Startups Hit €500 Million+ in 2024 Funding Report

This trend is driven by innovations in AI, sustainability, and digital transformation, positioning European startups for continued growth and competitiveness on the global stage.

Local startups and venture capital firms that raised over €500 million in funding have collectively secured more than €13.1 billion in 2024.

Here Are 2024’s €500 million + Funded Startups

Odoo

Odoo S.A., a top provider of business software, has raised €500 million in funding. The investment was led by CapitalG and Sequoia Capital, with additional support from BlackRock, Mubadala Investment Company, HarbourVest Partners, AVP, and Alkeon. Odoo S.A. has been a leading provider of integrated business solutions since it was founded in 2002.

HR Path

HR Path is a global leader in HR consulting, has raised a record €500 million from Ardian, a top private investment firm. This is the largest fundraising in the company's history and a major achievement for HR Path. HR Path, an expert in Human Resources, helps companies that focus on the importance of the human experience in their digital transformation.

Bicycle Therapeutics

Bicycle Therapeutics, a medical technology startup based in Cambridge, has raised €532million through private equity funding. The company plans to use "bicycle" molecules to treat cancer by targeting solid tumors, building on Nobel-winning research by Sir Gregory Winter. Bicycle Therapeutics is a biopharmaceutical company developing a new type of medicine called "Bicycles" to treat conditions that current treatments don't handle well.

Investcorp

Investcorp is an investment firm based in the United Kingdom, has raised €547million for its Investcorp Technology Partners V fund. The fund surpassed its $500 million goal with support from new and existing investors in Europe, North America, Asia, and the GCC. Investcorp focuses on alternative investments in areas like real estate, infrastructure, credit, private equity, insurance asset management, and more.

Mistral

Mistral is an AI startup based in France, has raised €600 million to compete with the industry leader, OpenAI. The funding round was led by General Catalyst, along with long-time supporters Lightspeed, Andreessen Horowitz, Bpifrance, and BNP Paribas. Mistral is a small, creative team that follows strict scientific principles. They develop AI models that are transparent, effective, useful, and reliable through groundbreaking advancements.

Accel

Accel is a key partner to top teams around the world, has raised €602.7 million for an early-stage fund. The fund will help passionate entrepreneurs build internationally recognized brands in Israel and Europe. Accel is a global venture capital firm that supports great teams around the world, helping them from the start and through every stage of growing a private company.

AshGrove Capital

AshGrove Capital is an independent lender in Europe has closed its second fund at €650 million, surpassing its target of €500 million. AshGrove provides flexible, tailored credit solutions to small and medium-sized businesses across Europe, usually investing between €10 million and €40 million.

Verdane

Verdane is a European growth investment firm, has raised €700 million for its Verdane Idun II fund. This fund will invest in businesses that focus on decarbonisation and making the economy more sustainable. Verdane is a growth investment firm that supports tech-driven and sustainable businesses in Europe.

Avolon

Avolon, a leading global aviation finance company, has secured €720million in a new unsecured credit facility with seven banks mainly from the Middle East and India. Avolon connects capital with customers to help transform aviation and promote the economic and social benefits of global travel.

Abound

London based credit technology company Abound secures €960 million in equity funding. The new funding comes on the back of continued growth, with Abound reaching profitability just 3 years after launch.

Wayve

Wayve is a leader in Embodied Artificial Intelligence (AI) for self-driving cars, has raised €975.35 million ($1.05 billion) in Series C funding. Wayve is a leading developer of Embodied AI technology for self-driving cars. Their advanced AI software helps vehicles see, understand, and navigate any environment, improving the safety and usability of autonomous driving systems.

Verdane

Oslo-based Verdane has raised €1.1 billion for its Edda III fund, exceeding its target. In the last six months, Verdane has closed two funds above their targets, raising a total of €2.2 billion. This includes the €1.1 billion Freya XI fund, which closed in September 2023. Verdane is a growth investment company that works with sustainable and tech-driven businesses in Europe.

Index Ventures

Index Ventures is a top global venture capital firm, has raised €2208 million to build partnerships with outstanding entrepreneurs who are creating game-changing businesses. Index Ventures is a global venture funding firm, helps outstanding entrepreneurs turn their bold ideas into successful international businesses. These businesses aim to make a lasting and positive impact on society.

Imec

Imec is a global research and development center, has secured €2500 Million in funding to create a new R&D pilot line for advanced chip technology and systems-on-chip. Imec was founded in 1984, quickly became the top research center for advanced CMOS technology. It will continue to shape the future of the semiconductor industry for many years.