Seed funding in Europe: 12 startups driving the future

In 2024, European tech companies across various industries raised over €1.1 billion in seed funding, marking a significant surge that is driving innovation and growth. Startups in sectors ranging from AI and clean energy to healthcare and fintech are securing early-stage capital to bring their groundbreaking technologies to market. 

As the European tech ecosystem matures, the growing flow of seed investments is positioning the continent as a key player in the global tech scene, with diverse industries benefiting from increasing investor support for transformative technologies. Given these trends, we can expect even more capital to flow into early-stage ventures, further shaping the future of industries across Europe.

Here, we've highlighted 12 companies that successfully closed seed rounds in 2024, illustrating the dynamic and evolving landscape of European tech innovation.

1. Cloover (Germany)

Industry: Fintech
Amount raised in 2024: $114M

Cloover is a climate fintech company whose mission is to connect one billion people to renewable energy by simplifying access to sustainable technologies. 

Cloover's platform enables vendors to offer renewable energy services, such as solar panels, battery storage, EV charging, and heating pumps, on a subscription basis. This approach allows individuals and businesses to transition to renewable energy in a capital-efficient and risk-free manner. 

By integrating software, financing, and energy management solutions, Cloover streamlines operations across the entire renewables value chain, benefiting installers, manufacturers, energy providers, and consumers.

In 2024, the company raised a $114 million seed round to fuel the growth of its operating system.

2. Stargate Hydrogen (Estonia)

Industry: Energy
Amount raised in 2024: €42M

Stargate Hydrogen is a company specializing in the production of green hydrogen through innovative alkaline electrolysers. 

By developing novel ceramic-based catalyst materials, they enhance the efficiency of the electrolysis process, aiming to reduce the cost of green hydrogen to €1 per kilogram. Their containerized, turn-key electrolyser systems are designed for scalability and adaptability across various applications, including chemical feedstock, process heat, blending, transport fuel, and energy storage. 

Stargate Hydrogen has secured €42 million in funding in 2024 to scale its patented technology.

3. FlexAI (France)

Industry: Artificial Intelligence
Amount raised in 2024: €28.5M

FlexAI is a company specializing in providing universal AI computing solutions. 

Their mission is to empower developers to create groundbreaking AI applications by offering seamless access to diverse computing resources. 

The company’s platform eliminates the complexities associated with running AI workloads across various hardware architectures, enabling efficient utilization of existing hardware and reducing energy waste. 

In April 2024, FlexAI came out of stealth with a $30 million seed round led by Alpha Intelligence Capital, Elaia Partners, and Heartcore Capital.

4. Cure51 (France)

Industry: Healthtech
Amount raised in 2024: €15M

Cure51 is a TechBio company dedicated to discovering new treatments to cure cancer. 

Their mission is to create the first worldwide database of cancer survivors, leveraging their exceptional biological features to identify novel therapeutic targets. By focusing on patients who have survived some of the most lethal cancers, Cure51 aims to uncover molecular changes that contribute to exceptional responses to therapy. 

In 2024, the company raised €15 million to pave the way for effective cancer treatments by studying the people who live with the most dangerous forms of the disease.

5. DataCrunch (Finland)

Industry: Deeptech
Amount raised in 2024: $13M

DataCrunch.io is a cloud service provider specializing in high-performance GPU instances and serverless inference solutions tailored for AI workloads. 

Leveraging data centres in Nordic countries, DataCrunch.io ensures energy efficiency and sustainability by utilizing 100% renewable energy sources. 

The company offers on-demand GPU clusters, AI model hosting, and auto scaling containers, providing scalable and cost-effective infrastructure designed specifically for AI workloads.

In October, the company raised $13 million in seed funding, bringing its funding to $18 million.

6. Jet HR (Italy)

Industry: Jobs recruitment
Amount raised in 2024: €12M

Jet HR is a company that offers a comprehensive digital platform designed to simplify human resources management for businesses. Their services encompass hiring, payroll processing, employee directory management, leave and expense approvals, and the rental of company devices, all integrated into a single, user-friendly interface. 

