European startup funding H1 2023
Half-year report · 2023-01-01 – 2023-06-30 · vs H2 2022
Half-year
Summary
auto-generatedIn H1 2023, 2,345 rounds were recorded and disclosed equity funding (excluding debt and grants) reached €22B, down 23.4% versus H2 2022. Debt rounds added a further €7.1B.
Deal count moved -0.2% versus H2 2022, with 4,678 named investors participating.
UK led by equity raised with €6.6B (30.5% of equity).
Software was the most-funded sector at €3.7B in equity (17.3%).
The ten largest rounds accounted for 16.3% of disclosed capital, led by AtlasEdge's €725M.
480 exits were recorded this half-year worth a combined €10B.
Equity funding
€22B
▼ -23.4%excl. debt & grants · +€7.1B debt
Funding rounds
2,345
▼ -0.2%Companies funded
2,298
▲ +0.7%Named investors
4,678
▼ -4.9%Exits
480
▼ -0.8%Provenance: 85% of 2,345 rounds disclosed an amount · 95% of priced rounds are high-confidence · EUR totals reconcile to ECB at-date within +0.10%
Methodology →Investments
Funding within H1 2023
by monthFunding within H1 2023 — interactive chart.
Data table
| Amount | Deals | |
|---|---|---|
| Jan | €4.7B | 388 |
| Feb | €4.5B | 387 |
| Mar | €5.8B | 415 |
| Apr | €4.0B | 372 |
| May | €4.3B | 361 |
| Jun | €5.8B | 422 |
Biggest deals
top 10 by amount- 1AtlasEdgeDebt · UK · Apr 2023€725M
- 2TagEnergyDebt · Portugal · Jun 2023€570M
- 3AboundOther · UK · Mar 2023€564M
- 4PowerFieldOther · Netherlands · Feb 2023€500M
- 51Komma5°Series B · Germany · Jun 2023€430M
- 6EnpalDebt · Germany · Jun 2023€430M
- 7ConclusionOther · Netherlands · Mar 2023€410M
- 8NorthvoltDebt · Sweden · Jun 2023€366M
- 9Low CarbonDebt · UK · May 2023€357M
- 10EnpalDebt · Germany · Mar 2023€356M
Concentration
top 10 deals16.3%
of disclosed capital came from the ten largest rounds.
Top 10 total
€4.7B
Period total
€29B
Countries
Top countries
equity raisedH1 2023 — top countries — interactive chart.
Data table
| H1 2023 — top countries | |
|---|---|
| UK | €6.6B |
| Germany | €3.9B |
| France | €3.0B |
| Netherlands | €1.8B |
| Spain | €1.1B |
| Switzerland | €1.0B |
| Sweden | €782M |
| Denmark | €564M |
| Finland | €454M |
| Norway | €328M |
Capital by country
share of equityH1 2023 — capital by country — interactive chart.
Data table
| H1 2023 — capital by country | |
|---|---|
| UK | €6.6B |
| Germany | €3.9B |
| France | €3.0B |
| Netherlands | €1.8B |
| Spain | €1.1B |
| Switzerland | €1.0B |
| Sweden | €782M |
| Denmark | €564M |
| Finland | €454M |
| Norway | €328M |
| Other | €2.2B |
Geographic distribution
European countries shown · click a countryH1 2023 — geographic distribution — interactive chart.
Industries
Top sectors
equity raisedH1 2023 — top sectors — interactive chart.
Data table
| H1 2023 — top sectors | |
|---|---|
| Software | €3.7B |
| Fintech | €3.5B |
| Healthtech | €2.7B |
| Transportation | €2.1B |
| Energy | €2.0B |
| Cleantech | €1.5B |
| E-commerce | €856M |
| Travel | €662M |
| AI | €636M |
| Deeptech | €563M |
Capital by sector
share of equityH1 2023 — capital by sector — interactive chart.
Data table
| H1 2023 — capital by sector | |
|---|---|
| Software | €3.7B |
| Fintech | €3.5B |
| Healthtech | €2.7B |
| Transportation | €2.1B |
| Energy | €2.0B |
| Cleantech | €1.5B |
| E-commerce | €856M |
| Travel | €662M |
| Other | €5.6B |
Stages
Funding by stage
total euro raised by round typeH1 2023 — funding by stage — interactive chart.
Data table
| Amount | |
|---|---|
| Pre-Seed | €194M |
| Seed | €1.4B |
| Series A | €2.7B |
| Series B | €2.9B |
| Series C | €1.4B |
| Series D+ | €905M |
| Early VC | €8.7M |
| Growth/Late | €300M |
| Debt | €7.1B |
| Grant | €209M |
| Crowdfunding | €53M |
| ICO | €2.7M |
| Other | €12B |
Exits
Exit activity
480
exits recorded
€10B
combined disclosed value
Exits breakdown
by typeH1 2023 — exits by type — interactive chart.
Data table
| H1 2023 — exits by type | |
|---|---|
| Acquisition | 463 |
| Merger | 14 |
| Unknown | 1 |
| IPO | 1 |
| Buyout | 1 |