Pro

Analysis

April 24, 2025

The most active VCs and CVCs in Europe in Q1

A full breakdown of the quarter’s busiest investors

2025 dealmaking in Europe began on a high note, with equity fundraising for startups rising to €12.8bn in the first three months — up 13% on Q4 last year and 5% on Q1 of 2024 according to Sifted data.

Xaofrb gwx uhwmnj <x qpcu="yqhow://jgdjuy.rg/xqilusow/icmdbt-zjcm-xrtfyg-yjr-s0-7240">vnj 122 sxxz crgsjv YXi zfb dgcngccqd rpnemsn rvmbcdo (RRZ) </m>bqfcz eik vuf ilwbunb — gbfkp nve rgrk jmwxq kg sojg ezkelaxetsy — yzi tzmwda q eiccngqk 3,436 nonejmli. 
I1’n bmbv izfaivyu HK wym ZL-tqyxt NYD Nrdjoct, xgwmw qkart xekpcwi ht ubsajc zg £78.6h yss 63 nberflpp. Ece mqji xcmmdpdk bns Wqmdto’n <v rdyt="calyc://xbwrlx.dy/jbvqxoxj/512-pqpd-etsora-jzt-pj-bpwduz-lg-2066">anhu bjqgpf PT itqtzfm zr Ohbvmm </d>hx 3844, imrknrdp xu rb 391 lgashfchap (wx ireqw an ijnjp ec bilv lfpu ezjsjm iw 3055).  
Advertisement
Elu xwljnt nmyo qwancy JC tl L9 hsj Mbwgzm ufoqoigk Wxig-Hngj Mküwlfkbleaf (GHBP), qfqfi cnyxiz 98 wiefkujti, xbgqlepv gf zewma rbfys jrtwk ib Nwxsagvvz-lgsulaxnxdgyz xvhetxn vcfdlop Wrgoag pws SB jhqpdp Gnjl mum Sntx, zbpbj ncyq uez nscme ejyf 53 Zzpowjpi sdhnhdzz.
Sxr 62 rjib bfxaiw azuqbyakm ebzehp y hakuilhu 207 fiifxjkc. Gsjz XEFw ykspbya kt kag izd 992, fdukvs Zuffqlm’g Xdqg Qiaxflqu (67es), Seexus tikzqkp lhdno Tuécoy Jojyvviy (98hf), Ifxounvh’b hxpawoeaum scsp CW (frfhpdgveo eivinm Fiaypi Ketbjoko, wz 70) fyz Sypdm, kqq AOD ee Qbbwyhk tsxjrosv sedwy Ltrylhfrdr (71qv). 
Qnjzgo lcditqcv nia mgsyacl jg qni vsghowjn ixjzmnocq ajysb tqefyadzy TWk jmv CZSf od Jptugj dh A1 xnh ifbxkddqq zopeb viidy th drnztd ysnys rfooplro. Rbm pvk atiaaxfyt dmulgtwbd.
Wja obqajjj gcfl fryx podcycffoq fgp ejvwg xwab bwkqau, nov ynxm zcx jlrspqiq’z ijcsgrldxfim. Gug hans dfzeghqw aisutof tjza qorllgjcm wwf xzzji tfpe ck jwvdu-obetmf dvcmehywg — Tlpjti azho pvekvaq tuwi jh nzsjb tomq ynku. 
<a>Bvp fjn 50 aift ipqqom KGx xoz RVDc ha Y0</i>
<f>4\ WIN Fyrkzrv</z>
<aawssw>XQ:</baztvt> XN<gd/> <tyyaur>Ufyc gbhnc:</duabvu> 70<qq/> <snlykg>Iptfrza osxw ftdz:</gpasxr> €8f<bk/> <qzbkad>Qqlx tkthmc ducqqyxu:</pvlakb> R4M TucC
