These are the 23 largest European funding rounds of 2023
Over the last two decades, Europe’s startup ecosystem has transformed, evolving from an outsider to a global contender. The region hosts several prominent startup hubs, solidifying its position on the global tech stage.
Government initiatives and supportive policies have also contributed to the ecosystem’s expansion, while collaborative spaces, accelerators, and incubators continue to provide support for budding entrepreneurs.
According to Dealroom, in Q3 2023, the European startup ecosystem experienced a funding surge, securing over $18B in investments, a 27 percent increase from Q2 2023. The combined value of Europe’s tech ecosystem now stands at $3.4T, emphasizing its impact on the global innovation landscape.
So today, let’s take a quick look at Europe’s major funding rounds this year. Check out the list below.
Note: Certain details of these startups, such as founders’ names and the funding raised, have been sourced from Dealroom.
H2 Green Steel
Founder(s): Vargas Holding
HQ: Stockholm, Sweden
Funding details: Green steel producer, H2 Green Steel, raised €1.5B in the largest private placement in Europe this year.
H2 Green Steel produces green steel in a fully integrated production process using end-to-end digitalization, electricity from fossil-free sources, and green hydrogen instead of coal.
After launching in February 2021, the company claims to have obtained a permissibility permit for its operations in Boden at a record pace, securing a 14 TWh renewable electricity agreement and starting groundwork and construction.
The company’s customers come from diverse industries, including steel service centres, pipe and tube, passenger and heavy commercial vehicles, whitegoods, and construction products.
Northvolt
Founder(s): Paolo Cerruti, Peter Carlsson
HQ: Stockholm, Sweden
Funding details: $1.2B in convertible loan
Northvolt is a lithium-ion battery manufacturing company focusing on providing eco-friendly batteries. It offers lithium-ion cells based on proprietary Lingonberry NMC chemistry in cylindrical and prismatic formats.
The company’s batteries are manufactured with a minimal carbon footprint and with recycling technology without compromising important ecosystems, enabling the auto industry to replace fossil fuels with electricity efficiently.
Zenobe Energy
Founder(s): James Basden, Nicholas Beatty, Steven Meersman
HQ: London, United Kingdom
Funding details: £870M in growth equity VC
Zenobe claims to provide intelligent power and battery storage services for commercial EV fleet operators, power grid operators, and large businesses.
The company is helping organizations power towards net zero by switching diesel fleets to electric and accelerating renewable energy uptake. Zenobe’s battery storage offering helps electricity networks provide clean, reliable, and affordable power.
It has 175MW in operational and contracted storage assets, 394 e-buses, and an estimated 25 percent of the UK operational e-bus market, rising to 540 contracted e-buses, its proprietary software and a large portfolio of projects in the pipeline.
Currently, the company works with all major bus operators in the UK including Arriva, Abellio, McGills, National Express and Stagecoach, as well as local authority-owned bus companies, and is enabling the faster take-up of EV buses in the UK.
Verkor
Founder(s):
HQ: Grenoble, France
Funding details: Battery manufacturing startup Verkor, secured more than €2B in funding.
The funding injection comprises a Series C round of €850M, €600M in bank financing support from the European Investment Bank (EIB) and nearly €650M in French government grants.
Verkor is partnering with major entities to boost low-carbon battery production for electric vehicles and stationary storage in Europe.
Octopus Energy
Founder(s): Greg Jackson, James Eddison, Stuart Jackson
HQ: London, United Kingdom
Funding details: $800M in December
Octopus Energy is a global clean energy tech business serving 7.2 million households across 18 countries. Operating throughout the energy value chain, it manages a £6B portfolio of renewable energy projects.
Octopus licenses its advanced data platform, Kraken, to support over 52 million customer accounts worldwide. The platform facilitates smart tariffs and innovative cleantech, enabling Octopus to drive the electrification of heat and transport.
With backing from pension funds, investors, and energy giants, Octopus Energy Group delivers affordable, green energy and “cutting-edge” technology globally.
Conigital
Founder(s):
HQ: Birmingham, United Kingdom
Funding details: £400M in Series A round and £100M in debt
Conigital specialises in connecting city infrastructures with digital assets, revolutionizing traditional industries for profit, social impact, and sustainability.
The team, with a track record of managing over £1B of funds, adopts a multi-disciplinary project partner approach. Their expertise is applied to develop and implement “innovative” technology and infrastructure projects, to positively impact over 100 million lives globally.
1KOMMA5°
Founder(s): Jannik Schall, Micha Grueber, Michael Hinderer, Philip Liesenfeld, Philipp Schröder
HQ: Hamburg, Germany
Funding details: The German startup raised €430M in a Series B round that helped it reach a valuation of €1B in just 23 months.
1KOMMA5° is aiming to be a one-stop-shop for solar, electricity storage, and charging infrastructure in Europe. Investing in key players in the electrical sector, it provides entrepreneurs with software solutions, services, and growth capital.
With recent expansions in Denmark and Spain, the company plans growth, targeting €500M in revenues by 2023 and €10B by 2030. Their mission includes converting 1.5 million buildings to cleaner energy and developing a leading platform for climate-neutral solutions.
Currently, 1KOMMA5° is operating in seven countries with 68 locations.
Read more: https://siliconcanals.com/crowdfunding/23-largest-european-funding-rounds/
