Welcome to the latest edition of Silverpeak’s Tech Growth Financing report.
This report provides an analysis of the growth stage funding landscape across European tech companies in H2 2025.
Our methodology is based on total and median values to ensure robust, representative industry benchmarks. Our insights and conclusions are derived from the pitchbook dataset, consisting of European Series B and C fundraising rounds exceeding €5m.
Key findings:
- AI continues to dominate across verticals, driven notably by mega-rounds in the space, including Nscale and Mistral AI in Q3 2025. More broadly, deeptech attracted the highest levels of capital invested across verticals, reflecting investor conviction in differentiated, technology-led assets.
- The geographic distribution of capital remains mixed, but the UK, France, and Germany continue to lead wider Europe, as always. The geographic split of lead investors remains stable, with European and US investors leading the pack.
- Valuation levels increased for Series C, while Series B dipped slightly but remained higher overall over the past five years. Dilution levels remain low, reflecting strong founder leverage and continued investor optimism in early-stage tech growth.