European startup funding H2 2025
Half-year report · 2025-07-01 – 2025-12-31 · vs H1 2025
Half-year
Summary
auto-generatedIn H2 2025, 1,817 rounds were recorded and disclosed equity funding (excluding debt and grants) reached €29B, up 12.3% versus H1 2025. Debt rounds added a further €8.7B.
Deal count moved -6.4% versus H1 2025, with 3,921 named investors participating.
UK led by equity raised with €8.4B (28.6% of equity).
Software was the most-funded sector at €4.8B in equity (16.1%).
The ten largest rounds accounted for 29.1% of disclosed capital, led by CityFibre's €2.7B.
404 exits were recorded this half-year worth a combined €27B.
Equity funding
€29B
▲ +12.3%excl. debt & grants · +€8.7B debt
Funding rounds
1,817
▼ -6.4%Companies funded
1,774
▼ -7.5%Named investors
3,921
▲ +3.9%Exits
404
▲ +28.7%Provenance: 87% of 1,817 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 H2 2025
by monthFunding within H2 2025 — interactive chart.
Data table
| Amount | Deals | |
|---|---|---|
| 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
- 4NscaleSeries B · UK · Sep 2025€937M
- 5NokiaOther · Finland · Oct 2025€859M
- 6Oura HealthSeries D+ · Finland · Oct 2025€774M
- 7EnpalDebt · Germany · Oct 2025€700M
- 8Bending SpoonsOther · Italy · Oct 2025€615M
- 9EcoDataCenterDebt · Sweden · Sep 2025€600M
- 10Capital on TapDebt · UK · Nov 2025€568M
Concentration
top 10 deals29.1%
of disclosed capital came from the ten largest rounds.
Top 10 total
€11B
Period total
€38B
Countries
Top countries
equity raisedH2 2025 — top countries — interactive chart.
Data table
| H2 2025 — top countries | |
|---|---|
| UK | €8.4B |
| France | €4.1B |
| Germany | €3.4B |
| Finland | €2.4B |
| Netherlands | €2.1B |
| Switzerland | €1.9B |
| Sweden | €1.3B |
| Italy | €1.3B |
| Spain | €883M |
| Türkiye | €607M |
Capital by country
share of equityH2 2025 — capital by country — interactive chart.
Data table
| H2 2025 — capital by country | |
|---|---|
| UK | €8.4B |
| France | €4.1B |
| Germany | €3.4B |
| Finland | €2.4B |
| Netherlands | €2.1B |
| Switzerland | €1.9B |
| Sweden | €1.3B |
| Italy | €1.3B |
| Spain | €883M |
| Türkiye | €607M |
| Other | €3.0B |
Geographic distribution
European countries shown · click a countryH2 2025 — geographic distribution — interactive chart.
Industries
Top sectors
equity raisedH2 2025 — top sectors — interactive chart.
Data table
| H2 2025 — top sectors | |
|---|---|
| Software | €4.8B |
| Fintech | €4.2B |
| Healthtech | €3.5B |
| AI | €3.2B |
| Energy | €2.5B |
| Cloud | €1.4B |
| Telecom | €1.2B |
| Deeptech | €1.0B |
| Transportation | €1.0B |
| Cleantech | €920M |
Capital by sector
share of equityH2 2025 — capital by sector — interactive chart.
Data table
| H2 2025 — capital by sector | |
|---|---|
| Software | €4.8B |
| Fintech | €4.2B |
| Healthtech | €3.5B |
| AI | €3.2B |
| Energy | €2.5B |
| Cloud | €1.4B |
| Telecom | €1.2B |
| Deeptech | €1.0B |
| Other | €7.8B |
Stages
Funding by stage
total euro raised by round typeH2 2025 — funding by stage — interactive chart.
Data table
| Amount | |
|---|---|
| Pre-Seed | €342M |
| Seed | €1.3B |
| Series A | €3.0B |
| Series B | €4.3B |
| Series C | €1.7B |
| Series D+ | €1.7B |
| Early VC | €400k |
| Growth/Late | €1.2B |
| Debt | €8.7B |
| Grant | €102M |
| Crowdfunding | €37M |
| Other | €16B |
Exits
Exit activity
404
exits recorded
€27B
combined disclosed value
Exits breakdown
by typeH2 2025 — exits by type — interactive chart.
Data table
| H2 2025 — exits by type | |
|---|---|
| Acquisition | 387 |
| Merger | 15 |
| ICO | 1 |
| IPO | 1 |