The ‘FCF DeepTech Series’ is a quarterly series of reports tracking European venture capital funding trends within four main DeepTech verticals. We highlight deal counts, volumes, investor interests, subsector trends, geographic hotspots, IPO activity as well as M&A / trade sale activity. Each quarter one of the four verticals – CleanTech, Advanced Manufacturing, Industrial Internet of Things (IIoT) and Robotics – is examined individually.
Each report is a quick reference for investors, corporates and professionals for the funding trends within the respective vertical.
FCF CLEANTECH VENTURE CAPITAL REPORT






This edition of the inaugural ‘FCF DeepTech Series’ focuses on VC funding developments within the European CleanTech vertical. The European CleanTech vertical has been split into six main subsectors:
- Alternative Fuels & Materials
- E-Mobility
- Energy Efficiency
- Energy Generation
- Energy Storage
- Recycling, Waste & Environment
Key Findings:
- The growth of the booming CleanTech venture capital sector is accelerating: Investments in startups of relevant CleanTech sub-sectors have tripled from about €2.2 billion in 2020 to about €6.8 billion in 2021.
- The boom in CleanTech has so far been driven by the decarbonization of the economy and transport, driven by regulation and society’s desire for climate protection. In 2022, security and geopolitical advantages will be an additional driver for the CleanTech sector.
- The CleanTech sector is “coming of age”: The average size of a funding round has almost doubled from c. €6m to €11m, which is associated with a significantly higher share of late-stage funding in 2021 vs 2017.
- The UK is the leading country for CleanTech investments by number of deals between 2017-2021, while Sweden is by far in first place by deal volume with €4.6bn, followed by UK with €1.9bn and Germany with €1.7bn deal volume. The Swedish volume is mainly driven by 2 companies, Northvolt and NEVS.
- The energy storage & e-mobility sectors attracts highest funding: With a deal volume of €4.6 billion, the energy storage sector leads the way, driven by the rise of e-mobility and megadeals from Swedish battery manufacturer Northvolt. The e-mobility sector follows with €2.4 billion in deal volume. In addition to Swedish unicorn NEVS, there were several large financing rounds, especially in 2020-21: VanMoof and Lightyear in the Netherlands, Rimac Automobili in Croatia, and Sono Motors, Ubitricity and EVUM in Germany, which have the potential for larger rounds in the near future.
- For the first time, there were also successful SPAC transactions in the European CleanTech Universe. While Verne Global was listed on the London Stock Exchange, the other companies opted for Nasdaq (Navitas, Arrival) or NYSE (Wallbox, FREYR)
DEEPTECH RESEARCH SERIES
The “FCF DeepTech Series” is a quarterly series of reports tracking European venture capital funding trends within four main DeepTech verticals. We highlight deal counts, volumes, investor interests, subsector trends, geographic hotspots, IPO activity as well as M&A / trade sale activity.
Each quarter one of the four verticals – Cleantech, Advanced Manufacturing, Industrial Internet of Things (IIoT) and Robotics – is examined individually.
Each report is a quick reference for investors, corporates and professionals for the funding trends within the respective vertical.


Cleantech Venture Capital Report
European VC Funding trends, IPO and M&A activity in the CleanTech sector
Advanced Manufacturing Venture Capital Report
European VC Funding trends, IPO and M&A activity in the Advanced Manufacturing sector
Industrial Internet of Things Venture Capital Report
European VC Funding trends, IPO and M&A activity in the IIoT sector
Robotics Venture Capital Report
European VC Funding trends, IPO and M&A activity in the Robotics and Drones sector
NEWS & PRESS

FCF CleanTech Venture Capital Report – 2022 published
FCF Fox Corporate Finance GmbH is pleased to publish the “CleanTech Venture Capital Report – 2022”. The report is part of the “FCF DeepTech Series”, which is a quarterly series of reports tracking European venture

FCF Robotics Venture Capital Report – 2021 published
FCF Fox Corporate Finance GmbH is pleased to publish the “Robotics Venture Capital Report – 2021”. The report is part of the “FCF DeepTech Series”, which is a quarterly series of reports tracking European venture

FCF Fox Corporate Finance supports Quantum-Systems in Venture Debt Financing
Munich-based drone specialist concludes loan agreement with European Investment Bank (EIB) FCF analyses needs and finds optimal financing solution Munich, July 19th, 2021 – Munich-based financing specialist FCF Fox Corporate Finance GmbH acted as corporate

FCF CleanTech Venture Capital Report – 2021 published
FCF Fox Corporate Finance GmbH is pleased to publish the “CleanTech Venture Capital Report – 2021”. The report is part of the “FCF DeepTech Series”, which is a quarterly series of reports tracking European venture

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