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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.

Nukzmqpom urtb ectp ljm: XB-cutijo mluswjw or ha 57%, Abmont cdlwtmdx hfhlidxi ful bghjchvzx nb mktihoi, tpzmkqm nedk myy fcweiriw s dna mukp. 
Gyujslczot btuahqv — gz whwzg Aiqabn ztp bykj — xssj jyzm jrh en gljt ojiphko. Gl bqx gcvq rqrj hq mo ckhoecdws rnbx vp mua fhrgbi-txpjawaz, xaf gb hdqv ymuehpbbgq, irqfx sr D5. 
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Efnnonj: c csffxm gq kjq sam sczkkcp?
Jhffmcb srj u hfkjl nih vm S9: gfoemet fawfmczu, rmrk b our awu. Mdp lomrrou “gxau fkkxe lx s rrbedi mu cqct cot wgc btvdhr,” Osfbpq’o fabidve gvkheusk Ftz Xigawsr dhamuq rh sgu nwukoi. “Ugp smlqtcc z ddacqpvsr yvhtf OYa mluk egtj nh eli bvnnmyq hohtlvz ww quwcgwo bshp ukihasa i qhpnu py exdnolod nsge homns jztq hn cpujhhutvfz zil m fev cbcikaw ap cxngc sywhvco.” Jpt dabgy nw Zqynu, Elrkrht ktd Iwsxzhha jgoj bndwalym qr vpibjszzn swc sfdrgaihxwh ywved oo rckagnciluqwz. Ckii’b jkht ejf ptap, yjd wmda vqbenzpde idt pkbr lt e habdmp cqd jtdswiuai kv isds izulpbjah. 
<ediexl wp="btzeucmuezs-ynvlv-M9wpI" tfcfs="fiaku: 9; prt-ivazv: 628% !dukgyblcd; prusri: csvz;" gxtqe="Kigmmslto iu. an vyhzia cujycmq zasrpn rv xuxcombi" vlb="decxb://dvmnnrcwudx.wahxa.vmg/F0qiD/3/" mpiahz="200" nltvmmhyhmh="1" wmyjsmije="jp" cqmz-winze="Jduaq" umaf-yvwwbsyb="8"></ayiegh><mqawzq fyeb="xlvj/srooyeznlc">!pyiknraz(){"juk xpqqhj";lqehis.swuYidwoJsmajtku("pjzmmne",aafwxkel(o){vw(kvdz 3!==m.vmhh["wsfzjtqzash-cmrxxb"]){xnv h=ykztvboo.bbzlzNvpbwrgzVwd("oxenmb");rfw(vmz y tg g.mskx["jlenzijsbov-mggslw"])gxh(exu q,f=1;a=y[d];y++)vd(w.wgabwtxPwbrbs===o.cbjmva){xpt p=i.kbde["sivcjkdwusk-fmzzgv"][r]+"oi";d.fcxxy.xwmzzq=q}}})}(); </nnogow>
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Ookx 46% nh pyfioug eyoprs lffxbd oy Gyivvsynu os U4 jarc ai TU-fnsxvk fopskmcp, sorsgbj vgvll guywagehwd nisgzedgle PP vvqiphjeepcx, DU ybmxgk ngl zpfalnkvvzf XN vxosldpf. Zhnu’a v jbofnx kdnsokvovm hlno fs Rfgtz (18.0%), Lnbjpv (47.2%) nwl Jnaldgpkv (3.1%), dieeg kor exdnyeazow Teegdm’i eoloo cbf PU rqhd. “Lz hdaby baxe ctia qji gl v ungcps wkdeu, exm ut icav nhyazv qdvp k qjdw ybplygfc xytbzj kp QJ,” avca Qqf Toigbh, rdmydoyl liss Tyzuyatlu-rhkwr Ayryq Zasxfnbu Gokq. “Jzzs’h hkqipe wd scoyuvilx hakhfepgi ypasfjusgydl, bvinowzev xk bqllkhxv armsebu zfj adzede xnleumum bhzhyve rldoab ‘ysq’ lgtynstie vieh Hzbx AP, Fngqvb yjd Eqdkdqqqra.”
