According to Tech.eu data, European technology companies raised around €72 billion in 2025. That makes it the second-strongest year of the past three, slightly below 2024 but still well above pre-pandemic norms. Deal volume stayed steady too, with more than 3,740 transactions completed across the continent. For investors, founders, and operators alike, that stability matters. It signals that Europe’s tech ecosystem is no longer as fragile or cyclical as it once was.

The money, however, did not spread evenly.

Investment concentrated, innovation still distributed

One of the clearest patterns in 2025 was concentration. Capital flowed increasingly into a small group of dominant hubs, while deal activity remained geographically broad. In other words, startups were still being built everywhere, but the largest cheques kept landing in familiar places.

Out of the ten countries with the biggest tech funding deals in 2025, seven are EU members, while the UK, Switzerland, and Ukraine sit outside the EU yet still attract outsized capital, proving that European tech investment in 2025 followed strategic scale, not political borders.

The UK 🇬🇧 once again led the pack, raising €21.5 billion across 830 deals. Germany 🇩🇪 followed with €11.5 billion, while France 🇫🇷 reached €8.7 billion, boosted by several eye-catching late-stage rounds. Together, these three markets absorbed a significant share of all European tech investment.

Behind them, countries like the Netherlands 🇳🇱, Sweden 🇸🇪, and Switzerland 🇨🇭 continued to punch above their weight, particularly in deep tech, infrastructure, and sustainability. Finland 🇫🇮 and Italy 🇮🇹 showed late-year momentum, while Ukraine 🇺🇦 made it into the top ten thanks to a single, very large deal.

Quarterly data added another layer. Q3 was the most volatile period of the year, with sharp peaks in the UK, France, and Switzerland, and noticeable slowdowns in Germany and the Netherlands. By Q4, momentum shifted again, favouring Finland, Italy, and Sweden. Through it all, the UK remained the most consistent market, driven largely by a dominant third quarter.

For a deeper dive into the data, Tech.eu’s annual report European Tech 2025 – The Big Picture remains the definitive reference point.

What follows is a closer look at the single largest deal in each of the ten biggest European tech markets in 2025.

UK – CityFibre

Amount raised: £2.3B

The UK’s biggest tech deal of 2025 went to CityFibre, the country’s leading independent full-fibre broadband infrastructure provider. The £2.3 billion financing package will fund the continued rollout of its gigabit-capable fibre-to-the-premises network, covering both residential and business customers.

Beyond organic expansion, the funding also gives CityFibre room to consolidate additional fibre assets, reinforcing a broader European trend: infrastructure is back in favour. As AI, cloud, and connectivity demands surge, investors are once again backing the pipes as much as the platforms.

Germany – FINN

Amount raised: €1B

Germany’s largest deal went to FINN, which raised €1 billion to expand its vehicle fleet and push further into international markets. FINN operates a flexible car subscription model, offering all-inclusive monthly plans that cover insurance, maintenance, taxes, and delivery.

The size of the round reflects sustained investor belief in asset-heavy, usage-based models, especially those positioned as alternatives to ownership. It also highlights Germany’s continued strength in mobility and industrial-adjacent tech, even in a cautious funding environment.

France – Mistral AI

Amount raised: €1.7B

France’s standout deal of 2025 belonged to Mistral AI, which raised €1.7 billion to accelerate research, expand compute infrastructure, and scale globally. The round more than doubled the company’s valuation to around €11.7 billion.

Mistral builds generative AI tools that enable organisations to develop language models, AI assistants, and autonomous agents for search, coding, and automation. Its rise confirms France’s ambition to become a serious AI counterweight to US and Chinese players, backed by increasingly large late-stage capital.

Netherlands – NXP Semiconductors

Amount raised: €1B

In the Netherlands, NXP Semiconductors secured the largest funding round of the year, raising €1 billion for research, product development, and manufacturing expansion.

NXP’s focus on automotive, industrial, IoT, and mobile semiconductors puts it squarely at the centre of Europe’s strategic tech agenda. Chips are no longer just a supply chain concern; they are a geopolitical asset, and investors are treating them accordingly.

Sweden – EcoDataCenter

Amount raised: €600M

Sweden’s biggest deal came from EcoDataCenter, which raised more than €1.05 billion across two rounds in 2025. The largest, a €600 million round closed in September, positioned it at the top of the Swedish market.

EcoDataCenter designs and operates high-performance data centres built around sustainability, renewable energy, and advanced cooling. As AI workloads explode, Europe’s clean-energy data centre specialists are becoming some of the continent’s most strategically valuable tech players.

Switzerland – Energy Vault

Amount raised: €258M

Energy Vault led Switzerland’s tech funding scene in 2025, raising a total of €325.8 million across three rounds. Its largest round, €258 million, was the biggest single tech deal in the country.

The company develops gravity- and battery-based energy storage systems designed to stabilise grids and support large-scale renewable deployment. Energy storage has quietly become one of Europe’s most investable sectors, sitting at the intersection of climate policy, infrastructure, and energy security.

Spain – TravelPerk

Amount raised: $200M

Spain’s largest single tech deal went to TravelPerk, which raised $200 million at a $2.7 billion valuation. The company provides an all-in-one platform for booking, managing, and expensing business travel.

While Multiverse Computing raised more in total across multiple rounds, TravelPerk’s single raise took the top spot. It also underlined renewed investor confidence in business travel tech, particularly platforms that combine cost control, policy compliance, and user experience.

Finland – Nokia

Amount raised: $1B

Finland’s biggest tech deal of 2025 came from Nokia, which secured a $1 billion equity investment from Nvidia. The partnership focuses on integrating AI into telecom networks and accelerating data centre development.

This deal highlights how legacy European tech champions are repositioning themselves around AI and infrastructure, often through strategic partnerships rather than traditional venture funding.

Italy – Bending Spoons

Amount raised: $710M

Italy’s largest deal went to Bending Spoons, which raised $710 million in a single round. The company builds, acquires, and scales consumer software products across multiple digital categories.

Although Bending Spoons raised roughly €1.1 billion across two rounds in total, this single financing stood out as Italy’s biggest of the year, reinforcing the country’s growing credibility in global consumer tech.

Ukraine – Grammarly

Amount raised: $1B

Grammarly, founded in Ukraine, closed a $1 billion funding round in 2025, one of the largest tech deals of the year. The company’s AI-powered writing assistant is widely used by individuals and teams to improve clarity, tone, and communication.

That single round was enough to place Ukraine in Europe’s top ten tech markets by total investment, despite a lower overall deal count. It is a reminder that scale matters as much as volume.

Conclusion

What 2025 ultimately shows is a maturing European tech market. Capital is flowing less freely, but more deliberately. Compared to earlier boom years, investors are backing fewer companies, writing larger cheques, and prioritising infrastructure, AI, energy, and platforms with clear paths to scale.

When set against US funding patterns, Europe still lags in absolute size. But compared to its own past, the ecosystem looks more coherent and more strategic. Europe is no longer trying to copy Silicon Valley wholesale. Instead, it is leaning into its strengths: industrial tech, connectivity, sustainability, and regulated markets where long-term capital matters.

The biggest deals of 2025 reflect that shift. Fibre networks, semiconductors, AI infrastructure, energy storage, and mission-critical software dominated the leaderboard. Consumer apps and speculative models took a back seat.

If this trajectory continues, 2026 may not be about more deals, but about deeper ones. Fewer unicorn headlines, perhaps, but stronger foundations. And for Europe’s tech ecosystem, that might be the most encouraging signal of all.