Can you give me an analysis of the the European VC landscape during H1 2025 including a breakdown of capital distribution by sector and round, as well as a leaderboard of who were the most active VCs, and how many of rounds raised went to gender diverse founding teams?
Venture capital investment in Europe during the first half of 2025 presented a complex picture marked by resilient, albeit inconsistent, capital deployment, declining deal volumes, and a strategic shift towards larger, later-stage investments in specific high-growth sectors like AI and defense. Total investment figures for H1 2025 vary by reporting source, with KPMG citing $30.9 billion ($16.3 billion in Q1 and $14.6 billion in Q2)Venture Pulse Q2 2025 - kpmg.comkpmg , PitchBook reporting totals of both €27.5 billion and €29.2 billionFrance And Europe Caught In H1 2025 Global VC Slumpfrenchtechjournal +1, Rothschild & Co. tallying $21.8 billionGrowth Equity Update | Edition 40rothschildandco , and Dealroom calculating nearly $28.9 billion (€24.53 billion)European companies that raised the top 10 funding rounds in H1 2025siliconcanals . This activity occurred amidst a fundraising slump, with only €5.2 billion raised by European VC funds in H1, putting the year on pace for a decade lowEurope's VCs Are On Pace for Lowest Fundraising Year in ...bloomberg +1.
The European VC market in H1 2025 was characterized by a "value over volume" approachEuropean Venture Capital In Q2 2025 Remained Resilient Amid …crowdfundinsider . While capital investment remained relatively stable compared to late 2024, deal counts fell significantlyQ1'25 Venture Pulse Report Europekpmg .
Investment in H1 2025 concentrated heavily in AI, which accounted for over a third of all European VC deal valueQ2 2025 European Venture Report | PitchBookpitchbook . Other leading sectors included Software, Fintech, Healthtech, and a resurgent Defense tech. Data from various sources provides different totals and rankings.
One comprehensive analysis from Rothschild & Co. ranked the top five sectors by capital raised in H1 2025 as followsGrowth Equity Update | Edition 40rothschildandco :
Sector | Capital Raised (H1 2025) | Deals (Count) | Key Deals & Notes | |
|---|---|---|---|---|
| Software | $3.18 billion | 63 (> $20m) | Includes AMBOSS ($260m), TravelPerk ($200m), and Quantexa ($175m)Growth Equity Update | Edition 40rothschildandco . | |
| AI | ~$3.0 billion | 21 | Includes Helsing ($690m), Isomorphic Labs ($600m), and AI21 Labs ($300m)Growth Equity Update | Edition 40rothschildandco . PitchBook reports AI funding reached €10.1 billion in H1 2025Tariffs, exit drought and fundraising woes hold back ...pitchbook . | |
| Fintech | $2.7 billion | 32 | Includes Rapyd ($500m), Dojo ($190m), and Scalable Capital ($175m)Growth Equity Update | Edition 40rothschildandco . Innovate Finance reports a higher total of $4.4 billion across 653 dealsFinTech Investment Landscape H1 2025innovatefinance . | |
| Biotech | $2.7 billion | 35 | Includes Verdiva Bio ($411m)Growth Equity Update | Edition 40rothschildandco . | |
| Climate Tech | $2.1 billion | 35 | Includes Green Flexibility ($420m), Skynrg ($330m), and Proxima Fusion ($145m)Growth Equity Update | Edition 40rothschildandco . |
Other sources provide alternate figures and highlight additional key sectors:
Investors in H1 2025 demonstrated a clear preference for established, later-stage companies, leading to a decline in early-stage transactions but a rise in average deal sizesEuropean Venture Capital In Q2 2025 Remained Resilient Amid …crowdfundinsider +1. Pre-seed and seed activity lagged, reflecting investor cautionEuropean Venture Capital In Q2 2025 Remained Resilient Amid …crowdfundinsider .
The following table summarizes investment by stage for Q1 and Q2 2025, providing a view of the first half of the year.
Funding Stage | Q1 2025 (Capital / Deals) | Q2 2025 (Capital / Deals) | Total H1 2025 Capital (Approx.) | |
|---|---|---|---|---|
| Seed | $1.6 billion / ~850 dealsState of Fundraising in Q1 2025: key findings from market ...seedblink | $1.9 billion / 845 dealsGermany Leapfrogs UK To Lead European VC Investment ...crunchbase | $3.5 billion | |
| Early-Stage (A/B) | $5.4 billion / >280 dealsState of Fundraising in Q1 2025: key findings from market ...seedblink +1 | $5.0 billion / >270 dealsGermany Leapfrogs UK To Lead European VC Investment ...crunchbase | $10.4 billion | |
| Late-Stage / Growth | $5.6 billion / >80 dealsState of Fundraising in Q1 2025: key findings from market ...seedblink | $5.7 billion / 75 dealsGermany Leapfrogs UK To Lead European VC Investment ...crunchbase | $11.3 billion |
Momentum increased for Europe's most active investors in H1 2025, with eight of the top ten firms increasing their deal count compared to H1 2024These are the most active VCs currently in Europebebeez +1. UK-based VCs were particularly prominent on the leaderboardEurope’s VC Pulse Check – H1 2025 | Anthony Chow - LinkedInlinkedin . Overall, 13 investors made at least 20 investments in H1, and 50 investors completed 10 or more dealsH1 2025 reviewdatocms-assets +1.
The following table ranks the most active VCs by equity deal count in H1 2025These are the most active VCs currently in Europebebeez +1.
Rank | Firm | HQ | H1 2025 Deal Count | Change vs H1 2024 | |
|---|---|---|---|---|---|
| 1 | SFC Capital | UK | 62 | -15 | |
| 2 | High-Tech Gründerfonds (HTGF) | Germany | 39 | +2 | |
| 3 | Mercia Ventures | UK | 32 | +17 | |
| 4 | Speedinvest | Austria | 31 | +17 | |
| 5 | Antler | Global | 29 | +3 | |
| 6 | Fuel Ventures | UK | 28 | +19 | |
| 7 | Y Combinator | US | 27 | -8 | |
| 8 | Haatch | UK | 22 | +14 | |
| 9 | Seedcamp | UK | 22 | +7 | |
| 10 | Kima Ventures | France | 22 | -1 |
Significant gender disparities persist in European venture capital. While there is momentum in certain areas, all-male founding teams continue to capture the vast majority of both capital and dealsEurope's unicorn surge in H1 2025 leaves female founders ...techfundingnews . All companies that achieved unicorn status in H1 2025 had exclusively male founding teamsEurope's unicorn surge in H1 2025 leaves female founders ...techfundingnews .
Data for H1 2025 shows a persistent gap in funding allocation.
While specific deal count percentages for H1 2025 are not available, the most recent data from late 2023 and early 2024 illustrates the distribution.
These figures highlight a disparity where teams with female founders secure a higher percentage of deals than they do of total capital, indicating smaller average round sizes compared to all-male teamsInsights into Europe's Female Founders in Venture Capital: A ...nextround .