PitchBook：2025年第二季度德国私募与风投市场更新报告（英文版）

In Q2 2025, VC deal activity in Germany was flat QoQ, reaching €2.4 billion across 213 deals. Looking further back at quarterly statistics, these figures are in line with activity levels over the past 2.5 years. This is to be expected given current market conditions, where funding has remained challenging. The €600 million round for defence tech company Helsing was the standout among the deals closed in Q2. The substantial round resulted in a €12 billion post-money valuation for the company,