Q3 2025

Quarterly report · 2025-07-01 – 2025-10-01 · vs Q2 2025

Quarterly

Summary

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In Q3 2025, disclosed funding reached €21B across 929 rounds, up +36.0% versus Q2 2025.

Deal count moved -7.1% versus Q2 2025, with 2,345 named investors participating.

UK led by capital with €9.5B (45.4% of disclosed total).

Telecom was the most-funded sector at €3.3B (15.9%).

The ten largest rounds accounted for 45.6% of disclosed capital, led by CityFibre's €2.6B.

222 exits were recorded this quarter worth a combined €17B.

Disclosed funding

€21B

▲ +36.0%

€20,904,315,438

Funding rounds

929

▼ -7.1%

Companies funded

922

▼ -6.9%

Named investors

2,345

▲ +6.1%

Exits

222

▲ +32.1%

Leading country

€9.5B

45.4% of total

Leading sector

Telecom

€3.3B

15.9% of total

Provenance: 86% of 929 rounds disclosed an amount · 94% of priced rounds are high-confidence · EUR totals reconcile to ECB at-date within +0.02%

Methodology →

Investments

Funding within Q3 2025

by month

Biggest deals

top 10 by amount

Concentration

top 10 deals

45.6%

of disclosed capital came from the ten largest rounds.

Top 10 total

€9.5B

Period total

€21B

Countries

Top countries

total euro raised

Capital by country

share of disclosed total

Geographic distribution

European countries shown · click a country

Industries

Top sectors

total euro raised

Capital by sector

share of disclosed total

Stages

Funding by stage

total euro raised by round type

Exits

Exit activity

222

exits recorded

€17B

combined disclosed value

Exits breakdown

by type

Investors

Most active investors

named, by deal count in period

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