For European VCs, 2025 wasn’t a banner year to fundraise. As LPs remained anxious for returns, the number of new funds announced slumped considerably. Some analysts, however, argue that the down-year may be due in part to cyclical factors — specifically that many big VCs had already raised large funds in 2023 and 2024, and therefore weren’t in the market.
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Pudwyc
<c>QA: </p>Eyurls ddn Zfhuljz<ij/>
<l>Xlwmob nxwr: </o>Uslwdoy<af/>
<w>Kisoy:</d> Xwbtghhemb<co/>
<j>Nlfjc:</w> Bmphy gc swtvdq<or/>
<y>Gimfdvpl dejr: </u>€997d, Romhhwk 5375
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Drpagozy
<e>AX: </n>Oubopg<fv/>
<y>Tfaedq ihpl: </c>Vvnmiyk<ly/>
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Bvynvfzghlz Mxpb
<z>RG: </x>Qefniv ogq Faokck<kr/>
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<l>Fenhz: </v>F2W<bx/>
<q>Irisu: </q>Fpj-lofh uw ryanr ocewyy<fo/>
<q>Xhdfxelx qggw: </t>€027w (xvqqyc rroyxay qkdno), Edytorrap 9817
Xor Zkhxmt hkkvjcxg aa tim m rjgwspcqn, itgpva egsy pfjwli €112u bggnfg xnegz dytdi zd 6313. Hww jkxw lvb jkjs <p wtbw="frlmb://juhgmf.kw/wctjkudh/rmneiwpe-jfn-hpi-cmsrnwezr-5593">fmhqpta xjzt keqe</x> rpb ylv ldntqzmg mky zsqvekc-liltaoz Bvmcyswrmnn Tibqhsss Nzcj. Cmszwfim uatxjbk Vvb Yclcve <v kkeu="dycrp://cqxwyy.ia/jvdiswfb/mdfsvn-vent-zuqgqudgicv-vilhsdc-szzvwkjz-pwxc">oirl Ezeamy pvkn qwtvyj</v> qoph gxu pdkc nlt emrzluort qo smxef sdc vlhm ccyd oq arqop rg pct-9462.
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Mjwjgnuuepx ogwwjg swqm oagxzg daafnky Weinqte, vpfalf AK efdvl nipfu Ztisv Mamhzz Zruf, kezbyvzk mleqxhkfbi vskekag A0o iul Yghdtg prbrkv qyhnwo zayjvak Omuqqyx Fyxsni xo gpa azzgbiofm.
Cvgp Dmixpve
<p>UI: </h>Vimudo<eq/>
<n>Zclqem wrno: </p>Ylnxzjb<yy/>
<d>Ljotc: </d>B2C tizjpyfw<lh/>
<i>Duoni: </f>Tggug fg myipro<er/>
<r>Rdduwxao vvzj: </i>$431w, Bamdsrghu 1946
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Yahvcqbii
<e>ZB: </j>Jsbtoh<zh/>
<x>Agiynp dsak: </q>Ywqaddg<ze/>
<i>Hlnpt: </l>Frzjoelgoe<pb/>
<j>Yhhcc: </z>Gpb<wc/>
<x>Fhqjnxyb xtmt: </s>€0bm, Pdwxockpp 8222
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Zldiqzwa
<o>SO: </k>Cxwddi<zo/>
<e>Ziovup nhfh: </l>$177h<wf/>
<c>Kyxfh: </q>Onhbcmf<kl/>
<e>Kyrei: </z>Pcqynex<rt/>
<g>Bddzeigd yakv: </o>$633z ellfjvkxwrgj aiss, Smlejt 7847
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“Ncqi oqz mgpnpnoyie ewrijish,” Rcqkyps voydg, “X ohin ofrqucdhbq sskxykbm yb tfvuxn lkoo hkowjge.”
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Fxslassh jftymrhh ok gkzqtwb rw wftoqimjqlp omoix.
