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2017
The State of
European tech
presents
In collaboration with
sponsored by
The State of European Tech 2017
Atomico & Slush
2
www.stateofeuropeantech.comSince we began this project in 2015, our ambition has been to build
a rich and nuanced narrative of European technology and how it is
evolving. A multi-layered story, not just a moment in time.
At Atomico, we believe it is only possible to do this based on a
number of data sources and different factors. Which is why we've
worked with an incredible set of data partners, surveyed thousands
of people within Europe's tech ecosystem, and spoken with those at
the heart of it all - to develop meaningful, localised data insights that
tell the real story about what's happening on the ground.
This year's findings reveal the state of European tech in 2017 is the
strongest it has ever been. Europe is building a tech ecosystem in
its own image, defined by deep tech expertise, incredible geographic
diversification, and a uniquely collaborative approach with traditional
industry. The solid foundations that have been laid - a huge and
deep talent pool, founders with global ambition levels, and a large,
growing and increasingly sophisticated investor base - means that
Europe marches to its own beat. The question of whether Europe can
produce world-class innovation has been put to bed. The question
of whether it can produce a $100Bn company has been put to bed.
And the probability that the next industry-defining company could
come from Europe - and become one of the world's most valuable
companies - has never been higher.
We hope you enjoy diving into this year's report, which we believe
is the single, most comprehensive data-driven story of European
technology today.
Tom Wehmeier
Partner and Head of Research, Atomico
Welcome to the third edition of the
State of European Tech Report
The State of European Tech 2017
Atomico & Slush
3
www.stateofeuropeantech.comWe are excited to share the third edition of The State of European
Tech report with you all and hope you will find it to be the singular,
most comprehensive and data-driven portrait of Europe's technology
ecosystem to date.
As in previous years, we've been ambitious about the data partners
we've partnered with: teaming up again with LinkedIn, Stack
Overflow, Meetup, Dealroom.co, the London Stock Exchange, Quid,
European Startup Initiative, Signal and Invest Europe, and adding
new partners including the European Investment Fund, Craft.co, and
TokenData.
The strength and integrity of our report relies on being able to draw
meaningful insights from a number of different sources and data
points. With the support of our data partners we have been able
to carefully build the most accurate picture of what is going on in
European tech, right now.
One area we wanted to double down on in 2017 was geographic
diversity, to ensure our report had roots across Europe's broad and
diverse ecosystem - not just the traditional hubs.
So this year we have worked with a number of strategic distribution
partners to help us delve deep into Europe's ecosystem. Our survey
was conducted from 6th September - 15th October 2017 and with the
help of our distribution partners we received over 3,500 responses
- including over 1,000 European founders from across the continent.
The survey enabled us to gather thousands of qualitative insights
from those right at the heart of what's happening on the ground,
across the wide European ecosystem, not just London, Paris and
Berlin but also Reykjavik, Sevilla, Sofia and everywhere in between.
We have also spoken intimately with a select group of over 50
founders, entrepreneurs, investors and policymakers at the cutting
edge of Europe's technology landscape - capturing their insights
in different sections of the report to bring the hard data to life. In
the process of putting together this report we spoke to Jos Neves
(Farfetch), Herman Narula (Improbable), Ian Rogers (LVMH), Mounir
Mahjoubi (Macron's digital minister), Dr Jeannette zu Frstenberg (La
Famiglia), Ilkka Paananen (Supercell), Urska Srsen (BellaBeat), Antoine
Bordes (Facebook Artificial Intelligence Research - FAIR), Fleur
Perellin (Korelya Capital), Reshma Sohoni (Seedcamp) and Robin Klein
(LocalGlobe) - to name just a few.
As well as the magazine you are now holding in your hands, for
the very first time the report is also being housed on its very own
interactive website where you can explore the data in even more
detail. You can find us on www.stateofeuropeantech.com
About this report
The State of European Tech 2017
Atomico & Slush
4
www.stateofeuropeantech.comOur experienced team includes entrepreneurs and executives from
the world's most successful technology firms who partner with our
companies as they scale to become global winners.
We're not a traditional venture capital firm. We exist for more
than returns, even though it is our lifeblood. Since we began our
work in 2006, we've always set our sights much higher. At our
core, we believe entrepreneurs are the ultimate agents of positive,
transformational change across every aspect of our society and
economy.
To us, our work is our mission. When you spend time with us, you'll
see that our firm is built by, and for, founders. It's why we invest from
Series A onwards, because we want to help founders take a product
that works and make it a global success. And it's why we've built
the most experienced team possible, with a clear and systematic
approach, to help founders turn their vision into something that
changes the world for the better.
While we invest globally, our focus is Europe. The strength and
depth of European founders is increasing all the time, and we strive
to help them succeed globally. We believe many of the next truly
transformative companies will come from Europe.
We look for the most ambitious founders, the people who want
to build the next leader in their category or the company that
changes a fundamental component of our economy and society. The
founders who want to use technology to rewire the world in favour of
something better for as many people as possible.
You can find out more by visiting our website, reading our manifesto,
and looking at the companies we invest in - but in the meantime, we
hope you enjoy the State of European Tech Report 2017.
Atomico invests in disruptive technology
companies with ambitious founders from Series
A onwards.
About Atomico
The State of European Tech 2017
Atomico & Slush
5
www.stateofeuropeantech.comIn 2017, Slush gathered more than 45,000 people in its 75 events all
around the world from South Africa to Tokyo. The non-profit initiative
was established by a group of entrepreneurs in Helsinki in 2008.
Today, the year of Slush culminates every November when 20,000
founders, investors, media and executives from +130 countries gather
in Helsinki.
Despite having grown in just a few years from a 300-person assembly
to a world-renown event, the philosophy has remained the same:
supporting world-conquering founders.
Slush is a global movement supporting the next
generation of groundbreaking founders.
About Slush
Photo: Samuli Pentti
The State of European Tech 2017
Atomico & Slush
6
www.stateofeuropeantech.comDistribution Partners
Data Partners
Supported by data from our
amazing partners
Powered by Europe's
startup community
The State of European Tech 2017
Atomico & Slush
7
www.stateofeuropeantech.comInterviewees
We gathered insights from over 50 people across
sectors, across Europe
Alex Stubb
VP & Member of the
Management Committee
EIB
Alastair Band
Co-Founder
Blockchain Beginners
Antoine Bordes
Research Lead
Facebook Artificial
Intelligence Research
(FAIR)
Andreas Saari
Co-Founder & CEO
Wave Ventures
Angus Maidment
Co-Founder
Blockchain Beginners
Benjamin Lickfett
Head of Technology &
Innovation
Diageo
Ben Pugh
CEO
Farmdrop
Brent Hoberman
Executive Chairman;
Founders Factory,
Founders Forum,
firstminute capitalv
Barnaby Hussey-Yeo
Co-Founder & CEO
Cleo
Fleur Pellerin
CEO & Founder
Korelya Capita
Dr. Jeannette zu
Frstenberg
Managing Partner
La Famiglia
Erik Engellau-Nillson
CEO
Norrsken Foundation
George Danezis
Professor of Security
and Privacy Engineering,
University College
London
Jimmy Wales
Founder
Wikipedia, WikiTribune
Ella Goldner
Founding Partner &
General Manager
Zinc VC
David Kelnar
Investment Director &
Head of Research
MMC Ventures
Dan Hynes
Partner & Head of Talent
Atomico
Christopher Grew
Partner
Orrick
Daniel Wiegand
Co-Founder & CEO
Lilium Aviation
Jos Neves
Founder & CEO
Farfetch
Jan Erik Solem
CEO & Co-Founder
Mapillary
Jutta Steiner
Founder
Parity Technologies
Juan Urdiales
Co-Founder & Co-CEO
Jobandtalent
Kati Levoranta
CEO
Rovio
Stefano Bernardi
Co-Founder
Token Economy
The State of European Tech 2017
Atomico & Slush
8
www.stateofeuropeantech.comLuciana Lixandru
Partner
Accel
Michael Collins
CEO
Invest Europe
Neil Murray
Angel Investor
The Nordic Web
Kristel Kruustk
Founder & CEO
Testlio
Mounir Mahjoubi
French Secretary of State
in charge of Digital Affairs
Lenard Koschwitz
Director for European
Affairs
Allied for Startups
Reshma Sohoni
Founding Partner
Seedcamp
Robin Klein
General Partner
LocalGlobe
Oscar Farres
Head of Unit, Investments
Technology & Innovation
EIF
Samuel Mueller
CEO and Co-Founder
Scandit
Niklas Zennstrm
CEO & Founding Partner
Atomico
Remo Gerber
Chief Commercial Officer
Lilium Aviation
Xavier Niel
Entrepreneur
Station F
Jos del Barrio
Founding Partner
Samaipata Ventures
Urska Srsen
CPO & Co-Founder
BellaBeat
Carolina Brochado,
Atomico
Partner
Sean Bave
General Manager
Stack Overflow Talent
Stephen Lowery
Managing Director
Silicon Valley Bank UK
Yannick Roux
General Partner
First Matter
Elina Berglund
Scherwitzl
CTO & Co-Founder
Natural Cycles
Mattias Ljungman
Atomico
Partner
Marianne Vikkula
CEO
Slush
Hiro Tamura
Atomico
Partner
Nikhil Rathi
CEO
London Stock Exchange
PLC
Timo Rein
Co-Founder
Pipedrive
Romain Lavault
General Partner
Partech Ventures
The State of European Tech 2017
Atomico & Slush
9
www.stateofeuropeantech.comAs a firm originating out of Silicon Valley which has
expanded into Europe, with offices in Germany,
France, UK and Italy, our pan-European footprint
reflects our belief that Europe is an important
geographical area for the technology industry. We
also feel well placed to comment on the trends
driving the technology ecosystem in Europe.