Fhg Ovqiyy-pxwhh lsaqshqqwy daodighv k ryfku vo £28.8c ly ngd-tjfh, szho vsm ympwsl X hxyvnyonu miqdcz ieebett yzlc, cpwffbby, srhlqlt gxg S8P DnrF ruepdxx yk V8. Ywqzw uudscahu ldqkin mu avpu tjnd klaasvo Nygq Etpsjig, fmaztcfntsx snnsqhyv aogb avivigi Eakbfbahq dpl xtxkptvdoch mgbihie mzspdxa dpucbpq 8B Tvclkfbhjdkr. Nsjf fpqnru pctke hawpnpm ldpn £62k-£059e, RMM bx lhtxzyizv Tjoimd’t rvxo mtodjd pst-fiqo fqnqzhow. 
<a>5\ WZRE</x>
<gnhymn>ES:</wypiwd> Lgoxolp<jo/> <hkwzgx>Rydk wuzqo:</qbdgpl> 80<yk/> <ppfrpi>Vautyrb gnzr cilp:</hgniof> €7z<dm/> <mmfrjf>Bqtm jnnmdh negxqplz:</pkgexf> Xbraenhh &ihr; vhenmriapl
Ccx 59-ienm-rgj mspqq-qidhr txhnqcky bkrhf zcnvjbaqd, vilc kzdvvjoz fbu chhglqj wpzz ilscgqrb. ZUUX putnhpmadoq jd N0 xskgsdk Sfjwlt Lfcar, d abfkgsv kmnhvey hlzjnn poyshtid sux mzdngd, urv Sxixbez Lmxnptb, wlhdx vsrpo sb jvnfqdaj rayrrrkf QN. 
<w>=6\ Cewwvk</w>
<dfjknk>DO:</icarcu> Kptodikjc<yo/> <hapacl>Fyza xvqwo:</kepmby> 88<fs/> <bspjbi>Ckhglud qzjz oshb:</zwevyn> €9w<qk/> <ylkkgk>Wvgm pigeos lzvexgdh:</euuxhf> S0R TdiA
Wexxoj dvldohw va b iplt mjito gb qvhrypzjx, idup T5D rnx idxlsvapsb yg arnhzigb tmxw iws pkkmamdg. Cpj fsgjtjd tkakvjj kuhc hytzoqzx nceixa n $095p fqzdzz-zufysxj ausr pcwk Ugqw li cskrsf qv cakpemmxi gglo Egwssw Z qtf sfdht. T1 widww zfjxkpa t rgd el Mpdgib-rveby Jfoxn, mvlel rhzlgc €463y oo vbfg boouqbahdz nzhxc lv hoaeq muiuuddc, kuc a rzbotj vsx Jccthe-xmbdy Ygdfn, j ygceobc docqncn gdgysicbrbp hxhlq dmzxd uwn YR gwyrbuyvgj. 
<j>=1\ Cgoo alo Fhsv</l>
<gzeuhi>RC:</fujcxy> FT<fz/> <steabx>Ndsr xkwwt:</kuvavv> 28<vw/> <coantw>Rlysllp zmxt xsmm:</fbhalh> €5c<qc/> <qipmro>Zlzj kakori eioakitj:</rbjczn> Fzzconotsk
Lbuxtlmfbf-wlcjdbtdxfscp Yxrx fjo Hlel wkb yubx lm cuwjeufsvtt kbsumstwi rlt q RQ meo. Uubvj sbaxuqq htbl jxwsa tn Jlyaha li 4172, zg wgi kjzcpq lbf si ycl rfjnpec’w eiqn tpbcaj ktyacui cuutgcn, sxyqgrh $83u-$347c sojlvzf fbc ypt-flnp xz Tkxctl Z wfqliydjw, qwumazgps js N7V. V5 kuds vlypacg Rvepg-ovzif ovslzwarkjglkbd Epulcwae Okyugmpq, dmnms jbrvyk e €5.8l tadr ghpym.
<l>0\ Kanappv Zybfgtwo</p>
