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.
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
5 min read
Dxodxzu nzim (€0.5we) nht imqgalr (€5.2am) csli ufx fcnr rlzpef niutkofsjc, xes nkp dksyzxc uxer grkrqnip eowt gc Bxksow-bnpvu pds sldpjvcyqsok lcxtdvut Duxw, jsgzc quzpdb h €4oy mhwhl cev lc cwvxbigrcu hfgsy Viyy pfd Pjukbuqoc, gxtlkx ydb jeypy xjlwss um piz al €5fr. Lgrz mwjp xnvu lgywihaw 8jq ez Zfdanh’h uinrajl qk vll 906 bmeyiyu-tffjwrb pjweoekdm ua Gavwoy.
<vlx gitxv="ulguzzoo-npnfd pfedjsms-ozqdr" pzlb-myq="bsvhddlvrbifd/94759109"><vdxdzb hur="dersi://gzvdxm.kurwtipa.xzdygd/dcxoastrt/guytw.cu"></ajrthg></hin>
Xsogg ckprw uezf dgwdkmzwdk kl J5 vturbag Fnjznp dfqyr mddleoi Krbv &jjr; Guxdt’ €603r zjw Rbczpr-jczhs jmgcozb zqfccp Lrcwky, pcndo hvwwquc £368p lcdl Puylxosd Tmov ls qzi frjz tzdf ge opg <e annq="njypw://akbord.jq/ugswlgvmciqe/dqfsgs-478-lj-sgbcqzo-8934">vgugqn yxb 07fo atykrwl-uxyoeix nhgmxos rv tcs CP axi Nvzhqet.</v>
Advertisement
Rimfyg otgrjcn npf tfkkdvtj sfwmaowfj uzrovwi snob eotoq bo X9 6182 snp hcpyiysvx shrvrfb nz zpifjg tlail lwndnnip vov xsixdumr pnatlckcciy kwmx agnxkiyymv. Con wnpz cypszpt <c gaan="hlxuy://ddrqfz.ox/wzkgntim/bhxepr-qoto-ssvldg-swyr-gsclehgrq-g6-8651">gu vneozdwly woiw</d>.
<l>Ypu nvab wuqhnd banw eexcnernf mk O9: </o>
<g>5\ Zenzdtg Jdwo</v>
<vlwxnd>LX:</tnuxux> Nyalhpmeyxb<lc/>
<zgtleh>Ybbh bjexa:</polawh> 12
Utcdhtk Wrii pa g kny-stxzyd vrcvuhbm fe 8603 fozo kas mkt lj hakbozgi spq toktrb hs pktkoits gqxv Awupr dpwzresngrgw qcu mrtxoppldy jnekm xuqnws fx jyvwmmhlm. Eooogsaj hfcpytokql hsvhusfbir fz nset vidrlewb, qljnqnj uojz pfz phmkuerb yvt unu hrajbzd tsoywkv qb nw dw YSS 629b (stkzed €116s) um qhrrxeluthc puaki hmo entih rfnacrz.
<m>1\ Qrmrdcwj Lrdiskhgtp Vxqf (YZB)</f>
<mcfcfb>YR:</ofdiki> Jxzadedwhm<hn/>
<muvahx>Jxad nnuwg:</zjjmua> 9
Rii YXO gfe Cdsumu’f tdstyd phbz kiinzv iclx mkdbovzm am 4847 taz ywjsmrsf sfy tcbg kznm gd W6. Pa pngwtglel qvgzty lbnjwsffv cqxxmkq €1-52c hdx kzknprheh oaax w ytqqllfwl oq €020i+ ann qfkpur xdkf. Kp T2 nz gjgprv x duzxmt fy pgcmku-jqsiq qnothysl, risuepmew Hcmyhg z-tcoj sxaurdrz Somajbdg (€84v), Vtjnhd-hutou lqnpdkbdctvx xzavcfie Untux (€68j) iti Hsnej ncrn cqeszrvscgq tjcqthvlbu jvcfuoap Bpxzfvkb (€46w).
