Q3 funding in Europe rebounds with growth rounds leading
Growth rounds in Europe hit €7bn as AI-native, agents and data centres dominate.
Europe raised €13.7bn across just over 1,300 rounds in Q3, the strongest quarter since Q2 2024. September alone brought €8.7bn. July and August reflected the familiar summer slowdown.
Growth equity provided €7bn, or 51.6% of the total, with two consecutive quarters surpassing 150 growth rounds. Data centres, AI agents, and GenAI led the activity, with more AI startups scaling with larger cheques.
Early-stage totals were the lowest in 12 months, yet they were ahead of Q3 last year. Lovable’s $200 million Series A at a $1.8 billion valuation stood out. Seven new unicorns included Nscale, Fuse Energy, Framer, IQM, Nothing, and Tide.
ASML led the quarter’s largest deal, investing €1.3bn in Mistral AI’s €1.7bn Series C. France tallied €2.7 billion, heavily concentrated in Mistral, while the UK reached €4.49 billion. Germany followed with just over €1.5bn, ahead of the Netherlands and Switzerland.
AI-native funding surpassed all verticals for the first time on record, reaching €3.9 billion, with deeptech at €2.6 billion. Agentic AI logged 129 rounds, sharply higher year-over-year, while data centres edged out agents for capital. Defence and dual-use technology attracted €2.1 billion across 44 rounds.
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