The State of Global VC (and Europe) – TechBBQ Investor Day 2025

The State of Global VC & the European Tech Ecosystem, as presented at the Investor Day of TechBBQ, August 2025.

Key findings

• European VC-backed companies were worth $3.5 trillion combined in 2025, up from $157B in 2010.
• Global startups raised $265B in 2025 to 26 August and are projected to end the year at $405B, above pre-pandemic levels.
• The UK, Germany and France were the only European countries in the global top 10 by VC raised in 2025 to 26 August, led by the UK on $14.3B.
• AI funding rose 2.4x from $71B in 2022 to $172B annualised in 2025, while funding for everything else fell 47%.
• US investors supplied 41% of the VC going into European scaleup rounds since 2020, against 13% at the early stage.