European startup funding Q2 2025
Quarterly report · 2025-04-01 – 2025-06-30 · vs Q1 2025
Quarterly
Summary
auto-generatedIn Q2 2025, 1,001 rounds were recorded and disclosed equity funding (excluding debt and grants) reached €12B, down 16.5% versus Q1 2025. Debt rounds added a further €3.2B.
Deal count moved +6.5% versus Q1 2025, with 2,212 named investors participating.
UK led by equity raised with €2.7B (22.8% of equity).
Software was the most-funded sector at €2.2B in equity (18.1%).
The ten largest rounds accounted for 32.0% of disclosed capital, led by Grammarly's €882M.
168 exits were recorded this quarter worth a combined €8.0B.
Equity funding
€12B
▼ -16.5%excl. debt & grants · +€3.2B debt
Funding rounds
1,001
▲ +6.5%Companies funded
991
▲ +5.7%Named investors
2,212
▲ +4.4%Exits
168
▲ +15.1%Provenance: 86% of 1,001 rounds disclosed an amount · 92% of priced rounds are high-confidence · EUR totals reconcile to ECB at-date within +0.13%
Methodology →Investments
Funding within Q2 2025
by monthFunding within Q2 2025 — interactive chart.
Data table
| Amount | Deals | |
|---|---|---|
| Apr | €3.3B | 319 |
| May | €5.5B | 353 |
| Jun | €6.6B | 329 |
Biggest deals
top 10 by amount- 1GrammarlyOther · Ukraine · May 2025€882M
- 2NebiusDebt · Netherlands · Jun 2025€876M
- 3HelsingOther · Germany · Jun 2025€600M
- 4IONITYDebt · Germany · May 2025€600M
- 5FerovinumDebt · UK · Jun 2025€468M
- 6BelievDebt · UK · Jun 2025€356M
- 7Stream (formerly Wagestream)Debt · UK · May 2025€352M
- 8CarmoolaGrowth/Late · UK · Jun 2025€352M
- 9SkyNRGOther · Netherlands · May 2025€250M
- 10Multiverse ComputingSeries B · Spain · Jun 2025€189M
Concentration
top 10 deals32.0%
of disclosed capital came from the ten largest rounds.
Top 10 total
€4.9B
Period total
€15B
Countries
Top countries
equity raisedQ2 2025 — top countries — interactive chart.
Data table
| Q2 2025 — top countries | |
|---|---|
| UK | €2.7B |
| Germany | €2.5B |
| France | €1.3B |
| Netherlands | €1.1B |
| Spain | €1.0B |
| Ukraine | €888M |
| Switzerland | €523M |
| Sweden | €451M |
| Iceland | €172M |
| Finland | €172M |
Capital by country
share of equityQ2 2025 — capital by country — interactive chart.
Data table
| Q2 2025 — capital by country | |
|---|---|
| UK | €2.7B |
| Germany | €2.5B |
| France | €1.3B |
| Netherlands | €1.1B |
| Spain | €1.0B |
| Ukraine | €888M |
| Switzerland | €523M |
| Sweden | €451M |
| Iceland | €172M |
| Finland | €172M |
| Other | €1.1B |
Geographic distribution
European countries shown · click a countryQ2 2025 — geographic distribution — interactive chart.
Industries
Top sectors
equity raisedQ2 2025 — top sectors — interactive chart.
Data table
| Q2 2025 — top sectors | |
|---|---|
| Software | €2.2B |
| Fintech | €2.1B |
| Healthtech | €1.5B |
| AI | €1.4B |
| Energy | €686M |
| Cleantech | €486M |
| Transportation | €366M |
| Robotics | €353M |
| Deeptech | €347M |
| Cybersecurity | €233M |
Capital by sector
share of equityQ2 2025 — capital by sector — interactive chart.
Data table
| Q2 2025 — capital by sector | |
|---|---|
| Software | €2.2B |
| Fintech | €2.1B |
| Healthtech | €1.5B |
| AI | €1.4B |
| Energy | €686M |
| Cleantech | €486M |
| Transportation | €366M |
| Robotics | €353M |
| Other | €3.0B |
Stages
Funding by stage
total euro raised by round typeQ2 2025 — funding by stage — interactive chart.
Data table
| Amount | |
|---|---|
| Pre-Seed | €140M |
| Seed | €689M |
| Series A | €1.3B |
| Series B | €2.0B |
| Series C | €601M |
| Series D+ | €178M |
| Early VC | €2.5M |
| Growth/Late | €552M |
| Debt | €3.2B |
| Grant | €252M |
| Crowdfunding | €950k |
| Other | €6.4B |
Exits
Exit activity
168
exits recorded
€8.0B
combined disclosed value
Exits breakdown
by typeQ2 2025 — exits by type — interactive chart.
Data table
| Q2 2025 — exits by type | |
|---|---|
| Acquisition | 158 |
| Merger | 10 |