Key 昀椀ndings Carbon & Energy is now Europe’s most popular sector Climate / sustainability was not only one of the top themes among new startups, but also the sector that attracted the most investment, overtaking the usual sus- pects of Finance & Insurance and Software. AI innovation wave ignites Europe’s Seed scene AI was the most popular sector for rounds of less than $5M, as more and more companies have popped up to capitalise on the wave of innovation spurred on by breakthroughs in large language models (LLMs). Europe’s talent wants to solve the world’s toughest challenges The top themes that new joiners are attracted to are climate / sustainability and health, showing Europe’s dedication to solving societal problems.