European startup funding H2 2018
Half-year report · 2018-07-01 – 2018-12-31 · vs H1 2018
Half-year
Summary
auto-generatedIn H2 2018, 1,197 rounds were recorded and disclosed equity funding (excluding debt and grants) reached €10B, down 16.6% versus H1 2018. Debt rounds added a further €36M.
Deal count moved -32.3% versus H1 2018, with 1,247 named investors participating.
UK led by equity raised with €2.6B (24.7% of equity).
Software was the most-funded sector at €2.4B in equity (23.4%).
The ten largest rounds accounted for 18.4% of disclosed capital, led by Letgo's €431M.
77 exits were recorded this half-year worth a combined €3.7B.
Equity funding
€10B
▼ -16.6%excl. debt & grants · +€36M debt
Funding rounds
1,197
▼ -32.3%Companies funded
1,172
▼ -32.5%Named investors
1,247
▼ -42.7%Exits
77
▼ -66.7%Provenance: 88% of 1,197 rounds disclosed an amount · 63% of priced rounds are high-confidence · EUR totals reconcile to ECB at-date within +0.74%
Methodology →Investments
Funding within H2 2018
by monthFunding within H2 2018 — interactive chart.
Data table
| Amount | Deals | |
|---|---|---|
| Jul | €307M | 69 |
| Aug | €1.6B | 202 |
| Sep | €1.8B | 230 |
| Oct | €2.1B | 244 |
| Nov | €2.7B | 225 |
| Dec | €2.0B | 227 |
Biggest deals
top 10 by amount- 1LetgoOther · Spain · Aug 2018€431M
- 2UiPathSeries C · Romania · Sep 2018€227M
- 3Roivant SciencesOther · Switzerland · Nov 2018€178M
- 4Ozon.ruOther · Russia · Nov 2018€177M
- 5GraphcoreSeries D+ · UK · Dec 2018€176M
- 6DeezerSeries D+ · France · Aug 2018€160M
- 7Acticor biotechSeries B · France · Nov 2018€153M
- 8GoEuroSeries D+ · Germany · Oct 2018€150M
- 9JFrogSeries D+ · Israel · Oct 2018€143M
- 10NestedOther · UK · Nov 2018€138M
Concentration
top 10 deals18.4%
of disclosed capital came from the ten largest rounds.
Top 10 total
€1.9B
Period total
€10B
Countries
Top countries
equity raisedH2 2018 — top countries — interactive chart.
Data table
| H2 2018 — top countries | |
|---|---|
| UK | €2.6B |
| France | €1.6B |
| Israel | €1.2B |
| Germany | €1.2B |
| Spain | €612M |
| Switzerland | €576M |
| Sweden | €412M |
| Netherlands | €409M |
| Russia | €347M |
| Romania | €228M |
Capital by country
share of equityH2 2018 — capital by country — interactive chart.
Data table
| H2 2018 — capital by country | |
|---|---|
| UK | €2.6B |
| France | €1.6B |
| Israel | €1.2B |
| Germany | €1.2B |
| Spain | €612M |
| Switzerland | €576M |
| Sweden | €412M |
| Netherlands | €409M |
| Russia | €347M |
| Romania | €228M |
| Other | €1.2B |
Geographic distribution
European countries shown · click a countryH2 2018 — geographic distribution — interactive chart.
Industries
Top sectors
equity raisedH2 2018 — top sectors — interactive chart.
Data table
| H2 2018 — top sectors | |
|---|---|
| Software | €2.4B |
| Fintech | €2.0B |
| Healthtech | €1.3B |
| Transportation | €1.0B |
| E-commerce | €821M |
| Cybersecurity | €489M |
| Marketing | €449M |
| Robotics | €407M |
| Media | €402M |
| Travel | €396M |
Capital by sector
share of equityH2 2018 — capital by sector — interactive chart.
Data table
| H2 2018 — capital by sector | |
|---|---|
| Software | €2.4B |
| Fintech | €2.0B |
| Healthtech | €1.3B |
| Transportation | €1.0B |
| E-commerce | €821M |
| Cybersecurity | €489M |
| Marketing | €449M |
| Robotics | €407M |
| Other | €4.4B |
Stages
Funding by stage
total euro raised by round typeH2 2018 — funding by stage — interactive chart.
Data table
| Amount | |
|---|---|
| Pre-Seed | €1.6M |
| Seed | €530M |
| Series A | €1.3B |
| Series B | €1.6B |
| Series C | €1.1B |
| Series D+ | €1.3B |
| Early VC | €22M |
| Growth/Late | €76M |
| Debt | €36M |
| Grant | €6.3M |
| Other | €4.5B |
Exits
Exit activity
77
exits recorded
€3.7B
combined disclosed value
Exits breakdown
by typeH2 2018 — exits by type — interactive chart.
Data table
| H2 2018 — exits by type | |
|---|---|
| Acquisition | 75 |
| Merger | 2 |