European startup funding Dec 2025
Monthly report · 2025-12-01 – 2025-12-31 · vs Nov 2025
Monthly
Summary
auto-generatedIn Dec 2025, 255 rounds were recorded and disclosed equity funding (excluding debt and grants) reached €3.6B, down 9.5% versus Nov 2025. Debt rounds added a further €909M.
Deal count moved -10.2% versus Nov 2025, with 733 named investors participating.
France led by equity raised with €774M (21.7% of equity).
Software was the most-funded sector at €1.2B in equity (34.8%).
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.
Equity funding
€3.6B
▼ -9.5%excl. debt & grants · +€909M debt
Funding rounds
255
▼ -10.2%Companies funded
254
▼ -10.6%Named investors
733
▼ -8.4%Exits
55
▼ -11.3%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 dayFunding within Dec 2025 — interactive chart.
Data table
| Amount | Deals | |
|---|---|---|
| 01 | €306M | 4 |
| 02 | €41M | 6 |
| 03 | €214M | 22 |
| 04 | €742M | 29 |
| 05 | €21M | 8 |
| 06 | €0 | 0 |
| 07 | €0 | 0 |
| 08 | €0 | 0 |
| 09 | €27M | 3 |
| 10 | €836M | 42 |
| 11 | €180M | 19 |
| 12 | €607M | 13 |
| 13 | €0 | 0 |
| 14 | €0 | 0 |
| 15 | €148M | 6 |
| 16 | €68M | 13 |
| 17 | €221M | 28 |
| 18 | €130M | 4 |
| 19 | €761M | 29 |
| 20 | €0 | 0 |
| 21 | €0 | 0 |
| 22 | €0 | 0 |
| 23 | €77M | 8 |
| 24 | €68M | 12 |
| 25 | €255k | 1 |
| 26 | €16M | 2 |
| 27 | €0 | 0 |
| 28 | €0 | 0 |
| 29 | €161k | 2 |
| 30 | €2.0M | 2 |
| 31 | €21M | 2 |
Biggest deals
top 10 by amount- 1ElvyDebt · Sweden · Dec 2025€500M
- 2BrevoOther · France · Dec 2025€500M
- 3LovableSeries B · Sweden · Dec 2025€282M
- 4Black Forest LabsSeries B · Germany · Dec 2025€258M
- 5IceyeSeries D+ · Finland · Dec 2025€200M
- 6Fal.aiSeries D+ · Türkiye · Dec 2025€120M
- 7MonduDebt · Germany · Dec 2025€100M
- 8EXEINOther · Italy · Dec 2025€100M
- 9Shop CircleDebt · UK · Dec 2025€86M
- 10Neural ConceptSeries C · Switzerland · Dec 2025€85M
Concentration
top 10 deals49.7%
of disclosed capital came from the ten largest rounds.
Top 10 total
€2.2B
Period total
€4.5B
Countries
Top countries
equity raisedDec 2025 — top countries — interactive chart.
Data table
| Dec 2025 — top countries | |
|---|---|
| France | €774M |
| UK | €689M |
| Germany | €446M |
| Sweden | €393M |
| Türkiye | €241M |
| Switzerland | €214M |
| Finland | €209M |
| Italy | €196M |
| Spain | €140M |
| Belgium | €95M |
Capital by country
share of equityDec 2025 — capital by country — interactive chart.
Data table
| Dec 2025 — capital by country | |
|---|---|
| France | €774M |
| UK | €689M |
| Germany | €446M |
| Sweden | €393M |
| Türkiye | €241M |
| Switzerland | €214M |
| Finland | €209M |
| Italy | €196M |
| Spain | €140M |
| Belgium | €95M |
| Other | €164M |
Geographic distribution
European countries shown · click a countryDec 2025 — geographic distribution — interactive chart.
Industries
Top sectors
equity raisedDec 2025 — top sectors — interactive chart.
Data table
| Dec 2025 — top sectors | |
|---|---|
| Software | €1.2B |
| AI | €529M |
| Space | €222M |
| Energy | €213M |
| Media | €172M |
| Fintech | €144M |
| Cybersecurity | €134M |
| Healthtech | €128M |
| E-commerce | €104M |
| Robotics | €95M |
Capital by sector
share of equityDec 2025 — capital by sector — interactive chart.
Data table
| Dec 2025 — capital by sector | |
|---|---|
| Software | €1.2B |
| AI | €529M |
| Space | €222M |
| Energy | €213M |
| Media | €172M |
| Fintech | €144M |
| Cybersecurity | €134M |
| Healthtech | €128M |
| Other | €801M |
Stages
Funding by stage
total euro raised by round typeDec 2025 — funding by stage — interactive chart.
Data table
| Amount | |
|---|---|
| Pre-Seed | €39M |
| Seed | €251M |
| Series A | €413M |
| Series B | €720M |
| Series C | €100M |
| Series D+ | €394M |
| Growth/Late | €93M |
| Debt | €909M |
| Grant | €15M |
| Crowdfunding | €284k |
| Other | €1.6B |
Exits
Exit activity
55
exits recorded
€1.6B
combined disclosed value
Exits breakdown
by typeDec 2025 — exits by type — interactive chart.
Data table
| Dec 2025 — exits by type | |
|---|---|
| Acquisition | 52 |
| Merger | 2 |
| ICO | 1 |