In Q1 2025, approximately €429M was invested in Dutch startups. Based on estimates of unpublished amounts, the total amount is around €460M, according to the Quarterly Startup Report.
This means that the total remains virtually the same for the fourth quarter in a row – an indication of stagnation in the market, adds the report.
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.
Investment declined by 59%
Compared to Q1 last year, when more than €1B was invested, this represents a decrease of 59 per cent.
Number of deals down for the fifth consecutive quarter in all phases. A total of 79 deals were counted in Q1 2025, 11 per cent less than in Q1 2024, when 89 were counted.
This means that the number of investments has fallen for the fifth consecutive quarter.
Received €460M in funding in Q1
As in Q4 2024, large outliers above €100M remained absent, while there were several such large deals in Q1 2024.
The largest round this quarter was that of Mews ($75M), which also accounted for one of the largest rounds in the first quarter last year, at $110M.
This means that investments in Q1 2025 are comparable to the previous quarter (Q4 2024), in which at least €416M was invested (estimated: €460M).
“Time to wake up in the Netherlands too,” says Lucien Burm of the Dutch Startup Association.
“We are not yet sounding the alarm, but standing still means going backward. Not only did we lose our position as Europe worldwide, but within Europe, the Netherlands is now losing importance. With the current geopolitical and economic unrest, instead of reactive measures, broad and deep investment in the business and investment climate is the recipe.”
€58.4M in Seed deals
The decline in later-stage investments is offset by an increase in the importance of seed deals (€1–€4M).
In Q1 this year, €58.4M was invested in this category, more than 15 per cent more than in Q1 2024 with 50.6M. Seed deals now account for almost half (47 per cent) of all investments.
Top 10 largest investments in Q1 2025
The top 10 largest investments of Q1 2025 together accounted for €320M, more than 75 per cent of the total last quarter.
- Mews – $75M
- Leyden Labs – $70M
- Alesta Therapeutics – €65M
- Vivici – €32.5M
- QuantWare – €20M
- Thorizon – €16M
- Varmx – €15M
- WorkWize – €13M
- Sirius Medical – €10M
- Stacks – $10M
The Netherlands drops to seventh-eighth position
In contrast to the Netherlands, the total investment volume in Europe remained stable compared to both Q4 and Q1 last year.
The Netherlands dropped in the European ranking from fourth-fifth place to seventh-eighth position. Other countries such as Spain, Sweden, and Ireland did manage to attract multiple large rounds.
The stabilisation in investments isn’t just due to general market trends, like the growth of deeptech and medtech, or the lack of exit opportunities. The Netherlands is similar to other European countries in these areas.
In the United States, a record $100B was invested in Q1 2025, the highest quarter since 2021. A significant portion of that came from a single round, with OpenAI raising around $40B alone.
Moving forward
The Dutch market has been stagnant, with four straight quarters of around €460M, raising concerns about the growth potential of startups.
However, investor sentiment is mixed, and the effects of the recent trade war on Dutch startups are uncertain. This situation could make large companies hesitant to make big acquisitions.
On a positive note, venture capital may become more appealing if stock markets stay volatile or decline. Many investors still see opportunities in European technology, especially in areas like defence, hardware, and deep tech, says the report.
“It is interesting to see that in times when the world seems to look different every day, startups in the Netherlands have been raising approximately the same amount of capital for four quarters in a row,” says Thomas Mensink, CEO of Golden Egg Check.
“So there seems to be a strong foundation and that is positive. At the same time, I am concerned about the ‘opportunity costs’; if Dutch startups have more difficulty raising growth financing on acceptable terms, it will become increasingly difficult for them to play a significant role internationally,” adds Mensink.
“We can be proud of the Dutch entrepreneurs who, together with investors, realise world-class deeptech innovations. Investments in companies such as QuantWare, Thorizon, and LeydenLabs prove that the potential is there and that confidence in Dutch technology is growing. Especially now that international trade is under pressure, the importance of these companies and a strong investment chain in the Netherlands and Europe is only increasing,” says Myrthe Hooijman, director of ecosystem change and governmental affairs at Techleap.
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