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European VC Landscape – February 2024

After January's steep increase in invested VC volume, February showed a 24% decrease. Read our in-depth analysis, where you can uncover all the details.

12.03.2024

Compared to January, the invested VC volume decreased by 24% in February, following a 14% decrease in investments

Number and amounts of announced funding rounds over the past 6 months*

(1) All data from crunchbase, as of March 6, 2024

AI startups are overtaken by IT startups for the second place for the most popular investment industry

  • During February, 409 financing rounds were announced.
  • The total amount invested in the announced financing rounds was $3.0bn, amounting to only 76% of the previously invested capital.
  • Similar to previous months, most investments were made in Software companies, amounting to 101 investments. Investments in IT (59) take second place in front of AI startups (46).

Top 10 industries of financed startups according to the number of conducted investments

Feb_2024_industries

EIC Accelerator takes Bpifrance’s place as most active VC investor of the month

Investors with the highest number of investments in February

Number and total volume of financing rounds per stage

Largest round of February was a Series B round of $200.6mn

In February, most investment rounds were Seed Rounds (~41%), while no Series D rounds were conducted. Despite that, the largest volume of $718.5mn was invested in 85 Venture Rounds.

London is the European venture capital industry hotspot, while Paris takes the second spot; Barcelona places third by number of investments

  • By far, the most investments in February were conducted in the UK (113), more than doubling the investments in Germany (53).
  • When ranking by investment volume instead of the number of conducted investments, London ($323mn) and Paris ($288mn) would keep their positions. However, Frankfurt ($201mn), Milano ($157mn), and Amsterdam ($132mn) would follow in positions 3 to 5.

In the spotlight: Enviria raised €185mn in February in a Series B round

Company

Industry

Renewable Energy, Solar

Founded in

2017, Frankfurt (GER)

One-Sentence-Pitch

Enviria offers solar-centric projects and energy-as-a-service solutions for businesses.

Financing round

Money raised

$201mn (€185mn)

Type of financing round

Series B Round

Comment/Quote

Frankfurt-based ENVIRIA, a commercial and industrial (C&I) decentralized energy solutions provider, announced […] that it has secured over $200M (approximately €185M) equity investment. The capital comes from BlackRock through its Global Renewable Power IV (GRP IV) fund. – silicon canals

Investors

After a PE acquisitions peak in January, the number of acquisitions declined by 39% in February

Number of PE acquisitions decreases stronger than VC investments

  • In February, 17 PE acquisitions were announced, representing a share of about 4% of all investment rounds (VC + PE) in February (426).
  • The relation of acquisitions to investments slightly decreased again in February, following an increase to 6% in January.
  • The 17 acquisitions include the acquisitions of 4 Spain-based companies as well as 3 German-based companies.
Highlight of European PE acquisitions in February
Largest known acquisition  – €80mn

 

Aquirer

McWin Partners

(PE based in the Czech Republic)

 

Acquiree

Sticks’n’Sushi

(Denmark-based restaurant group)

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