Austrian start-ups raise around 472 million euros in the first half of 2026 – highest value since 2022
Vienna, 08 July 2026
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Summary
In the first half of 2026, Austrian start-ups received 472 million euros in venture capital – more than in any half-year since 2022. The drivers are two mega-deals of 100 million euros each by waterdrop and Gropyus, as well as a record figure of 97 financing rounds.
Vienna, 08 July 2026
In the first half of 2026, Austrian start-ups raised a total of 472 million euros in venture capital, achieving the highest half-year volume since the record year 2022.
The figure represents an increase of 362 million euros compared to the first half of 2025, in which only 110 million euros flowed in. That corresponds to a gain of 329 percent, according to the EY Start-up Barometer 2026. For comparison: in the first half of 2022, investors had still put 884 million euros into domestic young companies.
The result is largely carried by two major investments: in March 2026, the construction technology company Gropyus secured 100 million euros, followed in May by the e-commerce provider waterdrop with a deal of exactly the same amount. In March alone, 146 million euros flowed into Austrian start-ups, and in May a further 139 million euros – each time more than in the entire second half of 2025.
Two mega-deals pull the curve upward
"Dass gleich zwei Unternehmen Finanzierungen in dreistelliger Millionenhöhe abschließen konnten, wäre noch vor wenigen Quartalen kaum vorstellbar gewesen", says Florian Haas, Head of Start-up at EY Austria. "Die Rückkehr großer Finanzierungsrunden ist ein wichtiges Signal, weil sie zeigt, dass Investor:innen wieder bereit sind, Wachstum in größerem Umfang zu finanzieren."
The past six months also set a record in terms of the number of deals: a total of 97 financing rounds were completed – more than ever before in a half-year. Compared to the same period of the previous year with 78 rounds, this represents an increase of 24 percent. 38 start-ups were able to record investments of more than one million euros, and the number of deals exceeding ten million euros rose from two to nine.
The average financing sum climbed significantly from 2.0 to 6.3 million euros, reaching the highest half-year value since 2022. In the first halves of the years 2021 to 2024, the average round had been clearly above the four-million-euro mark, before the figure fell below it again in 2025 for the first time since 2020.
Sectors: E-commerce and PropTech lead in volume
Behind the two front runners, at a clear distance, follow the battery technology specialist Aviloo with 30 million euros, the space company Enpulsion, which manufactures propulsion systems for small satellites, with 22.5 million euros, the Tyrolean fitness platform Reps with 20.2 million euros, and the Vienna-based HealthTech scaleup nyra health with 20 million euros.
Sector analyses show that the capital is broadly distributed: in terms of investment volume, e-commerce leads with 122 million euros and PropTech with 107 million euros. They are followed by software & analytics with 58 million euros and the healthcare sector with 56 million euros. In terms of the number of deals, however, software & analytics dominates with 30 rounds, ahead of health with 19 and e-commerce with eight deals. PropTech drops to eighth place by number.
The healthcare sector is developing particularly dynamically: the number of financing rounds rose from eleven to 19, and the capital invested climbed from 14 to 56 million euros. Haas speaks of a remarkable maturation process: "Die vergangenen Jahre haben Spuren hinterlassen und viele Start-ups mussten lernen, deutlich kapitaleffizienter zu arbeiten." This development has made the companies more robust and more focused.
Vienna remains the center, Lower Austria and Tyrol catch up
Regionally too, Vienna remains the gravitational center of the domestic scene: 360 million euros, or 76 percent of the total capital, flowed to companies from the federal capital, and 55 of the 97 financing rounds were registered there. In terms of financing volume, Lower Austria follows with 53 million euros ahead of Tyrol with 23 million euros; by number of deals, Styria and Upper Austria share second place with 13 rounds each.
Exits: Tractive and EmmiAI make a statement
In addition to the financing rounds, two major exits also attracted attention in the first half of 2026. The Upper Austrian pet tracking company Tractive, which specializes in tracking systems for dogs and cats, was acquired by the Italian technology group Bending Spoons for around 900 million euros, according to media reports. In addition, the Linz-based company EmmiAI was sold for a reported 300 million euros.
"Erfolgreiche Exits beweisen, dass österreichische Start-ups in der Lage sind, Unternehmen mit internationaler Relevanz aufzubauen und attraktive Renditen für Investoren zu erzielen", says Haas. "Solche Erfolgsgeschichten schaffen auch neue Vorbilder für die nächste Gründergeneration." Successful acquisitions also increase the international visibility of the location and strengthen the cycle of founding, growth, exits, and reinvestment.
Umbrella fund as a political signal
The positive trend also coincides with a political signal, according to EY: the umbrella fund planned by the government is to become operational at the beginning of 2027. "Der Dachfonds ist weit mehr als ein einzelnes Förderinstrument", the EY advisor emphasizes. It sends "ein wichtiges Signal an nationale und internationale Investorinnen und Investoren, dass Österreich Innovation, Unternehmertum und Wachstum aktiv unterstützen möchte."
Haas refers to a development that has already begun earlier in other European countries and is now arriving "verspätet" in Austria: after years of restraint, venture capital funds are again more active, willingness to invest is rising, larger financing rounds are returning, and there is again more confidence in the market. Broader international investor participation is also being mentioned.
At the same time, the expert warns against excessive optimism. We are still far from a new gold-rush mood, Haas cautions. What matters now is to consolidate the positive trend through the right framework conditions. "Jetzt gilt es, diesen positiven Trend durch die richtigen Rahmenbedingungen weiter zu stärken, damit aus der aktuellen Erholung ein nachhaltiger Aufschwung wird", he concludes.
Cautious outlook: no reason for gold-rush mood
The EY advisor sees a particular need for action in the area of institutional venture capital, employee participation models, and the mobilization of private capital. "Wenn es gelingt, zusätzliches privates Kapital zu mobilisieren und Finanzierungslücken in der Wachstumsphase zu schließen, kann daraus ein echter Hebel für den Standort entstehen", says Haas. Better framework conditions are also needed so that scaleups can receive substantial capital amounts to develop international markets.
Overall, from EY's perspective, the first half of 2026 shows that the Austrian start-up ecosystem has lost none of its innovative power despite difficult economic conditions. "Das österreichische Startup-Ökosystem zeigt damit eindrucksvoll, dass es trotz schwieriger wirtschaftlicher Rahmenbedingungen nichts von seiner Innovationskraft verloren hat", says Haas.
The number of smaller deals with a volume of up to one million euros remained stable at 37 completions, indicating that the upswing is not carried by the mega-rounds alone. Overall, the market now records nine financing rounds above ten million euros – a figure that underpins the return of larger tickets.
Questions & Answers
How much venture capital did Austrian start-ups receive in the first half of 2026?
In the first half of 2026, a total of 472 million euros flowed into Austrian start-ups – an increase of 329 percent compared to the same period of the previous year and the highest half-year value since 2022.
Which companies were behind the largest deals?
The largest individual rounds were secured by waterdrop (e-commerce) and Gropyus (construction technology) with 100 million euros each, followed by Aviloo (30 million), Enpulsion (22.5 million), Reps (20.2 million) and nyra health (20 million).
What does EY expert Florian Haas say about the current situation?
Florian Haas, Head of Start-up at EY Austria, sees a broad recovery with more financing rounds, larger tickets, and rising confidence, but warns against a new gold-rush mood and calls for better framework conditions for institutional venture capital.
Start-up financing Austria H1 2026: 472 million euros | allfacts360
