Cybersecurity Index | Q1-24

Article Date
April 15, 2024

Quantitative Insights

In the first quarter of 2024, the European cybersecurity sector secured €227 million in funding, marking a slight increase from the previous quarter when total funding reached €224 million. Furthermore, this figure reflects a 45% drop compared to the same period in 2023 (Q1 2023), where the total funding amounted to €408 million.

Key Highlights for Q1

1. United Kingdom's & France’s Ascendancy

France and the United Kingdom have emerged as dominant players in the European cybersecurity landscape, outshining Germany.The UK closed an impressive volume of 10 deals, surpassing France with 7 deals and Germany with 4. French cybersecurity startups collectively raised €106.7 million, with companies like Zama or Filigran.

2. Booming Early-Stage Startups

In Q1 2024, early-stage startups (Pre-seed and Seed) accounted for a substantial 78% of the total deals, which is an equivalent proportion to the previous quarter. Notably, SimplyBlock, successfully raised €3 million in its Seed Round. They develop low-latency high-performance storage software for IO-intensive workloads, Kubernetes, databases & applications.

3. Most Active Sectors in Q1

The European cybersecurity landscape witnessed remarkable activity in Q1 2024, with significant investments spanning various sectors. Data Security, Cloud Security as well as Identity & Access management led the way, accounting for a total of almost 40% of the investments.

Axeleo Capital's "Cybersecurity Index" for Q1 2024 underscores the dynamic nature of the European cybersecurity landscape and offers valuable insights into its progress and key players during this period.


The Cybersecurity Index is based on data from Axeleo Capital's analysis as well as databases, such as Crunchbase in particular. These data sources mainly gather information on deals and rounds that have been publicly disclosed - many other raises are taking place, but without announcements or communications on amounts (thus difficult to track). The analysis is limited to companies headquartered in Europe, and with a value proposition focused on Cybersecurity. As far as recorded fundraising is concerned, this refers to equity venture capital fundraising only (i.e. excluding debt fundraising, subsidies and aid other than equity).

About Axeleo Capital:

Axeleo Capital 2 is a €70 million venture capital fund dedicated to B2B Tech start-ups, including cybersecurity, across Europe. Axeleo Capital is a venture capital firm active on the European technology scene and backed by a large pool of entrepreneur-investors. The fund offers startup founders a unique support framework that combines equity investment, operational and strategic coaching, and an active ecosystem of over 100 high-level partners and mentors. Its Cybersecurity investments include Zygon, Seedata, Trustpair, Citalid, Mantra, Yogosha (exit) and Alsid (exit).