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

In September 2025, European tech companies raised €8.4 billion, up 163 per cent from August’s €3.2 billion and roughly double September 2024’s €4.2 billion. Deal activity also increased, with 367 transactions, a 94 per cent jump from August (189) and 6 per cent higher year over year (347).

Funding was concentrated in five countries: the UK led with €2.7 billion, followed by France (€2.2 billion), the Netherlands (€739.9 million), Sweden (€662.1 million), and Germany (€547.3 million), which together accounted for about 82% of total capital.

Sector-wise, artificial intelligence dominated at €1.9 billion, trailed by cloud at €947.9 million and fintech at €758.4 million. Exit activity also accelerated, reaching 74 deals in September, up from 66 in August and 53 a year earlier.

Tech.eu’s Cate Lawence commented on the September numbers within the European tech investment landscape in our September Tech.eu Pulse, a compact version of the monthly report:

While funding remains concentrated in a handful of countries and sectors, the data reflects renewed momentum after a quieter summer. AI, cloud, and fintech continue to attract outsized capital, while energy, healthtech and quantum also held strong.

As Q4 begins, the question is whether this surge marks the start of a sustained rebound—or a September spike driven by a few eye-watering rounds.

For a more detailed review and in-depth analysis of the European tech ecosystem, including industry and country performance, exit activities, and more, please check out our September report.

Here are the 10 largest tech deals in Europe from September, accounting for approximately 54.7 per cent of the month’s total funding.

1

Mistral AI (France)

Amount raised: €1.7B

Mistral AI provides an enterprise platform to customise, fine-tune, and deploy large language models, assistants, agents, and multimodal AI across cloud, on-prem, and edge environments. Its offering includes Le Chat (a multilingual assistant), La Plateforme (a build-and-deploy environment), and developer tools for coding, with an emphasis on privacy, control, and flexible deployment.

Mistral raised €1.7 billion, increasing its valuation to approximately €11.7 billion. The round includes a significant stake by Dutch chip-equipment firm ASML as part of a strategic partnership.

2

Nscale (UK)

Amount raised: $1.1B

Nscale is a hyperscaler engineered for AI, providing vertically integrated infrastructure, compute, networking, storage, managed software, and AI services, delivered through its own and colocated data centres. It designs energy-efficient facilities and high-density GPU clusters to support training, fine-tuning, and inference at scale. Headquartered in the UK, Nscale operates globally with projects across Europe and North America.

Nscale has raised $1.1 billion in a Series B round, supporting ongoing efforts to expand AI infrastructure in the UK.

3

EcoDataCenter (Sweden)

Amount raised: €600M

EcoDataCenter is a Swedish operator that designs, builds, and runs high-performance, sustainability-focused data centres for AI and cloud workloads, with sites in Falun and a planned large-scale campus in Borlänge. The company emphasises renewable electricity and efficiency while scaling to over 500 MW of available power to support AI/HPC growth

EcoDataCenter secured €600 million in debt financing from Deutsche Bank Private Credit and Infrastructure to support its expansion and development of advanced digital infrastructure.

4

Netomnia (UK)

Amount raised: €346.2M

Netomnia is a wholesale full-fibre network operator building an “uncompromising” fibre platform across the UK for ISPs and MSPs.

The company is the UK’s fourth-largest full-fibre network and is targeting 5 million premises serviceable by 2027, backed by over £1.6 billion in funding. Its rollout focuses on high-performance, capital-efficient fibre designed to support business and residential connectivity.

Netomnia secured €346.2 million to expand its fibre network in the UK.

5

IQM (Finland)

Amount raised: $320M

IQM Quantum Computers builds full-stack superconducting quantum systems for research institutions, HPC centres, and enterprises, delivered on-premises and via a managed cloud. Its product lineup includes the 5-qubit IQM Spark for education and research, the IQM Radiance system with configurations up to 150 qubits, and the IQM Resonance cloud service. Founded in 2018, IQM focuses on advancing from today’s NISQ devices toward fault-tolerant quantum computing.

IQM Quantum Computers raised a $320 million Series B round, described as the largest to date for a quantum company in Europe and outside the US. The raise brings the company’s total funding to $600 million.

6

Nothing (UK)

Amount raised: $200M

Nothing is a London-based consumer technology company that designs smartphones, audio products, and accessories with a focus on distinctive industrial design and a simplified user experience (e.g., the Glyph Interface). Its mission is to reduce barriers between people and technology by creating products that are as engaging to use as they are to look at.

Nothing raised $200 million in a Series C round at a $1.3 billion valuation.

7

Terra One (Germany)

Amount raised: €150M

Terra One is a Berlin-based developer and operator of grid-scale battery energy storage systems that pair hardware with machine-learning control to stabilise power grids and make better use of renewable generation.

Its platform autonomously optimises batteries across wholesale and ancillary markets to improve grid flexibility and reduce price volatility. The company’s aim is to provide reliable, affordable, and clean electricity by storing surplus renewable power and releasing it when demand peaks.

Terra One secured €150 million to scale its grid-scale battery storage projects across Europe.

8

Signal AI (UK)

Amount raised: $165M

Signal AI provides an external intelligence platform that analyses global news, social, and regulatory content to deliver reputation and risk insights for enterprises. Its AI models transform vast, multilingual data into structured, real-time signals to help teams monitor issues, anticipate risks, and inform decisions.

Signal AI received a $165 million investment to support strategic M&A that expands its data collection, sector expertise, and AI research.

9

Triver (UK)

Amount raised: £114M

Triver is a UK fintech that provides instant working-capital advances to small businesses by turning approved client invoices into cash, without requiring traditional loans or personal guarantees.

Its platform uses Open Banking data and AI to automate underwriting and can be embedded within accounting, banking, and other SME platforms for “in-a-click” access to funds.

TRIVER secured up to £114 million to expand and streamline access to finance for UK small businesses.

10

Treasury (Netherlands)

Amount raised: €126M

Treasury is a euro-denominated Bitcoin treasury company that aims to bridge traditional finance with digital capital. It positions Bitcoin as a “digital gold” benchmark and offers a transparent, liquid, institutional-grade vehicle for BTC exposure.

Treasury secured €126 million in funding and plans to list on a European stock exchange.

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