It’s been a great year for the Dutch startup ecosystem.
Venture capitalists have, so far, invested $3.5bn into Netherlands-based early-stage companies, according to Dealroom data. That makes 2024 Dutch tech’s second-best funding year ever, surpassed only by 2021.
Dutch startups have raised almost 50% more ($1.1bn) cash this year than in 2023 — and there are still two weeks to go. It’s a striking uptick, especially considering the rather muted funding environment in broader Europe, which is on course for its worst year since 2020.
The Netherlands stands to be Europe’s fourth best-funded ecosystem for 2024. It ranks two places higher than last year, beating out Sweden and Switzerland. Unsurprisingly, the UK will clinch the top spot, with $17bn raised so far. Germany is second at $7.9bn, while France is coming in at a close third with $7.7bn.
So, with that in mind, here are the 10 largest funding rounds that made 2024 such a lucrative year for the Dutch startup ecosystem. (Disclaimer: For this list, we count all early-stage companies headquartered in the Netherlands, not necessarily founded there).
1. Nebius — $700M
This was a whopper. The startup, which builds full-stack AI infrastructure for tech firms, secured the equity in December in a deal led by Nvidia, Accel, and other blue-chip investors.
2. Picnic — $388mn
The Dutch online supermarket unicorn bagged the funding in January to fuel its international expansion, as it looks to become a profitable grocery delivery service (which has proven bloody difficult for most).
3. Nearfield Instruments — $147mn
The Rotterdam-based company makes advanced tools for inspecting computer chips during manufacturing, adding to the Netherlands’ wealth of semiconductor success stories.
4. Mews — $110mn
Cha-ching! We have a new unicorn in the house. More accurately, in our house, seeing as Mews is based at TNW City in Amsterdam. The startup, which provides a cloud-based property management system (PMS) for the hospitality industry, raised $110mn in March at a valuation of over $1.2bn. Then in September, it bagged another $100mn.
Now that’s great Mews.
5. DataSnipper — $100mn
Cha-ching, again! DataSnipper, which makes AI-powered accounting tools, raised $100mn in February at a $1bn valuation making it the Netherlands’ second newly minted unicorn for 2024.
6. Citryll — €89mn
The biotech company is developing treatments for inflammatory diseases. It will use the Series B funding to bring its lead product, CIT-013, into Phase 2a clinical trials.
7. Cradle — $73M
Founded in 2022, Cradle uses generative AI to design and optimise proteins, aiming to reduce the time and cost associated with protein engineering. The Amsterdam-based startup wants to put its software “into the hands of a million scientists.”
8. Axelera AI — $68mn
The Eindhoven-based startup is developing chips, known as AI processing units (AIPUs), that enable computer vision and generative AI in devices like robots and drones. The funding round was led by Samsung’s venture arm. For a chip startup, that’s not a bad investor to have onboard.
9. Payt — $58mn
Payt Software’s AI-powered platform streamlines the debt collection process through automated invoicing. Not exactly ‘sexy’ tech, but the startup’s product is used by over 13,000 businesses in the Netherlands alone so it must be doing something right.
10. Vico Therapeutics — $56mn
Founded in 2019, Vico is developing therapies for severe neurological diseases. The company is the third health tech startup on this list and for good reason — the Netherlands has established itself as one of the world’s leading hubs for biotech and life sciences.
Overall, the Dutch startup ecosystem has proven its resilience and strength in 2024, achieving remarkable growth despite broader challenges in the European funding environment. Particualrly standout performances come from the sectors of biotech, AI, and semiconductors. As we look ahead, these funding successes position the country’s startups for even greater global impact going into 2025.
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