Ready to invest: European VCs that raised fresh funds in Q2 2025

In Q2 2025, several funds across Europe closed new vehicles and are preparing to deploy capital. Make the first step and learn which firms are still actively investing today, and the types of startups they are targeting can help you focus your outreach. 

Whether in deeptech, climate, SaaS, or healthtech, engaging with investors who have recently raised funds and whose investment theses align with your business increases the likelihood of securing the right partner for your company. To support your planning, we have compiled a list of venture capital firms from Europe, with focus on the SEE, DACH, and Benelux regions, that closed new funds in Q2 2025. The list includes details on how much they raised and their sector focus.

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New VC funds raised in SEE

Here is a list of new venture capital funds raised in the first quarter of 2025 in the Southeast Europe region:

• [Bulgaria] Innovation Capital — Bulgarian VC firm Innovation Capital has been selected to manage a €36M fund under the Fund of Funds’ “Innovation in Enterprises” program, aimed at backing early-stage startups with clear innovation and scalable prototypes. The fund combines €32M in public investment with private capital and will make around 40 larger investments over five years. After overcoming legal challenges to its selection, Innovation Capital expects to close the fund by early 2025 and begin deploying capital by March 2026.
• [Czech Republic] KAYA VC — Prague-based KAYA has raised €70M for its fifth fund to back early-stage startups across Central and Eastern Europe (CEE). Expanding beyond its core markets of Czechia, Poland, and Slovakia, the firm will invest in up to 25 startups from pre-seed to Series A, with initial tickets between €1M–€3M and follow-on investments up to €20M. 
• [Czech Republic] Orbit Capital — Prague-based fund has launched Growth Debt II, a €100M venture debt fund to support fast-growing tech companies across Central and Eastern Europe. Backed by EIF, Česká Spořitelna, and Rentea, the fund will provide loans ranging from €3M–€10M to startups that don’t meet traditional bank lending criteria. Building on the success of its first €40M fund, Orbit aims to fill a key funding gap in the region and help founders scale efficiently without heavy equity dilution.
• [Czech Republic] Rockaway Ventures — Prague-based fund has closed its second fund at €55M to back late-seed and Series A tech startups across Central Europe and the DACH region. Backed by Rockaway Capital and private Czech investors, the fund focuses on sectors like e-commerce, cleantech, cybersecurity, defense, and digital logistics. 
• [Estonia] Darkstar — Tallinn-based Darkstar has launched a €25M pan-European defense tech fund with a €15M first close, backed by Estonia’s SmartCap Defence Fund. Founded in 2024 by Pipedrive co-founder Ragnar Sass, Darkstar focuses on field-ready military technologies and startups supporting Ukraine’s defense. 
• [Greece] Marathon Venture Capital — Athens-based venture fund has closed its third fund at €75M in an oversubscribed single closing to back early-stage startups across Europe and beyond. Backed by EIF and the Hellenic Development Bank of Investments, the fund brings Marathon’s total AUM to €175M. 
• [Lithuania] Iron Wolf Capital — Vilnius-based fund has raised €30M of a target €100M for its second fund, focused on AI and deeptech startups in the Baltics and beyond. Backed by ILTE and over 40 family offices, the fund plans to invest €500K–€2M in 25 startups across biotech, energy, spacetech, and photonics, while also engaging with Baltic diaspora founders in the US.
• [Poland] Movens Capital — Warsaw-based fund has launched a €60M second fund to back tech startups across Central and Eastern Europe, from pre-seed to Series A+. Backed by EBRD, PFR Ventures, and 80+ individual investors, the fund will target around 30 companies in sectors like AI, fintech, climate tech, and healthcare. Initial investments will range from €250K–€3M, with at least 10 Series A+ deals planned,
• [Ukraine] Flyer One Ventures — Flyer One Ventures has launched a €50M fund to back early-stage tech startups across Central and Eastern Europe (CEE), with support from the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD). The new Fund V will invest up to €1.3M in pre-seed and seed-stage software companies, helping founders scale globally.

