European startup funding Q4 2022
Quarterly report · 2022-10-01 – 2022-12-31 · vs Q3 2022
Quarterly
Summary
auto-generatedIn Q4 2022, 1,170 rounds were recorded and disclosed equity funding (excluding debt and grants) reached €12B, down 21.4% versus Q3 2022. Debt rounds added a further €7.4B.
Deal count moved -0.8% versus Q3 2022, with 2,832 named investors participating.
UK led by equity raised with €3.5B (28.1% of equity).
Software was the most-funded sector at €2.0B in equity (15.9%).
The ten largest rounds accounted for 29.1% of disclosed capital, led by Polestar's €1.6B.
249 exits were recorded this quarter worth a combined €6.9B.
Equity funding
€12B
▼ -21.4%excl. debt & grants · +€7.4B debt
Funding rounds
1,170
▼ -0.8%Companies funded
1,147
▼ -1.2%Named investors
2,832
▲ +5.7%Exits
249
▲ +6.0%Provenance: 89% of 1,170 rounds disclosed an amount · 95% of priced rounds are high-confidence · EUR totals reconcile to ECB at-date within -0.02%
Methodology →Investments
Funding within Q4 2022
by monthFunding within Q4 2022 — interactive chart.
Data table
| Amount | Deals | |
|---|---|---|
| Oct | €5.7B | 412 |
| Nov | €6.7B | 418 |
| Dec | €7.5B | 340 |
Biggest deals
top 10 by amount- 1PolestarDebt · Sweden · Nov 2022€1.6B
- 2CurveDebt · UK · Dec 2022€1.0B
- 3EnpalDebt · Germany · Dec 2022€855M
- 4ILOS ProjectsDebt · Germany · Dec 2022€500M
- 5GreenDebt · Switzerland · Dec 2022€488M
- 6WiseDebt · Estonia · Oct 2022€345M
- 7DBTDebt · Sweden · Oct 2022€287M
- 8EinrideDebt · Sweden · Dec 2022€285M
- 9VerkorOther · France · Nov 2022€250M
- 10FluroDebt · UK · Oct 2022€228M
Concentration
top 10 deals29.1%
of disclosed capital came from the ten largest rounds.
Top 10 total
€5.8B
Period total
€20B
Countries
Top countries
equity raisedQ4 2022 — top countries — interactive chart.
Data table
| Q4 2022 — top countries | |
|---|---|
| UK | €3.5B |
| Germany | €1.8B |
| France | €1.8B |
| Netherlands | €897M |
| Switzerland | €878M |
| Spain | €828M |
| Sweden | €681M |
| Belgium | €493M |
| Estonia | €331M |
| Norway | €238M |
Capital by country
share of equityQ4 2022 — capital by country — interactive chart.
Data table
| Q4 2022 — capital by country | |
|---|---|
| UK | €3.5B |
| Germany | €1.8B |
| France | €1.8B |
| Netherlands | €897M |
| Switzerland | €878M |
| Spain | €828M |
| Sweden | €681M |
| Belgium | €493M |
| Estonia | €331M |
| Norway | €238M |
| Other | €1.0B |
Geographic distribution
European countries shown · click a countryQ4 2022 — geographic distribution — interactive chart.
Industries
Top sectors
equity raisedQ4 2022 — top sectors — interactive chart.
Data table
| Q4 2022 — top sectors | |
|---|---|
| Software | €2.0B |
| Fintech | €1.8B |
| Healthtech | €1.7B |
| Energy | €1.0B |
| Transportation | €924M |
| E-commerce | €530M |
| AI | €480M |
| Travel | €470M |
| Cleantech | €446M |
| Proptech | €382M |
Capital by sector
share of equityQ4 2022 — capital by sector — interactive chart.
Data table
| Q4 2022 — capital by sector | |
|---|---|
| Software | €2.0B |
| Fintech | €1.8B |
| Healthtech | €1.7B |
| Energy | €1.0B |
| Transportation | €924M |
| E-commerce | €530M |
| AI | €480M |
| Travel | €470M |
| Other | €4.0B |
Stages
Funding by stage
total euro raised by round typeQ4 2022 — funding by stage — interactive chart.
Data table
| Amount | |
|---|---|
| Pre-Seed | €97M |
| Seed | €723M |
| Series A | €1.8B |
| Series B | €1.4B |
| Series C | €1.4B |
| Series D+ | €490M |
| Early VC | €2.8M |
| Growth/Late | €356M |
| Debt | €7.4B |
| Grant | €42M |
| Crowdfunding | €19M |
| Other | €6.1B |
Exits
Exit activity
249
exits recorded
€6.9B
combined disclosed value
Exits breakdown
by typeQ4 2022 — exits by type — interactive chart.
Data table
| Q4 2022 — exits by type | |
|---|---|
| Acquisition | 230 |
| Merger | 8 |
| IPO | 6 |
| Unknown | 3 |
| Buyout | 2 |