Welcome to the latest edition of the Silverpeak B & C Financing Report. In this edition, we review the growth stage funding landscape across European tech companies in Q2 2025.
Our dataset encompasses European Series B and C fundraising rounds exceeding €5m, meticulously qualified and segmented to reveal insights and trends over time.
Key findings:
Series B holds firm; Series C dips
- Series B funding stayed strong in Q2 2025, buoyed by higher deal volumes, in contrast to Series C, which experienced a decline, with both deal volume and value trending lower.
Cleantech and fintech drive the rebound
- Cleantech rebounded sharply in H1 2025, with fintech close behind. Crypto is slowly regaining investor interest, especially in infrastructure.
Shifting geography
- The UK surpassed Germany in capital invested. France led in deal count, despite lower deal values.
Non-European investors pull back
- Non-European investor leads dropped to 32% of H1 deals — a two-year low. Repeat investment from US players remains sparse.
Valuations climb, led by Series B
- Valuations stayed high in Series B and C, with multiple Series B rounds exceeding €500m. Low dilution points to strong founder leverage and investor optimism.