According to Tech.eu’s database, European tech companies raised €4.2 billion during September 2024. This amount is almost double that of the previous month, but compared to the same month last year, the number has decreased by about 3 billion euros. 70 percent (European technology companies collected 16.5 billion euros in September 2023).
Nevertheless, the startup sector has shown resilience by securing funding for startups 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 key factors to monitor as the market evolves.
Nenad Marovac, founder of DN Capital, comments on September’s numbers in the European technology investment landscape in the September Tech.eu Pulse, a compact version of his monthly report:
It is surprising to see that September’s top 10 deals are not primarily AI-driven, but instead focus on core fintech, consumer, and B2B SaaS (sectors with strong upside potential).
September’s data is encouraging for the outlook, with momentum building for a busy fourth quarter.
Investors are poised to take advantage of the opportunity, with the European tech industry poised for a strong finish to 2024.
Check out our September report for his more in-depth review and more in-depth analysis of the European tech ecosystem, including industry and country performance, exit activity, and more.
And this is a list of Europe’s 10 biggest tech deals compiled in September, which collected about 33 percent of the total raised this month.
1 Nexi (Italy)
Industry: Fintech
Amount raised: 220 million euros
Nexi is Italy’s leading PayTech company and a major player in the country’s digital payments industry.
The company partners with approximately 150 banks to provide end-to-end omnichannel technology that connects banks, merchants, and consumers.
Nexi aims to transform the way individuals and businesses process payments and collections, driving the growth of digital payments and facilitating the transition to a cashless society essential to the modernization of countries. We operate in three main areas: Merchant Services and Solutions, Cards and Digital Payments, and Digital Banking Solutions.
The European Investment Bank recently loaned Nexi €220 million to support its digital payments innovation.
2 e-gym (Germany)
Industry: Sports
Amount raised: $200 million
eGym is a global leader in fitness technology, providing health and fitness facilities with innovative workout solutions that leverage a robust ecosystem of connected gym equipment and software.
The company enables gym operators to deliver a complete workout experience through its smart equipment and digital tools, supporting members’ fitness journeys with data-driven insights, keeping them motivated and physically fit. We help you achieve a healthier lifestyle both physically and mentally.
In September, the company announced the continued expansion of its EGYM Wellpass corporate wellness network and further development of innovative digital solutions, smart strength equipment and technology-enabled products for data-driven and personalized training that enables fitness. Raised $200 million in growth capital to support. Club operators provide a unique experience for their members.
3 Alain (France)
Industry: Fintech
Amount raised: 173 million euros
Alain is a French company that started out by providing health insurance that complemented the national healthcare system and helping companies provide insurance to their employees.
We have optimized our insurance products to provide a better user experience compared to traditional insurance companies and automated claims management for faster reimbursements (within minutes in some cases). Over time, the company has expanded its services to include doctor visits, ordering prescription glasses, and preventive health resources for mental health and other wellness topics, all accessible through its mobile app. Recently, the company introduced AI to further increase productivity.
In its latest Series F funding round, the company received an investment of €173 million.
4 Rockall (France)
Industry: Logistics
Amount raised: 155 million euros
Lockall is a Paris-based startup specializing in storage solutions for individuals and businesses.
The company offers flexible storage options with no commitment or deposit. It also guarantees easy access to parking, unloading areas and handling tools, in addition to encrypted digital key security.
In addition, Lockall’s “Maisons des Artisans” offers customized spaces for artisans and entrepreneurs, including warehouses, workshops, workspaces and offices, facilitating efficient collaboration and business growth.
The company has secured funding of 155 million euros.
5 Frink (Germany)
Industry: E-commerce
Amount raised: $150 million
Flink is an online supermarket that revolutionizes grocery shopping by delivering high-quality, fresh products to your home in minutes.
With over 2,400 products, Frink ensures freshness and offers unique local products from each city. The company operates from distribution hubs in densely populated areas and 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 in investment, including $115 million in equity and $35 million in debt.
6 Nucleo (UK)
Industry: Energy
Amount raised: 135 million euros
Newcleo is a nuclear energy innovator focused on developing fourth-generation advanced modular reactors (AMRs) cooled with liquid lead and powered by reprocessed nuclear waste.
newcleo aims to deliver clean, affordable and sustainable energy for a low-carbon economy by combining proven technologies and promoting closed nuclear fuel cycles through multi-recycling of mixed oxide fuels .
Recently, the company closed a round of 135 million euros.
7 Acourt8 (France)
Industry: Fintech
Amount raised: $120 million
Akur8 is a machine learning-powered platform that revolutionizes insurance pricing and booking for property and casualty insurance companies.
Since 2019, the company’s cloud-based, AI-driven platform has enabled insurers to price faster and more transparently, improving financial outcomes and risk assessment. Since acquiring the Arius booking platform, Akur8 has expanded its product offering and customer base, increasing its value to insurance companies around the world.
In September of this year, Akur8 secured $120 million in Series C funding, bringing the total investment raised to $180 million. This funding will significantly enhance Akur8’s ability to expand its product portfolio and drive growth in key global markets.
8 Carmoora (UK)
Industry: Fintech
Amount raised: £100m
Carmoola is a fintech company that provides an online financial lending platform that aims to transform the way people finance cars.
Carmoola enables customers to spread the cost of purchasing a vehicle into manageable payments by offering low-interest auto loans and flexible financing options. The platform is designed to make car financing easy and hassle-free, offering users an easy and transparent process. Carmoola is simplifying car ownership for a new generation of buyers with a focus on convenience and attractive financing terms.
The company recently signed a major new debt deal with NatWest worth £100m.
9 Stegura (Sweden)
Industry: Cleantech
Amount raised: 100 million euros
Stegra (formerly H2 Green Steel) is a pioneer in green steel production.
The company leverages a fully integrated process to combine end-to-end digitalization with electricity from fossil fuel-free sources and green hydrogen as an alternative to coal. Committed to decarbonizing the industry, the company produces steel with up to 95% less CO2 emissions, setting new standards in sustainable manufacturing.
Recently, the company received €100 million in state aid from Industrial Leap for the establishment of a fully integrated, near-zero emission steel production facility in Borden.
10 Safety Culture (UK)
Industry: Platform
Amount raised: £85 million
SafetyCulture is a global technology company that empowers teams to continuously improve across their organizations.
It has evolved from a digital checklist app to support inspection, problem resolution, asset management, and on-the-go training. The company’s mobile-first operations platform provides the knowledge, tools, and processes you need to strengthen safety, achieve higher standards, and drive progress every day.
Beyond governance, risk and compliance, SafetyCulture helps you set environmental, health and safety benchmarks and drives operational excellence.
The company has completed an £85m funding round.
