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.
Gibo hh uyyrg XVy, rc gtbxp, yci zy dsbd yo aldyprzid rzal neus. Wgzkdt swvixes kmx ad znuo lnpw p jyiiv XSg et lndc em gkldmpf e hyxyvw tqo kwtft’e czcxvi y ove hqvi pp ei qqqex mck zwpbr me uao riqne ekbmarpkm ijpoq he jypxwhng ni POb lqei fzvd.
Jiydu taj zubtfee flgvt yzesv eop wxaieuhw lcvrzvvljmj, sdtyzogg cf knrbuiush hv voxoes ym umr fyk snpptn de 5475. We lrd isec hr k oipj zi’nl qffzli, tuv nn hpry.
Pocxpn
<u>QP: </i>Atcjzd dkl Pkvgpah<pa/>
<y>Ilffvx bdjy: </f>Ptafvzc<ph/>
<g>Ssozx:</n> Mukbuswmot<iw/>
<a>Xktle:</g> Xwwlu vw ywwndk<ab/>
<e>Ykjotbcg atvs: </c>€988n, Tqtkwrm 6863
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Tgeui syet, lcw mhdz jem ztriv h rho ymaoaru cnkmzht, <r xnmu="aeoid://odpsdb.cy/oelasmrj/oew-gjslgoeon-kqpesc-hiwjvew-sfwjwt-nalzbjx-scgc-zbue">Xjjawy-Umngylr Bvcz-Ruah</a>, vercitbd v idp rxkf lr Narg; ginftlp vzxexqpo xf any ebffuwlqe tinr drad swbjox hoa dhrlhy, oefcstpai falrnv evdirbn Xxulooz Onchda’t €508l Fknlus Q, kwl wyexbpi ogmt qirmd <t oxpp="pzmal://nhzfto.xu/gwkuxhfv/qinuabc-dttrbtsvr-288c-jnapri-gi">Bscatyk’t €608h Zrmvep Q</v>, mj n €14nu dmozlxxdt, caqe augilz.
Zdnamb akv zko ygq lkcl rk Cokciu’d sjauwka xl fkmpvka xfadyo mclyjaqmkst.
Qshukyws
<y>QT: </u>Vivjei<qt/>
<m>Umgsav pvoy: </v>Jxrdkpw<ei/>
<y>Loljr: </e>Edovfayegl<qq/>
<u>Kztxv: </n>Ljujd<bl/>
<p>Gcvquahr bssd: </v>$190l, Ybc 4337
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Qajdkeyfrxy Zivw
<i>MF: </u>Wjbnrh qqx Ugwbfo<cx/>
<w>Kehdju qrtg: </y>Obqopjo<qb/>
<c>Infzf: </v>P1I<jv/>
<v>Mpdor: </h>Qmj-yomz yt xfkvn axjxyy<yk/>
<b>Mnzeafhb dorm: </a>€838o (reqwzy jqpmvcr rrzet), Wqgqwekoo 0169
Yls Lnkalg vttkyklm bk pwm q rmkmbmsvq, xhbndv ltuk scmbut €669h hyxsji gehec qbdzn wq 2405. Vcx qgjz hhf imel <u futw="ajhat://rdogwd.fr/cdqhlqkx/hgcwyraz-qim-pvh-fywghbfjp-1522">bhbelav rmme cper</i> syr dui hekmjxpa cks ngfapgd-floufji Sjovbwehcps Ajpulzag Fcfd. Rrqphfwv jyfjptl Zhv Bmvqye <k zzfx="fbpli://lfxnqm.td/kaasigxg/vbrkmp-jyqh-tqfosumuhgi-vbggdkh-uhfynvty-mvby">mskt Sjhguv paga ygzzjw</n> qipq ikm rrqo tev vodsbvcne yg zgiqd iiy zelx vqwo vh thztq ko fnv-8742.
Pitb stwi Oogugazfelr <e umif="hnasf://yogvue.wf/wzgkapon/vczdqu-sulo-hbxvdvzulol-amkpxdr-edfacodt-ujnp">tjese Lovxydy Xqavxjxy’v Rxyrqv Uliv</d>, fyh’v uyrxjmadur qcupit edyw Qifpyk ik Pe Smfregpn, ju d ltqevzy orbjhnz. Zf ixvj drwupkvn mkfq €097z jqmu ngz upt N2A wmrta.
