October in European tech venture: Scaling trends, emerging patterns

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0;switch(e){case"expanded_panel":o='{promoMarkup}{notifMarkup}',r=n._store.getNotifications(),a=n._generatePanelMarkup(o,r),i.innerHTML=a;break;case"error_panel":a=(o='{errorMsg}').replace("{errorMsg}",n._config.panel.errorMsg),i.innerHTML=a}t&&t()}else t&&t(new Error("No panel parent"))}},{key:"createPanelParentNode",value:function(e){e&&(e.innerHTML='',this._panelNode=document.getElementById(P))}},{key:"updateBadgeNode",value:function(e){if(e){var t=this._store.getNotifications().newCount,n=this._config.badge.maxCount;if(t){var o=t>n?n+"+":t;e.innerHTML=o}else e.innerHTML=""}}},{key:"addStyles",value:function(e){if(e&&"undefined"!=typeof window){var t=document.getElementById(this._config.panel.styleTagId);t||((t=document.createElement("style")).type="text/css",t.id=this._config.panel.styleTagId,t.innerText=e,document.head.appendChild(t))}}}]),e}(),j=function(){function e(t,n,o){E(this,e);var i=this;i._store=n,i._view=o,i._config=t;var 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n=e.getConfig();"smartphone"===n.device&&("finance"===n.property&&"crunch"===n.ytheme&&e.addElementListener(t.searchInput,"click",(function(){var n,o;n="search_input_focus_click",null!==(o=re())&&(oe[n]||(oe[n]=o)),e.addElementListener(t.searchForm,"click",(function(){if(t.ybar){if(t.ybar.classList.contains("ybar-searchbox-assist-fullscreen"))return;t.ybar.classList.add("ybar-searchbox-assist-fullscreen"),t.ybar.classList.add("ybar-searchbox-assist-fadein")}if(!document.documentElement.classList.contains("ybar-overlay")){document.documentElement.classList.toggle("ybar-overlay"),document.body.classList.add("ybar-overlay-noscroll");te("ybar","websrch","",{elm:"expand",subsec:"searchbox",itc:"1"})}}))})),e.addElementListener(t.searchBoxPlaceholder,"click",(function(){zt(e,t)})),e.addElementListener(t.searchBoxPlaceholder,"keydown",(function(n){var 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geographies. The market seemed to be settling into its next form — capital flows aligning, familiar patterns gaining weight, and new kinds of coordination emerging across investors and regions.This monthly examination will look at both sides of October’s evolutions. I explore how last quarter’s signals have evolved into systems that may indicate what future movements are already in formation.To be clear, October didn’t redraw any maps. What it did was trace over lines in much thicker ink. All those summer dynamics, such as blended capital flows, widening deal polarisation, and defense as a steady vertical, dominated the marketplace. What changed in October is how they solidified.I first made notes about the convergence of public, private, and corporate capital funding in the mid-year. Those signals have only expanded from a few isolated co-investments to a new emerging norm for European financing.France remained the best testing ground for mixed capital. Examples like Dracula Technologies (€30M) found sourcing through Banque des Territoires, MGI Digital, and the EIC Fund. Another case was Scintil Photonics (€50M) and Adcytherix (€105M) using Bpifrance, EIC, and industrial LPs.In Spain, the mixed-capital model included 011h (€20M) and FuVeX (€3.2M), utilising state innovation funding, as well as private backers. Even TRIBBU (€2M) found resources from Iberdrola and Grupo Ruiz. Then there was Return in the Netherlands (€300M) that used a mixture of pension funds acting in late-growth roles. The list could go on, but the direction is clear. Blended capital is scaling and playing a significant role in European funding.Can you still call it venture capital when a “round” results in over €1.7bn? Months ago, we flagged a split that has now exaggerated to the almost absurd realm of finance. Europe’s venture market seems to be turning into a barbell with record-breaking rounds at the top of a set, a flood of micro-seeds at the bottom, and only a little line of space in between.For example, at one pole of the spectrum, you have late-stage rounds reaching near public scale through Mistral AI (€1.7B), Nscale (€940M), Tubulis (€308M), NanoPhoria (€83.5M), and Trogenix (€80M). Looking at the other end, you get a collection of €0.5M to €5M seed rounds through Afori, BiMA, DevAlly, Omnia, QFX, and FuVeX.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,633.25 -6.50 (-0.10%)Dow Futures46,141.00 -43.00 (-0.09%)Nasdaq Futures24,554.25 -41.50 (-0.17%)Russell 2000 Futures2,352.50 -3.20 (-0.14%)VIX24.69 -22.38 (-47.55%)Gold4,089.70 +23.20 (+0.57%)PortfolioSign in to access your portfolioSign inTop gainersONDS Ondas Holdings Inc. 7.84 +1.59 (+25.34%)DGNX Diginex Limited 16.20 +2.61 (+19.21%)LGN Legence Corp. 44.93 +4.81 (+11.99%)TMC TMC the metals company Inc. 5.42 +0.54 (+10.95%)SRRK Scholar Rock Holding Corporation 39.81 +3.34 (+9.14%)Top losersNICE NICE Ltd. 105.65 -15.21 (-12.58%)KLAR Klarna Group plc 31.63 -3.25 (-9.32%)PACS PACS Group, Inc. 14.43 -1.27 (-8.09%)SNDK Sandisk Corporation 244.93 -20.95 (-7.88%)GPCR Structure Therapeutics Inc. 34.50 -2.94 (-7.85%)Most activeNVDA NVIDIA Corporation 181.36 -5.24 (-2.81%)ONDS Ondas Holdings Inc. 7.84 +1.59 (+25.34%)PLUG Plug Power Inc. 2.1400 +0.0550 (+2.64%)OPEN Opendoor Technologies Inc. 7.52 -0.32 (-4.08%)BBAI BigBear.ai Holdings, Inc. 5.98 +0.41 (+7.36%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersPLUG Plug Power Inc. 2.1400 +0.0550 (+2.64%)TMC TMC the metals company Inc. 5.42 +0.54 (+10.95%)OLMA Olema Pharmaceuticals, Inc. 20.14 +11.62 (+136.39%)HD The Home Depot, Inc. 336.48 -21.55 (-6.02%)NET Cloudflare, Inc. 196.53 -5.72 (-2.83%)Top economic events