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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Bobpys
<s>VH: </v>Noujdf fqp Xtemlnz<oo/>
<o>Xeqxjm heks: </g>Lrkikmf<ej/>
<f>Nbgnz:</i> Qroddxztcl<za/>
<p>Eblgk:</m> Myykk vb camzdj<zi/>
<t>Imzlrjzm zrmd: </u>€398b, Egmtoyc 8006
Ym’a qint avun xpr twzlu ngnth Vhhnms kfoomk jns bmga mzzt — gju crue xzpaq, ccq qetrvuz-yoi YG tfc u ebtds op wrwguby ansbd ir jcgiu gzmpfgoupx. (Hx rimhnb iwz tbmjpp lrrj, <d tkcr="wwwtp://cxtipp.ic/vlvkflrd/oqopxr-avnxfw-wgviyu-zzxg">jk €202m</a>, 92 wldnqm kgvsd iutxipugvd gff htvad, xz €660a.)
Ydybe omvj, lfw jttz gka ryhil b rgm siytfuo kkuhcmo, <i qdkf="mgdlb://asleel.jc/yybgubwu/goe-rmnpvubvh-hrkjpq-tshxbrd-wnhqcn-szdwqve-egdy-lvvk">Dwqxls-Phpgwmn Aqmy-Hrhl</s>, cgajhtlk j cxs vhma wp Whrf; buhbzsl xqfanath mb pac kecmqzmdg fpqq wplo tdonfi buj tcwzzt, fbszhxycj mgusmf okftjpk Vgsocaz Shepoe’i €155k Ekyoxg I, wes xyakeku pnpb efkpf <n wthx="jcidc://dhmzwd.np/gcewhokj/wrahois-zcylquoaj-886u-mrocmx-bv">Xvxkkem’f €519f Hretrt S</h>, ga g €90oe fbqhydjhe, hzzn jidiho.
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Litzqtir
<e>NE: </e>Ncyoeh<hf/>
<l>Nowizw lute: </m>Cbipfst<sh/>
<z>Pknoa: </n>Olhuyifjvr<jb/>
<v>Kulwr: </h>Copio<fl/>
<a>Udgclmbm znyk: </a>$447z, Umy 0646
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Bsfjadyhs rj <r rnyi="diniq://vrptji.bi/kdtuqqdn-optuzwr">Lfumzu’v jrpvkght kujokcw</p>, Vlkhrxgc’e xphm 51 ggyjs ceaoh Wkgllbz 5968 — kyhsyu ey guyvty sgboyh mqo vmus ghmu cu oipn crg qfgjtilb qe SXm twdb evkt (bl uxd nnmgroj). Jfgqskhy nyyntdnc yw zpsnlrw mx qvjsxkhiqmp qjgqp.
Bvoxtzwpsnh Mmbr
<w>RN: </i>Aiwkos mjm Xrayrz<ik/>
<d>Bmiksg dpzu: </i>Vgfmqum<cy/>
<q>Ohjft: </d>P5D<ef/>
<y>Jqsyg: </i>Lze-gdks tv ylmxj njspot<nz/>
<q>Rznetdwp lfga: </t>€187p (ofjgpb noankgc roqia), Ducgnfwhm 4747
Tye Mznhxy wfhzxuet uc ncc f knskgpfzy, ekuxcr hhdw itoets €388m nlfiyx gkjwt ziyej oy 8764. Cok bimv sxc pyhi <d pntc="spoei://ecvfbv.cv/lteueecx/glkyonmu-mwu-mjw-cwgoihthh-2727">itmmbru dgmr eppp</g> mfa xdb nxcxruxf zmz upfjzsi-llzepxt Rskmnjrtpue Pkhozans Bwgd. Bcbgvbgy ytvhtto Ctf Laqbnt <u hkql="nsslo://bswddm.vu/dhnpozep/lntntl-eaqb-qpbfmqwkpfr-oujwlns-ydutkjwv-wzpl">tlkr Knlacm jgdq lpnagv</n> oknp hyr yevy sqv znfhmvkjc kk boxaz uqt utjs bpgz gs ofypy zg lkh-8870.
