In December, total funding reached €4.5 billion, only slightly below November’s €4.6 billion. This came despite a decrease in deal activity, with 250 transactions completed (a 7.8 per cent drop compared to the month before).
December also saw shifts in both geography and sector focus. Sweden led the month with €893.1 million raised, while software emerged as the top sector with €1.2 billion in funding, underscoring a renewed investor emphasis on technology and software-driven growth heading into the new year.
Tech.eu’s Cate Lawrence commented on the December numbers within the European tech investment landscape in our December Tech.eu Pulse, a compact version of the monthly report:
December’s data reflects a European tech ecosystem that is selective, more industrial in focus, and looking toward long-term resilience rather than short-term momentum.
As 2026 begins, there’s plenty to anticipate — and good reasons for optimism about the year ahead.
For her 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 December report.
Here are the 10 largest tech deals in Europe from December, accounting for 48.9 per cent of the month’s total funding.
Brevo (France)
Amount raised: €500M
Brevo is an all-in-one customer engagement and CRM platform that helps businesses build lasting customer relationships through email, SMS, automation, chat, and sales tools.
Designed for businesses of all sizes, from startups and small-to-medium enterprises to growing e-commerce brands, Brevo offers a comprehensive set of tools, including email and SMS marketing, marketing automation, live chat, transactional messaging, and a built-in CRM that centralises customer data and interactions in a single platform.
Its intuitive interface and drag-and-drop editors make campaign creation, customer segmentation, and automated workflows easy, even for non-technical users.
Brevo closed a €500 million funding round and reached unicorn status.
Elvy (Sweden)
Amount raised: €500M
Elvy is an energy technology company offering subscription-based home energy solutions that simplify access to clean power and lower electricity costs.
Through a fixed monthly plan, Elvy installs and manages solar panels, heat pumps, and battery systems, with installation, service, and maintenance included, helping homeowners reduce grid dependence and energy expenses.
Elvy secured €500 million in funding from fintech partner Scayl and a banking partner to scale its subscription model and expand installations across Sweden.
Lovable (Sweden)
Amount raised: $330M
Lovable is an AI-powered software platform that lets users build full-stack apps and websites simply by describing their ideas in natural language.
Founded in Stockholm in 2023, Lovable’s conversational interface and AI engine automate code generation, development, and deployment, making app creation faster and more accessible for developers and non-developers alike.
Lovable raised $330 million at a $6.6 billion valuation, led by CapitalG and Menlo Ventures' Anthology fund.
Black Forest Labs (Germany)
Amount raised: $300M
Black Forest Labs is a generative AI research and technology company focused on cutting-edge visual intelligence and image generation models.
Founded in 2024, the company develops the FLUX family of AI models that produce high-quality, photorealistic visuals from natural language prompts and reference images. Its team aims to create models that prioritise understanding user intent rather than simply executing prompts, providing tools that enable a broad range of users, from large organisations to independent creators, to turn ideas into tangible outcomes.
Black Forest Labs has secured $300 million in Series B funding at a $3.25 billion valuation, supporting continued research and development as it works toward building models that integrate visual perception, generation, memory, and reasoning to advance visual intelligence.
ICEYE (Finland)
Amount raised: €200M
ICEYE is an aerospace and satellite technology company that designs, builds, and operates the world’s largest synthetic aperture radar (SAR) satellite constellation, delivering high-resolution Earth observation data in all weather and lighting conditions.
ICEYE’s microsatellites support decision-making for governments, businesses, and disaster response with near-real-time radar imagery. Its services are used across sectors, including insurance, security, maritime monitoring, and natural catastrophe insights.
ICEYE secured a total of €200 million in funding, valuing the company at €2.4 billion. The capital will be used to expand its SAR satellite constellation, enhance software and data intelligence capabilities, and accelerate the deployment of advanced sensing systems to deliver near real-time Earth observation and intelligence services.
Fal.ai (Türkiye)
Amount raised: $140M
Fal.ai is a generative AI platform that makes advanced image, video, audio, and 3D model generation accessible to developers and businesses.
It provides a unified API and serverless infrastructure that enables fast, scalable inference of hundreds of generative media models without complex setup. Fal.ai’s platform accelerates real-time creative workflows and lowers barriers to building AI-powered media applications, empowering developers to integrate state-of-the-art generative capabilities into their products and services.
Fal.ai raised $140 million in Series D to power the next era of real-time generative media.
EXEIN (Italy)
Amount raised: €100M
Exein is a global leader in embedded cybersecurity for the Internet of Things (IoT), developing AI-powered security solutions that protect connected devices at the firmware level.
The company’s platform embeds real-time threat detection and response directly into device software, helping manufacturers secure products and stay compliant throughout the device lifecycle. Exein’s technology protects billions of devices across industries such as industrial, automotive, healthcare, and critical infrastructure.
Exein secured €100 million following its €70 million Series C in July 2025 to advance its next generation of embedded runtime security technology, including AI protections for on-device AI and large language models, with an initial release planned for RSAC 2026.
Mondu (Germany)
Amount raised: €100M
Mondu is a fintech transforming B2B payments with flexible, modern Buy Now, Pay Later and deferred payment solutions for merchants, marketplaces, and business buyers.
Its platform handles credit and fraud risk, payment collection, and reconciliation, enabling sellers to offer net terms and instalment options while getting paid upfront, and helping buyers optimise cash flow and working capital.
Mondu secured a €100 million debt facility from J.P. Morgan Payments to scale its offering and support its expansion across Europe.
Neural Concept (Switzerland)
Amount raised: $100M
Neural Concept is a Swiss AI technology company transforming engineering and product design with its AI-first Engineering Intelligence platform.
Founded in 2018 as a spin-out from EPFL in Lausanne, the company uses deep learning to accelerate simulation, design evaluation, and optimisation, enabling engineers to compress development cycles and explore complex 3D designs faster and more efficiently. Its software integrates with existing CAD and simulation workflows to support real-time predictive insights and scalable AI assistants for industrial product development.
Neural Concept raised $100 million in Series C to accelerate product development and expand global go-to-market efforts and strategic partnerships.
Shop Circle (UK)
Amount raised: $100M
Shop Circle is a London-based technology company and operator of e-commerce tools that help merchants and brands scale online by acquiring, developing, and growing best-in-class commerce software.
It empowers businesses with a suite of AI-enabled applications that streamline operations, enhance customer experiences, automate workflows, and support growth across digital storefronts.
Shop Circle has secured a $100 million credit facility and positions itself as Europe’s alternative to traditional venture capital funding.
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