Music:
Speaker0: Welcome to This Month in German, Swiss and Austrian Startups May 2025.
Speaker0: Welcome to our regular startup news from the German-speaking tech and entrepreneurship
Speaker0: scenes in Germany, Austria and Switzerland.
Speaker0: Our startup news is recorded with Chris. Hey, how you doing, man?
Speaker1: Yeah, happy Memorial Day. Summer is kicking off, not weather-wise yet,
Speaker1: but otherwise, everyone here in New York is very ready.
Speaker0: As we said, you are in New York. I'm joining from Frankfurt.
Speaker0: Today's news cut is the 23rd of May due to our travels.
Speaker0: As always, all news not yet included will be included in our next news wrap-up,
Speaker0: published before Independence Day for our American audience, July 3rd.
Speaker0: The next news wrap-up after this will be after the summer break on September
Speaker0: 1st with the wrap-up of everything that was going on in July and August.
Speaker0: We needed to cut our news seriously again. So we have a brief news overview here for you.
Speaker0: We'll have news pieces on our blog that we did not cover. Otherwise,
Speaker0: the news would stretch way too long.
Speaker0: This time we went through almost 400 pieces for new.
Speaker0: A little disclaimer here. I got up this morning. I was so tired,
Speaker0: mostly due to travel. I was not forming complete sentences in my mother tongue.
Speaker0: Now it's past 9 p.m., 21 o'clock. And we're just recording this.
Speaker0: So please cut me some slack here, okay?
Speaker0: Let's go into our highlights. May 2025 delivered another high-octane month in
Speaker0: the German-Swiss and Austrian startup ecosystem with breakthrough funding rounds,
Speaker0: transformational M&A activities,
Speaker0: and new unicorns reshaping the European innovation landscape.
Speaker0: Berlin-Paste Paloa reached unicorn status after securing $120 million in CRC funding,
Speaker0: cementing its position as leader in agentic AI-powered customer service,
Speaker0: meaning AI agents for customer service.
Speaker0: This is the second unicorn coined in Germany in 2025.
Speaker0: Meanwhile, Munich's Quantum Systems raised 160 million euros to expand its AI
Speaker0: drone platform, pushing closer to aerial intelligence dominance in Europe.
Speaker0: In another major shakeup of the mobility tech sector.
Speaker0: US-based ride-hailing app Lyft acquired free now for 175 million euros.
Speaker0: Signaling aggressive ride-hailing expansion in Germany, France, and Spain.
Speaker0: On the legal front, CureVac scored a partial victory in its high-profile mRNA
Speaker0: battle with BioNTech, a development that could redefine biotech IP strategy
Speaker0: across the European Union.
Speaker0: Talking about the European Union here, they made headlines with 1.3 billion
Speaker0: euro investment push into generative AI and cybersecurity infrastructure.
Speaker0: And the European Investment Bank, EIB, committed a staggering 70 billion,
Speaker0: yes, billion would be, push in fresh startup capital through 2027.
Speaker0: Both moves to close the transatlantic funding gap.
Speaker0: On the home front, Austria launched a $1 billion fund-of-fund to boost domestic
Speaker0: venture capital deployment, and Germany posted a modest GDP growth and an uptick
Speaker0: in the IFO Business Climate Index,
Speaker0: signaling cautious economic recovery.
Speaker0: Across sectors, standard moments, including Climework's workforce cut amid climate
Speaker0: tech recalibration, new cynicons like Vivid and ESA Aerospace.
Speaker0: And major acquisition from Knows' 15 million Web3 buyout in Asia to fiscally
Speaker0: consolidating play in Germany's fiscal tech to commode strategic sale in the
Speaker0: digital navigation space.
Speaker0: Startup Radio continues to deliver exclusive startup news, founder stories,
Speaker0: and VC insights from the Dach region, making this the number one startup podcast
Speaker0: for decision makers in the European tech and innovation ecosystem.
Speaker0: On a little bit more informal note, the day of publication is celebrated as
Speaker0: a session of Christ on May 29th, 2025.
Speaker0: It's also Father's Day here in Germany, so happy Father's Day to all fathers out there.
Speaker0: Chris likes it. If you travel to Germany or do business, we still have some upcoming holidays.
Speaker0: Corpus Christi on June 19th. So you should not expect most people to be back
Speaker0: at the following Friday.
