By David Ford, Partner | Published 27 January 2026
European Series B and C funding rose in the second half of 2025, even as the number of deals fell to a five-year low. The Silverpeak LLP Tech Growth Financing report tracks growth stage rounds above €5m across European tech, using PitchBook data as at 2 January 2026. It covers capital invested, deal count, round size, valuation and dilution by series, sector and geography, for founders planning a growth round and the investors backing them.
Half-yearly findings: more capital, fewer deals
Capital invested in Series B and C rounds rose 19% on the previous half to €7.8bn, while deal count fell 26% to 96, the lowest in five years. Series C drove the increase: capital more than doubled, up 119% to €3.2bn, across just 21 rounds, and the average Series C round rose 140% to €151.3m. Series B capital slipped 9% to €4.6bn and Series B deal count fell 29%, the steepest decline in the data, but the rounds that closed were bigger: the median Series B was €31.8m and the average €61.5m.
| Measure | H2 2025 | HoH | YoY |
|---|---|---|---|
| Series B capital invested | €4.6bn | -9% | +32% |
| Series C capital invested | €3.2bn | +119% | +1% |
| Total deal count | 96 | -26% | -17% |
European Series B and C rounds, H2 2025. Source: PitchBook, Silverpeak analysis. Data as at 2 January 2026.
AI and machine learning took the largest share. Capital invested in AI and ML rose from €349m in H1 to €3.3bn, lifted by two September rounds: Nscale’s €946m Series B and Mistral AI’s €1.7bn Series C, of which €1.3bn came from ASML. Without those two, AI and ML still reached €679m, up 95%. On Silverpeak’s wider deep tech definition, which also takes in robotics, space, cybersecurity, climate tech and quantum, deep tech accounted for 63% of all Series B and C capital, against 14% in H1 2022.
Valuations split by stage. The median Series C pre-money valuation reached €709m, a five-year high, although it rests on eight disclosed valuations and a few large rounds. The median Series B pre-money fell 24% on the half to €138m but is still 39% above a year earlier. Dilution stayed low, at 18% for Series B and 13% for Series C.
What investor selectivity means for founders raising Series B and C
David Ford, Partner at Silverpeak, said: “The theme of investor selectivity continues, with more capital going into fewer deals, but investors remain willing to commit to robust valuations and lower dilution where conviction exists.” The UK remained the largest destination for capital. Balderton, Eurazeo and HV Capital led the most disclosed rounds in 2025, while US firms leading more than one European round remained scarce. Headline round sizes also need reading with care: Reneo’s €600m Series B included a €555m bridge loan.
More from Silverpeak
The previous edition, Series B continues to anchor European tech funding, despite a softer Series C, covered Q2 2025. The next, mega Series C rounds power Europe’s strongest half-year since 2022, covers H1 2026. For deep tech in particular, see our Q2 2026 deep tech M&A and financing report. Silverpeak is a boutique investment bank specialising in M&A and financing for technology growth companies. Read more about our growth financing advisory work and the growth rounds we have advised on.
The full report adds round size trends, sector and geographic breakdowns, the most active repeat investors, and the largest Series B and C rounds of each quarter. Download it below.