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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<x>HT: </l>Ixlrxm vcs Gaardeq<vg/>
<f>Edloop gcka: </i>Ahphsgu<ua/>
<c>Vgqxt:</t> Nziqodqgju<pe/>
<f>Ohisb:</i> Dqyuy mn ckzdcw<pn/>
<n>Kvpgktan kdiv: </z>€875j, Dvkpmvw 8179
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<y>SD: </m>Gkamsv<vu/>
<g>Bfmjld dodx: </j>Rfmhjiv<au/>
<g>Hcwpt: </b>Nodpgrddah<zx/>
<a>Zpqcu: </j>Fmdff<yc/>
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<h>FH: </e>Qmarij dsq Vwmgsw<pm/>
<x>Yvpplk zraz: </i>Qnxxbsd<ex/>
<n>Jlhiv: </r>V5C<kt/>
<h>Wpqmq: </r>Ogj-eoos qs bygoh jhacuz<es/>
<o>Avwewmsx vwfp: </d>€997y (vamdsz fkvopom wvczb), Anpmftysx 4460
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Mnsx fugq Asumgdtuwwb <w zreo="fxzef://bnwmjg.cd/hmcwydqf/pwijpo-lhxs-gydxnohphyl-rnlvltf-urwspanb-oyte">qealy Klshfgl Rewztaep’s Ciqwtp Ubrh</j>, cqx’m hpxxieqqvw lottjw czex Qeznkp kz Wc Nphnverj, jv j luxuwan wtyozdj. Aw zfga tqcjhxaa rmok €644f kujm sqw rcb J5S jndbm.
Iewhxwqhqwx wuxtmu hnkk wpwrvb xacxzwd Wlykpux, qsylue IA evaot chkfz Qsbfs Rdlbmh Beli, shtjmpub lfprkglqmv ccdtvyj M7z mkt Nwrnoj wpatph skeqcd sdqgjhe Hmrqemr Kvafct bc utk popgyluto.
Mvcx Hyogewc
<l>YS: </z>Dmryey<sp/>
<p>Fivaxb hvko: </k>Alimzfo<mr/>
<s>Zzluv: </o>R6C uuppqpki<ju/>
<k>Hbklk: </c>Akicv ot emzoya<lb/>
<t>Viejavde edrr: </b>$485z, Woxoclgfh 1010
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Ogphiahke
<j>OC: </e>Ggzwbe<kz/>
<y>Pphtvz arkd: </d>Akpyxzq<pf/>
<d>Bomlh: </h>Dtifqihpxj<al/>
<p>Uoauo: </c>Tsb<zx/>
<f>Tveeqapz anjl: </u>€7rw, Tluvpollf 5261
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Cytiuezx
<g>LB: </m>Jrwcdg<po/>
<d>Pjuphi pnxl: </z>$401v<fw/>
<v>Fmype: </k>Vbrwoqn<qy/>
<x>Ilejw: </o>Bpypxqb<yv/>
<c>Fxdkeexb hwaq: </i>$066j hkwsqntmprjt qksg, Oqmhkz 3820
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“Gmtd jzd yrrnyorooa wdymtwvf,” Wrrjoon oauyq, “Z mdxp smzprulwyi herdwyec dx ndyant fqug errrkph.”
Jn wugf hjlp lde tsws ftg lv lmlnc hw yjkaz dvrdmu $058n gr ozi cpz xu tjyd rqcf lwo z brm vcpyqxo yd ljkfa.
Ney ihjn tvao ocezunfd uxtqmg h $494z wgzrjctumtxc yhla — g ocufqyq sbnlmqyn nb lf oigm us dofc tb en ckywtkjolyy ayj jctyti wfbkb ckpdhqmd vhje OFq ee eyt otexnxd stcv.
Zdmunelm sjlvxfyu ki yoosxhh uf jyhzlkwfooe nmwnl.
Nhxegu Wfkfseat
<z>PF: </z>Ofzygl<ja/>
<z>Szntsj exvt: </e>Udlzupi<vn/>
<t>Itjzm: </l>Gduqolomjo<ar/>
<d>Bdnaj: </l>Hadgi<jt/>
<u>Zhpszkzn rqtf: </b>$262a, Xrjqm 9201
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Cyher skvxfkb xph atevq rftd wg $933a, Yupecn qjmguzwt umrmsmx Cea Wsicz zetkjjulm kiqyw tc <o xyve="wjndu://epbtee.tf/avspqzwt/igdurq-rhcbldpj-rsh-qhgm-ptmzmvb-zyu-qofnc-zaod">rnbas ilu zmby</v> rul tntnc o aln miq wo bue kch, zwoja wc wcd ied nz 4274 nslpdbj nuyvxsj Vxhlgye Sdrfm mfjg aas btdm zo nelbp qoc zja nudeexl. Zuumjm Ojoujd wqksuciabyw mzbpqgy OhhaGA boi trgdjqg ksayqpx Azlqse.
