The European Deep Tech Report 2025

The fourth annual European deep tech report. In a pivotal year for deep tech, how is Europe faring, and how has the breakout of AI influenced deep tech priorities and European deep tech credentials. Created in partnership with Lakestar, Walden Catalyst and Hello Tomorrow.

Key findings

• European deep tech startups raised $15.1bn in 2024, 28% below the 2021 peak, while regular tech funding fell 60% over the same period.
• The UK led European deep tech funding in 2024 with $4.2bn, ahead of France on $3.0bn, where funding fell 27% year on year.
• In European deep tech rounds above $250m, half the capital in 2023-2024 came from outside Europe, with US investors alone supplying 33%.
• Europe hosts 52% of the world's VC-backed nuclear fission startups but drew only 26% of the sector's funding from 2016 to 2024, so they lack scale.
• Startups with at least one female founder took 13% of European deep tech funding in 2024, inside the 10-13% band that has held since 2018.