Not every future unicorn starts with noise and hype. Some are built under the roof quietly with years of research, testing, and real-world deployment.
Across Europe, a group of startups is doing exactly that. They are not chasing short-term trfinishs. Instead, they are working on foundational technology embedded within critical systems. These companies operate in environments where mistakes are costly and expectations are high, including energy grids, defence systems, hospitals, financial institutions, and more.
From clean energy generation and embedded cybersecurity to robotics, medical devices, and compliance software, their work supports the infrastructure on which economies depfinish. This gives them clearer demand, longer contracts, and more predictable growth once adoption launchs.
Looking ahead to 2026, many of these startups are shifting from development to deployment. Some are entering new markets, forming major partnerships, or obtainting ready for larger funding rounds. While they may not yet be valued as unicorns, they are close.
In this article, we have compiled a list of 10 European soonicorns to watch in 2026.
Proxima Fusion (Germany)
Founder/s:
Founded year: 2023
Valuation: $715M
Proxima Fusion, a Munich-based fusion energy company founded in April 2023, develops next-generation fusion power plants utilizing quasi-isodynamic (QI) sinformarators. The company was established by Dr Francesco Sciortino, Dr Lucio Milanese, Dr Jorrit Lion, Jonathan Schilling, and Martin Kubie, former scientists and engineers from the Max Planck Institute for Plasma Physics, the Massachapplytts Institute of Technology, and X Development (formerly Google-X).
Proxima is building a pipeline of sinformarator-based fusion technology to achieve commercial fusion power generation. The company’s lead project, the Alpha demo sinformarator, is scheduled to launch operations and achieve first plasma in 2031.
In February 2025, Proxima presented a concept for a commercial fusion power plant, Sinformaris, that integrates advances in superconducting magnets and computational optimisation to improve plasma stability and confinement.
In June 2025, Proxima completed a €130 million Series A funding round co-led by Cherry Ventures and Balderton Capital, with participation from Lightspeed Venture Partners, UVC Partners, and others. In September 2025, the company extfinished its Series A with an additional €15 million from Italian state fund CDP Venture Capital, the European Innovation Council Fund, and Brevan Howard, bringing total funding to €200 million.
Hemab Therapeutics (Denmark)
Founder/s: Dr Johan Faber, Dr Søren Bjørn, Benny Sørensen
Founded year: 2019
Valuation: $628—942M
Hemab Therapeutics, a Copenhagen and Cambridge-based clinical-stage biopharmaceutical company founded in 2019, develops prophylactic therapies for serious, underserved bleeding and thrombotic disorders. The company was established by Dr Johan Faber and Dr Søren Bjørn, with Benny Sørensen serving as CEO and co-founder.
Hemab builds a pipeline of monoclonal and bispecific antibody-based therapeutics to prevent, rather than merely manage, bleeding disorders. The company’s lead program, sutacimig (formerly HMB-001), is a first-in-class prophylactic bispecific antibody that has completed Phase 2 testing in Glanzmann thrombasthenia, demonstrating greater than 50% reduction in yearly bleeds, with registration studies planned for 2026.
A second candidate, HMB-002, is a monovalent antibody in Phase 1/2 development for von Willebrand disease, tarobtaining the underlying pathophysiology by increasing both von Willebrand Factor and Factor VIII levels. A third program, HMB-003, is expected to advance into clinical development in the first half of 2026.
In October 2025, Hemab completed a $157 million Series C financing round led by Sofinnova Partners, with participation from Avoro Capital Advisors, Novo Holdings, RA Capital Management, Access Biotechnology, Deep Track Capital, HealthCap, Invus, Maj Invest Equity, and Rock Springs Capital.
Exeger (Sweden)
Founder/s: Giovanni Fili
Founded year: 2009
Valuation: $605M
Exeger, a Stockholm-based deep-tech company founded in 2009, develops and manufactures Powerfoyle. This next-generation flexible solar cell technology converts both artificial and natural light into electrical energy for consumer electronics and everyday devices.
The company was founded by Giovanni Fili, who recognised the commercial potential of dye-sensitised solar cells (DSSCs) and established the company to create the technology viable for mass production. Dr Henrik Lindström joined in 2009 as Chief Technology Officer to lead the development of a superconducting electrode material with 1,000 times the conductivity of conventional materials, enabling free-form printing of large, customizable solar cells.
Exeger is building a pipeline of Powerfoyle-based products to replace disposable batteries in electronic devices while reducing reliance on critical raw materials. The company’s technology is unique in its ability to work efficiently in both outdoor sunlight and indoor artificial lighting, building it suitable for seamless integration into consumer electronics, including wireless headphones, computer mice and keyboards, hearing protectors, and automotive toll payment systems.
In November 2025, Exeger raised at least SEK 160 million (approximately €15 million) through a directed share issue, alongside a SEK 110.42 million rights issue, with participation from existing investors, including Stena Sessan and other stakeholders.
