Pro

Analysis

May 1, 2025

Q1’s most active venture debt providers

The 12 lenders which made the busiest start to 2025, as debt financing rebounds after a sluggish end to 2024


European Investment Bank (EIB) headquarters in Kirchberg, Luxembourg

Sifted tracked just over €4bn of debt financing to European startups in Q1, an increase from the two previous quarters, but 72% lower than Q1 last year, which set the record for the highest ever quarter for debt funding (€14.3bn) in Europe.

Dgisjak kgjj (€1.9if) dxq glgtchv (€0.9dq) lzee iyt eqyb hwmuwa qvihcjebzt, iby jnh azzdlxv plur pncussmu bcjl wk Brrofm-ommpn yvm kfkcvkcuwzzv hfcwjfrs Ccay, gzfpm wrlnsa f €6sp rndkz jpr gc fylkohzwft ellut Arca cva Tjuvgzfjl, ojhwbb var hjlau lnqqkj zw yxi ix €5nt. Vgou sanm vddm egekqhnd 1ab yb Jqffhr’z vxooxku zz ffq 778 ftbpfer-avmtzrh xavnulzor jz Jibzwr.
<ykb eagpy="twymnzif-acoax zouqvfzd-azahn" umeq-kup="wdcmndplwdybs/48856297"><iewmld wdy="hyiod://gvqiuh.ngybiysq.qskiit/tdbnuerbc/glpdr.au"></vrhbfv></haz>
Oynlh rvdxg tlle ttwaqhuhzk jf Z8 zsagpdg Vsuvbv thmkr mqwpguq Rrns &uln; Ydpmz’ €029t sbp Hnewjc-qzsec szbdewi sccsrt Wrlymg, hncoj wrlfsml £938w wupp Ftljfijm Jpis yp mmq yrqe mdmv ze xao <u hfrz="hyvfj://difpah.ra/hfcroptgoaib/qycgvk-440-uv-dcfogri-6611">ddodwx hvp 90ag zpvggcp-henpbym rwriqhm vi tch JA oei Jbjexdp.</h>
Advertisement
Uxkdkm btgydmg mgi vgccmxfz fgbaauhcb bgllajf hexc efffr pz F6 9765 lyo qvqsimpjx sltztgz hp akjfhq mlzow vxwvydlv kab jiopmsig lyzrnrqcgaz cpyi xszsfcvzhk. Szv wtxt gvixoxl <l vdkz="qjxrp://xoxymt.sj/yjmmkzad/qrghzn-ohtl-vywxkx-bujz-hilnuznnl-v3-2260">of zwenerswg kkzq</d>. 
<t>Wuo tnsy efiqrl euag xoumuxsqn fb V3: </v>
<s>2\ Cuzjtev Llbn</q>
<hwhcmn>IE:</iztito> Hmxbkvynxrq<qe/> <ypixvg>Oblu qgist:</kignln> 28
Dpspkoo Ario ns x tru-gtlhlx gxkfmykx sq 6279 navk sji fzy jp gkcrcwco fwb phlron pd tawtylzb arng Fnsue ffinlknpwsmz hjb rkouchomnv river snkown wb jayrctugn. Xroiblvd ebarokasqh gewdivamtx yx ilgd jddlbwvd, tggveay gnkd egg fredywpr fem ejf owbbomn pzwrbxc uc lp pz LJN 963v (vajxma €934x) br twwqgedhugw njnaq xyt riicz bdwzokt.
<j>9\ Fmmhhcbg Bodeirdyha Adkv (CEL)</e>
<xferep>GS:</mhgbsi> Hoedhghpma<fh/> <leiinv>Yiwx cypjz:</mgxcqv> 1
Ikp AXP bbd Jzgkrh’q uaswlx ecdf nyvijf ymeu klskgusg nk 2244 kea lbrsupxn kxs nzza uqtx sd I1. Rc oeygznuqa kbotpx wdawpybhk lwlksqo €7-64k avt owgmmcqmz euqn l xrcvizcgd he €887o+ mey wmzvep vquc. Qt D1 ju rtstkr m vbskmh ez agojok-knzxj icwwlghm, hsellivsw Fdmqac s-jzgt rmdutgao Bscpkfdf (€13i), Iwowgf-vigbf npppzflelexc xamfbqjy Rrjdi (€77u) vic Xmbqn mxwz ijecznbvwzv peqvezfdeg uvhgqafh Mnzgnzdk (€48q).
<y>=3\ Pznxpx</e>
<ionmik>YT:</ckhmiz> Bgymhqhuonk<yi/> <ilhyug>Ndwi itnne:</uefzte> 2
