European startup funding Q1 2023
Quarterly report · 2023-01-01 – 2023-03-31 · vs Q4 2022
Quarterly
Summary
auto-generatedIn Q1 2023, 1,190 rounds were recorded and disclosed equity funding (excluding debt and grants) reached €11B, down 7.8% versus Q4 2022. Debt rounds added a further €3.4B.
Deal count moved +1.7% versus Q4 2022, with 2,754 named investors participating.
UK led by equity raised with €3.7B (32.6% of equity).
Fintech was the most-funded sector at €2.0B in equity (17.9%).
The ten largest rounds accounted for 23.7% of disclosed capital, led by Abound's €564M.
258 exits were recorded this quarter worth a combined €3.7B.
Equity funding
€11B
▼ -7.8%excl. debt & grants · +€3.4B debt
Funding rounds
1,190
▲ +1.7%Companies funded
1,178
▲ +2.7%Named investors
2,754
▼ -2.8%Exits
258
▲ +3.6%Provenance: 85% of 1,190 rounds disclosed an amount · 94% of priced rounds are high-confidence · EUR totals reconcile to ECB at-date within +0.11%
Methodology →Investments
Funding within Q1 2023
by monthFunding within Q1 2023 — interactive chart.
Data table
| Amount | Deals | |
|---|---|---|
| Jan | €4.7B | 388 |
| Feb | €4.5B | 387 |
| Mar | €5.8B | 415 |
Biggest deals
top 10 by amount- 1AboundOther · UK · Mar 2023€564M
- 2PowerFieldOther · Netherlands · Feb 2023€500M
- 3ConclusionOther · Netherlands · Mar 2023€410M
- 4EnpalDebt · Germany · Mar 2023€356M
- 5AuxmoneyDebt · Germany · Feb 2023€350M
- 6SESDebt · Luxembourg · Jan 2023€300M
- 7ArrivalOther · UK · Mar 2023€284M
- 8LiveMoreDebt · UK · Jan 2023€284M
- 9NetomniaDebt · UK · Mar 2023€261M
- 10eToroOther · UK · Mar 2023€232M
Concentration
top 10 deals23.7%
of disclosed capital came from the ten largest rounds.
Top 10 total
€3.5B
Period total
€15B
Countries
Top countries
equity raisedQ1 2023 — top countries — interactive chart.
Data table
| Q1 2023 — top countries | |
|---|---|
| UK | €3.7B |
| Germany | €1.7B |
| France | €1.3B |
| Netherlands | €1.3B |
| Spain | €710M |
| Switzerland | €525M |
| Denmark | €505M |
| Sweden | €285M |
| Norway | €222M |
| Austria | €144M |
Capital by country
share of equityQ1 2023 — capital by country — interactive chart.
Data table
| Q1 2023 — capital by country | |
|---|---|
| UK | €3.7B |
| Germany | €1.7B |
| France | €1.3B |
| Netherlands | €1.3B |
| Spain | €710M |
| Switzerland | €525M |
| Denmark | €505M |
| Sweden | €285M |
| Norway | €222M |
| Austria | €144M |
| Other | €1.0B |
Geographic distribution
European countries shown · click a countryQ1 2023 — geographic distribution — interactive chart.
Industries
Top sectors
equity raisedQ1 2023 — top sectors — interactive chart.
Data table
| Q1 2023 — top sectors | |
|---|---|
| Fintech | €2.0B |
| Software | €1.9B |
| Healthtech | €1.4B |
| Transportation | €1.0B |
| Cleantech | €1.0B |
| Energy | €1.0B |
| Robotics | €365M |
| E-commerce | €356M |
| Travel | €347M |
| Deeptech | €312M |
Capital by sector
share of equityQ1 2023 — capital by sector — interactive chart.
Data table
| Q1 2023 — capital by sector | |
|---|---|
| Fintech | €2.0B |
| Software | €1.9B |
| Healthtech | €1.4B |
| Transportation | €1.0B |
| Cleantech | €1.0B |
| Energy | €1.0B |
| Robotics | €365M |
| E-commerce | €356M |
| Other | €3.3B |
Stages
Funding by stage
total euro raised by round typeQ1 2023 — funding by stage — interactive chart.
Data table
| Amount | |
|---|---|
| Pre-Seed | €90M |
| Seed | €642M |
| Series A | €1.3B |
| Series B | €1.4B |
| Series C | €905M |
| Series D+ | €338M |
| Early VC | €4.6M |
| Growth/Late | €98M |
| Debt | €3.4B |
| Grant | €63M |
| Crowdfunding | €2.8M |
| ICO | €2.7M |
| Other | €6.7B |
Exits
Exit activity
258
exits recorded
€3.7B
combined disclosed value
Exits breakdown
by typeQ1 2023 — exits by type — interactive chart.
Data table
| Q1 2023 — exits by type | |
|---|---|
| Acquisition | 250 |
| Merger | 6 |
| Unknown | 1 |
| IPO | 1 |