Share (%) of capital invested by sector and round size, 2023 $5M rounds Carbon & Energy Health Enabling Technologies Digital Infrastructure Finance & Insurance Social, Arts, Entertainment … Wholesale & Retail Education Food and Drinks Warehousing & Manufacturing Transportation 0 5 10 15 20 25 30 Share (%) of capital invested Notes: Data is as of 30 September Sources: Powered by 2023. Excludes the follow- ing: biotech, secondary transactions, debt, lending capital, and grants. The top themes driving investment currents Peeling one layer below sectors, let’s have a closer look at the themes driving funding this year. Unsurprisingly, the big one is the rise of AI, with more and more companies popping up to capitalise on the wave of innovation we’re seeing from large language models (LLMs). Out of all funding, companies that fall under the AI theme captured just under 11%. Winding the clocks back to 2019, some might not be surprised to see AI also topping the charts. The theme has bene昀椀tted from consistent 昀氀ows of funding over many years and is now bearing fruit, with many growth-stage companies raising sizeable rounds in Europe this year. 135 | Companies