Market instability has resulted in challenges for the European VC scene, with deal values falling quarter-over-quarter in Q3. According to PitchBook’s Q3 2022 European Venture Report, however, annual figures are still expected to keep pace with 2021, with reassuring statistics in areas like VC fundraising.
We’ll be taking a look at companies in Germany with VC backing. This list of companies encompasses a variety of industries and verticals, including fintech (particularly insurtech and banking), mobility tech and cleantech. The country’s capital city of Berlin is especially well-represented, but startups in München (or Munich for our readers from English-speaking countries) and Dresden are also included.
According to PitchBook as of 2 November 2022, these are the biggest venture-backed German companies in terms of valuations:
German companies with the highest venture valuations
Celonis
Post valuation: €12.77 billion
Celonis’ intelligent big data technology offers analysis and optimisation of information technology related to business processes, enabling businesses to save time and money through improved process transparency and efficiency. In August 2022, the München-based company raised €1.96 billion of Series D venture funding in a deal led by Qatar Venture Authority.
Personio
Post valuation: €8 billion
Personio is the developer of a human resource management and recruitment platform designed to serve small and medium-sized organizations. The München-based company completed its Series D and Series E funding rounds in 2021 and 2022, most recently raising €442.5 million in October in a deal led by Greenoaks Capital Partners.
N26
Post valuation: €7.73 billion
With millions of global customers, Berlin-based N26—a digital banking platform—is one of Europe’s most valuable fintech startups. The company completed its Series D3 and Series E funding rounds in 2021, most recently raising €773.47 million in October in a deal led by Coatue Management and Third Point Ventures.
Trade Republic
Post valuation: €5 billion
Berlin-based Trade Republic is a mobile investing app—or neobroker—and the European equivalent of Robinhood. The German startup allows its users to invest in stocks, exchange-traded funds and derivatives on a commission-free basis. In June 2022, the company raised €1.09 billion of Series C venture funding in a deal co-led by Sequoia Capital and Ontario Teachers Pension Plan.
Wefox
Post valuation: €4.32 billion
Launched in 2015, Berlin’s Wefox provides a digital platform for connecting insurance providers, distributors and customers. In July 2022, the insurtech startup raised €384.07 million in Series D funding in a deal led by Mubadala Capital-Ventures and Invest AD.
Contentful
Post valuation: €2.53 billion
Headquartered in Berlin, Contentful is a content management platform designed to build digital experiences at scale. The company’s platform unifies and structures content in a single hub so that it can be reused across digital properties. Contentful raised €147.96 million in July 2021 in a Series F venture deal led by Tiger Global Management.
FlixBus
Post valuation: €2.46 billion
München’s FlixBus offers bus transportation services throughout Europe and the US. The company provides an alternative, comfortable and green way to travel with free Wi-Fi, innovative ticketing systems, online booking and CO2 compensation. In June 2021, the company raised €534.72 million of Series G venture funding in a deal led by General Atlantic, Permira and TCV.
Forto
Post valuation: €1.86 billion
Forto is an online logistics platform that offers a bespoke digital freight forwarder and shipping management platform. Through these services, they are able to help clients track active, scheduled and past shipments, while also providing the functionality of uploading and maintaining an archive of forms and documents relevant to these orders. In March 2022, the company received €221.89 million in Series D funding in a deal led by Disruptive.
TIER Mobility
Post valuation: €1.74 billion
TIER Mobility is an operator of a shared micromobility company intended to provide seamless and sustainable mobility for everyone. The company’s platform offers easily accessible and affordable mobility services by partnering up with municipalities, public and private organizations. In November 2021, the Berlin-based company raised €172.48 million of Series D venture funding in a deal led by Novator Partners, SoftBank Investment Advisers and Speedinvest.
commercetools
Post valuation: €1.61 billion
commercetools is an ecommerce platform that uses cloud technology to provide retail clients with various forms of business functionality. Its application enables custom payments, checkout and marketplace features, as well as services for B2B and B2C companies. commercetools raised €118.76 million in Series C funding in September 2021 in a deal led by Accel.
More on venture capital across Germany and Europe
Learn more about European VC’s record-setting year
Download PitchBook’s Q3 2022 European Venture Report
See how European valuations have reacted to market uncertainty
Read our Q3 2022 European VC Valuations Report
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