Healthcare's 2pp funding share decline contrasts with Industry's 1.5pp rise in France and Spain

2pp

Healthcare share decline

1.5pp

Industry & Hardware share gain

1.45×

Industry vs Healthcare median round size

Healthcare & Life Sciences seed share fell 2 percentage points
Industry & Hardware seed share rose 1.5 percentage points
Software & Developer Tools led gains with an 8.8pp increase

Across the 1,803 seed-stage deals Brouky tracks in France and Spain, Healthcare & Life Sciences experienced the largest funding share decline of 2 percentage points between 2021 and 2024, a change that may partly reflect expanding data coverage, dropping from 13.6% to 11.6% of the total seed funding share. This retreat contrasts with Industry & Hardware, which increased its share by 1.5 percentage points, rising from 8.4% to 9.9%.

Software & Developer Tools posted the most significant gain, expanding its seed funding share by 8.8 percentage points to reach 41.8%, while Finance & Blockchain and Commerce & Marketing saw notable declines of 5.4 and 6.6 percentage points respectively.

MEDIAN SEED ROUND SIZE BY SECTOR (EUR)

The median seed round size in Industry & Hardware stands at €10.12 million, nearly 1.45 times larger than Healthcare & Life Sciences' median of €7 million, reflecting the higher capital requirements in Industry & Hardware.

Energy, Environment & Mobility and Artificial Intelligence & Data also increased their shares by 4.3 and 1.3 percentage points respectively, indicating growing investor interest in these areas alongside Industry's modest gain.

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