2024 was the third-best year for Dutch startup funding, following 2021 and 2022’s peaks: Quarterly Startup Report

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2024 was the third-best funding year ever for Dutch startups, following the peak years 2021 and 2022!

According to the Quarterly Startup Report, Dutch startups and scale-ups raised an estimated €2.5B in 2024. This is an increase of 19 percent compared to 2023 when €2.1B was invested.

The Quarterly Startup Report is a collaborative effort by Golden Egg Check, Dealroom, KPMG NL Emerging Giants, the Regionale Ontwikkelingsmaatschappijen (ROMs), NVP, Techleap, Invest-NL, and the Dutch Startup Association.

26% decline in investment

According to the report, the top 3 biggest investments in Q4 of 2024 are:

However, despite these strong figures, there was a decline in Q4, says the report.

In Q4, €460M was invested, 26 per cent less than in Q4 2023 (€620M) and 2 per cent less than in Q3 2024 (€470M). The number of deals decreased by 25 per cent, from 114 to 85, compared to Q4 2023.

18% decline in the number of deals

The number of deals is significantly down compared to previous years. In 2021, 2022, and 2023, there were approximately 415 investments per year (or around 105 per quarter).

However, in 2024, only 342 published rounds were recorded, indicating an 18 per cent decrease.

Decline in pre-seed investments

In 2024, both the number and percentage of deals valued below €1M declined.

While in 2023, one-third of investments were below this threshold, by 2024, this share decreased to just 25 per cent, even with a reduced overall number of deals.

Delay in fundraising

According to the report, the fundraising landscape has become more challenging for both startups and investors.

Startups are struggling to secure follow-on rounds due to a decrease in Seed and Series A rounds. 

As a result, they often need extension, bridge, or top-up rounds to continue operating.

Investors, or venture capitalists (VCs), are also experiencing longer timelines in raising their funds. Many are settling for smaller fund sizes than they initially aimed for, and some even decided to stop their fundraising efforts entirely, adds the report.

Thomas Mensink, CEO of Golden Egg Check, comments, “After a good start in the first quarter, I had expected and hoped that after almost two years of relative status quo, investment growth would pick up.” 

“Unfortunately, that was not the case. Many startups are having a harder time attracting follow-on funding, investors often have to step in with additional capital and they need more time to raise new funds. So there are still many challenges. A better exit market in 2025 can ensure that investments also come on stronger,” concludes Mensink.

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Vigneshwar Ravichandran

Vigneshwar has been a News Reporter at Silicon Canals since 2018. A seasoned technology journalist with almost a decade of experience, he covers the European startup ecosystem, from AI and Web3 to clean energy and health tech. Previously, he was a content producer and consumer product reviewer for leading Indian digital media, including NDTV, GizBot, and FoneArena. He graduated with a Bachelor's degree in Electronics and Instrumentation in Chennai and a Diploma in Broadcasting Journalism in New Delhi.

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