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European tech investment totalled €72 billion in 2025, with stable deal activity and funding concentrated in fintech, software, healthtech, energy, and AI, highlighting continued investor focus on strategic and infrastructure-driven sectors.
European tech investment reached €72 billion in 2025, making it the second-strongest year of the past three, despite a slight decline from 2024. Deal activity remained stable, with more than 3,740 transactions completed, indicating continued investor engagement across the ecosystem.
Investment was concentrated in a core group of sectors, with fintech, software, healthtech, energy, and artificial intelligence accounting for the majority of capital deployed. Fintech led all industries, attracting €11.1 billion across 397 deals and reinforcing its position as Europe’s primary investment driver.
Software followed with €8.1 billion across 692 transactions, reflecting both its breadth and consistent deal flow. Healthtech (€7.7 billion) and energy (€7.5 billion) formed the next tier, while artificial intelligence secured €5.3 billion, emerging as a strategically significant growth sector.
Beyond these leading sectors, several additional industries contributed to the overall investment landscape. Telecom attracted €4.8 billion, followed by cleantech with €3.1 billion, cloud with €2.5 billion, transportation with €2.3 billion, and semiconductors with €1.7 billion. Together, these ten industries represent the primary areas of capital concentration within the European tech ecosystem.
Quarterly trends indicate relatively balanced investment across the year, with sector leadership shifting over time. Fintech maintained consistent funding levels throughout the year. Software demonstrated steady growth, particularly toward the final quarter.
Healthtech experienced stronger activity in the first and last quarters, while energy peaked in the third quarter, reflecting heightened investment in the energy transition. Artificial intelligence also gained momentum mid-year before moderating toward year-end.
Overall, the European tech landscape in 2025 was shaped by investments in digital infrastructure, financial services, artificial intelligence, energy, and healthcare, with capital continuing to concentrate in large, strategic sectors rather than consumer-focused markets.
This article highlights the largest deals from each of these top 10 industries. In the coming weeks, we will take a closer look at the biggest funding rounds within each sector individually.
For more detailed analyses of the European technology ecosystem, see Tech.eu’s annual report, European Tech 2025 – The Big Picture.
1
Propel Finance (UK)
Amount raised in 2025: £1.5B
Propel Finance is a UK-based fintech lender providing technology-enabled asset finance solutions to small and medium-sized enterprises (SMEs).
Through its proprietary digital platform, Propeller, the company delivers fast and flexible funding for business-critical equipment, vehicles, and technology. Working with a network of brokers, vendors, and partners, Propel Finance enables seamless, point-of-sale financing across sectors such as healthcare, construction, and manufacturing.
In 2025, Propel Finance secured a £1.5 billion funding round to expand its support for small and medium-sized enterprises (SMEs) across the UK.
2
Bending Spoons (Italy)
Amount raised in 2025: €1.1B
Bending Spoons is an Italy-based technology company that develops, acquires, and operates digital products and software platforms.
The company focuses on improving and scaling established applications, including Evernote, WeTransfer, Meetup, and Remini, using proprietary technology and data-driven optimisation. Its products serve hundreds of millions of users globally, and its strategy centres on long-term ownership and continuous enhancement of digital services.
In 2025, the company raised approximately €1.1 billion across two corporate financing rounds to support the continued expansion of its product portfolio.
3
Oura Health (Finland)
Amount raised in 2025: $900M
Oura Health is a Finnish company that develops the Oura Ring, a smart wearable designed to continuously monitor sleep, physical activity, heart rate, and other biometric indicators. Through its connected mobile application, the device provides personalised insights to support users’ health and wellness.
In 2025, Oura secured more than $900 million in a funding round, valuing the company at approximately $11 billion. The proceeds will be used to advance AI-driven capabilities and product innovation, expand global distribution, and introduce additional health-focused features.
4
IONITY (Germany)
Amount raised in 2025: €600M
IONITY is a Germany-based company that develops and operates a network of ultra-fast charging stations for electric vehicles (EVs) across key European transport corridors. Its high-power charging infrastructure supports long-distance EV travel by reducing charging times and ensuring reliable access to renewable energy. The company serves both individual drivers and fleet operators.
In 2025, IONITY secured €600 million in financing to accelerate the expansion of its high-power charging network. The investment will enable a significant increase in the number of charging points and support the broader deployment of renewable energy solutions across Europe by 2030.
5
Mistral AI (France)
Amount raised in 2025: €1.7B
Mistral AI develops advanced generative artificial intelligence models and tools that enable organisations to build, customise, and deploy large language models, AI assistants, and autonomous agents for applications such as search, software development, automation, and data processing.
The company raised €1.7 billion in funding, more than doubling its valuation to approximately €11.7 billion. The capital will be used to accelerate research and development, expand computing infrastructure, and support the global scaling of its AI platform.
6
CityFibre (UK)
Amount raised in 2025: £2.3B
CityFibre is a UK-based telecommunications infrastructure company that designs, builds, and operates one of the country’s largest independent full-fibre broadband networks. Its gigabit-capable fibre-to-the-premises (FTTP) infrastructure serves homes, businesses, public sector organisations, and broadband service providers.
In 2025, the company secured £2.3 billion in financing to support the continued expansion of its full-fibre network across the UK. The funding will be used to increase the number of residential and commercial connections and to explore potential acquisitions of additional fibre network assets.
7
Enpal (Germany)
Amount raised in 2025: €810M
Enpal provides integrated renewable energy solutions for households, including solar panel systems, battery storage, heat pumps, and wallbox chargers. Through flexible purchase and rental models, the company enables homeowners to generate and manage clean energy while reducing costs and increasing energy independence.
The company raised €810 million to expand its installation capacity and further scale its clean energy platform.
8
Nscale (UK)
Amount raised in 2025: $1.53B
Nscale develops and operates high-performance AI infrastructure, providing scalable, GPU-powered cloud and data centre solutions for the training, fine-tuning, and deployment of artificial intelligence workloads. The company emphasises a vertically integrated approach, combining compute, networking, and software tools to support advanced AI development and large-scale implementation.
The company secured approximately $1.53 billion across two funding rounds to expand its AI data centre capacity and support the global growth of its infrastructure.
9
Finn (Germany)
Amount raised in 2025: €1B
FINN provides a flexible car subscription service through all-inclusive monthly plans that cover insurance, maintenance, taxes, and delivery. The platform enables customers to select, order, and receive a vehicle entirely online, offering access to personal mobility without the need for long-term ownership commitments.
The company secured €1 billion in funding to expand its vehicle fleet and support its international market expansion.
10
NXP Semiconductors (Netherlands)
Amount raised in 2025: €1B
NXP Semiconductors designs, develops, and manufactures a wide portfolio of high-performance semiconductor solutions, including microcontrollers, processors, sensors, and secure connectivity technologies. These products are used across automotive, industrial, Internet of Things (IoT), mobile, and communications applications, enabling smart and embedded systems to connect, sense, and operate intelligently.
The company secured €1 billion in funding to support ongoing research and development, advance product innovation, and expand its manufacturing capabilities.
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