Last but not least, on its corporate site, the Vilnius-based company Vinted has launched Vinted Ventures, a new investment arm that will back Series A–C stage startups across Europe in the re-commerce space. With ticket sizes ranging from €0.5M–€10 €10M, the fund aims to accelerate the circular economy by supporting innovative founders reshaping consumer behavior toward second-hand goods.

New VC funds raised in DACH

We're continuing with a list of new venture capital funds raised in the first quarter of 2025 in the region of DACH, namely in Germany. Austria and Switzerland do not seem to have fresh funds launched in Q2.

• [Germany] First Momentum Ventures — German pre-seed venture fund has closed its €35M Fund II to back early-stage B2B tech and deeptech startups across Europe. First Momentum will invest in initial tickets of €200K–€1M in sectors such as AI, automation, novel materials, and industrial technology. 
• [Germany] Lunar Ventures — Berlin-based deeptech fund has closed a €50M second fund to invest in pre-seed deeptech startups across Europe and the US. The fund will support 25-30 startups in areas such as AI infrastructure, techbio, and real-world systems, with initial investments of €750k–€1M. Lunar is reserving 40–60% of the fund for follow-ons and plans to deploy 80% in Europe and 20% in the US.
• [Germany] Project A — Berlin-based fund has closed Fund V at €325M, bringing its total assets under management to €1.2B. Focused on pre-seed and seed-stage startups, the fund will continue to back ambitious founders across Europe, with a hands-on studio model for co-creating ventures from day one.

New VC funds raised in Benelux

Below you'll find a list of new venture capital funds raised in the first quarter of 2025 in the Benelux region:

• [Belgium] Imec.istart Future Fund — Antwerp-based VC fund has completed its second closing, adding new capital and welcoming tech entrepreneurs like Teamleader’s Jeroen De Wit and Henchman’s Jorn Vanysacker as backers. The fund provides up to €1M in growth financing for startups graduating from the imec.istart accelerator, with flexibility to invest 20% in external companies.
• [Netherlands] TIN Capital — Amsterdam-based venture fund has raised €15M for its Cyber Tech Fund V, now targeting over €80M. Founded in 1998, the firm focuses on cybersecurity scale-ups across Europe and has backed companies such as BreachLock, Eye Security, and EclecticIQ. Backers include Invest-NL, InnovationQuarter, and ROM Regio Utrecht, as well as private investors.
• [Netherlands] Pride Capital Partners — Amsterdam-based fund has secured €75M for the first close of its Fund III, targeting €150M with a hard cap of €200M. The firm backs later-stage B2B software and managed ICT services companies across Northwestern Europe, with a focus on debt-led financing solutions.
• [Netherlands] Volta Ventures — Amsterdam-based VC Volta Ventures has launched a €20M seed fund to back early-stage B2B software startups in the Benelux region. The fund plans to invest in ~15 companies, focusing on SaaS and AI-enabled solutions.

Additionally, the Amsterdam-based defense investor NUNC Capital has launched a €20M Venture Building Initiative to support emerging Ukrainian defense startups. The firm plans to establish a Forward Operating Base in Ukraine to support innovation in areas such as electronic warfare, unmanned systems, smart materials, and GPS-independent navigation.

Other VC funds raised in Europe 

Last but not least, we are bringing you the list of other new venture capital funds that were raised across Europe in the first quarter of 2025.  

