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 are:
- CleanTech boom with record high: Despite the headwinds in the VC market, the European CleanTech market reached a new high with over 1,400 closed deals in 2024 – a >20% increase vs. 2023. The increase is even more profound on the medium term. Compared to 2020, deals are up from 674 to 1,469 (22% CAGR) and deal volumes are up from €2.4bn to €7.2bn (32% CAGR)
- 2022 and 2023 hype driven by mega-deals: In 2022 and 2023 mega-deals (mostly around the subsector “Energy Storage” from, e.g., Northvolt) created a small hype with volumes per year exceeding €10.0bn and €9.8bn, respectively. In 2024 volumes returned to a more sustainable and diversified level of €7.2bn
- Germany on the rise: With €6.4bn volume raised in 678 deals, Germany ranks among Europe’s top 3 CleanTech markets (17.5% and 12.3% of total volume and closed deals) – still underrepresenting the volume due to a 40% share of undisclosed transaction sizes. Further, 6 out of the Top 10 CleanTech deals in 2024 have been raised by German start-ups (1 and 4 in the Top 10 in 2022 and 2023), indicating their strong momentum
- Subsectors “Energy Storage” and “Recycling / Waste / Environment Technologies” in focus: The two subsectors are in the spotlight of investor interest– they account for approx. 50% for both deal volume and closed transactions since 2020. Further, 7 of the 10 largest deals since 2020 are from companies operating in these two fields, further indicating the importance of these subsectors
- Continuing difficult exit environment: 2024 was again a difficult year for start-up exits, especially regarding IPOs and SPACs with only 1 IPO (Imeon Energy Société). The M&A market turned back to 2021 levels with almost 50 transactions. Combined, this results in a mixed picture for potential exits
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 Robotics Venture Capital Report – 2024 published
FCF Fox Corporate Finance GmbH is pleased to publish the “Robotics Venture Capital Report – 2024”. The report is part of the “FCF DeepTech Series”, which is a quarterly series of reports tracking European venture

Advanced Manufacturing Venture Capital Report – 2024 published
FCF Fox Corporate Finance GmbH is pleased to publish the “Advanced Manufacturing Venture Capital Report – 2024”. The report is part of the “FCF DeepTech Series”, which is a quarterly series of reports tracking European

FCF CleanTech Venture Capital Report – 2024 published
FCF Fox Corporate Finance GmbH is pleased to publish the “CleanTech Venture Capital Report – 2024”. This edition of the “FCF DeepTech Series” focuses on VC funding developments within the European Cleantech vertical. This vertical

FCF Robotics Venture Capital Report – 2023 published
FCF Fox Corporate Finance GmbH is pleased to publish the “Robotics Venture Capital Report – 2023”. The report is part of the “FCF DeepTech Series”, which is a quarterly series of reports tracking European venture

FCF at the Tech Tour NRW Green 2023 in Dusseldorf on 19 September, 2023
September 19, the Tech Tour Green 2023 Programme will take place in Dusseldorf with an exciting live event. The Tech Tour NRW Green Programme is designed to help start-ups based in North Rhine -Westphalia region developing tech solutions in the broad