Germany was the sixth highest-funded country in H1 2024, according to the Geo Semi-Annual Report by Tracxn, a global SaaS-based market intelligence platform.
The German tech startup ecosystem raised a total of $2.8B in H1 2024, despite facing a challenging investment climate.
This is a 30.5 per cent decline in funding compared with $4.1B raised in H2 2023 and a 22 per cent drop from the $3.6B raised in H1 2023.
In H1 2024, the country witnessed nine 100M+ funding rounds.
H1 2024’s top-performing sectors
The report also says Enterprise Applications, High Tech, and Energy Tech were the top-performing sectors in H1 2024 in this space.
Funding in the Enterprise Applications Space rose 15 per cent, from $818M in H1 2023 to $942M in H1 2024.
Companies in the High Tech segment saw funding decline 15 per cent to $720M in H1 2024 from $852M in H1 2023.
Funding in the Energy Tech space stood at $624M in H1 2024, a sharp 40 per cent drop from $1.04B raised in the first half of 2023.
However, no new unicorns were created in H1 2024, confirms the report, compared to two in H1 2023.
The acquisition landscape remained active with 81 companies acquired, a 27 per cent decline from 111 acquisitions in H1 2023.
The biggest acquisition in H1 2024 was Novartis’ purchase of MorphoSys for $2.9B, followed by the acquisition of Kyon Energy by TotalEnergies at $98M.
Berlin remains at the top
Among German cities, Berlin took a significant lead in terms of funding, followed by Munch and Cologne.
Tech startups headquartered in Berlin raised $914M in the first six months of 2024, while those based in Munich and Cologne raised $482M and $385M, respectively.
Despite the funding challenges, Germany’s tech startup ecosystem continues to show resilience and adaptability, driven by significant investments in key sectors and regions, says the report.
Having said that, we have listed out the ten biggest German funding rounds of H1 2024. And nine of them are hiring! Do take a look
DeepL
Fundraised in 2024: €277M
Founder/s: Jaroslaw Kutylowski
HQ: Cologne
Hiring status: Yes| Apply here
DeepL is a language AI provider for businesses across multiple industries, including manufacturing, legal, retail, healthcare, technology, and professional services.
DeepL is known for its highly accurate AI translation with DeepL Translator and its AI writing assistant, DeepL Write.
These tools help businesses overcome language barriers and improve communication with innovative technology and enterprise-level security.
Sunfire
Fundraised in 2024: €215M
Founder/s: : Carl Berninghausen, Nils Aldag and Christian von Olshausen
HQ: Dresden
Hiring status: Yes| Apply here
Sunfire is an electrolysis company with two differentiated technologies.
The company develops and manufactures electrolyzers based on SOEC and Alkaline technologies that enable sustainable and cost-effective production of renewable hydrogen, syngas, and e-fuel.
With over 650 employees in Germany and Switzerland, Sunfire is backed by strategic and financial investors, such as Neste and SMS Group, who are global leaders in renewable fuels and steel.
ITM Radiopharma
Fundraised in 2024: €188M
CEO: Steffen Schuster
HQ: Munich
Hiring status: Yes| Apply here
ITM Isotope Technologies Munich SE is a biotechnology and radiopharmaceutical group of companies dedicated to the development, production, and global supply of targeted diagnostic and therapeutic radiopharmaceuticals and radioisotopes for use in cancer treatment.
The company’s main objective is to significantly improve treatment outcomes and quality of life for cancer patients while at the same time reducing side effects and improving health economics through a new generation of Targeted Radionuclide Therapies in Precision Oncology.
ENVIRIA
Fundraised in 2024: €185M
Founder/s: Melchior Schulze Brock
HQ: Frankfurt
Hiring status: Yes| Apply here
ENVIRIA offers companies easy access to scalable energy-as-a-service solutions and the renewable energy ecosystem. The startup takes on the financing, planning, installation, and operation of solar systems, as well as the integration of charging stations and energy storage.
ENVIRIA also leases company rooftop areas, operates solar systems on them, and markets green electricity. To date, the company has built a portfolio of 500 C&I solar projects across Germany
Immunic Therapeutics
Fundraised in 2024: €188M
CEO: Dr. Daniel Vitt
HQ: Munich
Hiring status: Yes| Apply here
Immunic is a biotechnology company developing a clinical pipeline of orally administered, small-molecule therapies for chronic inflammatory and autoimmune diseases.
The company’s lead development program, vidofludimus calcium (IMU-838), is currently in phase 3 and phase 2 clinical trials for the treatment of relapsing and progressive multiple sclerosis.
CargoBeamer
Fundraised in 2024: €140M
CEO: Nicolas Albrecht
HQ: Leipzig
Hiring status: Yes| Apply here
CargoBeamer Group is a logistics service provider in the combined transport between road and rail. The company is on a mission to decarbonise freight transport in Europe on a large scale.
The CargoBeamer system, consisting of patented wagons, transshipment terminals, and logistics software, enables especially non-craneable semi-trailers to be transported by rail, resulting in a significant reduction of CO2 emissions and other external costs.
Presently, trains are operated in Germany, France, Italy, and the United Kingdom.
Tubulis Technologies
Fundraised in 2024: €128M
CEO: Dominik Schumacher
HQ: Munich
Hiring status: No
Tubulis uses proprietary technologies and disease-specific knowledge to create special protein-drug combinations.
It aims to improve antibody-drug combinations (ADCs) by offering more design options and addressing limitations related to toxicity, effectiveness, and indications.
Tubulis plans to develop new combinations and collaborate with industry partners to improve patient outcomes in the ADC field.
INERATEC
Fundraised in 2024: €119M
CEO: Tim Boeltken
HQ: Karlsruhe
Hiring status: Yes| Apply here
Founded in 2016, INERATEC specialises in Power-to-Liquid technology, supplying sustainable e-fuels and chemicals.
Their modular plants use renewable electricity to produce eco-friendly fuels like e-kerosene and CO2-neutral gasoline.
The German company aims to provide sustainable solutions for various transportation sectors, including aviation.
Flink
Fundraised in 2024: €100M
Founder/s: :
HQ: Munich
Hiring status: Yes| Apply here
Flink is an online supermarket offering a wide selection of products that can be delivered straight to customers’ doors within minutes.
From fresh and high-quality vegetables and fruits to a variety of ingredients for meals, the German company aims to provide a convenient and efficient solution for all grocery needs.
Additionally, Flink offers a range of items perfect for a happy hour, making it a one-stop shop for all household requirements.
Finn
Fundraised in 2024: €100M
CEO: Maximilian Wühr
HQ: Munich
Hiring status: Yes| Apply here
FINN is an independent platform for car subscriptions from over 30 brands. Users can subscribe to a car with just a few clicks, and it will be delivered directly to your doorstep in just a few days.
The German platform offers a carefree service and handles insurance, financing, registration, taxes, and maintenance.
FINN also funds climate action by supporting certified climate protection projects and thus offsets the carbon footprint of every vehicle of all drive types – from production to every mile driven.
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