Europe raised €27.8B in Q3 across 732 deals.

Europe raised €27.8B in Q3 across 732 deals. Up 32% on the same quarter last year. Nice headline.

Then you read a bit further. Five rounds were over €1B each. Mistral alone was €3B, Nscale took roughly €6.3B over the quarter.

Same thing I keep telling product teams about their dashboards. Average revenue per account goes up, everyone celebrates, and then you find out it's two enterprise deals and the other 400 accounts didn't move at all.

A total tells you the market is alive. It doesn't tell you if raising a Series A in Stockholm or Vilnius got any easier this year. For that I'd want the median round, and the report doesn't give it.

Still good news. Just not the news it looks like at first.