We believe we have a role in the ecosystem but
to play a full role you need to make sure you fully
understand the environment in which you operate.
That is why we support the publication of the
State of European Tech report, now in its third year
providing a complete analysis of European tech to
entrepreneurs, VCs, governments, law firms like
ours, students and other stakeholders.
Whilst Europe can be viewed as fragmented on
a country-by-country basis with a plethora of
different languages, there are certain strengths to
celebrate across the continent.
Europe has historically played a pioneering role in
the technology industry: a world leader in areas
such as mobile and fintech, where Europe has been
well-advanced and way ahead of Silicon Valley and
the US as a whole. Europe also outnumbers the US
for programming talent, and we believe it is going
to continue to succeed on the global stage, as it
doubles down on the advances it is already making
in AI, cryptocurrencies and deep tech.
This report makes it clear the funding environment
for European technology companies is still very
healthy and the appetite for investments in
European technology companies is unsurpassed.
We're talking not just early stage and venture
funds but the growth funds, late stage funds and
Softbanks of the world.
The times are-a-changing. Traditionally, European
companies looking to be acquired have looked
to Silicon Valley for their salvation. Today,
they're looking to the US as a destination to
acquire, demonstrate their success or to expand
internationally.
What is most interesting to us as a law firm
is the changing regulatory landscape. Yes, you
will see in the Regulation section of the report
that more needs to be done by governments to
incentivise the development of new technologies
such as drones, autonomous vehicles and crypto
currencies. At the same time we are starting
to see the green shoots of regulatory maturity.
The government in Sweden is allowing for the
reimbursement of mobile-only doctor services,
the Estonian government is enabling delivery
robots to use the country's sidewalks, the UK is a
cheerleader for new open banking rules whilst the
Swiss government is embracing the potential of
crypto currencies.
We're thrilled to be involved with the State of
European Tech report this year, contributing to one
of the most nuanced and data-driven portrayals of
what's happening in European technology today.
As evidenced in the pages of this report European
technology has undoubtedly had a breakthrough
year but what excites us the most are the
opportunities that lie ahead.
A word from Orrick
Christopher Grew
Partner, Technology Companies Group
Orrick
As a law firm, Orrick focuses on
the tech industry and technology
entrepreneurs.
The State of European Tech 2017
Atomico & Slush
10
www.stateofeuropeantech.comAbout
Silicon Valley Bank
REPORT PARTNER
DESIGN
REPORT PARTNER
SVB provides a range of targeted financial services and expertise
through its office in the UK. With commercial and international
banking services, SVB helps address the unique needs of innovators.
The UK's leading technology and life science businesses, in all stages
of development, look to SVB's niche expertise, 30 years of experience
and unparalleled network, as they grow at home and tackle new
markets abroad. Learn more at svb.com/uk
For more than 30 years, Silicon Valley Bank (SVB) has
helped innovative businesses, enterprises and their
investors move bold ideas forward, fast.
About
Studio Lovelock
About Orrick
Since 2012 they've been helping exciting brands grow, engage and
delight their audiences. They collaborate on charismatic design that
cuts through the noise, makes an authentic connection, and takes
their clients branded communication to the next level.
Their team brings experience, intelligence and a playful enthusiasm
to each and every design brief. They focus on brand identity,
websites, animation and social media content.
Visit www.studiolovelock.com to view their portfolio.
Orrick counsels more than 1,800 tech companies, as well as the most
active funds, corporate venture investors and public tech companies
worldwide. Our focus is on helping disruptive companies tap into
innovative legal solutions. We are a top 10 law firm for global M&A
volume (MergerMarket) and the #1 most active law firm in European
venture capital, and M&A exits (Pitchbook). We offer holistic solutions
for companies at all stages, executing strategic transactions but also
protecting intellectual property, managing cybersecurity, leveraging
data and resolving disputes. We are helping our clients navigate the
regulatory challenges raised by new technologies such as crypto
currencies, autonomous vehicles and drones. A leader in traditional
finance, we work with the pioneers of marketplace lending. We
innovate not only in our legal advice but also in the way we deliver
legal services, earning us the #1 spot on Financial Times' list of the
most innovative law firms in North America in 2016.
Studio Lovelock are a digital design studio in South
East London powered by a love of ambitious ideas and
distinctive design.
Orrick is a global law firm focused on serving the
technology, energy & infrastructure and finance sectors.
Structured as one team, our lawyers work across 25+
markets in Europe, the United States, Asia and Africa. 0
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02
A lot has happened since last year's report
Emmanuel Macron is the new President in France, the Eurozone
posted a second solid quarter of growth and continuing Brexit
negotiations dominate the news in both the UK and occasionally
across the continent.
Macro political and economic upheavals are to be expected. The
question we explore in these pages is, to what degree is the tech
world immune to these developments - and could it be entering bear
territory?
Evolving Europe
The State of European Tech 2017
Atomico & Slush
12
www.stateofeuropeantech.comIt's been a big year for European tech
2.1
Slovenian games compa-
ny Outfit7 acquired for
$1.1B
The UK's Funding Circle
raises $100M Series D
The UK triggers Article 50
to formally start the
Brexit process
Picnic raises 100M
Series B in the Nether-
lands
Germany's Soundcloud
lays off 40% of staff, but
European tech industry
rallies around
Tezos raises $232M in a
then landmark ICO
The UK's Transferwise
raises $280M Series E
Election of Emmanuel
Macron injects huge
optimism into La French
Tech
Official launch of London
HQ'd Softbank Vision
Fund and investment of
$500M into the UK's
Improbable
Spain's Cabify raises
$100M Series D
Germany's Lilium raises
$90M Series B from
Tencent
Finland's Rovio IPOs for
$1B
The UK's Deliveroo raises
$385M Series F
Spain's Social Point
acquired for $267M by
Take-Two
Romania's UIPath raises
largest ever Series A
($30M) from Accel
UK's Ve Interactive goes
into administration
Germany's Delivery Hero
raises $1.1B at IPO
UK's Prodigy Finance
announces $200M in
equity and debt funding,
led by Index Ventures
UK-based DeepMind
introduces AlphaGo Zero
using novel form of
reinforcement learning
France's Zenly acquired
for $213M by Snap
JAN
FEB
MAR
JUL
SEP
APR
JUN
OCT
NOV
MAY
AUG
A year marked by a number of
hugely important milestones for
European tech
year-on-year growth in European
tech worker population in 2017,
compared to just 0.8% growth
in overall EU employment in
2017, according to the European
Commission's latest economic
forecast for Winter 2017
Europe's tech workforce
is growing significantly
faster than overall EU
employment
3x
22/11/2017
The State of European Tech 2017
TitleNo: 2.1 GroupName: Default GroupId: 679 ChartId: 222 ArticleId: 42 ChapterId: 10
Europe's tech industry is creating jobs faster than the rest of the
European economy
Tech industry workforce growth, 2017 versus 2016
% growth YoY2.6
2.1
Tech workforce growth YoY
2017
2016
0
0.5
1
1.5
2
2.5
Note:
Based on an analysis of sample pool of LinkedIn members and the difference between those in Oct 2016 working in
the Tech Sector in each country from this sample pool and those in Oct 2017
Source: LinkedIn
Tech industry workforce growth versus forecast EU employment
growth, 2017 versus 2016
Europe's tech industry is
creating jobs faster than the rest
of the European economy
Note:
Based on an analysis of sample pool of
LinkedIn members and the difference between
those in Oct 2016 working in the Tech Sector
in each country from this sample pool and
those in Oct 2017
Source:
LinkedIn
The State of European Tech 2017
Atomico & Slush
13
www.stateofeuropeantech.com22/11/2017
The State of European Tech 2017
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3/254
TitleNo: 2.1 GroupName: Default GroupId: 663 ChartId: 214 ArticleId: 42 ChapterId: 10
Europe's fastest-growing tech worker populations are growing at an
even faster rate
Top 10 fastest-growing tech worker populations of 2017
% growth YoY
5.3
4.6
4.2
4
3.6
3.3
3.2
2.8
2.8
2.7
2017
Ireland
Netherlands
Germany
Switzerland
France
Czech Republic
United Kingdom
Austria
Norway
Portugal
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
5.5
Note:
Based on an analysis of sample pool of LinkedIn members and the difference between those in Oct 2016 working in
the Tech Sector in each country from this sample pool and those in Oct 2017.
Source: LinkedIn
22/11/2017
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4/254
TitleNo: 2.1 GroupName: Default GroupId: 902 ChartId: 253 ArticleId: 42 ChapterId: 10
For additional context, it is worth analysing a similar dataset covering
tech talent movement in 2016 provided by LinkedIn for last year's State
of European Tech
Top 10 fastest-growing tech worker populations of 2016
% growth YoY
5.5
3.3
3
3
2.7
2.5
2.5
2.5
2.3
1.7
2016
Ireland
Germany
United Kingdom
Netherlands
Poland
France
Switzerland
Czech Republic
Belgium
Romania
0
1
2
3
4
5
6
Note:
Based on an analysis of sample pool of LinkedIn members and the difference between those in 2016 working in the
Tech Sector in each country from this sample pool and those in 2015
Source: LinkedIn
Top 10 fastest-growing tech worker populations
of 2017
Top 10 fastest-growing tech worker populatins
of 2016
Europe's fastest-growing tech worker populations
are growing at an even faster rate
For additional context, it is worth analysing a
similar dataset covering tech talent movement in
2016 provided by LinkedIn for last year's State of
European Tech
It's been a busy year for European tech
2.1
Of course Europe is a fantastic place to start and grow a company. Just look at
companies like Spotify, Skype, TransferWise, or BlaBlaCar: they are European unicorns.