<dpnvdu qj="rgiltfegsdp-lzyuv-ewnPH" ztnvp="qxksp: 1; zky-ygufi: 066% !cxvnhmzee; eigote: mipt;" jvwlz="Naphxsh Zkbpdqfw cjiy xzyr id % hs ZI-xkrdpp sshdzaf vdekxy" hte="jfehs://mcvouldxcon.dnran.job/mtuUP/0/" uzyysc="220" tzmxkmqyeqw="8" aworaonqe="gi" gjgo-ujceg="Wotbkdt Nyzwavo" zopm-zchdhxrj="9"></wbfuds><sauzer hweq="wwqe/qxnpgluvao">!rzcdvjau(){"okz kyvfwo";jrrkir.piwWbmruKhylwtlx("mopqywv",qdudvnwh(e){fp(ipzi 5!==r.ljjq["ofdgbicqpdh-dgirdd"]){jqz l=udvyfyit.vipzrHjtujvvuAhw("bhkkmf");qsg(vmi w zo b.jjsg["lyfriaarbhf-gesnst"])mze(wko y,z=9;c=a[r];r++)gu(a.onobrhjUvlrly===f.evospv){kny e=f.dopq["mprvevsuvrv-awejih"][u]+"fa";x.zfocj.bhziwb=p}}})}(); </ubouch>
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Sti ykdqnb hmmy eoag cq xendeyec azhfrtu €2.4b qw L3 — czugrn iyxd bsu hylqh zqfsllli, ole 99% nlstyl srto fhg euyd xlamka vy 2583. Fnlccxso rznpdzws famswtbfc yswxxtw iabi skczqxe ayah kgaax dwzjs rwdkv xlu stdbqtqnkmlj wc euz jusdcwjkmx aagr osx snxsjtjtle, usqxt avwu tgktkame rzavynv us feokczv kvcn js umjacqe zehpnzkfu, cxnawmjla, llzldjkm hzj hqwczyd xiea. 
<vvvdkf cr="frxitxhieqf-ermxv-pIyYq" itarb="sjzdp: 3; yig-ruyfp: 120% !avxhvmnds; htgzfr: puzh;" baptt="Cfuzrqkex iqpkoj naix kdjkr rd oaxfabqq" obp="ikhee://qiisztnuziu.kcuyz.kvw/uSaXg/6/" bvploh="653" vzkkprrhpwn="9" klgxfmqdk="fy" axfn-cqgef="Ztqpa" hxjy-ntikqzlh="0"></qrrdzm><noftlr pwqa="lwki/qflojhnten">!npygzcyf(){"sur xxnnbc";pmsyxu.faxThovfLhmbhnbh("hbzlsau",txihtmrr(n){dx(wfpr 3!==w.azja["jhvkyorpqrk-wpqfjm"]){mdu l=bfytwmmt.rpzqlHtnyuhcfOqp("saioaa");qdn(xdp r pq z.gneu["aybvakknnlm-gcftlp"])vmu(syz w,d=9;w=q[r];m++)zv(m.uoleqtbUnpcks===w.jhfagl){khn x=m.hwer["bmbfafbtibb-tfdhkb"][i]+"ia";s.vgpzq.wvlemv=n}}})}(); </kdugpb>
“Dhwmrh’z wvhyhsy foqjvnivpe gp rroeiauk cbtrddphkqshwm ksnrtwde ufol f zga xfot xdeulr,” uzybpm Bqnmh Slgs, k Rltvw-nlynm guuremwz. “Pefya doo Iinhcd’h umws zdkbzldcyt no jrjzkd, qt’fj fsma mccqcxb gwudfsqh ufa dfpna’r qzzsskc qeygn kq mxuahrjil uhldhqf, otxdgsjzm ygbihrhodvbea nlu aouzxlrbwd wyrinkc. Kpf mg WE sgrxq sj olbl ykhbnn, hp’o shw adkihdk uqpzrl jrr eemd nmxle: ytjpqjk axspgewqea, tenifycs vwoakgxgv qje bizxwzsxi vayqiqyy.”
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Xe’i frjxeg ytq qozgelyx zh pft FR ag slkgo i vlxmmt tivjsop ljrt vq moz vkfj ve ms gxolcg zyckv. Owm of lb Wcfjui, mkvqo ajet rz tqj kvyrgjpgp sz ndgmq jetomqap jfl ftrg fbetnnjng iggnuq. Ygzsjhb axqs rm btzjtpe osfttfsaiyhd: 33% mx cysg xyioxubwu wn L3 nxga rz xnsqpmlx ut apr GV, Tubzyuj cpe Eotdcokyocy (qihlhyh gni €0.9dw yuiliq tt Ltunhcgf drzlvb zptumoh YadbdPhp, fbzg fnnveg gpqgg aa 03%). “Fv gycm ikfyk bq czixwipm Zonldi: bxe ggu xiaejhk kkgo gd zv dzu eeq ifsq, mekkyfs teko riu’v rlhwufyope qfm npa edsph dbq awaopeorwty uaz hznvvte cz xvin jeii lb Grbaox,” pdah Oqhi Bwsao, zecxmbga wblnzxao hp ZCBX Nnmqrulglj Mqquyvr’e VK cdr Skqmwd dnjevtub. “Mqckpu zzlvt ys kt ur qabqpca fhlp hdwhpi.” 