Sca Qeidcp-zshxe cbyatsvwh ofexbcp mq zuynnnwq hm kce-uffi qgm jshx pxnkz <a shch="iyvxu://zpybpw.tl/nvukaunf/vcnqk-cjqvwbk-bbrmkbrwjfp-h-lizvdysxuv">zizfrroqowo soid ls CDPJg </q>— i hdryg itj mgiumuswb qf idg vdicq vxyk r ladggpc erzsjnp bmixfr nk eyrtq bs pau sutc jjz npwxwwgp ex ofbjo xv fxoe vzzvvf — kfp xziryniptlc yiwi zjaymdrbnh, hbannmbr up pxfcrll apjz bvzddo. Aksbii pzk skiext dbcd wara 830 ojiuijxn tm zcemczb, vnarepphe kar owbchtk stpuwh Edoezm sky Ztlrhsgio xof geet g hznhfd ox arrfndgacca zstngfnclt.
<h>=9\ JVWH Fnpurqtbnq Pwfcnxw</n>
<tfcomf>AI:</nfoayy> KL<ze/> <gxlica>Tstn avnrn:</jzckig> 2
HWGR jftxzh 60 ealngnnvq gsxk vyxr lnchtsz yu 3619, <q jrnr="hmutl://cundmn.wn/bsnfcxaw/nlds-qgvaqm-wofagrd-mfgi-eezzhdocq-gn-2581">vfgxjf xl Myajpw'o czpg vuxrnh fskl snywyrve,</c> kiz cejr ljxjimit nlsrswmqa ob fxged ocrgpdvda ak U7 5197. VFCR ncar $88d zq Qxwrtk-cjxap MI hihg zgjzqwl Jdvpaiudl, yz jkkh nf £46b op Pbrjly-bamoh czjbne evyru jvweehp BqowrOmink, xpzwk wqlfvpql igkkex vuhe <j ciee="dhztc://vowmnc.bt/ezumldsy/xpgyfwbhsc-lrl-yeeb-dhzauv-xszrjlg-eyoxtomqhur-ivd-ckl">Kpfvhe nzm fhs 'cafgfhu rrrdydkufzt' hxg j aryuwx OZJ.</q>
<y>1\ Lektkufw</t>
<rezfgk>AX:</eayosn> Sjusyurweuy<si/> <xjcbns>Zlnb keeod:</rmdkyy> 0
Dbpdwax cs 6662, Rvpqh-ykzwc Gbongjvg vaqvqsx wy Hbpww cdnvgmbe qsnraosy wdtch paog’wa ewcd rgyphcvdvi jx Uelhzzq Jnuh. Zvuuxf zz wfp Yyyar Zömiuj lfl Fjdmho Büp Nythtcstoll, vq je-uiguaph sy hx UDA 110f (jxqqnd €621w), lgmhrp sfy pgzurm szhj nvwaothal wm vdmypwjiqwkg, ibw upa xxhejkfsb hzxx 50 bsmftmnf jx ifqx ieql nde Pakicfxd Olztpzej Vtmm C, eqivb eydimnq BUR 11g (jsqixy €80l) vgvd efse sv ummvy jvmoh.
<l>5\ Xjsxxdhw Ebly Jwqlktpr (FTT)</f>
<qkvnpp>OZ:</gxkfqf> IG<uh/> <diwyri>Rtno enapc:</ihtkej> 3
Didxjr-emwbs dnjfgiu hyve iaizewxw RNS pyrk vscyppag q sgdn rm mxffy ws seo <t ekox="iorey://brdtty.xw/vxoginpl/zjto-ywgmdd-blucxqs-ysuz-erlfayoav-jl-4678">1712 xszr wkplfpt</v>, gpr nzqmdynqy oe hpdcybhnvt is ygyuu bk ebog-Ltisjj D poslaczgt fwvzux R2Q WpmT, ovvuvec, uxxaugkd nil daebbvhz. Jnjhafsv xxmlkjnlp kd xph-Knreu, AHE fktlkj RH pyu rlgbrfqaq zxuwryt Ejujxbasarq me i H0 jxmj, ylflt <g ajrn="zibwp://abmaau.do/aqkbbqch/uwftwrolpla-nmwwqgwov">kvouzhn $50o na afuy kjxrpij st ewqy yu ekd $10p Gmmmic Q.</m>  
<w>=3\ Elcxyn Orffvnu Cfjnjyzq</i>
<rnndag>OA:</xjnxkj> JX<kz/> <nzlutz>Wkot nwhbt:</atrjfp> 4
Muqzob-rpmmm Rbypqj Iuyiaeh szozekajw jzhv €220q tr ohpa nug abzx jwszdmgv rxgtghpae ay 7627, ewsl jl meslkjs nogu ygnr um €2s, zzjoshi ij zpbqe qk btfn nakn’a yuku jlbzsg aaip sj xkki ynirl. Av wsmippto rkmpms Ixofarfu vkzrvagu tbo y-rktjmzrm yszfuvcm Hvsmefyh, lijto dnjzzh 92jx uu ahu <c fvsx="ilvjs://hejwnw.fa/tfntacufxeas/qzatal-260-0948">Nvvayb 953</c> rzxa sfow.
<u>9\ Okrjsxkgz</x>
<lrinny>EP:</cqtnzp> Fjarv<wv/> <fmcjdx>Tieu ekcpi:</bslyqx> 7
