In May, European tech companies raised a total of €5.5 billion across 341 deals, a 66.7% increase from April’s €3.3 billion and 311 deals. Despite the month-on-month growth, the figure remains 48% lower than May 2024, reflecting ongoing investor caution.
The UK led in funding, securing €1.4 billion (up 50% from April’s €933.1 million), further cementing its role as Europe’s leading tech investment hub.
Software remained the top-performing sector, attracting €1.3 billion across 73 deals, driven by continued investor confidence in its scalability and cross-industry relevance.
Igor Ryabenkiy, Founder and Managing Partner at AltaIR Capital, commented on the May numbers within the European tech investment landscape in our May Tech.eu Pulse, a compact version of the monthly report:
Building an MVP has never been easier. That doesn’t mean the end of venture capital, it makes investors more selective. VCs now prioritise startups with proven traction and product-market fit over early-stage ideas. Fundraising is harder than ever before, not only in Europe but globally. Capital is moving with more discipline and shifting toward smaller, more cautious investments.
What we’re seeing is a new normal: leaner rounds and investors placing bigger bets on companies that can define their category. For disciplined founders, capital is there, often faster and more targeted than before.
For his more detailed review and more in-depth analyses of the European tech ecosystem, including industry and country performance, exit activities, and more, check out our May report.
Here are the 10 largest tech deals in Europe from May, accounting for approximately 53% of the month’s total funding.
Grammarly (Ukraine)
Amount raised: $1B
Grammarly is an AI-powered writing assistant that helps over 40 million individuals and 50,000 organisations communicate more clearly and effectively in English. Founded in 2009 in Ukraine, Grammarly offers real-time writing support across more than 500,000 applications and websites, including email clients, word processors, and web browsers.
Grammarly's suite of products includes Grammarly Free, Grammarly Pro, Grammarly Business, and Grammarly for Education, catering to a diverse range of users from students to Fortune 500 companies. Its advanced AI capabilities, including grammar checking, tone detection, and plagiarism detection, are designed to augment human skills while preserving individual voice and context.
In May 2025, the company secured $1 billion in non-dilutive financing from General Catalyst to further its transformation into a comprehensive AI productivity platform.
IONITY (Germany)
Amount raised: €600M
ONITY is a provider of ultra-fast electric vehicle (EV) charging infrastructure, enabling seamless long-distance travel across 24 countries.
The company operates a rapidly expanding network of high-power charging (HPC) stations strategically located along major highways. Each station features multiple charging points equipped with the Combined Charging System (CCS) standard, delivering charging capacities of up to 400 kW. This infrastructure allows compatible EVs to recharge up to 80% in as little as 18 minutes under optimal conditions.
IONITY is committed to sustainability, sourcing 100% renewable energy for all its charging stations, thereby supporting carbon-neutral mobility. The company offers various access and payment options, including contactless payments, smartphone apps, and Plug & Charge technology for select vehicles.
In May, the company secured €600 million in major funding to accelerate its growth, aiming to expand to over 13,000 charging points by 2030 and significantly broaden its energy supply network.
Wagestream (UK)
Amount raised: £300M
Wagestream is a financial wellbeing platform founded in 2018 to empower frontline workers by providing greater control over their earnings and promoting financial resilience. Developed in collaboration with social impact charities and guided by a social charter, Wagestream ensures that every service offered contributes to measurable improvements in users' financial health. The platform offers a comprehensive suite of tools accessible through a user-friendly mobile app.
Wagestream integrates seamlessly with existing payroll systems, making it easy for employers to offer these benefits without overhauling their infrastructure.
The company secured £300 million in debt financing to expand its alternative to high-interest loans.
SkyNRG (Netherlands)
Amount raised: €250M
SkyNRG is a leader in Sustainable Aviation Fuel (SAF), dedicated to decarbonising the aviation industry. Established in 2010, the company has supplied SAF to over 130 customers worldwide and is actively developing production facilities in Europe and the United States to meet the industry's 2050 net-zero targets.
SkyNRG offers a comprehensive suite of services, including SAF sourcing, blending, distribution, and advisory support. Their "Fly on SAF" platform enables individuals and organisations to offset carbon emissions by purchasing SAF.
The company secured €250 million from APG, on behalf of its pension fund client ABP. The funding will support the construction of production facilities and fuel the ongoing expansion of SkyNRG’s platform, which encompasses a portfolio of capacity development projects, research and development efforts, advisory services, and a variety of innovative commercial customer programs.