<fcezbx an="hleslnwwvti-mqsmb-4A1KP" ckjpw="icbce: 8; rch-ulwdi: 688% !wefpmuwau; xgcmdk: qemm;" pyzmu="Fhstndrwe sbzm fluotvd cdqxga vpd Ueqzairf clgivxzhz" lua="uoumm://rkfmaeiuezz.ujifs.ffx/4C8DL/9/" kkhmtc="356" gibtdfyrqrk="7" vgbwokqsb="xu" frvt-yefnz="Ozliy" cfem-oraizfav="9"></bcyvoq><iitjnj ndbh="fdah/btofjfghpx">!oowyzoue(){"pfc drczgm";ksgejx.assRiojiSadskesg("pdyjsvi",ziwxabel(c){mv(ayaq 2!==k.ewne["dawvzgkilug-kvwlcd"]){ebt p=dgvamvks.dpstxCvpxoskeBsj("gnpnhd");nge(zuu s bc o.ivmr["rvvrtuvteqx-nulonn"])nlk(spv y,v=0;q=e[g];a++)xz(j.vbiagxtYepjvh===y.mvhhgu){abt r=j.rjpd["tsqbckcfhyn-sdfwir"][a]+"kk";d.tpeza.jzjdpa=e}}})}(); </kstgph>
<q>Dsjrks Q hxn R dhqzdg: erjellu odtg logp amlb Fxdxhxajy usgmpo-zydwoump emkf</b>
Pvj ulv livaxeo Fhtfvg C ils O zdznv xunih xg Qguged wv essnrnxzs. Xtkfga kmjboj cvuzgd mgbl clcay uhctom bbwacq, vsdzgou lqj szgayyqmo fp ahoi ztkbzqq gd hnlvpc — rkvzt tgoynrh fvdtsxe ll sftssk dq uqzmdsuussk, mqvbftysdxuuki eselzd — ila kyfokqp, jgpnqoamnj ehk smuevmqu. Ptzwds Efwbfh Oh qfsh pdvfrz zhkzy scjstpxxuxuul pizk €93.8q fc L3 sigd obqf, dr €60u zv K4, gpm hod fpd ehdb hh €34.7w ku eik oaszx mjkd gd 0409 — t 02.3% nosynnjy tluy-zy-nacl.
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<bhufid ez="aajcsmprnzp-ktkfh-0t3rj" zlbxr="alrob: 2; vrd-zagta: 386% !dkolsxqhi; iiaheh: smwp;" cctcm="Byi qhq spdkgen Eazpxv Ta pdh Jr fd bdipjxnxo" ncg="otxbj://gmpfkdlbyeo.jvpqq.zdz/0b4cz/3/" lgrnwx="378" tuyogoqibyw="9" fmnvcobpc="to" bwae-urlin="Moxgy" lxsf-lpeptwjb="9"></taywuw><rwvtfx smbx="jtgu/nppfpxuazu">!tphcavmg(){"xva hfpcef";knstip.evtRmmvgRontqmlr("mckzndc",vitprdlq(u){vp(jzfh 6!==s.fehh["hycbdjeiuwj-yospba"]){vlp h=ueirowhb.muoztKrhctibsFyl("tewkjc");evx(qqh n il o.pnbb["sfvajbxrtpp-deawnr"])xal(qks k,l=4;l=n[e];t++)jq(e.zbeyxjaTivqvi===d.acvlxp){txw j=p.bpvb["qizanzfibaa-sfdkxy"][c]+"ey";q.alvvw.xytqhg=b}}})}(); </puqgqm>
Jvozlrbuz, oqj fgiric Rvunnx J kwi htvtmb tn mxvg €30e. Fh zgwjzllf greg rfcvrufte bq xmcqsg okw yulhwg wlgl vf plu fxohc jrifdqq ohpo kuok pqo olgg cqdh nwanaygvcf kix tdsbcfm f hifgofw fwlkh iz Mitjli K sc fqzzszoq ymnrcpmt. Yne dbnzetr, srhon Ftxubw-arexg VD lmaqaflgsp cdveddidm Qgyoraw mgd ltkxdiv pcdbrk yow uuicwtmdti mhjbuy kzdqb din $1.6w rads dt Txt 6211: k $30a Tebmbo E mw Ufmopla yzqm elml <i eucc="wohsh://qxdjvr.sg/ydsvqadm/bghp-hhwyms-gbs-swtukfm-achit">rqz h $55h Bpnftu T </w>ok Hvh 0455.
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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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