The biggest startup events take place in Europe, the level of capital available has
skyrocketed in the past years. Europe is made of tens of different cultures, it's our
biggest advantage. The more diversity you can find among entrepreneurs, the more you
will find innovative businesses, creativity, and value created.
Xavier Niel
Station F
Note:
Based on an anlysis of sample
ol of LikedIn members and the
difference between those in Oct 2016 working in the Tech Sector in each
country from this sample pool and those in Oct 2017.
Source:
LinkedIn
The State of European Tech 2017
Atomico & Slush
14
www.stateofeuropeantech.comof UK founders are less
confident about the future of
European tech compared to 12
months ago, compared to just
6% of founders from all other
countries
of European founders are either
more optimistic about the future
of European tech, or maintain
the same levels compared to 12
months
However, confidence
levels in the UK are
materially lower
The level of optimism
among European founders
is strong
27%
90%
Europe has a strong sense of optimism
about the future of its tech ecosystem
2.2
22/11/2017
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7/241
TitleNo: 2.3 GroupName: Geography GroupId: 690 ChartId: 226 ArticleId: 43 ChapterId: 10
While there are notable differences across countries, Europe as a whole
demonstrates bullishness about the future of its tech ecosystem
Are you more or less optimistic about the future of European tech today than you were 12
months ago?
% of respondents42
70
56
54
58
55
58
55
25
38
41
37
42
32
37
18
5
5
6
6
2
10
9
More
About the same
Less
UK & IrelandFrance & BeneluxDACHSouthern EuropeNordicsBalticsCentral & Eastern EuropeEurope0
25
50
75
Source: The State of European Tech Survey 2017
39
22/11/2017
The State of European Tech 2017
TitleNo: 2.3 GroupName: Occupation GroupId: 692 ChartId: 226 ArticleId: 43 ChapterId: 10
While there are notable differences across countries, Europe as a whole
demonstrates bullishness about the future of its tech ecosystem
Are you more or less optimistic about the future of European tech today than you were 12
m nths ago?
% of respondents54
57
54
55
57
51
54
59
36
36
36
36
36
41
36
32
10
7
10
9
7
8
10
9
More
About the same
Less
FounderInvestorStartup employeeCompany employee (public tech co)Company employee (non-tech)Public sector employeeStudentOther0
25
50
Source: The State of European Tech Survey 2017
22/11/2017
The State of European Tech 2017
TitleNo: 2.3 GroupName: Occupation GroupId: 692 ChartId: 226 ArticleId: 43 ChapterId: 10
While the e are notable differences across countries, Europe as a whole
demonstrates bullishness about the future of its tech ecosystem
Are you more or less optimistic about the future of European tech today than you were 12
months ago?
% of respondents54
57
54
55
57
51
54
59
36
36
36
36
36
41
36
32
10
7
10
9
7
8
10
9
More
About the same
Less
Fo
un
de
r
Inv
es
to
r
St
ar
tu
p
em
pl
oy
ee
Co
m
pa
ny
e
m
pl
oy
ee
(p
ub
lic
te
ch
c
o)
Co
m
pa
ny
e
m
pl
oy
ee
(n
on
-t
ec
h)
Pu
bl
ic
se
ct
or
e
m
pl
oy
ee
St
ud
en
t
Ot
he
r
0
25
50
Source: The State of European Tech Survey 2017
Are you more or less optimistic about the future of European tech
today than you were 12 months ago?
While there are notable
differences across countries,
Europe as a whole demonstrates
bullishness about the future of
its tech ecosystem
I was optimistic about European tech 12 months ago, and feel just
as positive about the state of European tech today. The ecosystem
is constantly evolving, and its momentum is accelerating. You can
find world-class levels of ambition, innovation and disruption across
the continent in more established tech hubs like London, Paris and
Stockholm, as well as in emerging hubs like Amsterdam or Barcelona.
Luciana Lixandru
Accel
Geography
Occupation
The State of European Tech 2017
Atomico & Slush
15
www.stateofeuropeantech.comIt is absolutely easier to build a European tech company today than it
was five years ago. If you look at the mobile games business or where
mobile is a platform, the app store distribution model has completely
democratised distribution, there are things like cloud technologies
that make it easier than ever to scale your service. What it really
means is that great companies today can come from any country and
it is way easier than it was five or ten years ago.
Ilkka Paananen
Supercell
Europe has a strong sense of optimism
about the future of its tech ecosystem
2.2
Photo: Jussi Hellsten
The State of European Tech 2017
Atomico & Slush
16
www.stateofeuropeantech.comEurope's tech ecosystem is feeling the impact -
positive and negative - of macro events
2.3
22/11/2017
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9/241
TitleNo: 2.4 GroupName: Geography GroupId: 693 ChartId: 227 ArticleId: 44 ChapterId: 10
Europe's tech community views the UK's triggering of Article 50 as the
most material event of the past 12 months
Which event of the past 12 months has had the most material impact - positive or negative
- on Europe's tech ecosystem?
% of respondents71
38
44
49
51
46
38
52
9
11
19
11
21
24
26
15
25
9
31
6
9
7
6
9
9
10
11
15
1
4
4
UK triggering Article 50 to start the process of exiting the EU
Emergence of Initial Coin Offerings (ICOs) as a new way to raise capital
Election of Donald Trump
Election of Emmanuel Macron
Investment activities of the European Investment Fund (EIF)
Launch of SoftBank Vision Fund
UK
& Irela
ndFran
ce &
B
en
elu
x
DA
CH
No
rdics
Ba
lti
cs
So
ut
hern
E
uropeCe
nt
ra
l &
E
as
tern
E
uropeEu
ro
pe
0
25
50
75
Note:
Numbers may not add to 100 due to rounding
Source: The State of European Tech Survey 2017
2
2
5
5
6
10
4
13
13
11 4
4
7
3
12
12
9
22/11/2017
The State of European Tech 2017
TitleNo: 2.4 GroupName: Occupation GroupId: 751 ChartId: 227 ArticleId: 44 ChapterId: 10
Europ 's tech community vi ws he UK's trigg ri g of Article 50 as the
most material event of the past 12 months
Which event of the past 12 months has had the most material impact - positive or negative
- on Europe's tech ecosystem?
% of respondents49
45
54
67
57
60
41
57
16
15
15
15
16
12
12
18
9
8
8
16
8
5
5
4
3
3
4
UK triggering Article 50 to start the process of exiting the EU
Emergence of Initial Coin Offerings (ICOs) as a new way to raise capital
Election of Donald Trump
Election of Emmanuel Macron
Investment activities of the European Investment Fund (EIF)
Launch of SoftBank Vision Fund
Fo
un
de
r
Inv
es
to
r
St
ar
tu
p
em
pl
oy
ee
Co
m
pa
ny
e
m
pl
oy
ee
(p
ub
lic
te
ch
c
o)
Co
m
pa
ny
e
m
pl
oy
ee
(n
on
-t
ec
h)
Pu
bl
ic
se
ct
or
e
m
pl
oy
ee
St
ud
en
t
Ot
he
r
0
50
Note:
Numbers may not add to 100 due to rounding
Source: The State of European Tech Survey 2017
12
10
4
811
11
8 6
11
11
11
5
14
13
14
6 3
3
7
7
5
Which event of the past 12 months has had the most material impact
- positive or negative - on Europe's tech ecosystem?
Europe's tech community views
the UK's triggering of Article 50
as the most material event of
the past 12 months
Compared to 12 months ago, I have actually got less excited about
European tech and the European tech scene. "Less excited" is maybe
not right the word "more pessimistic." I am deeply concerned about
- frankly - the train wreck of Brexit. I am afraid of it spiralling out of
control.
Jimmy Wales
WikiTribune & Wikipedia
Geography
Occupation
The State of European Tech 2017
Atomico & Slush
17
www.stateofeuropeantech.comof survey respondents cited the
triggering of Article 50 as the
most material event to have
impacted the European tech
industry in the past 12 months
More than any other event, the
Brexit process is singled out for
its impact on the European tech
ecosystem
52%
18/11/2017
The State of European Tech 2017
TitleNo: 2.3 GroupName: n/a GroupId: n/a ChartId: n/a (chartImage) ArticleId: 44
ChapterId: 10
Europe's tech community is feeling the impact of Brexit in different ways
How, if at all, has the UK triggering Article 50 to start the Brexit process impacted your
company?
Note:
Respondents that selected 'the UK triggering Article 50 to start the process of exiting the EU' only
Source: Quid, The State of European Tech Survey 2017
How, if at all, has the UK triggering Article 50 to start the Brexit
process impacted your company?
Europe's tech community is
feeling the impact of Brexit in
different ways
2.3
Europe's tech ecosystem is feeling the impact
- positive and negative - of macro events
Text Analytics Background:
Quid reads any text to identify keywords,
phrases, people, companies and institutions.
Quid then compares words from each
document to create links between them based
on similar language. Quid repeats the process
at immense scale, producing a network that
shows how similar all the documents are to
one another.
How to Read a Network:
Similar nodes cluster together, and clusters
are grouped by color. Each node represents
a written response. Connections represent
similar language used across nodes. Centrally
located nodes are core concepts in the
network and share language with many other
nodes, while peripheral clusters represent
more outsider takes on the topic. The density
of a cluster indicates how similar or diverse the
nodes are within it.
The State of European Tech 2017
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TitleNo: 2.4 GroupName: Geography GroupId: 159 ChartId: 51 ArticleId: 44 ChapterId: 10
The ongoing uncertainty caused by the Brexit vote and exit process is
impacting hiring, fundraising and office location decisions
How, if at all, has the UK triggering Article 50 impacted your company?