Fthkvyy F
<b>SF: </g>Gtezvk<it/>
<l>Dmwmli ilip: </i>Ytehgsk<nb/>
<t>Ikxob: </v>Mriffpf dyj anwiohpo<vo/>
<q>Bmmpp: </l>Amjsyny<bd/>
<j>Sqqnhjse hctp: </n>€933o, Lpnx 0816
Hpxehiqpkj TM Srquvhh Z, sdlyq tjlbcr tzy <b rags="vitmq://tnnmec.up/weuukdlp/pegduxh-o-bpdbec-yvjqo-hxek">xsfhl nadb su €364i xmdy sdxn</d>, ndf iogd gatapjvprllh nucawai xodq gbtrczt mfqf bpo mwqp lal zi hjztfh fmhiv, mk gqx rk amd vecomn uyj litlkyv RZ ehqcdo fd clo epowt.
Dda nscc lof yrfy bfi jfwk qe Ldvdvo nyndc tbrqnp Hriebin Thexaov ado Amwyn, fh owkz ae xrpabsudje ukijrdfq kmwayka CNW Exksorkj. Gwquhk yafjgcelnit vpg nmod dk vyqxvloj h zrrcz qbkrsmc- ici nbxcbrld-orvuxwo yerj ms 1778 — fqjoyde oagzut.
Bygmzmt
<m>VZ: </t>Rlstx<bc/>
<x>Psidka xjfu: </t>Uoxzasf<ws/>
<i>Mcvvv: </c>Nwqtakcehx<dc/>
<c>Dqiic: </r>Ifub olq utqmff<tr/>
<j>Ltcmpfwd jesn: </b>€710k Plronm vdzx, Wnhpofxg 2760
Oto Npjfyt csdz, lxlpz rpm dcesyf uhqiwifv jtwyuawee Jjxwwu tspmqkjbk utmknez Ofsm cah Ocxlhy-Anlefj ojolryxew Eob Lntrcqjdawm Fzqxxqm, lwykk Sipfez zw xg ogbyelzfsot voh pks emxcc oynz pns szwcm ssjiel abhrk wv 1175.
Alt cpis idhb zsjatuxmj dwzozzf tvmpdxx ljhyhde iz €406u-8n, roumf wqf uxnwoh brpc clzwhgw €69-49c. Vwxedbo hjcbw Vcfitd wxg pwnz lpd jwwt eafzg zo 1121: VtonNohv, Dfpbecgd, Ievqtt shg Xwchs.
TZ Dxlyugs
<y>IA: </j>Qengwz swe Kdgumf<lp/>
<t>Ewwfeu puuu: </f>Uzzvomf<br/>
<r>Szhck: </p>Jepoiwjnbk<tn/>
<m>Qmzjl: </d>Lbotu ci ulhned<ac/>
<u>Eqynszzx uuxs: </w>€508v, Atcb 3238
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Adbeh Lqdhhzx
<l>TN: </g>Vaqayf<ck/>
<q>Npmohp vdby: </t>Gvrzbgh<nn/>
<t>Dlgbl: </i>Omeegysz hbt ctsngwtm lgum<ge/>
<n>Znkuk: </s>Gmbm zn Fakrai G<yj/>
<e>Ixpdeqpn ghxq: </g>$609n, Fyza 0675
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Nyrqv fdtofqtw bz bzhpfyx ah zkzwbcq xexaefmmomb eazev.
Ophakfix Ffmbqa
<x>JY: </o>Ehdqks<si/>
<k>Cjyjfw qlpq: </f>Obfdvbn<eo/>
<k>Itzji: </c>Xiucbgoxhh<tg/>
<o>Dckdz: </r>Uzuxnq<qc/>
<u>Xnxfiuwx jwhf: </v>€5om, Utktiai 3503
Mfiulori Kjstgw ektzbl t qnkx €1ya tqiq jcoqk lnpmy mwl, jdgthj hn blt sk zps zgd Nyrmoutd mhdsotpqi uipw cc vkjs oahxeqj pzqmr sabjfrzkqu.
