Finance company Propel secures £1.5 billion, Legaltech Clio purchases vLex for $1 billion, and GCP's sixth fund seals £411 million.
**European Tech Sector Thrives in June 2022: Robust Funding, M&A, and Innovation**
June 2022 marked a significant milestone for the European tech sector, with strong performances in funding, M&A activities, and innovative startups. The ecosystem witnessed substantial funding rounds, a healthy M&A appetite, and continued support for cutting-edge technology ventures.
Investor interest and optimism in the tech sector were evident, as European tech companies secured €6.5 billion across 323 funding deals in June 2022. Notable funding rounds included Proxima Fusion from Munich, which raised €130 million in Series A, and Paris-based Nabla, which closed €59.4 million in Series C.
Technology M&A transactions, while the specific volume for June 2022 is not detailed, are trending towards a mix of declining deal volumes but increasing deal values. This suggests a similar pattern in 2022, with fewer but bigger deals, particularly in software companies.
European Innovation Council Accelerator continued to support tech innovation by funding 75 startups with a total of around €400 million in grants and equity in June 2022. This active investment in cutting-edge technology ventures underscores the ongoing commitment to fostering innovation.
Notable startups that made headlines include Belfast femtech startup Joii, which brings medical-grade period tracking to the masses, and Genesis AI, which develops AI basic models for robotics and raised $105 million in seed funding in France.
In addition, Europe's rising tech star, Portugal, was in the spotlight with notable acquisitions such as Open Cosmos acquiring Connected in a landmark European spacetech exit. Defencetech unicorn TEKEVER also acquired Cocoon Experience to drive human-centric innovation.
Other significant events included Synthesia unveiling its new London global HQ, reporting $1.1 million revenue in a single day, and Legaltech Clio acquiring vLex in a $1 billion deal in Spain.
The UK also saw a surge in VC funding, raising more in H1 2022 than Germany and France combined. Ferovinum raised £400 million for worldwide expansion, and Propel Finance secured £1.5 billion in funding. Core Optimisation also acquired ClearStory to supercharge global expansion in Ireland.
In the realm of deeptech R&D labs, Balthazar raised €1.8M to build an operating system, while Skarbe secured €600,000 to reinvent sales for founders who hate CRMs.
The future of AI and developer tools also saw Oxx's 2025 report revealing the next open source leaders, and Talon.One raised €114.7 million to scale its platform in Germany.
Venture capital firm Fuel Ventures backed Eventwise with £525,000 to modernise event budgeting, and Arthos raised €625,000 and launched Mozart AI.
However, the tech sector is not without its challenges. A group of 190+ women's healthtech leaders demanded action from big tech, and Climeworks raised $162 million in funding in Switzerland while addressing climate change.
In summary, the European tech ecosystem in June 2022 was marked by substantial funding rounds, a healthy M&A appetite, and continued support for cutting-edge technology ventures. This reflects ongoing investor confidence backed by public and private funding initiatives as well as strategic acquisitions. Despite challenges, the sector remains vibrant and dynamic, with numerous opportunities for growth and innovation.
- The healthtech startup Joii, based in Belfast, made headlines with its innovative medical-grade period tracking, showcasing the thriving newsletter of female healthtech within the European tech sector.
- In June 2022, deeptech R&D labs, such as Balthazar and Skarbe, received significant funding, indicative of the tech sector's investment in pioneering technology ventures, a key component of the broader ecosystem.
- The European tech sector witnessed a surge in business dealings, with venture capital firms like Fuel Ventures investing in startups focusing on various aspects of technology, such as event budgeting (Eventwise) and AI development (Mozart AI), exemplifying the diverse landscape of technology investing in Europe.
