European CyberTech investment stats in H1 2024:
- European CyberTech funding increased by 28% YoY
- Average deal value for H1 increased to $13.8m driven by deals over $100m increasing by 12% YoY
- YesWeHack secured one of the biggest CyberTech deals in Europe with a $28m Series C funding round
In H1 2024, the European CyberTech sector experienced a drop in deal activity but saw an increase in overall funding compared to H1 2023. A total of 34 deals were completed in the first half of 2024, marking a sharp 48% drop from the 65 deals in H1 2023 and a 29% decline from 48 deals in H2 2023. Despite fewer deals, total funding rose to $469m in H1 2024, a 28% increase from $365m in H1 2023 and a 24% rise from $377m in H2 2023.
If this trend continues, the projected number of deals for 2024 could be around 68, a substantial 41% decline from the 113 deals completed in 2023. However, funding for the year could reach approximately $846m, a notable 18% increase from the $742m raised in 2023. This reflects a trend where investors are focusing on fewer but larger deals, contributing to a rise in funding despite the slowdown in deal volume.
In H1 2024, deals under $100m contributed $357m, representing a slight 2.2% drop from $365m in H1 2023. On the other hand, larger deals of $100m and over totalled $112m in H1 2024, a 12% increase from $100m in H2 2023. The average deal value in H1 2024 was $13.8m, up significantly from $5.6m in H1 2023 and $7.9m in H2 2023. This shift towards fewer but higher-value transactions underscores the growing selectivity of investors, who are targeting more established and scalable CyberTech firms.
YesWeHack, a leading global Bug Bounty and vulnerability management platform, has secured $28m in a Series C funding round, marking one of the largest CyberTech investments in Europe for H1 2024. The funding, led by Wendel and joined by investors like Adelie, Seventure Partners, and reinvestments from Bpifrance, Open CNP, and Eiffel Investment Group, will enable YesWeHack to enhance its AI capabilities, develop new cybersecurity solutions, and expand its global presence. YesWeHack’s platform connects a vast community of ethical hackers to test and secure the digital assets of over 500 customers across 40 countries, including major global players like Louis Vuitton, Tencent, and Orange. With this investment, YesWeHack aims to further scale its offerings, driving innovation in cybersecurity testing and attack surface management.
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