Where the money in European VC comes from
The share of VC invested in European companies by investor origin, at each round stage. European investors dominate early rounds; from the breakout stage on, most of the money comes from abroad.
Foreign investors supply 58% of European scale-up capital
Source of VC invested in European companies, average since 2020 — by investor origin and round stage.
Methodology. Share of VC investment into European companies by the investing firm's home geography, averaged over 2020–2025, split by round size: early $0–15M, breakout $15–100M, scale-up $100M+. Domestic is the company's own country; intra-European is investors from other European countries. Shares are the report's rounded figures, so columns can sum to just over 100. The origin mix has been materially unchanged over the last ten years. From Dealroom's “From Savings to Sovereignty” analysis — the pension-capital context lives on the Savings & Pensions page.