Last month saw 324 VC investments across Europe, with $4.0 billion invested in total – a 25% decrease in funding volume compared to September.
Number and volume of announced funding rounds over the past 12 months*
- Number of funding rounds
- Invested volume in $bn
Leading Industries and Investors
According to the number of conducted investments, AI leads with 100 rounds, followed by Health Care with 97 and FinTech with 59, each ahead by a significant margin of the next industry, Manufacturing (35).
AwakenAngels was the most active investor in November with 8 announced investments. Followed by Bpifrance with 7 investments, EIFO and HTGF with 6 investments each and Elaia with 5 investments, rounding out the top five most active investors.
Top 10 Industries of Financed Startups
- AI
- Health Care
- FinTech
- Manufacturing
- Energy
- Marketing
- BioTech
- Web
- Food and Beverage
- Retail
Top 5 Investors with the highest number of deals
- AwakenAngels
- Bpifrance
- EIFO
- HTGF
- Elaia
Notable funding rounds across Europe
In November, the largest funding round was a $495 million Venture Round by Picnic, a Amsterdam-based fast-growing tech company that has developed a mass-market home delivery system for fast moving consumer goods. Founded in 2015 in the Netherlands, Picnic raised the investment mainly to further expand its operations in Germany.
While Seed Rounds made up the largest share of rounds (44%), the highest investment volume was in Venture rounds, which accounted for $1.47 billion across 65 deals.
The largest Seed Round was secured by Gravis Robotics, a Zurich-based company which combines construction and robotics. Founded in 2022 in Switzerland, Gravis Robotics raised $23 million (€20 million) in November.
Number and total volume of financing rounds per stage
- Number of funding rounds per stage
- Volume of financing rounds per stage in $mn
Detailed overview by stage
European VC Industry Hotspots
In November, London remained the leading hotspot for European VC by number of investments (42), followed by Paris (21), Barcelona (15), Berlin (12) and Amsterdam (10).
The most investments by country were in the UK (74), followed by France (44) and Germany (39).
When ranked by investment volume rather than the number of investments, Gilching ($209mn) with 1 investments, Edinburgh ($204mn) with 3 investments and Herlev ($168mn) with 1 investments join London and Amsterdam in the 5 cities.
VC Exit Overview
In November, 39 exits took place and, as in the previous month, there were again no IPO.
With 14 exits, FinTech companies were the largest exit industrie, followed by AI (7) and HR (4) companies.
Most companies exited in the UK with 13 exits, followed by 5 companies each in France, Denmark and Germany.
- Number of Acquisition Exits
- Number of IPO Exits
PE Acquisitions Overview
In November, 37 PE acquisitions (10% of all VC and PE investment rounds) were conducted, the same share as last month.
With 9 acquisitions, the UK saw the highest number of companies acquired in November.
FinTech (8), Sports (6) and Manufacturing (6) were the top acquisition industries mentioned.
The standout deal was Permira’s €2.6 billion acquisition of JTC, a company providing financial, corporate fund administration, corporate governance, and private client solutions.
- % of all investment rounds
- Number of PE acquisitions
*All data from CrunchBase, as of December 2, 2025.
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