European startup funding H2 2023
Half-year report · 2023-07-01 – 2023-12-31 · vs H1 2023
Half-year
Summary
auto-generatedIn H2 2023, 2,124 rounds were recorded and disclosed equity funding (excluding debt and grants) reached €38B, up 74.7% versus H1 2023. Debt rounds added a further €8.1B.
Deal count moved -9.4% versus H1 2023, with 4,252 named investors participating.
UK led by equity raised with €13B (35.5% of equity).
Energy was the most-funded sector at €7.8B in equity (20.7%).
The ten largest rounds accounted for 40.7% of disclosed capital, led by Arm's €4.7B.
397 exits were recorded this half-year worth a combined €24B.
Equity funding
€38B
▲ +74.7%excl. debt & grants · +€8.1B debt
Funding rounds
2,124
▼ -9.4%Companies funded
2,081
▼ -9.4%Named investors
4,252
▼ -9.1%Exits
397
▼ -17.3%Provenance: 85% of 2,124 rounds disclosed an amount · 95% of priced rounds are high-confidence · EUR totals reconcile to ECB at-date within -0.24%
Methodology →Investments
Funding within H2 2023
by monthFunding within H2 2023 — interactive chart.
Data table
| Amount | Deals | |
|---|---|---|
| Jul | €4.7B | 356 |
| Aug | €6.9B | 315 |
| Sep | €16B | 399 |
| Oct | €3.4B | 390 |
| Nov | €5.6B | 367 |
| Dec | €9.0B | 297 |
Biggest deals
top 10 by amount- 1ArmOther · UK · Sep 2023€4.7B
- 2VismaOther · Norway · Dec 2023€3.0B
- 3PhilipsOther · Netherlands · Aug 2023€2.6B
- 4VerkorSeries C · France · Sep 2023€2.0B
- 5Stegra (H2 Green Steel)Other · Sweden · Sep 2023€1.5B
- 6NorthvoltDebt · Sweden · Aug 2023€1.1B
- 7NorthvoltDebt · Sweden · Dec 2023€1.1B
- 8Zenobe EnergyOther · UK · Sep 2023€1.0B
- 9WayflyerOther · Ireland · Sep 2023€931M
- 10ThinCatsDebt · UK · Sep 2023€807M
Concentration
top 10 deals40.7%
of disclosed capital came from the ten largest rounds.
Top 10 total
€19B
Period total
€46B
Countries
Top countries
equity raisedH2 2023 — top countries — interactive chart.
Data table
| H2 2023 — top countries | |
|---|---|
| UK | €13B |
| France | €5.1B |
| Netherlands | €4.1B |
| Germany | €3.3B |
| Norway | €3.3B |
| Sweden | €2.2B |
| Ireland | €1.3B |
| Switzerland | €1.1B |
| Italy | €879M |
| Spain | €724M |
Capital by country
share of equityH2 2023 — capital by country — interactive chart.
Data table
| H2 2023 — capital by country | |
|---|---|
| UK | €13B |
| France | €5.1B |
| Netherlands | €4.1B |
| Germany | €3.3B |
| Norway | €3.3B |
| Sweden | €2.2B |
| Ireland | €1.3B |
| Switzerland | €1.1B |
| Italy | €879M |
| Spain | €724M |
| Other | €2.5B |
Geographic distribution
European countries shown · click a countryH2 2023 — geographic distribution — interactive chart.
Industries
Top sectors
equity raisedH2 2023 — top sectors — interactive chart.
Data table
| H2 2023 — top sectors | |
|---|---|
| Energy | €7.8B |
| Semiconductors | €5.2B |
| Software | €5.0B |
| Healthtech | €4.5B |
| Cleantech | €3.0B |
| Fintech | €2.9B |
| Transportation | €1.6B |
| AI | €1.5B |
| E-commerce | €1.2B |
| Deeptech | €556M |
Capital by sector
share of equityH2 2023 — capital by sector — interactive chart.
Data table
| H2 2023 — capital by sector | |
|---|---|
| Energy | €7.8B |
| Semiconductors | €5.2B |
| Software | €5.0B |
| Healthtech | €4.5B |
| Cleantech | €3.0B |
| Fintech | €2.9B |
| Transportation | €1.6B |
| AI | €1.5B |
| Other | €6.7B |
Stages
Funding by stage
total euro raised by round typeH2 2023 — funding by stage — interactive chart.
Data table
| Amount | |
|---|---|
| Pre-Seed | €203M |
| Seed | €1.1B |
| Series A | €3.1B |
| Series B | €2.0B |
| Series C | €3.1B |
| Series D+ | €1.1B |
| Early VC | €1.0M |
| Growth/Late | €559M |
| Debt | €8.1B |
| Grant | €182M |
| Crowdfunding | €21M |
| ICO | €46M |
| Other | €27B |
Exits
Exit activity
397
exits recorded
€24B
combined disclosed value
Exits breakdown
by typeH2 2023 — exits by type — interactive chart.
Data table
| H2 2023 — exits by type | |
|---|---|
| Acquisition | 385 |
| Merger | 9 |
| IPO | 2 |
| Buyout | 1 |