Previous Reports

We have been publishing the State of European Tech since 2015. Explore the evolution of European tech over these past nine years through our previous reports, which provide comprehensive data-led insights year on year.

  • Macro factors across Europe derailed investment in tech in H2 after a record-breaking start to the year
  • Total investment levels reached $85B 
  • Europe started to capture its advantage in purpose-tech 
  • But $400B+ of value was erased, with megarounds and IPOs grinding to a halt
  • Spotlight on the Ukrainian tech ecosystem, which demonstrated incredible resilience, and even growth, in the face of war
  • A groundbreaking year for European Tech, with capital invested in a single year crossing $100B for the first time
  • European fintech investment saw the biggest increase, growing from $9.4B in 2020 to $21.7B in the first nine months of 2021
  • Europe’s unicorn count soared to 321, up by 44% on the previous year
  • Europe became home to 6 private decacorns, up from 2 in 2020 
  • Testimonies from 50+ of Europe’s tech leaders and policymakers
  • The Covid-19 pandemic and resulting economic shock threatened to derail a decade of progress on European tech
  • But Europe’s tech ecosystem weathered the storm
  • Ecosystem value approached $1T for the first time, up 5.6x compared to 2016, and 2020 set a new record for capital invested
  • Hopin hit a $2.1B valuation in just 17 months from founding, setting the record for fastest ever company in Europe to hit a billion-dollar valuation
  • The Black Lives Matter movement cast a spotlight on the massive racial inequity in the European tech industry and our survey  found that minority founders face heightened barriers
  • $34.3B of capital invested in 2019
  • Investment in purpose driven European tech companies saw huge spike, with $4.4B invested
  • Spotlight on Europe’s billion-dollar success stories, as European unicorns totalled new high of 99
  • Need to address diversity and inclusion persisted, as share of capital invested in diverse founding teams failed to show material improvement   
  • European tech investment continued to grow at a record pace, producing $B+ companies at 15x+ the rate of the previous decade 
  • $23B of capital invested across Europe and 4x $5B+ tech IPOs, compared to just one in the US
  • Europe’s tech industry drove crucial economic growth in a stagnating European economy — yet Europe’s tech boom highlighted disparities, as gains were not democratised by investors
  • Urgent need to address diversity and inclusion, and unlock talent pools
  • Highlights of the top 20 countries in European tech
  • Despite the impact of macro events like Brexit, European tech maintained its sense of optimism
  • A record year for European tech investment, with $19.1B invested across 3449 deals
  • Seven companies surpassed a billion-dollar valuation for the first time
  • Spotlight on the sectors Europe is set to capture: AI and crypto
  • Busting common misconceptions and myths around European tech
  • $14.4B invested into the European tech ecosystem
  • Deep tech thrived and diversified in Europe, attracting $1B in investment, 4x the amount in 2011
  • New tech hubs emerged, with cities like Munich and Lisbon beginning to grow their own tech scenes
  • Traditional industries awoke to tech, with Europe’s largest companies acquiring and investing in tech
  • $10B invested in European tech by VCs for the first time
  • 10 new unicorns brought the total to 35 in Europe
  • European startup mafias became active participants in local ecosystems
  • Strong talent pool with a total 1.6M active developers across Europe