European startup funding Q3 2025
Quarterly report · 2025-07-01 – 2025-09-30 · vs Q2 2025
Quarterly
Summary
auto-generatedIn Q3 2025, 930 rounds were recorded and disclosed equity funding (excluding debt and grants) reached €15B, up 26.0% versus Q2 2025. Debt rounds added a further €5.8B.
Deal count moved -7.1% versus Q2 2025, with 2,345 named investors participating.
UK led by equity raised with €5.7B (37.8% of equity).
Fintech was the most-funded sector at €3.0B in equity (19.9%).
The ten largest rounds accounted for 45.6% of disclosed capital, led by CityFibre's €2.7B.
222 exits were recorded this quarter worth a combined €17B.
Equity funding
€15B
▲ +26.0%excl. debt & grants · +€5.8B debt
Funding rounds
930
▼ -7.1%Companies funded
923
▼ -6.9%Named investors
2,345
▲ +6.0%Exits
222
▲ +32.1%Provenance: 86% of 930 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 Q3 2025
by monthFunding within Q3 2025 — interactive chart.
Data table
| Amount | Deals | |
|---|---|---|
| Jul | €9.3B | 362 |
| Aug | €3.2B | 196 |
| Sep | €8.4B | 372 |
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
- 5EcoDataCenterDebt · Sweden · Sep 2025€600M
- 6Bending SpoonsDebt · Italy · Aug 2025€500M
- 7ElectraDebt · France · Jul 2025€433M
- 8Zenobe EnergyDebt · UK · Jul 2025€352M
- 9NetomniaDebt · UK · Sep 2025€345M
- 10IQMSeries B · Finland · Sep 2025€275M
Concentration
top 10 deals45.6%
of disclosed capital came from the ten largest rounds.
Top 10 total
€9.5B
Period total
€21B
Countries
Top countries
equity raisedQ3 2025 — top countries — interactive chart.
Data table
| Q3 2025 — top countries | |
|---|---|
| UK | €5.7B |
| France | €2.5B |
| Germany | €1.6B |
| Switzerland | €1.0B |
| Netherlands | €885M |
| Spain | €527M |
| Sweden | €486M |
| Finland | €461M |
| Türkiye | €271M |
| Belgium | €227M |
Capital by country
share of equityQ3 2025 — capital by country — interactive chart.
Data table
| Q3 2025 — capital by country | |
|---|---|
| UK | €5.7B |
| France | €2.5B |
| Germany | €1.6B |
| Switzerland | €1.0B |
| Netherlands | €885M |
| Spain | €527M |
| Sweden | €486M |
| Finland | €461M |
| Türkiye | €271M |
| Belgium | €227M |
| Other | €1.4B |
Geographic distribution
European countries shown · click a countryQ3 2025 — geographic distribution — interactive chart.
Industries
Top sectors
equity raisedQ3 2025 — top sectors — interactive chart.
Data table
| Q3 2025 — top sectors | |
|---|---|
| Fintech | €3.0B |
| AI | €2.0B |
| Software | €2.0B |
| Energy | €1.4B |
| Healthtech | €1.3B |
| Cloud | €1.1B |
| Deeptech | €788M |
| Cleantech | €615M |
| Edtech | €344M |
| Robotics | €343M |
Capital by sector
share of equityQ3 2025 — capital by sector — interactive chart.
Data table
| Q3 2025 — capital by sector | |
|---|---|
| Fintech | €3.0B |
| AI | €2.0B |
| Software | €2.0B |
| Energy | €1.4B |
| Healthtech | €1.3B |
| Cloud | €1.1B |
| Deeptech | €788M |
| Cleantech | €615M |
| Other | €2.9B |
Stages
Funding by stage
total euro raised by round typeQ3 2025 — funding by stage — interactive chart.
Data table
| Amount | |
|---|---|
| Pre-Seed | €183M |
| Seed | €626M |
| Series A | €1.4B |
| Series B | €2.9B |
| Series C | €589M |
| Series D+ | €179M |
| Early VC | €400k |
| Growth/Late | €663M |
| Debt | €5.8B |
| Grant | €33M |
| Crowdfunding | €327k |
| Other | €8.5B |
Exits
Exit activity
222
exits recorded
€17B
combined disclosed value
Exits breakdown
by typeQ3 2025 — exits by type — interactive chart.
Data table
| Q3 2025 — exits by type | |
|---|---|
| Acquisition | 212 |
| Merger | 9 |
| IPO | 1 |