The ECSO Cybersecurity Investment and M&A Reports track private investment in cybersecurity (equity and venture capital investments, including angel rounds, pre-seed/seed, series A through to series D+, and debt financing), and M&As (mergers, acquisitions, and buyouts). These reports understand cybersecurity as a broad concept. Consequently, they include any company that provides solutions to secure data, networks, identities, infrastructures, cloud, manage identities and access, protect brands and transactions, etc.

In this edition, funding rounds and M&As are also mapped under the ECSO Solutions Taxonomy, providing additional insight into how investments align with specific cybersecurity domains.

ECSO currently does not track IPOs. Furthermore, it only tracks deals that are publicly disclosed.​ Europe is understood as the EU27, EFTA and EEA countries plus the United Kingdom and Ukraine. ECSO also tracks M&As of European cybersecurity companies outside of Europe, and those of non-European companies in Europe. The full list of countries encompassed is available in the annex. The funding amount is converted from other currencies to Euros. The rate is based on the average exchange rate of the respective year between the different currencies and the EUR.​

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In this edition of the report

1. Introduction 

• Foreword​

• Executive summary​

• Structural challenges in Europe’s cybersecurity market​

• Methodology ​

• ECSO Solutions Taxonomy

2. Private investment in cybersecurity 

• Cybersecurity investment rebounds in 2025​

• Quarterly investment increasing since Q4 2024​

• Europe’s scaling problem: the series B gap​

• Where does cybersecurity investment go?​

• Italy leads in investment, the UK in deal volume​

• 43.2% of investment in “non-pure” companies

3. European cybersecurity investment ecosystem

• US & UK investors dominate the largest rounds​

• ECSO members in the ecosystem​

• Europe’s cyber unicorn gap is also an ownership gap

4. European cybersecurity M&A Overview 

• Sustained recovery in European cyber M&As​

• Where are European cyber companies acquired?​

• Who is acquiring European cyber companies?​

• Where does cybersecurity consolidation happen?​

• Irish acquirers lead European consolidation

5. ECSO initiatives to address the cybersecurity funding gap

6. Annex

• Annex I – Methodology​

• Annex II – The ECSO taxonomy​

• Annex III – Raw data

7. References

About the ECSO Working Group on European Cybersecurity Market Development

The ECSO Working Group on European Cybersecurity Market Development works with companies of all sizes, investors, associations, and public administrations. Together, European-driven growth is facilitated by creating opportunities to form business partnerships, find investments, and access new markets in Europe and beyond. Gain visibility and access all the benefits of the working group by becoming an ECSO Member today.

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