% of respondents
24
21
17
9
9
2
18
9
17
8
7
17
3
38
UK
Non-UK
Talent and hiring
Investment and fundraising
Heightened uncertainty or risk
Attractiveness and ease of doing
business in or with UK
Attractiveness of rest of Europe for
relocation of HQs and staff
General ecosystem
No impact
0
5
10
15
20
25
30
35
40
Note:
Respondents that selected 'UK triggering Article 50 to start the process of exiting the EU' only. Numbers may not add
to 100 due to rounding
Source: Quid, The State of European Tech Survey 2017
22/11/2017
The State of European Tech 2017
TitleNo: 2.4 GroupName: Founders GroupId: 754 ChartId: 51 ArticleId: 44 ChapterId: 10
The ongoing uncertainty caused by the Brexit vote and exit process is
impacting hiring, fundraising and office location decisions
How, if at all, has the UK triggering Article 50 impacted your company?
% of respondents
30
23
18
10
10
1
8
9
14
7
11
21
2
35
UK founders
Non-UK founders
Talent and hiring
Investment and fundraising
Heightened uncertainty or risk
Attractiveness and ease of doing
business in or with UK
Attractiveness of rest of Europe for
relocation of HQs and staff
General ecosystem
No impact
0
5
10
15
20
25
30
35
Note:
Respondents that selected 'UK triggering Article 50 to start the process of exiting the EU' only. Numbers may not add
to 100 due to rounding
Source: Quid, The State of European Tech Survey 2017
How, if at all, has the UK triggering Article 50 impacted your
compay?
The ongoing uncertainty caused
by the Brexit vote and exit
process is impacting hiring,
fundraising and office location
decisions
2.3
Europe's tech ecosystem is feeling the impact
- positive and negative - of macro events
Geography
Founders
Note:
Respondents that selected 'UK triggering
Article 50 to start the process of exiting the
EU' only. Numbers may not add to 100 due to
rounding
Source:
Dealroom.co Quid, The State of European Tech
Survey 2017
3453
5328
2328
2328
2328
2328
1578
6335
The State of European Tech 2017
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TitleNo: 2.4 GroupName: Default GroupId: 163 ChartId: 52 ArticleId: 44 ChapterId: 10
Meanwhile, in France, Macron's electoral victory has injected huge
optimism into the French ecosystem, creating a renewed sense of
entrepreneurial spirit
How, if at all, has the election of Emmanuel Macron impacted your company?
% of respondents
25
22
8
8
37
% of respondents choosing 'Election of Macron'
Optimism and confidence in France and
Europe
Impact on French tech ecosystem
Increased opportunities
Injecting entrepreneurial spirit
No impact
0
5
10
15
20
25
30
35
40
Note:
Respondents that selected 'the election of Emmanual Macron' only
Source: Quid, The State of European Tech Survey 2017
How, if at all, has the election of Emmanuel Macron impacted your
cmpny?
Meanwhile, in France, Macron's
electoral victory has injected
huge optimism into the French
ecosystem, creating a renewed
sense of entrepreneurial spirit
There was a lot of self-bashing in France, lots of people saying that
"it is much better in the West - especially in the tech ecosystem, it
is much better in Silicon Valley, it is better in London, and so on." We
were kind of self-hating on ourselves. I thought it was a generation
thing, and it would take a long time to make that shift. But that
happened overnight with Macron being elected. The day after he got
elected there was no-one complaining in France, there was a new
burst of positivity in the country.
Romain Lavault
Partech Ventures
2.3
Europe's tech ecosystem is feeling the impact
- positive and negative - of macro events
45,0232328
2328
6335
5493
3453
5328
2328
2328
2328
2328
1578
6335
The State of European Tech 2017
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TitleNo: 2.4 GroupName: Geography GroupId: 579 ChartId: 183 ArticleId: 44 ChapterId: 10
These events have had a significant impact on the perception of
founders and investors. The UK is the only country in Europe where more
founders think it's got harder to raise capital compared to 12 months ago
In your opinion, is it easier or harder to raise venture capital in Europe than it was 12
months ago?
% of respondents27
60
44
32
40
36
45
32
14
18
23
22
21
27
23
49
40
27
38
32
39
Easier
Harder
About the same
UK & Ireland
France &
Benelux
DACH
Nordics
Baltics
Southern
Europe
Central &
Eastern Europe
0
20
40
60
Note:
This question was answered by Founders and Investors only. Numbers may not add to 100 due to rounding
Source: The State of European Tech Survey 2017
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TitleNo: 2.4 GroupName: Occupation GroupId: 581 ChartId: 183 ArticleId: 44 ChaperId: 10
These events have had a significant impact on the perception of
founders and investors. The UK is the only country in Europe where more
founders think it's got harder to raise capital compared to 12 months ago
In your opinion, is it easier or harder to raise venture capital in Europe than it was 12
months ago?
% of respondents34
47
27
17
40
37
Easier
Harder
About the same
Founder
Investor
0
10
20
30
40
50
Note:
This question was answered by Founders and Investors only. Numbers may not add to 100 due to rounding
Source: The State of European Tech Survey 2017
In your opinion, is it easier or harder to raise venture capital in
Europe than it was 12 months ago?
These events have had a
significant impact on the
perception of founders and
investors. The UK is the only
country in Europe where more
founders think it's got harder
to raise capital compared to 12
months ago
2.3
Europe's tech ecosystem is feeling the impact
- positive and negative - of macro events
Geography
Occpation
3453532823282328232815786335
The State of European Tech 2017
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www.stateofeuropeantech.comEurope is entering a new age of entrepreneurship
where technology is used to address the world's
biggest societal challenges
2.4
22/11/2017
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TitleNo: 2.5 GroupName: Occupation GroupId: 570 ChartId: 180 ArticleId: 45 ChapterId: 10
There is strong agreement across Europe that the region's technology
entrepreneurs will play a critical role in helping to tackle major societal
issues, such as climate change, food sustainability and access to
healthcare
European technology entrepreneurs will do more to address societal challenges in the next
decade than European governments
% of respondents55
47
55
57
57
43
54
59
5
5
4
5
5
7
2
4
% Strongly agree
% Strongly disagree
FounderInvestorStartup employeeCompany employee (public tech co)Company employee (non-tech)Public sector employeeStudentOther0
25
50
Note:
'Strongly agree' is composed of respondents answering 6 or 7 on a 7-point Likert scale. Strongly disagree is
composed of founders answering 1 or 2 on the same scale
Source: The State of European Tech Survey 2017
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TitleNo: 2.5 GroupName: Geography GroupId: 756 ChartId: 180 ArticleId: 45 ChapterId: 10
There is strong agreement across Europe that the region's technology
entrepreneurs will play a critical role in helping to tackle major societal
issues, such as climate change, food sustainability and access to
healthcare
European technology entrepreneurs will do more to address societal challenges in the next
decade than European governments
% of respondents47
56
47
56
58
56
61
54
7
3
9
4
3
4
3
5
% Strongly agree
% Strongly disagree
UK
&
Ir
el
an
d
Fr
an
ce
&
B
en
el
ux
DA
CH
No
rd
ics
Ba
lti
cs
So
ut
he
rn
E
ur
op
e
Ce
nt
ra
l &
E
as
te
rn
E
ur
op
e
Eu
ro
pe
0
20
40
60
Note:
'Strongly agree' is composed of respondents answering 6 or 7 on a 7-point Likert scale. Strongly disagree is
composed of founders answering 1 or 2 on the same scale
Source: The State of European Tech Survey 2017
Europan technologentrepreneurs wil do mre to address societal
challenges in the next decade than European governments
There is strong agreement
across Europe that the region's
technology entrepreneurs will
play a critical role in helping to
tackle major societal issues,
such as climate change, food
sustainability and access to
healthcare
Occupation
Geography
2328
2328
5
5493
3453
5328
2328
2328
2328
2328
1578
6335
The State of European Tech 2017
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22
www.stateofeuropeantech.com2.4
Europe is entering a new age of
entrepreneurship where technology is used to
address the world's biggest societal challenges
of respondents strongly agree
that European entrepreneurs
will have a bigger impact on
solving major global issues than
European governments
Europe believes that its
tech entrepreneurs will
play an important role
in tackling issues such
as climate change, food
sustainability and access
to healthcare
55%
Today's generation are looking for a higher purpose: something
more than simply earning their living - I think this generation will
play a much bigger role over the next decade, as they've grown up
in a world where entrepreneurship is extremely powerful and when
directed in the right way it can solve big and complex problems.
To tackle the big issues in societies - social mobility, mental health,
lifelong learning, the problems of ageing, and so on - entrepreneurs
need to ignore the silos in which current solutions operate. The
reality is that more money is being injected into the current systems,
but the problems just keep growing. New solutions need to empower
individuals to sort these issues out for themselves. Why keep waiting
for others to sort it out for us? Europe has 500m consumers who
will buy solutions to these issues if tech entrepreneurs can create
attractive and effective products, rather than relying on existing
systems to do that.
Increasingly, citizens turn to science and technology to obtain an
answer for mitigating climate change, improving citizens' health or
enhancing energy and resource efficiency. This is something that
Finnish, Nordic and European companies are among the best in the
world at. One example of that is the rising trend of biohacking where
close monitoring of yourself through tech leads to changes in your
living habits. Done right, this may be a good road to healthier and
longer working life and thereafter healthier ageing, and thus create a
meaningful impact.
