Hey — welcome to the sixth edition of VC Angle Weekly Updates! As always, we're keeping tabs on what actually matters across the 🇪🇺 European tech. We've tweaked the format this week to keep things tighter and fresher. If something broke this week and it's worth your time, it's probably below. Scroll on for the deals, roles, reads, and events you'll want on your radar.
Quick Takeaways
EU formally backs startup strategy with all 27 heads of state
European developers now push more code to GitHub than US counterparts
NATO commits to 24-month tech adoption timeline for startups
Spain's ecosystem hits €110B valuation, surpassing 2024 funding by mid-June
Switzerland leads globally with 60% of VC funding going to deep tech
📰 What Happened This Week
The European Council formally endorsed the Commission's EU Startup and Scaleup Strategy this week, with all 27 heads of state backing the plan to boost Europe's competitiveness through innovation. The move signals serious political commitment, calling for "swift implementation" to close the EU's productivity gap.
The European Innovation Council selected 40 companies for its latest Accelerator round, deploying €229 million in blended finance. The EU's continued push to compete with Silicon Valley funding shows progress, though the €5.7 million average ticket still trails US mega-rounds.
European developers finally outpace US counterparts on GitHub
For the first time, EU developers are pushing more code to GitHub than their US counterparts, according to APEX Ventures' Andreas Riegler. He argues GitHub activity is the cleanest proxy for developer energy, noting that "talent density always shows up in GitHub before it hits deal flow."
NATO launched its Rapid Adoption Action Plan this week, committing to adopt new technologies within 24 months and complete testing within 12 months. The plan targets startups through DIANA and the NATO Innovation Fund, introducing "NATO Innovation Badges" for tested products.
🔍 Reads & Reports
Spain's startup ecosystem reached €110 billion in combined enterprise value for 2025, with funding already surpassing all of 2024 by mid-June. The ecosystem has grown 2.1x since 2020, outpacing most major European markets and ranking 6th in Europe by VC investment. AI leads 2024-2025 funding at €746M, with Spain ranking 5th in Europe for AI investment from 2020-2024 with €2B total.
6 out of 10 euros invested in Switzerland's ventures goes to deep tech 🤯
Switzerland leads globally with 60% of VC funding allocated to deep tech between 2019-2025, far ahead of Israel (49%) and Sweden (44%). The US trails at 43%, while the global average sits at just 34%.
Should Seed VCs cash out at Series B instead of waiting for unicorns? 💰
LPs are demanding faster returns, forcing seed investors to rethink the traditional 7-8 year hold. Precursor's Charles Hudson ran the numbers: selling everything at Series B could net 3x fund returns, while waiting for unicorns leaves money on the table.
The brutal math: Only 4 ways European startups hit $100M revenue 💀
Breega's Ben Marrel mapped the unicorn pathways: 10 mega-clients at $10M each (rare but possible), 100 enterprise customers at $1M (most common), 1,000 at $100K (where many hit a wall at 150-300 clients), or 10,000 SMBs at $10K each. His chart shows four paths get a "YES" rating - the $100K tier is marked "Tough" and requires multi-country expansion to break through.
Dragos Novac mapped 100+ AI startups backed by top 10 funds (5 US, 5 European) and created a heat map showing investment concentration by vertical. Infrastructure clearly dominates with some investors backing 9-10 companies, while HR, gaming, and robotics remain largely untouched. Whether those “zeros” represent opportunities or sectors VCs actively avoid remains the million-dollar question.
Bonus: Ever wondered what investment memos looked like for some top firms? Take a look here 📝
Bessemer published their internal memos from unicorn investments before the companies were famous. Spoiler: they bet on founders, not products. Thanks Luis Llorens for sharing!
💶 Where Funds Went (Or Will Go)
Startups
🇬🇧 Carmoola secures ~€355M facility to expand car financing
🇬🇧 PhysicsX raises €117M Series B to tackle manufacturing
🇳🇱 Finom raises €115M to simplify SME banking
🇫🇷 Zama raises €53M Series B to advance cryptography
🇬🇧 Metaview raises €30M Series B to improve hiring
🇫🇷 Orus raises €25M Series B to offer SMB insurance
🇩🇪 Enter raises €20M to green homes
🇬🇧 Zeelo raises €21M Series B to power group transport
🇩🇪 Synthflow AI raises €19M Series A to automate calls
🇫🇷 EverDye raises €15M Series A to dye sustainably
🇮🇹 Sibill raises €12M Series A to streamline SME finance
Investors
🇨🇿 Kaya raises €70M to back CEE region startups
🇩🇪 Project A closes Fund V at €278M for European startups
🇫🇷 Quantonation II secures €30M from EIF to back quantum tech and deep physics
💼 Open Roles
Essence VC → VC Internship in Remote. Apply here.
YZR Capital → VC Internship in Munich, Germany. Apply here.
Adara Ventures → AI & Operations Associate. Apply here.
Adara Ventures → Investment Associate. Apply here.
Adara Ventures → Fall 2025 Visiting Analyst Program. Apply here.
Northzone → Investment Associate in Stockholm. Apply here.
Episode 1 Ventures → VC Associate in London. Apply here.
Breega → VC Associate in London. Apply here.
First Momentum Ventures → VC Internship in Munich, Germany. Apply here.
Auxxo Female Catalyst Fund → VC Internship in Berlin, Germany. Apply here.
👋 That’s a wrap for this week.
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Interesting content this week, I hadn't heard of the EIC start-up accelerator before!