by Capital Flows
The European Deal Log is a structured record of investment transactions across the European startup and private capital ecosystem. Every entry is tied to an announcement date, a company seat, a round type, a disclosed amount in its original currency, a named lead investor where one exists, and a primary source.
It is built to answer one question that general funding coverage rarely answers: where public and state-anchored money sits inside a private round. Each deal is marked for public capital involvement, the institutions behind it, and the form that money takes: equity, guarantee, grant substitute, or a public customer contract.
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This is a curated editorial log, not a market census. It covers the transactions Capital Flows has researched and published. Every total below describes the deals in this log, not the European market.
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Reporting period: August 25, 2026 to October 21, 2026, as published on October 24, 2026.
| Metric | Value | What it covers |
|---|---|---|
| Deals recorded | 32 | Published entries. Screened-and-rejected candidates stay in the internal record and are not part of these figures. |
| Countries represented | 13 | Company seat as recorded: Germany, France, Sweden, Netherlands, Belgium, United Kingdom, Spain, Switzerland, Denmark, Italy, Romania, Ireland, Estonia. |
| Deals with public or state-anchored capital | 21 of 32 | At least one publicly owned or state-anchored institution identified in the round. |
| Disclosed value, euro-denominated | €4,693m across 19 deals | Sum of disclosed amounts recorded in EUR. One deal, Mistral AI at €3,000m, accounts for 64% of it; the other eighteen total €1,693m. |
| Disclosed value, other currencies | $1,733m across 11 deals · CHF 24m across 1 | Reported separately. Amounts are never converted or added across currencies. |
Disclosed value is the sum of the amounts companies and investors actually published. It is not market volume: a transaction with no announced figure is recorded with an empty amount, never a zero, and it is not estimated. The log carries no investor count, because participating investors are held as free text and cannot be counted reliably.
Three tabs on the same records. Latest Deals is the default, newest announcement first. By Funding Stage groups them by round or transaction type, including debt facilities and fund closes. Public Capital shows only the deals with a publicly owned or state-anchored institution in the round, grouped by the role that money played. Open any company for its full entry and primary source.
All five observations below are read directly off the 32 published entries in the tables above. They describe this log and nothing wider.
Public or state-anchored capital is present in 21 of 32 deals. In 19 of those 21 it takes the form of equity, with the institution sitting on the cap table alongside private funds. A guarantee appears once (Cloover's €86.2m facility, EIF-guaranteed) and a grant substitute once (Amyl Therapeutics, Noshaq / Wallonie). The familiar picture of public money as a subsidy is the exception here, not the rule. See the Public Capital view, grouped by role.