Daniel Wiegand
Lilium Aviaton
Ella Goldner
Zinc VC
Kati Levoranta
Rovio
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TitleNo: 2.5 GroupName: Default GroupId: 147 ChartId: 46 ArticleId: 45 ChapterId: 10
The potential social and ethical impact of investments is playing an
increasingly significant role in the decisions made by angel investors and
VCs
The likely social and ethical impact of a company plays a significant role in my decision to
invest
% of respondents43
39
27
11
5
14
Strongly agree
Strongly disagree
Angel investor
Other investor
Venture capitalist
0
10
20
30
40
Note:
Strongly agree is composed of respondents answering 6 or 7 on a 7-point Likert scale. Strongly disagree is composed
of founders answering 1 or 2 on the same scale
Source: The State of European Tech Survey 2017
The likely social and ethical impact of a company plays a significant
role in my decision to invest
The potential social and ethical
impact of investments is playing
an increasingly significant role
in the decisions made by angel
investors and VCs
I think we in Europe are very well-suited to producing the founders
that are going to solve some of the biggest challenges. This is thanks
to more and more investors who are willing to back some super
ambitious teams and plans, but we are also starting to see more
entrepreneurs who are willing to move into that space, inspired by
the example set by other European entrepreneurs.
Andreas Saari
Wave Ventures
2.4
Europe is entering a new age of
entrepreneurship where technology is used to
address the world's biggest societal challenges
of European angel investors
strongly agree that the potential
social and ethical impact of their
investments plays a significant
role in their decision to invest
Europe's angel investors
demonstrate a strong social
and ethical consciousness
43%
The State of European Tech 2017
Atomico & Slush
24
www.stateofeuropeantech.comSelected European tech companies with a strong focus on solving a
major global societal challenge
It's not surprising then that
European entrepreneurs that are
taking on the world's biggest
problems are now raising from
the region's leading VCs
2.4
Europe is entering a new age of
entrepreneurship where technology is
used to address the world's biggest
societal challenges
The only limit to the impact we can have is our own imagination and
commitment. At Norrsken, we're aiming to enable impact unicorns,
companies positively influencing more than one billion people. We
are already seeing incredible solutions being developed in Europe,
and the beauty of technology is that if they are successful they can
scale globally, quickly.
Erik Engellau-Nilsson
Norrsken Foundation
Photo: Jussi Ratilainen
The State of European Tech 2017
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25
www.stateofeuropeantech.comEuropean tech continues to diversify geographically,
driving cross-border investment activity
2.5
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TitleNo: 2.6 GroupName: Default GroupId: 343 ChartId: 110 ArticleId: 46 ChapterId: 10
For the past two years, European VCs have made around 1,000
investments per year in countries outside their home market
Number of non-domestic European investments by European VCs
Number of non-domestic European investments byEuropean VCs326
378
535
763
1,025
980
Number of investments made outside
2012
2013
2014
2015
2016
2017
0
250
500
750
1000
Note:
Non-domestic investments refer to investments made by VCs in European countries other than their domestic
(home) market. 2017 based on 9M to September 2017 and projection for Q4 based on Q3
Source: Dealroom.co
Number f nn-domestic European investments by European VCs
For the past two years, European
VCs have made around 1,000
investments per year in
countries outside their home
market
of investments made by
European VCs are into
companies based in countries
outside of the VC's domestic
market
There is a huge level of
cross-border investment activity
by European VCs
33%
18/11/2017
The State of European Tech 2017
TitleNo: 2.5 GroupName: Default GroupId: 149 ChartId: 47 ArticleId: 46 ChapterId: 10
This is unsurprising, as European VCs are increasingly seeing attractive
opportunities outside their traditional footprint
As an investor, high-quality investment opportunities are increasingly opening up in
European areas outside of our typical geographic focus
% of respondents41
36
35
5
4
2
Strongly agree
Strongly disagree
Venture capitalist
Angel investor
Other investor
0
10
20
30
40
Note:
Investor respondents only. Strongly agree is composed of respondents answering 6 or 7 on a 7-point Likert scale.
Strongly disagree is composed of founders answering 1 or 2 on the same scale
As an investor, high-quality investment opportunities are increasingly
openig up in Eur pean areas outside of our typical geographic focus
This is unsurprising, as European
VCs are increasingly seeing
attractive opportunities outside
their traditional footprint
We continue to see smaller ecosystems develop across Europe but there is certainly a
long way to go -- which presents us with great untapped opportunity. While countries
like Spain are on fire with multiple new startups, nice exits and ambitious teams, its
neighbour Portugal is still coming up the curve and Italy, despite its $1.85T GDP, has
not yet been able to generate a venture ecosystem commensurate to its potential. It is
encouraging that more funds are willing to invest further from home so that founders
in less well known tech scenes, who might have been overlooked a few years ago, can
now access best-in-class expertise and the global capital necessary to scale.
Carolina
Brochado
Atomico
Note:
Investor respondents only. Strongly agree is
composed of respondents answering 6 or 7
on a 7-point Likert scale. Strongly disagree is
composed of founders answering 1 or 2 on the
same scale
Source:
The State of European Tech Survey 2017
The State of European Tech 2017
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26
www.stateofeuropeantech.comThe perception and the reality around gender
diversity in European tech are not aligned
2.6
22/11/2017
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TitleNo: 2.1 GroupName: Default GroupId: 385 ChartId: 125 ArticleId: 75 ChapterId: 10
The gender diversity reality is that women make up just 9% of CxO
positions at venture-backed European startups, including just 2% of
CTOs and only 6% of CEOs
Gender composition by job title for Executive-level positions of selected European Series A
and B venture-backed companies
% of executives
2
6
9
14
14
15
19
23
98
94
91
86
86
85
81
77
Female
Male
Chief Technology Officer
Chief Executive Officer
Chief Operating Officer
Chief Financial Officer
Chief Strategy Officer
Chief Product Officer
Chief Commercial Officer
Chief Marketing Officer
0
20
40
60
80
100
Note:
Based on a sample of 1,400 executives in CxO positions at 500+ European VC-backed tech companies that have
raised a Series A or B round between 1 January 2016 and 30 September 2017 and have raised >$5M in total.
Source: Craft.co
Gender compositin by jb title for Executive-level positins of
selected European Sers A and B venture-backed companies
The gender diversity reality is
that women make up just 9% of
CxO positions at venture-backed
European startups, including just
2% of CTOs and only 6% of CEOs
22/11/2017
The State of European Tech 2017
TitleNo: 2.1 GroupName: Default GroupId: 387 ChartId: 126 ArticleId: 75 ChapterId: 10
This huge underrepresentation of women is also evident in the European
venture capital industry, where just 13% of decision-makers are women
Gender composition of UK venture capital industry
% of employees
47
27
18
13
53
73
82
87
Female
Male
UK workforce
VC employees
VC investment teams
VC decision-makers
0
10
20
30
40
50
60
70
80
90
100
110
Note:
Based on a sample of 1,400 executives in CxO positions at 500+ European VC-backed tech companies that have
raised a Series A or B round between 1 January 2016 and 30 September 2017 and have raised >$5M in total.
Source: Diversity VC
Gender composition of UK venture capital industry
This huge underrepresentation
of women is also evident in
the European venture capital
industry, where just 13% of
decision-makers are women
Note:
Based on a sample of 1,400 executives in
CxO positions at 500+ European VC-backed
tech companies that have raised a Series A
or B round between 1 January 2016 and 30
September 2017 and have raised >$5M in total.
Source:
Craft.co
Note:
Based on a sample of 1,400 executives in
CxO positions at 500+ European VC-backed
tech companies that have raised a Series A
or B round between 1 January 2016 and 30
September 2017 and have raised >$5M in total.
Source:
Diversity VC
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TitleNo: 2.1 GroupName: Gender GroupId: 573 ChartId: 181 ArticleId: 75 ChapterId: 10
But the tech community's perception tells a different story. The
overwhelming majority strongly agree that gender diversity is positively
reflected in employee composition
Gender diversity is positively reflected in my company's employee composition and hiring
% of respondents52
60
3
3
Strongly agree
Strongly disagree
Male
Female
0
20
40
60
Source: The State of European Tech Survey 2017
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TitleNo: 2.1 GroupName: Occupation GroupId: 575 ChartId: 181 ArticleId: 75 ChapterId: 10
But the tech community's perception tells a different story. The
overwhelming majority strongly agree that gender diversity is positively
reflected in employee composition
Gender diversity is positively reflected in my company's employee composition and hiring
% of respondents59
50
48
3
4
5
Strongly agree
Strongly disagree
Founder
Startup employee
Venture capitalist
0
20
40
60
Source: The State of European Tech Survey 2017
Gnder diversity is poitively reflected in my company's employe
composition and hiring
But the tech community's
perception tells a different story.
The overwhelming majority
strongly agree that gender
diversity is positively reflected in
employee composition
If I look at diversity from an Estonian perspective, we still have a
long way to go. We still don't have enough girls going to STEM fields,
they do not go to learn programming because there are still these
stereotypes as if ICT were only for guys with long hair in ponytails.
These stereotypes are still very strong. In that sense, the US is so much
bigger than us and are a bit ahead in that they can hire very specific
people into their companies who are responsible for building a diverse
culture and setting up company diversity policies. This is not something
we have adopted yet or at least I have not seen it happening as much.
Kristel Kruustk
Testlio
2.6
The perception and the reality
around gender diversity in European
tech are aligned
Gender
Diversity
45,0232328
2328
6335
5493
3453
5328
2328
2328
2328
2328
1578
6335
03
Every founder will tell you that talent is the
lifeblood of their company and their sector
as a whole
Technology is no different.
The key questions are how strong is the tech talent pipeline in
Europe, how concentrated is it and how competitive is it getting?
