These are the 23 largest European funding rounds of 2023

Over the last two decades, Europe’s startup ecosystem has transformed, evolving from an outsider to a global contender. The region hosts several prominent startup hubs, solidifying its position on the global tech stage.

Government initiatives and supportive policies have also contributed to the ecosystem’s expansion, while collaborative spaces, accelerators, and incubators continue to provide support for budding entrepreneurs.

According to Dealroom, in Q3 2023, the European startup ecosystem experienced a funding surge, securing over $18B in investments, a 27 per cent increase from Q2 2023. The combined value of Europe’s tech ecosystem now stands at $3.4T, emphasising its impact on the global innovation landscape.

So today, let’s take a quick look at Europe’s major funding rounds this year. Check out the list below.

Note: Certain details of these startups, such as founders’ names and the funding raised, have been sourced from Dealroom.

H2 Green Steel

Founder(s): Vargas Holding

HQ: Stockholm, Sweden

Funding details: Green steel producer, H2 Green Steel, raised €1.5B in the largest private placement in Europe this year.

H2 Green Steel produces green steel in a fully integrated production process using end-to-end digitalisation, electricity from fossil-free sources, and green hydrogen instead of coal.

After launching in February 2021, the company claims to have obtained a permissibility permit for its operations in Boden at a record pace, securing a 14 TWh renewable electricity agreement and starting groundwork and construction.

The company’s customers come from diverse industries, including steel service centres, pipe and tube, passenger and heavy commercial vehicles, whitegoods, and construction products.

Northvolt

Founder(s): Paolo Cerruti, Peter Carlsson

HQ: Stockholm, Sweden

Funding details: $1.2B in convertible loan

Northvolt is a lithium-ion battery manufacturing company focusing on providing eco-friendly batteries. It offers lithium-ion cells based on proprietary Lingonberry NMC chemistry in cylindrical and prismatic formats.

The company’s batteries are manufactured with a minimal carbon footprint and with recycling technology without compromising important ecosystems, enabling the auto industry to replace fossil fuels with electricity efficiently.

Zenobe Energy

Founder(s): James Basden, Nicholas Beatty, Steven Meersman

HQ: London, United Kingdom

Funding details: £870M in growth equity VC

Zenobe claims to provide intelligent power and battery storage services for commercial EV fleet operators, power grid operators, and large businesses. 

The company is helping organisations power towards net zero by switching diesel fleets to electric and accelerating renewable energy uptake. Zenobe’s battery storage offering helps electricity networks provide clean, reliable, and affordable power.

It has 175MW in operational and contracted storage assets, 394 e-buses, and an estimated 25 per cent of the UK operational e-bus market, rising to 540 contracted e-buses, its proprietary software and a large portfolio of projects in the pipeline.

Currently, the company works with all major bus operators in the UK including Arriva, Abellio, McGills, National Express and Stagecoach, as well as local authority-owned bus companies, and is enabling the faster take-up of EV buses in the UK.

Verkor

Founder(s): 

HQ: Grenoble, France

Funding details: Battery manufacturing startup Verkor, secured more than €2B in funding.

The funding injection comprises a Series C round of €850M, €600M in bank financing support from the European Investment Bank (EIB) and nearly €650M in French government grants.

Verkor is partnering with major entities to boost low-carbon battery production for electric vehicles and stationary storage in Europe.

Octopus Energy

Founder(s): Greg Jackson, James Eddison, Stuart Jackson

HQ: London, United Kingdom

Funding details: $800M in December

Octopus Energy is a global clean energy tech business serving 7.2 million households across 18 countries. Operating throughout the energy value chain, it manages a £6B portfolio of renewable energy projects. 

Octopus licenses its advanced data platform, Kraken, to support over 52 million customer accounts worldwide. The platform facilitates smart tariffs and innovative cleantech, enabling Octopus to drive the electrification of heat and transport. 

With backing from pension funds, investors, and energy giants, Octopus Energy Group delivers affordable, green energy and “cutting-edge” technology globally.

Conigital

Founder(s): 

HQ: Birmingham, United Kingdom

Funding details: £400M in Series A round and £100M in debt

Conigital specialises in connecting city infrastructures with digital assets, revolutionising traditional industries for profit, social impact, and sustainability. 