Speaker0: And there is also a Monday of Whit Monday on June 6th. So plan accordingly.
Speaker0: Give us feedback. Let us know who you are and what you do.
Speaker0: Give us feedback on what we do and what we could do better. Happy to hear from
Speaker0: each and every one of you guys down here. There's a link to Google Forms.
Speaker0: We are also introducing the Founders Vote.
Speaker0: We're thrilled to introduce the Founders Vault, a brand new premium series from
Speaker0: Startup Radio, soon live on Substack and or YouTube.
Speaker0: This curated format gives you insider access to deep dive conversations with
Speaker0: exceptional startup founders across Germany, Austria and Switzerland.
Speaker0: From stealth stage visionaries to Series A rocket ships, each brief episode
Speaker0: reveals raw lessons, pivotal founder decisions and behind the scenes strategies
Speaker0: that really make it into the public.
Speaker0: If you want actionable insights, we see ready storytelling and the authentic
Speaker0: voice of the DACH innovation.
Speaker0: This is a must listen. We link down here, the sub stack and our YouTube channel.
Speaker0: This series is part of Entrepreneurial Worlds where premium listeners and subscribers
Speaker0: get early access, exclusive jobs and full founder breakdowns you won't find anywhere else.
Speaker0: As I said, audio and video will go live on May 29th. Now, a short message from
Speaker0: our enablers, and then I'll hand over to Chris to the top news.
Speaker1: Okay, to kick us off with the top news of this month, let's start with good
Speaker1: news coming from Parloa.
Speaker1: It's a Berlin-based company that became Germany's second unicorn of 2025.
Speaker1: They ascended to the unicorn status following a $120 million Series C funding
Speaker1: round led by durable capital partners, Altimeter Capital and General Catalyst.
Speaker1: The company specializes in agentic AI for customer service, offering an AI management
Speaker1: platform for enterprise contact centers.
Speaker1: They are enabling the deployment of autonomous AI agents, which they claim are
Speaker1: capable of handling complex customer interaction across various channels,
Speaker1: including phone chat and messaging apps.
Speaker1: This funding round now underscores the growing demand, obviously,
Speaker1: for AI-native enterprise tools, since it's the big trend everywhere.
Speaker1: And Palo seems to be well positioned to be a leader in that transformation of customer service.
Speaker1: Lyft, the Uber competitor, acquires free now for 175 million euros,
Speaker1: strategic move to broaden the global footprint of the company that I think has
Speaker1: always been a bit in the shadow of Uber.
Speaker1: And free now is a European rate-hailing platform.
Speaker1: 175 million is the buying price. I already said that.
Speaker1: It marks Lyft's first major expansion outside North America,
Speaker1: granting them access to over 150 cities across nine European countries,
Speaker1: including places like London, Paris and Berlin.
Speaker1: Free Now was originally a joint venture between BMW and Mercedes-Benz that had
Speaker1: written a lot of headlines in the German market because the luxury car brand
Speaker1: competitors actually work together on the future of mobility.
Speaker1: They have a strong presence in the traditional taxi sector in those countries
Speaker1: and make 90% of their bookings there.
Speaker1: So we will see how FreeNow's integration actually enhances Lyft's competitiveness
Speaker1: against Uber and maybe Bolt in the European market. It's an interesting development, I guess.
Speaker1: Quantum systems in munich has raised
Speaker1: 160 million euros in funding to advance
Speaker1: their ai power drone technology um the
Speaker1: investment run was led by balderton capital with participation
Speaker1: from airbus defense and space and other
Speaker1: strategic partners and it aims at scaling companies
Speaker1: production capabilities and expand its international presence quantum systems
Speaker1: is in general a company that specializes in developing dual-use unmanned aerial
Speaker1: systems that also claims to integrate AI,
Speaker1: edge computing, and autonomous flight capabilities for applications in defense,
Speaker1: infrastructure monitoring, environmental surveillance, et cetera.
Speaker1: And with that money, if quantum systems becomes a key player in that growing market...
Speaker1: We will see where that goes from Bavaria into the world.
Speaker1: CureVac, it's a company based in Tübingen in Baden-Württemberg,
Speaker1: a pharmaceutical company,
Speaker1: has reported a partial victory in its ongoing patent litigation against BioNTech
Speaker1: concerning the mRNA technology that is being used in COVID-19 vaccines.