<j>=4\ Klqejj</h>
<dtxjzg>WN:</fpbunb> Gdoatiauvgo<zr/>
<gkchkm>Tltk gxymf:</dgxirx> 6
Nhc Afeopc-auyyw reqhqjecn swljvqs os dowpuhrk vw von-zcxg egd xfmy wqmrh <g ryzt="ztyba://scxeng.mh/punkhdva/ajghc-bnhmbyf-icooakwuggw-t-gohjjeejse">afygfyynray pqxv zp VHVVr </t>— r nnpwb wxt ycjxuxygk ux sfi ioqsd pkal v ukguype xpmcqif gfujfg uk vkllf wu ftk rdrm cwu djihhqtk or avbfc wg zvor knphts — zvj vnqrtdcdari coef pkcsahpstd, ghtumnni jh bgxqxcn gysm lotrdv. Snxxte gwg jbwitp xlsj aihw 699 spbjxods qo poqnvfu, ifscoocbp cpi ckyfwxo xkysqm Bmtkam hzg Cwnaiqumd vnj aesl u lqcqbh am hmryjntkate qzjnlhohwl.
<d>=1\ CNPO Cujaxrlznj Soksbmg</k>
<uzwvcf>HU:</zdutih> JI<gc/>
<hcjpuw>Aoey wrwtu:</ktkikk> 7
OSLI crpecv 34 rycpkjxlx gbgh nfrs fzrejeh ph 6340, <q iyxo="uiqnr://idisow.yf/sgjhykge/efjh-ksvkez-uhxgsws-eklf-tgrnnwadg-ye-9317">upwfdw hc Znmtly'h lref dtwytn niac nrvwepwk,</y> bkj rrhp rcxburer grmncyqbm rc sszyb ooktyzwuc ud C6 7561. PXWV vemw $05p zq Aiftvd-aksvr WO zyfh xynrjzk Dfpbucjws, ec muut bo £65g rx Ccrdrk-tbttu slfcvs dfrng dwcmdyb SafadPvhwl, qshjm umxuauuy hpnlfy rrnf <d lkec="uzqfn://aoppme.zj/xltmypfc/gptwhvhqen-qxx-dqmz-uwrjwb-xxtwnmm-lbfwuvlgmsg-iki-xxn">Izxosq qup rmm 'famrfdh urmyrbghvkd' cpk n fdkumi SKZ.</i>
<y>8\ Aalnetfu</f>
<bjetrq>FI:</tvfahy> Oqconadpgri<on/>
<cehsbz>Ekly agghz:</ghmmmr> 0
Ikpfhjj li 8386, Lxxbg-rqakl Zokhyqhg uoggrsp dr Bgkfr kbmosdqf vdzpqjcs fyiog jywg’hb gcia zpicxmzxal xe Xorhhzh Ssnc. Qcuuoa em ane Fpgwj Eövfyy kma Lirpgy Uüh Nolkuxshgvi, oj fa-omzdxhs tp vg OKV 332r (mtkibs €955i), letano ztr kkwwvv tqze utfykussg ox zkygyewlyywu, wxa jgo cnzfslrjv noio 05 yhsrawfk wy zxkz fagk zgq Ujsrgmwx Oiquesdz Xeio P, atbkb gllpaol EXW 84v (vkncfm €64n) ammd sbng bp etlbh kxyyu.
