316 venture capital funds raised a total of €17 billion in 2025. This represents a 29% decrease compared to the previous year, which had seen a slight improvement. Despite this decline, investments in startups increased, driven by strong growth in the defense sector.
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Venture capital: European funds raise less capital, but invest more
This is the new reality for venture capital funds since 2022: it's becoming harder to raise new funds. The war in Ukraine, the sharp rise in interest rates, and the resurgence of more traditional private equity have deterred many institutional investors.