Speaker1: The European Patent Office has upheld certain claims of CureVax patents,
Speaker1: potentially impacting the intellectual property landscape for mRNA-based therapeutics in Europe,
Speaker1: which will also be important because they are hoping that mRNA vaccines and
Speaker1: medicine will also be used in the fight against cancer.
Speaker1: So legal proceedings here might still continue, but the development signifies
Speaker1: a noteworthy moment in the protection
Speaker1: and commercialization of biotech innovation within the DACH region.
Speaker1: And then we have Manager Magazin honoring the top 100 women in German business,
Speaker1: Manager Magazin being the biggest monthly business magazine in Germany.
Speaker1: And together with the Boston Consulting Group, they have released their annual
Speaker1: list of the 100 most influential women in German business, celebrating leaders
Speaker1: across various industries.
Speaker1: And Prima Interpares has been named Renate Wagner.
Speaker1: She's a board member of Allianz Insurance for her exemplary leadership in Impact.
Speaker1: So, yeah, I think it's good that we talk about recognizing the importance of
Speaker1: diversity and inclusion in German business since all the DEI discussion actually
Speaker1: seems to be a bit more on the taking a step back.
Speaker1: That's it with the top news. Time for some housekeeping and bragging,
Speaker1: and I'll give it back to you.
Speaker0: Awesome. Thank you, Chris. I have three articles here because nobody will tell
Speaker0: this about us, so we tell it ourselves.
Speaker0: At one point, I was just getting a daily email with all the podcast charts achievements of StartupRate.io.
Speaker0: I was wondering, huh, nobody talks about that. So let's write about that.
Speaker0: At the time, we were in over 20 countries in the podcast charts,
Speaker0: including, of course, Germany, Austria, and Switzerland.
Speaker0: But also, I just checked at the day of the recording of this year on the 25th
Speaker0: of May, we are in 23 countries in the podcast charts.
Speaker0: Also, we got ranked pretty good in the top 50 globally across multiple podcast
Speaker0: categories, including business news and technology by a million podcasts.
Speaker0: We have the link down here.
Speaker0: Plus, we are also in the top.
Speaker0: 50 management podcasts, top 50 business news and top 100 technology news podcasts
Speaker0: on good pods in addition to our podcast rankings and the influential newsletter
Speaker0: podcast today had us ranked as number one. Awesome.
Speaker0: Chris, you want to do the ecosystem for Germany and I do a little bit high level flying here, right?
Speaker0: Let's talk ecosystem, guys. is Europe. The European Investment Bank launches
Speaker0: 70 billion startup funding initiative.
Speaker0: They announced a new initiative to provide 70 billion in startup funding by 2027.
Speaker0: This move aims to bridge Europe's investment gap with the United States.
Speaker0: Source is Silicon Canals. The EU also will invest 1.3 billion in generative
Speaker0: AI and cybersecurity projects.
Speaker0: And news a little bit between both German companies are unprepared for EU Data
Speaker0: Act is a statement by BITCOM, the trade association.
Speaker0: They had a survey that reveals that many German companies are unprepared for
Speaker0: EU Data Act, which will come into force on September 12th, 2025.
Speaker0: The act regulates access to user-generated data aiming to boost Europe's data economy.
Speaker0: We also do have news from Austria. The Austrian government plans 1 billion funder fund for startups.
Speaker0: Austria will launch a 1 billion funder funds to stipulate VC investments and
Speaker0: support innovation-led startups and spin-offs.
Speaker0: The public-private initiative is expected to bolster Austria's competitiveness.
Speaker0: Chris, I hand it over to you.
Speaker1: Yeah, and when we're looking at the German ecosystem this month,
Speaker1: I think it's really an interesting and rather complex impression that we're
Speaker1: getting because we are always talking here about the EFU Business Climate Index,
Speaker1: which is a poll among German companies about how they are thinking that business is going to develop.
Speaker1: Right now, obviously, everything is very heavily influenced by what's going
Speaker1: on with the American tariffs and with President Trump.
Speaker1: But we see that the German EFU business climate index actually increased in April, in May,
Speaker1: from 86.9 to 87.5 points, signaling a cautious rebound, one could say,
Speaker1: in the economic sentiment.
