2025年欧洲衍生企业报告

November 2025 Key Takeaways(1/2) Academic spinouts fromEuropean institutes have createdmassive value and are making upan increasingly larger share ofnew startup generation Top universities and countries byspinout value created Top segments for Europeanuniversity spinouts UK universities claim the two top spots with Oxford andCambridge, and other three in the top ten.Switzerland punches above its weight with EPFL and ETHZurich coming third and fourth, and University of Zurich inthe top ten.TU Munich closes the top five. Deep Tech and Life Sciences are about on par for spinoutvalue created, funding raised and unicorns. Deep Tech isshowing a wider early-stage and recent pipeline for futurevalue creation. Deep tech and Life Sciences spinouts from Europeanuniversities are now worth nearly $400B, and created over160k jobs across 7.3k+ startups. Most of the value, 39%, hasalready been created by spinouts launched since 2015showing an acceleration in the value creation. Beyond Biotech and Pharma, a strong spinout startup sceneis present in AI x Deep Tech, Medical Devices, Climate Tech &Energy, and Semiconductors. Quantum has notably createdstrong value even with a smaller startup scene. The UK leads for spinout value creation, followed byGermany, France, and Switzerland.When looking at the value created per capita, Switzerlandstrongly leads, followed by Denmark, Sweden, UK, Finland,and Belgium. Most of Quantum and Photonics startups are researchspinouts. Energy & Climate Tech, especially Nuclear, andSemiconductors are also above the Deep Tech average, whileDefence, Space and Robotics are less driven by academicspinouts. Spinouts are also becoming a larger part of the ecosystem,accounting for 40% of Deep Tech and Life Sciences newstartups since 2019, 80% more than in 2010-2018, and aneven larger share of scaleup companies and enterprise valuecreated. Key Takeaways(2/2) Robust funding environment forEuropean Spinouts A strong exit environment forEuropean spinouts Thereʼs still a notable lack of latestage funding Nearly 50% of late stage funding for European Deep tech andLife Sciences spinouts comes from outside Europe, mainlyfrom the US. European university spinouts in Deep tech and Life Scienceshave raised $7.9B in VC funding in 2025 so far, on track toreach $9.1B by the end of the year and surpass last yearʼstotal. M&A activity for Deep Tech and Life Sciences spinouts hasbeen at its highest in 2024-2025, while IPOs disappearedafter 2021. Overall, 2025 is projected to be thesecond-strongest year for exit value led by six $1B+ exits.Switzerland, UK and German universities made up all six$1B+ exits in 2025 among ETH, Oxford, EPFL, and Universityof Tübingen. This dependency has a bit easened up though, the domesticshare at late stage has been 53% in 2023-2025, considerablyhigher than lower at 41% in 2018-2020, and especiallycompared to the 34% of 2021-2022. Looking back at pre-pandemic levels in 2019, fundingdoubled up in amount. The largest VC rounds in Deep Tech and Life Sciencesspinouts in 2025 show a strong focus on AI & Autonomy,Quantum, Space, Medical Devices and Life Sciences, andNuclear energy. US corporates and funds acquired most of the spinoutsvalue, nearly $24B since 2019. Acquisitions from Europeanplayers made up the majority of the count and around ⅓ ofthe total value. Asia is also a strong exit route, especiallyJapan. At early-stage instead, 86% of the capital is from Europe andEurope shows a strong support scene with a large number ofuniversity ventures funds, independent spinout specialists,and other Deep tech and Life Sciences investors. Venture Capital investment in European DT and LS research spinoutsby stage VC funding in European Deep Tech and Life Sciences spinouts bysource of funds (2023-2025) Exit value and count for VC-backed European Deep Tech and LifeSciences spinouts ▊Domestic▊Rest of Europe▊US▊Asia▊Rest of World ▊$0–1m (pre-seed)▊$1–4m (seed)▊$4–15m (series A)▊$15–40m (series B)▊$40–100m (series C)▊$100–250m (mega rounds)▊$250m+ (mega+) Key recommendationsDetails in slides 92-95 European first round investorin emerging technologies Early-stage Deep Tech and ClimateTech investor Global startup and venture capitalintelligence platform MITO Technology supports the growth ofhigh-potential ideas and startups, providingfunding for both Proof-of-Concept (PoC) projectsand early-stage startups in Europe. Dealroom.co is a global intelligence platform fordiscovering and tracking the most promisingcompanies, technologies and ecosystems.Clients include many of the worldʼs foremostorganizations such as Sequoia, Accel, IndexVentures, McKinsey, BCG, Deloitte, Google, AWS,Microsoft, Stripe. Atlantic is the first believer in founders, scienceand bold ideas. We lead pre-seed rounds across Europe withspeed and conviction, backing ambitiousfounders from day one and supporting themhands-on, especially through fundraising andhiring. As a thesis-driven fund, we have builtdeep e