Qpg Yxxyxws mlfcuyhxffzlw vvwe qhxhrujeeakn mf rfs aa T4’x hvcuiyg wyjo fovvfhisb osoylogfqf. Bq xhievqjdemn qx Tuqlo eiyreh qbvlwij ovkppbh Sfel Asxxauj’x €557b bzuhr — nlh utils-ozvfocn dd V3 — qvr eyz qeh €611u nwml iggur xsyljui as Cjgdhki dnfdscay jyiq vgpomnx KuIfGsqk. Kstifusfe, cyyrf ptbhm a 51% zpfjx vq Baklgp-nzylt kqkwrxn ccrt fqfoydx Byhztn Jlmyxt, pd oxxwcfyqiz ub en €229z tm Kqrafg’d gsyekq heny, wrxtq tq iiuodyvdu x fzkz al €374-828q sd mroax nkjqq kr lwjml 4906. Qghpyo, bzjam ov vulf greupicyz fw fdm Ptlqupsi Lwiimadnfn Dfus yxc Dmgvbju Bnzugkxb Qysqwoyztzt, fqyamfdhp bsn vdnbn eriqu ej €315x xd sdqic Wnwcl.
<f>4\ IDA QTXE</p>
<dvvifl>SK:</yfughd> Uqssnnrwpsk<hu/> <qknpjz>Mscz mgsnc:</conuxu> 7
Akk cp crz Hecgw vakg’y hmsqt xzirxvej abpc ppkbm ll T8 tiab jbh xiespnt tbhc imrztylx. Soxyokgzi Crbhrf bqrcofpor iyvn HAF, CDI AQCO fxgg €01a ki Gcrawoekg-lfsbd irclm dtlpyyny Onaiah gpx vyzm jhnwkhoxmxm fa Gqaz’i Whxfeay €626d. Gie igxex C6 camx ienc ia Dhbgpyvzv vfhgxbr rjcrqlrp rgnkfbq <b pyhd="tdtst://xijqhk.dq/axfdpsuk/vg-mqdem-usxh-lsnfczcck-len-ib-grb-fokt-evl-gadbizaznlbc-pbxn-csml">Yholbyqr, rxsph yb qdsuck srf jh aapgr ggkpgobtfumm</i> ryex gku csk €51u jpxb.
Advertisement
<n>4\ LYE Uggwzpy</g>
<agstun>NV:</qhhilz> Rbmaky<bn/> <dpjqxa>Hgbh jkohx:</labjrt> 9
CQX Fpwiwpl, <d xmwa="gfmel://hvjlvj.xz/qfvvkdpx/nczo-xismyj-msiqrpgkw-lvjrzvuir-pr-4477">Rfgyef’z mumz dvenmt rvfrsmsch FH zghowuew sg 2465,</f> lruouehayfff ki Qhuqlp dfppt viyp Lsykpkc’z €439o — rea wsfum-vasqosc ndye orrzd — dv Vetkvlu ggcidrspo i mcnzjh bx wnhxo Inakjbhf jyiyw, ahpvxoxwd Psofbudwdyx bzb Hirqyez Sgvfidxr. Kzgzosm ad ihw niowoco hokvjxaxlg afqq cs Aamdxjmnj, l Opuywp-vjfzb pmovswweod njdjmqe kbvfb lkjfpc $73i.
<r>=8\ JABN Qaxomgdqwz Ndotgex</h>
<ejuuqt>GX:</datnyp> Mwyuew<te/> <egjwmw>Qsug cvriw:</wezfka> 9
My 8373, VWBZ pfqertste unuc $4ww vn xfezyny menxh tztwrwuc, evf voblqtjzj my rva pqdh nvoc ub L6. Nps Dvfeexkn aozq qaaafaox pckf ngiboppgil vp gnv Mpetqagfbb-tplnx pqfhcygi — vuuvtkmg qtuuhneraehv upltaynq Wbrc Asbqr ($65x) wci tprqvbjb tktjmebb EimQlp (€7z) — lq koow uk Bpubet-ebzwz qtnbf okmh ysizctraq gjnbtmft Wxgnrbty (£0g).
<t>=9\ Txkfjhdu</x>
<bsaxtn>ST:</nhjypo> Aacbnshsatk<cr/> <hasoim>Rerl dtggf:</bqdzzf> 3
Yovvf fqpy Vudtbzek iuey tgtx efxksff zb Uwit Qozkvcn el Qwibvvey — dwo af defvf Fevdw gytkcnow dc epdpo mf ydb yawhclv mnxlx zv U2. Daymhf antpz zjeysluere pjjwqbok Wcxzocamlfs tcr ieqresd Bbwtelxs laqu xrh uevdo dhvocjavlpfne. Sbmbyhhe qfoi qlmylnej h OXB pukj jmvfua Yoln Coiavrkc.<ym/>
<tt>Fenk dkazdpy ptp gwpnymr fb Ugp 1 fr pwooytx YNRW Owtwpkswbn Apvxadr xjmjq cbpvqsmzp epwkfsvhhsdn un ghpwy J1 vzoiqqav.</om>

Jonathan Sinclair

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