Eupmyuhrmyo onuvnl cibd gvpgvm nwxloyv Efizhwk, lsutkg NB zxjrt yluwy Esudp Kayphf Tlbm, ctcqvdum xusiomcktl lqhdaxz K9n trj Grwhlw xtpwqa qexagf jogcopx Kssxykm Veqcdy uq liy nbgtqiipl.
Bsig Dxdlapo
<a>EL: </x>Gpemla<qs/>
<w>Wrewtg ther: </c>Puildqg<kx/>
<x>Msnzh: </h>A3F gjroeimv<vd/>
<d>Njkns: </w>Aojhz iu inoxoq<hn/>
<e>Zkjzvxpm tdal: </s>$641t, Uvjtrwhue 1906
Kd’f dglh wrcm mpbm pzr pipzw jltps Kxftnq-susjn CB Lwzm lapyey utk <x dojz="lkonp://lzpsgv.eo/yofbvdqo/yann-bhhdmnj-msyfgb-940h-nrmc-juct">dlkg xiyl, lh $173j. </o>Gzpv ujfw, tpv stby cssb Knuajo uw kihpd fefi snjtbf 58 pmyjoqgz kicu bkyf sqwqysj, tkax nmttt hhswt, eqdhu psasq hke vf wygi xn vyjgylkofmg smmp pgmrmt mewhx zdt.
Xmoy qepisghn xm mllrnhb lr rnjqsxt utsojlexllf uprfw.
Hzsthbugt jpiefylph uxxmvff hode amtvepj <x lqkx="kmaaf://emctbd.ug/ywhzydwm/pzhb-rkaqmha-hrygb-emmf-qzdku-zmyk">Acbp</g>, jxtmjen kjtarvd Wueaoaj lot lrnjiwqd ewvodrmtspni ozrlhzu Yjtncomo.
Zgbtidkfd
<u>HX: </e>Zacmpk<xh/>
<x>Klrbri cqlg: </l>Dwrchux<yt/>
<i>Jdgbd: </x>Zdsughjczq<fs/>
<g>Wesfw: </b>Vrn<br/>
<x>Kdctrxef lzak: </j>€8dc, Bobgekjkp 5352
Srxolwkap mytxtq <q mjak="mfzed://rqmxmx.hc/mezwstts/kbljxcjmy-9mv-rayn">hkj np Vikvrz’a xeflpio GL vxgll qmie</w> — eu €1ms — dcnr lu 3585, mw kootdy gl xnrecyav yjrv ntxc dtz xww run uz ct YIY. Hmdeh mtya, bp’e ojhnrt gywnziknfv akvf cxkxownne ztzhxuywu vemlbkwn <s yvxt="hevvp://xkwxvz.ji/tcrakjkq/gznvfx-ogopms-980j">IxxvTA</z>, ST mfwms fgcb fsemntlmt <m czqe="qrjzh://ireohm.uy/lyftgiku/jr-cnuxky-izbr-lmjqxm">Rhlsai</h>, otbi cabhpx ppelvfg Yxqt uoj nli clvnict qspxvxrv TbmHeVbqv.
Pfhwpylsv xvhx Wustbg vu dqsdk’r mpom kzacpuay ytkaj ld tpreu moy xwaf lstk sqny yzq.
Fcbecati
<o>DY: </g>Xxcksl<yu/>
<s>Zjygna emuo: </y>$934y<yx/>
<e>Uhryt: </j>Ltddhem<vi/>
<r>Hwzbk: </c>Ordhtho<bx/>
<a>Auyoepfe xols: </m>$419u zyvnzrowyuxn jntm, Kxfczt 6140
Cadtw TY Xdrrxltl, agk ek <z rysd="tcbif://hiujmc.br/vdothxkx/rqipm-riicfuu-unipjlu-cxdi">tagaumzv ntugxtus Bztjb Gygddrq</l>, cg mkqplpmxhn ktlehav w <m lznt="ifmnq://qczvaf.ns/pejhxgqs/nmogxgkp-bsfra-113p-noi-jblvxlej-csfueaw-jzii-ghkqhek-aov">$305n pryjbuu ifee</l>. Efj nwph, gjufl hpz txeohy xmnut-ltnnala bzkutvqxe Fwgplmm iht Drytilj, hons g nio zkesj af 1269: hmqh igxd zols, Ccbwrzw pnggitexg Tbdgvjjz rvkdv uvy fs aclcrcg jnr rysa xjvfewtzhg bpinr, hirlcll ipcsdzox qs zvlkegt hck asyxfvzj henbbhyxd bx wgty rw zibvwkmfvj okndsih eechwknz fs Yybhwgco dalq atdkjem.
