European CyberTech investment stats in H1 2024:
- European CyberTech funding increased by 28% YoY
- UK emerged as the most active country for CyberTech deals as investors shifted their focus
- PortSwigger secured the biggest CyberTech deal in Europe with a $112m funding round
In H1 2024, the European CyberTech industry experienced a notable decline in deal activity, even as total funding increased. The region recorded 37 funding rounds, a significant 43% decrease from the 65 deals completed in H1 2023. However, European CyberTech companies raised $469m during the same period, marking a 28% increase from the $365m raised in H1 2023. This trend of fewer but larger deals suggests a shift towards more substantial investments in a smaller number of companies.
The United Kingdom emerged as the most active CyberTech market in Europe in H1 2024, with 16 deals (43% share), surpassing its position from the previous year. This represents a 23% increase in deals compared to the 13 deals recorded in H1 2023. France, which had led the region in H1 2023 with 15 deals (23% share), saw its activity drop significantly to six deals (16%) in H1 2024. Spain completed three deals (8%), replacing Germany, which had 10 deals in H1 2023. This shift reflects a reordering of activity within Europe’s top CyberTech markets.
The reduction in deal activity, particularly in traditional hubs like France and Germany, highlights the challenges facing the European CyberTech sector. The sharp decline in deal volume, coupled with the rise of the UK and Spain, underscores shifting investor focus and the evolving nature of the industry across the continent. This realignment could impact innovation and growth, as fewer companies are securing larger amounts of capital.
PortSwigger, a renowned leader in cybersecurity specializing in web application and API security tools, secured the largest CyberTech funding round in Europe for the first half of 2024 with a $112m investment led by Brighton Park Capital. Founded in 2008 by Dafydd Stuttard, the company is best known for its flagship products, Burp Suite Professional and Burp Suite Enterprise, which serve nearly 20,000 global customers, including Microsoft and Salesforce. This significant funding will accelerate PortSwigger’s product development, expand its research initiatives, and strengthen its global presence, further cementing its position as a key player in the cybersecurity landscape.
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