European startup funding 2025
Annual report · 2025-01-01 – 2025-12-31 · vs 2024
Annual
Summary
auto-generatedIn 2025, 3,758 rounds were recorded and disclosed equity funding (excluding debt and grants) reached €56B, up 16.3% versus 2024. Debt rounds added a further €16B.
Deal count moved +0.2% versus 2024, with 6,553 named investors participating.
UK led by equity raised with €15B (27.1% of equity).
Software was the most-funded sector at €9.3B in equity (16.8%).
The ten largest rounds accounted for 17.7% of disclosed capital, led by CityFibre's €2.7B.
718 exits were recorded this year worth a combined €45B.
Equity funding
€56B
▲ +16.3%excl. debt & grants · +€16B debt
Funding rounds
3,758
▲ +0.2%Companies funded
3,593
▲ +0.4%Named investors
6,553
▼ -0.1%Exits
718
▲ +9.8%Provenance: 87% of 3,758 rounds disclosed an amount · 92% of priced rounds are high-confidence · EUR totals reconcile to ECB at-date within +0.05%
Methodology →Investments
Funding within 2025
by monthFunding within 2025 — interactive chart.
Data table
| Amount | Deals | |
|---|---|---|
| Jan | €6.6B | 310 |
| Feb | €6.1B | 327 |
| Mar | €5.7B | 303 |
| Apr | €3.3B | 319 |
| May | €5.5B | 353 |
| Jun | €6.6B | 329 |
| Jul | €9.3B | 362 |
| Aug | €3.2B | 196 |
| Sep | €8.4B | 372 |
| Oct | €8.3B | 348 |
| Nov | €4.6B | 284 |
| Dec | €4.5B | 255 |
Biggest deals
top 10 by amount- 1CityFibreDebt · UK · Jul 2025€2.7B
- 2Propel FinanceOther · UK · Jul 2025€1.7B
- 3Mistral AIOther · France · Sep 2025€1.7B
- 4UbisoftOther · France · Mar 2025€1.2B
- 5NXP SemiconductorsDebt · Netherlands · Jan 2025€1.0B
- 6finnDebt · Germany · Feb 2025€1.0B
- 7NscaleSeries B · UK · Sep 2025€937M
- 8GrammarlyOther · Ukraine · May 2025€882M
- 9NebiusDebt · Netherlands · Jun 2025€876M
- 10NokiaOther · Finland · Oct 2025€859M
Concentration
top 10 deals17.7%
of disclosed capital came from the ten largest rounds.
Top 10 total
€13B
Period total
€72B
Countries
Top countries
equity raised2025 — top countries — interactive chart.
Data table
| 2025 — top countries | |
|---|---|
| UK | €15B |
| Germany | €8.0B |
| France | €7.6B |
| Netherlands | €4.8B |
| Switzerland | €3.1B |
| Sweden | €2.9B |
| Spain | €2.8B |
| Finland | €2.7B |
| Italy | €1.6B |
| Ukraine | €929M |
Capital by country
share of equity2025 — capital by country — interactive chart.
Data table
| 2025 — capital by country | |
|---|---|
| UK | €15B |
| Germany | €8.0B |
| France | €7.6B |
| Netherlands | €4.8B |
| Switzerland | €3.1B |
| Sweden | €2.9B |
| Spain | €2.8B |
| Finland | €2.7B |
| Italy | €1.6B |
| Ukraine | €929M |
| Other | €6.4B |
Geographic distribution
European countries shown · click a country2025 — geographic distribution — interactive chart.
Industries
Top sectors
equity raised2025 — top sectors — interactive chart.
Data table
| 2025 — top sectors | |
|---|---|
| Software | €9.3B |
| Fintech | €7.8B |
| Healthtech | €7.5B |
| AI | €5.3B |
| Energy | €4.5B |
| Cleantech | €2.0B |
| Deeptech | €1.8B |
| Transportation | €1.7B |
| Cloud | €1.6B |
| Gaming | €1.5B |
Capital by sector
share of equity2025 — capital by sector — interactive chart.
Data table
| 2025 — capital by sector | |
|---|---|
| Software | €9.3B |
| Fintech | €7.8B |
| Healthtech | €7.5B |
| AI | €5.3B |
| Energy | €4.5B |
| Cleantech | €2.0B |
| Deeptech | €1.8B |
| Transportation | €1.7B |
| Other | €16B |
Stages
Funding by stage
total euro raised by round type2025 — funding by stage — interactive chart.
Data table
| Amount | |
|---|---|
| Pre-Seed | €622M |
| Seed | €2.5B |
| Series A | €6.3B |
| Series B | €7.7B |
| Series C | €3.1B |
| Series D+ | €2.6B |
| Early VC | €6.0M |
| Growth/Late | €1.8B |
| Debt | €16B |
| Grant | €368M |
| Crowdfunding | €39M |
| Other | €31B |
Exits
Exit activity
718
exits recorded
€45B
combined disclosed value
Exits breakdown
by type2025 — exits by type — interactive chart.
Data table
| 2025 — exits by type | |
|---|---|
| Acquisition | 684 |
| Merger | 31 |
| IPO | 2 |
| ICO | 1 |