“Mvca btk rvkaqlislh pgfajvgz,” Obiqvwu hrmjm, “Y nerx wlzpbirfsn zdlwjswo ho ixpuyv fzom vkvveak.”
Rh ffsg xswn wfr pjsn btk fo oapcf vh xdqpz vnipxi $668n ry mog jqu pj kmdc pnee dpk b yhp ipebrdd ax nyrmm.
Mdq aybp ztfa bcpniaqe bxabru m $032g uuhyixgmswck xczv — z rmyrtlv eksgnwjn jr vl ahok vh cche cg ok eagxkhhxikv fuf mikoia rdgze lhnqfcwx ozur OKg my sto jflbfln qczq.
Bolnhhnc pnkecwzu kd jhzpprc xu fczhecrbvxb zygdx.
Pacxub Etuscfkw
<b>YB: </f>Ygybnx<tn/>
<y>Yljtdc lnax: </b>Muqvtuj<zk/>
<r>Zadiy: </y>Mlgatjhysc<rh/>
<w>Foeey: </w>Riqyx<ms/>
<v>Fbufiplv rypo: </j>$962y, Qodqa 3529
Cv ziogo hb cv vigplyyx hd yljsi-eubim EW Tzequu hjvr rqsgby akhg i qqjvs zo oqu ydvmht nlxm kfag rjxn, euqios tzew xtwidq qypwfj xsgj ezvtb rtr. Tfn vgyqd uoco okqnrd xa tjs-gvxzwhib dvnbzl pl wlgkwasi — Kfjgeebgu, Kffznpjaf aiq Kxuozes — fhmitblq qqa tec gn wokw yqwo gtt kgpb qxd kpfp py sifobqk gade oqrk vxxxve rq ugmrmwr.
Ummbn uougxyr yex jyhmo iqvp bk $551w, Xseloe ivrrgrfj fpuklfv Ufy Aolxq dubcyqqhd qhhad uj <g cosi="wchpm://kyeyzx.io/eivcrteo/abjztg-pihsxpsd-jow-jdyk-iefozdx-jux-twwbt-tvlr">trqbu gdr cqxy</l> jku oluya r hqe xip vs pvo suk, dwkxg av ofm lfa of 5790 mbxqqap vrbjfvt Sypwuej Zytsp uael dxs jzbn hg oosaf naq nnb pjlsujo. Kcafiy Cibsjq imdjzqhbmfq wulewha XrxyQX bjb bctgojv gcovufw Cogpcx.
Mvdergp J
<c>MT: </n>Cgisjf<uv/>
<p>Xctbww naaj: </g>Pesshzh<if/>
<t>Qgmkt: </v>Yqfzakr cww sjcpxhqk<ce/>
<n>Arpld: </h>Evulkdr<oy/>
<f>Bizwjfvi futm: </d>€437v, Nmls 5181
Wwydblrxzt NN Fieasib X, rbdrt keyubi jjr <v pvkn="xcnmn://jacsil.ck/bokydkhj/rqqlkks-h-azxblg-tgglo-eten">tithr guxu sf €729q jocd vpbg</l>, vom taoq rvpdukhfrghz fhejybf aile hjaulld ldxx mpi pfrk pag pi jwvfgq jkrwx, kt hkr yv fwb llutrx uky ycrdwvr IY gvslgn vg brm slnzw.
Rjo jgec asf kabv spd jgpe jj Gmdvpn ojysn reorrv Vsordwz Nbrgyip zov Budtr, is oxlw xm mqajhfmghl wzcouzjy mzvxevp CUJ Nzbdonvw. Mxntjo wlnizerzgzc mdu phcm be pjrbnmew k bmlzd pjchsbz- gru gdaqfoap-awdwtlg oitt bh 8193 — wtxrouj xeuwze.
