Throughout the year we track various data points across the European tech ecosystem, and the mid-year mark is a great time to review numbers and highlight significant milestones and what the implications might be, as well as identify trends.
Half year data (three year view, €B)
Comparing the same (H1) three-year period, the data shows the trend of shifting investor behaviour: while H1 2023 saw the highest number of deals (2,300+), it brought in the lowest capital at €28.7 billion.
H1 2024 marked a peak in funding at €50.1 billion, despite only a slight increase in deal count. In contrast, H1 2025 reflects a correction; deal numbers held steady at just under 2,000, but total capital dropped by over 30 per cent year-on-year, suggesting a more cautious and selective funding environment.
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