The European startup market’s data doesn’t match its energy — yet
Despite recent high energy at Slush, European VC data shows the market hasn't fully recovered, though positive signs suggest a turnaround.Summary
The European startup market's current venture capital data, through Q3 2025, indicates it has not fully recovered from the 2022-2023 global reset, with investment volume pacing to match previous years rather than exceed them. A significant weakness is VC firm fundraising, which is on track for its lowest total in a decade, according to PitchBook analyst Navina Rajan. However, positive indicators suggest a turnaround is imminent. U.S. investor participation in European deals is rising again, attracted by lower valuations compared to the U.S., especially in AI tech. Recent high-profile funding rounds for European AI startups like Mistral and Lovable, led by U.S. VCs, and the successful IPO of Klarna, signal growing confidence. Furthermore, European founders are now exhibiting global ambition, inspired by successful predecessors, leading major firms like EQT to significantly increase their commitment to investing in the region.
(Source：TechCrunch)