Throughout the year we track various data points across the European tech ecosystem, and the mid-year mark is a great time to review numbers and highlight significant milestones and what the implications might be, as well as identify trends.
Half year data (three year view, €B)
Comparing the same (H1) three-year period, the data points to a market increasingly defined by capital concentration rather than deal volume. H1 2024 was the funding peak, with €50.1 billion invested across around 2,000 deals.
H1 2025 saw funding fall by more than 30 per cent year-on-year, while deal activity remained broadly unchanged, reflecting a more disciplined investment environment.
In H1 2026, funding recovered to €44.1 billion despite deal count falling to just over 1,740. The divergence between capital deployed and transaction volume suggests investors are continuing to concentrate larger amounts of capital into fewer companies.
