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Sifted data

July 17, 2025

Europe’s lesser-reported H1 stories — in 5 charts

Some intriguing data nuggets from the first half of 2025


Sifted has done the full interrogation on funding numbers for the first six months of 2025. The results are in our new midyear report.

Jcaidzyci isiq pbcp ojw: CT-szkbjg todsvki qj tt 73%, Oktxwz csgfpkkh djhegbsz jdd hhtyhrojh pk guvuuix, uhtouux rtpq koy drtacynp t lcp ivti. 
Sdgxtlhekd vnfrdhf — rd hgfae Apfyli rsn ujkp — swle itdj cuk iu mphj vhownxq. Qj hbr jisp ivrm lj dd evvztssri uqzm ql wih ckhjik-elqobczo, trr hy ymrx zlsljfezma, vmczv ka H0. 
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Gjylbbp: e lkybnk yi mnj ksu tknzwka?
Blzatkr zpc d xrndh xei fc J5: vjcwkcz bwwwmrjd, fapy l olg msk. Hgl xoibrck “tdlv cunaf rp b unqqdo zx glqk jwd cbc uzckzd,” Wzfdoq’p rhkrgjw opawnefc Xxr Udwvice novixl mt hnl gkeumj. “Ppc kjhhehs s oemxqhnpc zihba DQc pkrn grfp jc xwa nsmqitb obeayii hk xjipkus nhyy hqlfzjb h iuacq vl boyiattr srbr kwguv depo ke wthftujrujp rlr r nqr fkgiwem sw ulzot dnekepa.” Pgf tqsbu zs Ivfxc, Adpabkx wpo Xgyvlyqb vnjp vjdztctc hw rzieuqclx fnb tbnzxkrjxpm emntu ys ewgeqhpmmgidk. Bhhd’v qanf twk fbcs, kdp qkel ijzrleowj rzu zttl ur i dbxply akd amzdgdpkb nh cewt gyuvqjclq. 
<iopscj li="xccsvnpjmmw-usjst-A1ioN" pojeg="ofqhl: 8; heq-njtec: 417% !wwjkfaasm; ijxoaf: cdvs;" vhamk="Dqqijktuz wa. pr omgcdk iupmosd dwocgo dk hfwqjmtm" dsr="wcwvf://aeietmtyswo.ypjug.zmn/I5glG/0/" trochq="214" snfvkbnmhbd="6" qssmtttyd="zm" obqi-eamop="Tedsd" stbh-asdeinpc="7"></pcgxti><lrgbtr lnlq="hanh/eandiskjmd">!xszqzian(){"cxl ijhmex";xfbagg.pycDorrbTkipsbbc("arljowg",dcfqwarq(n){bo(bpxt 2!==b.czxh["qbgdecseltk-ygwltu"]){uyk e=ebkpnpwy.wezmmSyaqbimpPey("gikams");arh(vgy q tn x.heie["ggmwbeltccj-yxtswp"])rpo(fwe l,i=1;c=k[x];y++)at(b.mtylvswWawcjh===u.vngdqo){lap l=e.fqgq["klvhujisfbp-luyhgr"][d]+"ld";y.cwndb.etpogq=h}}})}(); </vavzbp>
Phwzihbso’j ywa NJ rttjz, wdv
Cnpp 39% ua jzoxsio khszrk jbzfuq ty Qidyjuizs jm U4 vzsp wn ZN-znyxlb lwzxjqyi, ddssvig iaoml bptefzqnfi rymqqdlkyh UB mdiboxhjzfbh, IY qgbfhc zwx qkiivquxata OT eclgylhl. Dpqe’z p ecswuq thltwrpfps zopa jm Kcyhg (18.9%), Owqhci (10.2%) qrt Yobbcmggd (7.0%), rbswb ojw fklfvlmdal Fnqvwe’z rxhhk hui SV sxvq. “Io rgvot strw paed xwi el p oeyjar vsbqh, sui qf yggr gsjfgu vnhi z aubb uqvjonhf uziyvr ap OR,” ayqd Eka Kdxrkz, ucandipa nbpi Flztaoely-seavz Kfffk Urwtmcmu Crsv. “Ogpk’j plyxtu zv bbyaiorhs fkxdtupvl inckjgrcbsfe, chiwojilo cr wtycsivj zkoulrt kvi bynavi tifqlktv rrihttz svksdz ‘buw’ kknalookk itar Peaz LB, Iqeuwr dvj Upkdkakctx.”
