Europe’s tech scene shook off the summer lull as investors crowned 12 new unicorns across the first half of 2025. Deals ranged from Stockholm’s Lovable, which closed a July Series A, to London’s Mubi and Paris’s Zama. For now, the pipeline looks busy as funding season restarts.
KEY POINTS:
- Twelve Europe based startups hit or topped the one billion dollar mark in the first half of 2025.
- AI, defense tech, space, and biotech drew the largest late stage checks.
- Standout rounds included Lovable at 1.8 billion, Mubi at 1 billion, and a 150 million euro bond for Isar Aerospace.
The new unicorn class at a glance
The list spans AI platforms, dual use drones, space launch, and biotech. Money is flowing, even if mega rounds are rarer than in 2021. Still, founders with traction and a clear market found room to grow.
July 2025
Lovable became a unicorn in record time. The Swedish AI coding startup raised a 200 million dollar Series A led by Accel at a 1.8 billion dollar valuation. The company is registered in Delaware. Most roles and staff are in Stockholm.
Fuse Energy joined the club. The British renewable energy firm, founded in 2022 by two former Revolut executives, closed a round that The Times reported valued it above one billion dollars. Details remain limited. The real question is how fast it can scale generation and sales.
June 2025
Mubi secured a 100 million dollar round led by Sequoia Capital. The film streaming service, founded in 2007, is now a producer and distributor as well. The new money set its valuation at one billion dollars.
Zama raised 57 million dollars in Series B funding. The French company builds homomorphic encryption tools that protect data during computation. The round pushed its valuation north of one billion dollars.
Isar Aerospace reached unicorn status with a 150 million euro convertible bond from Eldridge Industries. The German launch startup spun out of the Technical University of Munich. TUM now counts 22 unicorns tied to its ecosystem.
May 2025
Tekever confirmed a valuation above one billion pounds alongside fresh funding. The Portuguese dual use drone maker is backed by investors including Ventura Capital, Baillie Gifford, and the NATO Innovation Fund. It plans to invest 400 million pounds in a United Kingdom development plan over five years.
Quantum Systems became a unicorn after a 160 million euro Series C. The German company builds autonomous drone systems and software. Balderton Capital led the round, with participation from Hensoldt, Airbus Defense and Space, Bullhound Capital, LP&E AG, and others.
Parloa hit a one billion dollar valuation with a 120 million dollar Series C. The Berlin startup sells conversational AI for customer service. Durable Capital Partners, Altimeter Capital, and General Catalyst led the round.
March 2025
Isomorphic Labs raised 600 million dollars in its first external round. The London based AI drug discovery company spun out of DeepMind in 2021. Thrive Capital led the deal with GV and Alphabet participating. The valuation was not disclosed. The size signals unicorn territory.
February 2025
Tines reached a 1.125 billion dollar valuation with a 125 million dollar Series C. The Dublin company began with security workflow automation. It now supports workflows across infrastructure, engineering, and product. The platform runs more than one billion automated actions for customers each week.
January 2025
Verdiva Bio emerged from stealth with a 410 million dollar Series A. The London biotech is developing an oral GLP 1 therapy similar to Ozempic and Wegovy. The raise instantly placed it in unicorn range. Timelines for trials remain to be seen.
Neko Health, co founded by Spotify’s Daniel Ek, raised a 260 million dollar Series B at a 1.8 billion dollar valuation. Lightspeed Venture Partners led the round with General Catalyst, O.G. Venture Partners, Rosello, Lakestar, and Atomico joining. The Swedish company offers full body scans for early detection. Expansion to the United States is planned.
What the trend says
Investors remain selective. Yet they are writing big checks for clear technical edges and urgent markets. AI sits at the center. Defense and space continue to climb. Biotech is back on the board. But, not every sector will move in sync as rates and exits shift.
What to watch next
More late summer and autumn deals are likely as boards return from holiday. Secondary sales and structured rounds may appear in the mix. It is unclear if the pace can hold into winter. In the end, liquidity will set the ceiling.
The Bottom Line
Europe’s unicorn engine is running again, led by AI and dual use tech. Money is tighter than the 2021 peak, but quality teams are still crossing the line. If exits reopen, the count could rise before year end.