Investment Priorities: Biotechnology Takes Over the Top 10 Financing Rounds in the Netherlands During the First Half of 2025
In the first half of 2025, the Dutch startup ecosystem witnessed a significant recovery in funding, with a total of €1.2 billion raised, according to a new analysis. This figure represents a rebound from the lowest quarterly funding total since the early days of the COVID-19 pandemic, recorded in Q1, which stood at €429 million.
The top 10 largest funding rounds in the Netherlands for H1 2025 are dominated by biotech startups, with significant investments in software and medtech sectors. The largest funding rounds, in descending order, are:
1. Azafaros — €132 million 2. Finom — €115 million 3. Mews — €64 million 4. Toloka — €62 million 5. Leyden Labs — €60 million 6. Avidicure — €44 million 7. Alesta Therapeutics — €56 million 8. Salvia BioElectronics — €53 million
These rounds collectively contributed to the recovery, with the rebound in funding mainly driven by a 70% jump in funding in Q2, where startups secured €940 million.
The dominance of biotech reflects investor focus on life sciences, complemented by strong growth in software and medtech sectors. The funding environment stabilized with venture capital funds using more available cash, likely influenced by older funds reaching the end of their investment cycles and entrepreneurs seeking follow-up rounds.
Among the notable biotech startups, Azafaros, based in Leiden, raised €132 million in a Series B round in June 2025. Azafaros is focused on developing novel antibody therapies to treat cancer. Similarly, Alesta Therapeutics, which raised $65 million in Series A funding in January, is dedicated to developing small-molecule therapies for rare diseases.
Salvia BioElectronics, another biotech startup, makes soft brain implants to treat chronic migraines. The company raised €53 million in Series B funding in May and €32.5 million in Series A funding in February.
In the software sector, Mews, a hospitality platform based in Amsterdam, secured €64 million in March 2025. The company offers tools to help businesses understand customer online behavior and deliver personalized content.
Leyden Labs, based in Leiden, raised €60 million in January and an additional €32.5 million in February. The company is developing intranasal medicines to protect against respiratory viruses.
In the fintech sector, Finom, a neobank for SMEs and entrepreneurs based in Amsterdam, raised €115 million in a Series C round in June 2025.
The outlook for funding in the Netherlands improved in the second quarter of 2025, with venture capital funds using more available cash and a focus on life sciences, software, and medtech sectors. This list reflects the Dutch ecosystem's contribution to the broader European tech funding landscape, where biotech, healthtech, and AI remain areas of strategic investor interest.
- The rebound in funding in the Dutch startup ecosystem in Q2 2025 was significantly influenced by large investments in the biotech, software, and medtech sectors, with technology-focused companies like Azafaros, Leyden Labs, Mews, Finom, and Salvia BioElectronics raising substantial amounts.
- The dominance of technology sectors, particularly biotech and medtech, in the Dutch startup funding landscape underscores the strategic interest of investors in life sciences, AI, and related fields, positioning the Netherlands as a key player in the broader European tech funding scene.
