Deep Tech in Europe: Startups, Venture Capital, Exits and Innovation (Dealroom)

Summary

• Bpifrance is the most active European deep tech investor with 414 rounds across 316 companies.§2
• EIC Fund follows with 391 rounds and HTGF with 274.§2
• Northvolt leads all-time total funding at $7.7 billion, followed by Mistral AI at $6.2 billion.§2
• London raised $9.1 billion in European deep tech venture capital in the last 12 months to end of Q3 2026, ahead of Paris at $6.8 billion and Munich at $5.0 billion.§3
• Mistral AI's $3.3 billion Series D in Sep 2026 was the biggest European deep tech round of the period.§4

Key insights

1. Venture Kick recorded 163 rounds and Verve Ventures 138, both headquartered in Zurich.§2
2. Eutelsat OneWeb has raised $4.9 billion and Helsing $3.3 billion in all-time total funding.§2
3. Stockholm raised $2.8 billion and Helsinki $1.5 billion in the last 12 months to end of Q3 2026.§3
4. Isomorphic Labs raised $2.1 billion in a Series B in May 2026.§4
5. Helsing raised $1.8 billion in a Series E in Jul 2026.§4
6. Wayve raised $1.2 billion in a Series D in Feb 2026.§4