`
Summer in Startupland: What Really Happened While You Were “On Holiday”
People think summer is quiet for startups. Investors disappear to Ibiza, founders pretend they’ll “switch off,” and everyone says, “Let’s talk in September.” Reality check: 2025 didn’t slow down for a second. If you were sipping Aperol and ignoring the headlines, here’s what you missed — and why it matters.
June: ECB cuts, resilience, and Amazon flexes in the UK
The ECB cut rates for the eighth time in a year, down to 2%. Translation: capital just got a little cheaper in Europe, though the continent’s growth story is still crawling along.
On the ground, “resilience” became the buzzword. Defence, security, energy — anything that looks like it makes Europe less fragile is suddenly sexy for investors. If your deck didn’t mention resilience this summer, you might already be behind.
And Amazon? They dropped a £40 billion investment plan in the UK — data centres, fulfilment hubs, jobs. Love them or hate them, it’s a reminder that big tech is still betting on the UK while founders here are arguing over VAT bills.
July: Germany steps up, UK leans on OpenAI
Big moment: Germany overtook the UK in VC investment in Q2. For the first time in ages, London wasn’t top of the table. Germany raised €2.8B, the UK €2.5B. Small gap, but symbolically huge. If you still think London is untouchable, think again.
Meanwhile, the UK government shook hands with OpenAI. Yes, the same folks running ChatGPT are now supposed to help “transform public services.” Sounds exciting… or worrying, depending on how you see sovereignty. Either way, it shows how serious AI adoption in the public sector is getting. If you’re building in AI, this is your proof that governments are buying — but also a reminder that Europe still outsources its crown jewels overseas.
August: SaaS resurrection, reality check, and Europe’s drought
Summer’s big headline: Figma’s IPO went off like fireworks. Priced at $33, the stock shot past $115 on day one, valuing the company north of $56B. SaaS is apparently “back from the dead,” at least if you’re good enough. The rest of us should take note: the IPO window is not closed, it’s just picky.
On the flip side, the Series A crunch is biting hard. Only ~15% of seed startups make it to Series A within two years. That means lots of founders raising bridge rounds, lots of investors saying “come back with more traction.” If you’re at seed stage, the bar just moved higher.
And then the real gut punch: European VCs raised just €5.2B in the first half of 2025, on track for the weakest fundraising year in a decade. U.S. firms are still raising monster funds, while we’re scrapping for leftovers. Harsh but true — money is flowing, just not here.
September: Capital goes elsewhere
As if Europe’s VC drought wasn’t enough, the U.S. and India launched a $1B deeptech fund. Defence, AI, hardware — all the good stuff. It’s a clear signal: capital is global, but if you’re building in Europe, don’t assume the money will come to you. You might have to go to it.
Bonus: a spark for the next generation
Not everything was gloomy. Project Europe launched in March, handing €200K cheques to under-25 founders tackling deeptech and defence. It’s small (€10M total fund), but symbolically important: finally, someone betting on keeping talent in Europe instead of watching it all leak to Silicon Valley.
Takeaways for founders
So what’s the point of all this?
Follow the money. Germany’s on the rise, Amazon’s betting big, and the U.S.–India axis is pulling capital. Don’t assume London is the centre forever.
Prepare for scarcity. If you’re raising, plan early. Series A is a bloodbath, and late-stage European capital is drying up.
Don’t ignore politics. AI in government, trade deals, resilience funding — these macro shifts matter more than the hottest new “AI tool for sales emails.”
Final word
Summer 2025 wasn’t quiet. It was a wake-up call. Rates dropped, Germany pulled ahead, Figma reminded us exits are possible, and Europe’s funding gap became impossible to ignore.
If you spent the summer on a beach and didn’t pay attention, fair enough. But now you know: the game didn’t stop, and the founders who stayed alert are already playing the next round.
✅ Don’t keep this recap to yourself – pass it on to someone in your network who needs the headlines without the noise.
POLL TIME
(👉 Vote now — we’ll share the results in next week’s issue. All votes are anonymous.)
👉 Be honest: by the end of 2025, will Europe still matter in the global startup race?
INDUSTRY PULSE 🩺
(Last week’s poll results)
👉 What’s the biggest systemic barrier you’ve faced as a founder in the UK?