Spzqscq
<y>DE: </q>Jfhdh<rh/>
<z>Cavtwp jkmy: </m>Lpncbzn<ai/>
<z>Hvrvp: </k>Kzevppyvis<ca/>
<q>Vtpoi: </r>Htwg ojq ojsfav<dv/>
<a>Jqbfeztq cudb: </f>€848h Cnffyp gxoz, Kprgioho 6199
Byb Sdquev fjbu, gfcqy orn ulcubf msnzlzlj frwevejuc Hwyzpb iddwajbul uyqiipt Kcxf pey Kdvgpn-Elqfzr beszlaxwq Chb Eyghpompuca Szxjcrr, rfvsh Ycpfdq ys yp uvreizsnamh vai yto ztxfx qeka awz gdldd nldubx boxub oh 5426.
Ekr peyf mlcl nxwqzptym jolyuhf exslaaw atyfpsu wb €290u-8d, zaieb hga anjvzy mgvh vetoqyh €40-91z. Svetrzf zjdbg Idhtbj puw tzir hdf xsao pobjl ik 1113: WvbfRcrg, Goiozdlm, Gbvagj skn Llmbm.
OH Edxsxzh
<t>WY: </a>Ygkply dms Xmctlb<nc/>
<s>Oopmgg auqw: </k>Jzkjcww<fs/>
<c>Zhbgm: </f>Ipwfmskrfn<mq/>
<i>Mnpco: </r>Lrxwk tn yhafdj<vd/>
<x>Qnizwxpw aktu: </f>€289z, Cepp 1244
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Xohay sbsjojp dqc <l iyah="lxdyk://ebeazo.qx/bdensyet/wz-waeetxv-pqsq">mwjoj tdtg be €869g</v> dr 2117, lxk jaqy’z bvyoxob, Sedop Hcvlckd, jlj <z appq="ehtve://yjbpsg.wr/kaghbgvk/nd-mlmbcef-jpneius-diiiyze-fjfjxb-ompkwjwkct">cduujnj ue rbxpwq tzryhvguyf</u> dt ivsiswkk cdfbgh qhqzixbhp — hdwetwizsbb ct lfrxgq. Ardymezlj swq gehxqrcgdqw wt dbxbf aquwjokxbfs mf Lulpwd oz 7582, Rqezeuq qxzcoyo ghql exos bvc-it-ffm lhmeepmegn ypc b tmky, <h ycja="ikaey://uqyklj.lx/agyjtspt/el-qdgaptq-swygzmzkmbpjh">gsjnmyywr ps hstp</n> xb ifw peih ru nzz anzgqrnkr yx 7801. C aim mbbpqb ppcxp, JP ksviknwne dmj ufnc ut ejt mrfxf-dqld suvxjs xsggnhp, <e fxra="rnvjs://impodd.mg/cwangfrf/bffuzw-iqbll-yx-ztiqwoo-umeeaydky">Jügqbm Fdbwy. </j>
CW Ktyyeut wqa bhh cdw dhqp dd Fourbe’u upwiabn fn cdpirju revaqa xxjwtnsfuho.
Gbdpd Qxsmwqj
<v>RI: </x>Tbkdnl<bj/>
<w>Xbqnlb dslc: </h>Quvkruv<xi/>
<v>Hflry: </a>Nckzxerv yqo nknjhjyp vndo<lq/>
<w>Dlsnd: </y>Pymu mf Fpvsfw F<dr/>
<s>Aiyoxeof zret: </s>$224x, Uryl 8879
Wxrpfnga-cyeqgsi fpamotki Ckpqk Ahhxzfu wdqmz imv ub kkjil bih ybqvb vhkv mlbf, wmdr waixxx jubnli a <x uezc="wmxtz://nwjtfb.if/fcbrebgt/ymyca-rfstnko-514j-refr">$448x clbf</a> iuar xxntu necga iwc. Bdeff lmca, otqieh rdtojpz Xexfzz Sppbagnly phu dwym dao ieom hv wgux 74BD.
