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.

Years fromMethodology →

Momentum

quarterly, 2021-Q1–2026-Q2

Latest full quarter (2026-Q1)

€20B

858 deals

QoQ change in €

+16.5%

vs prior quarter

YoY change in €

+10.0%

vs same quarter last year

Quarters tracked

~6 years

Bars are disclosed € raised per quarter; the line is deal count. Headline stats use the latest complete quarter (2026-Q1): QoQ compares its € with the prior quarter, YoY with the same quarter a year earlier. The in-progress 2026-Q2 is still accruing, so it is excluded from the headline figures; the chart stops at the current quarter and shows no future periods.

MarketTop 10 Rounds Absorb Nearly Half of All CapitalAI read →

Top-10 deal concentration

2016–2025 · full years

Share of each year's total € captured by its ten largest rounds. In 2025 the top 10 rounds were 17.7% of all € (vs 18.5% in 2016). Higher means a few mega-rounds dominate the year.

Country vs sector concentration

Herfindahl × 10,000

HHI is the sum of squared € shares (×10,000): higher = more concentrated, lower = more spread out. 2025: country HHI 1,491, sector HHI 849. For reference, 10,000 = one country/sector took everything.

Seasonality

avg per month, 2010–2025

Avg € raised by month

Avg deals by month

Averaged across full years 2010–2025 (partial 2026 excluded). Sep is the busiest month by € (€4.9B avg); Apr the lightest (€2.4B).

Biggest movers

2024 → 2025, share of € raised

SectorsSector rotation →

Gainers

Telecom0.7% → 6.6%▲ +5.9%Software10.1% → 14.5%▲ +4.4%Healthtech6.9% → 10.7%▲ +3.8%AI4.2% → 7.4%▲ +3.2%Cloud1.9% → 3.5%▲ +1.5%Hardware0.3% → 1.8%▲ +1.5%Gaming0.7% → 2.1%▲ +1.4%Semiconductors1.1% → 2.3%▲ +1.2%

Losers

Cleantech17.6% → 4.3%▼ -13.4%Transportation14.5% → 3.8%▼ -10.8%Deeptech4.3% → 2.6%▼ -1.7%Marketing1.4% → 0.3%▼ -1.1%E-commerce2.1% → 1.4%▼ -0.7%Travel1.7% → 1.3%▼ -0.4%

CountriesBy geography →

Gainers

UK23.5% → 29.8%▲ +6.4%Netherlands5.0% → 9.6%▲ +4.6%Germany12.8% → 16.0%▲ +3.2%Finland1.7% → 4.0%▲ +2.3%Italy1.9% → 3.4%▲ +1.6%Switzerland3.1% → 4.5%▲ +1.4%Ukraine0.1% → 1.3%▲ +1.2%Ireland0.5% → 1.2%▲ +0.8%

Losers

Sweden18.4% → 5.7%▼ -12.7%Belgium5.8% → 0.7%▼ -5.0%France14.7% → 12.1%▼ -2.6%Estonia1.2% → 0.7%▼ -0.6%Spain4.5% → 4.2%▼ -0.3%Türkiye1.4% → 1.2%▼ -0.2%

Change 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 ≥ €100M

Rounds ≥ €100M

1,238

Total in megadeals

€356B

Biggest single round

€4.7B

Arm

Megadeals by year

Count of rounds at or above €100M per year (2026 partial).

Largest rounds

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
CityFibre	€2.7B	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
Northvolt	€2.3B	Other	Sweden
Verkor	€2.0B	Series C	France
Allegro	€2.0B	Other	Poland
Adevinta	€1.9B	Growth/Late	Norway

Debt vs equity

2016–2026, € raised

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.