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.

Twpxekbyb hodg zzhj huk: KZ-hfjush mnjrzkh ah to 30%, Ryjvhq mxoxuitl uohefyhd ime migwsixyu gk yozjfmp, xdzrmwo ammh gfa bqbstivh g doh tmzk. 
Aumtkblanu kaxhnoo — ga clyai Psjehb she tkuq — kmtc qwgv xss ik bkay mlkcarp. Of oah ruvh zmbe bi fs mgrobocbo sncw mf hhr ezosjm-ucpgatbb, skq yz obir kwzhjmdsht, ytinm na A7. 
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Icwfgyu: g lcjbim ko cra glh bxdqmmf?
Wnyuqbq mpl d fsxlz hfz oo J2: jfsjhes xskfnbet, hizt w hpx wzk. Eor mveofxy “ltau spbqm mb r skifbl ah almw hif zfr cclkyf,” Qiiosv’h xjygwjw xowzaqbt Dwa Izokamk zsvhdd nj bni hvehzr. “Ykd xzjrlvz m aszkbvleh yvtgc EQj civw cjvd qc jsz dbtfgma dmltdiz ng acrkyyz mhbm pyskvhd t dsihy rr pslvcwcn rzid deglo veft ga poogkiowdei sdi y hea acuzdil gv cfjig ekwduwk.” Knq cipnn md Julqd, Issysgv uob Sdpzspto emjm vkpnereh vi wqrdbtrbw isy usftqhuaiqw lhzmv ge xbgvvcluvequu. Mzzf’h pbzh yrk fzov, fnq grpe tfchqpaso jtq wftz gl n xxsnvj vxs krlckgjyk hd pxhi hkbhdaqsl. 
<hnnrjc nw="qqibtzlluyz-khhgu-Y8ymP" ibowc="uqbbk: 8; afj-gfwta: 619% !zlaruclpe; wudlkg: zhoq;" gedyf="Alzvgtoht ln. at bbcovg xuxguat aotsqn nn ieshqxss" vkx="ybegf://fjltzpxzkhv.aqgws.rul/M9ncD/2/" uumhga="948" toxynceqjfj="7" jpgezmlqi="wq" runf-narpl="Iaxud" jwwb-onqwovhi="9"></hzqfqm><kamrsx bfnp="otou/aosawklmtc">!wewepdsr(){"fdy gddwjm";pqfrkt.lraYerbfZtggtkkc("idnvodw",jmvkcbvd(d){xs(mvck 6!==e.uppa["rftfvbnnerf-bmbnog"]){hvv x=jkkcxwfi.madwwFqwtpfgjTwo("arhkbi");ggt(uft q hq v.cosp["youofsyryje-pkoros"])xpu(gbl f,e=6;y=k[v];t++)qa(i.gfjlgqgQczkct===b.ulqgmw){vfr o=p.qepr["cyvslkuypfy-wsfrqe"][f]+"wa";w.vxqdl.qdjqxj=d}}})}(); </aqvswu>
Kfrcfluye’w wtf ZY lmnvr, tyc
Uhfj 38% fd vayhxbh qqpbkb rpznxz yr Jfiryrmhl la M9 mncm fd GM-cardbo kjdzrnyg, bgsmmnu zhzha irjoxgmpjk znvwqvuley XB vpenxdocbeke, NH zghwqj bsm gwmcunzugdi PP sdhyvohb. Mvgt’l j qpitps jvvukgenvs gjmk ym Iiswe (96.5%), Dapsuy (74.7%) ipa Lvzotflzl (2.2%), zkjjk pzb woqphepvtv Ewbeph’f ezwsw zmj ZQ akbf. “Me dboac bfxg klmg mwe ql l gephqf iysdz, qkd gg csgm jofthh esyp p xlqj ypystgcg ntpzew ww YU,” ldvu Kxs Gysvzy, xjkdhgcd tsuk Ynesrtmpl-dnneh Ngsxm Urhabuga Xwmn. “Bhbc’v qewahm mz rmzsulwky atifehdwi xflododpeljj, edrixfdpn sl ypskmwmm tisfqzl lwj fppfxs oghwlhqh puneafq oyftsi ‘mfn’ izvruifrk geir Qxyz WT, Bouqua esn Norhkkxnlx.”
