Picnic leads as Dutch startups raise €2.5B in 2025

Dutch startups and scaleups raised €2.5 billion in 2025, according to new figures reported by the Dutch Startup Association (DSA). As a result, 2025 is the third-best year ever and marks a 5.7% increase in investment from 2024. Online supermarket Picnic’s €430 million funding round stands as the largest of the year. 

The figures are part of the Quarterly Startup Report. The quarterly data analysis is conducted by Golden Egg Check and Dealroom.co, KPMG, the Regional Development Companies (ROMs), Dutch Association of Participation Companies (NVP), Invest-NL, and Techleap. 

“An upward trend in investments in Dutch tech companies confirms confidence in our entrepreneurs. At the same time, we should not lose sight of developments in surrounding tech ecosystems, particularly where investments are increasing. Collaboration and investment within and outside the Netherlands remain a prerequisite for success,” stated Techleap’s Myrthe Hooijman. 

2025: deals and investment level growth

The report reveals that, alongside the increase in invested capital, the number of deals also grew in 2025, from 342 in 2024 to 349. Analysts suggest that, besides the fluctuations each quarter showed, 2025 was a year of slight growth. 

Overall, the round segment that grew the strongest was the Series B one (deals worth at least €15 million). The amount of investment in these rounds grew to €1.80 billion in 2025—an uptick from €1.73 billion in 2024. 

The total amount invested in Series A rounds (ranging from €4 to 15 million) grew by €57 million. Smaller funding rounds remained stable. 

Number of deals and investments in Dutch startups in the past years - © Quarterly Startup Report

Picnic scored, once again, the largest round

The €430 million raised by online supermarket Picnic is the largest funding round of the year. The company keeps its growing momentum, having raised €355 million in 2024. Here is the list of the year's largest funding rounds. DSA notes that they are nearly 50% of the total amount invested in 2025. 

Here are 2025’s top 10 rounds: 

• Picnic – €430 million (Q4)
• Azafaros – $147 million (Q2)
• FINOM – €115 million (Q2)
• Framer – $100 million (Q3)
• ViCentra (Kaleido) – $85 million (Q3)
• Mews – $75 million (Q1)
• Leyden Labs – $70 million (Q1)
• Alesta Therapeutics – €65 million (Q1)
• Salvia BioElectronics – €60 million (Q2)
• Avidicure – €50 million (Q2)

“It is good to see that megadeals are more common,” stated the chairman of DSA, Lucien Burm. “Due to geopolitical reality, that trend will probably continue. However, these are usually outliers, not the result of targeted policies. Focusing on critical tech is now wise, but broad investments give a greater chance of unexpected global players and therefore of prosperity, competitiveness, and sovereignty.”

The CEO of the national financing institution Invest-NL, Rinke Zonneveld, commented: “Despite the challenging geopolitical conditions leading to uncertainty in the investment market, there also appears to be increasing optimism. We see bigger deals and more ambition and are therefore positive that the Q4 2025 trend will continue in the coming year.”

An overview of the last quarter of the year 

Q4 2025 saw Dutch startups raise around €854 million, double the amount they received in the same period in 2024 and 89% more than in the previous quarter. 

Much of this increase, however, is due to the Picnic’s €430 million funding round. The analysis notes how this is the only round worth €100 million or more in the quarter.

Analysts counted 88 deals completed in the last quarter of 2025, a slight increase compared to the same period in 2024 (+3.5%). This mark is also 8.6% higher than Q3 2025. 

There were 24 seed rounds—investments of €1 to 4 million—in Q4 2025, accounting for the majority of deals in the period (38.5%). Pre-seed rounds—less than €1 million—followed suit, growing to 20 from 13 in the previous quarter.  Later-stage deals remained stable. 

Here is the list of the largest funding rounds raised in Q4 2025: 

• Picnic – €430 million
• Overstory – $43 million
• Avanzanite – €32 million
• OFFICE – €30 million
• Leyden Labs – €30 million
• Qorium – €22 million
• TargED – €21.5 million
• Founteyn – €19.3 million
• TRACT – €18.6 million
• Source.ag – €17.5 million