In the third quarter of 2024, €424 million was invested in Dutch startups. That amount is almost the same as the same quarter in 2023 (+0.3%). Investments decreased slightly compared to Q2, in which €427 million was invested. This year’s total investment amount is now €1.9 billion, which is already higher than the 2023 total. Perhaps the most striking conclusion: the number of deals is significantly behind last year. So, on average, more money is being invested per deal.
This is according to the latest figures from the Quarterly Startup Report, a quarterly data analysis by Dealroom.co, Golden Egg Check, KPMG, the Regional Development Companies (ROMs), the Dutch Association of Participation Companies (NVP), the Dutch Startup Association (DSA), and Techleap.
Number of deals declines, but major funding rounds
The number of deals in the third quarter fell 8% from the same quarter in 2023. In particular, fewer early-stage deals accounted for 40% of the total deals in this quarter. The number of investments in Series B+ (rounds over €15 million) also decreased: there were only six such large investments in the third quarter, compared to 14 in the first quarter and 9 in the second quarter of 2024.
The number of deals closed in the first eight months of 2024 lags sharply compared to 2023: 258 versus 304. The last time so few deals were closed was in the first quarter of 2021.
“The lagging investment in the very early phase is worrisome,” believes Lucien Burm, president of DSA. “The cause is a declining number of angel investments. We have been arguing for years for an incentive scheme in this; in other countries, such a scheme is already applied with great success. Such a scheme is already being applied in countries around us with great success.”
Still, there were some significant investments. Nearfield Instruments secured a €135 million round – the fourth round above €100 million by 2024. Other big deals in the third quarter came from Payt (€55 million), Avidicure (€37 million), and Battolyser Systems (€30 million).
Clean and high-tech are popular
As in the year’s first half, cleantech and high-tech companies also did well in Q3: Battolyser Systemes, Quatt (€25 million), and Carbyon (€15.3 million) focused on climate innovations. In addition to Nearfield Instruments, other companies in the high-tech and deep-tech sectors, such as Morphotonics (€9 million), have also raised more significant sums.
Companies focusing on AI were conspicuous by their absence. In the second quarter of this year, AxeleraAI from the Netherlands still raised $68 million, but in countries like the United Kingdom, AI companies have raised more and larger rounds in the past year.
Celebrating success: in Amsterdam and Eindhoven
Something we still need to improve at in the Netherlands is celebrating success! To change that, startups that raised funding and investors who actually invested in Q3 came together yesterday. DSA Fundfest took place not only in Amsterdam but also in Eindhoven. Carbyon opened up its office for Investors, and startups were welcomed by Carbyon, which raised €15.3 million.
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