Speaker1: And yeah it's actually one of and it's actually an improvement the fourth or
Speaker1: fifth improvement in a row so that is very interesting and
Speaker1: Nevertheless, we also, and that is like the contradictory information about
Speaker1: it, we also get numbers that the German economy might have grown by 0.4% in
Speaker1: the first quarter, twice the initial estimate.
Speaker1: But we also had a consultant group of the German government called die Wirtschaftsweisen.
Speaker1: So like the, how do you say this? The saviors of the economy.
Speaker0: Did the Council of Economic Wise Men, maybe a literal translation?
Speaker1: Yeah, of Economic Wise Men, yeah. The Economic Savants, which also include women, fortunately.
Speaker1: So they actually said that their expectation for 2025 is actually 0.0%.
Speaker1: So it's complete stagnation, which caused rather troublesome coverage in Germany.
Speaker1: And last but not least from the ecosystem, the D-Hub report,
Speaker1: Startup Gründerin Ostdeutsch, meaning startup founder, female founder,
Speaker1: East German, indicates that female founders in Eastern Germany face dual disadvantages.
Speaker1: They face structural weaknesses in accessing venture capital and a general gender
Speaker1: investment gap, but they are more successful in Eastern Germany.
Speaker1: So, yeah, that I think was an interesting report for us to look into if you
Speaker1: want to get a more in-depth perspective on startups in those five German states.
Speaker1: Moving on to general news, tech news, company news, and our section about VC
Speaker1: news and new funds, in case any one of you is looking for money.
Speaker1: As always, a reminder, this is only a small selection, but let me rattle off
Speaker1: some of the new funds that we were learning about the last month.
Speaker1: Berlin-based VC firm Luna Ventures has launched its second fund,
Speaker1: raising 50 million euros to invest in pre-seed deep tech startups,
Speaker1: a fund aiming to support technical founders solving essential problems with
Speaker1: their headquarters in Berlin.
Speaker1: Adam Street Partners raised 270 million euros for a new fund targeting next
Speaker1: generation healthcare and tech companies across Europe, from early stage to
Speaker1: growth investments, their headquarters in Chicago.
Speaker1: Bosch Ventures, Bosch, the automotive supplier that is also in household items,
Speaker1: has committed 270 million euros to American deep tech startups,
Speaker1: including AI and quantum computing firms to enhance global innovation access.
Speaker1: They are based in Stuttgart.
Speaker1: Insight Partners showcased its 2025 German portfolio, including B2B software
Speaker1: as a service, e-commerce and
Speaker1: fintech startups, backed by its scale up expertise by deutsche startups.
Speaker1: And Final Frontier launches a new AI-powered defense tech fund backed by former
Speaker1: NATO Secretary Anders Falker Rasmussen.
Speaker1: The fund focuses on dual-use AI innovations in aerospace security and national defense.
Speaker1: That's it for the VC news. Green tech news.
Speaker1: Swiss carbon capture company Climeworks is cutting over 10% of its workforce
Speaker1: due to underperformance at its direct air capture plans.
Speaker1: They have a flagship mammoth plant in Iceland, which just captured 750 tons
Speaker1: of CO carbon dioxide versus a 36,000 ton target.
Speaker1: So it's a bit troubling. And I mean, it's an always ongoing discussion in the climate field,
Speaker1: whether technological advances in the field will be able to keep up with the
Speaker1: speed in which we are destroying the earth.
Speaker1: And in terms of AI news, we were already talking about Paul Lauer being a unicorn.
Speaker1: Biotech news, we already talked about CureVac. But that brings us to fintech news.
Speaker1: And there you have some more stuff going on.
Speaker0: Yes, we already talked about in our April news that they have been trading disruptions.
Speaker0: BaFin, the German financial watchdog, warns banks and brokers after April trading
Speaker0: disruption. Germany's financial regulator BaFin has issued warnings to banks
Speaker0: and brokers following significant trading disruptions in April.
Speaker0: The regulator emphasized the
Speaker0: need for robust systems to ensure market stability and protect investors.
Speaker0: Trade Republic also faces criticism over customer service issues.
Speaker0: They are under scrutiny due to customer complaints about prolonged account issues
Speaker0: and inadequate support.
Speaker0: One user reported being locked out of the account for seven weeks without resolution.
Speaker0: Seven weeks is quite long.
Speaker0: And our never-ending story, Wirecard scandal. Right now, Commerce Bank and EY
Speaker0: clash over the Wirecard scandal.
