European tech funding remained resilient in July despite a decline in deal activity. Companies raised €8.6 billion across 267 funding rounds, compared with €8.3 billion across 293 deals in June. This represented a 9 per cent drop in deal volume, while overall investment increased slightly, indicating that capital was concentrated in fewer, larger transactions.
Germany led European funding during the month, with companies raising €3.5 billion. Artificial intelligence emerged as the best-funded sector, attracting €1.8 billion and replacing robotics, which topped the rankings in June with €1.3 billion.
Exit activity also strengthened, increasing from 39 transactions in June to 51 in July, pointing to a more active exit environment, supported by continued strategic acquisition activity across the European technology ecosystem.
Our Cate Lawrence, Senior Journalist at Tech.eu commented on the July numbers within the European tech investment landscape in our monthly report:
AI reclaimed the top spot by investment volume, but the month's biggest stories extended well beyond AI.
Defence, robotics, quantum computing, cloud infrastructure, fintech and healthcare all attracted significant capital, reflecting Europe's growing strength in technologies that underpin economic resilience, industrial competitiveness and strategic autonomy.
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 July report.
Here are the 10 largest tech deals in Europe from July, accounting for 70 per cent of the month’s total funding.
Helsing (Germany)
Amount raised: $1.8B
Helsing is a defence technology company developing AI software and autonomous systems for military and national security applications.
Its technology combines data from drones, radar, satellites and other sensors to improve situational awareness and support operational decision-making, alongside AI-powered aerial and underwater systems.
Helsing raised $1.8 billion in Series E funding to accelerate the development and integration of new AI and autonomous defence platforms.
Quantum Systems (Germany)
Amount raised: $1.2B
Quantum Systems develops autonomous systems for defence and security, combining unmanned aerial and ground platforms with AI, sensors and integrated mission-control software. Its technology supports applications including reconnaissance, surveillance, mapping and multi-domain operations.
The company secured $1.2 billion in Series D funding, which will support international expansion, acquisitions and increased manufacturing capacity.
Nscale (UK)
Amount raised: £670M
Nscale provides full-stack AI infrastructure spanning GPU compute, cloud services, data centres, networking, storage and power infrastructure. Its platform is designed to support large-scale AI training, inference and deployment for AI companies and enterprises.
Nscale secured a £670 million revolving credit facility, providing additional capital to expand specialised AI data centres and infrastructure across the US, Europe and Asia-Pacific.
Neko Health (Sweden)
Amount raised: $700M
Neko Health is a healthtech company focused on preventive healthcare and early detection through technology-enabled health assessments.
Its Neko Health Scan uses proprietary sensors, imaging and blood analysis to collect millions of data points covering cardiovascular, metabolic, skin and other health indicators.
Neko Health raised $700 million in Series C funding to support its US expansion, open new clinics and continue developing its proprietary hardware and health data platform.
Lendable (UK)
Amount raised: $670M
Lendable is a fintech company operating a technology-driven consumer lending platform, providing credit products including personal loans, credit cards and auto finance.
The company uses digital processes and data-driven underwriting to provide and manage consumer credit.
Lendable secured $670 million through an asset-backed securities transaction, its first in the public ABS market, to expand its credit business as it scales operations in the US and Mexico.
Proxima Fusion (Germany)
Amount raised: $468M
Proxima Fusion is a fusion energy company developing commercial power plants based on stellarator technology.
A spin-out from the Max Planck Institute for Plasma Physics, it is building on research from the Wendelstein 7-X programme to develop high-temperature superconducting stellarators capable of producing clean, continuous energy.
Proxima Fusion raised $468 million to build its Alpha net-energy demonstrator, expand superconducting cable and magnet production, and advance engineering and manufacturing capabilities.
CuspAI (UK)
Amount raised: $450M
CuspAI applies artificial intelligence to the discovery and design of new materials, helping researchers identify materials with specific properties for applications across clean energy, semiconductors, manufacturing, water treatment and carbon capture.
Its platform combines generative AI with materials science to accelerate a traditionally lengthy discovery process.
The company raised $450 million in Series B funding to expand across the US, Asia-Pacific and Europe and develop its AI Materials Foundry, a global network combining data, laboratories, compute and scientific expertise.
Iwoca (UK)
Amount raised: £250M
iwoca is a fintech lender providing flexible financing to small and medium-sized businesses.
Through its digital lending platform, businesses can apply for loans and credit facilities designed to support working capital, cash flow and growth, with technology and data used to streamline credit assessment and lending decisions.
iwoca secured a £250 million debt facility from Waterfall Asset Management and a UK bank to increase its lending capacity and provide financing to more UK SMEs.
Skello (France)
Amount raised: €200M
Skello develops AI-powered workforce management software for businesses employing frontline teams.
Its platform brings together employee scheduling, administrative processes, compliance and operational management, while its AI tools automate tasks and generate HR insights from workforce data.
Skello secured a €200 million investment to strengthen its position in France, accelerate European expansion, broaden its platform and increase investment in AI, supported by new hires and targeted acquisitions.
Augustus (Germany)
Amount raised: $180M
Augustus is a technology-driven clearing bank building infrastructure that gives banks and fintech companies direct access to US dollar accounts and payment rails.
Its API-first platform supports operating and FBO accounts, virtual accounts and transactions through SWIFT, ACH, SEPA and stablecoins, underpinned by its proprietary core banking platform, Marble.
Augustus raised $180 million in Series B funding to expand direct dollar access for financial institutions and grow its services across Latin America, Southeast Asia, the Middle East and Africa.
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