European startup funding H1 2025
Half-year report · 2025-01-01 – 2025-06-30 · vs H2 2024
Half-year
Summary
auto-generatedIn H1 2025, 1,941 rounds were recorded and disclosed equity funding (excluding debt and grants) reached €26B, up 17.7% versus H2 2024. Debt rounds added a further €7.3B.
Deal count moved +8.3% versus H2 2024, with 3,775 named investors participating.
UK led by equity raised with €6.7B (25.4% of equity).
Software was the most-funded sector at €4.6B in equity (17.5%).
The ten largest rounds accounted for 23.6% of disclosed capital, led by Ubisoft's €1.2B.
314 exits were recorded this half-year worth a combined €18B.
Equity funding
€26B
▲ +17.7%excl. debt & grants · +€7.3B debt
Funding rounds
1,941
▲ +8.3%Companies funded
1,917
▲ +9.1%Named investors
3,775
▲ +6.4%Exits
314
▲ +5.4%Provenance: 88% of 1,941 rounds disclosed an amount · 90% of priced rounds are high-confidence · EUR totals reconcile to ECB at-date within +0.05%
Methodology →Investments
Funding within H1 2025
by monthFunding within H1 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 |
Biggest deals
top 10 by amount- 1UbisoftOther · France · Mar 2025€1.2B
- 2NXP SemiconductorsDebt · Netherlands · Jan 2025€1.0B
- 3finnDebt · Germany · Feb 2025€1.0B
- 4GrammarlyOther · Ukraine · May 2025€882M
- 5NebiusDebt · Netherlands · Jun 2025€876M
- 6Your.WorldOther · Netherlands · Feb 2025€800M
- 7HelsingOther · Germany · Jun 2025€600M
- 8IONITYDebt · Germany · May 2025€600M
- 9Isomorphic LabsOther · UK · Mar 2025€555M
- 10Bees & BearsDebt · Germany · Jan 2025€500M
Concentration
top 10 deals23.6%
of disclosed capital came from the ten largest rounds.
Top 10 total
€8.0B
Period total
€34B
Countries
Top countries
equity raisedH1 2025 — top countries — interactive chart.
Data table
| H1 2025 — top countries | |
|---|---|
| UK | €6.7B |
| Germany | €4.5B |
| France | €3.4B |
| Netherlands | €2.7B |
| Spain | €1.9B |
| Sweden | €1.6B |
| Switzerland | €1.1B |
| Ukraine | €897M |
| Ireland | €610M |
| Finland | €311M |
Capital by country
share of equityH1 2025 — capital by country — interactive chart.
Data table
| H1 2025 — capital by country | |
|---|---|
| UK | €6.7B |
| Germany | €4.5B |
| France | €3.4B |
| Netherlands | €2.7B |
| Spain | €1.9B |
| Sweden | €1.6B |
| Switzerland | €1.1B |
| Ukraine | €897M |
| Ireland | €610M |
| Finland | €311M |
| Other | €2.5B |
Geographic distribution
European countries shown · click a countryH1 2025 — geographic distribution — interactive chart.
Industries
Top sectors
equity raisedH1 2025 — top sectors — interactive chart.
Data table
| H1 2025 — top sectors | |
|---|---|
| Software | €4.6B |
| Healthtech | €4.0B |
| Fintech | €3.6B |
| AI | €2.2B |
| Energy | €2.0B |
| Gaming | €1.4B |
| Cleantech | €1.1B |
| Deeptech | €790M |
| Transportation | €671M |
| Hardware | €653M |
Capital by sector
share of equityH1 2025 — capital by sector — interactive chart.
Data table
| H1 2025 — capital by sector | |
|---|---|
| Software | €4.6B |
| Healthtech | €4.0B |
| Fintech | €3.6B |
| AI | €2.2B |
| Energy | €2.0B |
| Gaming | €1.4B |
| Cleantech | €1.1B |
| Deeptech | €790M |
| Other | €6.9B |
Stages
Funding by stage
total euro raised by round typeH1 2025 — funding by stage — interactive chart.
Data table
| Amount | |
|---|---|
| Pre-Seed | €280M |
| Seed | €1.2B |
| Series A | €3.3B |
| Series B | €3.4B |
| Series C | €1.4B |
| Series D+ | €947M |
| Early VC | €5.6M |
| Growth/Late | €588M |
| Debt | €7.3B |
| Grant | €266M |
| Crowdfunding | €1.5M |
| Other | €15B |
Exits
Exit activity
314
exits recorded
€18B
combined disclosed value
Exits breakdown
by typeH1 2025 — exits by type — interactive chart.
Data table
| H1 2025 — exits by type | |
|---|---|
| Acquisition | 297 |
| Merger | 16 |
| IPO | 1 |