Healthcare's 1pp seed funding share drop contrasts with Energy's 3.6pp rise

Across the 1,867 seed-stage deals Brouky tracks in France and Spain, the most notable sector share shift from 2021 to 2024 is the 1 percentage point decline in Healthcare & Life Sciences seed funding share, dropping from 13.6% to 12.6%. This decline contrasts sharply with the 3.6 percentage point rise in Energy, Environment & Mobility, which grew from 7.7% to 11.3% of seed funding share, though this may partly reflect expanding data coverage.

This zero-sum shift highlights Energy's emergence as a key recipient of seed capital, surpassing Industry & Hardware, which only grew by 1 percentage point to 10.2%. The median seed round size in Energy stands at €6.4 million, slightly below Healthcare's median of €6.5 million.