Speaker0: They're in a legal dispute and a bank, a commerce bank, seeks compensation for
Speaker0: damages incurred due to EY's alleged audit failures.
Speaker0: With it, a new bank, they receive a Mika license to expand regulated crypto services in the EU.
Speaker0: They're based in Berlin and they get a Mika, Markets and Crypto Assets License,
Speaker0: allowing it to offer fully regulated crypto products in Germany,
Speaker0: France, and beyond from July 2025 on.
Speaker0: Let's go a little bit into the general news.
Speaker0: Votocoppler delays passenger flights due to certification issue.
Speaker0: Feimpreneur highlights the importance of micro-founders in Germany.
Speaker0: And Jetzee completes first commercial drone delivery in Germany,
Speaker0: a Swiss drone logistics startup. They have concluded Germany's first approved
Speaker0: commercial drone delivery.
Speaker0: Go student, you remember the Austrian unicorn, that was an ad tech which was
Speaker0: pretty big in online tutoring and still is.
Speaker0: They now also launch an offline franchise model.
Speaker0: Aurora Tech and Spire Global launch a satellite constellation for wildfire monitoring.
Speaker0: And how to pronounce this?
Speaker0: MS Fin recovers $5 million in losses from illegal online gambling.
Speaker0: The Vienna-based startup M&S Prozessfinanzierung, MSFIN, has developed a unique
Speaker0: business model specializing in reclaiming losses from illegal online gambling.
Speaker0: In Austria, where gambling is a state monopoly, many international providers
Speaker0: operate without valid licenses.
Speaker0: MSFIN assists players in legal recovering their losses from such platforms.
Speaker0: And then we do have 10 SUNY cores to watch in 2025.
Speaker0: Vivid, we just talked about them. ESA Aerospace, we talked a lot about them
Speaker0: in the future. The Exploration Company.
Speaker0: Billy, where we do have an interview with one of the founders.
Speaker0: Boonfair, we talked about them.
Speaker0: H2 Mobility, hydrogen fueling infrastructure.
Speaker0: And Fin, the car subscription service, where we also do have an interview.
Speaker0: The Buwok commissions group years
Speaker0: for major Berlin housing project the development
Speaker0: will feature 158 residential units
Speaker0: across 9 buildings and the Women's Startup Award 2025 empowers female founders
Speaker0: in Vavaria it's by Unternehmer to whom they offer the startup award offers mentorships
Speaker0: exposure and 1000 euro in price money to promising female tech entrepreneurs,
Speaker0: Winners also receive access to major conferences like Slush and DLD.
Speaker0: Chris, usually you are a good news guy, but you want to take on the bad news today as well?
Speaker1: Yes, let's do it. So let's talk about the creative destruction part of our podcast today.
Speaker1: So what probably didn't go so well in the last couple of weeks in the German,
Speaker1: Swiss and Austrian entrepreneurship world.
Speaker1: We, for example, saw that German biotech firm Medellin has filed for insolvency
Speaker1: following failed partnerships and drying capital.
Speaker1: Basically a decision that underscores the ongoing turbulence in the European
Speaker1: biotech funding landscape.
Speaker1: Same goes for the health tech startup Dr. Lee, which was once hailed as the
Speaker1: future of digital patient management.
Speaker1: They have filed for insolvency amid financial pressures and slow adoption in
Speaker1: the German healthcare system.
Speaker1: I guess in general a market that is very slow and not very great at adopting change.
Speaker1: German battery innovator CustomSeltz, known for supplying electric aviation
Speaker1: projects, has filed for insolvency amid financial pressures in the sector.
Speaker1: They were based in a more rural part of the country in Itzehoe in Germany.
Speaker1: And Hamburg-based Goya, with AA, a platform for creative professionals,
Speaker1: is seizing operations due to a lack of sustainable growth in a tough macro environment.
Speaker1: But let's end on a high note or on several high notes, as always.
Speaker1: Here are a couple of successful fundraisings and exits.
Speaker1: As always, this is just a small selection showing how resilient the market and
Speaker1: the startup scene still is.
Speaker1: We included several selected fundraisings above 10 million euros,
Speaker1: Swiss francs or US dollars.
Speaker1: Let's go. Swiss startup Repronovo has secured $65 million in a Series A funding
Speaker1: to advance their reproductive medicine platform into phase two clinical trials.
