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Oct 25, 2023

Q3 2023 | The state of the market for Series B & C rounds in European tech companies

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Welcome to the latest edition of the Silverpeak Series B & C funding report covering the state of the market for growth funding rounds in European tech companies.

The report provides an in-depth analysis of transactions over the last five years and offers insights into Europe’s evolving landscape of growth tech investments.

Report highlights

  • Despite a significant overall decline in 2023 when compared to 2022 (we project a year-on-year decrease of 48% in total deal value, accompanied by an overall 34% drop in deal numbers), there are promising signs of recovery, particularly in deal value, marked by a resurgence in Series C rounds during the most recent quarter.
  • Fintech investment has been knocked off the top spot for the first time in years, with a substantial 40% decrease in the number of deals and a notable 70% reduction in deal values over the past two quarters compared to the preceding six months. This shift underscores a prevailing market trend favouring deeptech, with cleantech and artificial intelligence emerging as the leading sectors.
  • After displacing the UK from its persistent position as the #1 European investment destination two quarters ago, France is once again in the top spot – albeit this time down to a single mega deal. The UK meanwhile still leads the continent in deal numbers.
  • After a pullback, US investors are starting to make a comeback to the European market, leading 36% of the total deals in Q3-23.

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