I looked at 22+ AI startups that raised Seed rounds across Europe last month. I did a fast breakdown of the data—and a few key trends stood out. The DetailsAvg. seed round: $3.83M | Median: $2.84MMedian valuation (20% dilution): ~$14MInfra plays emerging: 5 companies are building enablers, not end-user appsNo winner vertical: Health, fintech, legal, HR all represented—but no breakoutInvestor landscape: No dominant leads; mostly micro-funds or early-stage specialistsGeography: 🇬🇧 UK: 26% of rounds, 🇫🇷 France: 21%, 🇩🇪 Germany & 🇪🇸 Spain . No single European hub is winning—AI innovation is diffusingLikely seeing a strategic broadening of the AI stack. Founders are building infrastructure, not just “AI-for-X” clones. Few consumer apps. Mostly tools, enablers, and agentic primitives.
Discovered your newsletter via LinkedIn today! Super thrilled to be here as our interests and writing overlaps. This is an interesting take, recently I did a piece about May funding rounds. There's a comprehensive review from Bain released in May 2025 capturing the capital flow, funding etc., a good read.
If you ever feel like collaborating or working together on an idea - say detailed analysis or report or research, count me in. :)
Hi Ivan,
Discovered your newsletter via LinkedIn today! Super thrilled to be here as our interests and writing overlaps. This is an interesting take, recently I did a piece about May funding rounds. There's a comprehensive review from Bain released in May 2025 capturing the capital flow, funding etc., a good read.
If you ever feel like collaborating or working together on an idea - say detailed analysis or report or research, count me in. :)
Cheers
thanks charu! will read this!
Great one!
So many good tips.
Thanks Michael! Any feedback super appreciated.
Great one!
Thanks Guille 🙌