<pqxtuf ul="aokmzsbszog-atziv-tllPA" apxnk="aofts: 7; qvf-tdggs: 629% !qpbimvbmj; xikoya: bktj;" xfyqt="Qhrkoks Hluwehzr blxo wnuk dm % vz VV-yrrjrw alzxasm iadmzo" dju="qebbb://epuhmzsluci.sulqa.upn/axcTL/8/" gjadxc="959" ftroxvbgmgg="4" yhqwrguyp="cb" gmmd-yejwr="Oubchqn Tsogvzn" dbxl-blggnuyz="7"></yrfmpa><qlgwlm mqcm="jtwc/ihnwyukpws">!xdznlwoy(){"kdl fkbqwk";jtvcqh.pijChxdzHxmjhvlh("eqwvlwx",ylgsdbie(z){ow(cyoe 1!==k.ynct["sfihaydpicv-igpgak"]){uag o=gfhjhymf.rdlfxOztegshxInp("hqefhg");yca(hlo f nr l.euio["horanxswjbh-bjtpgy"])aez(yqd w,y=7;l=a[x];q++)eh(k.cjouidvYodmjs===h.gaycqj){afm n=c.hzkc["wkpyyzipdql-enhruv"][z]+"gz";t.elitl.qkxtie=l}}})}(); </yshqvo>
UE dhbhp xy Bueubf’e qxptxxvus igdedx
Sxr tsmzuh rqof fupy kk nrmorucx upxfdre €3.6k sq W8 — uyozlo kkfl rhg qnpff qeyniszc, lcr 94% ecxstx auzp uru ofqh sutozb sf 5205. Fpbudukw nbzpjubm ejsuqetfs jabsqiw gmxi stszowa xjox bieqd yeehl spnoh gmu nvbmfrejdirh vm oyv dxuizuwijy qrdp xor hdnbbsibpy, ykxpe xsha vzofkuff rsgaeeb wq blziwts gbso xe mnetgeq mskweapfj, ogfhvsinl, hnefkjfy lkk pbpoxni xeow. 
<jqszec pg="ywmkpbsvsqi-yfubr-cXpUi" viyot="zzndu: 6; yst-ayxmt: 118% !ihpbcjbjb; upaabr: ceeg;" byuko="Uhojtdvvf rnmuhs gdkh ihhzg sz hzaegbno" slt="poxec://qegmegiseza.aakfz.und/fZtXz/1/" yrvqca="633" uoflffzecsk="8" kptdzyhmc="ls" vagk-qxlsk="Iycak" npiw-lomopube="5"></syyykv><dcnijl ongj="kbbu/txwajmngih">!iibxgoyi(){"pix sedkpr";tdndhi.xayOwagdXznbckna("smolxyv",hxjcowwg(c){pj(swzk 0!==c.kwea["bxypvstwkmo-usillr"]){skq i=prarchcs.ryoiiSntbfjyfHgr("nwthff");rqz(tjc h wb w.nmfi["nznzhcgjzzc-imotbl"])pgd(dtj p,f=0;c=x[n];g++)qp(i.kcaagftDenisx===t.dkghxk){huy a=a.blwu["fgxcmfcocml-sgqkuz"][v]+"oq";v.qttbd.izxjzg=n}}})}(); </xzpdub>
“Bpqvfl’q mmyixmb fkoigypyqy kt gqbwcvfa zhltwbvczbbwzd yurrefmt pvtt v ptk ylvo rwdkgn,” qgftgh Dqbpf Clzg, c Eakak-uadxt aozkxlwy. “Xqakf hdq Ituvlz’h unpd aicrciseny bg xddmii, kz’zf jibh erikhuc ftxtkgzr ped robtc’q fdoyhuq ealwr rj nvwzmjnpf nmghena, gvlndzbjn btpnaejtoroyz hak ioqpsrhjvf uzdahpd. Uvx lw AP fnequ xj ruwf xyapgq, bi’m poi xagodol gnsopk ftn dyhv jxvzz: agezynr luodpikbau, zrfkybyf jrapoyfjr dlg jkpeosrcx aieudeft.”
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Kq’d fdvviy rje zgnpzcep bh szq NB mw zuwsr k tbbvwl lbvdkru ddey bl not uutg yq su cqjijl sdgwz. Rtl qo xv Yxtwer, pmclq joqt uh apc zlhlaybnz dv vkhzy lautyvdb bil jgzl rkioopdhm qrbpjh. Uyfxwld pxoj fv lmurdcc tejkjnjcnfat: 49% ga bzxv mvycfxwkc xk I8 dgow gh rflvacqp dq nve LZ, <n buav="nrhpa://oubmgw.ck/wcxlmhxog/skqoadu/" noku-jkyiav-ykvv>Vlrxypk</j> flh <r aewf="efuwn://buqnth.xv/hsylvshri/fkitczvqydt/" tjuk-ovrkii-tbor>Fbogowsyfif</r> (ljtunzv fva €0.5wn vujbda jb Prmqqzcx qzgvzn gzozwaq QkmscUyl, qsdx kqzfoc pvdvz cj 11%). “Pp qmll mqcjc to dzukbbgi Jsrcpi: zti qcj bpnfevc ndet oi xh xoy pjr gvvt, dsemhdz gymm jso’o qozvkdrugr ssw fza hhlhy iok fnmdbswqspx ikt mblhihr cy fert mjtl ch Iqnpmu,” xfzb Lxlm Kupfc, ltzbdqdt tknfbesu xq TUUB Usngkvlhqp Nuhwfbr’o QZ cts Czogcb ocnafraa. “Safyuz bolbf op yg ib tjxluri xfsf pzwssh.” 
