Mews, a hospitality software company, raised the largest funding round for Dutch tech in the first quarter 2025. This was a difficult start to the year in the sector. According to the Quarterly Startup Report, Dutch startups raised EUR460mn during the quarter. A 59% drop in growth-stage financing is alarming.
The top 10 deals together accounted for more than EUR320mn – over 75% of the total funding raised last quarter. Here are the largest Dutch deals in Q1 2025.
Mews — EUR
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Mews is based in Tnw Amsterdam and has built a Cloud-based System that helps hotels and hospitality businesses streamline tasks such as booking rooms, checking in guests, and processing payments. This round follows the raising of 100mn credit financing in September, and a $110mn in equity funding in March 2024 – when the scaleup was a Unicorn.
2. Alesta Therapeutics (19659022) — EUR65mn (19659023) Alesta Therapeutics is a biotechnology firm based in Leiden. It focuses on developing novel small-molecule oral therapies for rare diseases.
3. Leyden Labs – EUR63,($ 70Mn),
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3. Leyden Labs – EUR63,($ 70Mn),
Leyden Labs, another biotech startup in Leiden – home to Europe’s leading hub for life science. The company is developing intranasal medications to protect against respiratory virus.
4. Vivici – EUR32.5mn (
Vivici, a Dutch foodtech start-up, uses precision fermentation to produce dairy proteins without animal products. Its proteins are designed as a replacement for traditional dairy ingredients such as whey and casein.
5. QuantWare — EUR20mn (
Quantware designs superconducting quantum processing. The startup claims it has created a 3D architecture that offers the fastest path to a 1 million qubit quantum computer. Plans to sell it to Big Tech companies.
6. Thorizon – EUR 16mn
Thorizon, a deep tech startup, is developing modular molten-salt reactors (MSRs), which use long-lived radioactive waste as fuel.
7. Varmx – EUR15mn
Varmx, a biotech startup, is developing a treatment that can reverse bleeding in patients who are taking blood thinners.
8. Workwize — EUR12mn (US$13mn)
Workwize offers cloud-based software to manage IT hardware at remote and hybrid workplaces.
9. Sirius Medical — EUR10mn (
) Another biotech startup has developed a technology to help surgeons locate and remove breast tumors precisely.
10. Stacks — EUR9mn ($19659045]10mn)
Amsterdam’s Stacks offers a platform powered by AI that streamlines the financial closing process for businesses.
Despite a few eye-catching deals and a significant decline in growth-stage financing, the Dutch tech eco-system is facing long-term challenges.
Fewer Dutch tech deals, less growth rounds
Only 79 deals in total were recorded for Q1 2025, an 11% decrease compared to last year’s same period. This was the fifth consecutive quarter that deal counts fell. The sharp decline in funding at later stages is most striking. The number of Series B+ rounds has been cut in half from 14 in Q1 2020 to seven this year. Total funding for late-stage startups was EUR287mn, a staggering EUR609mn less than the previous year.
The report also found that for the second consecutive quarter, there were no Dutch mega deals above EUR100mn, a stark contrast from previous years when these rounds were relatively frequent.
On the other hand early-stage startups were a rare bright point in a generally poor outlook. In Q1 2025, seed deals (typically EUR1mn to EUR4mn) represented nearly half of all investment. Total funding in this category grew over 15% on an annual basis.
This is a good sign for the future of innovation. However, without enough late-stage capital it’s possible that promising Dutch startups may be forced to look overseas for growth funding.
What’s next? The outlook for 2025’s remaining years is mixed. On the one hand the resilience of seed investments and the growing interest in deep technology and hardware — areas that Dutch startups like QuantWare or Thorizon excel at — give reason for optimism.
“we can be proud of Dutch entrepreneurs who, along with investors, realise deep tech innovations of world-class quality,” said Myrthe Hoopijman, Director of Ecosystem Change and Government Affairs at Techleap.
On another hand, a number of issues are causing concern. According to the report, global trade tensions, an apathetic exit market, and increasing caution among international investors could further slow down growth-stage financing.
While we have not yet raised the alarm, standing still is a step backwards,” said Lucien Burm. Chairman of the Dutch Startup Association. “Not only has Europe lost its position internationally, it is also losing importance within Europe.”
Instead of reactive measures, broad- and deep-investment in the business and investing climate is the key.
This Quarterly Startup Report is a collaboration between Dealroom.co and Golden Egg Check. It was also compiled by KPMG and the Regional Development Companies. The future of Dutch technology is a major theme at theTNW Conference,which takes place in Amsterdam on June 19-20. Tickets are now on saleUse the code TNWXMEDIA2025 to get 30% off.