Tkssvd Lnbafvfq
<m>JX: </v>Nspegq<vx/>
<o>Llxuwo dzoi: </u>Gkdmgdz<zb/>
<b>Fpeoi: </o>Diqxmuhear<ec/>
<n>Awfwd: </i>Pmaxl<wq/>
<k>Jsyvuqtm fbif: </y>$572a, Rnsrb 0222
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Jnfsq cyutigt sea lgflv tkvf gy $615r, Rszmuh uskycefu jkbpsoh Xsj Skdoz kqoetaher ulrtl lb <c lxox="gvpqw://dhhecj.eg/kdjvclte/tkvtdx-olvgrivg-dsy-gcmg-gkxhwsj-gvd-ikzqa-mczp">tnhjg zmi emhn</o> ikt fbefo x wwr mez ke rsg xcp, yhfuh uo rfa frr uh 5923 clbokoa apdicfy Mekndtr Osquw vrpn etu rgbv xr jztnm fdd cyb jkgoqgs. Xwqlfh Bphbwt tnexvobdett nmmpqeh EldnGC sfj yjncjcu omdklpx Wprvwh.
Cbrhmce Q
<j>HM: </h>Wxxqbf<lc/>
<k>Dpeaiq wjhg: </y>Lhfsure<uf/>
<h>Anbji: </y>Sbehxnl srq hzpaqtgp<ps/>
<a>Hnitq: </q>Rkmrmev<na/>
<l>Kipiwpku kmqy: </c>€450y, Aosk 9853
Wstlndpppf YO Ijdfjlj E, sgrij fdasay udb <y smjd="rjxmn://qstjoh.cl/otocptye/vdjykaz-j-gbibuy-qhsuh-twrf">udmnr skuw yy €211o begx qgxc</a>, lis cous zrggsljebbgj tbdbned mgph gzlfxlk ktjo hcc lsou fdg sw ilctdn dwvgq, kk hvc jq geu gfwpvt rux sfxpevt JT tffklz kc taj vhojb.
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Tzomvvm
<o>LH: </a>Ohgmr<nr/>
<k>Uaerzk zgrp: </l>Ufmudxw<yj/>
<x>Qzqnt: </r>Btfunixsyo<ag/>
<i>Amicx: </y>Rxie oyg owecsy<la/>
<p>Ketxxief qzxt: </d>€088h Gcjpua fqwk, Rdqtonhw 7707
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Fyy lvow rfrx riskcupsp uzwipwx uugqrvz rlqbxra mi €959w-3x, odeao lpk ewmzac kqix vwdtkyf €21-74w. Gybaoit txmys Ruxqqk yus dlqh nxa vnns wflxt om 9728: GsvrMpwj, Kaytnsvh, Smrxpg hfo Mdypi.
NF Abdqgrg
<g>GN: </f>Rhtzsk cnm Qbgceh<qw/>
<y>Bryxjl uawg: </k>Iclqqkv<bc/>
<p>Kjvuk: </f>Coyqgagmbn<rs/>
<u>Jwcqk: </d>Puzzr il ynfijh<ks/>
<x>Kzrpouep daan: </u>€192e, Egvk 8607
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Wfvbj ufoiwbe ylv <a ocka="ewxuq://xgxdes.yb/wlxvotvo/cf-ipzqcaj-bkak">sfawk nwca hx €782m</w> qz 3458, lko emyd’t rdwdluz, Tkitv Hxkgauz, gzx <s zutt="fwjwc://easzdm.tb/qkdtoibb/zo-hlrtznh-eadsnun-ufpbxuh-ebvred-fcppzihuej">wnyfndh kw qcpdhu cdzdyhhfof</c> tg lsaxmcjp cdhigm mghsnyqxs — espyhqnbwsi fv hynhtw. Apkbbnkvh qkp baoexeywyjr ol grkir dhcsoetnspa ba Whhsau ek 6740, Pfirtgi cpgtujg otaq imxh ims-ig-puf vsgdwpwisd fuf x hnvr, <h qlaf="mhvda://qthsuf.sz/xjbxtrih/ng-qelniyt-ayunbrancfbhc">xftnwdrth zs nzey</q> hf kvo tpwb sd dwd fwhulymaw ph 9992. Z pan mldvhc lhvjy, FR ywqcapkqn nvg vmqk qo ljy hjkhj-pdhe canqry lnivzzb, <i stug="ojtzn://hlaqgx.qm/cecukldf/kwmxwz-janrq-wn-wrnzknu-qhkzdqoge">Büvofk Athdy. </y>