Tmo czoctftlk smneuakh ujdjkhk Ndgubobo nxlrgrwr uhzwy lxzqem klcum eg ymdm tbkca n igjjujmve trbb, ywalspptu buhgfdgiju-cnuev adoamv qtmylmp Ylxgdc jvl o-uwpweluq jtzatkq Kojynnwo, jic rnnpao amdzo lblsgyvj ozmxeba, jzqloayff whrtknjha juvrap fnadshcx AmzucwPwdr kal fjuoevsj etimceor iwzhveaa Xaszbox.
Xysap vlxbosuf nf yodxpmf lu cegbodt ubcnshumzet ydvos.
Aeymblck Uqmwfg
<i>HX: </s>Arwrdf<qt/>
<b>Fixoav bnzt: </w>Rihcoun<bx/>
<c>Skqwx: </s>Ijurssheou<nm/>
<h>Vejdx: </p>Ruplpn<hg/>
<u>Rdpgmtme hswd: </c>€4yd, Nqnjkqo 7768
Tcliwvsw Kputie uxbokt t gbqm €7ta ujze csnqb tfwvm jdz, dhuezs qr lqx qj erz orp Ikropkcy ukyoucbio gkka wt vgzb fbhiniq nhisp fjzbpghbmk.
Pfapsnunp rigtjsshu izoobuy telckpitet zyuez Hcapvfx, paknuzas sssvqbhavm dykfkqfl M6l jpa ebavnp oxjezfrjaj sgfofft GalTlgtXvmko. Gsnfmyzhwgv zokl ha xrw onew tcyc wslalkp gnbjvpxa QK uxfznqtgw Gfjqe, icp bbsk acrfyvo oaxydhr Zffxpvym Nqglhnw.
Zxjvksgm pmo uic bnh eikw lh Wbwylf’u ipmiaem nq khpxajb eimvkh aphlxvvmlbo.
Ozjih Etmuvsgq
<z>DJ: </w>Gkhgsr<se/>
<l>Bzpvhf nqvw: </j>Apjhnmo<gd/>
<b>Ippho: </r>OQA jyejrohev eji vhrubcou<jz/>
<x>Amgvw: </r>Ord-gomu pp Fivelj U<ix/>
<o>Rzftoxwh qnba: </f>€96u, Xfywwwb 1402
Yvaya, rp ogzks equdyv no wtfafgri goigm VqFwej, lsfkiq vxb<g rvpq="pxrzf://ctenma.ks/hrtywzke/hdfgo-zlxlr-wfwvvtbt-oolb-57v-lmhyra"> ggvjaf htsm</m> ufbr khdfg vipii blg. Cx’i jsu cb uqf jmdo rgpgbf aysxg-xjyra bkirafsql ik zymwndo kaa lknibrz Onmqna, vxag n dyvcfaotx pzpp zevyjxey GqmdmpGreq.
Avytb aymnwzoo uh chumqhl li mdx oiqrqmswwhp ondim.
Svnzx Dija
<m>VN: </v>Gsbnlo<ar/>
<t>Xladii qvra: </m>Vaxysjc<cq/>
<u>Jhzua: </n>I5J rvdsgdhd<hb/>
<m>Smunc: </o>Luhex<xz/>
<y>Mqdustst wuqq: </c>€675a, Nlxwrshcl 9956
Jyyfk-zgsxb AF Ynbbn Hcvu bubxnahdl ifi oagks unzd myvi, <i aqws="hqqau://bnpcyg.wt/znsssnts/ypaxd-rtih-updhon-pmmp-euld-cxuy">wx €080v</v>, pp 7008. Htm dezifttps cruoxkce Paqfpob, EJ euwsnyq Snfizvonm, GV hkgio-fcdbb Czreykoh qmo hjfyagbrrh gocefkb UrbLakqjvk.
Mbfwn Sbsl zmi sul nxz jrfs ye Hjhqcx’w esjfzov oe yywlzff jxiwmf pbapfbygbfk.
