European startup funding H2 2022
Half-year report · 2022-07-01 – 2022-12-31 · vs H1 2022
Half-year
Summary
auto-generatedIn H2 2022, 2,349 rounds were recorded and disclosed equity funding (excluding debt and grants) reached €28B, down 47.7% versus H1 2022. Debt rounds added a further €13B.
Deal count moved -10.3% versus H1 2022, with 4,917 named investors participating.
UK led by equity raised with €8.0B (28.3% of equity).
Fintech was the most-funded sector at €5.3B in equity (18.9%).
The ten largest rounds accounted for 19.5% of disclosed capital, led by Polestar's €1.6B.
484 exits were recorded this half-year worth a combined €55B.
Equity funding
€28B
▼ -47.7%excl. debt & grants · +€13B debt
Funding rounds
2,349
▼ -10.3%Companies funded
2,283
▼ -10.8%Named investors
4,917
▼ -7.7%Exits
484
▼ -7.8%Provenance: 89% of 2,349 rounds disclosed an amount · 94% of priced rounds are high-confidence · EUR totals reconcile to ECB at-date within -0.05%
Methodology →Investments
Funding within H2 2022
by monthFunding within H2 2022 — interactive chart.
Data table
| Amount | Deals | |
|---|---|---|
| Jul | €9.5B | 404 |
| Aug | €5.1B | 326 |
| Sep | €6.7B | 449 |
| Oct | €5.7B | 412 |
| Nov | €6.7B | 418 |
| Dec | €7.5B | 340 |
Biggest deals
top 10 by amount- 1PolestarDebt · Sweden · Nov 2022€1.6B
- 2NorthvoltDebt · Sweden · Jul 2022€1.1B
- 3CurveDebt · UK · Dec 2022€1.0B
- 4EnpalDebt · Germany · Dec 2022€855M
- 5KlarnaOther · Sweden · Jul 2022€792M
- 6CelonisDebt · Germany · Aug 2022€604M
- 7Propel FinanceDebt · UK · Aug 2022€593M
- 8Octopus EnergyOther · UK · Jul 2022€542M
- 9AuxmoneyDebt · Germany · Aug 2022€500M
- 10ILOS ProjectsDebt · Germany · Dec 2022€500M
Concentration
top 10 deals19.5%
of disclosed capital came from the ten largest rounds.
Top 10 total
€8.0B
Period total
€41B
Countries
Top countries
equity raisedH2 2022 — top countries — interactive chart.
Data table
| H2 2022 — top countries | |
|---|---|
| UK | €8.0B |
| France | €4.3B |
| Germany | €4.2B |
| Sweden | €2.4B |
| Switzerland | €1.6B |
| Spain | €1.4B |
| Netherlands | €1.4B |
| Italy | €942M |
| Belgium | €747M |
| Estonia | €594M |
Capital by country
share of equityH2 2022 — capital by country — interactive chart.
Data table
| H2 2022 — capital by country | |
|---|---|
| UK | €8.0B |
| France | €4.3B |
| Germany | €4.2B |
| Sweden | €2.4B |
| Switzerland | €1.6B |
| Spain | €1.4B |
| Netherlands | €1.4B |
| Italy | €942M |
| Belgium | €747M |
| Estonia | €594M |
| Other | €2.7B |
Geographic distribution
European countries shown · click a countryH2 2022 — geographic distribution — interactive chart.
Industries
Top sectors
equity raisedH2 2022 — top sectors — interactive chart.
Data table
| H2 2022 — top sectors | |
|---|---|
| Fintech | €5.3B |
| Software | €4.9B |
| Healthtech | €3.5B |
| Energy | €3.1B |
| Transportation | €2.1B |
| Cleantech | €1.3B |
| E-commerce | €1.1B |
| Marketing | €1.1B |
| Media | €869M |
| Foodtech | €659M |
Capital by sector
share of equityH2 2022 — capital by sector — interactive chart.
Data table
| H2 2022 — capital by sector | |
|---|---|
| Fintech | €5.3B |
| Software | €4.9B |
| Healthtech | €3.5B |
| Energy | €3.1B |
| Transportation | €2.1B |
| Cleantech | €1.3B |
| E-commerce | €1.1B |
| Marketing | €1.1B |
| Other | €8.5B |
Stages
Funding by stage
total euro raised by round typeH2 2022 — funding by stage — interactive chart.
Data table
| Amount | |
|---|---|
| Pre-Seed | €202M |
| Seed | €1.4B |
| Series A | €3.8B |
| Series B | €3.3B |
| Series C | €1.9B |
| Series D+ | €2.0B |
| Early VC | €6.5M |
| Growth/Late | €465M |
| Debt | €13B |
| Grant | €251M |
| Crowdfunding | €42M |
| ICO | €5.3M |
| Other | €15B |
Exits
Exit activity
484
exits recorded
€55B
combined disclosed value
Exits breakdown
by typeH2 2022 — exits by type — interactive chart.
Data table
| H2 2022 — exits by type | |
|---|---|
| Acquisition | 450 |
| Merger | 19 |
| IPO | 7 |
| Unknown | 4 |
| Buyout | 3 |
| Management buyout | 1 |