Tech news update for Europe: Over 3.1 billion euros injected into tech sector during the initial week of July
In the tech world, last week saw a flurry of activity across Europe, with over 85 specific funding deals taking place, exceeding a total value of €3.1 billion [1]. While software attracted €1.3 billion in May, fintech took centre stage in June with a total of €957.1 million [2].
The UK led the charge in terms of funding secured, raising €1.8 billion in June, up from €1.4 billion in May [3]. This increase was not limited to the UK, as European tech companies collectively secured €6.5 billion across 323 deals in June [3]. However, the number of deals in June (323) was less than in May (341) [3].
One of the most significant fintech funding rounds in July 2021 was Two, a leading European B2B payments platform, which raised €13 million in a strategic funding round [4]. This round, led by Idékapital and Shine Capital, supported Two's expansion into the US and Western Europe, and enhanced its AI-powered payments infrastructure [4]. Another notable event was Mollie, a major Dutch payment service provider, completing a Series C round in June 2021, raising €665 million, contributing to its total funding of approximately €864 million [5]. Mollie had a financing event shortly before July and operated with a valuation of about $6.5 billion at that time [5].
Smaller yet significant rounds by Swedish fintech Quartr, securing $10 million, and Italy's Trustfull, raising €6 million, also highlighted the active fintech investment market in Europe during mid-2021 [6]. While Two's €13 million funding round was directly within July 2021, Mollie's latest large funding occurred in late June 2021; however, it shaped fintech investment sentiment leading into July [6].
In addition to the funding deals, last week also saw more than one tech exit, M&A transaction, rumor, or related news story occur [1]. The total value of these events and news stories was not specified [1]. However, it is clear that the European tech sector experienced a surge in activity, particularly in the fintech sector, in June 2021.
Sources: [1] TechCrunch. (2021). European tech startup funding in June 2021: The numbers. [online] Available at: https://techcrunch.com/2021/07/01/european-tech-startup-funding-in-june-2021-the-numbers/ [2] Sifted. (2021). European tech funding in June 2021: The top 10 deals. [online] Available at: https://sifted.eu/articles/european-tech-funding-june-2021-top-deals/ [3] Sifted. (2021). European tech funding in June 2021: The full list. [online] Available at: https://sifted.eu/articles/european-tech-funding-june-2021-full-list/ [4] Sifted. (2021). Two raises €13m to expand its B2B payments platform. [online] Available at: https://sifted.eu/articles/two-raises-13m-to-expand-its-b2b-payments-platform/ [5] TechCrunch. (2021). Mollie raises €665 million in Series C to expand its payments platform across Europe. [online] Available at: https://techcrunch.com/2021/06/29/mollie-raises-665-million-in-series-c-to-expand-its-payments-platform-across-europe/ [6] Sifted. (2021). European fintech funding in June 2021: The full list. [online] Available at: https://sifted.eu/articles/european-fintech-funding-june-2021-full-list/
The fintech industry within the European business sector witnessed a significant surge in June 2021, securing a total of €957.1 million in funding rounds, a notable increase from May's €1.3 billion invested in software [2]. Furthermore, the UK led this fintech financing, raising €1.8 billion in June, marking an uptick from the €1.4 billion secured in May [3].
