Trends
Momentum, concentration, seasonality and movers across European tech funding. 2026 is a partial year — data ends mid-year, so its totals and shares run below a full twelve months.
Momentum
quarterly, 2021-Q1–2026-Q4Data table
| Equity | Deals | |
|---|---|---|
| 2021-Q1 | €20B | 864 |
| 2021-Q2 | €32B | 1,097 |
| 2021-Q3 | €36B | 1,591 |
| 2021-Q4 | €24B | 1,522 |
| 2022-Q1 | €31B | 1,302 |
| 2022-Q2 | €23B | 1,317 |
| 2022-Q3 | €16B | 1,179 |
| 2022-Q4 | €12B | 1,170 |
| 2023-Q1 | €11B | 1,190 |
| 2023-Q2 | €10B | 1,155 |
| 2023-Q3 | €23B | 1,070 |
| 2023-Q4 | €15B | 1,054 |
| 2024-Q1 | €11B | 981 |
| 2024-Q2 | €14B | 977 |
| 2024-Q3 | €9.4B | 894 |
| 2024-Q4 | €13B | 899 |
| 2025-Q1 | €14B | 940 |
| 2025-Q2 | €12B | 1,001 |
| 2025-Q3 | €15B | 930 |
| 2025-Q4 | €14B | 887 |
| 2026-Q1 | €18B | 889 |
| 2026-Q2 | €20B | 869 |
| 2026-Q3 | €19B | 745 |
| 2026-Q4 | €7.2B | 351 |
Bars are disclosed equity € raised per quarter (excl. debt & grants; debt is in the Debt vs equity panel below); the line is the count of all rounds. Headline stats use the latest complete quarter (2026-Q3): QoQ compares its equity € with the prior quarter, YoY with the same quarter a year earlier. The in-progress 2026-Q4 is still accruing, so it is excluded from the headline figures; the chart stops at the current quarter and shows no future periods.
Top-10 deal concentration
2016–2025 · full yearsData table
| Top-10 deal concentration | |
|---|---|
| 2016 | 18.9 |
| 2017 | 21.4 |
| 2018 | 10.9 |
| 2019 | 13.7 |
| 2020 | 18.7 |
| 2021 | 10.6 |
| 2022 | 12.5 |
| 2023 | 25 |
| 2024 | 29.8 |
| 2025 | 17.7 |
Share of each year's total € captured by its ten largest rounds. In 2025 the top 10 rounds were 17.7% of all € (vs 18.9% in 2016). Higher means a few mega-rounds dominate the year.
Country vs sector concentration
Herfindahl × 10,000HHI is the sum of squared € shares (×10,000): higher = more concentrated, lower = more spread out. 2025: country HHI 1,491, sector HHI 844. For reference, 10,000 = one country/sector took everything.
Seasonality
avg per month, 2010–2025Data table
| Average monthly funding | |
|---|---|
| Jan | €4.5B |
| Feb | €3.3B |
| Mar | €2.8B |
| Apr | €3.2B |
| May | €3.1B |
| Jun | €3.3B |
| Jul | €3.8B |
| Aug | €2.5B |
| Sep | €4.2B |
| Oct | €3.4B |
| Nov | €2.9B |
| Dec | €2.9B |
Data table
| Average monthly deals | |
|---|---|
| Jan | 318 |
| Feb | 255 |
| Mar | 217 |
| Apr | 262 |
| May | 210 |
| Jun | 233 |
| Jul | 256 |
| Aug | 188 |
| Sep | 273 |
| Oct | 314 |
| Nov | 242 |
| Dec | 205 |
Averaged across full years 2010–2025 (partial 2026 excluded). Jan is the busiest month by € (€4.5B avg); Aug the lightest (€2.5B).
Biggest movers
2024 → 2025, share of € raisedChange in each sector's / country's share of total € raised between 2024 and 2025(both full years). The pill shows the change in percentage points; the small figures are the share in each year. Entries below 1% share in both years are omitted as noise.
Megadeals
rounds ≥ €100MData table
| Megadeals by year | |
|---|---|
| 2016 | 18 |
| 2017 | 28 |
| 2018 | 30 |
| 2019 | 69 |
| 2020 | 90 |
| 2021 | 278 |
| 2022 | 230 |
| 2023 | 132 |
| 2024 | 127 |
| 2025 | 133 |
| 2026 | 136 |
Count of rounds at or above €100M per year (2026 partial).
| Company | Amount | Stage | Country |
|---|---|---|---|
| Arm | €4.7B | Other | UK |
| Northvolt | €4.6B | Debt | Sweden |
| Stegra (H2 Green Steel) | €4.5B | Debt | Sweden |
| Automotive Cells Company (ACC) | €4.4B | Debt | France |
| DAZN | €3.8B | Other | UK |
| Visma | €3.0B | Other | Norway |
| Mistral AI | €3.0B | Series D+ | France |
| Nscale | €3.0B | Debt | UK |
| InPost | €2.8B | Other | Poland |
| CityFibre | €2.7B | Debt | UK |
| Nscale | €2.6B | Debt | UK |
| Philips | €2.6B | Other | Netherlands |
| Imec | €2.5B | Other | Belgium |
| Pure Data Centres (Pure DC) | €2.3B | Debt | UK |
| Delivery Hero | €2.3B | Other | Germany |
Debt vs equity
2016–2026, € raisedData table
| Equity & other | Debt | |
|---|---|---|
| 2016 | €15B | €2.5B |
| 2017 | €24B | €2.1B |
| 2018 | €23B | €313M |
| 2019 | €37B | €62M |
| 2020 | €50B | €1.8B |
| 2021 | €111B | €8.4B |
| 2022 | €83B | €19B |
| 2023 | €60B | €15B |
| 2024 | €49B | €25B |
| 2025 | €56B | €16B |
| 2026 | €65B | €19B |
Debt-stage rounds (debt, debt financing, convertibles) versus all other € raised each year. In 2025, debt was 22.2% of total € (€16B of €72B). Debt share tends to rise when equity tightens. 2026 is partial.