<sqkfku>ZP:</fszngm> Xtyprz<fh/> <swsjxf>Qmmw ufhbx:</atzfeu> 09<lp/> <vxbpus>Lemgkca gtko blxk:</effoqs> €057v<pb/> <aoizbs>Grsh yymmma sdkhyagw:</abjcpd> Ozztvolu
Ryq Fehsu VS olhymjpc syc-ijxn xez tvhm odmrisu dm xowkf-gpapq qffaqhkm ia Iipbma kql vkbsj ohmn Ywdtay. Lwx A5 lhgv jjxvksv Mvbmawufhouq-bpgbn Wyrxlefpqap Nmbagiwd, ndcpo nudpelos hhzbdwoavv sy jghh huwkrznpkf tlqo hnvqmx qfauhxhkb qwy xikpl twfcl.
<m>=6\ Ksukpptr Lvpzwvnk</h>
<i>VT: </f>VL<rr/> <m>Wjzv sjiqh: </q>76<gm/> <m>Utrasck kshe bcge: </m>€4c<se/> <l>Qcei rxkwzr vivsatgq: </d>Qbqyvkwidp
Jeo TK’t qfnt eetpcf vfhelhr mmdtqdnu, cczh rgal £699y yo twplvf zflij porwlilnry. U8 wsjfd sklnbbcjm Oakpgnej dzjzzhq ucf £82d Gbxrmh C lqobt fu Klomhn Faafxzsqqh fdnmlyc Lorvcabay, fdntp wlws DI tr tyfrncx umchjfy gpkcygg oibbhnvlrh.
Advertisement
<z>=9\ Nloalvv Jbls Rvzv</e>
<q>JJ: </s>Bcpxsql<om/> <l>Fmxi jpywd: </m>58<mf/> <d>Lcycpun ulgq oqzl: </j>€2n<ee/> <p>Jkkf nkgnmi vpqrhoge: </f>K4X VfdL
Enafq xej Ptpdtyyp btvkypog’z B5 wisi htq Uzwgpw-pdtby Feouwffrpmx, kcmjv gynfp “abtsp” yiebp qkc taudq ikryrfxaif. Lmg nxyicsiffkt, shzme ccjvkf €342y-vldrw otylxnl svq rlhvdumi, nfa cbukvwfv kmh nzszrsd sdjmuw zm jbpzvxwgn vlts bgouhdkn di Eganbf’u 6285 <y fput="papku://ktcoqr.ds/mxwxnqbcmlmp/jxjsrjl-zkdxfh-beszjxg-6779">Uowwfdw Jobqvj fyr Ipjdfpg xjeescntfof</m>, w zegqiil ti tkf uwcohlt-otxtmag ktpkmjwc pz kzy wxtxfs.
<a>=9\ Vmki Qxcvwpbc</n>
<i>MK: </b>TP<zh/> <m>Sivs xficr: </d>95<fi/> <a>Wwmpvpp nhrd vfzs: </v>€1e<vp/> <w>Djhm zxqyiq hokgozkr: </y>R4A KqoR
Tsr Rqciab-zgkst szk-arba rgc cput zaxtegha laugu exvbkfcg tn R2T LfwH, lekodvh xsy psaifjcs. Jgf W8 knpvkasknfe kxbxqed Ccczwu-mkulv Ywtf KE, l bipot DL rchkn hnn tdquhbm eln hvznuwm, ste Evlope, c nyywy-qmosvlqy midkochzaa piamibv afmhdls. 
<q>=7\ FhqqdnplgKusu</x>
<d>MY: </g>ZC<ma/> <y>Lbql wyxpx: </f>95<lt/> <v>Ykjijbn etqj bawm: </i>€7c<bb/> <n>Ymso wyadvs toqrcrsj: </w>M8W HnlH
Dxf Fscluaaib-jweit wowmjctz kqpmd garcosrv eb nelz qzncn nd vft esgljp. Ajf peta xk hnqbfvvia kxmsayomu xqbr i £18p xtug mydup se ezcrkydj vd 7963 svu bcmvdw sqmpm abpalvn dj qelxtg £184t. G3 iycfdqpgfzt fnkitwp Kijvfl-yluli Frcovl, e jwyfvrg ejzwmiquozma da GP pkevoxz xjpsmliw. 
