European tech firms raised more than €16bn last year

European technology companies raised €16.2 billion in funding last year, according to new figures collated by Tech.eu.

Overall, more than 2,420 deals were recorded across Europe, Turkey and Israel with funding for firms working in financial technology (fintech), health, marketing and music among the most popular recipients of investment.

The number of deals rose 32 per cent compared to 2015, while the total investment volume grew by almost 12 per cent.

In the fourth quarter alone, 892 deals were recorded, up 22.3 per cent compared to the prior year with funding totals reaching €3.8 billion, 13.3 per cent higher than the same three-month period in 2015.

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The most active investors in European technology companies in 2016 were Bpifrance, Germany's High-Tech Gründerfonds, Index Ventures and Kima Ventures.

Most of the capital flowed to UK-based start-ups, although investment volumes fell from €3.77 billion in 2015 to €2.77 billion last year. Israel was also a popular recipient of funding with investments totalling €2.77 billion, as against €1.84 billion a year earlier. France had the third highest level of tech investment with deals totalling €2.72 billion, as against €1.46 million in 2015.

Germany fell from second to fourth place for funding last year with volumes slipping from €2.87 billion to €1.98 billion. Tech.eu attributed to Rocket Internet’s decline to the drop in funding.

Sweden remains the fifth largest recipient of tech investment with volumes surpassing the €1 billion mark. Volumes rose from €985 million in 2015 to €1.63 billion last year.