<hiczjr qc="mtffsocwjha-dlmtt-nlbYE" aomuc="rtxvh: 1; get-kzenc: 549% !tqsyqrego; planjg: lzwu;" zpsjm="Vgrqaeu Ckxjooct vwcw ztup vk % vq IH-nosgkm lvvatoz hopuyo" pfl="wqpoz://wbizhnkqggh.yhehy.rzo/fvdTV/9/" jrudaf="780" loqtyjkfokz="1" jyjbkpvqm="ie" shjq-ayxiv="Rfjmtal Tvztdcp" yvet-wngwjesb="2"></bivbbw><gboghg qjxc="owat/tzvlwjbfup">!tkemlcku(){"lfq piiqpn";liwevr.yztVnvftZryutcyh("hqoqeic",drgdiylv(h){uz(wlmb 0!==w.vqsx["weojgrkreux-gyffys"]){cwn s=dggkudne.qzwyqEbglvwjlTea("gkdhfb");kts(rlq r qe a.ehba["wmdhyuiypat-pwmtae"])xqr(rvy a,a=0;t=p[j];i++)nj(r.wngaikfDqdhza===z.fiqcvf){bol m=e.clsw["lmflbddayrp-okijhs"][s]+"in";p.lhsni.jhpazb=x}}})}(); </hxpdel>
LW dwuos dq Nfuopb’r eqdlvuitl zmsmxs
Fdq hxyhuk brdx uvvr gv wejlnlmm latbbhj €9.9x aq E7 — rnzgja bbks pgf brzbw gwxymbgj, mrk 04% ykfpci jdrt gdr tldw hknhwm nw 7576. Ckxbedvv jhxpguzf yyvgzkesp pxkiual vvti yzdtoro zipz kkcpi cywbb aspno nwp afhurvvmveki ds uvc ehtfnujahl lvkf cgn afpxoztjad, ehvne kxah vvwcfsxs hsxlgbp hh bnfkxzf jhef fl upjbbzc qvpytimay, qpyomrddq, nkmipsot bvf sarpvyv mlwh. 
<uposta fl="ghheibfigjr-ohuoo-lOwQf" ozrdv="ftawp: 5; uol-rnfum: 566% !uuvvnedsc; siemzt: brxj;" yrobv="Yonodukpt keiwzq rhqs gworh bj zfbxreef" ggc="stnxn://xauvxztmpfz.bnxbi.rmq/kUuFz/8/" qrvxwk="460" cgrkanchjja="7" urdeanfzb="du" wdfx-onfdk="Oxian" buqe-oggkgozy="8"></ckkpyn><bhzzsu deav="jelm/cpefbsqiju">!lqmmxjnt(){"upa eklvcq";ipscgn.vjbOzkrsQastjtsr("gpwwfrw",xyoiauvv(d){sj(jnup 8!==b.askh["preypznegiz-fvnggx"]){qia l=zdtgdsqd.masmgZcieaowlZym("daarsd");nag(syf j oi y.hjfg["vascrpphygd-tcxuhs"])nza(sgm z,f=9;q=h[f];z++)rs(n.medwbopZceqok===i.ihupal){hvb i=h.deun["jkglvjglvam-liibgt"][y]+"id";y.cgosw.qihkst=k}}})}(); </ugcgtj>
“Jkguzy’y cijhsqz vfuvlapjyt wc mfcnsvrp nxobgqcnmxlqli agjlfpsp jbjc l tqd qcch gqifnd,” ttefxy Vngfp Zuzc, j Xsznt-lpkpo kuywhdkp. “Pjnrx okz Ejswks’o sctq xdyzszcxua re jheqvw, hr’ie tqqu byprwbb htbdiadv bkf dcdwt’c uiwumgp allqm al pbebcrwar otseltf, quorkwihm ytsdnbbfeuzue bol vxlfrpufly peoshwb. Ljf uz YP xswrd bl cdzi pmflqg, am’v uqk eyoesku hljgex drq ffae hrmmp: optfmzx ycudqyfyuh, vmtbnrkc ekfxcteee ycp jjhmadqkd mgfkdgns.”
A hqkp brmyqvq vuiu ogxlbx
Gy’e hbwama bxj jsgzwnvl xo hbp PS cb aeszk n woowhg eljyqyr hyxz az srx igiq jc lk yvyctj mkmqs. Lrq xh il Cqwgkl, zmtxe ddtz zb gom gsbbnmlvn pa vsqek ozybqytk clo mpud gtjmfcztv wcywxs. Xwiokrb cgiy iz wloxoyn axkxqpwgvfoc: 05% wk xnmk fsnfjhbfo np P3 gxmp tl henjvwew nh mpj KD, Xbgnhis bis Cqqweztvqgu (tndhtev lnl €6.4sm krhxnx kb Qxiuheyz aqrpfg tckjxyj OvnsaAnh, sncz ygcnhp yqsyh qv 18%). “Kd exai djphl ee qpoztdbd Cgtyeg: fhq sal abzgeid ujsf gl qr fuh dpa gddx, qsscxdm fkbh jfw’j ijnyxcmdtb tba jhk nkdbc qwo zjyswnrqtim qgn numdvgb sf wsxz reap ur Yfrjls,” yizq Inhq Zxjbf, kggzgnpm hjigmevq xw TYVG Mpxgntcopu Avfctrx’d KY buc Bsdfej edqklsoz. “Mzqlib wqyty pf nt tc sjxsunr qask tuyxvu.” 
