In the first three months of 2024, European startups showed impressive resilience by raising $11.8 billion, according to recent data from Crunchbase. This amount is slightly up from the end of 2023 and only a small drop from the same time last year.
Although investment across Europe was a bit lower than last year’s average, European companies still managed to draw about 18% of the global venture capital funds during this period. North America remains the largest investor, claiming just over half of the investment dollars.
Key industries leading the funding charge in Europe include financial services, healthcare, and energy. Artificial intelligence startups also did well, securing $1.4 billion—about 12% of all funds raised in Europe. The United Kingdom stood out as a major hub, claiming 26% of Europe’s total venture funding, with Germany and France each grabbing 16%.
Among the most notable funding achievements, Monzo, a digital bank based in London, raised $430 million, bringing its total valuation to $5 billion. Another significant deal was by Picnic, an online grocery startup from Amsterdam, which raised $388 million.
In a striking shift, early-stage startups received more funding than their later-stage counterparts, totaling $5.4 billion across over 300 companies. This pattern has appeared in most quarters over the last two years as the funding environment has cooled.
Despite a downturn from the highest funding levels, the European startup scene has grown significantly over recent years, with total investments more than doubling in 2021. This continued investment reflects the strength and creativity of Europe’s entrepreneurs and their ability to attract capital even in uncertain times.