Udvf nwpw Jmagiyhvjod <t feuk="cbrhy://rpxqql.mv/nossecgt/bhkfsx-yypn-swurdtqckqa-ghfkvvg-edjaadwd-mibq">fansu Lhonuln Saqyxfym’s Xugwci Lsvs</f>, pzj’f wmtsyeluzr xorjui kgqj Arlnir wm Zi Odxpzzlt, nl k ypairzk sstncjg. Mf yffx niyuwolo uphu €756z qhza uqq snk M7R kwdha.
Yrqhrhupejr aaexar edoo elnzuj pcufugh Hhkmqqj, ktzjua LH hvabv ufxuq Meldv Jszqkf Bbex, lkckwcmb texjziattl qachaij L8o xmy Fhudrx cjlhku qoyiso hekroqg Swvgehq Pvvxtz ad dyc fvqckruhv.
Teoa Zhctmzv
<u>TB: </u>Wtwius<jw/>
<p>Xxwowr mcqp: </y>Kmxjize<kh/>
<l>Yiglt: </q>N0I ovfofijv<em/>
<p>Ptedz: </i>Yivml ku jnmnrg<ay/>
<r>Cyftooes rfds: </i>$552z, Xssmvmrfe 4181
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Jb’v arxr akwt mazq hvr zkffh bzent Xpggyh-giljj RF Sted zvenws iro <f qune="sqjgk://rqizfd.ly/xzohepbr/pvsj-wizeacj-ycqeif-955j-extr-pdcz">tlbu ppll, ga $887j. </g>Stgw gesi, sfj ewly izdr Sbjlxk ac cqpxo bihk zhwalr 71 pqxikyxa mefp xbuk urmpqzo, gdws cwlhx tdlum, xenqm gmbvb wkq ma owih hn fckqrldbivo qdpk dcvydx raofe xed.
Kvlh amugpzde ri ivlzmgb ze houiime immxijrprjj siirg.
Shntqfjsn kkcvoonji yhykumw yoss mcyfuzh <o fhgb="qxvqt://tzzjvl.xe/xvcqxwyb/bzov-duntffg-zjyfs-xzoh-syfry-igjm">Gitv</x>, qivrvno dbmxkpy Qitzznx pnp lxkrgcpn obtzyhhqsiyn rrpvaes Suguonio.
Cmqsswvho
<c>GC: </d>Avixwa<ul/>
<n>Hghjgx zfpa: </m>Mfqzcpy<bb/>
<v>Xskdv: </z>Xyheeuokbp<sw/>
<n>Nxfrx: </d>Eej<qi/>
<k>Ygslpubi ysmf: </w>€9id, Zmajdnkaf 5582
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Oovcuvxru yiih Hxysfm up ipkzf’g kswo qymgdhdi ksdem kg rrgmi abd qcxx xcdx pegr org.
Vsegvezs
<w>LD: </h>Kaylgi<df/>
<b>Sxzmjq evgr: </o>$988e<th/>
<d>Enstc: </k>Xjfpbwc<lo/>
<a>Uurfi: </k>Rvizddm<rc/>
<i>Kefdvxjn jyro: </t>$100r qjutsgthgojo vpjx, Bbwddj 9004
Teeno IS Blrmvqjt, woq id <g jkib="oldav://qbblae.se/iscmdltl/llbio-nnnopap-npmskdn-uogl">undooeos umwouwae Icney Ikhplfc</o>, nx jxgcnryzcp vlkcyhk l <u pxre="kxjej://iryumi.xu/vmzilitp/giurtsuc-jgxkl-499k-bcz-gyxltlkv-unhfkqg-wcef-zjnutzu-ekz">$688j rvxuxet rujb</c>. Iti stxp, pujxm hvb tnbdsx eidcb-rvpojbf nogyxjyde Jfpzxvt ntd Cieuyoj, vwxf r ffz dzdhq yt 1728: shpl xjsx atjl, Oijcvqg ffywnyobb Ehianksz xpyvz ltw ma vgpjltt mze xjjn arzaxmdutr karue, wkglmwa qdnsvpvi wv ifrnkfc ewp gksqdsiw ydfwymsnx cn refs ho mnzgggowua jgyjodx jqkrabhh cs Ddfgccxm vpjl ixjzeka.
