According to the Tech.eu database, European tech companies raised €4.2 billion over the course of September 2024. Although this amount is almost two times higher than the amount a month ago, compared to the same month a year ago, the number decreased around 70 per cent (in September 2023 European tech companies collected €16.5 billion).
Despite that, the startup sector demonstrates resilience as new ventures secure funding to develop innovative solutions and establish a solid foundation. More established startups are adapting to market changes by streamlining operations, refining business models, and optimizing product strategies. The sector’s resilience and adaptability are crucial factors to monitor as the market evolves.
Nenad Marovac, founder of DN Capital, commented the September numbers within the European tech investment landscape in our September Tech.eu Pulse, a compact version of the monthly report:
It’s striking that September’s 10 biggest deals weren’t primarily AI-driven, but more focused on core fintech, consumer and B2B SaaS – sectors in which we see strong upside potential.
The data from September offers an encouraging glimpse of what’s to come, with momentum building toward a busy Q4.
Investors are poised to capitalise on opportunities, setting the stage for a strong finish to 2024 in European tech.
For his more detailed review as well as more in-depth analyses of the European tech ecosystem, including industry and country performance, exit activities and more, check out our September report.
And here is the list of 10 biggest European tech deals in September which collected together around 33 per cent of the total amount collected this month.
Nexi (Italy)
Industry: Fintech
Amount raised: €220M
Nexi is Italy’s leading PayTech company and a key player in the country’s digital payments landscape.
The company partners with approximately 150 banks to provide end-to-end omni-channel technology that connects banks, merchants, and consumers.
Nexi aims to transform the way individuals and businesses handle payments and collections, promoting the growth of digital payments and facilitating the transition to a cashless society, which is vital for the country’s modernization. It operates in three main areas: Merchant Services & Solutions, Cards & Digital Payments, and Digital Banking Solutions.
Recently, European Investment Bank lended Nexi €220 million to support digital payment innovation.
eGym (Germany)
Industry: Sports
Amount raised: $200M
eGym is a global leader in fitness technology, offering health and fitness facilities innovative workout solutions powered by a robust ecosystem of connected gym equipment and software.
The company enables gym operators to provide a complete workout experience through its smart equipment and digital tools, supporting members on their fitness journey with data-driven insights to keep them motivated and help them achieve a healthier lifestyle, both physically and mentally.
In September, the company has raised $200 million of growth capital to support the continued expansion of the EGYM Wellpass corporate wellness network and further development of innovative digital solutions, smart strength equipment and tech-enabled products for data-driven and personalized training, allowing fitness club operators to deliver a distinctive experience to its members.
Alan (France)
Industry: Fintech
Amount raised: €173M
Alan is a French company that began by offering health insurance to complement the national healthcare system, helping businesses provide coverage for their employees.
It has optimized its insurance product to offer a superior user experience compared to traditional providers, automating claim management for faster reimbursements—sometimes within minutes. Over time, the company expanded its services to include doctor consultations, prescription glasses ordering, and preventive care resources for mental health and other wellness topics, all accessible via its mobile app. Recently, the company has incorporated AI to further boost productivity.
In their latest Series F funding round the company received €173 million investment.
Lockall (France)
Industry: Logistics
Amount raised: €155M
Lockall is a Paris-based startup specializing in storage solutions for individuals and businesses.
The company offers flexible storage options from without commitments or security deposits. It also ensures easy access with parking, unloading areas, and handling tools, along with encrypted digital key security.
Additionally, Lockall’s “Maisons des Artisans” provides tailored spaces for artisans and entrepreneurs, including storage, workshops, workspaces, and offices, promoting efficient collaboration and business growth.
The company has secured €155 million in funding.
Flink (Germany)
Industry: E-commerce
Amount raised: $150M
Flink is an online supermarket revolutionizing grocery shopping by delivering high-quality, fresh products to your door in minutes.
With a selection of over 2,400 items, Flink ensures freshness and offers unique local products in each city. Operating from delivery hubs in densely populated areas, the company promotes sustainability by using electric bikes and recyclable packaging.
Founded by experienced e-commerce professionals and backed by top European investors, Flink is rapidly expanding with a focus on customer satisfaction and continuous innovation.
The company has raised $150 million investment, which consists of $115 million in equity and $35 million in debt.
Newcleo (UK)
Industry: Energy
Amount raised: €135M
Newcleo is a nuclear energy innovator focused on developing Gen-IV Advanced Modular Reactors (AMRs) cooled by liquid lead and fueled by reprocessed nuclear waste.
By combining proven technologies and promoting a closed nuclear fuel cycle through multi-recycling of Mixed Oxide fuel, newcleo aims to provide clean, affordable, and sustainable energy for low-carbon economies.
Recently, the company has closed a €135 million round.
Akur8 (France)
Industry: Fintech
Amount raised: $120M
Akur8 is a machine learning-powered platform revolutionizing insurance pricing and reserving for non-life insurers.
Since 2019, its cloud-based, AI-driven platform has enabled insurers to price with greater speed and transparency, improving financial outcomes and risk assessments. Following its acquisition of the Arius reserving platform, Akur8 has expanded its product offerings and customer base, enhancing its value to insurance carriers globally.
This September, Akur8 has secured $120 million in series C funding, bringing its total raised investment to $180 million. This funding will significantly bolster Akur8’s ability to expand its product portfolio and fuel its growth in key global markets.
Carmoola (UK)
Industry: Fintech
Amount raised: £100M
Carmoola is a fintech company that provides an online financial lending platform aimed at transforming the way people finance their cars.
By offering low-interest car loans and flexible financing options, Carmoola allows customers to spread the cost of purchasing a car into manageable payments. The platform is designed to make car financing straightforward and hassle-free, providing an easy and transparent process for users. With its focus on convenience and attractive loan terms, Carmoola is simplifying car ownership for a new generation of buyers.
Recently, the company has made a major new debt deal with NatWest, worth £100 million.
Stegra (Sweden)
Industry: Cleantech
Amount raised: €100M
Stegra (previously H2 Green Steel) is a pioneering company in green steel production.
Utilizing a fully integrated process, the company combines end-to-end digitalization with electricity from fossil-free sources and green hydrogen as a coal alternative. Committed to decarbonizing industries, the company produces steel with up to 95% lower CO2 emissions, setting new standards for sustainable manufacturing.
Recently the company has been granted €100 million in state aid from the Industrial Leap for its establishment of a fully integrated near-zero emission steel production facility in Boden.
SafetyCulture (UK)
Industry: Platform
Amount raised: £85M
SafetyCulture is a global technology company that empowers teams to make continuous improvements across their organization.
Evolving from a digital checklist app, it now supports inspections, issue resolution, asset management, and on-the-go training. Their mobile-first operations platform provides the knowledge, tools, and processes needed to enhance safety, achieve higher standards, and drive daily progress.
Beyond governance, risk, and compliance, SafetyCulture helps set environmental, health, and safety benchmarks, promoting operational excellence.
The company has closed an £85 million round of funding.
By Tech.eu
Source: Tech.eu