H2 2025 European Tech Growth Financing Report (Silverpeak)

Summary

• In H2 2025, the number of disclosed public deals fell to a five-year low, while total capital invested in Series B and C rounds increased.p.3
• Series B and C investment increased by 19% HoH in H2 2025 despite a 26% HoH decline in deal volumes.p.4
• In H2 2025, Series B raised €4.6bn and Series C €3.2bn, while total deal count was 96.p.4
• Series C average deal size reached €151.3m in H2 2025, up 140% HoH, its highest level in five years.p.5
• Deeptech capital invested reached €4.9bn in H2 2025, up 92% HoH, and now represents 63% of Series B and C capital versus 14% in H1 2022.p.7
• Series C median pre-money valuation reached €709m, up 161% HoH, a five-year high driven by a couple of large outliers.p.10
• Mistral AI raised €1.7bn in its Series C round, of which €1.3bn was contributed by ASML.p.12

Key insights

1. Q4 activity was quieter than Q3 largely because of the absence of outliers such as Nscale's €946m Series B and Mistral AI's €1.7bn Series C completed in September 2025.p.4
2. AI and ML capital invested rose 854% HoH, driven by the large Nscale and Mistral AI rounds, and even excluding them reached €679m, a 95% increase.p.6
3. Series B median deal size was €31.8m and average €61.5m in H2 2025, while the Series C average rose sharply to €151.3m.p.5
4. The UK led H2 2025 as the destination for capital invested, while the split against Germany, France and the rest of Europe remained uneven and volatile.p.8
5. Balderton, Eurazeo and HV Capital were the most active repeat lead investors in publicly disclosed Series B and C deals in 2025.p.9
6. Series B median pre-money valuation was €138m with dilution of 18%, while Series C dilution was 13%.p.10
7. Outside mega-rounds, the largest Series B financings per quarter clustered in the €100-€300m range.p.11
8. The largest Series C rounds were generally smaller than recent Series B mega-rounds, typically between €50m and €200m.p.12