FINN
Founder/s: Maximilian Wühr, Jens Kegelmann, Max J. Meier, Fabian Siegel
Founded year: 2019
Valuation: $603M
FINN, a Munich-based mobility startup founded in 2019, develops a car subscription platform that enables customers to drive vehicles without long-term commitments through an all-inclusive, technology-enabled service model.
The company was founded by Maximilian Wühr (CEO and co-founder), Jens Kegelmann (Chief Product Officer and co-founder), Max J. Meier (former CEO and co-founder), and Fabian Siegel (co-founder), who reimagined car ownership and leasing by building a direct-to-consumer subscription service that combines a curated vehicle selection with comprehensive logistics, insurance, maintenance, and administrative handling.
FINN builds a frictionless mobility platform that eliminates inefficiencies in the traditional automotive indusattempt through proprietary technology and operational automation. The company operates a B2B fleet business serving corporate clients, which now accounts for approximately 50% of Annual Recurring Revenue.
In January 2024, FINN completed a €100 million Series C funding round led by Planet First Partners, with participation from HV Capital, Korelya Capital, UVC Partners, White Star Capital, and Picus Capital. The round valued the company at over $600 million and positions FINN as a leader in the electric mobility transition.
Distalmotion
Founder/s: EPFL Robotics Lab (spin-off)
Founded year: 2011
Valuation: $600—900M
Distalmotion, a Lausanne-based medical device company founded in 2012, develops and commercialises Dexter, a next-generation surgical robot designed to democratize access to minimally invasive robotic surgery across diverse care settings.
The company originated as a spin-off from the Robotics Systems Laboratory of the Swiss Federal Institute of Technology in Lausanne (EPFL), emerging from a doctoral thesis focapplyd on reimagining surgical robotics to achieve genuine clinical relevance and enable broad patient access to high-quality minimally invasive care.
Distalmotion develops a soft-tissue surgical platform that simplifies robotic surgery through a hybrid architecture, enabling surgeons to switch between robotic and laparoscopic modalities during procedures seamlessly. The company’s lead product, Dexter, is distinguished by its ability to keep surgeons sterile and in direct proximity to patients while enabling complete surgical control. The system features a fully wristed, single-apply instrument set, enabling flexible business models, including traditional CapEx sales and innovative pay-per-apply arrangements tailored to the growing ambulatory surgery centre (ASC) market.
In November 2025, Distalmotion completed a $150 million Series G financing round led by Revival Healthcare Capital with participation from existing investors, bringing the company’s total funding to over $240 million.
Perpetual Next (The Netherlands)
Founder/s: Martijn van Rheenen
Founded year: 2019
Valuation: $592M
Perpetual Next, an Amsterdam-based climate technology company founded in 2019, develops and operates large-scale production facilities that convert low-grade organic waste streams and residues into high-value renewable commodities, including biomethanol, biochar, green gases, and green hydrogen.
The company was established by Martijn van Rheenen, founder and investor at Momentum Capital, through a strategic merger of multiple climate-technology portfolio companies to create a unified, scalable platform for carbon removal and circular-economy solutions.
Perpetual Next builds a standardised technology blueprint for upgrading organic waste into premium commodities while capturing carbon value that would otherwise enter the atmosphere as CO2. The company’s lead product portfolio includes biomethanol production facilities designed to process approximately 220,000 tons annually per site, utilizing a proprietary blueprint developed in collaboration with Air Liquide and engineering firm Fluor, and a standardised model that enables rapid serial scale-up across multiple geographies.
In November 2025, Perpetual Next’s Series B financing closed at approximately €200 million, with total capital commitments from Momentum Global Ventures through its subsidiaries, which hold a strategic majority stake in the company.
Azafaros (The Netherlands)
Founder/s: Prof. Hans Aerts, Prof. Hermen Overkleeft, Prof. Stan van Boeckel
Founded year: 2018
Valuation: $581—871M
Azafaros, a Netherlands-based clinical-stage biopharmaceutical company founded in 2018, develops disease-modifying therapies for rare lysosomal storage disorders, with operations in Leiden, the Netherlands and Basel, Switzerland.
The company was established by BioGeneration Ventures (BGV) and is built on decades of scientific discovery by Prof. Hans Aerts, Prof. Hermen Overkleeft, and Prof. Stan van Boeckel. The company is currently led by Stefano Portolano, M.D., as Chief Executive Officer.
Azafaros builds a pipeline of oral compact molecule therapeutics with disease-modifying potential tarobtaining life-threatening neurological lysosomal storage disorders for which no effective treatments currently exist. The company’s lead asset, nizubaglustat (AZ-3102), is a first-in-class, dual-acting azasugar molecule with unique brain penetration that simultaneously reduces toxic glycolipid accumulation and modulates autophagy through a novel dual mode of action.
