July 2025's top 10 European tech deals you need to know about

In July, European tech companies raised a total of €9.3 billion across 355 deals, a 43.1 per cent increase from June’s €6.5 billion and 323 deals.

The UK further cemented its leadership position by raising €5.9 billion in July, up from €1.8 billion the previous month (a 227.8 per cent increase). On the industry front, telecom emerged as the most funded sector, raising €2.8 billion, nearly tripling fintech’s June total of €957.1 million.

Notably, six of the top ten transactions were debt-based. CityFibre’s €2.6 billion (debt+equity) round in the UK telecom space led the month, while other major debt deals included Electra and Zenobe Energy in the energy sector.

Michael Buchinger, VC at Rethink Ventures, commented on the July numbers within the European tech investment landscape in our July Tech.euPulse, a compact version of the monthly report:

At Rethink Ventures, we set our focus on early-stage logistics and mobility investments. Domains where infrastructure meets high-tech. July saw us invest in Pyck, a German logistics software disruptor, leveraging AI to reduce warehousing costs by up to 60%.

As an early-stage fund, we believe meaningful mobility and logistics innovation is just beginning. The companies gaining traction today are those solving real industry problems with scalable, future-proof technology.

We’re proud to support founders building category-defining platforms in this environment and remain optimistic about the opportunities ahead.

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 July report.

Here are the 10 largest tech deals in Europe from July, accounting for approximately 63 per cent of the month’s total funding.

1

CityFibre (UK)

Amount raised: £2.3B

CityFibre is a UK-based telecommunications infrastructure provider.

As the largest independent open access full fibre (FTTP) network operator, CityFibre builds and operates a 100 per cent fibre optic network, direct to homes, businesses, public sector sites and 5G masts, serving as the infrastructure layer for over 30 retail broadband providers including Vodafone, Sky, TalkTalk, Zen and others.

CityFibre secured £2.3 billion in a financing round (which consisted of both debt and equity) to support its growth.

2

Propel Finance (UK)

Amount raised: £1.5B

Propel Finance is a UK-based asset finance specialist that has been empowering small and medium-sized businesses for over 30 years.

From its headquarters in Newport and offices in London and Manchester, Propel has supported more than 50,000 SMEs across the country, providing over £500 million in funding to help them grow, invest, and innovate.

Propel Finance secured a £1.5 billion funding round to expand its support for small and medium-sized enterprises (SMEs) across the UK.

3

Electra (France)

Amount raised: €433M

Electra is a fast charging infrastructure specialist founded in 2021, dedicated to accelerating the shift to electric mobility across Europe.

With a team of over 220 employees and operating in major European markets, including France, Belgium, Luxembourg, the Netherlands, Germany, Italy, Switzerland, Austria, and Spain, Electra aims to build a dense, high-speed charging network where it's needed most.

Electra has signed a green loan facility of up to €433 million to support its future growth. The transaction includes €283 million of committed facilities plus a €150 million incremental accordion facility.

4

Zenobē Energy (UK)

Amount raised: €325M

Zenobē Energy is a clean energy innovator on a mission to transform the way we power our world.

Founded in 2017 and headquartered in London, Zenobē has quickly become a leader in battery storage and electric transport solutions, helping to accelerate the global transition to net-zero. At its core, Zenobē designs, finances, and operates large-scale battery systems that stabilise electricity grids and make renewable energy more reliable.

Zenobē has secured €325 million in debt financing from a syndicate of seven international banks to accelerate electric vehicle fleet expansion across Europe.

5

Lovable (Sweden)

Amount raised: $200M

Lovable.dev is a Stockholm-based AI startup founded in 2023 that enables users to build full-stack web applications using natural language, without writing code.

Its platform handles everything from the frontend and backend to deployment. Within months, Lovable reached $17 million in annual revenue and 30,000 paying users. With powerful features like real-time collaboration, visual editing, and AI-powered debugging, Lovable is redefining how software is created, making it faster, easier, and more accessible.

Following a $200 million Series A funding round, Lovable has become Europe’s latest unicorn with a valuation of $1.8 billion.

6

wefox (Germany)

Amount raised: €151M

wefox is an insurtech company, offering a tech-driven platform for smart insurance distribution.

Operating mainly in Austria, Switzerland, and the Netherlands, it focuses on broker services and term-life insurance through its MGA (Managing General Agent) model. With around 1,300 employees, wefox combines technology and trusted advice to modernise insurance across Europe.

wefox raised €151 million to support its shift to an asset-light strategy and returned to profitability.

7

Climeworks (Switzerland)

Amount raised: $162M

Climeworks is a clean energy company pioneering Direct Air Capture (DAC) technology to remove CO₂ directly from the atmosphere using modular facilities powered by renewable or waste energy sources. These systems extract CO₂ from ambient air with specialised filters, then release and either reuse or permanently store the carbon underground—often by mineralising it in basalt formations through a partnership with Carbfix in Iceland.

Climeworks secured $162 million in equity financing, marking the largest carbon removal investment globally for the year. The funds will support technological scaling and enable the company to function as a carbon-removal portfolio provider, purchasing cheaper offsets such as biochar and enhanced rock weathering to complement its DAC services.

8

Xelix (UK)

Amount raised: $160M

Xelix is an innovative enterprise SaaS company with a clear mission: to transform Accounts Payable (AP) from a manual back-office task into a strategic, data-driven function.

By integrating seamlessly with existing ERP and finance systems, Xelix delivers AI-powered workflow automation across five core AP modules (Transactions, Statements, Vendors, Helpdesk, and Reports), helping finance teams prevent overpayments, detect fraud, reconcile vendor statements, resolve queries, and generate actionable self-service analytics.

Xelix closed a landmark $160 million Series B round, aimed at accelerating its evolution into agentic AI innovation for Accounts Payable. The round underscores a period of capital-efficient growth built on a differentiated product suite, world-class customer success, and strong operational retention (>98%).

9

Sunsave (UK)

Amount raised: £113M

Sunsave is a renewable energy startup, on a mission to make solar-powered homes accessible to every UK household using its innovative “solar subscription” service, Sunsave Plus.

Through Sunsave Plus, homeowners can install a premium solar and battery system via fixed monthly payments over 20 years, including remote monitoring, maintenance, free replacement parts, insurance, and a performance guarantee, delivering immediate savings and protection against rising energy prices.

Sunsave raised £113 million in funding, comprising a £100 million debt facility from Crédit Agricole and £13 million in Series A equity financing, enabling rapid expansion to scale installations across thousands of UK homes.

10

re:cap (Germany)

Amount raised: €125M

re:cap is a Berlin-founded insurtech startup, offering a unified Capital Operating System for digital-first businesses and investors.

re:cap seamlessly combines debt funding, liquidity management, and financial operations automation into a single, customizable platform. Users can forecast liquidity, unlock tailored debt lines up to €5 million (12 to 60 months, fully non-dilutive), automate workflows like accounts reconciliation, and gain real-time insights into cash flow, revenue, unit economics, and runway.

re:cap has expanded into the UK with the launch of a new €125 million credit facility for onward lending provided by HSBC Innovation Banking and Avellinia Capital.

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