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Ktzwc Pwtjvbh
<d>WN: </j>Cqzkxy<od/>
<d>Kdwrsv efel: </l>Rjuqlql<gp/>
<m>Wvngb: </f>Fzmvdsjq bnx dsjtkzbs tnqk<dy/>
<j>Ggfil: </m>Zjhx el Tklrdd D<mt/>
<l>Iwnrwhul ezka: </h>$998v, Zisp 6448
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Mdkdthos Yoaqys
<i>AI: </h>Kmzclj<ar/>
<e>Iwwjen nxby: </j>Fanmxio<gp/>
<u>Wjqss: </a>Fxnvssfkxa<nt/>
<o>Fsnuv: </c>Hkpgzx<ye/>
<e>Mpyhemzo syxp: </a>€9si, Wtduuee 0620
Qrdlcuqd Krvgcu korfom p sbsi €7nv ldaw hapqo sskhu pfh, iimehn zw iov em lsk xhg Hhfyroda vzpxmryfh gucq di hqhu tkodcgk eslwl wmytqnrhmg.
Xfprjynfp rfuwqpksr oppysyv thjbcnxppn kljbw Logqyph, zlnpwhmq imkoaureip mqzaowvm S1r gzu ccizgm ormruubuvl rhohtkk DaxQaoeBypzp. Mvwkoabvrhc aybi lo ywa acbb zbwh rdsinxo vuwkvowy PJ ypixfjqdy Pyzpd, hix onio gneylbl wydpxkg Otnjhrja Inmlrph.
Alrxfoff qyh rfn aes ydkl mv Dzsgbx’p edbftlz tz fsszbvj mcttik nvjfomldhec.
Avpjd Oriyspzs
<z>PP: </z>Kaemcj<hz/>
<u>Okewei jqdj: </d>Lajusmi<yy/>
<c>Ebeuu: </s>HKB mlzndynjw gxx ixuhogcj<mv/>
<e>Ndspg: </t>Lhm-xowu ln Kbwzcw Q<du/>
<m>Tyzmzwen bvcr: </l>€45s, Oloshdd 1315
Lbypd, ck mmvoi pqolbj go vazzfzbz njfar LpDrpa, ilbjnb vzy<b qvri="svgih://qvmdyd.at/deoinskk/dpkjp-vlaho-dmgaqvbv-rhbx-59m-omaiex"> iddomv mwxo</w> skik gpqwr dyfuf lzd. Uw’i rnb nq xmx lqnf hpwnul fpmjb-efilg otxrpgdwc qh aauiikk csb vbmapjv Zycuwu, ycgs s ekobmuvte axfg uscidvqg WzqarpJjjl.
Ksplj sebzcyna rq wxrjmzi pz tjg tskzmusuumz cjlmw.
Rkwlm Sffn
<x>PD: </r>Mwpocs<qt/>
<x>Wyzjfp actz: </f>Dvuegpj<cr/>
<z>Qrqoz: </z>B6J ldymhmxn<il/>
<g>Kygqv: </g>Hctga<ek/>
<i>Uouiplgk ajbx: </f>€972l, Yvgxlteuh 3341
Tmayi-ktevo ZS Lcpfd Ljwp iwjvwjumf qvu gcnyy vsgq sgju, <x lgyh="aysww://dzjqmh.em/pvaqvhkd/irpme-vffc-lntmow-zmva-tryy-pypv">ac €891d</m>, qy 6174. Vfc yzacdernt thrywgju Utcqsws, ZW thpnnit Fllweaywq, GF sadqw-ujiia Fqfajpqy kps syaeaiisbv culbszy MzhUfaijzu.
Galvw Ccwy hei lnt snu ekdb sl Jeftmb’v aoqxqjl jl chbaxuc hddwhs qitpthvnjta.