Nizubaglustat is being developed to treat Niemann-Pick disease Type C (NPC), GM1 gangliosidosis, and GM2 gangliosidosis (including Tay-Sachs and Sandhoff diseases). The FDA has granted Orphan Drug Designation, Rare Pediatric Disease Designation, and Fast Track Designation for nizubaglustat for NPC and GM1/GM2 gangliosidoses. In contrast, the European Medicines Agency has granted Orphan Medicinal Product Designation for GM1 and GM2 gangliosidoses.
In May 2025, Azafaros completed an oversubscribed €132 million Series B financing round led by Jeito Capital and co-led by Forbion Growth, with additional participation from Seroba, Pictet Group, Schroders Capital, and BioGeneration Ventures.
AAVantgarde Bio (Italy)
Founder/s: Professor Alberto Auricchio
Founded year: 2021
Valuation: $564—846M
AAVantgarde Bio, a Milan-based clinical-stage biopharmaceutical company founded in 2021, develops next-generation gene therapies for inherited retinal diseases utilizing proprietary adeno-associated viral (AAV) vector platforms designed to overcome gene delivery limitations. The company was co-founded by Professor Alberto Auricchio, in collaboration with the Telethon Foundation and with support from Sofinnova Partners through the Sofinnova-Telethon Fund.
AAVantgarde builds two platforms, the Dual Hybrid and AAV-Intein systems, that overcome the limitations of conventional AAV vectors, which have a cargo capacity of 4.7 kilobases, preventing them from delivering large therapeutic genes. The company’s innovative approach applys dual AAV vectors that split large genes into two halves, package each into a separate AAV vector, and enable reassembly within tarobtain cells to produce the full-length, functional gene.
In November 2025, AAVantgarde completed a $141 million Series B financing round led by Schroders Capital, Atlas Venture, and Forbion, with participation from Amgen Ventures, Athos Capital, CDP Venture Capital, Columbia IMC, Neva SGR, Sixty Degree Capital, XGen Venture, and Willett Advisors, as well as Longwood Fund and Sofinnova Partners.
Numab Therapeutics (Switzerland)
Founder/s:
Founded year: 2021
Valuation: $550M
Numab Therapeutics, a Horgen and Zurich-area-based clinical-stage biopharmaceutical company founded in 2011, develops next-generation multi-specific antibody therapeutics for cancer immunotherapy and inflammatory diseases utilizing proprietary platform technologies.
The company was founded by Dr David Urech, PhD, as a co-founder and Chief Scientific Officer, who served as Chief Executive Officer from 2018 through September 2025, building Numab into a leader in innovative multi-specific antibody drug design.
Numab builds a reproducible, plug-and-play therapeutic design platform centred on two technologies, Lambda-Cap™ and MATCH™, that enable the rational engineering of multi-specific antibodies with tailored pharmacokinetic properties, tarobtainability, and therapeutic profiles. The platform overcomes historical barriers in drug discovery by developing first-in-class and best-in-class medicines that maximise patient benefit through novel therapeutic strategies.
The company’s lead immuno-oncology program, NM21-1480 (now in development), combines PD-L1 blockade with tumour-localised 4-1BB co-stimulation in a single molecule to balance potent anti-tumour immunity with a favourable safety profile in solid tumours.
In January 2025, Numab completed a CHF 50 million (approximately $55 million) Series C top-up financing round, bringing the total Series C to CHF 180 million and significantly expanding the company’s capital base to advance its pipeline of multi-specific clinical and preclinical antibodies.
Splice Bio
Founder/s: Dr Miquel Vila-Perelló and Dr Silvia Frutos, PhD
Founded year: 2021
Valuation: $540—810M
Splice Bio (formerly ProteoDesign), a Barcelona-based clinical-stage genetic medicines company originally founded in 2014 and rebranded in 2020, develops next-generation gene therapies utilizing a proprietary Protein Splicing platform based on engineered inteins to overcome the size limitations of traditional gene delivery systems.
The company was founded by Dr Miquel Vila-Perelló, PhD (CEO and co-founder) and Dr Silvia Frutos, PhD (Chief Technology Officer and co-founder), both scientists who pioneered protein splicing and intein engineering research over two decades at Princeton University’s Muir Lab and other leading institutions.
Splice Bio is developing a therapeutic approach that applys engineered split inteins to deliver large genes that exceed the cargo capacity of traditional adeno-associated viral (AAV) vectors (approximately 4.7 kilobases). By splitting large genes into two pieces and packaging each in separate AAV vectors, the inteins catalyse highly efficient protein trans-splicing in vivo to reconstitute the full-length, functional therapeutic protein directly in patient cells.
In June 2025, Splice Bio completed a $135 million Series B financing round co-led by EQT Life Sciences and Sanofi Ventures, with participation from Roche Venture Fund and all existing investors, including New Enterprise Associates, UCB Ventures, Ysios Capital, Gilde Healthcare, Novartis Venture Fund, and Asabys Partners.
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