Proxima Fusion has closed a Series A2 funding round of EUR 411M – one of the largest private tech funding rounds in Europe this year. The company was supported by UVC Partners, the UnternehmerTUM Accelerator (formerly XPRENEURS), and TUM Venture Labs.
Proxima Fusion is the first spin-off from the Max Planck Institute for Plasma Physics, and its journey from initial idea to this latest round has run closely alongside our ecosystem: the UnternehmerTUM Accelerator and TUM Venture Labs supported the team during its founding phase, and UVC Partners has been an investor since the seed round in 2023.
With the new round, Proxima Fusion reaches a valuation of around EUR 2.4B, making it Europe's best-funded and most valuable fusion company. XTX Ventures and East X Ventures led the round, with Google and RWE joining as new strategic investors. KfW Capital, SPRIND, and Burda Principal Investments also participated, alongside returning investors such as Plural, Balderton, Cherry Ventures, and UVC Partners.
Having backed the company's EUR 7M seed round, UVC Partners is now investing a further EUR 30M in Proxima Fusion – an example of how our ecosystem supports deep tech teams across multiple funding rounds, from first concept to international growth financing.
The fresh capital will go toward building the Stellarator Model Coil, scaling up production of high-temperature superconducting (HTS) cables and magnets, and further developing the European fusion supply chain. This brings Alpha closer to reality: the net-energy demonstrator planned to be built near Munich in the early 2030s, and a key milestone on the way to the first commercial stellarator power plant.
Since its founding in 2023, Proxima Fusion has raised more than EUR 650M in total, including around EUR 95M in public funding.
A strong signal for deep tech from Munich
Proxima Fusion shows how far a team can go after starting out in Munich's innovation ecosystem – from the UnternehmerTUM Accelerator and TUM Venture Labs, through UVC Partners' seed investment, to Europe's largest private fusion financing round. Congratulations to the entire Proxima Fusion team, and to our colleagues at UVC Partners!
