France and Germany Both Lose Ground in Capital Terms

France and Germany, the two largest continental European funding markets by deal volume in the prior window, both recorded capital declines in the most recent 90-day period ending 23 June 2026. France fell from €3,106M to €2,251M (-28%), while Germany dropped from €2,869M to €2,657M (-7%). Notably, France's deal count rose from 50 to 67, pushing average deal size down from roughly €62M to €34M — a compression of nearly half. Germany moved in the opposite direction on volume, shedding 17 deals alongside its capital decline, with average deal size edging from approximately €27M to €30M.

The contrast with the UK is stark: UK funding grew from €7,254M to €11,329M (+56%) across a near-identical deal count of 188–190, widening its lead over France and Germany combined. Meanwhile, Finland surged from €217M to €1,094M (+404%), Spain from €529M to €1,042M (+97%), and Belgium from €92M to €1,017M (+1,005%), all three overtaking or approaching Germany's recent total from a much smaller base.

In the prior window, France and Germany together represented approximately 37% of the twelve-country capital total of €16,119M. In the recent window, their combined €4,908M accounts for roughly 24% of the €20,615M aggregate — a meaningful compression of their collective share as mid-tier and smaller markets absorbed a larger portion of European venture capital flow.

AI-generatedWritten by an AI model from Tech.eu Funding Explorer data (2026-06-23). Every figure is automatically verified to trace to cited funding rounds before publishing. Not investment advice. Labelled for AI transparency (EU AI Act Art. 50, applicable from 2 Aug 2026).