February 2026 saw a notable increase in funding compared with January, driven mainly by larger capital inflows rather than a sharp rise in the number of deals.
Deal activity reached 296 transactions, up 11.7 per cent from 265 in January, indicating steady but moderate growth in deal volume. The more significant change was in total capital raised, which increased from €5 billion in January to €7.8 billion in February, representing a 56 per cent month-over-month rise.
Geographically, funding became more concentrated, with the UK accounting for €3.8 billion, or about 48.7 per cent of total funding in February. At the sector level, transportation attracted €1.5 billion, approximately 19.2 per cent of total funding for the month.
Tech.eu’s Cate Lawrence commented on the February numbers within the European tech investment landscape in our February Tech.eu Pulse, a compact version of the monthly report:
In February, startups across the continent raised €7.8 billion across 296 deals, up from €5 billion the previous month. But the most telling trend is not the deal count - it is the growing concentration of capital into large, strategic rounds.
Still, Europe’s startup ecosystem has never been solely about speed. Increasingly, it is about strategic depth — building technologies that underpin energy systems, mobility networks, healthcare platforms, and digital infrastructure.
If February’s numbers tell us anything, it is this: European tech is still scaling - but increasingly, it is scaling the systems that matter.
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 February report.
Here are the 10 largest tech deals in Europe from February, accounting for 61.5 per cent of the month’s total funding.
Nscale (UK)
Amount raised: $1.4B
Nscale is a technology company that provides AI-focused cloud and computing infrastructure designed to support large-scale artificial intelligence workloads.
Headquartered in London, the company develops and operates high-performance GPU cloud platforms and data centres that enable organisations to train, fine-tune, and deploy AI models efficiently.
Nscale has secured a $1.4 billion delayed draw term loan backed by GPUs to fund the purchase of GPU systems linked to multiple signed customer contracts.
Wayve (UK)
Amount raised: $1.2B
Wayve is a London-based artificial intelligence company developing software for autonomous driving.
Founded in 2017, the company builds AI foundation models that enable vehicles to learn how to drive from real-world data rather than relying on detailed maps or hand-coded rules. Its technology, known as an “AI Driver,” uses camera-based perception and machine learning to deliver scalable automated driving capabilities for passenger vehicles, robotaxis, and other mobility applications.
Wayve raised $1.2 billion in a Series D round at $8.6B valuation to scale embodied AI for autonomous driving.
Eutelsat (France)
Amount raised: €975M
Eutelsat is a satellite communications company that provides connectivity and broadcasting services worldwide.
The company operates a fleet of geostationary satellites and a low-Earth-orbit constellation through its subsidiary OneWeb, delivering video distribution, broadband connectivity, and data services to broadcasters, telecom operators, businesses, and governments across Europe, Africa, Asia, and the Americas.
Eutelsat has signed €975 million in Export Credit Agency (ECA) financing to fund the procurement of new LEO satellites for its OneWeb constellation.
ElevenLabs (UK)
Amount raised: $500M
ElevenLabs is an AI research and technology company that develops advanced audio and voice generation models.
Its platform enables users to create realistic, human-like speech, clone voices, and build conversational voice agents using generative AI. The company’s tools are used by developers, businesses, and content creators for applications such as voiceovers, dubbing, audiobooks, and customer-service automation across multiple languages.
ElevenLabs has raised $500 million in a Series D funding round that values the company at $11 billion.
Polestar (Sweden)
Amount raised: $400M
Polestar is an automotive manufacturer focused on electric vehicles and performance-oriented design.
Founded as a standalone brand in 2017, the company develops and sells battery-electric cars that combine Scandinavian design, advanced technology, and sustainability. Polestar operates globally and aims to accelerate the transition to sustainable mobility through innovative electric vehicle products and digital-first sales and service models.
Polestar has secured $400 million in new equity funding to strengthen its balance sheet and improve liquidity.
Axelera AI (Nethelrands)
Amount raised: $250M
Axelera AI is a Netherlands-based semiconductor company that develops hardware and software platforms to accelerate artificial intelligence applications.
Founded in 2021, the company designs AI processing units (AIPUs) and inference accelerators that enable efficient AI deployment at the edge for applications such as computer vision, robotics, industrial automation, and smart devices. Its technology focuses on high-performance and energy-efficient AI computing using proprietary digital in-memory computing architectures.
Axelera AI raised more than $250 million in a funding round led by Innovation Industries, with participation from new investor BlackRock.
Wayflyer (Ireland)
Amount raised: $250M
Wayflyer is a fintech company that provides revenue-based financing and analytics tools to e-commerce and consumer brands.
Founded in 2019 and headquartered in Dublin, the company uses data-driven technology to assess business performance and offer fast, flexible funding that helps companies manage cash flow, purchase inventory, and scale operations. Wayflyer’s platform enables businesses to access capital without giving up equity, with repayments linked to future revenues.
Wayflyer secured a $250 million two-year credit facility from ATLAS SP Partners to provide financing directly to founders of small businesses.
Olix (UK)
Amount raised: $220M
Olix is a semiconductor startup developing next-generation AI chips designed to improve the efficiency of running artificial intelligence models.
The company is building a new class of AI accelerator that integrates SRAM-based architecture with photonics to deliver higher throughput, lower energy use, and reduced costs for AI inference workloads. Olix aims to address the growing compute demands of advanced AI systems by creating alternatives to traditional GPU-based architectures.
Olix secured $220 million in new funding, bringing its total funding to approximately $250 million since its launch in 2024.
Iceye (Finland)
Amount raised: €150M
ICEYE is a space technology company that designs, builds, and operates constellations of synthetic aperture radar (SAR) satellites for Earth observation.
The company provides high-resolution radar imagery and analytics that can capture images of the Earth day or night and through cloud cover. ICEYE’s data and satellite solutions are used by governments and commercial customers for applications such as disaster response, environmental monitoring, maritime tracking, and security.
ICEYE raised €150 million in Series E funding.
Quantum Systems (Germany)
Amount raised: €150M
Quantum Systems is an aerospace and technology company that develops and manufactures autonomous unmanned aerial systems (UAS) and aerial intelligence solutions.
The company produces electric vertical take-off and landing (eVTOL) drones equipped with advanced sensors and software for data collection and real-time analysis. Its systems are used by government agencies and commercial customers for applications including defence, security, mapping, and geospatial intelligence.
Quantum Systems received a financing package of a total value of €150 million to support their continued growth and industrial scaling in Europe.
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