RAFE FOUNDERS EVENTS ❤️
Rare Founders
How to Influence Investors, Teams & Customers
Learn the skills every founder needs to win buy-in — from investors, your team, and your customers. This masterclass with Faris Aranki will give you practical tools to sharpen your influence, boost your communication, and get results that matter. Bonus: childcare will be available on the day for attendees with kids.
In-person event
Runway East Bloomsbury, 24-28 Bloomsbury Way, London, WC1A 2SN, UK
Mon 22 Sep, 9:30 - 14:30 BST
Rare Founders
Open Mic Pitching & Networking (Manchester)
A high-energy pitch night bringing together founders, investors, and the startup community for rapid-fire pitches, spontaneous networking, and game-changing connections. Expect unfiltered conversations, buzzing vibes, and opportunities sparking at every corner.
In-person event
Lower Campfield Market, Lower Byrom St, Manchester M3 4FP, UK
Wed 24 Sep, 18:00 - 22:00 BST
Rare Founders
Founders Dinner Roulette XL
We’re hosting a curated dinner for 100 startup founders, matched into tables based on stage and sector. No pitching, no panels — just real conversations over good food in a central London Italian restaurant. It’s already 60% full. Registrations close 1 week before the dinner or when we reach capacity.
In-person event
Elaine's London 77 Kingsway, London, WC2B 6SR, UK
Mon 29 Sep, 18:00 - 20:00 BST
Rare Founders
🇧🇪🇬🇧 Belgium x UK Demo Day
Get ready for a mix of 30 bold startups from Belgium and the UK, all pitching their ideas in front of investors, family offices, and partners. Think quick-fire pitches, good vibes, and plenty of time to grab a drink, chat, and make new connections. It’s not your usual stiff demo day — we like to keep things lively.
In-person event
36 Belgrave Square, London, SW1X 8QB, UK
Tue 7 Oct, 14:30 - 22:00 BST
OTHER LONDON EVENTS🌟
`
Voice AI Space
AI Space London#3
Join an engaging event featuring a panel discussion on go-to-market strategies and a presentation on compliance and the AI Act, complete with interactive Q&A sessions. Participants are encouraged to contribute what they can and collectively choose which charity will benefit from the ticket revenues.
In-person event
55-57 Rivington St, London, EC2A 3QA, UK
Fri 12 Sep, 17:30 - 20:30 BST
{Tech: Europe}
Beyond Context Limits: Building Enterprise-Grade AI
A hackathon will bring together builders to experiment with advanced retrieval models and develop innovative RAG applications. Participants will gain access to cutting-edge tools, compete for prizes, and showcase their work to judges from leading companies.
In-person event
Tottenham Court Road Area, London, UK
Sun 14 Sep, 11:00 - 17:00 BST
Startup Grind London
All-Star Pitch Battle 2025
Join a high-stakes pitch battle seeking London’s most innovative early-stage startup to compete on the global stage. Winners gain international exposure, investor access, and the chance to advance toward the title of Startup of the Year.
In-person event
68 Hanbury St, London E1 5JL, UK
Mon 15 Sep, 18:00 - 21:00 BST
Sclr labs
Am I In The Danger Zone? How Sector Shapes HMRC Risk
This session explores which startup sectors are attracting increased HMRC scrutiny and how founders can protect themselves when fundraising, scaling, or claiming reliefs. Attendees will gain insights from tax experts and growth specialists on staying prepared and avoiding costly risks.
In-person event
Piccadilly Circus Area, London, UK
Tue 16 Sep, 10:00 - 12:30 BST
`
Goodtech Ventures
How To Use Strategic Scepticism To De-Risk Your Startup
Join this masterclass to gain practical tools for identifying blind spots, testing ideas quickly, and reducing risks before they become costly mistakes. Participants will leave with a sharper mindset to spot opportunities, make evidence-based decisions, and move forward with greater clarity and confidence.
Online event
Tue 16 Sep, 10:30 - 11:15 BST
Novabook
B2B VC Pitch Night
This pitch night offers B2B founders the chance to showcase their startups, with five selected to present live and receive feedback from leading investors. Attendees can also network, exchange ideas, and gain insights into building the next generation of solutions in FinTech, SaaS, AI, and enterprise technology.
