Only 79 investments were made in the Netherlands in the third quarter of 2025, the lowest number since 2020 and more than 22 percent less than in the second quarter.
According to KPMG, the decline is mainly due to a decrease in the number of small, early investment rounds (pre seed). The total pre-seed amount decreased to 4.2 million euros. The number of large Series B+ rounds (from 15 million euros) decreased slightly, but at 68.5 percent this category accounts for an increasing share of the total invested capital.
The biggest hit came in the third quarter from the Amsterdam software company Framer, which raised $100 million, making it the newest Dutch unicorn. Startups in artificial intelligence (AI) in particular managed to convince investors. Almost a third of all Dutch deals had an AI component.
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Public funds, including Invest-NL, played an important role in the largest deals, with investments in Vicentra, The Protein Brewery, Revyve, LeydenJar and QuiX Quantum, among others. The food tech sector also showed a striking increase, with seven deals compared to the normal two to three per quarter.
Recovery IPO market
Globally, the venture capital market continues to grow, driven by increasing interest in AI and defense technology, and by the recovery of the IPO market, which has given venture capital-backed companies confidence to go public in the future after years of limited exit options.
It is striking that investors again see potential in hardware startups. The growth of AI in particular creates additional demand for technology such as chips, data centers and energy supplies. Due to geopolitical tensions, countries want to be less dependent on foreign components, which further drives investments in hardware.
Mega deals
In Europe, VC investments remained stable at 14.85 billion euros in the third quarter, compared to 12.97 billion euros in the second quarter. The market was characterized by some mega deals in the AI sector, including Mistral AI in France and Nscale in the United Kingdom (both €1.28 billion).
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KPMG expects cautious optimism in Europe for the coming quarter, partly thanks to the new trade agreement between the EU and the US. Investors remain primarily focused on AI, defense technology, healthcare and fintech. Governments are also investing more in technological sovereignty, local innovation and alternative energy sources.