Dec 2025

Monthly report · 2025-12-01 – 2026-01-01 · vs Nov 2025

Monthly

Summary

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In Dec 2025, disclosed funding reached €4.5B across 255 rounds, down -2.7% versus Nov 2025.

Deal count moved -10.2% versus Nov 2025, with 737 named investors participating.

Sweden led by capital with €893M (19.9% of disclosed total).

Software was the most-funded sector at €1.3B (29.7%).

The ten largest rounds accounted for 49.7% of disclosed capital, led by Elvy's €500M.

55 exits were recorded this month worth a combined €1.6B.

Disclosed funding

€4.5B

▼ -2.7%

€4,484,129,035

Funding rounds

255

▼ -10.2%

Companies funded

254

▼ -10.6%

Named investors

737

▼ -7.6%

Exits

▼ -11.3%

Leading country

Sweden

€893M

19.9% of total

Leading sector

Software

€1.3B

29.7% of total

Provenance: 91% of 255 rounds disclosed an amount · 93% of priced rounds are high-confidence · EUR totals reconcile to ECB at-date within +0.02%

Methodology →

Investments

Funding within Dec 2025

by day

Biggest deals

top 10 by amount

Concentration

top 10 deals

49.7%

of disclosed capital came from the ten largest rounds.

Top 10 total

€2.2B

Period total

€4.5B

Countries

Top countries

total euro raised

Capital by country

share of disclosed total

Geographic distribution

European countries shown · click a country

Industries

Top sectors

total euro raised

Capital by sector

share of disclosed total

Stages

Funding by stage

total euro raised by round type

Exits

Exit activity

exits recorded

€1.6B

combined disclosed value

Exits breakdown

by type

Investors

Most active investors

named, by deal count in period

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