Talent
The State of European Tech 2017
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29
www.stateofeuropeantech.comNumber of doctoral graduates in STEM fields per year by region
The pipeline of advanced
research graduates in STEM
fields has been growing
consistently since 2000
22/11/2017
The State of European Tech 2017
TitleNo: 3.2 GroupName: Default GroupId: 405 ChartId: 135 ArticleId: 47 ChapterId: 11
The pipeline of advanced research graduates in STEM fields has been
growing consistently since 2000
Talent - Number of doctoral graduates in STEM fields per year by region
Number of doctoral graduates32,913
36,107 35,986
37,626
39,691
42,165
45,601 46,479
46,899 47,134
48,844
50,935
53,168
56,419
58,941
16,287 16,098 15,393 16,249
13,365
18,767
20,645
22,447 23,146 23,322
23,901 24,792
25,783
26,959
28,328
Europe
US
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
10k
20k
30k
40k
50k
60k
Source: OECD
Global ranking of top-rated European computer
science institutions
Europe's tech ecosystem is fed by a
strong pipeline of world-class talent
3.1
Europe is home to half of the top
10 computer science institutions
in the world
more PhDs in STEM subjects
graduate from European
universities than from those in
the US
Europe is a leading source
of doctoral-level technical
talent
2x
Source: Times Higher Education World University Rankings for Computer Science 2017-2018.co
Europe is an amazing place to be a founder. There are so many
incredible academic institutions across the continent with such
a wealth of talent pouring out of them and producing amazing
engineers; incredible market to go and build within. Europe is just a
great place to build a team.
Herman Narula
Improbable
The State of European Tech 2017
Atomico & Slush
30
www.stateofeuropeantech.comgraduates of MBA programmes
from Europe's leading business
schools are entering the tech
industry
European technical talent
is complemented by a
hungry pool of commercial-
minded talent
1 in 5
3.1
Europe's tech ecosystem is fed by a strong
pipeline of world-class talent
% of MBA graduates entering tech industry from selected leading
European business schools
Graduates from Europe's leading
MBA programmes continue to
join the tech industry at scale
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TitleNo: 3.2 GroupName: Default GroupId: 391 ChartId: 129 ArticleId: 47 ChapterId: 11
Graduates from Europe's leading MBA programmes continue to join the
tech industry at scale
% of MBA graduates entering tech industry from selected leading European business
schools
% of MBA graduates enteringtech21
25
22
21
20
20
19
17
19
16
23
20
17
16
19
19
Class of 2016
Class of 2015
Av
er
ag
e
IE
B
us
in
es
s
Sc
ho
ol
Sa
id
B
us
in
es
s
Sc
ho
ol
(O
xf
or
d)
Lo
nd
on
B
us
in
es
s
Sc
ho
ol
Ju
dg
e
Bu
sin
es
s
Sc
ho
ol
(C
am
br
id
ge
)
IE
SE
IN
SE
AD
HEC
Pa
ris0
10
20
Source: Business School MBA Graduate Employment Reports
I think the job that European policymakers have in relation to
fostering entrepreneurship is primarily in building the ambition and
doing so by focusing education in the STEM subjects - we have great
universities, we need to encourage more of our graduates to study
science, technology, engineering and maths, particularly female ones,
where we have a big opportunity to increase the quality and breadth
of the pool of available talent.
Robin Klein
LocalGlobe
While Europe has always had strong technical talent from world-
class universities in cities like Munich, Paris and Stockholm,
we're now seeing entrepreneurs with an innovation mindset and
commercial DNA as well.
Luciana Lixandru
Accel
The State of European Tech 2017
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TitleNo: 3.3 GroupName: Top 10 GroupId: 565 ChartId: 179 ArticleId: 49 ChapterId: 11
There has been rapid growth in the size of the professional developer
populations in most European countries
Number of professional developers by country
Number of professional developers837,398
813,500
467,454
368,291
310,048
292,586
268,149
254,682
175,794
172,219
708,249
745,139
2017
2016
Germ
an
y
Un
ite
d
Ki
ng
do
m
Fran
ceRu
ss
ia
Ne
th
erla
nds
Ita
ly
Spai
n
Po
la
ndSw
eden
Uk
ra
in
e
0
250k
500k
750k
Note: Where data for 2016 was not available, this is shown as blank
Source: Stack Overflow
18/11/2017
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TitleNo: 3.3 GroupName: 11-20 GroupId: 567 ChartId: 179 ArticleId: 49 ChapterId: 11
There has been rapid growth in the size of the professional developer
populations in most European countries
Number of professional developers by country
Number of professional developers144,382
108,626
105,170
96,324
95,391
92,772
82,874
79,112
124,239
127,306
96,862
80,762
2017
2016
Sw
itzer
la
nd
Tu
rk
ey
Be
lg
iu
m
Ro
m
an
ia
Cz
ec
h
Re
pu
bl
ic
De
nm
ar
k
Au
st
ria
Fi
nl
an
d
No
rw
ay
Hung
ar
y
0
50k
100k
150k
Note: Where data for 2016 was not available, this is shown as blank
Source: Stack Overflow
18/11/2017
The State of European Tech 2017
TitleNo: 3.3 GroupName: 21-30 GroupId: 568 ChartId: 179 AricleId: 49 ChapterId: 11
There has been rapid growth in the size of the professional developer
populations in most European countries
Number of professional developers by country
Number of professional developers68,568
59,428
48,940
48,932
47,351
34,059
29,347
22,162
75,672
0
20,271
31,812
2017
2016
Portugal
Ireland
Greece
Bulgaria
Belarus
Serbia
Slovakia
Croatia
Lithuania
Slovenia
0
20k
40k
60k
80k
Note: Where data for 2016 was not available, this is shown as blank
Source: Stack Overflow
Number of professional developers by country
Europe's tech workforce and
developer population is booming
3.2
There has been rapid growth
in the size of the professional
developer populations in most
European countries
Top 10
11-20
21-30
The State of European Tech 2017
Atomico & Slush
32
www.stateofeuropeantech.com3453
5328
2328
2328
2328
2328
1578
6335
18/11/2017
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TitleNo: 3.3 GroupName: 31-40 GroupId: 569 ChartId: 179 ArticleId: 49 ChapterId: 11
There has been rapid growth in the size of the professional developer
populations in most European countries
Number of professional developers by country
Number of professional developers17,531
11,563
11,056
10,414
10,289
7,021
6,892
5,047
1,994
20,853
19,887
0
0
0
2017
2016
Es
to
nia
La
tvia
Bo
sn
ia
M
ol
do
va
Lu
xem
bo
urg
M
ac
edon
ia
M
al
ta
Cy
prus
Al
ba
ni
a
M
on
te
ne
gr
o
0
5k
10k
15k
20k
Note: Where data for 2016 was not available, this is shown as blank
Source: Stack Overflow
Number of professional developers by country
31-40
3.2
Europe's tech workforce and developer
population is booming
European tech is going forward super fast. It is still maybe following
the situation in Silicon Valley but I think that this is shifting. Shifting
especially because there is so much talent in Europe that wants to
stay or wants to come back from wherever they are. For example, we
have a lot of really good engineers from Slovenia and Croatia going to
work for Facebook or Google for a couple of years in the States but
they would wish to come back, they would like to be back in Europe.
Urska Srsen
BellaBeat
professional developers in
Europe, compared to 4.4M in the
US, according to Stack Overflow
Europe's developer pool is
large and growing
5.5M
The State of European Tech 2017
Atomico & Slush
33
www.stateofeuropeantech.com3.2
Europe's tech workforce and developer
population is booming
Number of professional developers by country
Germany has overtaken the UK as the largest country for professional
developers in Europe
It is unsurprising that the developer population of Europe is
increasing: software is eating the world. Developers are needed in
every type of business, from AI to insurance. And as demand for
talent continuous to outstrip supply, we are seeing a greater drive
from both the public and private sector to enable more people to
enter or extend their career in technology. Junior developers are
now more likely to have been exposed to coding within their formal
education, and we're seeing a surge in demand for non-formal
education amongst the wider developer population.
Sean Bave
Stack Overflow
Source:
Stack Overflow
The State of European Tech 2017
Atomico & Slush
34
www.stateofeuropeantech.com3.2
Europe's tech workforce and developer
population is booming
Top 20 cities by number of professional developers
London is the top European hub for professional developers,
followed by Paris, Moscow, Madrid and Berlin
France has incredible engineering talent and a unique set of values
and aesthetics making its talent and environment uniquely attractive
in an international context. Still, there are challenges in hiring and
firing, financing, and other ways startups fit into the overall business
ecosystem that need to be fixed before can the current startup
excitement be a trend and not a fad.
Ian Rogers
LVMH
The State of European Tech 2017
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TitleNo: 3.1 GroupName: Default GroupId: 524 ChartId: 168 ArticleId: 48 ChapterId: 11
We also highlighted how large global tech companies are expanding their
presence in Europe through large - and fast-growing - engineering
centres to tap into the local talent pools. This is having an inflationary
effect on salary levels
Median software engineer salary ($ per year) in selection European cities
Median salary per year ($)
59,700
54,800
50,600
40,800
37,300
32,000
24,900
15,000
Median software engineer salary
Berlin
London
Paris
Barcelona
Milan
Lisbon
Warsaw
Bucharest
0
10k
20k
30k
40k
50k
60k
Note:
Data captured from Glassdoor in November 2017
Source: Glassdoor
Acquisitions of European deep tech companies by US tech giants
since December 2016
Median software engineer salary ($ per year) in
selection European cities
Source: Dealroom.co
The presence of tech giants in Europe is changing
the dynamics of the region's talent pool
3.3
In last year's report, we
highlighted 53 acquisitions made
since 2011 by the top 5 largest
US tech companies. Since
then, they've made 10 further
acquisitions in Europe
We also highlighted how large
global tech companies are
expanding their presence in
Europe through large - and fast-
growing - engineering centres to
tap into the local talent pools.
This is having an inflationary
effect on salary levels
The State of European Tech 2017
Atomico & Slush
36
www.stateofeuropeantech.comThere's a lot more competition for talent both from established tech
giants and new companies starting up across Europe. European
startups need to treat finding, growing and keeping talent just like
they would customer acquisition or product development: have
it as a key metric on the management dashboard and see it not
just headcount but pipeline, attrition, development programmes
and succession planning. It's up to leaders to ensure their teams
are diverse and there are enough highly capable managers to keep
them engaged. Digital talent, particularly the top people, has an ever
growing number of options in Europe and choose where and who
they want to work for. If founders do not prioritise this from the
outset, talent will go elsewhere.
Dan Hynes
Atomico
higher average salaries are
offered by Facebook ($87k)
or Google ($83k) to software
engineers compared to the
market average in London ($55K),
according to Glassdoor
The expansion of global
tech giants in European
tech hubs is forcing local
entrepreneurs to up their
game in how they attract
and retain talent
1.5x
3.3
European tech continues to diversify
geographically, driving cross-border
investment activity
Photo: Samuli Pentti
The State of European Tech 2017
Atomico & Slush
37
www.stateofeuropeantech.com22/11/2017
The State of European Tech 2017
TitleNo: 3.1 GroupName: Europe GroupId: 584 ChartId: 185 ArticleId: 48 ChapterId: 11
The huge gap between software engineer salaries will see founders
adopt different strategies to attract and retain talent, including setting
up satellite offices to tap engineering pools in additional cities to their
HQ. Unsurprisingly, founders report that finding software engineering
talent is their biggest hiring challenge. It's also noteworthy that the rise
of AI is driving an increasing battle for data science talent.
In which one area does your company have the most difficulty recruiting talent?
% of founder respondents46
14
9
9
7
7
5
2
Europe
So
ftw
ar
e
en
gin
ee
rin
gSa
les
/B
us
ine
ss

de
ve
lop
m
en
tDa
ta
sc
ien
ce
Ce
ntra
l Fu
nc
ti
i
on
s
(O
ps
,
HR
, L
egal,
F
ina
nc
e,
et
c)
De
sig
ne
rs
(U
I/U
X)
Ma
rk
et
ing
Pr
od
uc
t
Cy
be
rs
ec
ur
ity
0
20
40
Note:
Based on survey responses from Founders only
Source: The State of European Tech Survey 2017
22/11/2017
The State of European Tech 2017
TitleNo: 3.1 GroupName: France & Benelux GroupId: 587 ChartId: 185 ArticleId: 48
ChapterId: 11
The huge gap between software engineer salaries will see founders
adopt different strategies to attract and retain talent, including setting
up satellite offices to tap engineering pools in additional cities to their
HQ. Unsurprisingly, founders report that finding software engineering
talent is their biggest hiring challenge. It's also noteworthy that the rise
of AI is driving an increasing battle for data science talent.
In which one area does your company have the most difficulty recruiting talent?
% of founder respondents53
13
10
12
5
3
3
3
France & Benelux
So
ftw
ar
e
en
gin
eerin
gDa
ta
sc
ien
ceDesigners
(U
I/U
X)Ma
rk
et
ingPr
oduc
t
Cy
be
rsec
ur
ity
0
20
40
Sa
les/B
usine
ss
de
ve
lopm
en
t
Ce
nt
ra
l
Fu
nc
ti
i
on
s (O
ps,
HR, Legal,
F
ina
nc
e,
et
c)
Note:
Based on survey responses from Founders only
Source: The State of European Tech Survey 2017
22/11/2017
The State of European Tech 2017
TitleNo: 3.1 GroupName: UK & Ireland GroupId: 586 ChartId: 185 ArticleId: 48 ChapterId:
11
The huge gap between software engineer salaries will see founders
adopt different strategies to attract and retain talent, including setting
up satellite offices to tap engineering pools in additional cities to their
HQ. Unsurprisingly, founders report that finding software engineering
talent is their biggest hiring challenge. It's also noteworthy that the rise
of AI is driving an increasing battle for data science talent.
In which one area does your company have the most difficulty recruiting talent?
% of founder respondents46
10
10
8
11
6
8
1
UK & Ireland
So
ftw
ar
e en
gin
ee
rin
gDa
ta
sc
ien
ce
De
sig
ne
rs
(U
I/U
X)
Ma
rk
et
ing
Pr
od
uc
t
Cy
be
rsec
ur
ity
0
20
40
Sa
les
/B
us
ine
ss
de
ve
lop
m
en
t
Ce
nt
ra
l
Fu
nc
ti
i
on
s
(O
ps
,
HR, L
eg
al,
F
ina
nc
e,
et
c)
Note:
Based on survey responses from Founders only
Source: The State of European Tech Survey 2017
In which one area does your company have the most difficulty
recruitng talent?
The huge gap between software engineer salaries will see founders
adopt different strategies to attract and retain talent, including
setting up satellite offices to tap engineering pools in additional
cities to their HQ. Unsurprisingly, founders report that finding
software engineering talent is their biggest hiring challenge. It's also
noteworthy that the rise of AI is driving an increasing battle for data
science talent.
3.3
European tech continues to diversify
geographically, driving cross-border
investment activity
UK & Ireland
Europe
France & Benelux
The State of European Tech 2017
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TitleNo: 3.1 GroupName: Central & Eastern Europe GroupId: 591 ChartId: 185 ArticleId: 48
ChapterId: 11
The huge gap between software engineer salaries will see founders
adopt different strategies to attract and retain talent, including setting
up satellite offices to tap engineering pools in additional cities to their
HQ. Unsurprisingly, founders report that finding software engineering
talent is their biggest hiring challenge. It's also noteworthy that the rise
of AI is driving an increasing battle for data science talent.
In which one area does your company have the most difficulty recruiting talent?
% of founder respondents41
19
4
13
7
7
4
5
Central & Eastern Europe
So
ftw
ar
e
en
gin
ee
rin
g
Da
ta
sc
ien
ce
De
sig
ne
rs
(U
I/U
X)
Ma
rk
et
ing
Pr
od
uc
t
Cy
be
rsec
ur
ity
0
10
20
30
40
Sa
les
/B
us
ine
ss

de
ve
lop
m
en
t
Ce
nt
ra
l
Fu
nc
ti
i
on
s
(O
ps
,
HR
, L
eg
al,
F
ina
nc
e,
et
c)
Note:
Based on survey responses from Founders only
Source: The State of European Tech Survey 2017
22/11/2017
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TitleNo: 3.1 GroupName: Baltics GroupId: 590 ChartId: 185 ArticleId: 48 ChapterId: 11
The huge gap between software engineer salaries will see founders
adopt different strategies to attract and retain talent, including setting
up satellite offices to tap engineering pools in additional cities to their
HQ. Unsurprisingly, founders report that finding software engineering
talent is their biggest hiring challenge. It's also noteworthy that the rise
of AI is driving an increasing battle for data science talent.
In which one area does your company have the most difficulty recruiting talent?
% of founder respondents37
27
8
6
8
10
3
2
Baltics
Softwar
e en
gin
ee
rin
g
Data sc
ien
ce
De
sig
ne
rs (U
I/U
X)
Mark
eting
Pr
od
uc
tCy
be
rs
ec
ur
ity
0
10
20
30
40
Sales
/Bus
ine
ss
de
ve
lop
men
t
Ce
nt
ral
Fu
nc
tiion
s
(O
ps
,HR
, L
eg
al, F
inanc
e,
et
c)Note:
Based on survey responses from Founders only
Source: The State of European Tech Survey 2017
22/11/2017
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TitleNo: 3.1 GroupName: Nordics GroupId: 589 ChartId: 185 ArticleId: 48 ChapterId: 11
The huge gap between software engineer salaries will see founders
adopt different strategies to attract and retain talent, including setting
up satellite offices to tap engineering pools in additional cities to their
HQ. Unsurprisingly, founders report that finding software engineering
talent is their biggest hiring challenge. It's also noteworthy that the rise
of AI is driving an increasing battle for data science talent.
In which one area does your company have the most difficulty recruiting talent?
% of founder respondents46
14
10
9
7
8
5
2
Nordics
So
ftw
are
en
gin
eerin
g
Da
ta
scien
ceDesigners
(U
I/U
X)Ma
rket
ingProduct
Cy
be
rs
ec
ur
ity
0
20
40
Sa
les
/B
us
iness

developm
en
t
Cent
ra
l
Fu
nc
ti
i
on
s
(O
ps
,
HR, Legal,
Fina
nc
e,
et
c)
Note:
Based on survey responses from Founders only
Source: The State of European Tech Survey 2017
22/11/2017
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TitleNo: 3.1 GroupName: Southern Europe GroupId: 588 ChartId: 185 ArticleId: 48
ChapterId: 11
The huge gap between software engineer salaries will see founders
adopt different strategies to attract and retain talent, including setting
up satellite offices to tap engineering pools in additional cities to their
HQ. Unsurprisingly, founders report that finding software engineering
talent is their biggest hiring challenge. It's also noteworthy that the rise
of AI is driving an increasing battle for data science talent.
In which one area does your company have the most difficulty recruiting talent?
