NETHERLANDS Trends and Developments Contributed by: Marc Habermehl, Roderik Vrolijk and Max de Heer, Stibbe
Exits The Dutch VC exit market has been slow in 2024 and Q1 2025. As valuations dropped due to the declining deal climate, the exit market has become more challenging. VC investors who acquired stakes in start-ups and scale-ups during peak valuation periods are now facing lower-than-expected returns. Therefore, these VC investors have been holding off exits, waiting for the deal climate to become more favourable. Despite this slowdown, there have been some notable exits. For example, the shares in the Amsterdam-based biotech company Calypso Biotech have been acquired by Novartis for around USD425 million. Part of the purchase price will be payable after reaching certain mile - stones. Sellers include M Ventures, Johnson & Johnson Innovation and Gilde Healthcare. Leading Industries in Dutch VC Market Traditionally, the largest share of venture capi - tal investments in the Netherlands has been directed towards the ICT, biotech and health - care sectors. However, recent developments in the Dutch tech landscape have highlighted sig - nificant advancements in the climate tech and AI sectors. A notable example of the focus on climate tech is Carbon Equity’s fundraising of EUR100 million for the Climate Tech Portfolio Fund II in March 2024. In terms of AI invest - ments, the USD73 million investment in Cradle and the USD68 million investment in Axelera AI are worth mentioning. According to data from Dealroom, a comparison of investments in (sub) sectors in the Netherlands and other European countries shows a higher level of investment in energy and fintech start-ups in the Netherlands. Venture Capital Fundraising Contrary to the global trend of declining VC fun - draising in recent years, Dutch VC funds had a
USD1.2 billion, giving it unicorn status. In March 2025, Mews received another USD75 million investment from Tiger Global. Mews’ hospitality management platform is designed to streamline operations for hotels, hostels, serviced apartments, and other accommoda - tion providers. Its core offering is the Mews Hospitality Cloud, an all-in-one property man - agement system (PMS) that automates tasks and enhances the guest experience. • Axelera AI – the Eindhoven-based AI chip start-up Axelera AI secured USD68 million in funding to fuel its ambitious growth plans. Key investors include Innovation Industries, Invest-NL and Verve Ventures, with new investors, such as the European Innovation Council and a Samsung Electronics invest - ment fund, also joining the cap table. • Nearfield Instruments – Dutch Chip inspector Nearfield Instruments secured EUR135 mil - lion in a Series C investment round. Walden Catalyst and Temasek led the funding round, with participation from Innovation Industries, Invest-NL and ING. • Cradle – biotech company Cradle, a leader in AI-powered protein engineering, secured USD73 million in a Series B funding. The investment round was led by IVP, with partici - pation from existing investors Index Ventures and Kindred Capital. • Citryll – biotech company Citryll raised EUR85 million in a Series B investment round. The fundraise was co-led by Johnson & Johnson Innovation, Forbion and Novartis Venture Fund, with the participation of Pureos Bioven - tures, alongside existing investors. • Leyden Labs – the Leiden-based biotech company Leyden Labs has secured USD70 million in a new funding round. The round was led by Polaris Partners and the Singaporese state investor Temasek.
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