European tech funding rebounded in September, reaching €15.8 billion across 300 deals, with the UK leading by country and cloud emerging as the top-funded sector.
Tamara Djurickovic35 minutes ago
European tech funding rebounded sharply in September,
reaching €15.8 billion across 300 deals, up from €3.2 billion and 165 deals in
August. Funding value increased by almost 394 per cent month on month, while
deal volume rose by around 82 per cent.
The UK remained Europe’s leading market, attracting €7.3
billion, or around 46 per cent of the total. Cloud was the top-funded sector
with €5.5 billion, replacing AI, which led in August.
Exit activity remained broadly stable, with 39 transactions
compared with 37 in August.
Our Cate Lawrence, Senior Journalist at Tech.eu commented on the September numbers
within the European tech investment landscape in our monthly report:
September’s
figures paint a picture of an ecosystem attracting substantial capital, but one
where a handful of outsized rounds can dramatically shift the monthly totals.
The contrast between funding value and deal activity offers a more nuanced view
of where investment momentum is building.
For her more detailed review and more in-depth analyses of
the European tech ecosystem, including industry and country performance, exit
activities, and more, check out our September report.
Here are the 10 largest tech deals in Europe from September,
accounting for 70.8 per cent of the month’s total funding.
Mistral AI (France)
Amount raised: €3B
Mistral AI is a French artificial intelligence company developing AI models, infrastructure and products for businesses and public-sector organisations.
Its offering combines open-weight models with the computing infrastructure and tools needed to deploy AI in production. The company focuses on giving organisations greater control over how their AI systems are operated, including model customisation, data location and infrastructure choices. Mistral operates internationally and works with enterprises deploying AI across their organisations.
Mistral AI raised €3 billion in Series D funding to expand its AI research and computing capacity, develop its infrastructure and products, and support further commercial and international expansion.
Nscale (UK)
Amount raised: $3.36B & $3B
London-based Nscale provides AI cloud infrastructure designed to support large-scale AI workloads. The company develops and operates data centres and GPU infrastructure alongside cloud services for AI training and inference, positioning itself as a full-stack provider covering the computing infrastructure required to develop and run AI applications.
Nscale closed two separate rounds in September 2026, with each ranking among the largest of the period. At the beginning of the month, the company closed approximately $3 billion in investment-grade debt financing to fund two GPU campuses in Texas and North Carolina. Later in September, it secured $3.36 billion in pre-IPO financing through convertible loan notes to support the expansion of its full-stack AI cloud infrastructure and preparations for a planned US listing.
TEKEVER (Portugal)
Amount raised: $580M
TEKEVER develops AI-powered autonomous systems for defence and civilian applications.
The Portuguese-founded company combines unmanned aircraft, sensors, communications technology, AI-based data processing and ground-control software to collect and analyse intelligence in real time. Its systems are used for applications including military intelligence, maritime surveillance, border monitoring and search and rescue.
TEKEVER announced the first close of a $580 million Series D, with the financing set to support international expansion, industrial and technological capabilities, and strategic acquisitions.
Wonderful (Netherlands)
Amount raised: $550M
Amsterdam-headquartered Wonderful develops an AI operating system for enterprises. Its platform brings together AI agents, workflows, applications, organisational data and integrations, allowing businesses to automate customer-facing, employee and back-office processes.
The company combines its technology with local deployment teams that help enterprises introduce AI into their operations across sectors including banking, telecommunications, healthcare, retail and utilities.
Wonderful raised $550 million in Series C funding to accelerate product development, expand its global deployment teams and hire additional staff as it scales its enterprise AI platform.
Bird (Netherlands)
Amount raised: $450M
Bird is a Netherlands-founded business communications technology company providing infrastructure for customer interactions across email, messaging, voice and other channels.
Formerly known as MessageBird, the company has increasingly shifted its focus towards AI and automation. Its AI Agentic Harness enables AI agents to communicate through messaging, calls and email using Bird’s communications infrastructure.
Bird raised $450 million in debt financing, comprising a $400 million term loan and a $50 million revolving credit facility. The capital is intended to provide liquidity to existing shareholders, including current and former employees.
FNZ (UK)
Amount raised: $450M
FNZ provides wealth management technology and infrastructure to financial institutions.
Its platform brings together investment operations, administration and digital services, enabling banks, insurers and wealth managers to manage investment products and client accounts through a single technology environment.
FNZ raised $450 million in funding to support its long-term growth strategy and continued investment in its wealth management technology and services.
The Exploration Company (Germany)
Amount raised: $450M
The Exploration Company develops reusable spacecraft and propulsion systems for transporting cargo between Earth and orbit.
Its main project, Nyx, is a reusable capsule designed to carry cargo to space stations and return safely to Earth, with the potential to transport crew in the future. The company is also developing Storm, a high-thrust rocket engine for reusable heavy launch vehicles.
The Exploration Company raised $450 million in Series C funding to advance Nyx towards an International Space Station mission, accelerate development of its Storm engine, expand its operations and grow its team.
Open Cosmos (UK)
Amount raised: €300M
Open Cosmos develops satellite infrastructure and services for governments, space agencies and businesses.
Its activities cover satellite design and manufacturing, shared constellations, satellite connectivity and the processing of Earth observation data into operational intelligence. Its technology includes OpenOrbit, OpenConstellation, ConnectedCosmos and DataCosmos.
With €300 million in new funding, Open Cosmos plans to increase satellite manufacturing capacity, expand its connectivity and shared constellation services, develop its data intelligence offering and grow its teams across Europe.
EXEIN (Italy)
Amount raised: $270M
EXEIN is an Italian cybersecurity company developing security technology for connected devices and Physical AI systems.
Its platform provides runtime protection for embedded systems, autonomous AI agents, and cloud and edge infrastructure. The company is also developing foundation models and autonomous security agents trained on machine telemetry to identify and respond to threats.
EXEIN secured $270 million in new funding to accelerate expansion in markets including the US and Asia-Pacific, develop its technology platform and pursue potential acquisitions.
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