Funding focus is a new series analysing cash flow into the European tech ecosystem. After debuting with a look at the biggest rounds so far this year, we now turn to the largest deals in the Netherlands for H1.

Startups in the Netherlands raised just $503mn (€429mn) in the first quarter of this year — the lowest quarterly total since the early days of the COVID-19 pandemic, according to Dealroom data. But three months later, the outlook has improved.

Total funding for the first half of 2025 hit $1.4bn (€1.2bn). That’s down from $1.8bn (€1.54bn) at the same point last year, but up from $1.1bn (€940) in H1 2023.

The rebound was driven by a much stronger second quarter, during which startups secured $856mn (€940mn) — a 70% jump from Q1.

Leading the momentum is biotech, with half of the top 10 funding rounds in H1 coming from startups with a grounding in the life sciences. Here’s the full list.

1.Azafaros — €132M 

HQ: Leiden 

Azafaros develops small-molecule drugs targeting rare metabolic disorders. The company raised €132mn in a Series B round in June 2025.

2. Finom — €115M

HQ: Amsterdam 

Finom operates a pan-European neobank for SMEs and entrepreneurs. It raised a €115mn Series C in June, following a €50mn Series B round the previous year.  

3. Mews — €64M

HQ: Amsterdam 

Hospitality platform Mews secured $75mn (€64mn) in March. In total, Mews has bagged over $500mn (€425mn) to date, making it one of the Netherlands’ best-funded scaleups.

4. Toloka — €62M

HQ: Amsterdam 

Toloka is a crowdsourcing platform that uses a global network of human workers to label and evaluate data — text, images, audio, and more — for training and improving AI models. The business is part of Dutch AI infrastructure company Nebius. 

In May, Toloka raised $72mn (€62mn) in a funding round led by Jeff Bezos’ investment firm, Bezos Expeditions.

5. Leyden Labs — €60M

HQ: Leiden

Leyden Labs is developing intranasal medicines to protect against respiratory viruses. In January, it raised $70mn (€60mn), bringing its total raised to $257mn (€220mn). 

6. Alesta Therapeutics — €56M

HQ: Leiden

Alesta Therapeutics is another biotech startup from Leiden — home to one of Europe’s leading life science hubs. The company focuses on developing small-molecule therapies for rare diseases, which are taken orally. In January, it raised $65mn (€56mn) in Series A funding.  

7. Salvia BioElectronics — €53M 

HQ: Eindhoven

Salvia BioElectronics makes soft brain implants to treat chronic migraines using gentle electrical pulses. In May, the startup raised €53mn in Series B funding.

8. Avidicure —  €44M

HQ: Amsterdam

Avidicure develops antibody therapies to activate the immune system and treat cancer. In April, it raised a hefty €44mn seed round to accelerate R&D.   

9. Piano — €38M

HQ: Amsterdam

Piano offers tools that help businesses understand their customers’ online behaviour and deliver personalised content or offers to keep them engaged and increase sales. In February, it raised $45mn (€38mn) in Series D funding. 

10. Vivici — €32.5M

Vivici is a foodtech startup using precision fermentation to produce animal-free dairy proteins. Its proteins are designed to replace traditional dairy ingredients like whey and casein. In February, it raised €32.5m in Series A funding.