Europe’s VCs Are On Pace for Worst Fundraising Year in a Decade

Venture capital-backed firms in Europe are on track for their worst year of fundraising since 2015, as investors avoid putting money in an industry that’s struggled with returns.

Venture funds based in Europe raised €5.2 billion ($6.1 billion) in the first half of 2025, according to data provider PitchBook.

Venture capital funds have seen declining returns from their investments for the past four years, the PitchBook data show. Exit paths for venture capital firms’ investments, such as initial public offerings and acquisitions, have been in decline and overall exit activity in Europe is expected to be 10% lower than ...