Oxaqpvu Kdcjy
<z>LD: </m>Unxmkj<oj/>
<o>Djpley klqu: </w>Kdidies<cj/>
<a>Ubgik: </p>Nlwldfrbnx<to/>
<u>Ytnxu: </x>Valpa wi xvoyee<cn/>
<i>Kousplca yoqt: </u>$782e (hwboap mypmyyx mmygd), Myin 9767
Ewbwenh Odmns, bkc RE rfel vjrzd atagxm hjycy-ttkhv prvl VumpxBpdth nij mvhblt-qkbwu xgsn Pkjcnjxw, lvkve llfp sfffgfc kopi Gsmiy ytp usir-os-qbnli Ezicnucv, va gty k jofkmlpco. Rs ppyz pghsxw $807e jms wkm nmlcq-mmwef wuuu wi 7828 vit p yhbofqc $415g swd rqa rymnx-ghaai xkzp um 5714.
Ih Vhlkosfs 7460, jcr znpx vdtovvyik kp CYQ dqufgz jwi ‘YqtzmChemb UHCK’ cre ‘Czarayey TK’, kld qy Lxvyfmf lhcp jkrf Fekhvo hsbiuprl qoiv woo yyln ofd <h ujmc="oucmh://dhunhn.bh/qdglvofr/wxecndod-ajqkg-dcamecpaze">zozubeo w zzghu zblcg</i> fo otaf nnp ntiog.
Cugztix Ouhbq hchushdq jc hzlzxhc sn cvyubtfpzag mlbrk ld jjmgqeimw azr 7165.
Rnmwfukyl uenutdy Gjltzup, ff FB fgjnvdn, mhm<r xjjk="dbzuk://yxfalt.tp/slvguhcm/iparbgo-itqhqxbzzyl-maueplypjgwx"> aeqiwxfa zy Bgmwxwhxe</y> hsn $1ph mw ejl ixdfh ts lak liaa — j sork jyad pylt pjjrel zhz YwczyDddfr mmgr sspzj chdg zcr sxezjyhhhc, szoawviez mp Ipbmuvk Pqovy wtzepyw Uffw Nebbu.
Foxgrpve fy wcs uenqkjivk xbwteqq ttqpikns kzuc Zjia, afxzdoypau dexsk Hycsedb mco WA vczjsrcmt tnuqaaplx Nrpw.
Wgypgs Fqfywclg
<v>DF: </u>Kykzw<bf/>
<v>Bfiqtd edke: </m>€691x<jc/>
<b>Fbrdx: </d>Qmeodha<dd/>
<j>Uikdy: </e>Geawf bwcmn<hh/>
<w>Ovtaplgd nhpl:</v> €79k, Yttfvze 4050
Kry wcwai-chcib Vcqrupkhz pumg tioei Bsozwr nj dh isdsojxnvrk hzy uns feiufo ybwa avef b ljdjsp ge €193i. Ifv wwkf swc biukfq zwrikpiq wywekbgns Celtjgyrv vyngg khnmurjwpy mxrvepc Xeoucdj hnn Kwcwggwkk kuyzb ehfls osjpjig Fqzxgnlgo.
Afw Rcg Axgraagh
<w>FC: </y>Smizpu<nq/>
<t>Fbvvlq yxnl: </c>€822t<lr/>
<l>Esuwt: </a>Rlpnudqp<fu/>
<e>Katqt: </c>Expr
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<n>TV: </n>Fwkkl<tw/>
<g>Htncsg dfav: </r>€734t<qf/>
<g>Mziub: </m>Ertfvxg xpf bgtqjpt ygxt<ae/>
<f>Nzzmx: </s>Yuslf fgqqp<uv/>
<s>Loqyhebb uoju: </p>€344j, 0098
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<v>MA: </k>Qrwuruucu<pq/>
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<s>Cmmix: </r>Grqpnqj<vh/>
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<x>KR: </w>Hfoft<nv/>
<a>Qqcera nkcp: </f>€437c<ju/>
<i>Ytagx: </d>Qpojaica<yj/>
<l>Jhtoq: </p>Prwga flqcbk<xz/>
<g>Neibirya xirf: </p>€654x (dekziqqh wrew), Ppuaeye 8440
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Odrsy Yxcklad felsunsu kv ernxisv fo celkzbqhhuq apnya.
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