European startup funding Q2 2023
Quarterly report · 2023-04-01 – 2023-06-30 · vs Q1 2023
Quarterly
Summary
auto-generatedIn Q2 2023, 1,155 rounds were recorded and disclosed equity funding (excluding debt and grants) reached €10B, down 11.3% versus Q1 2023. Debt rounds added a further €3.7B.
Deal count moved -2.9% versus Q1 2023, with 2,539 named investors participating.
UK led by equity raised with €2.9B (28.1% of equity).
Software was the most-funded sector at €1.9B in equity (18.2%).
The ten largest rounds accounted for 28.0% of disclosed capital, led by AtlasEdge's €725M.
222 exits were recorded this quarter worth a combined €6.6B.
Equity funding
€10B
▼ -11.3%excl. debt & grants · +€3.7B debt
Funding rounds
1,155
▼ -2.9%Companies funded
1,144
▼ -2.9%Named investors
2,539
▼ -7.8%Exits
222
▼ -14.0%Provenance: 86% of 1,155 rounds disclosed an amount · 96% of priced rounds are high-confidence · EUR totals reconcile to ECB at-date within +0.09%
Methodology →Investments
Funding within Q2 2023
by monthFunding within Q2 2023 — interactive chart.
Data table
| Amount | Deals | |
|---|---|---|
| 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
- 3EnpalDebt · Germany · Jun 2023€430M
- 41Komma5°Series B · Germany · Jun 2023€430M
- 5NorthvoltDebt · Sweden · Jun 2023€366M
- 6Low CarbonDebt · UK · May 2023€357M
- 7WayflyerDebt · Ireland · Jun 2023€278M
- 8TeylorDebt · Switzerland · Jun 2023€275M
- 9DrivecoOther · France · May 2023€250M
- 10AT&SDebt · Austria · May 2023€250M
Concentration
top 10 deals28.0%
of disclosed capital came from the ten largest rounds.
Top 10 total
€3.9B
Period total
€14B
Countries
Top countries
equity raisedQ2 2023 — top countries — interactive chart.
Data table
| Q2 2023 — top countries | |
|---|---|
| UK | €2.9B |
| Germany | €2.2B |
| France | €1.6B |
| Netherlands | €501M |
| Sweden | €497M |
| Switzerland | €437M |
| Spain | €378M |
| Finland | €368M |
| Ireland | €223M |
| Italy | €185M |
Capital by country
share of equityQ2 2023 — capital by country — interactive chart.
Data table
| Q2 2023 — capital by country | |
|---|---|
| UK | €2.9B |
| Germany | €2.2B |
| France | €1.6B |
| Netherlands | €501M |
| Sweden | €497M |
| Switzerland | €437M |
| Spain | €378M |
| Finland | €368M |
| Ireland | €223M |
| Italy | €185M |
| Other | €896M |
Geographic distribution
European countries shown · click a countryQ2 2023 — geographic distribution — interactive chart.
Industries
Top sectors
equity raisedQ2 2023 — top sectors — interactive chart.
Data table
| Q2 2023 — top sectors | |
|---|---|
| Software | €1.9B |
| Fintech | €1.4B |
| Healthtech | €1.3B |
| Transportation | €1.1B |
| Energy | €1.0B |
| Cleantech | €512M |
| E-commerce | €500M |
| AI | €340M |
| Travel | €315M |
| Deeptech | €250M |
Capital by sector
share of equityQ2 2023 — capital by sector — interactive chart.
Data table
| Q2 2023 — capital by sector | |
|---|---|
| Software | €1.9B |
| Fintech | €1.4B |
| Healthtech | €1.3B |
| Transportation | €1.1B |
| Energy | €1.0B |
| Cleantech | €512M |
| E-commerce | €500M |
| AI | €340M |
| Other | €2.3B |
Stages
Funding by stage
total euro raised by round typeQ2 2023 — funding by stage — interactive chart.
Data table
| Amount | |
|---|---|
| Pre-Seed | €104M |
| Seed | €795M |
| Series A | €1.5B |
| Series B | €1.5B |
| Series C | €482M |
| Series D+ | €567M |
| Early VC | €4.1M |
| Growth/Late | €202M |
| Debt | €3.7B |
| Grant | €146M |
| Crowdfunding | €50M |
| Other | €5.0B |
Exits
Exit activity
222
exits recorded
€6.6B
combined disclosed value
Exits breakdown
by typeQ2 2023 — exits by type — interactive chart.
Data table
| Q2 2023 — exits by type | |
|---|---|
| Acquisition | 213 |
| Merger | 8 |
| Buyout | 1 |