August was the slowest month YTD, with over €1.9 billion raised in some 203 deals. This figure represents a decrease of around 60 per cent compared to the previous month (in July European tech companies collected €5 billion).
The August slowdown within the European tech investment landscape commented Jasenko Hadzic, Principal at BackingMinds, in our August Tech.eu Pulse, a compact version of the monthly report:
The summer months are notoriously hard to fundraise in - Nordic funds are off on holidays in July, whereas funds from UK and rest of Europe are out in August.
The funding/exit data for August very much reflects this, making August the slowest month YTD. This is as expected and a cyclical trend in our industry.
Looking ahead, I’m optimistic that Q3 will end on a high note and Q4 will reach pre-summer levels. With central banks all of the world cutting interest rates, inflation numbers should come down, making investors unload some of that dry-powder and activity to pick up even more.
For his more detailed review as well as more in-depth analyses of the European tech ecosystem, including industry and country performance, exit activities and more, check out our August report.
And here is the list of 10 biggest European tech deals in August which collected together around 60 per cent of the total amount collected this month.
Sunly (Estonia)
Sunly is a renewable energy company focused on developing and managing sustainable energy projects.
Established to promote clean energy, Sunly invests in and operates wind, solar, and energy storage solutions across various regions. The company's mission is to support the transition to a low-carbon future by providing environmentally friendly and economically viable energy alternatives.
Recently, Sunly has raised €300 million in debt financing to accelerate the construction of 1.3 GW of solar, wind, storage, and hybrid parks across the Baltics and Poland.
Powerdot (Portugal)
Powerdot is a company specializing in electric vehicle (EV) charging infrastructure.
Founded to support the growing demand for sustainable transportation, Powerdot develops and operates a network of EV charging stations across Portugal and other European markets.
The company focuses on providing convenient, reliable, and accessible charging solutions for both public and private sectors.
The company has raised €165 million in green financing to scale its ultra-fast power charging points.
Caresyntax (Germany)
Caresyntax is a technology company that specializes in improving surgical care through data-driven solutions.
Founded to enhance the safety, efficiency, and outcomes of surgical procedures, Caresyntax provides a platform that integrates data analytics, AI, and digital tools to support surgical teams.
The company's platform is used to manage and analyze data from surgeries in real-time, offering insights that help reduce risks, streamline workflows, and improve patient outcomes.
In their latest funding round, Caresyntax raised $180 million for AI surgery platform.
CloudPay (UK)
CloudPay is a global company that specializes in providing integrated payroll and payment solutions.
The company offers cloud-based software that manages payroll processes, compliance, and payments for multinational organizations.
With a focus on simplifying and automating payroll management, CloudPay enables companies to handle complex payroll operations across multiple countries, ensuring accuracy, compliance with local regulations, and timely payments.
The company has raised $120 million in a new funding round, which will enable it to enhance its customer products and technology solutions.
Yodel (UK)
Yodel is a delivery and logistics company that specializes in parcel distribution services.
Catering to a wide range of businesses, from small online retailers to large e-commerce platforms, Yodel offers nationwide coverage for parcel delivery across the United Kingdom.
The company provides various delivery options, including next-day and two-day services, with a focus on flexibility and customer satisfaction.
The company has secured a €99 million funding package that will enable them to invest in plans to further automate and modernise their business over the next three years.
Riverlane (UK)
Riverlane is a quantum computing company that focuses on developing software to harness the power of quantum computers for practical applications.
The company creates tools and operating systems that enable quantum computers to solve complex problems in industries such as chemistry, materials science, and pharmaceuticals.
Riverlane works closely with hardware manufacturers, researchers, and industry partners to bridge the gap between quantum theory and real-world applications. The company’s mission is to accelerate the development of quantum computing technology, making it accessible and impactful for solving some of the world's most challenging computational problems.
Recently, the company raised $75 million Series C for quantum error correction technology.
Oxford Nanopore Technologies (UK)
Oxford Nanopore Technologies is a biotechnology company that specializes in developing and commercializing innovative sequencing technologies.
Oxford Nanopore's technology allows for the direct analysis of long molecules, enabling comprehensive and detailed genetic insights that are crucial for advancing scientific understanding and improving healthcare outcomes.
In their recent round, the company has secured £50 million in investment.
Morpho (France)
Morpho is a technology company focused on developing decentralized finance (DeFi) solutions.
It offers a peer-to-peer protocol that enhances the efficiency of lending and borrowing in decentralized financial markets.
The company offers an open, efficient, and resilient platform where users can earn yield and borrow assets. Additionally, developers and businesses can utilize its flexible, permissionless infrastructure to create markets, curate vaults, and build diverse applications.
In August, Morpho has secured $50 million in fresh funding. This investment will enable the company to collaborate with industry leaders who share its vision of an open, layered financial system, fueling its growth and advancing its decentralization efforts.
Healx (UK)
Healx is a pioneering biotechnology company focused on accelerating drug discovery and development for rare diseases.
Utilizing advanced AI and machine learning technologies, Healx aims to identify and develop novel treatments by analyzing complex biological data and existing drug information.
Their innovative approach seeks to streamline the drug discovery process, making it faster and more efficient, with the ultimate goal of bringing life-changing therapies to patients in need.
Recently, the company has raised $47 million in a Series C round.
MYNE (Germany)
MYNE is a vacation property technology company that focuses on optimizing and streamlining the management of vacation rentals.
By leveraging advanced technology, MYNE aims to enhance the overall guest experience and operational efficiency for property owners.
Their innovative solutions are designed to address common challenges in the vacation rental market, making it easier for both property managers and travelers to connect and engage.
The company recently raised $40 million in funding to further develop its technology and financing platform and expand its portfolio in existing markets.
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