• [Denmark] PSV — Copenhagen-based PSV has launched a €70M Fund II to back Nordic startups in AI, software, and digital infrastructure from the pre-seed stage. Backed by ATP, EIFO, IDA, and business angels, the fund has already secured 65% of commitments and made two investments. 
• [Denmark] Kompas VC — The early-stage VC, Kompas, has raised €150M for its second fund to back industrial tech startups in Europe, the US, and Israel. The firm focuses on decarbonization, productivity, and resilience, investing €3M–€5M tickets in ~25 startups and reserving 50% for follow-ons. 
• [Finland] Wave Ventures — Helsinki-based Gen Z-led VC firm has announced a €7M third fund, making it the largest Gen Z-focused VC fund in Europe. The fund will support Gen Z founders across the Nordics and Baltics, offering angel and pre-seed investments of up to € 100,000. Supporters include the founders of Slack, Bolt, Skype, Supercell, Wolt, Silo AI, and Smartly.io.
• [France] Cathay Innovation — Paris-based VC Cathay Innovation has closed a €1B AI-focused fund, one of the largest in continental Europe. The multi-stage fund will back ~30 startups from early to late stage, with investments up to €50M per company. Half of the capital will target European startups in AI for digital health, fintech, mobility, energy, and consumer services.
• [France] Omnes Capital — Paris-based Omnes Capital has raised €112M for the first close of its second DeepTech fund, Omnes Real Tech 2, with final close expected in 2026. Backed by EIF and focused on sectors like defense, AI, quantum tech, and advanced materials, the fund aims to support European DeepTech startups scaling into industrial leaders. 
• [France] Revaia — Paris-based Revaia has closed its second growth fund at €250M, bringing total AUM to €600M. Backed by Bpifrance, BNP Paribas Cardif, JPMorgan Chase, and the European Investment Fund, Revaia focuses on European tech startups from Series B to IPO. The fund targets sectors like energy transition, AI for insurance, and cybersecurity, and has already deployed 40% of its capital across six high-growth companies.
• [Italy] P101 — Milan-based early-stage fund P101 has closed a €250M fund to invest in startups across Europe. Founded in 2013, its portfolio includes Multiply Labs (pharma robotics) and Strava. New LPs like Inarcassa, CDP Venture Capital, and ISP Group Pension Fund joined existing backers EIF, Banco BPM, and UniCredit. 
• [Nordics] Alliance VC — Nordic-focused Alliance VC has announced the first close of Alliance Nordic III, raising an undisclosed amount to back early-stage tech founders across Sweden, Norway, Denmark, and Finland. Backed by LPs such as Saminvest, KLP, and Telenor, the fund will target 25–30 startups with investments ranging from €300K–€3M, focusing on AI-driven innovation in business productivity, climate tech, digital health, and fintech.
• [Nordics] Nordic Foodtech VC — Helsinki and Copenhagen-based venture fund announced a €40M first close for its second fund, targeting an €80M final close. The fund backs pre-seed and seed-stage startups across the Nordics and Baltic, developing technologies for sustainable food and agriculture systems. 
• [Sweden] Norrsken Impact Funds — The Swedish impact foundation has pledged €300M to support European startups utilizing AI for positive impact. Through Norrsken VC, Launcher, and Accelerator, the group will focus on climate, health, food, education, and societal challenges.
• [UK] Atempo Growth — London-based Atempo Growth has secured €300M for the first close of its second fund, Atempo Growth II, to provide flexible capital to high-growth tech startups across Europe. Backed by Santander, British Business Bank, DECALIA, and the European Investment Fund, the platform supports companies from Series A to pre-IPO. 
• [UK] DIG Ventures — London-based DIG Ventures has raised a $100M fund to back pre-seed and seed-stage B2B SaaS, AI, and cloud infrastructure startups across Europe. Backed by The Hillman Company, Granite Capital, Sofina, and Grove Street, the fund aims to leverage operator-led expertise to help founders with go-to-market strategies. 
• [UK/Finland] OpenOcean — London and Helsinki-based fund has closed its €100M fourth fund to back early-stage AI, data, and B2B software startups across Europe, with a target of €130M for final close in 2025. Backed by the European Investment Fund, Isomer Capital, and ELO Pension Company, the fund invests up to €6M in seed and Series A startups.

Additionally, the British Business Bank has announced a new £500m commitment to support diverse and emerging fund managers in the UK, marking a first for the country. The initiative includes £400m for underrepresented investors, with at least 50% of that allocated to female fund managers through the upcoming Investor Pathways Capital initiative.

Find the right investor and financing vehicle for your round

If you want to connect with investors in the region, check out SeedBlink’s European VC Network list covering venture capital funds from Europe.