2017 has seen another strong year of fundraising for European VCs

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European VCs have raised more than €10.6B funds since 2016

VC funds raised (€B) and # of VC funds closed per year by fund size

Global investors are taking notice of the world-class technology companies backed by European venture capital, and the returns being generated. Since 2012, more than 1,800 venture-backed technology companies, born in start-up hubs across the continent, have been exited. The results are clear: last year European VC fundraising hit an all-time high of €6.4 billion

Michael Collins

  • Invest Europe

First-time funds account for ~25% of funds raised by VCs in Europe and have raised €3B since the start of 2016, although the data shows a slowdown in number of first-time funds being closed

Funds raised (€B) and number of funds closed per year by fund type

Even if the absolute numbers have slowed, Europe continues to see the emergence of first-time VC fund managers targeting a diverse set of geographies and sectors

Selected first-time fund launches in Europe in 2017

FirmCountryFund sizeFocus areas
Apex VenturesAustria€10MEarly-stage, Austria
Axeleo CapitalFrance€25MEarly-stage, France
BlackFin Tech FundFrance€100MFintech, Insurtech, Regtech
Brighteye VenturesFrance€50MEducation
Crowberry CapitalIceland€33MEarly-stage, Iceland
Firstminute CapitalUK$85MEarly-stage, Europe
Icebreaker.vcFinland€18MEarly-stage, Nordics
Rooks Next Capital UK£28MMedia & entertainment
Suir Valley VenturesIreland€20MEarly-stage, Ireland
VentureFriendsGreece€20MEarly-stage, Greece
Wave VenturesFinland€1.2MEarly-stage, Nordics

Funds raised in France, Germany and the UK account for two-thirds of VC funds since the start of 2016, but the past few years have seen large increases in funds raised in new geographies, including Spain, Netherlands and beyond

VC funds raised by country of GP by year

European countries can take the lead of the digital revolution. In France alone, investments in start-ups tripled over the past three years. More can and must be done to build the digital champions of tomorrow, with investments in deep technologies and while keeping in mind the requirement of digital inclusion.

Mounir Mahjoubi

  • French Secretary of State in charge of Digital

The sum of total funds raised is at an all-time high, but since the number of new funds closed has not been increasing, the average fund size - both in terms of mean and median - has increased significantly

Median and mean fund size at final closing by year

European VC fund sizes have increased significantly

increase in mean VC fund size in Europe since 2012