Top 10 VC deals of Europe’s DACH region in 2022

As mega-round activity drops off in the DACH region of Europe, a $1.4 billion Series D for Munich-based data processing company Celonis has weighed in as the largest venture capital deal so far this year.

As of Tuesday, €15.1 billion (about $15.22 billion) has been invested across 1,367 deals in the region—which includes Germany, Austria, Switzerland and Liechtenstein—according to PitchBook data. At this pace, VC dealmaking is expected to fall short of last year’s record activity.

While VC capital raised in the DACH region in 2021 was boosted by a plethora of mega-rounds, defined as deals above $100 million, investors appear to be less willing to commit large sums to startups in the region as macroeconomic conditions introduce more caution into the market.

This year has counted 28 such rounds, just over half the number recorded in 2021. Germany accounted for the majority of the deals, followed by Switzerland.

Despite the number of mega-deals falling, the region still saw a handful of significant rounds with two even reaching more than €1 billion. In addition to the Qatar Investment Authority-led round for Celonis in August, investing app provider Trade Republic closed a €1.09 Series C in June that included the Ontario Teachers’ Pension Plan as an investor.

Other notable deals are cleantech startup Climeworks’ €582 million round led by Partners Group and GIC and insurtech company Wefox’s €384 million Series D led by Mubadala.

Featured image of Berlin’s Brandenburg Gate by Thorsten Frisch/Shutterstock