Additionally, Jet HR provides clients with access to dedicated labour consultants to assist with various HR-related matters. 

One year after launch, Jet HR has raised a seed round of €12 million, bringing total funding to €16.7 million.

7. Tozero (Germany)

Industry: Cleantech
Amount raised in 2024: €11M

Tozero is a startup dedicated to establishing Europe's leading lithium-ion battery recycling facility. The company focuses on sustainably recovering critical materials such as lithium, nickel, cobalt, manganese, and graphite from all types of lithium-ion batteries. By reintroducing these materials into the supply chain, tozero aims to support the production of new batteries and promote a circular economy.

In July 2023, tozero inaugurated Europe’s first hydrometallurgical battery recycling pilot plant in Munich, marking a significant milestone in their mission to eliminate lithium-ion battery waste. This facility enables the company to meet the EU’s 2031 mandatory minimum material recovery rate requirements of 80% for lithium.

In 2024 the company raised €11 million in an oversubscribed seed round.

8. Reliant AI (Germany)

Industry: Analytics
Amount raised in 2024: $11.3M

Reliant AI provides generative AI-powered data analytics software for the biopharma industry. 

Their product, Reliant Tabular, simplifies the organization and analysis of complex data, helping analysts make critical decisions efficiently. The company focuses on reducing manual data processing with user-friendly, AI-driven tools that enhance accuracy, speed, and collaboration in biopharma research.

In August, the company came out of stealth with $11.3 million in seed funding.

9. Oxla (Poland)

Industry: Software
Amount raised in 2024: $11M

Oxla is a company specializing in high-performance analytical databases designed to significantly reduce compute costs for distributed analytics. Their flagship product features a radically vectorized massively parallel processing (MMP) query engine, enabling efficient execution of compute-intensive queries with minimal CPU usage. 

Oxla's database is compatible with PostgreSQL, facilitating seamless integration into existing data environments. By optimizing for memory-intensive tasks, it allows for the rapid execution of complex joins on large datasets. 

With their latest seed round of $11 million, the company plans to redefine high-volume analytical data processing.

10. VersaTile (UK)

Industry: Robotics
Amount raised in 2024: £8M

VersaTile Automation specialises in AI-driven automation solutions aimed at revolutionizing storage and fulfilment processes. Their modular systems are designed to be easily integrated into existing infrastructures, enhancing the movement of totes, cages, and pallets. 

By implementing VersaTile's technology, businesses can achieve up to a threefold increase in productivity while reducing both space and labour requirements by 50%. The company is led by a team of pioneers in robotics and automation, committed to delivering innovative solutions for high-intensity fulfilment applications.

The company raised £8 million in seed investment and launched its automation technology platform to enhance productivity in UK warehouses.

11. Root Global (Germany)

Industry: Food
Amount raised in 2024: €8M

Root Global is a company that offers a comprehensive climate platform designed to assist the food and beverage industry in managing and reducing greenhouse gas emissions across their entire supply chain, from farm to consumer. 

Their platform enables businesses to collect and verify on-farm data at scale, set science-based targets in line with industry guidance, and ensure regulatory compliance with standards such as the EU Corporate Sustainability Reporting Directive (CSRD). 

By providing accurate emissions data and facilitating the calculation of product carbon footprints, Root Global empowers companies to implement sustainable practices and achieve their net-zero goals. 

With their latest €8 million seed funding round, the company plans to help food and beverage manufacturers on their way to Net Zero.

12. Cathedral Studios (UK)

Industry: Gaming
Amount raised in 2024: $6.66M

Cathedral Studios is a game development company focused on creating immersive video games, with The Bornless being their flagship survival horror project. The studio integrates cutting-edge technologies to enhance storytelling and gameplay. 

Founded by a diverse team with expertise in film, marketing, game development, and entrepreneurship, Cathedral Studios aims to push the boundaries of gaming by delivering innovative and engaging experiences. 

The company closed a seed funding round of $6.66 million in March 2024, which will be used for expanding the team and speeding up the development of Cathedral Studios.