The team, with a track record of managing over £1B of funds, adopts a multi-disciplinary project partner approach. Their expertise is applied to develop and implement “innovative” technology and infrastructure projects, to positively impact over 100 million lives globally.

1KOMMA5°

Founder(s): Jannik Schall, Micha Grueber, Michael Hinderer, Philip Liesenfeld, Philipp Schröder

HQ: Hamburg, Germany

Funding details: The German startup raised €430M in a Series B round that helped it reach a valuation of €1B in just 23 months.

1KOMMA5° is aiming to be a one-stop-shop for solar, electricity storage, and charging infrastructure in Europe. Investing in key players in the electrical sector, it provides entrepreneurs with software solutions, services, and growth capital. 

With recent expansions in Denmark and Spain, the company plans growth, targeting €500M in revenues by 2023 and €10B by 2030. Their mission includes converting 1.5 million buildings to cleaner energy and developing a leading platform for climate-neutral solutions. 

Currently, 1KOMMA5° is operating in seven countries with 68 locations.

Mistral AI

Founder(s): Timothée Lacroix, Guillaume Lample, Arthur Mensch

HQ: Paris, France

Funding details: Raised €450M from investors including Nvidia Corp and Salesforce, at a valuation of $2B. The deal comprises over €325M in equity from investors, with Andreessen Horowitz leading the talks to invest €200M in funding. 

Mistral AI specialises in generative artificial intelligence. It aims to develop new models of generative AI for companies, combining scientific excellence, an open-source approach, and a socially responsible vision of technology.

The startup was launched in May and valued at $259M in June, following a record $113M in seed funding, the largest-ever seed round recorded in Europe.

Butternut Box

Founder(s): Kevin Glynn, David Nolan

HQ: London, United Kingdom

Funding details: Butternut Box, a fresh dog food company, raised £280M from new investor General Atlantic, with participation from existing investor L Catterton.

Butternut Box was founded after co-founder Nolan’s rescue dog Rudie experienced health problems. The company claims to serve only the highest quality, freshly–prepared meals for dogs, delivered straight to customers’ doors. 

Butternut Box offers 12 fresh meal options and a variety of treats, chews, and supplements.

Currently, the company operates in the UK, Ireland, the Netherlands, Belgium, and most recently Poland following its April 2023 acquisition of PsiBufet, a fresh dog food company in Central and Eastern Europe.

Abound

Founder(s): Gerald Chappell, Michelle He

HQ: London, United Kingdom

Funding details: Abound raised £500M to expand its offer of smart, affordable loans to more UK customers.

Abound (Formerly Fintern) is a credit technology platform. It uses open banking and AI to analyse customers’ financial circumstances and offer loans. “We offer loans of £1,000 to £10,000 for up to 5 years. Representative 24.8 per cent APR,” says the firm.

Atlas Agro

Founder(s): Petter Østbø

HQ: Altendorf, Switzerland

Funding details: Raised $325M in August

Atlas Agro aims to feed the world sustainably by developing, building, and operating global renewable nitrogen fertiliser plants. Each plant can feed 16 million people from excess crop production, addressing food security. 

Notably, the company produces with zero emissions, utilising only air, water, and renewable energy, in contrast to traditional fertiliser plants that emit significant amounts of CO2.

SumUp

Founder(s): Jan Deepen, Marc-Alexander Christ, Petter Made, Stefan Jeschonnek

HQ: London, United Kingdom

Funding details: Fintech company SumUp secured €285M in a fresh round of funding at a valuation of above $8.6B.

SumUp enables businesses to accept card payments in-store or on the go. Serving as the financial partner for over 4 million small businesses globally, SumUp offers a financial services super app with a free business account, card, online store, invoicing solution, and payment options. 

Integrating into its proprietary card terminals and POS registers, SumUp has expanded its offerings, including cash advance collaborations, Tap to Pay on iPhone, and SumUp One—a consolidated membership plan. 

The company is actively exploring merger and acquisition opportunities for further international expansion.

TechMet

Founder(s): Brian Menell (Current CEO)

HQ: Dublin, Ireland

Funding details: $300M in December

TechMet is a private investment company focused on securing the supply of key metals crucial for the growth of EVs, energy storage, and renewable energy. With interests in production and development assets in Africa, North America, and South America, TechMet plays a strategic role in supporting sustainable technologies.

