All data on Munich’s startup scene below comes from our Data & Insights Dashboard unless otherwise stated. If you’d like to learn more, you can search the database yourself for additional insights.
The months of July through September ended the decline in financing rounds in Munich’s startup scene – despite the summer holidays. After the second quarter delivered the ecosystem’s worst result since the Corona pandemic with just 255 million euros, the third quarter saw a total of 1.1 billion euros find their way to Munich startups’ accounts. The same quarter last year reached 615 million euros. This makes Q3 2024 the strongest quarter since the end of the record year 2021.
The strong result is largely due to several mega-investments of over 100 million euros. Three Munich startups secured such major funding injections over the summer: Helsing (450 million euros), Egym (180 million euros), and Catalym (138 million euros). (We’ve summarized the most important financings from the past quarter here.) The second quarter of 2024 saw no such mega-investments, while the same quarter last year had two. Interestingly, these were also Helsing (209 million euros) and Egym (207 million euros).
The number of completed financing rounds also increased again. While only 36 startups convinced investors in spring this year, that number rose to 59 in summer. In the same quarter last year, there were 53 successful investments in Munich startups. The average investment amount in summer was 18.6 million euros including mega-investments and 5.9 million euros excluding them. In the preceding quarter, the figure without mega-investments was seven million euros, while in the same quarter last year it was 3.9 million euros.
American investors re-engage strongly
The large investment rounds brought overseas investors back to Munich. The share of American funding in financing rounds for Munich startups in the third quarter of this year was 57 percent (626 million euros), another figure not seen since the record year 2021. In the same quarter last year, it was 30.4 percent (187 million euros). German investors contributed 235 million euros (21.4 percent) to financing rounds in the third quarter, while European investors provided 233 million euros (21.2 percent). Money from Asia played a minor role with a 2 percent share (21.7 million euros).
Acquisitions, insolvencies, and new funds in Munich’s startup scene
There were no IPOs of Munich startups in the third quarter either. However, five Munich startups were acquired by other companies. Smart parking provider Parkhere went to software holding company Everfield, Ryte was acquired by Semrush, Instamotion was purchased by Czech used car platform Carvago following its insolvency, SaaS provider Shore was acquired by Swedish website service provider Group.one, and healthtech Wellabe went to Austria’s Mavi. Additionally, three insolvency proceedings were opened, with preliminary insolvency affecting two more Munich startups. (We’ve summarized more on the quarter’s insolvencies here.)
Not only Munich startups benefited from financial windfalls; Munich venture capital companies also raised funds over the summer. In total, 12 new funds announced closings. Over the summer, UVC Partners closed its fourth fund with 250 million euros, Capmont Technology launched a 100-million-euro fund, Alpine Space Ventures raised 170 million euros for its first fund, and the Green European Tech or GET Fund received commitments of 100 million euros at first closing.
