European startup funding Q3 2021
Quarterly report · 2021-07-01 – 2021-09-30 · vs Q2 2021
Quarterly
Summary
auto-generatedIn Q3 2021, 1,591 rounds were recorded and disclosed equity funding (excluding debt and grants) reached €36B, up 12.2% versus Q2 2021. Debt rounds added a further €3.5B.
Deal count moved +45.0% versus Q2 2021, with 3,306 named investors participating.
UK led by equity raised with €11B (29.9% of equity).
Software was the most-funded sector at €7.6B in equity (21.4%).
The ten largest rounds accounted for 22.8% of disclosed capital, led by Adevinta's €1.9B.
319 exits were recorded this quarter worth a combined €35B.
Equity funding
€36B
▲ +12.2%excl. debt & grants · +€3.5B debt
Funding rounds
1,591
▲ +45.0%Companies funded
1,559
▲ +43.6%Named investors
3,306
▲ +65.7%Exits
319
▲ +95.7%Provenance: 89% of 1,591 rounds disclosed an amount · 68% of priced rounds are high-confidence · EUR totals reconcile to ECB at-date within -0.22%
Methodology →Investments
Funding within Q3 2021
by monthFunding within Q3 2021 — interactive chart.
Data table
| Amount | Deals | |
|---|---|---|
| Jul | €14B | 567 |
| Aug | €11B | 437 |
| Sep | €14B | 587 |
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
- 4GroverDebt · Germany · Jul 2021€847M
- 5RevolutSeries D+ · UK · Jul 2021€677M
- 6BoltSeries D+ · Estonia · Aug 2021€600M
- 7PicnicSeries D+ · Netherlands · Sep 2021€600M
- 8Berlin Brands GroupOther · Germany · Sep 2021€591M
- 9SorareSeries B · France · Sep 2021€579M
- 10Just Eat TakeawayOther · Netherlands · Aug 2021€548M
Concentration
top 10 deals22.8%
of disclosed capital came from the ten largest rounds.
Top 10 total
€8.9B
Period total
€39B
Countries
Top countries
equity raisedQ3 2021 — top countries — interactive chart.
Data table
| Q3 2021 — top countries | |
|---|---|
| UK | €11B |
| Germany | €4.1B |
| France | €3.7B |
| Israel | €2.8B |
| Netherlands | €2.7B |
| Norway | €2.3B |
| Türkiye | €1.4B |
| Sweden | €1.3B |
| Spain | €1.0B |
| Switzerland | €810M |
Capital by country
share of equityQ3 2021 — capital by country — interactive chart.
Data table
| Q3 2021 — capital by country | |
|---|---|
| UK | €11B |
| Germany | €4.1B |
| France | €3.7B |
| Israel | €2.8B |
| Netherlands | €2.7B |
| Norway | €2.3B |
| Türkiye | €1.4B |
| Sweden | €1.3B |
| Spain | €1.0B |
| Switzerland | €810M |
| Other | €4.8B |
Geographic distribution
European countries shown · click a countryQ3 2021 — geographic distribution — interactive chart.
Industries
Top sectors
equity raisedQ3 2021 — top sectors — interactive chart.
Data table
| Q3 2021 — top sectors | |
|---|---|
| Software | €7.6B |
| Fintech | €6.8B |
| E-commerce | €4.5B |
| Marketing | €2.9B |
| Healthtech | €2.8B |
| Transportation | €2.7B |
| Cybersecurity | €2.3B |
| Energy | €1.8B |
| Fashion | €1.8B |
| Foodtech | €1.4B |
Capital by sector
share of equityQ3 2021 — capital by sector — interactive chart.
Data table
| Q3 2021 — capital by sector | |
|---|---|
| Software | €7.6B |
| Fintech | €6.8B |
| E-commerce | €4.5B |
| Marketing | €2.9B |
| Healthtech | €2.8B |
| Transportation | €2.7B |
| Cybersecurity | €2.3B |
| Energy | €1.8B |
| Other | €14B |
Stages
Funding by stage
total euro raised by round typeQ3 2021 — funding by stage — interactive chart.
Data table
| Amount | |
|---|---|
| Pre-Seed | €65M |
| Seed | €564M |
| Series A | €2.4B |
| Series B | €4.2B |
| Series C | €4.2B |
| Series D+ | €6.2B |
| Early VC | €17M |
| Growth/Late | €2.3B |
| Debt | €3.5B |
| Grant | €16M |
| Crowdfunding | €40M |
| ICO | €10M |
| Other | €16B |
Exits
Exit activity
319
exits recorded
€35B
combined disclosed value
Exits breakdown
by typeQ3 2021 — exits by type — interactive chart.
Data table
| Q3 2021 — exits by type | |
|---|---|
| Acquisition | 290 |
| Merger | 18 |
| IPO | 7 |
| Unknown | 4 |