Early stage fundraising: European countries

I utilized Crunchbase data to discover sizes of early fundraising rounds (angel and Series A) across some of the larger ecosystems.

This analysis is NOT meant to advocate a relocation to another city; there are other important factors that should drive a move to a new city. Merely, it's to compare and contrast the environments and hopefully serve as an analytically-based fundraising guide for startups in those cities.

Angel rounds (in USD)
Country: Average fundraise; median; low; high

Finland: 468,089; 344,712; 5,148; 1,400,000
France: 460,574; 340,902; 19,299; 1,428,500
Germany: 397,295; 260,000; 120,000; 1,448,700
Sweden: 387,661; 253,660; 100,000; 1,350,500
UK: 385,421; 232,095; 3600; 1,472,545

Series A rounds (in USD)
Country: Average fundraise; median; low; high

Finland: 4,977,563; 2,500,000; 382,890; 42,000,000
France: 3,742,099; 2,500,000; 61,000; 41,673,600
Germany: 6,798,235; 3,300,000; 135,030; 169,000,000
Sweden: 5,372,463; 2,800,000; 224,000; 40,000,000
UK: 6,038,895; 3,143,582; 114,924; 170,604,000

Some of the interesting highlights:

  • Highest to lowest average angel round countries (Finland, France, Germany, Sweden, UK)

  • Highest to lowest average Series A round countries (Germany, UK, Sweden, Finland, France)

  • 21% difference in angel round fundraising comparing lowest to highest fundraising countries, but 61% difference in Series A fundraising
  • Full dataset here