Commerce seed funding share drops 6.6pp, ceded to Energy's 4.3pp rise
- Commerce & Marketing seed share fell 6.6 percentage points
- Energy, Environment & Mobility gained 4.3 percentage points
- Software & Developer Tools leads with an 8.8pp increase
Across the 1,803 seed deals Brouky tracks in France and Spain, the Commerce & Marketing sector recorded the largest decline in funding share from 2021 to 2024, dropping 6.6 percentage points from 10.8% to 4.2%. This loss represents the single biggest retreat among sectors during this period, though this may partly reflect expanding data coverage.
The Energy, Environment & Mobility sector captured a significant portion of this shift, increasing its share by 4.3 percentage points to 11.8%. This gain reflects a shift in investor focus toward Energy, Environment & Mobility, which increased its share by 4.3 percentage points.
MEDIAN SEED ROUND SIZE BY SECTOR (EUR)
Software & Developer Tools experienced the largest gain overall, expanding its share by 8.8 percentage points to 41.8%, further overshadowing Commerce's decline. Meanwhile, Finance & Blockchain also saw a substantial retreat, losing 5.4 percentage points in share.
Seed round medians highlight differences in capital intensity: Energy rounds averaged €8.47 million, about 1.5 times the median of Commerce rounds at approximately €5.5 million. This gap underscores the higher funding scale typical in Energy startups compared to Commerce ventures.
Related insights
- Cross-Country AnalysisEnergy sector’s 4.8pp seed funding share gain offsets Healthcare’s 1.6pp loss
- Deal SpotlightHelsing raises €1.58B in Series C+ backed by Canada Pension Plan Investment Board and others
- Deal SpotlightMistral AI raises EUR3000M Series C+ backed by a16z and Advent
- Cross-Country AnalysisGermany’s Series C+ median round is 9% larger than Netherlands and 10% above Switzerland
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