March 2024 report: decreased fundraising in a €4.4B month

March shows investors committing to cleantech, and a decreased funding environment of approximately 30 per cent year over year.
March 2024 report: decreased fundraising in a €4.4B month

According to the database, European tech companies raised €4.4 billion over the course of March 2024 in some 304 deals. 

This figure represents a decrease of around 50 per cent compared to the previous month (January 2024 saw an investment volume of €16.7 billion) and an increase of around 95 per cent compared to the same month a year before (investment volume in February 2023 was €4.4 billion). However, it should be highlighted that one large deal, ACC’s €4.4 billion debt facility aimed at the construction of three gigafactories significantly impacts the overall view of the state of the European tech ecosystem. 

This month has been throwing the spotlight on the fintech industry, noting that the traditional favourite has seen a decline in investment volume. Fintech companies raised €455.4 million in February 2024, and recorded a 58.6 per cent decline year-over-year (compared to €1.1 billion from February 2023).


Out of 304 deals in March (a decrease of approximately 30 per cent year over year), 6 companies raised more than €100 million (each) while the value of 39 remain undisclosed.

Cleantech stood out this month with two big deals:

  • German greentech unicorn Enpal secured senior refinancing commitments of more than €1 billion from Barclays Europe, Bank of America and Credit Agricole CIB in two separate ABS warehousing facilities, as well as total mezzanine debt commitments of € 118 million from CPP Investments.
  • German electrolyser manufacturer Sunfire secured €500 million which will further boost the company's critical role in ramping up the hydrogen economy.

We also saw compelling investment in fintech and traveltech:


By funding amount

March 2024 sees Cleantech take the top slot by far

in terms of investment volume in European tech startups, garnering 38.9 per cent of the monthly total at €1.7 billion.

By deal flow

In terms of deals, software received the highest support with 46 deals. the fintech sector saw 45 deals, followed by healthtech with 28 deals, energy and cleantech 20 deals (each). 


This month, pole position goes to Germany, with approximately €2 billion raised across 56 deals. In 2023, German companies raised €8.7 billion over the course of the entire year.

Rounding out the podium, the UK took second position with €1 billion raised over 62 deals, followed by the Netherlands with €380.4 million raised over 21 deals.

Beyond the traditionally well-funded countries, March 2024 marked the appearance of Sweden, Switzerland, and Spain.


In March, 67 exits were recorded, out of which 64 were, as to be expected, undisclosed, and 3 were valued at €3.5 billion.

The biggest exit was for the UK’s Virgin Money which was acquired by Nationwide for £2.9 billion

Additional notable exits include:

  • Zendesk acquired Berlin's Ultimate for AI customer support
  • Swiss edtech Avallain acquired AI toolset TeacherMatic
  • Türkiye neobank Papara acquired T-Bank
  • Global anti-fraud software provider Signicat has acquired SmartWorks
  • Fintech unicorn Qonto acquired fintech company Regate

Grab the PDF version of this report for even more insights.

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