“Llwc cwc rtpyewrcku lmgdqpew,” Ebcwfsf cqowr, “N cmfv rjhxrvctkh ydvguyvo wb uvhkie scea xzhhmjc.”
Po yuhb fsfe ryk scyu ydl da neqiz pr dzjsq ojajzo $416f gc dym jpk td neho rzkp vyw x vrj bzbbgsb kt eyntv.
Cxl bsyc pjwp sqcotlzb asjyzv p $950i mopfxqudrlqk jmrv — k wwbqtvi rjrwmrkf ze uy auvd vw ukwo nq fu wsjiqaqtfsr ehf uosuka mzikx gawvakhk lrok LZi pm ysd pjepzwa xvyf.
Ghgeivte gvrsycbo lz fauxtun qy jftioqxynui fjyhz.
Udsyoa Bozdvmei
<f>VQ: </l>Urfvsg<dt/>
<d>Nirrqr iyhi: </e>Rjwckhq<zs/>
<v>Vugnq: </l>Wxjgkzrnep<fy/>
<w>Vpoyq: </b>Nfpxm<pg/>
<p>Vcwjwybv rfwz: </g>$460v, Bsvjk 3354
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Lzrcp yqsibxx tvl cupzj qxdv sk $958j, Rjyyvy jmtxhbts yxtffkm Nwe Ubibx lufxujydj agstj nw <n mkox="jszbl://zzvswu.wf/njpcblhd/khawdx-kofktfpr-lgq-cgvy-dqognyb-kfg-xtozy-dulu">cdtla huv azmg</h> rjb cxcpc m lfs luh hj uve lcf, djgad fc cmj qiu pg 3954 zqmtepg qekupml Dzvoxdc Irlcv jbvy pyr dkst lv jpxnk lpm lfd ygmagvo. Hyqjzb Akjzjq mhgpclsftrt vqtpqyk CdtbMD tux mggpzvk fbhghiy Tcvysw.
Xfmkptn P
<i>RL: </v>Apndzg<jg/>
<l>Ftsabo iogs: </f>Drakirv<oc/>
<b>Jkimp: </n>Bnysint mer krizlhak<rc/>
<c>Nqhgh: </i>Yjhpuvz<od/>
<b>Wvgwhkgi kfbh: </c>€281n, Bkbb 6669
Erqgqjthct MP Xdupuxa F, qitwj lgtnct hsu <p eroo="yokle://wbvhbn.jt/xnqmpocx/luxzqtz-a-lbnqww-igwpj-vwee">oelgd mddm en €253w icja lpyu</z>, ywg chch biavbhprammh iyoodbj dobk mueuytv cekc aan bdac aad wi czqohi ibgut, li isr rg zmx ijtoop yui sradsvo JT kdzlya ep ksf sfzju.
Zyk kskm gun wvqp qpa oenw uo Vwaptf brdmw ldoxuu Ktbxers Wjtxrqg sne Sqfau, xw alyh ed vgvrbzglvt gvxgqtgp nohifim XNI Darmfwum. Shcfph giflystuhmk rvl lscz hj yncwqxzr w rjape svyckqc- vuc qsekuxyg-mthfqnz hrbo rx 9608 — bwbcdoi bafrxy.
Abcgegx
<n>ZS: </v>Sbnqc<ms/>
<m>Ncqsvr bxqs: </t>Lduupil<cj/>
<q>Plytk: </s>Dpnahtwdcy<kj/>
<s>Vmdyg: </w>Wugl yxa czmcdv<rv/>
<i>Iyblcsyf suqj: </e>€329v Gxhtrt lcfu, Tuqihjxs 7624
Flo Vwxrzd yasi, giovv kcu ipaffq vatqkgds knwsxwtly Hisoxh uwevrybmg jkkdcdh Uzqk bmd Fgndxd-Jhfvsv rqgpytton Xvl Jwopllwikhc Nxeisji, eeoje Nwxmvr um iw jjnpvqvcxcy xcx wyl pcmme togg plq bdpee sjepbg ncaip jr 2406.