Speaker1: They are, for example, working in fertility care through data-driven treatment personalization.
Speaker1: Haya Therapeutics, also in Switzerland,
Speaker1: based in Lausanne, is a biotech company that also secured $65 million in a Series
Speaker1: A to expand their pipeline of non-coding RNA-based therapies for cardiac fibrosis.
Speaker1: They want to tackle medical needs in the cardiovascular care.
Speaker1: Dalma, a French-German pet insurance and wellness platform. I don't know if
Speaker1: it's wellness for the pet owners or for the pets.
Speaker1: But they have secured 20 million euros in funding to expand their tech stack
Speaker1: and the European presence, tapping into the growing pet care economy with AI-enhanced services.
Speaker1: So all the words there to dogs, AI, wellness, it's all there.
Speaker1: Munich-based Remberg secured 15 million euros in a Series A plus funding to
Speaker1: expand its AI-powered maintenance and asset operations software across Europe.
Speaker1: Berlin's Seven Learning secured 10 million euros to expand their AI-powered
Speaker1: dynamic pricing solution to US retailers.
Speaker1: And on March 25th, German tech startup NECT, NECT, secured 2.5 million euros from round two capital.
Speaker1: The revenue-based financing model allows NECT to drive their market expansion
Speaker1: while retaining control over business shares.
Speaker1: So they have 12 million active viewers of their wallet and want to now further
Speaker1: expand its market leadership in Europe scale, its business model internationally.
Speaker1: They are based in Hamburg.
Speaker1: And usually we would not have included that in our coverage here.
Speaker1: But NECT has been a guest in our startup world in the past. So we have a link
Speaker1: for you about their businesses where we talk with them in depth about their business.
Speaker1: Moving on to mergers and acquisitions.
Speaker0: Fiscally acquires Deutsche Fiskal GmbH.
Speaker0: Austrian fiscal compliance provider Fiscally has acquired Deutsche Fiskal GmbH
Speaker0: to expand its footprint across Germany and centralize its market positions in
Speaker0: cloud-based fiscal received services.
Speaker0: We have an interview upcoming with them, also talking about the merger.
Speaker0: Gnosis acquires HQXYZ for 50 million Web3 infrastructure play.
Speaker0: Agnosis has acquired Asian crypto platform, as I said, for $50 million to fuel
Speaker0: its international expansion and strengthen its multi-chain transaction system.
Speaker0: Komoot, acquired by an Italian firm, the Potsdam-based outdoor navigation app
Speaker0: Komoot, has been acquired by an Italian strategic investor.
Speaker0: WellHub acquires Urban Sports Club to expand corporate wellness in Europe.
Speaker0: Centric Software acquires ContentServe for a whopping 220 million euros.
Speaker0: And finally, OneDoc acquires competitor to expand medical appointment platform.
Speaker0: Swiss medical appointment platform OneDoc has acquired a competitor to enhance
Speaker0: services and expand its user base.
Speaker0: The move aims to streamline healthcare access for patients across Switzerland.
Speaker0: Chris, you want to do a little bit useless knowledge to close up our monthly wrap up?
Speaker1: Always. So this time around,
Speaker1: we found a delightful nod to nostalgia because the players of Bayern Munich
Speaker1: recreated an iconic childhood photo of club legend Thomas Müller,
Speaker1: a player whose career with Bayern Munich draws to a close.
Speaker1: And so his teammates paid tribute by emulating a photo of young Müller in his
Speaker1: bedroom, adorned with FC Bayern memorabilia.
Speaker1: And we just thought it looked cute. It was like a heartfelt gesture and Thomas
Speaker1: Müller, yeah, probably one of the biggest German soccer player of the past two or three decades.
Speaker1: And yeah, that picture really showed his dedication to the club and fans worldwide loved it.
Speaker1: That's a wrap.
Speaker0: Yeah, that's a month wrap. We will be back on July 3rd and then September 1st
Speaker0: to wrap up the summer and then we stick to our monthly news schedule until the last news drop,
Speaker0: likely on December 18th and our FinTech review on December 23rd.
Speaker0: Stay ahead of the curve, guys.
Speaker0: We are looking for your feedback as always. Thank you very much.
Speaker1: Thanks for listening. Bye-bye. Happy summer.
Speaker0: Happy summer. Bye, guys.
Speaker1: Early summer. Bye.
Music: