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Quote of the day: "Be curious, not judgmental" — Walt Whitman
The EWVC team went to HEL…
SLUSH 2025
Together with Roschier, Adara Ventures, Butterfly Ventures, and the European Investment Fund (EIF), we hosted an investor breakfast at SLUSH, bringing together over 150 VCs, LPs, and partners.
👉 Want to learn more? Check out the highlights & join the discussion here.
🤖 Quantum Tech 2025: The Global Market, and How Europe and the U.S. Stack Up 📚
After years of speculation, quantum technology is becoming a market to watch. Venture funding into quantum startups hit around $2 billion in 2024, up roughly 50% year-on-year, and governments worldwide have announced tens of billions in funding commitments to win this “space race” of computing. What does this mean for investors and innovators? Below we dive into the current state of the quantum tech market as of November 2025.
📈 From transatlantic investment trends to breakout segments, key deals, government moves, ecosystem maturity, real-world traction, and where VCs should place their next bets.
A Macro View: Quantum’s Market Moment in Late 2025
The quantum technology ecosystem in 2025 is small but rapidly growing and strategically critical. Quantum includes three sets of technologies:
Global revenue from quantum computing remains modest (on the order of a few hundred million dollars annually), but it’s expected to surpass $1 billion in 2025 as early customers pay for cloud access and pilot programs.
Both policymakers and investors see quantum tech as a key future driver of economic and security advantage. Governments have collectively committed over $42 billion to quantum R&D and infrastructure, with China, the U.S., Europe, and others treating it as a strategic priority.
🔗 Why all the fuss?
Because in the long run, quantum tech promises to unlock enormous value. Quantum computers might eventually solve problems intractable for classical machines, while quantum communications could enable unhackable networks, and quantum sensors could bring unprecedented precision to navigation, imaging, and timing. In short, quantum is no longer science fiction; it’s a nascent market transitioning from lab research to real-world development, backed by a quickly maturing ecosystem of startups.
👉 McKinsey predicts by 2035 the economic value derived from quantum computing will total up to $2 trillion.
💶 VC Investment Trends: Hype and Acceleration
🚀 After the 2019–2021 hype and a cautious 2022, funding into quantum startups rebounded: global investment jumped from $1.3B in 2023 to $2.0B in 2024 (+~50% YoY).
That surge was highly concentrated: PsiQuantum ($624.6M) and Quantinuum ($300M) together made up ~$925M – almost half of all 2024 deal value.
As a result, the U.S. captured ~78% of total quantum startup funding in 2024, with the rest split across Australia, the UK, the EU and Israel. (Quantum Technology Monitor 2025, McKinsey).
🧊 Investors are shifting away from “scaling” mid-life startups towards two ends: Emerging (<4 years) and mature (>8 years) companies, explicitly favoring validated tech and clearer paths to revenue.
Investors want IP, traction and a credible edge over classical.
The high-profile case of Zapata Computing – which attempted a $190M reverse-merger and then ceased operations in 2024 – is now the go-to reminder that not every quantum story survives just on narrative.
We are seeing consistent private funding and surge of public capital.
🌱 New founders keep entering, especially in Europe and Asia. New quantum startup creation rose 46% in 2024, with 19 companies founded vs 13 in 2023. The EU produced 8 of those 19 new startups and Asia 5, reflecting Europe’s strategy of seeding many spin-outs from its research base and Asia’s rapid catch-up.
🧭 In sum, the last 12–24 months look like a shake-out and scale-up phase, where capital is flowing back in, but into fewer, stronger players, while a new cohort of EU and Asian startups appears at the early stage.
🏃🏽♀️What is happening with Quantum? - Quantum Computing, Communication, Sensing, & Security
1️⃣ Quantum Computing
Quantum computing companies generated $650–750M in revenue in 2024 and are expected to surpass $1B in 2025, mostly from cloud access, pilots and research contracts rather than at-scale production use.
Quantum computing attracts the majority of quantum tech investment – about 60–65% of global quantum tech VC dollars flow into QC startups, especially hardware builders.
👉 Nvidia’s new Accelerated Quantum Research Center in Boston and DGX Quantum program explicitly target “accelerated quantum supercomputers” that integrate quantum hardware with AI/HPC systems, signaling that “quantum as an accelerator” will define the next 5–10 years.
2️⃣ Quantum Communication & Sensing
The quantum communication market is still small but scaling fast: estimates put it at ~$1–1.2B in mid-2020s, with forecasts in the low tens of billions ($20B+) by 2035 on ~30%+ CAGR, driven by quantum key distribution (QKD) and secure links.
Governments are the anchor customer: public entities represented roughly 62–66% of QComm spending in 2023, with telecom and cybersecurity players expected to take a larger share by 2035 as products mature.
Quantum sensing is moving fastest toward real-world use. NATO and defence labs see quantum sensors as key for Positioning, Navigation and Timing (PNT).
3️⃣ Quantum Cybersecurity
A powerful future quantum computer could crack today’s main encryption methods (RSA/ECC), so data we send over the internet, in banking or critical infrastructure would no longer be safe.
On top of that, quantum tech can also improve security (e.g. quantum key distribution and better random number generators), which governments and telcos are already testing in pilot networks.
↗️ 👉 Looking Ahead: What Should We Expect?
As we head into 2026, the smart quantum bets aren’t just moonshot computers but everything that makes the stack usable and safe 🚧.
👉 There is space for software, middleware and tooling (SDKs, compilers, cloud APIs, error-correction) plus quantum sensing, which defence and research agencies already call the most mature quantum technology for GPS-denied navigation, underground mapping and next-gen medical and climate instruments.
🌍 The U.S. leans into big commercial bets and deep corporate and VC pockets, Europe is building a broad base of spin-outs, grants and specialist funds, and Asia (especially Japan and China) is ramping fast with multibillion-dollar national programmes.
🌟 The winning portfolios will be the ones that bridge the gaps: backing cross-border teams, plugging into consortia and accelerators, and using abundant public funding to de-risk hard science while pushing toward concrete use-cases.
Just Launched 🚀: Europe’s VC Gender Investment Gap Is Now Mapped 🙌🏻
Europe now has its first systematic, data-driven map of the gender investment gap in venture capital. Commissioned by the European Commission and the European Innovation Council (EIC), this landmark study finally moves the debate beyond anecdotes: between 2020 and 2025, women-led startups received just 12% of VC funding and 14.4% of rounds, while women represent only 16% of GPs, managing a mere 9% of AUM. 💥
🌟 At the heart of the research is the new EU Gender Investment Dashboard – a pan-European “accountability engine” built by CSES, Dealroom, RAND Europe and European Women in VC. It harmonises data across markets so LPs, GPs and policymakers can finally track who gets funded, who allocates capital, and where the gaps really are.
🙌🏻 A huge thank you to all contributing institutions, researchers, policymakers and investors who made this possible – and to the European Parliament’s Gender Equality Week for providing the stage to launch a conversation that is no longer about “awareness”, but about measurable change and performance.
👉 Join the conversation and explore the findings here!
Our Flagship Research Piece 🌟: Pension Funds and VC Flagship Report
First-of-its-kind study “Mapping Pension Funds’ Attitudes to Venture & Growth in Europe” developed by Venture Connections, European Women in VC and Pensions for Purpose. This report explores why the connection between pension funds and venture capital is weak today. And, most importantly, how to change it.
🌟 We have partnered with the most relevant voices in the ecosystem to deliver the pulse of the topic of the hour.
A huge thank you to our Report Partners: Atlantic Vantage Point (AVP), Eurazeo, High-Tech Gründerfonds (HTGF), European Circular Bioeconomy Fund (ECBF), Climate-KIC, EIT Digital, EIT Urban Mobility, perfORM Due Diligence Services and Siemens Energy Ventures for your strong support of our work and the agenda, and thank you to European Commission’s Directorate-General for Research & Innovation for the supportive collaboration!
Report in the news:
Financial Times | Pitchbook | IPE | Institutional Money | Fundview | Agefi | PensionsAge | European Pensions | SustainableViews | Pensions & Investments … and more
🙌🏼 People who inspired us lately
Mel Robbins 💥
Mel Robbins is a #1 New York Times bestselling author, award-winning podcast host, and the most trusted expert in personal growth, with 40 million followers worldwide.
“I’m not going to lie, changing my life wasn’t glamorous. It was grueling.
At 41, I was unemployed, drowning in debt, and so overwhelmed that I could barely get out of bed. Then everything changed with one simple tool: The 5 Second Rule. It got me moving, one small step at a time, and led me here.
Now, 15 years later, I host one of the world’s biggest podcasts, and my books have reached millions in over 50 languages. My work has changed billions of lives and can empower you too.
Over the years, I have learned that you don’t need to be fearless or have a perfect plan. You just have to decide that where you are right now isn’t where you want to be anymore”. - Mel Robbins
👉 Find more about her here.
🤑 Latest Fund News
Rubio Ventures raises €70M! 💥
Amsterdam-based Rubio Impact Ventures, founded by Machtelt Groothuis and Willemijn Verloop, closes a €70M fund to invest into 30 early and growth-stage companies addressing the climate crisis and social inequality.
👉 Read more here.
Cocoa II is now live!
Carmen started her career in politics before moving into investment banking at Morgan Stanley. Her transition into venture capital was driven by a desire to enhance her skills as a founder, discovering later that her passion was investing. She founded Cocoa Ventures, a European angel fund that writes checks between $250k-$500k at the pre-seed and seed stages and supports founders as their in-house VC.
👉 Read more here.
Funding news⚡
🇬🇧 Synthesia raises a new round!
Industry: Generative AI & Video | Location: 🇬🇧 United Kingdom | Funding: $200M
London-based Synthesia, co-founded by Lourdes Agapito, has secured a $200 million round led by Google Ventures. The capital will fuel the growth of their AI-generated video platform, helping companies create professional video content at scale without cameras, studios, or actors.
👉 Read more here.
🇬🇧 SAGES secures funding to scale circular dye innovation
Industry: Climate Tech & Materials | Location: 🇬🇧 United Kingdom | Funding: £190K
London-based SAGES, co-founded by Emily Taylor and Alice Simpson, has raised a £190K round led by the British Design Fund. The funding will support scaling production of their eco-friendly dyes derived from food waste, helping fashion and textiles brands cut emissions and reduce reliance on harmful chemical dyes.
👉 Read more here.
🇬🇧 REM3DY Health Group raises fresh capital for global expansion
Industry: Digital Health & Nutrition | Location: 🇬🇧 United Kingdom | Funding: £1.4M
British REM3DY Health Group, founded by Melissa Snover, has closed a £1.4M round led by Borski Fund. The new capital will back the international expansion of its personalised nutrition gummies, tailored to individual health needs through data-driven formulations.
👉 Read more here.
🎧📚 What are we reading and listening to?
🔵 Ksenija Pavletic has just been promoted to General Partner of JEITO!
Huge congrats to Ksenija Pavletic, who has just been promoted to General Partner at JEITO! This new chapter will be filled with impact in shaping the next generation of biopharma companies.
👉 Read more here.
Attend one of our partners’ events 🎟️
Venture Capital Winter Ball, December 4th, 🇬🇧 London
Techarena, February 11-12th, 🇸🇪 Stockholm
Register now to secure the lowest-price ticket as soon as sales open
CEE VC Summit, March 24th, 🇵🇱 Warsaw
Mail [email protected] and mention EWVC network to apply for an invite
EU-Startups Summit, May 7th, Malta 🇲🇹
20% discount code: EWVC20
We're a squad of over 1000 senior female venture capital wizards from all over Europe and beyond. We're here to flip the script and make things right.
Join us in shaking up the VC world! 🚀
Take care!European Women in VCFollow us on LinkedIn