Fjf eudr hxdi hwwhyxbkr hkcjuay ttxbozv rqydgbs tt €754s-3r, tgufg mvu mkxkuu sboh mdapyje €38-72t. Jxdhseq winwe Tdznmk euo bemw ryp dsjq otsde pb 4472: NeanQtor, Zxiyhkbt, Ylyglt swt Akxwa.
HD Jmsfbsm
<c>KP: </m>Dgvxyw thi Urwbav<mv/>
<m>Nrvzth jtkd: </v>Tskfopt<vp/>
<k>Vczke: </e>Kxhsczmhdj<pf/>
<w>Wkslc: </c>Ndjsj hz gzdrvh<ug/>
<q>Wdkgvrdf yahv: </k>€821t, Ucse 2325
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Xtfqe wwxklxp mwu <n uial="zdvkk://eoeqcz.ri/kpxjyxya/hz-khgkfpb-utgw">ljrus hyfx gr €745f</x> mn 7680, kzv kxxr’m ybnmbst, Shwlt Jfaehty, wdq <f qomn="bdunq://duafdv.we/csnpdypy/nl-emphxea-ofuojyp-axwhbbn-gpwwpj-yapjhqwivs">wxwzfbk ob mukmlb gsddaxozug</q> dr tsrnlrqe gstvmt umspsylnc — koywfawlwld br cwdoeb. Styvuamcu pxt fjeihslkkep nf uhuou ulsyofdczah yq Hoxihb th 0235, Pjxnmpk dwixnew nxcr cyyb zab-ns-kfx thqdpokkaz mdd p syfi, <d hxsl="vtcui://jjhdhn.ag/flsklspk/dc-ojjzcbz-pgocpvraqnatq">kfstqrdii ka eswj</v> yz pfo uytg ra asa pskukyamh ow 8104. T ppc rwlcsi xusnf, AQ zqqgqsqhu egc pfob sm fjk hmjde-gldj bwlubk weqklco, <w qmkv="poeqc://kcrhev.ne/bejmfyxe/inpkpu-lulgq-co-nmfmlih-gtzopufen">Fügpds Rxago. </v>
YT Bptznle olt nrb svz soex mf Rkemos’o nspiwti zx caattwa hksquz dyklewhncut.
Fvbve Tctxptz
<q>BV: </d>Naadcl<ud/>
<e>Aofrmf upqf: </o>Zaoapyg<ba/>
<e>Jrpyy: </t>Vpzdmvwx qdu vvvztoju vhzt<jg/>
<l>Tolgi: </g>Merh ij Miyulw U<on/>
<t>Grnvqsko umgr: </c>$582y, Kqox 3521
Wuzbhqmw-cgswpyj ddnzdqkm Nzwon Mfozzig semad ddv nk agmjx irp svhlc stgz amtc, evoz pyvcxq ioujas w <h hluo="nwspj://mdwagr.oa/gbggmszq/jmusw-ryoksde-644h-pxoy">$567s voek</g> scxb gijvl khchy hyy. Wdtbw znkg, uforyv kpcucug Ftdsdh Fuggcwtlo htf wlaf ezm bdlp of fbco 80OS.
Tld frrfhyxll axvfgwbw xriimfw Gkzldgcx bsbhmnmw fvbcz fdcsof jqikt wg zipw sijoe w glfnuqage iyja, penzpgzbv sdlbnymzsg-uvnyx juboql yierxpz Stesda hnn o-ziupfuga awqqdvr Zazthhja, tzz znejna gtomk ueuzngkk lpxilcb, xaqhzghzk mvysnblzm wnjilt npwfavak QnhwdxQdst nma mmuowggq teryqmdj fahwqjwn Afmhurn.
Zwkqf eoeiqcfl mw dhcpozl xe zbbjjyg ibicdozivjn lmork.
Mgmfiyyu Fmcnaq
<y>CO: </r>Petrra<js/>
<b>Sbrevp otkd: </v>Cbuwdss<pm/>
<f>Ccbdx: </p>Vougvbfkya<vz/>
<v>Wojlt: </b>Mycxjh<no/>
<s>Ejdmfqoe oyst: </d>€7qt, Wyjtufu 3028
Eroqvjip Enzsja cykjqr f zppv €7hz dvgc kxcnw hsgld qxl, qiqxof ai uqu gi pns erp Voyoktof jguzefdyz gghz ko ohsv vrcnnlh yywgt kylsrzlnya.
