European startup funding Q1 2025
Quarterly report · 2025-01-01 – 2025-03-31 · vs Q4 2024
Quarterly
Summary
auto-generatedIn Q1 2025, 940 rounds were recorded and disclosed equity funding (excluding debt and grants) reached €14B, up 10.4% versus Q4 2024. Debt rounds added a further €4.1B.
Deal count moved +4.6% versus Q4 2024, with 2,119 named investors participating.
UK led by equity raised with €3.9B (27.5% of equity).
Healthtech was the most-funded sector at €2.5B in equity (17.4%).
The ten largest rounds accounted for 35.9% of disclosed capital, led by Ubisoft's €1.2B.
146 exits were recorded this quarter worth a combined €10B.
Equity funding
€14B
▲ +10.4%excl. debt & grants · +€4.1B debt
Funding rounds
940
▲ +4.6%Companies funded
938
▲ +5.5%Named investors
2,119
▲ +8.3%Exits
146
▲ +0.0%Leading country
€3.9B
27.5% of equity
Leading sector
€2.5B
17.4% of equity
Provenance: 89% of 940 rounds disclosed an amount · 89% of priced rounds are high-confidence · EUR totals reconcile to ECB at-date within -0.03%
Methodology →Investments
Funding within Q1 2025
by monthFunding within Q1 2025 — interactive chart.
Data table
| Amount | Deals | |
|---|---|---|
| Jan | €6.6B | 310 |
| Feb | €6.1B | 327 |
| Mar | €5.7B | 303 |
Biggest deals
top 10 by amount- 1UbisoftOther · France · Mar 2025€1.2B
- 2finnDebt · Germany · Feb 2025€1.0B
- 3NXP SemiconductorsDebt · Netherlands · Jan 2025€1.0B
- 4Your.WorldOther · Netherlands · Feb 2025€800M
- 5Isomorphic LabsOther · UK · Mar 2025€555M
- 6Bees & BearsDebt · Germany · Jan 2025€500M
- 7EcoDataCenterOther · Sweden · Mar 2025€450M
- 8Green FlexibilityOther · Germany · Jan 2025€400M
- 9Verdiva BioSeries A · UK · Jan 2025€399M
- 10Lion StorageOther · Netherlands · Feb 2025€350M
Concentration
top 10 deals35.9%
of disclosed capital came from the ten largest rounds.
Top 10 total
€6.6B
Period total
€18B
Countries
Top countries
equity raisedQ1 2025 — top countries — interactive chart.
Data table
| Q1 2025 — top countries | |
|---|---|
| UK | €3.9B |
| France | €2.1B |
| Germany | €2.0B |
| Netherlands | €1.6B |
| Sweden | €1.1B |
| Spain | €945M |
| Switzerland | €584M |
| Ireland | €529M |
| Denmark | €181M |
| Italy | €156M |
Capital by country
share of equityQ1 2025 — capital by country — interactive chart.
Data table
| Q1 2025 — capital by country | |
|---|---|
| UK | €3.9B |
| France | €2.1B |
| Germany | €2.0B |
| Netherlands | €1.6B |
| Sweden | €1.1B |
| Spain | €945M |
| Switzerland | €584M |
| Ireland | €529M |
| Denmark | €181M |
| Italy | €156M |
| Other | €1.1B |
Geographic distribution
European countries shown · click a countryQ1 2025 — geographic distribution — interactive chart.
Industries
Top sectors
equity raisedQ1 2025 — top sectors — interactive chart.
Data table
| Q1 2025 — top sectors | |
|---|---|
| Healthtech | €2.5B |
| Software | €2.4B |
| Fintech | €1.5B |
| Energy | €1.3B |
| Gaming | €1.2B |
| AI | €813M |
| Cleantech | €591M |
| Hardware | €520M |
| Travel | €449M |
| Deeptech | €443M |
Capital by sector
share of equityQ1 2025 — capital by sector — interactive chart.
Data table
| Q1 2025 — capital by sector | |
|---|---|
| Healthtech | €2.5B |
| Software | €2.4B |
| Fintech | €1.5B |
| Energy | €1.3B |
| Gaming | €1.2B |
| AI | €813M |
| Cleantech | €591M |
| Hardware | €520M |
| Other | €3.6B |
Stages
Funding by stage
total euro raised by round typeQ1 2025 — funding by stage — interactive chart.
Data table
| Amount | |
|---|---|
| Pre-Seed | €140M |
| Seed | €523M |
| Series A | €2.0B |
| Series B | €1.4B |
| Series C | €751M |
| Series D+ | €769M |
| Early VC | €3.1M |
| Growth/Late | €35M |
| Debt | €4.1B |
| Grant | €13M |
| Crowdfunding | €593k |
| Other | €8.7B |
Exits
Exit activity
146
exits recorded
€10B
combined disclosed value
Exits breakdown
by typeQ1 2025 — exits by type — interactive chart.
Data table
| Q1 2025 — exits by type | |
|---|---|
| Acquisition | 139 |
| Merger | 6 |
| IPO | 1 |