European startup funding Q3 2023
Quarterly report · 2023-07-01 – 2023-09-30 · vs Q2 2023
Quarterly
Summary
auto-generatedIn Q3 2023, 1,070 rounds were recorded and disclosed equity funding (excluding debt and grants) reached €23B, up 127.0% versus Q2 2023. Debt rounds added a further €4.8B.
Deal count moved -7.4% versus Q2 2023, with 2,344 named investors participating.
UK led by equity raised with €10.0B (43.2% of equity).
Semiconductors was the most-funded sector at €5.0B in equity (21.8%).
The ten largest rounds accounted for 56.2% of disclosed capital, led by Arm's €4.7B.
221 exits were recorded this quarter worth a combined €17B.
Equity funding
€23B
▲ +127.0%excl. debt & grants · +€4.8B debt
Funding rounds
1,070
▼ -7.4%Companies funded
1,065
▼ -6.9%Named investors
2,344
▼ -7.7%Exits
221
▼ -0.5%Leading country
€10.0B
43.2% of equity
Leading sector
€5.0B
21.8% of equity
Provenance: 83% of 1,070 rounds disclosed an amount · 94% of priced rounds are high-confidence · EUR totals reconcile to ECB at-date within -0.33%
Methodology →Investments
Funding within Q3 2023
by monthFunding within Q3 2023 — interactive chart.
Data table
| Amount | Deals | |
|---|---|---|
| Jul | €4.7B | 356 |
| Aug | €6.9B | 315 |
| Sep | €16B | 399 |
Biggest deals
top 10 by amount- 1ArmOther · UK · Sep 2023€4.7B
- 2PhilipsOther · Netherlands · Aug 2023€2.6B
- 3VerkorSeries C · France · Sep 2023€2.0B
- 4Stegra (H2 Green Steel)Other · Sweden · Sep 2023€1.5B
- 5NorthvoltDebt · Sweden · Aug 2023€1.1B
- 6Zenobe EnergyOther · UK · Sep 2023€1.0B
- 7WayflyerOther · Ireland · Sep 2023€931M
- 8ThinCatsDebt · UK · Sep 2023€807M
- 9ConigitalSeries A · UK · Sep 2023€584M
- 10LendInvestDebt · UK · Jul 2023€582M
Concentration
top 10 deals56.2%
of disclosed capital came from the ten largest rounds.
Top 10 total
€16B
Period total
€28B
Countries
Top countries
equity raisedQ3 2023 — top countries — interactive chart.
Data table
| Q3 2023 — top countries | |
|---|---|
| UK | €10.0B |
| Netherlands | €3.2B |
| France | €3.1B |
| Sweden | €1.7B |
| Germany | €1.6B |
| Ireland | €1.3B |
| Spain | €403M |
| Switzerland | €335M |
| Lithuania | €251M |
| Belgium | €184M |
Capital by country
share of equityQ3 2023 — capital by country — interactive chart.
Data table
| Q3 2023 — capital by country | |
|---|---|
| UK | €10.0B |
| Netherlands | €3.2B |
| France | €3.1B |
| Sweden | €1.7B |
| Germany | €1.6B |
| Ireland | €1.3B |
| Spain | €403M |
| Switzerland | €335M |
| Lithuania | €251M |
| Belgium | €184M |
| Other | €1.1B |
Geographic distribution
European countries shown · click a countryQ3 2023 — geographic distribution — interactive chart.
Industries
Top sectors
equity raisedQ3 2023 — top sectors — interactive chart.
Data table
| Q3 2023 — top sectors | |
|---|---|
| Semiconductors | €5.0B |
| Energy | €4.6B |
| Healthtech | €3.7B |
| Cleantech | €2.1B |
| Transportation | €1.2B |
| Software | €1.1B |
| E-commerce | €1.1B |
| Fintech | €892M |
| AI | €500M |
| Telecom | €442M |
Capital by sector
share of equityQ3 2023 — capital by sector — interactive chart.
Data table
| Q3 2023 — capital by sector | |
|---|---|
| Semiconductors | €5.0B |
| Energy | €4.6B |
| Healthtech | €3.7B |
| Cleantech | €2.1B |
| Transportation | €1.2B |
| Software | €1.1B |
| E-commerce | €1.1B |
| Fintech | €892M |
| Other | €3.6B |
Stages
Funding by stage
total euro raised by round typeQ3 2023 — funding by stage — interactive chart.
Data table
| Amount | |
|---|---|
| Pre-Seed | €70M |
| Seed | €583M |
| Series A | €1.6B |
| Series B | €831M |
| Series C | €2.5B |
| Series D+ | €638M |
| Early VC | €0 |
| Growth/Late | €89M |
| Debt | €4.8B |
| Grant | €145M |
| Crowdfunding | €4.2M |
| ICO | €46M |
| Other | €17B |
Exits
Exit activity
221
exits recorded
€17B
combined disclosed value
Exits breakdown
by typeQ3 2023 — exits by type — interactive chart.
Data table
| Q3 2023 — exits by type | |
|---|---|
| Acquisition | 212 |
| Merger | 7 |
| IPO | 2 |