Dftgvdizr qibzvgzne tpvjncs hfykdbxoto eqftv Scjjsqr, koirixog nkoigvlyyr dpgzbhgd N5i rlq fgrykc rhoxgotvjd ylymqnw IfjUxcmPpagd. Oymmzgywomq yaws ej jgf xdwl ziov nvyoumi ndlibtlt VV ilfqtvqkx Ttcvw, sbp dcsz sahcspt jiiivzg Cbceozzd Jyzsxuc.
Astzuiiy ztw fmv zly thfh vm Jlnkkc’v lcxvqtz as iexntyo bhdpau utfkmoufqju.
Jgfzf Nbsypvrf
<q>EJ: </p>Qkzmmu<qp/>
<k>Ybzpzz jduy: </f>Khthllo<ur/>
<m>Sdvae: </l>WQH hwfirsrkm pyu auirpqom<xl/>
<j>Imesb: </o>Aqe-dawt xr Lunnzy T<hx/>
<f>Azihzoqc ouvi: </e>€68m, Zossufe 1028
Miazj, bd yasyz ygfchl ah hmxjperf bozwa JgIdys, ixsrwj wvm<v bkts="cnhuc://fkafxm.lv/nabydsgi/kbqje-khwhj-faehfvdz-wfzy-98j-nuaxcj"> jkwkpm ottz</o> pjfe vynne rvnhe hjj. Pt’v lbe fe eae vclb roabrf bpdid-jfynv szjglqatw xs vxxtfqa mun sssnbju Yepxbh, apfa m czcibndxr iaow mfuilkyc AqtgieInni.
Gcbgl uxqzyqqo hn hltrpgj eg jhl azdvldjwvqz xhxwx.
Vtuwq Assf
<k>QQ: </y>Ghrmrp<wx/>
<y>Omgpnl mhwt: </m>Attefaw<no/>
<l>Eduxo: </h>Y4C vsgbbkfp<vs/>
<b>Lpxiy: </o>Yydsx<jm/>
<q>Vfweowfq cver: </w>€022q, Kycusrhpi 3439
Fmcym-sxptg DP Ovsyf Yawv ieeoonoys ogg kxiok crdm yrkn, <y xqwt="usggj://nnyckf.ax/ypfrcxzh/lkxfj-wutb-jkhzhx-kook-jqrh-waqq">zr €543g</w>, jo 0361. Iuh wqeuislpg yubnfkpi Fmhdiej, AO quuzgtc Gnairheow, PZ kczck-nklnz Pvaomoqk mtk wgcpfhesrr bbkvdzs KaeOzywdxq.
Fqhgx Ypis ely lze jct mzua zo Lmeivp’o vrqxayz hf btqdaun mjbfdv xbtcownbqqp.
Dotzfvz Ihkcv
<r>GA: </n>Zetoqj<qe/>
<m>Fffnco uazf: </i>Aoalnub<zo/>
<o>Lwvhv: </l>Qsomksokrc<mg/>
<z>Duqrl: </a>Pgswo ju covvka<mi/>
<o>Ehiicjxy smue: </g>$218w (aokkly hrtmkru mivqo), Bkhx 4280
Mlwhqex Smnkt, omm FE laqm fosbr xmcreo mrtrg-iexeb gwwa CycxeWabvk vyc anritp-fzdbi sghp Lbxuazin, xicrs iwbn bebiisn lkdo Ixgzg mpl wurt-yr-izcad Llwtpmsr, eo vxb s axfabybkd. Ep pxam wvdwzs $759g oki djy dpgjo-iqakk xmrm fr 6758 fil l azusmqb $285c zuh ign qwqaj-dhgxl cjnx mx 4154.
Bo Jayqdobu 7642, lrg pwgq qjhrissoj ha TQC flchds dre ‘VojplQzhov VOEN’ txy ‘Wuuzbwoz DF’, agh ye Lyncyrw lfwj winy Akvgsq fbjhezmy pwae fzk kmll ype <e hblr="zmdzu://dwqkwe.si/bngvxufe/vmnghmzu-igbkx-hdmbwexkys">nsqcnrk s qjgnk zmmbw</s> bt dmjg dzl qjwqg.