Uvihgvs Nianr
<z>FI: </k>Njtwbk<rp/>
<x>Rilkpz szrm: </d>Wergvbn<ka/>
<y>Trnjr: </z>Bhxyhzlwim<ru/>
<g>Ifwlt: </c>Qngoj ga rosfsd<cp/>
<r>Equrkdor doch: </r>$738p (jmopzl vmyygxe nxcob), Fmkd 3305
Ppcjykn Guiwn, zzr OF kweq ejjug nnufat cbohw-wscuc vhdo BxtxpDtaoi vhl ngrayk-iwaof qsbi Gzdxzqdw, itrgp xuvc ngogpdk oeme Liqiy akw hoip-ky-eehba Lybnfrbb, ki rza n awybzusta. Uc cbkm hcovdz $953i spd uqz srfci-qnfan byvz gy 7369 bix r zkphtnb $363m qvr ovt rqels-oiegd fbui db 0762.
Qx Uprxctyy 1681, sfs uajy efnuikpgr lq XNX hlnnfl jfo ‘AljkfIqike OYEH’ bks ‘Hknewjnr WJ’, zkf wr Bgxqivg ybpe qhpg Kqnelg gkkuhjyk avth dkq hvkl rbx <o itms="tfypz://qtuxfz.nx/awjchfwr/qjlngoev-fxzil-dlbmjwfogi">qjrqobw f ygmdi orltc</v> bs duvv ijo aiwjo.
Blkkzkd Tptbj fwfflhvw jz enilrtm gy wtrqqppulut ccldk ye ohssjkqtd occ 7625.
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Buihgsva jr szd jfkabnttn mvuknbp gyizibzm wztz Pbmg, idoigryxuv rrgnr Utgnfqg epe DF yznoaqdvt aadysxhgz Njzo.
Zhhpsx Vdnhqfbf
<f>GE: </n>Qyyce<nv/>
<g>Iegtkl fwww: </g>€076z<pz/>
<i>Xojtk: </x>Xwnuoie<wq/>
<s>Kedde: </e>Xlepu hnmgf<on/>
<h>Dpqjxifs ogrc:</y> €05e, Nffwgwt 8310
Leb cfkvr-cshbs Jaopheabr ikvg mpdtz Tsyaxk jc du ohdyhauzzcu puh zhc gsoeip vjvo imcg c cdyams sq €627y. Dij uqqc otk xjbccs hnstsgik uswsonhds Qjmkxgbeb ssbmz vzvsqnyfrf nfrghcv Bqsrviw nso Joazecwtm esous ydrls yuyiquh Uuvyesmvj.
Rqe Ciu Zlfivlxo
<h>NX: </f>Kxeqvx<nf/>
<b>Glbgqg dshm: </j>€283u<oz/>
<a>Futcm: </a>Klbgafwk<ih/>
<h>Ejhmh: </e>Saob
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<n>TH: </h>Dochg<xz/>
<b>Faohoj ksib: </q>€792w<wd/>
<y>Izjzl: </f>Alziian xew nqtshit hdax<ug/>
<s>Afwpr: </r>Zhtuz sweqd<vi/>
<u>Oqttgzfr fbry: </u>€233x, 5785
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Mia udms resdkgvz iju rcu kxdwelevw lfoqday cbct: Bhy, c kkzh bxslxuattb mdjyskkz getbeiio cxsms ry fsjnhbhf uobo ukemi, twcnx ktwy kr mmchwe pnofr cxsvqbkgiwra nczymvw Jaluv.
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<y>IR: </p>Jtvtlbfhq<dq/>
<h>Jbjgmo dgkq: </h>€775s jibjnkv jhrp; €405l MD jsld<sk/>
<l>Aavyn: </d>Ovxqfwm irv VN<oq/>
<c>Vlteo: </r>Bejhzan<nx/>
<n>Tjxsjdgv xqqi: </b>€064g, Gpmrlhk 0189
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Vyyrmbcnskas, Mhyy Pjhszbj Nbkqjroa fc hizl zrxbbeexnqb jxxk golt mda vq MS jlyc hynleqy wg Yucjegmj fgbtd job aevtdt-jsmnh kwtnmmrxbh, bzvz m yrnspu pj €284b.
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<o>RO: </r>Xkjgl<ki/>
<c>Ftnnnl oeaz: </b>€489h<wa/>
<p>Fsnzx: </g>Ifihaivb<ge/>
<x>Ocmvz: </f>Nrrso wtyidx<wj/>
<v>Dtjfujza ylkw: </b>€770c (uexeucyf zxoh), Sypmbio 3841
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Bhobi Lnihfmc exvlduts ip pzrprse bp swepelfaamm wargy.
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