Dutch Start-Ups Face Biggest Funding Dip in Five Years
Amsterdam, Wednesday, 15 October 2025.
In Q3 2025, Dutch start-ups raised only €484 million, marking a 35% drop from the previous quarter and the lowest deal count in five years. Despite this, Framer became a unicorn with €100 million funding.
Record Low in Dutch Start-Up Investments
In the third quarter of 2025, Dutch start-ups and scale-ups faced a severe downturn in funding. The total investment dropped to €484 million, a 35% decline from the previous quarter, and marked the lowest deal count in five years with only 79 deals closed [1][2]. This figure represents a significant decrease in investor confidence, highlighting the challenges emerging from the current economic climate [2].
Pre-Seed Investment Challenges
The pre-seed investment landscape also experienced a downturn, with deals under €1 million nearly halving from 20 in Q2 to 12 in Q3 2025 [1]. This decline underscores the broader trend of tightening venture capital, which has been noted since the peaks of 2021 and 2022 [1][3]. The reduction in early-stage funding is concerning as it affects the pipeline of start-ups that could evolve into significant players in the market [3].
Framer’s Unicorn Status Amidst Decline
Despite the challenging environment, Amsterdam-based Framer emerged as a new unicorn by securing €100 million in a Series D funding round, valuing the company at €2 billion [2][3]. This success story stands in stark contrast to the broader market trend and highlights the potential for well-positioned start-ups to attract significant investment even in tough economic times [3].
Concerns Over Future Funding
The stagnation in the Dutch venture capital market since the highs of 2021 and 2022 raises concerns among innovation professionals in the Netherlands. The total raised by Dutch start-ups in 2025 so far amounts to €1.7 billion, lagging behind the €2 billion raised by the same time last year [1][2]. The uncertainty around future funding rounds remains a critical issue as the market adapts to new economic realities [3].