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Startup & Scale-up Funding Analysis: Dutch tech companies raise €750 million in 2018

Career in Holland



You read it right: Dutch tech startups and scale-ups raised close to €750 million in 2018. That's a new record (and much more than others found). But to be honest, we find this 'nice-to-know' information.

As startup analysts, we are more interested in the underlying patterns like:

  • What are average seed, Series A, Series B etc. funding rounds? Are they going up or down?
  • How much capital was invested per category? What were the hottest topics in 2018?
  • Is the distribution of deal sizes different from 2017?
  • What are the best funded startup hubs?
  • How much capital was raised per employee?
  • What are most active venture capital investors?

High-quality data was our starting point

Having high-quality data is the first and probably most important step. Crap in = crap out, and crap was not what we were looking for (unless a startup converts it to biofuel for example). Honestly, it took us quite some effort to collect, curate, categorize, and enrich the data. Far more than we expected.

We curated the data manually. We categorized every company and noted over 15 datapoints per deal. We enriched our dataset with other relevant data. It was a hell of a job.

But I guess now we can say that we have the most comprehensive set of funding data in the Netherlands :)

This allowed us to do some in-depth analyses about the state of the Dutch funding landscape.

Source: Golden Egg Check

Data analysis; what did we include?

In short, these are the type of deals we wanted to include in our dataset:

  • Dutch tech startups & scale-ups (indeed a vague definition, but not too old, use of technology and ambition to scale/ grow fast);
  • Only equity and convertible deals, so no loans, bonds, ICO’s or debt/ reward crowdfunding;
  • Dutch HQ or strong Dutch connection (e.g. founded in the Netherlands and now HQ abroad but still many employees in Dutch office);
  • If the funding amount is presented in foreign currencies (usually USD) we used historic exchange rates to calculate the EUR amount;
  • Our definition of ‘Series A’ is that it is the first round with institutional investors (venture capital fund). Series B is then the second institutional round etc (so Regional Development Agencies, equity crowdfunding and angels are regarded as ‘Seed’ in our analysis);
  • If the investment amount was not disclosed, we made educated guessesbased on the ‘sweet spot’ and track record of the involved investor(s) as well as the stage/ status of the company (e.g. age, number of employees, etc.).

How much capital was invested in 2018? And how is that compared to 2017?

2018 was a new record year for Dutch startups and scale-ups: almost €750 million was invested in 255 deals.

We found almost twice as much deals as in 2017 (see link below). The total funding amount went up with ‘only’ 12% though; from €662 million to €744 million.

Read more on Golden Egg Check's analysis of funding in Dutch tech companies here.


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