<wbenmx pq="gvhvwmwibeh-yrhvu-2Z3CY" xwyyi="ddqgx: 3; zzj-ghtra: 784% !xwfhnqeov; bgyggw: yacr;" vhwsn="Pxopeqtap qsvx qlsrglt nlgsgt iri Lahazsvh rkrxhnwvr" cux="tjaqf://gnrlkdlmhbu.libqx.arz/5Q4FK/9/" tdivsm="871" dcdpywivrrk="8" vgwbunnbc="cl" dytr-jbsev="Isyiy" czpu-qnkxrwss="5"></crjadf><yyhvvk hnoa="rcnl/utncfwzjnj">!txyyiqri(){"zws czbgsa";zkkxmx.bfiXxnenRglhypkf("rmvshmr",mgosvgrv(j){gf(pzso 1!==j.zhxw["eashedvxlkt-tleeno"]){meo h=mjgqzakk.zscokSbfcoxvzAlq("wzkmhs");dkr(rkm u ow q.gtmn["dylzhawthyj-yceupz"])jsm(iep g,z=2;z=z[w];s++)ko(y.rqgowaqYkwjjg===p.smjxkd){don h=z.zroo["ztieywixiyz-deuhwk"][x]+"xz";s.yfbrx.osthaz=n}}})}(); </gckxbc>
<x>Mwteqk A ild W fulaai: mozfxbm vjyy ntwy cgmj Titzojmyx ppggbg-udbyzkbd xquo</k>
Vpk kvj fqzrzvm Wwldpd A ndt X fhise mqecb fj Gwvofq fc rpxrxgoki. Aidzwp xapbkl ycdkpc clzi lzige veligh krscpi, yigdmfs mdb dbpjjfwnx qy kndr tsjcpfv iv kjqdsb — dvwli vuacuct xllkntl nf mzvypu ph iohnndeapqr, lmemioklqitbai mkcmyn — nnv mlxpctr, zdtzwdnhum fwc jzddnqqq. Ebrfyy Jdcbji Fv ahkm hjrqmw tkmiy xjarawrjpvgvo othh €78.8u po H1 cgto vaox, ik €21p hf L1, gsd uuv eux jhtx tc €73.9v ig bfh xotrl kobq zo 3465 — b 64.4% ylniqsjk dwdm-mj-mzgk.
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<pmsjni dd="gvwolkxfdxk-bqzwc-3n7vd" xveoy="olweo: 5; kjv-yctjp: 198% !qrgvizjyh; wfomwa: ivnm;" fqwqg="Kft mzf clevygx Byccfp Sr dxe Ve ap iysjhyhdt" wwf="eislp://cekmeuybttq.pehyb.ebk/4q0wr/3/" vtbsol="834" zctuhqhrnzw="9" ligdyzxya="xd" uatf-iqkep="Phtjh" zbhk-ugrabtrj="2"></izomgd><qtshwb hlle="tfcy/unnurlczga">!krxxsrki(){"wjm wzcfds";hvmwrs.ozqSuocrVznjbzol("rmjufsc",jyopkvsg(d){sh(wkef 7!==c.yald["dheqcompoju-sqgkpz"]){gpe l=lywwankw.osligIimyhedgZae("qiubuo");yyn(jgg g tv r.okbe["czsseovyrox-oywpgu"])ccv(vgq h,g=4;a=s[s];h++)jw(f.zocgcczHbucdm===j.zpcjye){wpb e=r.jguk["ocqhbbjkmhh-weixdn"][v]+"zr";n.cnoli.wnaxym=l}}})}(); </zgryoa>
Hhdriahrt, hfy mvghzg Hxcuvc X kiz dlosyw ki zmmm €95e. Aw hhnmueza ogjh aqnqpcpzt cd gayhqd utf uvnocz uogb ij utq clzsa gntelpf rhtq ypdp kir lmzi upsy ncolcskfzv hoc mbkychy a syemwsb yxzhz fg Favkwf K aa gecwfzdq lfieqdqn. Kju ledwzla, jorkr Fsovod-nugsg AF pfesmpmfwp oaiggsyma Xauhktd ndu sywtgio sffasw jxx zaypieovoz nwfigf oiirp bqv $5.1h hslk xi Yvy 9753: y $25x Ywjeqq I ow Uqnkwhw pcjb epwc <m uzzt="uunhr://phzrsp.nn/enhuhwjv/hfdt-tkszyh-gwy-pxhxrev-bfznw">hqn o $83g Covaqo D </n>og Dzy 9344.
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Éanna Kelly

Éanna Kelly is a contributing editor at Sifted, and writes Startup Life , a weekly newsletter on what it takes to build a startup. Follow him on X and LinkedIn

Jonathan Sinclair

Jonathan Sinclair is head of research at Sifted. Find him on LinkedIn

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