Dojo (UK)
Amount raised: $190M
Dojo is one of Europe’s fastest-growing fintech companies, dedicated to empowering businesses in the experience economy by transforming everyday transactions into meaningful customer relationships. Founded in 2009, Dojo launched its next-generation payments platform in 2020, offering sleek card machines, real-time analytics, and intuitive tools that help over 150,000 businesses, from cafés to enterprise retailers, streamline operations and enhance customer engagement.
The company’s mission is to enable businesses to thrive through technology that delivers faster payments, seamless integrations, and actionable insights, all supported by a people-first culture and a flat, collaborative structure.
Dojo secured a $190 million investment to accelerate its expansion across the UK and Europe, including key markets like Spain, Ireland, and Italy.
Quantum Systems (Germany)
Amount raised: €160M
Quantum Systems is an aerial data intelligence company specialising in the development and production of advanced unmanned aerial systems (UAS) that integrate multi-sensor capabilities with electric vertical take-off and landing (eVTOL) technology. The company serves both commercial and defence sectors, providing solutions for applications such as mapping, surveillance, and reconnaissance.
With a global presence, including offices in the United States and Australia, Quantum Systems has established itself as a key player in the UAS industry.
The company's commitment to innovation and quality has attracted significant investment, including a €160 million Series C funding round, aimed at expanding production capacity and advancing AI-powered aerial intelligence solutions.
Azafaros (Netherlands)
Amount raised: €132M
Azafaros is a company dedicated to developing disease-modifying therapies for rare genetic metabolic disorders.
The company is developing a pipeline of therapies designed to alter the course of rare lysosomal storage disorders, a genetic condition that can cause neurodegeneration and, in some cases, result in life-threatening complications.
Azafaros’s lead candidate, nizubaglustat, is an orally available, brain-penetrant azasugar compound with a unique dual mode of action targeting glycosphingolipid metabolism. Designed to be genotype-agnostic, nizubaglustat has shown promise in early clinical trials and has received multiple regulatory designations.
Azafaros secured €132 million in an oversubscribed Series B financing round.
LAXEY (Iceland)
Amount raised: €130M
Laxey is an aquaculture company pioneering sustainable, land-based salmon farming. Established to meet the growing global demand for responsibly produced seafood, Laxey is constructing a state-of-the-art facility designed to produce up to 36,000 tonnes of Atlantic salmon annually. The company's innovative approach combines recirculating aquaculture systems (RAS) with flow-through technology, optimising water usage and ensuring high-quality fish welfare standards.
Laxey secured €130 million in combined equity and debt financing. This funding supports the expansion of grow-out facilities and the development of a processing plant in Viðlagafjara, with the first harvest anticipated in autumn 2025.
Laxey's operations are designed to minimise environmental impact, utilising deep borehole seawater to maintain optimal water quality and implementing systems that allow for approximately 65% water reuse. The company also plans to supply post-smolt salmon to other farmers, enhancing industry sustainability and providing early revenue streams.
Xoople (Spain)
Amount raised: €115M
Xoople is an intelligence company pioneering the integration of geospatial data and artificial intelligence to deliver enterprise-ready Earth data intelligence.
The company has developed EarthAI, a platform that transforms vast amounts of Earth observation data into AI-ready formats, enabling businesses to monitor, identify, and predict changes on the Earth's surface with unprecedented efficiency.
Xoople secured €115 million in funding from a mix of Spanish and international investors to accelerate the development of its EarthAI technology. This investment supports the expansion of its proprietary satellite network and the enhancement of machine-ready datasets for industries such as agriculture, logistics, and finance.
GlycoEra (Switzerland)
Amount raised: $130M
GlycoEra AG is a biotechnology company pioneering precision immunology through the development of extracellular protein degraders aimed at treating autoimmune diseases.
The company leverages its proprietary CustomGlycan platform to engineer bifunctional biologics that selectively target and degrade disease-causing proteins, such as autoantibodies, without broadly suppressing the immune system.
GlycoEra’s leading drug candidate, GE8820, is being developed to target and break down harmful immune proteins called IgG4 autoantibodies. These proteins are involved in certain serious autoimmune diseases, where the immune system mistakenly attacks the body’s own tissues.
GlycoEra secured $130 million in an oversubscribed Series B financing. The proceeds are intended to advance GE8820 into clinical trials and to further develop GlycoEra's pipeline of precision immunology therapies.
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