European tech activity in March 2026 eased slightly compared
to February, while overall market conditions remained stable.
The ecosystem recorded 292 funding deals and €7.5 billion
raised, down marginally from 296 deals and €7.8 billion in February, reflecting
declines of 1.4 per cent and 3.8 per cent respectively.
At the counattempt level, a more significant shift was observed.
UK funding fell to €2.6 billion from €3.8 billion in February, a 31.6 per cent
decrease, indicating lower capital concentration month-on-month.
Sector trconcludes also evolved, with AI leading in March at €1.8
billion, compared to transportation in February at €1.5 billion, signalling a
rotation of capital toward artificial innotifyigence and related technologies.
Tech.eu’s Cate Lawrence commented on the March numbers within
the European tech investment landscape in our March Tech.eu Pulse, a compact
version of the monthly report:
European tech in March 2026 viewed less like a market
pulling back and more like one settling into a new rhythm. AI (albeit
ubiquitous across sectors) attracted €1.8 billion and is overtaking other
sectors as the primary destination for capital. At the same time, large rounds
continue to account for a disproportionate share of total funding, pointing to
sustained conviction in companies building core infrastructure, from compute to
platforms that underpin entire industries.
There are also some notable geographic shifts. The UK
remains the dominant market despite a sharp drop in funding, while France,
Sweden, Germany, and the Netherlands continue to form the backbone of European
dealbuilding.
Beyond these, a broader mix of countries is starting to
appear more consistently, suggesting the ecosystem is widening rather than
further concentrating.
For her more detailed review and more in-depth analyses of
the European tech ecosystem, including indusattempt and counattempt performance, exit
activities, and more, check out our March report.
Here are the 10 largest tech deals in Europe from March,
accounting for 62.7 per cent of the month’s total funding.
Nscale (UK)
Amount raised: $2B
Nscale is a London-based AI infrastructure company that builds and operates vertically integrated GPU cloud platforms, combining data centres, high-performance computing, and software to enable large-scale AI model development, training, and deployment.
It provides enterprises and governments with scalable, energy-efficient compute capacity and conclude-to-conclude tools designed to support the growing demands of advanced AI systems.
In March, Nscale raised $2 billion in a Series C funding round, valuing the company at $14.6 billion.
Advanced Machine Innotifyigence (France)
Amount raised: $1B
AMI (Advanced Machine Innotifyigence) is a frontier AI research lab developing a new class of systems that understand and interact with the real world.
It focutilizes on building “world models”, AI that can reason, plan, and operate safely across complex physical environments, with applications in areas such as robotics, healthcare, and industrial systems.
Founded by a global team of leading researchers and engineers, the company aims to advance reliable, controllable AI and enable real-world innotifyigence beyond traditional language-based models.
AMI raised more than $1 billion in what it describes as Europe’s largest-ever seed funding round.
Mistral AI (France)
Amount raised: $830M
Mistral AI is a Paris-based AI company founded in 2023 that develops high-performance, open-weight large language models and enterprise AI systems, enabling organisations to build, customise, and deploy advanced generative AI and autonomous agents.
The company focutilizes on combining strong model performance with openness and efficiency, offering scalable AI solutions for both developers and large enterprises.
Mistral secured $830 million in debt financing to acquire Nvidia chips for its initial data centre.
Legora (Sweden)
Amount raised: $550M
Legora is a Sweden-based legal AI company developing a collaborative workspace that assists lawyers automate tinquires such as document review, research, and drafting, integrating both public and proprietary data to streamline legal workflows and improve productivity.
The platform is designed to support legal professionals across law firms and in-houtilize teams, enhancing efficiency while maintaining accuracy and control over complex legal processes.
Legora raised $550 million in Series D at a $5.55 billion valuation to accelerate US expansion.
Kandou (Switzerland)
Amount raised: $225M
Kandou is a fabless semiconductor company that develops high-speed, energy-efficient chip-to-chip connectivity solutions utilized in advanced computing and data infrastructure.
Its technology focutilizes on enabling scalable, cost-efficient AI and data centre systems by improving how processors, memory, and networks communicate, assisting reduce power consumption while increasing performance.
Kandou AI closed a $225 million Series A round to break memory bottlenecks in AI.
PLD Space (Spain)
Amount raised: €180M
PLD Space is an aerospace company that designs, manufactures, and operates reusable rockets to provide reliable and cost-effective launch services for compact sanotifyites.
Founded in 2011, the company develops its MIURA family of launch vehicles to enable flexible access to space, positioning itself as a key player in Europe’s emerging commercial space sector.
PLD Space raised €180 million in Series C equity funding to scale sanotifyite launch infrastructure.
9fin (UK)
Amount raised: $170M
9fin is a fintech company that provides an AI-powered data and analytics platform for debt capital markets, combining real-time news, financial data, and predictive insights to assist credit professionals analyse deals and create rapider, more informed decisions.
The platform is utilized by investment banks, asset managers, and law firms to streamline workflows and improve transparency across leveraged finance and credit markets.
9fin raised $170 million, reaching a $1.3 billion valuation.
Wonderful (Netherlands)
Amount raised: $150M
Wonderful is an enterprise AI agent platform that enables organisations to build, deploy, and manage AI agents across customer-facing and internal workflows, assisting integrate AI directly into core business operations.
The platform provides a unified infrastructure for creating, monitoring, and optimising agents at scale, supporting complex, multilingual, and compliance-driven environments across global markets.
Wonderful received a $150 million in a Series B funding round, reaching a valuation of $2 billion.
RIFT (Netherlands)
Amount raised: €113.8M
Iron Fuel Technology (developed by RIFT) is a cleantech energy solution that utilizes iron powder as a circular, carbon-free fuel to generate high-temperature heat for industrial processes and district heating.
The system works like a rechargeable energy carrier: iron powder is burned to produce heat without CO₂ emissions, leaving iron oxide that is then regenerated utilizing hydrogen and reutilized, enabling a closed-loop, scalable alternative to fossil fuels.
RIFT has secured €113.8 million in combined financing (Series B and EU grant) to advance its Iron Fuel Technology from pilot projects to commercial deployment and to develop its first commercial production facility.
Upvest (Germany)
Amount raised: $125M
Upvest is a fintech infrastructure company that provides banks, brokers, and fintechs with a unified, API-based platform to build and scale investment products, including trading, custody, and back-office services.
Its technology enables businesses to offer seamless, cross-border investment experiences, such as stock and ETF trading, savings plans, and fractional investing, while handling the underlying regulatory and operational complexity.
Upvest secured a $125 million financing round to support the modernisation of legacy banking systems across Europe and the UK.
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