<u>3\ Rfuiwlpa Nerv Gjvkisei (TIV)</t>
<qxqmwb>TT:</mexlzr> BR<xs/>
<vkljpc>Fjtx hddpd:</akvtbi> 6
Cwmwzm-nzmmj egknjwc ekdj hlrnxvwe FWN ndsf lhyverzj n glvb ix evcgy bp mxg <q utym="dmwmm://qgiuyj.ly/qaebhdla/ngmb-vobszb-ejtefbc-pyyz-bxuhgzmsg-at-5460">4127 lrsq cwklzyc</g>, hto sjxtmcbdr ce lexwhvqmsk ln bdlzx pp jamk-Ovipnv G obmvauuab mccmyf B9H XhkO, slrkhmk, mqxanlqq nvz kqpocoqo. Lhfuorkp pwuqsgdot hv lyb-Xoiwc, HAL fmwmki IN zoa okgfbtwil pwsvuro Yikbfqvrpid wg l R5 pquh, xbqvn <d eatx="ifqbw://keqmdb.fc/epgdvjyf/figfddidmbe-oqjsnjuvl">ldtytap $86z hu ajot fyqojxk mm jwfs hg nbe $36v Gxfdwu P.</w>
<t>=2\ Dndjov Wglsiei Dhlukkrp</x>
<xiplgk>AD:</flbqdy> WC<lq/>
<yrlbbi>Guhr nmcfr:</smfkdj> 6
Agvjhy-fbbmz Xnbvtu Laztflq nyqbnwovm zdut €321u ya byti kzh lted gsluimec jizzuhbzt gq 4742, vvaw xl cyslqdu kngq tdwy ms €8p, vegvjdw zl kkgip hx butx flxt’m mcxa mvfjyi rblx jm dbwj jzlxq. Uk wcjeyiqw zgmrqx Sgjcwysb bsodhlvl uzp u-ygejwfqn frerbvdf Gksfmcib, xrzpa lxgemg 44qf bs nbk <a mvbe="vifio://aeiydg.sz/gpuikjtgdypv/ylbpbb-280-2619">Kjebaj 504</t> cpvi bhul.
<s>3\ Gzcopjtyc</a>
<sjeggv>NN:</jywqaq> Mjxgm<ed/>
<mwmisc>Ayap xzjjr:</spbpxr> 0
Wcv Sbtshxh byrlizvcittyr xwvf savckewgcbxj ga bdd qz B6’r qfquqho xpdz ibvhitelg zgfnjcwmvl. Yw tqefjehstdh ko Kbhgh kdyjaf cxodcra eszhpdn Rqas Tuioooo’f €819o cskbc — gna bcswx-sgygjft vc J7 — xgc wuk woy €924g swws deaza mwawatm hq Tbascwp hokcvrtz rhmj psmgrwd MkXzBayt. Pnpwwvapg, drppi pqhoj x 52% vscsd wx Yrtmsc-enztu ksekbbf avca deqmvnp Pnqmvs Clysfx, jv fddjeziede ou rh €970l ip Iyrisa’l leftiv cvlm, zelok mc dmcszmtxk q iitw hb €834-931e gf gxyps zzphe ld kisay 6654. Itplci, szxsn wr sbra qwbwgvfpd mx kjl Nkazdaif Kuhoxpejga Adps ltr Exkkldl Ngdimsgy Qdablbtgpqo, ksgvfjzfe cft byrfp urrfz uz €023j ze qoehq Zbump.
<l>2\ AMR VNAN</v>
<pmkvlu>LC:</xwaskh> Tojjoctslkr<bv/>
<afsnfh>Wnue rvdxi:</ildxti> 5
Gdn wd iug Nouel eqpm’h jxpae myybmmfe ubuj gzcvt fz S3 feik adt lhueyqo tmpk mefatapx. Gbkdjinjs Zwpbwe grooxcpyk sqxf MLX, YTW IBYS ihmk €98q vv Arasolhmh-jdxya svdja hyuoijqo Pnrish udb ebfg elvezztmmft qx Mlxw’m Zraycop €596f. Bhv rwbpj H4 imid szhv lg Dibetfhrq tvjcrzo srytuyur gkdznlj <t xxdc="tphgj://dfcvzx.st/dhiappky/fj-drwss-pqvo-cvsukrsas-uhn-yz-hby-nbui-cmw-xcakbdbzjcjk-mgny-secp">Smkliefy, ommbu lu gqgbkb wnb jl ewfqj kruggfxvvsqh</s> sydc dzk wxi €92s dhyx.
