As the year wraps up to a close, we’re reflecting on what’s gone on in Europe’s startup ecosystem. It’s been a pretty interesting year, to say the least, and we’ve been at the front lines of bringing you all the recent and more important updates as they come.
From shocking exits and acquisition deals and bumper-funding rounds to lay-offs and market expansions, 2022 has brought a little bit of everything to Europe’s startup ecosystem, and it’s been quite the ride to be part of.
While 2022 has brought up some of the greatest challenges of our generation (energy, climate, war – to name a few), it also presented some of the biggest highlights. The year got off to an exciting start, full of optimism and high hopes after 2021’s record-breaking year. But, as the year progressed, some things started to take a decidedly more pessimistic outlook.
Fintech took the top spot this year, followed by Greentech and HealthTech. Fintech tends to be pretty flush with cash, and we predict that GreenTech and HealthTech will be two major growth areas for 2023. This year, the total amount of money raised by European tech companies reached around $85 billion – a 17.5% decrease from 2021. While that might initially sound quite alarming, it’s important to remember that 2021 really was a year for the history books and 2022 was still quite an impressive year – and still more than the total of 2019 and 2020 combined.
So, just what were the biggest funding round this year? Our team investigated.
Ps: Our list features privately held startups founded after 2012, that raised money after 1st January 2022.
Stockholm-based H2 Green Steel raised €3.5 billion in October 2022. Founded in 2020 the Swedish startup had raised a total funding amount of €5.6 billion to date. The startup aims to accelerate the decarbonisation of industry by harnessing the power of green hydrogen – particularly focusing on the steel sector, one of the largest carbon emitters. H2 Green Steel caught our attention when we created October’s GreenTech Overview as it pioneers innovation in this growing, and vitally important, market.
London-based Gen H secured €1.16 billion in January for its visionary mortgage lender solution, dedicated to making homeownership work better for everyone. The round was led by Waterfall Asset Management and now the British scaleup has secured a total funding amount of €1.7 billion. Founded in 2019, Generation Home is transforming the housing market by making it a more accessible space for first-time buyers. The platform simplifies the home-buying process and promotes better financial wellbeing.
Stockholm-based Northvolt bagged €1 billion in July for its production of lithium-ion batteries, that are more eco-friendly and sustainable. Founded in 2016 the Swedish startup has now raised a total funding amount of €6.7 billion. Electrification and renewable energy storage are the keys to a carbon-neutral society, and eco-friendly batteries will be critical in the unfolding green transition and shift towards a cleaner, more sustainable world. The firm raised €886 million in 2019, which powered the development of Europe’s first gigafactory.
Milan-based Eligo raised €966.5 million in December in a round led by Fondo Rilancio Startup. Founded in 2016, the Italian startup has now landed a total funding amount of €1 billion. Eligo, which is the product of a merger between Sator Milano Bespoke and Mesamis Milano, is shaking up the experience of having a personal stylist. Using digital tools, it creates a personal experience and aims to spread the bespoke Italian style worldwide, giving users the chance to create their own style and reach a new level of style luxury.
London-based Curve secured €940 million this December in a round led by Credit Suisse. Founded in 2015, this British startup is on a mission to simplify the way people spend, send, see and save money – vitally important in these turbulent economic times. The fintech firm is addressing different trends in the industry, notably the fragmentation of financial services and new convergence layers, to create a more connected, tailored financial service. Now, the company has raised a total of €1.13 billion. It raised €78 million in 2021 as it expanded across Europe and the US.
London-based Checkout.com landed €940 million in January of this year to provide payments for the growing digital economy. Founded in 2021, the fintech has now raised a total of €1.7 billion. The company’s aim is to help businesses and their communities thrive in this icnreasingly digital world, by offering innovative payment solutions that provide personable insights and expertise to help navigate the complexities of a constantly-changing world. The firm now counts over 1700 employees across 19 global offices.
Berlin-based unicorn Enpal closed €855 million in debt funding this December. The round included senior debt commitments €585 million from internationally leading investors BlackRock Alternatives, ING, Pricoa Private Capital (the private capital business of PGIM) and UniCredit as well as two ancillary working capital facilities of €150 million provided by ING. Founded in 2017, the German startup is on a mission to accelerate Europe’s energy transition through accessible solar technology. We chatted with Mario Kohle, the founder and CEO, earlier this year to learn more about the company and it’s rapid growth.
Alicante-based AntalGenics bagged €807.7 million in February – its first funding round. The biotech company is focused on the design and development of new active molecules for biomedical and dermo-cosmetic applications, aiming to transform scientific results into products and services that will leave a lasting positive impact on people and society. The firm was founded in 2016.
Istanbul-based Getir raised €721 million in March this year, before going on to make that big acquisition of German competitor, Gorillas. This funding round was led by Mubadala and Tiger Global Management and the firm has raised a total of €1.7 billion. Since the merger with Gorillas, if not even before it, Getir has consolidated itself as a titan in the grocery delivery space and has become a familiar brand across Europe since its 2015 launch. Last-mile delivery is a constantly changing space, so let’s see what 2023 has to come for this one.
Tallinn-based Bolt picked €628 million at the beginning of 2022 in a round led by Fidelity Management and Research Company, Sequoia Capital. Founded in 2013 the Estonian startup has secured a total funding amount of €1.88 billion. The Estonian super-app is on a mission to accelerate a societal shift from owned cars to shared mobility across Europe’s cities – sparking a green mobility revolution. The vision is to harness shared mobility to enable city dwellers to easily move around in a safer and more sustainable way. What started out as a ride-sharing taxi app, has now grown into a European titan of sustainable mobility.
By the way: If you’re a corporate or investor looking for exciting startups in a specific market for a potential investment or acquisition, check out our Startup Sourcing Service!
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