European startup funding Q4 2025
Quarterly report · 2025-10-01 – 2025-12-31 · vs Q3 2025
Quarterly
Summary
auto-generatedIn Q4 2025, 887 rounds were recorded and disclosed equity funding (excluding debt and grants) reached €14B, down 4.1% versus Q3 2025. Debt rounds added a further €2.9B.
Deal count moved -4.6% versus Q3 2025, with 2,151 named investors participating.
UK led by equity raised with €2.7B (19.0% of equity).
Software was the most-funded sector at €2.8B in equity (19.2%).
The ten largest rounds accounted for 32.8% of disclosed capital, led by Nokia's €859M.
182 exits were recorded this quarter worth a combined €11B.
Equity funding
€14B
▼ -4.1%excl. debt & grants · +€2.9B debt
Funding rounds
887
▼ -4.6%Companies funded
881
▼ -4.6%Named investors
2,151
▼ -8.3%Exits
182
▼ -18.0%Provenance: 89% of 887 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 monthFunding within Q4 2025 — interactive chart.
Data table
| Amount | Deals | |
|---|---|---|
| Oct | €8.3B | 348 |
| Nov | €4.6B | 284 |
| Dec | €4.5B | 255 |
Biggest deals
top 10 by amount- 1NokiaOther · Finland · Oct 2025€859M
- 2Oura HealthSeries D+ · Finland · Oct 2025€774M
- 3EnpalDebt · Germany · Oct 2025€700M
- 4Bending SpoonsOther · Italy · Oct 2025€615M
- 5Capital on TapDebt · UK · Nov 2025€568M
- 6BrevoOther · France · Dec 2025€500M
- 7ElvyDebt · Sweden · Dec 2025€500M
- 8PicnicOther · Netherlands · Nov 2025€430M
- 9YounitedDebt · France · Oct 2025€400M
- 10NscaleOther · UK · Oct 2025€369M
Concentration
top 10 deals32.8%
of disclosed capital came from the ten largest rounds.
Top 10 total
€5.7B
Period total
€17B
Countries
Top countries
equity raisedQ4 2025 — top countries — interactive chart.
Data table
| Q4 2025 — top countries | |
|---|---|
| UK | €2.7B |
| Finland | €2.0B |
| Germany | €1.9B |
| France | €1.6B |
| Netherlands | €1.2B |
| Italy | €1.1B |
| Switzerland | €1.0B |
| Sweden | €827M |
| Denmark | €372M |
| Spain | €355M |
Capital by country
share of equityQ4 2025 — capital by country — interactive chart.
Data table
| Q4 2025 — capital by country | |
|---|---|
| UK | €2.7B |
| Finland | €2.0B |
| Germany | €1.9B |
| France | €1.6B |
| Netherlands | €1.2B |
| Italy | €1.1B |
| Switzerland | €1.0B |
| Sweden | €827M |
| Denmark | €372M |
| Spain | €355M |
| Other | €1.5B |
Geographic distribution
European countries shown · click a countryQ4 2025 — geographic distribution — interactive chart.
Industries
Top sectors
equity raisedQ4 2025 — top sectors — interactive chart.
Data table
| Q4 2025 — top sectors | |
|---|---|
| Software | €2.8B |
| Healthtech | €2.2B |
| Fintech | €1.2B |
| AI | €1.1B |
| Energy | €1.1B |
| Telecom | €891M |
| Transportation | €806M |
| E-commerce | €601M |
| Space | €502M |
| Robotics | €488M |
Capital by sector
share of equityQ4 2025 — capital by sector — interactive chart.
Data table
| Q4 2025 — capital by sector | |
|---|---|
| Software | €2.8B |
| Healthtech | €2.2B |
| Fintech | €1.2B |
| AI | €1.1B |
| Energy | €1.1B |
| Telecom | €891M |
| Transportation | €806M |
| E-commerce | €601M |
| Other | €3.8B |
Stages
Funding by stage
total euro raised by round typeQ4 2025 — funding by stage — interactive chart.
Data table
| Amount | |
|---|---|
| Pre-Seed | €158M |
| Seed | €698M |
| Series A | €1.7B |
| Series B | €1.4B |
| Series C | €1.1B |
| Series D+ | €1.5B |
| Growth/Late | €536M |
| Debt | €2.9B |
| Grant | €69M |
| Crowdfunding | €37M |
| Other | €7.4B |
Exits
Exit activity
182
exits recorded
€11B
combined disclosed value
Exits breakdown
by typeQ4 2025 — exits by type — interactive chart.
Data table
| Q4 2025 — exits by type | |
|---|---|
| Acquisition | 175 |
| Merger | 6 |
| ICO | 1 |