European startup funding H2 2021
Half-year report · 2021-07-01 – 2021-12-31 · vs H1 2021
Half-year
Summary
auto-generatedIn H2 2021, 3,113 rounds were recorded and disclosed equity funding (excluding debt and grants) reached €60B, up 16.8% versus H1 2021. Debt rounds added a further €4.5B.
Deal count moved +58.7% versus H1 2021, with 5,702 named investors participating.
UK led by equity raised with €18B (30.2% of equity).
Fintech was the most-funded sector at €13B in equity (21.3%).
The ten largest rounds accounted for 14.8% of disclosed capital, led by Adevinta's €1.9B.
687 exits were recorded this half-year worth a combined €86B.
Equity funding
€60B
▲ +16.8%excl. debt & grants · +€4.5B debt
Funding rounds
3,113
▲ +58.7%Companies funded
3,023
▲ +57.4%Named investors
5,702
▲ +152.9%Exits
687
▲ +102.1%Provenance: 89% of 3,113 rounds disclosed an amount · 73% of priced rounds are high-confidence · EUR totals reconcile to ECB at-date within -0.22%
Methodology →Investments
Funding within H2 2021
by monthFunding within H2 2021 — interactive chart.
Data table
| Amount | Deals | |
|---|---|---|
| Jul | €14B | 567 |
| Aug | €11B | 437 |
| Sep | €14B | 587 |
| Oct | €8.7B | 509 |
| Nov | €8.0B | 530 |
| Dec | €8.8B | 483 |
Biggest deals
top 10 by amount- 1AdevintaGrowth/Late · Norway · Jul 2021€1.9B
- 2TrendyolOther · Türkiye · Aug 2021€1.3B
- 3Delivery HeroDebt · Germany · Sep 2021€1.3B
- 4GorillasSeries C · Germany · Oct 2021€858M
- 5GroverDebt · Germany · Jul 2021€847M
- 6N26Series D+ · Germany · Oct 2021€776M
- 7IONITYOther · Germany · Nov 2021€700M
- 8RevolutSeries D+ · UK · Jul 2021€677M
- 9FlinkSeries B · Germany · Dec 2021€665M
- 10BoltSeries D+ · Estonia · Aug 2021€600M
Concentration
top 10 deals14.8%
of disclosed capital came from the ten largest rounds.
Top 10 total
€9.6B
Period total
€64B
Countries
Top countries
equity raisedH2 2021 — top countries — interactive chart.
Data table
| H2 2021 — top countries | |
|---|---|
| UK | €18B |
| Germany | €12B |
| France | €5.9B |
| Netherlands | €3.4B |
| Israel | €2.8B |
| Spain | €2.5B |
| Norway | €2.4B |
| Sweden | €2.3B |
| Türkiye | €1.5B |
| Switzerland | €1.5B |
Capital by country
share of equityH2 2021 — capital by country — interactive chart.
Data table
| H2 2021 — capital by country | |
|---|---|
| UK | €18B |
| Germany | €12B |
| France | €5.9B |
| Netherlands | €3.4B |
| Israel | €2.8B |
| Spain | €2.5B |
| Norway | €2.4B |
| Sweden | €2.3B |
| Türkiye | €1.5B |
| Switzerland | €1.5B |
| Other | €7.9B |
Geographic distribution
European countries shown · click a countryH2 2021 — geographic distribution — interactive chart.
Industries
Top sectors
equity raisedH2 2021 — top sectors — interactive chart.
Data table
| H2 2021 — top sectors | |
|---|---|
| Fintech | €13B |
| Software | €11B |
| E-commerce | €6.7B |
| Healthtech | €5.7B |
| Transportation | €5.0B |
| Energy | €3.3B |
| Marketing | €3.3B |
| Cybersecurity | €2.7B |
| Foodtech | €2.0B |
| Fashion | €1.8B |
Capital by sector
share of equityH2 2021 — capital by sector — interactive chart.
Data table
| H2 2021 — capital by sector | |
|---|---|
| Fintech | €13B |
| Software | €11B |
| E-commerce | €6.7B |
| Healthtech | €5.7B |
| Transportation | €5.0B |
| Energy | €3.3B |
| Marketing | €3.3B |
| Cybersecurity | €2.7B |
| Other | €21B |
Stages
Funding by stage
total euro raised by round typeH2 2021 — funding by stage — interactive chart.
Data table
| Amount | |
|---|---|
| Pre-Seed | €199M |
| Seed | €1.4B |
| Series A | €4.5B |
| Series B | €8.1B |
| Series C | €6.9B |
| Series D+ | €9.4B |
| Early VC | €23M |
| Growth/Late | €2.3B |
| Debt | €4.5B |
| Grant | €38M |
| Crowdfunding | €120M |
| ICO | €13M |
| Other | €27B |
Exits
Exit activity
687
exits recorded
€86B
combined disclosed value
Exits breakdown
by typeH2 2021 — exits by type — interactive chart.
Data table
| H2 2021 — exits by type | |
|---|---|
| Acquisition | 636 |
| Merger | 27 |
| IPO | 17 |
| Unknown | 7 |