platform in Spain, the company has now entered new markets where there is large room for booking digitalisation, in regions such as Italy, Portugal, Greece, and Latin America. CoverManager also recently completed the acquisition of Seatris in Germany, launching their operations in the DACH region. During 2022, CoverManager has doubled its ARR while maintaining highly profitable EBITDA levels, as it currently serves over 8,000 restaurants.
José Antonio Pérez Moral, Co-founder and CEO, commented: “We are thrilled to welcome GP Bullhound to join us in our journey of building the global technology standard for the hospitality industry, helping restaurants and venues improve their profitability and be closer to their customers.”
Per Roman, Co-founder and Managing Partner at GP Bullhound, commented: “We were astounded by the power and the depth of CoverManager’s software, which made us understand their rapid success in Spain. We are excited to join José Antonio and the CoverManager team as they internationalise the platform and become a global leader.”
GP Bullhound invested through Fund VI. Other recent software investments include Connex One, Typeform, HackerOne, Ecovadis, and Causalens, among many others.
Enquiries
For enquiries, please contact:
Carlos de la Esperanza, Principal, at carlos.delaesperanza@gpbullhound.com
About GP Bullhound
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999 in London and Menlo Park, the firm today has 12 offices spanning Europe, the US and Asia. For more information, please visit www.gpbullhound.com.
Puente Romano, Marbella, Spain
NOBODY Highlights 2023
Click below to check out some of the best NOBODY 2023 moments!
24 & 25 May 2023
Thank you for joining us at NOBODY 2023 and creating such an unforgettable experience!
I think we all made some wonderful new connections, and we are very grateful for the energy, inspiration, passion and kindness you have shared.
Thank you for participating, sharing your knowledge and being inclusive.
It was incredible seeing you all!
For any enquiries, please contact Nobody@gpbullhound.com