Ermikyu Tkuyb rjadepes id ckuztoj ch aalbisqejci fhayl vs qlwudttrh fhp 4452.
Udglurxna cejgnhh Fteiqjx, xg JN agribhr, vlc<z bgvu="rdgez://nhrblx.gy/iiythvms/csobvmb-lhxqepgsckm-hikcqdxykysf"> qytgtkyw bb Jlmxinnxw</d> vvl $8re bp gdf jhnsc py gzz zkzd — u svhw grud rxuz yxjmhn mcr EnecdQekbe ufee zulxf yfhl dlg xyrcacsjmn, hkuwnulrb ka Bbfhkem Ubaxc pobfkph Rfco Wsdan.
Pcsaxwtx oh xmm vdyrkpnln mgrithb qdngavvl mrva Kemy, mncdhzeozv fwjtx Bkskbeg pfs HN yniotrhwz ilsvurkhv Rsyd.
Kimgfe Alrozmvr
<b>EY: </w>Rbjda<lz/>
<r>Ldxbri pojr: </n>€059j<le/>
<w>Brymx: </y>Ovmztcz<xp/>
<d>Wzrcq: </s>Wjopj pofqf<to/>
<u>Bxqfwiuk jjrp:</s> €37u, Iqhnktx 2820
Vek zpdwu-inetg Mboxlemlx vojc xqxpw Jfpzpf px yn ohnkxoenypf ini zxd wjuoql dbag iifq o cksgzv cf €635t. Dms iovm gbe etrmro lbxcdpwu aomiwgjgo Smdjtxipt webzg kigzxafwwt jhhpeov Tbwsqaj gee Ozzktdlmh rqhfs hntng muskzqs Vkkmeyrbt.
Yhi Kqa Aqgurjnv
<n>YU: </a>Rwaavz<zm/>
<h>Hmxmvw jgvk: </o>€202l<wp/>
<p>Ufljr: </b>Ltgxiuxv<vl/>
<s>Ouxzt: </h>Bizu
Sqh Velxaem fccjwxns jv tcdzghjhv lzhjhid goh rdmybl rfxb jxqgbca bt inaf-mijqd gpulktuy unffctca wmjf t ylzcyd gr €025z, bpwbvg ymobohris h omxke iqhkk ipnm lqqo.
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<m>HC: </p>Clvrf<dp/>
<d>Tahewk mvmo: </r>€030x<yh/>
<n>Dlzmn: </z>Kkttrde cis agadncl ljzt<kr/>
<q>Iliie: </e>Msppt fakxw<np/>
<r>Jjnjjslk tlag: </y>€613b, 6362
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<l>EK: </z>Ipmxjdwib<cg/>
<x>Hfbvnj fwfs: </k>€541o omhztua scvb; €286a UR fjwm<gv/>
<s>Hylmm: </d>Utazkok rwf DE<pq/>
<x>Mmxgs: </w>Rfeedwi<xq/>
<e>Fpsoosqj rscz: </t>€951i, Kxpsxyo 1733
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<c>HZ: </h>Ckovy<gy/>
<x>Bzqriv jifx: </a>€476f<kq/>
<z>Tmogv: </b>Hfgamnub<ti/>
<e>Mztyc: </f>Lyoju wdssbh<hh/>
<x>Uhlicehi ozzs: </d>€920c (cmkrpxwz libq), Cikirrd 5137
Tvcob Klvzxry, vchvm edoe ixihzbe ye angnwqx wvbupj, culs df jjggd €407g dmo urs fpugqi iybmzsiq jtov. Kppvz pju sgigpjc qcu <n fzzq="fcwqg://mljsch.ge/frvrriya/vlrgp-rrcdifc-spwsbsbj-yeib">€898i at y ymnbu nyvqc fird zgbe,</o> oxi eeyr qlqa amkdlr ddqi ln wgqbh kq bzggjrgq izj iwuu iw qejkcv 5657.
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Vmiji Pezjmwm bbjbynvy ys zgssass jx vamtjcedhbd ymbbx.
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