Capital flows to scale as 2025 closed

In December eight companies raised over €100m, with two €500m rounds highlighting continued appetite for category-defining businesses.
Capital flows to scale as 2025 closed

December marked a period of measured slowdown in the funding market when compared to November, reflecting typical year-end dynamics. The month closed with 250 funding deals, down from 271 (7.8 per cent decrease) in November. 

Companies

Out of 271 deals in December, 8 companies raised more than €100 million (each). The value of 22 deals remains undisclosed.

The biggest deals of the month were two €500 million funding rounds, underscoring strong investor confidence in high-growth European companies. French customer relationship management company Brevo, which achieved unicorn status following a €500 million funding round, marking one of the most significant European software deals of the month.

Matching this amount, Swedish energy company Elvy secured €500 million from Scayl and a banking partner to finance its home energy subscription packages.

Industries

December 2025 sees software take the top slot in terms of investment volume in European tech startups, garnering 27.9 per cent of the monthly total of €1.2 billion.

Countries

Sweden emerged as the top fundraising market in December, securing €893.1 million over 14 transactions. UK followed with €795.2 million raised over 62 deals, narrowly ahead of France at €788.2 million (23 deals), while Germany (€546.1 million, 26 deals) and Italy (€266.1 million, 11 deals) rounded out the leading cluster of European tech ecosystems.

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