European Spinouts Report – 2025

Inaugural report on the role played by academic spinouts in Europe’s technology ecosystem, created in partnership with Atlantic, MITO Technology, Cambridge Innovation Capital, Oxford Science Enterprises and Northern Gritstone.

Key findings

• Deep Tech and Life Sciences spinouts from European universities are now worth $398B, 84% of all European spinout value and about 7 times their 2016 level.
• Oxford ranks first in Europe for Deep Tech and Life Sciences spinout value creation, its spinouts having raised $7.8B, with Cambridge second and ETH Zurich third.
• European university spinouts in Deep Tech and Life Sciences had raised $7.9B in VC by 12 November 2025 and are on track for $9.1B, double the 2019 total.
• Nearly half of late-stage funding for European Deep Tech and Life Sciences spinouts in 2023-2025 came from outside Europe, mainly the US; at early stage 86% is European.
• All six $1B+ spinout exits in 2025 came from Swiss, UK and German universities, the largest a $3.0B buyout of an EPFL spinout by Vista Equity Partners.