Startup Flash Report

STARTUP FLASH - October 17, 2025

AI and Biotech Dominate Global Funding as European Cleantech Accelerator Opens for Applications

## TOP 3 STORIES

1. German Biotech Tubulis Raises $361M Series C to Advance Cancer Drug Pipeline
Tubulis, a Munich-based developer of antibody-drug conjugates, has secured one of the largest biotech funding rounds of 2025, raising €308 million ($361 million) to push its lead candidate, TUB-040, into advanced clinical trials for ovarian and lung cancers[4]. For founders, this signals that even in a down market for oncology investment, deep science with clear clinical pathways can still attract major capital—emphasizing the importance of robust data and differentiated technology when pitching investors in a cautious funding environment[4].

2. European Cleantech Accelerator Launches Call for Sustainable Innovation Startups
A new EU-wide accelerator program is now accepting applications from startups developing technology-based solutions for sustainability and climate tech, offering grants and support for early-stage ventures[3]. This creates a timely opportunity for cleantech founders across Europe to access non-dilutive funding and ecosystem support, while also reflecting the growing policy and investor focus on climate solutions as a priority sector for innovation and growth[3].

3. HyImpulse Secures €45M to Scale Small Satellite Launch Capabilities
German launch startup HyImpulse has raised €45 million ($52.5 million) in a mix of private and public funding to accelerate development of its small satellite launch vehicles, positioning itself as a key European player in the emerging New Space economy[2]. The round—split between venture capital and government backing—highlights the strategic importance of public-private partnerships in capital-intensive deep tech sectors, offering a model for other hardware and aerospace startups navigating long development cycles and high upfront costs[2].

## Flash Insight

Today’s funding activity underscores a bifurcated market: while AI and enterprise tech continue to mint unicorns at a record pace, deep science (biotech, space) and cleantech are attracting significant capital through both private investment and public support, especially in Europe. Founders should note that investor appetite remains strong for startups with clear paths to revenue, clinical impact, or policy alignment—but the bar for due diligence and differentiation is higher than ever. Ecosystem players should watch for increasing convergence between technology, sustainability, and government initiatives as key drivers of the next wave of startup growth.

## Sources & Links

• Tubulis Series C: [4] https://www.biopharmadive.com/news/tubulis-adcs-antibody-drug-conjugate-series-c-esmo-2025/802753/
• EU Cleantech Accelerator: [3] https://eufundingportal.eu/cleantech-accelerator-program-for-innovative-startups-focused-on-sustainability-and-climate-tech-solutions/
• HyImpulse Funding: [2] https://payloadspace.com/hyimpulse-secures-e45m-for-small-launch/