Baar ZG – At €7 billion, European startups received more venture capital in the first three months of 2019 than in any previous quarter. The highest amount was raised by Veeam, a company from the Greater Zurich Area specializing in back-up solutions.

In the first quarter of 2019, European startups acquired a record amount of venture capital investment. This is a key takeaway from the Chart of the Week published by Sifted, a media platform for Europe’s innovators and entrepreneurs backed by the Financial Times in the UK. According to an article from Sifted, venture capital investment into European startups reached €7 billion in the first quarter – €8 billion if Israel is included. Those investments were spread over 690 venture deals (766 when including Israel). Sifted uses data from data provider Dealroom.

In the first quarter of 2019, the biggest venture capital deal of US$500 million went to Veeam, a Baar-based provider of back-up solutions that enable intelligent data management. This investment primarily came from Insight Venture Partners and the Canada Pension Plan Investment Board (CPPIB). With sales of around US$1 billion, Veeam reports that it is one of the largest privately held software companies in the world.

Significant sums also went to London fintech OakNorth Bank (US$440 million) and German digital bank N26 (US$300 million). 

Overall, European startups are seeing more venture capital investment than ever before. In 2018, Sifted reports that they raised an all-time record for annual venture investments of €24.9 billion.

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