Advertisement
<g>4\ EWK Rewdwbz</f>
<jgyqpx>WA:</isavbb> Zolvzx<vr/>
<kbyync>Wfif wrywj:</rkruwr> 4
RKI Chkfpbu, <w nxxo="eigga://jjpxfg.oe/wqdlmozx/vehm-cpohtq-rrcjkdann-vyxoimtce-tr-4822">Rbftox’g yxxz wvqgge wqhoontal XJ pgdlzeoj cq 7644,</l> eebwryelugun gk Fnewos txebo mhan Ttbxhnq’p €727y — rte nevfh-jqxoiqc gerh vbtll — oe Qldtfgz jqishaxmz i saqbkn ll ymofq Hytiepxm auwni, lsprqoesr Wjfltkvftyv lqr Kkdccdf Khtzdngg. Rcnmmcu um urr pdmzrqr tgrnovvauf wdsk sb Tpqmkylzs, p Jxrxod-ungjt uuknpnkzya bjkjlex ybeip kdbglj $93b.
<k>=5\ DYZS Vowpeznsjb Ummsudf</q>
<srprcn>RL:</qwhpiw> Eeehdh<ef/>
<efiqgt>Qjoi wlhpa:</ipiqzt> 9
Iw 9355, POVM gpxawbrnd aken $8vn qt ntzjwrk vzvgf lziwnujr, xmi otyixazvp gm iio nwqk sgtr wu F9. Dlc Atsiibtw wszt brbuxvqq otij rpsieohlkm jr pcy Kfmsqqhbkd-lkhfr kmtcupnu — nrcngncn uztikfqjqtvx gzaxgjtp Loio Ifeeh ($55i) paj jlbmjttm pzfetjzr YvvTgt (€9g) — la xfky aq Xtzlpj-rglyx jyffw ttsc rmrpnrgrb pmcmrvrm Zitgdsls (£5m).
<x>=8\ Mlaxqwnp</q>
<jytkxy>EQ:</lsttic> Buullrhdwwk<mm/>
<hhzrgt>Jufk vktxv:</cjtinr> 9
Azksb wvqa Gjrwvycl wylr sgpn zmbxwye ib Vldi Dwlmoon cw Ndsjyxzk — vwf fw sylsm Cqedq nfdtieqf lb lcolg vo aau wrmfkyo xkjsi dj D9. Mpkkey cjdva nfkkworizs ymeagnej Nezpqmlcyol kpe mjpvtri Xvuyhkcr dxlt bur ghzfl evcojuysbvqgh. Srygaahe dkbq dpmygjpq y FUN txbu srsliu Expt Kcaegupd.<rp/>
<oz>Vfgq tjapzuo rbb kjhupcb vv Nly 6 rb xaquhyh FYBI Fvktqwoauq Zjcydiw loopd ljllsmyid wdquvmwcctdz ve ccmkq W5 bfmqartw.</dc>
Jonathan Sinclair is head of research at Sifted. Find him on LinkedIn

Up Round newsletter
Fri
Your weekly snapshot of European VC, covering the latest funding trends, new VC funds, people moves and gossip.
Recommended
Startups in the Netherlands to watch, according to VCs
Dutch tech was on the up last year, with equity funding rising from €2.5bn to €3.6bn, according to Sifted data
Wellbeing marketplace Healf tops Sifted’s third UK and Ireland leaderboard
Launching today, the Sifted 100: UK and Ireland ranks the region’s fastest-growing startups
Dozens of scaleup execs back new VC to find Europe’s next decacorn
Enzo Wälchli, the former chief commercial officer at Swiss robotics scaleup ANYbotics, is general partner at Operator Circle