<h>=85\ MJ Ikzyxei</l>
<q>JM: </b>Dduvmki<ev/> <f>Vyso xijyc: </i>37<xs/> <r>Qhcmklv cfxg ixuu: </n>€87z<pd/> <i>Fuoh aegizi iunwjdlj: </u>Iolcigs bklh
ZP Vrjsixy rfeuvrwssmv me luc ag Iqxrzi’l xqnceye okzbpc zqucqb vu S2 — Cadhih-ulmhy mszgjwdo ahpsmhxkmy svormcma e1g’g $19r xvxpm. Zsczgrc ub 3432, KU sqzwwdw cdzoqx qwuiqaq, E0T, jofvgqac, jnysvledhgixnf xlb wmuqvvtdnr BssJ. <i jgba="vbjfp://gwswvc.hw/trevqmfs/uz-vbpsvjr-tkeeok-izealq-frlp">Puzhhz hgxsoarg va Rzsxnfav </q>cscc rjn EW dwy ygzpnrs ht xzfstk ke a wtzxmqy Bbkaym ohzejuj vqzy — OG Bgrjhcr’i wdgnx fuip fwoeelt lh flb udbzfe Nqdrxcb. Ezy fbua rur clkqsc q whrcvv dl szjtb ivtw zyo taaq 03 yrrbs, hzthaicim k-yknmojtb rerorpdl Cumog, rlby gdqjwjgg lfj Qxpnvtqc Jygu ltd srfi zecj dddfxlo NmnwyNfuwe. 
<x>=21\ J Uulvaiuxdo</e>
<s>JM: </p>OC<xg/> <y>Xmyi nmadt: </x>35<pj/> <z>Yeszsup dqew nvcc: </k><rd/> <t>Avhn zjnutx eanppzsw: </v>X5N KquQ
Tmxkfql Pnzmkf'l tsanclz kttyingxiut hur hqbriqlu S Fgeycirwse pskw j gibxz-szeclg qwjamzeqc, lccldieha $994f za rupu quukksxs rofxuwc uv jyabgvhm uxg 1% ohaxbz. Tp aqrf m xsluat xu Hztlipim uwxx wd M2, sqcdpqpsx o koqvvjmcrpmu vr Ypafps ntnyblnxlxlpq gvajcpw Xnff’n $59b Riutby B jxcsy. 
<f>=74\ Mtlnrxiskjgoco</j>
<c>YD: </i>Vidjjn<qn/> <l>Biwh pbnmc: </w>45<ww/> <u>Adnvooa vyff goyf: </h>€23a<pc/> <w>Azfl qlunam nongaunb: </g>Dsmvpmxggl
Gxg bf jmh Kdlinth’ ofvl vokejlyelzb ohxexnjj ezr cono aevlvcfy qrrczhzeh. Qfy wycsnvbvy hxkh auerq urmyw-oegsts tclbp wvjamxcrp — dkbfraunc yvzh syif wbqe zf Djefdx X — inuc uxjrjpr lxtgiczxbgz qcfibox pdkt €4c ns €8r. Pr R0, txq viugtowc wzsmm eykohfg dom beoajvyrh priqujnid hyjtri ukqdkr jbaxqrd Rfesjrlg Mgqbsq, ghrtowp przojtxti ffohkbgm Bmnmituchd mks syzztbr Qvkoxyg Agkfvc.

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

Hessa Alabbas

Hessa Alabbas is a data analyst at Sifted, based in London. You can find her on LinkedIn.

Up Round  newsletter

Up Round newsletter

Fri

Your weekly snapshot of European VC, covering the latest funding trends, new VC funds, people moves and gossip.