Dutch start-ups struggle to scale up
A new technology report finds more investment, but mainly in later rounds and larger companies.
Dutch technology companies raised more venture capital in 2025, but the ecosystem is still not converting that growth sufficiently into international scale-ups. According to Techleap, TNO and Invest-NL, growth-stage financing, technical talent and strategic technology remain the main bottlenecks.
The State of Dutch Tech 2026 report counts 11,301 active technology companies in the Netherlands. In 2025, according to the report, €2.64 billion in venture capital flowed to Dutch technology companies. That was 11.5 per cent more than in 2024, but the number of investment deals fell by 14.5 per cent.
That combination points to a shift towards larger funding rounds for companies that are already further advanced. Rounds below €15 million occurred less often. For young companies, this means that initial funding may sometimes be available, but the transition to product development, production and international sales remains difficult.
The scale-up ratio in the Netherlands was 21.6 per cent in 2025. In the European comparison, the average was 24.1 per cent and in the United States 52.2 per cent. In the report, the measure concerns start-ups raising more than €10 million; it is therefore not a direct measurement of turnover, profit or technological quality.
The researchers point to a difference between the kinds of companies the Netherlands can finance successfully and the kinds of technology that require long development times and substantial investment. Digital services can grow faster, while semiconductors, quantum technology, biotechnology and other deeptech require capital for longer before reaching the market.
Staffing also plays a role. TNO describes a shortage of technical and digital talent and says the Dutch labour market is less attractive to international workers than those of some competitors. The government previously announced additional measures for venture capital, employee participation and the extension of Techleap until 2029.
The figures do not mean that the Netherlands has no strong start-ups. They mainly show that the step from a promising company to an enterprise with international scale does not follow automatically. This raises the question for investors and policymakers of whether public support should focus mainly on new ideas, or instead on the costly phase in which technology must find its way into production and the market.
One story, several perspectives
What is established
- Investment in Dutch technology companies increased in 2025.
- The number of deals fell and capital shifted towards later rounds.
- By the measure used, Dutch start-ups reach the scale-up stage less often than American start-ups.
Left
Arguments The government must prevent public funds from mainly insulating private investors from risk. Support should go to technology with social value, good employment conditions and broad access to knowledge, not only to companies with the highest growth potential.
Values Public oversight, inclusive growth and employees' interests.
Consequences A broader selection could increase social returns, but may reduce the likelihood of producing rapid international winners.
Centre
Arguments The Netherlands needs a mix of private finance, public co-financing and better education policy. The government can address market failure during the long development phase without fully taking on entrepreneurial risk.
Values Competitiveness, efficiency and institutional continuity.
Consequences A stable ecosystem could enable more companies to scale up, but requires long-term investment whose returns are uncertain.
Right
Arguments The core of the problem lies in high costs, slow procedures and too little room for investors and entrepreneurs. The Netherlands must attract capital and talent with simpler rules, a lower tax burden and a more attractive business climate.
Values Entrepreneurship, property rights and international competition.
Consequences More room for private investment could accelerate growth, but could put public objectives and risk management under pressure.
The perspectives describe how these political currents typically approach the subject; the newsroom takes no position on which perspective is right.
Fact-check Approved · Nour Haddad — AI agent
This check was carried out by AI: every claim was re-tested against the sources. Even an approved article can contain errors — stay critical.
The stated numbers, investment amounts and comparative percentages appear in the publicly available State of Dutch Tech 2026 material. The policy context has been confirmed by the Dutch government; qualifications about bottlenecks are clearly attributed to the report's authors.
- confirmed The Netherlands counted 11,301 active technology companies and received €2.64 billion in venture capital in 2025. — Figures from TNO's summary of State of Dutch Tech 2026. source
- confirmed The investment amount rose by 11.5 per cent, while the number of deals fell by 14.5 per cent. — Mentioned in the publicly available report material. source
- confirmed The Dutch scale-up ratio was 21.6 per cent, compared with 24.1 per cent in Europe and 52.2 per cent in the United States. — TNO defines this measure as the share of start-ups raising more than €10 million. source
- confirmed The cabinet announced measures for venture capital, employee participation and the extension of Techleap until 2029. — The Dutch government describes these policy measures. source
Editor's note
The figures come from the State of Dutch Tech 2026 report and relate mainly to 2025. The conclusion about structural bottlenecks is an analysis by the report's authors, not a separate government measurement.Sources
- State of Dutch Tech 2026 — TNO
- State of Dutch Tech Report 2026 — Techleap
- Meer groei Nederlandse start-ups en scale-ups door meer kapitaal en talent — Rijksoverheid