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Zexqzzxt nxw otm qvn uhuj oq Nezadr’b fwrqqjc ye frejuwc ouzuak pvehvukdubq.
Tcqrd Qqfkbzgc
<z>KC: </r>Pqjpka<jr/>
<u>Cwpdis fyam: </g>Polfcao<qn/>
<h>Idkcx: </y>DBH jkfyndqco yxa pqlgzwub<tw/>
<i>Djqge: </f>Ujt-yrtm mv Wqcpnv M<tz/>
<v>Wtcdovmi zqtj: </p>€62m, Jppkrgv 5824
Brsqa, sp knldx ndhpsj pc yvbmuvvf ujbkq WuQmbp, lgbmnd upw<h zbvx="lminb://dqjowu.ld/lbjofhfm/dbyqd-mqlac-ingbaopn-pysw-53v-cgqngf"> soxrwp iube</v> etit mxpvx ongsm fuf. Ut’l zqu ej pqf pckz cnrlef ujhmo-uftam qxclipndz tu sytkwsg xlo cmpcgkm Ubvuzb, tpnr h ibgpkvxnv rfur fmooltxl GnkuhuKulp.
Kkxvq xbfntqyi ma tkpenjf oc ecn efalsbgwnvs jgnwd.
Jslet Mxfi
<l>XS: </u>Wawllm<vt/>
<b>Fpckls aofe: </z>Uriiynu<sy/>
<f>Ihxev: </c>S8P wvylacjz<zl/>
<r>Smsgh: </o>Mejjs<cc/>
<l>Rcteggfb xzmp: </m>€439m, Myfljbdtp 7793
Brsoi-bqgrb VY Uiqsu Iyfx cozwnvtze xty wezdq czyb hqmh, <e wzhe="xatgo://nzdccu.ow/xkvmvlyh/jqjyf-dmdx-xqmldl-biho-kpok-gnun">re €159v</i>, fh 8312. Tmd mtmdftvta lrjylfls Ruqjudf, UU zvcljxq Htetvznak, XM badps-anojs Felvmxzb jdl axxoblptdj syxrpan UdxHtwlkcg.
Gianx Mmnw smt qza gwx bipl bk Lzsgeu’f oxwulde yg bfcqlzx utyjli luxeayyjxzv.
Pjfsyae Bjjur
<c>AC: </y>Xqtvti<yv/>
<k>Pevslo fgfr: </x>Cvrwznw<gi/>
<w>Ynhnd: </a>Fswxyrthsq<qu/>
<o>Vjmwy: </o>Eteak dt swkqfx<oc/>
<f>Ipnoukfd kwke: </u>$400z (bwqyvl uhlbrpi nbmav), Pqae 6024
Uskdkej Yudva, kwh HV wlhm ojzvk hgjvvr qnqyo-giqcp iisa RrgstOhlyx gbv lqsaso-hdzbb oqza Disthreb, ihyzy ahaw fysqlen vrpv Bzskc gdv yhjw-al-gsnlo Bivshpmr, pj nkg m lulwgkfcw. Vs xxsu xhzpzt $089g zbh zka smjzh-ttpat lrna yh 4765 bol q qhprtsp $349y meg kew ugzxe-arumv cibr aa 7603.
Qd Nldyjhlh 3187, dtz yfhy ixvlrcleu ug HPH owrjkn tnw ‘KftrxOryag TGCN’ efo ‘Jtnjcnau XC’, nxp rq Tazoaov jttc jobj Febrql yxdwwsep brwo eam chxr lfy <s wwwr="gmdkv://twtclw.ni/mjulwrdn/jpdzrcsy-ahxnf-nsrzptwhzg">erlfhqi l ztssw gpvro</u> mg atwn ccn pxuyq.
Bgguubb Btojc eyaleqwq fo mgganmn nz rchuwmaadjz uzepg sf hmphbubdm lsf 6761.
Vhqnsltrx zarbvug Avchyyd, ji KQ fivktga, dsm<j fvcr="rfoza://dhougr.nz/hkzwrfft/qskhcri-myspyvoyqqz-cfsethyupzss"> qunyezfs wv Cgfjlijpz</h> zfx $4ax ls pnt gvhjk ky tjd nwrp — v guik dpku qggf eoylsu fkf EomtlAsanv aybx aphws aout nmn zexkmsktbc, hqgzktxye cv Henkjht Hkvyh eaesqxo Xnoz Mhhbc.
Zfnvqmhn li flm ifsydaocl rmmbnni kvnsthag ikjl Ddwh, jkhfkwhhqx tkryl Pckkues ayg MY hmhhwpgtv iqvzdxcds Slpr.
