European startup funding Sep 2025
Monthly report · 2025-09-01 – 2025-09-30 · vs Aug 2025
Monthly
Summary
auto-generatedIn Sep 2025, 372 rounds were recorded and disclosed equity funding (excluding debt and grants) reached €7.3B, up 217.7% versus Aug 2025. Debt rounds added a further €1.1B.
Deal count moved +89.8% versus Aug 2025, with 1,152 named investors participating.
UK led by equity raised with €2.3B (32.1% of equity).
AI was the most-funded sector at €1.9B in equity (26.0%).
The ten largest rounds accounted for 54.6% of disclosed capital, led by Mistral AI's €1.7B.
74 exits were recorded this month worth a combined €9.2B.
Equity funding
€7.3B
▲ +217.7%excl. debt & grants · +€1.1B debt
Funding rounds
372
▲ +89.8%Companies funded
371
▲ +89.3%Named investors
1,152
▲ +129.5%Exits
74
▲ +12.1%Provenance: 87% of 372 rounds disclosed an amount · 94% of priced rounds are high-confidence · EUR totals reconcile to ECB at-date within -0.04%
Methodology →Investments
Funding within Sep 2025
by dayFunding within Sep 2025 — interactive chart.
Data table
| Amount | Deals | |
|---|---|---|
| 01 | €651k | 2 |
| 02 | €574M | 20 |
| 03 | €43M | 3 |
| 04 | €659M | 26 |
| 05 | €84M | 17 |
| 06 | €0 | 0 |
| 07 | €0 | 0 |
| 08 | €0 | 1 |
| 09 | €2.8B | 42 |
| 10 | €198M | 30 |
| 11 | €50M | 15 |
| 12 | €73M | 7 |
| 13 | €0 | 0 |
| 14 | €0 | 0 |
| 15 | €33M | 7 |
| 16 | €416M | 21 |
| 17 | €83M | 10 |
| 18 | €514M | 30 |
| 19 | €186M | 16 |
| 20 | €0 | 0 |
| 21 | €0 | 0 |
| 22 | €154M | 10 |
| 23 | €412M | 29 |
| 24 | €0 | 1 |
| 25 | €1.6B | 35 |
| 26 | €41M | 7 |
| 27 | €0 | 0 |
| 28 | €0 | 0 |
| 29 | €133M | 15 |
| 30 | €316M | 28 |
Biggest deals
top 10 by amount- 1Mistral AIOther · France · Sep 2025€1.7B
- 2NscaleSeries B · UK · Sep 2025€937M
- 3EcoDataCenterDebt · Sweden · Sep 2025€600M
- 4NetomniaDebt · UK · Sep 2025€345M
- 5IQMSeries B · Finland · Sep 2025€275M
- 6NothingOther · UK · Sep 2025€169M
- 7Terra OneOther · Germany · Sep 2025€150M
- 8Signal AIOther · UK · Sep 2025€141M
- 9TriverOther · UK · Sep 2025€130M
- 10TreasuryOther · Netherlands · Sep 2025€126M
Concentration
top 10 deals54.6%
of disclosed capital came from the ten largest rounds.
Top 10 total
€4.6B
Period total
€8.4B
Countries
Top countries
equity raisedSep 2025 — top countries — interactive chart.
Data table
| Sep 2025 — top countries | |
|---|---|
| UK | €2.3B |
| France | €2.2B |
| Netherlands | €637M |
| Germany | €478M |
| Finland | €415M |
| Switzerland | €286M |
| Spain | €266M |
| Belgium | €133M |
| Italy | €76M |
| Hungary | €68M |
Capital by country
share of equitySep 2025 — capital by country — interactive chart.
Data table
| Sep 2025 — capital by country | |
|---|---|
| UK | €2.3B |
| France | €2.2B |
| Netherlands | €637M |
| Germany | €478M |
| Finland | €415M |
| Switzerland | €286M |
| Spain | €266M |
| Belgium | €133M |
| Italy | €76M |
| Hungary | €68M |
| Other | €365M |
Geographic distribution
European countries shown · click a countrySep 2025 — geographic distribution — interactive chart.
Industries
Top sectors
equity raisedSep 2025 — top sectors — interactive chart.
Data table
| Sep 2025 — top sectors | |
|---|---|
| AI | €1.9B |
| Software | €1.0B |
| Cloud | €946M |
| Fintech | €659M |
| Healthtech | €537M |
| Deeptech | €463M |
| Energy | €397M |
| Cleantech | €295M |
| Robotics | €131M |
| Edtech | €117M |
Capital by sector
share of equitySep 2025 — capital by sector — interactive chart.
Data table
| Sep 2025 — capital by sector | |
|---|---|
| AI | €1.9B |
| Software | €1.0B |
| Cloud | €946M |
| Fintech | €659M |
| Healthtech | €537M |
| Deeptech | €463M |
| Energy | €397M |
| Cleantech | €295M |
| Other | €1.1B |
Stages
Funding by stage
total euro raised by round typeSep 2025 — funding by stage — interactive chart.
Data table
| Amount | |
|---|---|
| Pre-Seed | €69M |
| Seed | €294M |
| Series A | €666M |
| Series B | €2.2B |
| Series C | €355M |
| Series D+ | €73M |
| Growth/Late | €226M |
| Debt | €1.1B |
| Grant | €132k |
| Other | €3.4B |
Exits
Exit activity
74
exits recorded
€9.2B
combined disclosed value
Exits breakdown
by typeSep 2025 — exits by type — interactive chart.
Data table
| Sep 2025 — exits by type | |
|---|---|
| Acquisition | 71 |
| Merger | 3 |