Despite a cautious VC climate and ongoing geopolitical jitters, European startups are still attracting serious cash.
Covering everything from AI drug discovery and space launches to quantum software and fusion energy, the continent’s startups raised €19bn in the first half of 2025, according to Dealroom data.
We’ve crunched the numbers so you don’t have to. Here are the 20 largest startup funding rounds for H1 2025. (Note: This list includes only startups founded in 2015 and later.)
1. Helsing — €600M
HQ: Munich, Germany
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Helsing builds AI-powered software for defence systems, designed to help democratic governments respond to modern security threats. It raised €600mn in a Series D round led by General Catalyst — a huge endorsement for Europe’s rapidly growing defence tech sector. The deal brought Helsing’s valuation to €12bn, making it one of the continent’s most valuable private companies.
2. Isomorphic Labs — €508M
HQ: London, UK
A DeepMind spinout using AI to model molecular biology, Isomorphic Labs aims to dramatically speed up drug discovery. It raised €508mn in March, signalling the faith investors have in AI’s promise to reshape pharmaceutical R&D.
3. NEoT — €350M
HQ: Paris, France
NEoT offers financing solutions for clean transport and off-grid energy projects, like electric buses and solar battery storage. Its €350mn round is less about flashy tech and more about enabling Europe’s green infrastructure at scale.
4. Verdiva Bio — €348M
HQ: London, UK
Verdiva Bio emerged from stealth in January with a whopping €348mn for a new range of drugs aimed at tackling the obesity epidemic. It was one of Europe’s largest-ever biotech VC deals, indicating the investor appetite for the booming weight loss market.
5. XY Miners — €254M
HQ: Lewes, UK
XY Miners raised €254mn in a late-stage VC round in April 2025 to expand its cloud-based Bitcoin mining operation.
6. Neko Health — €250M
HQ: Stockholm, Sweden
Founded by Spotify’s Daniel Ek, Neko Health offers AI-powered full-body health scans for early disease detection. Its €250mn Series B in January was a big vote of confidence in preventative healthcare.
7. Multiverse Computing — €189M
HQ: San Sebastián, Spain
Multiverse Computing builds quantum software for sectors like finance and logistics. Thanks to its €189mn Series B round in June, the company has become one of Europe’s best-funded quantum players.
8. Auro Travel — €180M
HQ: Madrid, Spain
Auro operates a premium ride-hailing and chauffeur service for businesses — essentially a high-end Uber for corporate clients. The company raised €180mn in a late-stage VC round in February 2025, with plans to scale across Southern Europe’s mobility market.
9. TravelPerk — €170M
HQ: Barcelona, Spain
TravelPerk manages bookings, payments, and policies for corporate travel. It brought in €170mn in a Series E round in January 2025 to expand globally, as business trips continue to bounce back.
10. Windward Bio — €169M
HQ: Basel, Switzerland
Windward Bio emerged from stealth in January with €169mn to develop new treatments for cancer, immune conditions, and rare diseases.
11. Dojo — €161M
HQ: London, UK
Dojo builds payment and business tools for service-focused brands — think salons, cafés, and event spaces. It raised €161mn in a growth equity round in May 2025, which it hopes will help it compete with players like Square and Stripe.
12. Synthesia — €152M
HQ: London, UK
Synthesia lets users create AI-generated videos from text for applications such as corporate training and marketing. Its €152mn round brought it to a €1.9bn valuation.
13. Isar Aerospace — €150M
HQ: Ottobrunn, Germany
Isar, which builds small rockets for satellite launches, pulled off Western Europe’s first orbital rocket launch earlier this year. In June, it secured a €150mn convertible loan, taking its total raised to north of €600mn — making it Europe’s best-funded space startup.
14. Ori Industries — €149M
HQ: London, UK
Ori builds infrastructure for managing workloads across cloud and edge networks. The €149mn raise positions it well as edge computing demand heats up.
15. Quantum Systems — €149M
HQ: Gilching, Germany
Quantum Systems manufactures electric drones used in defence, mapping, and agriculture. It raised €149mn in a Series C round in May 2025, becoming Europe’s latest defence tech unicorn.
16. Quantexa — €148M
HQ: London, UK
Quantexa uses graph-based AI to spot fraud and financial crime. The company raised €148mn in a late-stage VC round in January 2025, taking its total funding past half a billion euros, as it pushes deeper into sectors such as insurance and defence.
17. Solaris — €140M
HQ: Berlin, Germany
Solaris offers a Banking-as-a-Service platform that enables businesses to integrate regulated financial services. It raised €140mn in a Series G round in June 2025.
18. Zepz — €140M
HQ: London, UK
Zepz owns WorldRemit and Sendwave — two major digital remittance platforms. With €140mn in new funds, it’s doubling down on mobile-first money transfers in emerging markets.
19. Azafaros — €132M
HQ: Leiden, Netherlands
Azafaros develops small-molecule drugs targeting rare metabolic disorders. The company raised €132mn in a Series B round in June 2025.
20. Proxima Fusion — €130M
HQ: Munich, Germany
Proxima Fusion is developing stellarator reactors for nuclear fusion, aiming to create a new source of virtually limitless clean energy. Its €130mn Series A round, raised in June 2025, is the largest round ever raised by a European fusion startup.
The big picture
So far, 2025 has seen a heavy concentration of funding in AI, biotech, defence, and deep tech — with startups like Helsing and Proxima Fusion raising record-breaking rounds in their respective fields.
Unsurprisingly, startups in the UK and Germany dominated the charts. But don’t overlook Spain and France, both of which had multiple startups raising north of €150mn.
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