European startup funding Q1 2024
Quarterly report · 2024-01-01 – 2024-03-31 · vs Q4 2023
Quarterly
Summary
auto-generatedIn Q1 2024, 981 rounds were recorded and disclosed equity funding (excluding debt and grants) reached €11B, down 23.9% versus Q4 2023. Debt rounds added a further €17B.
Deal count moved -6.9% versus Q4 2023, with 2,284 named investors participating.
UK led by equity raised with €2.6B (23.2% of equity).
Energy was the most-funded sector at €2.1B in equity (19.1%).
The ten largest rounds accounted for 61.3% of disclosed capital, led by Northvolt's €4.6B.
192 exits were recorded this quarter worth a combined €5.3B.
Equity funding
€11B
▼ -23.9%excl. debt & grants · +€17B debt
Funding rounds
981
▼ -6.9%Companies funded
972
▼ -7.1%Named investors
2,284
▼ -6.3%Exits
192
▲ +9.1%Provenance: 87% of 981 rounds disclosed an amount · 96% of priced rounds are high-confidence · EUR totals reconcile to ECB at-date within -0.26%
Methodology →Investments
Funding within Q1 2024
by monthFunding within Q1 2024 — interactive chart.
Data table
| Amount | Deals | |
|---|---|---|
| Jan | €17B | 340 |
| Feb | €8.5B | 335 |
| Mar | €4.5B | 306 |
Biggest deals
top 10 by amount- 1NorthvoltDebt · Sweden · Jan 2024€4.6B
- 2Stegra (H2 Green Steel)Debt · Sweden · Jan 2024€4.5B
- 3Automotive Cells Company (ACC)Debt · France · Feb 2024€4.4B
- 4EnpalDebt · Germany · Mar 2024€1.1B
- 5NorthvoltGrant · Sweden · Jan 2024€902M
- 6PolestarDebt · Sweden · Feb 2024€879M
- 7SunfireOther · Germany · Mar 2024€500M
- 8Volvo Car CorporationDebt · Sweden · Jan 2024€420M
- 9WildstoneDebt · UK · Jan 2024€407M
- 10MonzoOther · UK · Mar 2024€397M
Concentration
top 10 deals61.3%
of disclosed capital came from the ten largest rounds.
Top 10 total
€18B
Period total
€30B
Countries
Top countries
equity raisedQ1 2024 — top countries — interactive chart.
Data table
| Q1 2024 — top countries | |
|---|---|
| UK | €2.6B |
| Germany | €2.3B |
| France | €1.3B |
| Netherlands | €1.2B |
| Sweden | €600M |
| Switzerland | €565M |
| Italy | €489M |
| Spain | €382M |
| Austria | €227M |
| Denmark | €185M |
Capital by country
share of equityQ1 2024 — capital by country — interactive chart.
Data table
| Q1 2024 — capital by country | |
|---|---|
| UK | €2.6B |
| Germany | €2.3B |
| France | €1.3B |
| Netherlands | €1.2B |
| Sweden | €600M |
| Switzerland | €565M |
| Italy | €489M |
| Spain | €382M |
| Austria | €227M |
| Denmark | €185M |
| Other | €1.3B |
Geographic distribution
European countries shown · click a countryQ1 2024 — geographic distribution — interactive chart.
Industries
Top sectors
equity raisedQ1 2024 — top sectors — interactive chart.
Data table
| Q1 2024 — top sectors | |
|---|---|
| Energy | €2.1B |
| Fintech | €2.0B |
| Software | €1.5B |
| Healthtech | €930M |
| Transportation | €733M |
| E-commerce | €554M |
| AI | €511M |
| Cleantech | €370M |
| Robotics | €358M |
| Telecom | €311M |
Capital by sector
share of equityQ1 2024 — capital by sector — interactive chart.
Data table
| Q1 2024 — capital by sector | |
|---|---|
| Energy | €2.1B |
| Fintech | €2.0B |
| Software | €1.5B |
| Healthtech | €930M |
| Transportation | €733M |
| E-commerce | €554M |
| AI | €511M |
| Cleantech | €370M |
| Other | €2.5B |
Stages
Funding by stage
total euro raised by round typeQ1 2024 — funding by stage — interactive chart.
Data table
| Amount | |
|---|---|
| Pre-Seed | €103M |
| Seed | €470M |
| Series A | €910M |
| Series B | €2.0B |
| Series C | €615M |
| Series D+ | €643M |
| Early VC | €3.0M |
| Growth/Late | €200M |
| Debt | €17B |
| Grant | €1.0B |
| Crowdfunding | €8.4M |
| Other | €6.3B |
Exits
Exit activity
192
exits recorded
€5.3B
combined disclosed value
Exits breakdown
by typeQ1 2024 — exits by type — interactive chart.
Data table
| Q1 2024 — exits by type | |
|---|---|
| Acquisition | 187 |
| Merger | 5 |