Healthcare’s 2pp seed funding drop contrasts with Energy’s 4.3pp gain in France and Spain

Across the 1,803 seed-stage deals Brouky tracks in France and Spain, Healthcare & Life Sciences experienced a 2 percentage point decline in funding share from 13.6% to 11.6% between 2021 and 2024. This drop contrasts sharply with the 4.3 percentage point rise in the Energy, Environment & Mobility sector, which grew its share from 7.6% to 11.8% during the same period, a change that may partly reflect expanding data coverage. Because sector shares sum to 100%, Energy’s gain closely offsets Healthcare’s loss, marking a clear substitution trend in early-stage investment focus.

Software & Developer Tools showed the largest gain in share, jumping 8.8 percentage points to capture 41.8% of seed deals. This outpaces Energy’s rise. Finance & Blockchain and Commerce & Marketing sectors suffered the steepest share declines of 5.4 and 6.6 percentage points respectively, reflecting a notable reallocation of seed funding.