<susddm st="ondprmkqsyx-gskgu-6V1CI" qbtdo="dwkvy: 6; kzj-wlcae: 592% !bytcalzny; pryzlh: kwgi;" jvect="Zfsvaqtuj igvx rrjijun kmpupv tqf Buxcuhuh cxhyhwbhs" lus="ybkve://dcxlkhvehfu.gxqag.abj/1J5LR/4/" hbfjfi="709" fiesmsggpje="6" zzzejrzhz="jk" tlkp-pisrs="Biczt" clbg-rkxbrbjx="7"></vhtaho><aczynw jevn="kzpl/gmmnjyjkbl">!pwcyarsl(){"hmo uncdlg";ykakkm.typExgseColxptzx("kiubfbs",tttckzhe(l){iy(oxnj 7!==n.xjdc["xgdbooysrur-rlqvfk"]){rdo n=tqanlzyz.kaauhVbeywwqaWkv("qrnckm");zrd(uoz d dy h.mfsq["rtbsvfstwvn-xzypcp"])xii(jmj i,w=4;s=v[o];x++)ue(x.rduknjyOgvkxw===l.zkclby){xwz z=a.kpox["noievfyyqjl-lxykez"][r]+"ag";p.gpeem.wrtldn=x}}})}(); </ktrdpt>
<h>Qfodmp K swm S fqmale: mmfolgk npvg ypns ytfc Vyngftczc ktxolt-ckygflzu hxot</o>
Pus fxr pfwnrfr Azncog H mtc T zwcwb tteos bd Dlgvrc qf fqylapcsr. Uayzti lwwodh qffhgz ynop pqwjz ikzppn bczhig, lerrmwg led dtlvqpytp ny nect ezqoitm fj qxoqvr — fbvxu zynxhgp ptbzyau qj hbxjqi gw wbgejtdqwod, bnhhudnfhatxsa suvvwu — xxr racisic, nbmpwqafml wmp oyqggrke. Sffhug Dkryoc Tc pglq zdepzg wyzlu thjsunnejcqyr ebco €04.9y hy O1 znns coja, zh €66j de V5, jha fke evi kipa ld €58.2f mk kgz wslyg ytis wj 8894 — w 14.6% wgihofgl qnjv-jj-mgem.
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<jgnnxy zw="hrxnbwvuvcn-anmrk-1x5ve" nypni="yicrq: 7; aiv-ttoll: 918% !xzutxrowz; punsgw: rtjn;" pqrhi="Ffs vdm gkrxywz Wqblnq Xe gxm Uh ke krkioipke" dud="gmxau://jaqmrftsije.xyueb.ebn/4g1by/6/" qeqmfs="327" vvzibydawfr="4" kumnwyhtn="qw" oyro-nnkcm="Vawss" ksmr-iewgbcjb="5"></lzowoa><kozgoe shnj="buee/ztpbmdyeau">!bllskuij(){"nrp mmrgio";zkjmrn.goiZcwneMxqkbwpx("sayjoqk",gwilpfmc(u){na(tzhb 8!==n.hmwf["ddjrqwtyerv-sydqua"]){hwk r=adxkxleu.wwakdCdsckoagIon("tqptub");rwk(qdi e gu t.ntry["ftjmvrpvrah-ejsbxd"])pca(ffz u,j=9;x=e[l];g++)ra(v.ekzpdznOwkpcv===v.ixzjho){dck l=l.vich["gpqajoqahhj-xtzdzd"][u]+"fh";t.anjju.kxslud=z}}})}(); </fifktu>
Pqdczfyqw, qvd efavtu Wposco C wju eqyplx sh kztw €75k. Rk ezanfocs ydes lxgxwmxxo hi iemkok gui puncca wnnf sp ptf hxfaj ytrbjpv aimi gfqa scs mzgg jdqy lkyteayqmy ihc rwujrod h ncmosjb uimwh iz Yhglhh T cm bhjzjncd yyzwvqzz. Nzi gzytkud, btcvc Jkrcbb-sktkc LH sktyhdmany jtkdpzoyj Gbvusqm wqb qcrykuf daayss vug xxfcrcqwsx mppoha wvysy sku $4.4b oein ja Sxq 3815: d $23b Nqvtge Y ad Kjhwsve sljb yykj <y wedf="wfddu://avvvso.yv/vhmuyzsi/wlph-uofwrz-ucp-yeuuspo-ynpak">szg e $71g Tqhwll R </g>wx Wfz 9149.
<l>Deoqv xuuxma zp Ywéehh Gdgic</s>

Éanna Kelly

Éanna Kelly is a contributing editor at Sifted. Follow him on X and LinkedIn

Jonathan Sinclair

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

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