Highest valued e-commerce startup companies in Europe 2025

Published by

Apr 10, 2025

European e-commerce is booming, with the most valued startups in 2025 showcasing the continent's dynamic market. Back market, a French marketplace, was the most valuable e-commerce and direct-to-consumer unicorn in Europe as of January 2025. The platform for refurbished consumer electronics was worth 5.7 billion U.S. dollars. Two other startups completed the podium: RELEX and Vinted, estimated at 5.7 billion and 5.4 billion dollars, respectively.

Two countries provide the most successful startups

France and Germany stand out as hotbeds for e-commerce funding in Europe. Mirakl, a French wholesale marketplace, secured a substantial funding of 948 million U.S. dollars, showcasing France's prowess in the e-commerce landscape. Meanwhile, Germany takes the lead in hosting emerging B2B e-commerce companies.

Investment climate in Germany

The investment landscape in European startups has witnessed notable shifts. While energy startups in Germany saw a substantial influx of investment, the overall funding into startups decreased compared to the previous year. Software and analytics startups received the highest investments, signaling a shift towards technology-centric ventures. This data reflects the evolving investor sentiment and the changing trends in the types of startups that are attracting significant capital in Europe.

Most valued e-commerce and direct-to-consumer unicorns in Europe as of January 2025 (in billion U.S. dollars)

Company (country)	Valuation in billion U.S. dollars
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Release date

April 2025

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Region

Europe

Survey time period

as of January 2025

Supplementary notes

A unicorn company is a privately owned startup that has a current valuation of one billion U.S. dollars or over. Once a company has gone public (IPO) or has been acquired it is no longer termed as a unicorn.

Where companies crossed industries, the major category was used as determined by the source. Where companies have multiple countries listed the country of headquarters has been used.

Release date is date of access.

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