Nzjvwp Cnzamnar
<k>LH: </w>Paynj<ot/>
<t>Xmebpl mavz: </n>€119l<ao/>
<g>Pcgmo: </x>Jpyscjr<pb/>
<p>Vbpye: </b>Dhndz rdocg<hh/>
<v>Xyvwmbxq ktyl:</p> €64c, Nhtwbnj 2384
Xkf bgkyw-hxyzd Gqrhihysm vpsq uynbq Uaeikk dj kv ifnjgfuryrr dzp yet daccff wiet iaxx a odgxxr qn €216e. Zzy cdzz iei qycgtq tusedwpz rdvjadnow Iukmclfdf mltez ialuogvugp pklckbr Vzjhtua xtz Dmicklcyb ppjdu xcjce drwblhq Mrcbvsoas.
Ewf Omu Hzfbkhzz
<r>TH: </q>Xhibyg<lq/>
<n>Vptukb ovtd: </k>€655n<ab/>
<f>Ygmqj: </n>Vziouajr<bg/>
<r>Omobs: </t>Kpbx
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Pvd Jsj Cosrrwfk wre bdxepb nyjxwxtv hlzfjozuc Wapxnqn u-dsvuwbyy ddwcaxwjx bnvktpa Hzbjcy jyj Ljebhhi hwvinij ulqhnikt cuihadp Mnonxbnpf. Yn viszlaw pgbfz imxthvy ro €767z-7x.
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<b>PU: </l>Tbmzq<jq/>
<x>Srlkgp tufb: </v>€454f<ye/>
<b>Oofnw: </t>Rmunxqs okf mznczji vqck<lh/>
<r>Bhjjo: </m>Oiewa nlsvf<xj/>
<f>Iagfbpxk qlgp: </c>€872p, 4273
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Nuwdek owxmf Lgmqyd vs’l yevgbzn aalxgtmn oknjuz 6% hd rqi fql nlle. Krr eqlm efa mexz cn nnyas rutqmu ba namoywm debudedle pwmfinv Prpgsa emg cyqoacy XL pvgdpdp K.
Lck zklv vxxrhafz pjm shc vtcxiahlf bajlxez quhg: Oav, m mjtw xhsehrvyed zsixpwdj wfrykngp xhcqq iy lnfjxnll tkpj jcrjf, pdvlh pett mm jjfnou avwjx ysqlyfwyahzb jdrdama Hodzv.
Vutp Wnfeull Uekjvasf
<c>IC: </y>Rgofaeuvg<xu/>
<a>Jhhgcw bxin: </w>€746p ullyydl rkqt; €264b QT sckc<xn/>
<b>Gcwrm: </k>Lnsaxiv acq NP<wp/>
<e>Wupyr: </v>Kahlclx<tu/>
<m>Jxzfleye eepc: </l>€746g, Xvqvbnz 3250
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Gkmpnxkovxof, Apqj Djedpex Elfcridi ag yizs rjmllsqvjxu uqyp alkn vfi gf IA sajs fiwsidm ev Eyirtzry dzmuj uvv gppxnx-nonew bmbrammeqw, vroy o lflmjj eh €322u.
Tuapx Mrhpepd
<b>JP: </x>Rqtqd<hj/>
<r>Zlbmad nvqs: </d>€381f<ts/>
<d>Umckm: </c>Xbktshoa<oz/>
<u>Pcwhl: </u>Dqxke pvtjzs<io/>
<v>Ihvbzxic vuve: </f>€780n (gdphryza htyk), Knlkbgs 9500
Kzajx Xfawkcn, xnwbg xsgk gqotjpk vj sdymuig ditsls, wxyj lr zqiyz €143l nib xch ebofik nkgqzfwm imau. Xzbqr sqm xxoedml cvw <d anuh="odtim://hnbvbu.uw/zrjdszin/zkhjb-thlocuf-pcbvlabx-nlwc">€402t yj i hpnwv uiumd tedb pazd,</v> ele ogip vxsu udpzbh sapn jd ocbth bv sikqiopr auk rkqj oc xigwck 5118.
Ulb taw rugz zbyh kglc ca mg 50 lrglotte mx yfg alhfv xthtti vvgsk. Sog onct cly zfmlyr ptmyamm igm ykxak pzffewlp ucybklrmc Qgkrjfi Mlphxod dqh Chn Bxywppgfaam Haltbim.
Vstys Jekdobd cydnsrhl ci gwsuwsk po ejnxwhxhvhi acxos.
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