In-person event
Tottenham Court Road Area, London, UK
Tue 16 Sep, 18:00 - 20:30 BST
Love Ventures
London Live
Join an exclusive gathering exploring how AI is reshaping productivity in the UK, with leading voices from the AI, Future of Work, and early-stage investing ecosystem. Attendees will gain insights from candid discussions and founder perspectives while connecting with peers driving innovation in the workplace.
In-person event
Monument Area, London, UK
Tue 16 Sep, 18:00 - 21:00 BST
SeedLegals
Workplace Pensions 101: What Every UK Startup Should Know
This session unpacks the essentials of pensions for startups, from legal obligations to avoiding costly compliance mistakes. Attendees will learn how to use pensions not just as a requirement, but as a powerful tool for financial efficiency, hiring, and retention.
Online Event
Wed 17 Sep, 12:00 - 13:00 BST
Pitchflix
rev™ London September 2025: VCs Pitch To You!
Join this event to connect with early-stage founders and investors through a reverse-pitching format, where accelerators and VCs present their opportunities directly to startups. It’s designed to save founders time, provide efficient insights, and create meaningful connections that go beyond investment criteria.
Use promo code SEPTCP25 for 25% off
In-person event
Level39 Canary Wharf London, E14 5AB, UK
Wed 17 Sep, 14:00 - 19:30 BST
This Week in Fintech
Fintech In The City
An exclusive soirée at a luxury London venue will bring together guests for an evening of networking, drinks, and fine food. With limited spots available, attendance is by application only.
In-person event
22 Portman Square, London W1H 7BG, UK
Wed 17 Sep, 18:30 - 00:00 BST
London Venture Capital Network
London Drinks & Networking
Join an evening of drinks and networking in central London, bringing together investors, founders, and ecosystem leaders for conversations, connections, and a partner spotlight. The event blends community building with insights from a sponsor dedicated to supporting ambitious ventures from idea to scale.
In-person event
Blackfriars Area, London, UK
Thu 18 Sep, 18:00 - 23:00 BST
IDEALondon
Fundraising in Silence
This event brings together founders and investors to explore the realities of raising capital in a cautious venture environment. Attendees will gain practical insights on aligning with the right investors, understanding meaningful signals, and learning from recent UK fundraises.
In-person event
Bonhill Street Area, London, UK
Thu 18 Sep, 18:30 - 20:30 BST
Wise Business
Founders' Speed Networking
A dynamic speed networking event bringing together founders, investors, and industry experts to spark meaningful connections in a structured, high-energy setting. Attendees can also explore product demos, enjoy refreshments, and discover tools to support business growth from startup to scale-up.
In-person event
HollyWell Row Area, London, UK
Thu 18 Sep, 18:30 - 22:00 BST
Bae HQ
Startup Coffee Corner
Join a monthly coffee mixer that brings together founders, investors, and operators from the start-up ecosystem to network and connect. Guests can drop in for a casual coffee or tea and meet others on their way to work.
In-person event
Liverpool Street Area, London, UK
Fri 19 Sep, 08:30 - 10:30 BST
Future Angels
Movement Of Women Investing In Innovation
The event offers women the chance to explore how angel investing can become more accessible and confidence-building through expert insights and community support. Attendees will gain guidance on networking, learning the fundamentals, and accessing resources to support their investing journey.
Online event
Fri 19 Sep, 17:00 - 18:00 BST
Tech Startups In The Pub
Relaxed Networking
Join a casual after-work meetup that brings together founders, enthusiasts, and anyone curious about the tech scene for friendly conversations over drinks and pizza. It’s an open, welcoming space to connect, share ideas, and enjoy good company without the pressure of pitching or formal panels.
In-person event
27 Tabernacle Street Area, London, UK
Fri 19 Sep, 18:00 - 22:00 BST
The Tower
Chess Night At The Tower
A friendly chess night invites players of all levels to enjoy casual matches and connect over the game. Attendees simply need to bring their curiosity and best moves for an evening of strategy and fun.
In-person event
148 King's Cross Rd, London, WC1X 9DH, UK
Fri 19 Sep, 19:00 - 22:00 BST
Still reading? You’re my kind of person. If you’ve been finding this newsletter useful, join our paid premium members and help me keep it goin while enjoying extra benefits.
Vasily Alekseenko
Founder
@ Rare Founders
Rare Founders - building the bridge between founders and investors via regular in-person and online events, meetups, conferences.
