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Despite global trade conflicts, the venture capital market remained fairly stable in the first quarter of 2025. While the global investment volume increased by USD 8 billion compared to the previous quarter to a total of USD 126.3 billion, the European volume remained almost unchanged at USD 18 billion. It is worth noting, however, that the number of deals closed in Europe in Q1 totalled just 1,883 - a nine-year low.

The global increase in total volume was largely driven by mega deals - most notably a record USD 40 billion financing round for OpenAI. Large financing rounds were also recorded in Europe, such as USD 2 billion for the crypto exchange Binance, USD 624 million for the German proptech Reneo and USD 600 million for the British biotech company Isomorphic Labs.

In Europe, money flowed primarily into technology-driven business models with a clear focus on applications. These were in particular demand:

• AI-based healthcare solutions, for example in preventive diagnostics and automated content creation - exemplified by investments in Neko Health (USD 260 million) and Synthesia (USD 180 million).
• Energy and cleantech innovations, including long-term energy storage, sustainable agricultural models and solutions for a decentralised energy supply - such as Elvy (USD 153 million).
• Technologies for energy optimisation in the building sector, such as those developed by proptech Reneo (USD 624 million).

With "InvestAI", the EU announced a USD 206 billion programme to promote AI. France confirmed this with a further USD 112 billion in AI investment commitments. The aim is to strengthen Europe's technological sovereignty.

Anticipated IPOs such as that of Swedish fintech Klarna were postponed at short notice, which can be seen as a clear sign of the ongoing uncertainty on the capital markets. Klarna had originally considered a US listing on the NYSE, but put its plans on hold following new US tariff announcements. The only major tech IPO of the quarter so far, the US AI infrastructure company CoreWeave, raised USD 1.5 billion - but was unable to generate any momentum with its stock market debut.

• AI remains the dominant investment theme, with a focus on industrial applications, agent models and robotics
• Defence tech and cybersecurity continue to gain in importance
• Alternative energies remain in demand - also due to increasing regulatory requirements
• M&A activity could increase as companies favour strategic exits over IPOs
• The complete "Venture Pulse Report Q1 2025" with further global insights can be found