The 10 Most Significant European Tech Deals in August 2024

August witnessed a notable slowdown in European tech funding, with the total amount raised dropping to €1.9 billion across 203 deals. This represents a significant 60% decline compared to July's impressive €5 billion. This decrease in funding is characteristic of the summer months, which often experience lower fundraising activity due to holiday schedules. Jasenko Hadzic, Principal at BackingMinds, explained that Nordic funds typically take breaks in July, while funds from the UK and other European regions are often on vacation in August. Despite this seasonal dip, Hadzic expressed optimism that the third quarter would end on a positive note and that the fourth quarter would see a resurgence to pre-summer funding levels. He also anticipates that the reduction in interest rates by central banks worldwide will lead to lower inflation and prompt investors to deploy some of their available capital, thereby increasing activity in the tech investment space.

For those seeking detailed insights into the August funding landscape, the full August Tech.eu Pulse report offers an extensive review of the European tech ecosystem. This report provides a deep dive into industry trends, country-specific performance, and exit activities. In August, the top deals, which collectively accounted for around 60% of the month’s total funding, reflect significant investment across various sectors:

Sunly, a renewable energy company, secured €300 million in debt financing to accelerate the development of 1.3 gigawatts (GW) of solar, wind, and energy storage projects across the Baltics and Poland. The funding aims to support the company’s mission of advancing clean energy and facilitating the transition to a low-carbon future. Powerdot, specializing in electric vehicle (EV) charging infrastructure, raised €165 million in green financing. This capital will enable Powerdot to expand its network of ultra-fast charging stations throughout Portugal and other European markets, addressing the growing demand for sustainable transportation solutions.

Caresyntax, a technology firm focused on improving surgical care through data-driven solutions, raised $180 million to advance its AI-powered platform. This platform integrates data analytics and digital tools to enhance the safety, efficiency, and outcomes of surgical procedures. CloudPay, a global provider of integrated payroll and payment solutions, secured $120 million to further develop its cloud-based software. This funding will help CloudPay enhance its payroll management capabilities for multinational organizations, ensuring accuracy, compliance, and efficiency.

Yodel, a UK-based logistics and delivery company, obtained €99 million to invest in automating and modernizing its parcel delivery operations. This funding will support the company’s plans to improve its delivery services and infrastructure over the next three years. Riverlane, a quantum computing company, raised $75 million in a Series C round. The funds will be used to advance its quantum error correction technology, which aims to bridge the gap between quantum computing theory and practical applications in fields such as chemistry and pharmaceuticals.

Oxford Nanopore Technologies, a biotech firm specializing in sequencing technologies, secured £50 million in investment. This capital will support the company’s ongoing efforts to develop innovative tools for genetic analysis, which are crucial for advancing scientific research and healthcare. Morpho, a company focused on decentralized finance (DeFi) solutions, raised $50 million to enhance its peer-to-peer protocol for lending and borrowing. The investment will support Morpho’s goal of improving the efficiency and resilience of decentralized financial markets.

Healx, a biotechnology company that utilizes AI to accelerate drug discovery for rare diseases, raised $47 million in a Series C round. The funding will help Healx further develop its platform for identifying and creating novel treatments for rare and underserved conditions. MYNE, a technology company optimizing vacation rental management, raised $40 million to expand its technology platform and portfolio. This funding will enable MYNE to enhance its services for property managers and travelers, addressing common challenges in the vacation rental market.

These investments reflect the diverse range of sectors receiving attention and capital in the European tech landscape. Despite the August slowdown, the substantial deals of the month highlight ongoing interest and potential for growth in various technology-driven industries.