Q4 2025

Quarterly report · 2025-10-01 – 2026-01-01 · vs Q3 2025

Quarterly

Summary

auto-generated

In Q4 2025, disclosed funding reached €17B across 888 rounds, down -16.8% versus Q3 2025.

Deal count moved -4.4% versus Q3 2025, with 2,154 named investors participating.

UK led by capital with €3.6B (20.7% of disclosed total).

Software was the most-funded sector at €2.9B (16.5%).

The ten largest rounds accounted for 32.9% of disclosed capital, led by Nokia's €859M.

182 exits were recorded this quarter worth a combined €11B.

Disclosed funding

€17B

▼ -16.8%

€17,387,530,033

Funding rounds

888

▼ -4.4%

Companies funded

882

▼ -4.3%

Named investors

2,154

▼ -8.1%

Exits

182

▼ -18.0%

Leading country

€3.6B

20.7% of total

Leading sector

Software

€2.9B

16.5% of total

Provenance: 89% of 888 rounds disclosed an amount · 94% of priced rounds are high-confidence · EUR totals reconcile to ECB at-date within +0.06%

Methodology →

Investments

Funding within Q4 2025

by month

Biggest deals

top 10 by amount

Concentration

top 10 deals

32.9%

of disclosed capital came from the ten largest rounds.

Top 10 total

€5.7B

Period total

€17B

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

182

exits recorded

€11B

combined disclosed value

Exits breakdown

by type

Investors

Most active investors

named, by deal count in period

← All reports