COMPASS Pathways

Founder(s): Lars Christian Wilde, George Goldsmith, Ekaterina Malievskaia

HQ: London, United Kingdom

Funding details: Biotech firm COMPASS Pathways secured $285M in private funding.

COMPASS Pathways is a biotech company dedicated to advancing mental health solutions.

The company focuses on innovating psilocybin therapy with its proprietary synthetic psilocybin, COMP360, coupled with psychological support, aiming to assist individuals who don’t benefit from current treatments.

COMPASS Pathways claims that COMP360 has earned Breakthrough Therapy status from the US Food and Drug Administration (FDA) and Innovative Licensing and Access Pathway (ILAP) designation in the UK for treatment-resistant depression.

ITM

Founder(s): Steffen Schuster (Current CEO)

HQ: Garching near Munich, Germany

Funding details: ITM, a radiopharmaceutical biotech company, raised €255M led by Temasek with participation from BlackRock Alternatives, Qatar Investment Authority (QIA), Nextech, ATHOS and Carbyne.

ITM Isotope Technologies Munich SE is a private biotechnology and radiopharmaceutical group. Specialising in the development, production, and global supply of targeted diagnostic and therapeutic radiopharmaceuticals for cancer treatment, ITM has established GMP manufacturing and a global supply network. 

The company is actively involved in clinical development with a proprietary portfolio targeting various cancers. ITM’s mission is to improve cancer treatment outcomes and quality of life while minimising side effects through Targeted Radionuclide Therapies in Precision Oncology.

OVO Energy

Founder(s): –

HQ: Bristol, United Kingdom

Funding details: Raised £200M in July

OVO Energy revolutionised the energy experience to be fair, green, and simple for all customers. With its sustainability strategy, Plan Zero, OVO is dedicated to addressing the climate crisis by committing to be a net zero carbon business by 2030.

The company aims to involve customers in the journey towards zero carbon living, helping them reduce household emissions. 

Additionally, through the OVO Foundation, a climate-focused charity, OVO is actively funding climate action and education projects for children across the UK, creating a greener and brighter future.

Builder

Founder(s): Sachin Dev Duggal, Saurabh Dhoot

HQ: London, United Kingdom

Funding details: Raised $250M in Series D round in May

Builder.ai is an AI-powered low-code/no-code app development platform that builds software and apps up to 6x faster and up to 70 per cent cheaper than traditional human teams. 

The AI-powered assembly line fuses Lego-like reusable features, using Building Blocks automation to reduce human effort and produces apps at almost zero failure rate, making it cheaper and faster than traditional software development.

The company offers a range of products like Builder Studio, Builder Cloud, Builder Care, Builder Now, Builder Hive, Studio Store, and Studio Rapid.

Enpal

Founder(s): Mario Kohl

HQ: Berlin, Germany

Funding details: Raised €430M in June by BlackRock, ING Group, DWS Group and Phoenix Life.

Enpal is on a mission to make renewable energy accessible to everyone. Offering solar solutions, including storage and wallboxes, the company provides a package with a six-month decision period for rental or purchase.

The company’s goal is to build the largest renewables community in Europe, championing a digital, decentralised, and 100 per cent renewable future.

YFood Labs

Founder(s): Benjamin Kremer, Noel Bollmann

HQ: Munich, Germany

Funding details: Raised €215M in February

YFood Labs is a foodtech startup specialising in ready-to-drink meals, catering to the market for convenient and nutritious alternatives. The company’s nutrient-rich drinks offer a quick and healthy option for busy professionals and health-conscious consumers. 

Operating on a direct-to-consumer model through its website, YFood provides individual purchases or subscription services for regular deliveries.

Helsing

Founder(s): Dr. Gundbert Scherf, Torsten Reil, Niklas Köhler

HQ: Munich, Germany

Funding details: Raised €209M in Series B round

Helsing believes that software – and, in particular, artificial intelligence – will be the key to keep liberal democracies from harm. The company aims to achieve global technology leadership in real-time information processing and turning unstructured sensor data into information advantage for democratic governments.

Helsing supplies AI technology for defense and national security. The real-time software platform processes data