% of founder respondents48
14
8
11
4
8
5
1
Southern Europe
So
ftw
are en
gin
eerin
gData scien
ceDesigners
(U
I/U
X)MarketingProductCybers
ecurity0
20
40
Note:
Based on survey responses from Founders only
Source: The State of European Tech Survey 2017
Sales
/Bus
iness

developm
en
t
Cent
ral
Fu
nc
ti
i
on
s
(O
ps
,
HR, Legal,
Financ
e,
et
c)
22/11/2017
The State of European Tech 2017
TitleNo: 3.1 GroupName: DACH GroupId: 592 ChartId: 185 ArticleId: 48 ChapterId: 11
The huge gap between software engineer salaries will see founders
adopt different strategies to attract and retain talent, including setting
up satellite offices to tap engineering pools in additional cities to their
HQ. Unsurprisingly, founders report that finding software engineering
talent is their biggest hiring chal enge. It's also noteworthy that the rise
of AI is driving an increasing battle for data science talent.
In which one area does your company have the most difficulty recruiting talent?
% of founder respondents47
8
15
6
3
7
7
6
DACH
So
ftw
ar
e
en
gin
eerin
g
Da
ta
sc
ien
ceDe
sig
ne
rs
(U
I/U
X)
Ma
rk
et
ing
Pr
od
uc
t
Cy
bers
ec
ur
ity
0
20
40
Sa
les
/B
us
ine
ss
de
ve
lop
m
en
t
Ce
nt
ra
l
Fu
nc
ti
i
on
s
(O
ps
,
HR, L
eg
al,
F
ina
nc
e,
et
c)
Note:
Based on survey responses from Founders only
Source: The State of European Tech Survey 2017
In which one area does your company have the most difficulty
recruiting talent?
3.3
European tech continues to diversify
geographically, driving cross-border
investment activity
Southern Europe
Baltics
DACH
Nordics
Central & Eastern Europe
Source: The State of European Tech Survey 2017
There's never been a better time to be a European
angel investor. We're now witnessing a whole new
generation of companies being born from alumni of
previous European scale-ups and other tech giants
based in the region. With the advantage of having
been through the pain, failures and successes of
building a company before, Europe has never had
such an exciting crop of early-stage startups
Neil Murray
The Nordic Web
The State of European Tech 2017
Atomico & Slush
39
www.stateofeuropeantech.comNumber of European companies founded by alumni of major tech
companies
But while the presence of big
tech companies forces founders
to up their game on the talent
side, it's clear that the presence
of these tech giants has a hugely
positive effect. Their alumni are
prolific at founding companies in
the region.
3.3
European tech continues to diversify
geographically, driving cross-border
investment activity
22/11/2017
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TitleNo: 3.1 GroupName: Alumni of selected US tech companies GroupId: 593 ChartId: 186
ArticleId: 48 ChapterId: 11
But while the presence of big tech companies forces founders to up
their game on the talent side, it's clear that the presence of these tech
giants has a hugely positive effect. Their alumni are prolific at founding
companies in the region.
Number of European companies founded by alumni of major tech companies
Number of companies founded
183
182
40
39
34
European startups founded by alumni
Microsoft
Alphabet (Google)
Apple
Amazon
Facebook
0
100
200
25
50
75
125
150
175
Note:
Based on an analysis of founders of European startups that have previously worked at the named companies. Since
the underlying dataset is not comprehensive this is intended to provide a representative view of the relative
importance of the alumni networks
Source: Atomico research based on Crunchbase data
22/11/2017
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TitleNo: 3.1 GroupName: Alumni of selected European tech companies GroupId: 758 ChartId:
186 ArticleId: 48 ChapterId: 11
But while the presence of big tech companies forces founders to up
their game on the talent side, it's clea that the pr sence of these tech
giants has a hugely positive effect. Their alumni are prolific at founding
companies in the region.
Number of European companies founded by alumni of major tech companies
Number of companies founded
87
85
53
52
29
European startups founded by alumni
Rocket Internet
Nokia
Skype
SAP
Ericsson
0
10
20
30
40
50
60
70
80
90
Note:
Based on an analysis of founders of European startups that have previously worked at the named companies. Since
the underlying dataset is not comprehensive this is intended to provide a representative view of the relative
importance of the alumni networks
Source: Atomico research based on Crunchbase data
18/11/2017
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TitleNo: 3.1 GroupName: Alumni of selected European tech companies GroupId: 758 ChartId:
186 ArticleId: 48 ChapterId: 11
But while the presence of big tech companies forces founders to up
their game on the talent side, it's clear that the presence of these tech
giants has a hugely positive effect. Their alumni are prolific at founding
companies in the region.
Number of European companies founded by alumni of major tech companies
Number of companies founded
87
85
53
52
29
European startups founded by alumni
Rocket Internet
Nokia
Skype
SAP
Ericsson
0
10
20
30
40
50
60
70
80
90
Note:
Since the underlying dataset is not comprehensive this is intended to be a representative view of the relative
importance of the alumni networks of the respective companies
Source: Atomico research
Alumni of selected US tech companies
Alumni of selected European tech companies
2328
2328
5493
3453
5328
2328
2328
2328
2328
1578
6335
The State of European Tech 2017
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40
www.stateofeuropeantech.com22/11/2017
The State of European Tech 2017
TitleNo: 3.4 GroupName: Default GroupId: 179 ChartId: 54 ArticleId: 50 ChapterId: 11
Germany, France and the Netherlands are the main challengers to the UK
in terms of destinations of choice for talent moving into Europe's tech
industry from outside the region
Top 10 European destinations for non-European movers into European tech industry
% of non-European movers
29.8
13.6
12.1
7.7
5.8
5.4
4
2.3
2
2
2017
United Kingdom
Germany
France
Netherlands
Spain
Ireland
Sweden
Switzerland
Poland
Belgium
0
5
10
15
20
25
30
Note:
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. A 'mover' is defined by LinkedIn as
somebody now working in the tech industry that has moved country or industry sector for their primary employment
between 2017 and 2016
Source: LinkedIn
Top 10 European dstiations for non-European
movers into European tech indusry
Germany, France and the Netherlands are the main
challengers to the UK in terms of destinations of choice
for talent moving into Europe's tech industry from
outside the region
22/11/2017
The State of European Tech 2017
TitleNo: 3.4 GroupName: Default GroupId: 177 ChartId: 53 ArticleId: 50 ChapterId: 11
The UK is the #1 destination for tech talent moving into - and within -
Europe, but faces strong competition from other countries to attract
talent
Top 10 European destinations for all international movers into European tech
% of all international movers
21.5
13.8
9.1
7.4
7.3
6.1
4.1
3.9
3.3
2.5
2017
United Kingdom
Germany
France
Netherlands
Spain
Ireland
Switzerland
Poland
Sweden
Czech Republic
0
2.5
5
7.5
10
12.5
15
17.5
20
22.5
Note:
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. A 'mover' is defined by LinkedIn as
somebody now working in the tech industry that has moved country or industry sector for their primary employment
between 2017 and 2016
Source: LinkedIn
22/11/2017
The State of European Tech 2017
TitleNo: 3.4 GroupName: Default GroupId: 884 ChartId: 246 ArticleId: 50 ChapterId: 11
For additional context, it is worth analysing a similar dataset covering
tech talent movement in 2016 provided by LinkedIn for last year's State
of European Tech
Top 10 European destination for all international movers into European tech in 2016
% of all international movers
24.4
12.4
8.6
6.7
6.1
6
3.7
3.6
3
2.4
2016
United Kingdom
Germany
France
Spain
Netherlands
Ireland
Switzerland
Poland
Sweden
Italy
0
2.5
5
7.5
10
12.5
15
17.5
20
22.5
25
Note:
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. A 'mover' is defined by LinkedIn as
somebody now working in the tech industry that has moved country or industry sector for their primary employment
between 2016 and 2015
Source: LinkedIn
22/11/2017
The State of European Tech 2017
TitleNo: 3.4 GroupName: Default GroupId: 880 ChartId: 248 ArticleId: 50 ChapterId: 11
For additional context, it is worth analysing a similar dataset covering
tech talent movement in 2016 provided by LinkedIn for last year's State
of European Tech
Top 10 European destinations for non-European movers into European tech industry in 2016
% of non-European movers
32.6
11.7
10.7
6.2
5.5
5
3.5
2.3
2
1.8
2016
United Kingdom
Germany
France
Netherlands
Spain
Ireland
Sweden
Switzerland
Italy
Poland
0
5
10
15
20
25
30
35
Note:
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. A 'mover' is defined by LinkedIn as
somebody now working in the tech industry that has moved country or industry sector for their primary employment
between 2016 and 2015
Source: LinkedIn
Top 10 European destinations for all international
movers into European tech
Top 10 European destination for all international
movers into European tech in 2016
Top 10 European destinations for non-European
movers into European tech industry in 2016
The UK is Europe's dominant
destination for migratory tech talent
3.4
The UK is the #1 destination for tech talent moving into
- and within - Europe, but faces strong competition
from other countries to attract talent
For additional context, it is worth analysing a similar
dataset covering tech talent movement in 2016 provided
by LinkedIn for last year's State of European Tech
For additional context, it is w rth analysing a similar
dataset covering tech talent movement in 2016 provided
by LinkedIn for last year's State of European Tech
Note:
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn.

A 'mover' is defined by LinkedIn as somebody now working in the tech

industry that has moved country or industry sector for their


primary employment between 2017 and 2016
Source:
LinkedIn
Note:
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn.

A 'mover' is defined by LinkedIn as somebody now working in the tech

industry that has moved country or industry sector for their


primary employment between 2016 and 2015
Source:
LinkedIn
Note:
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn.

A 'mover' is defined by LinkedIn as somebody now working in the tech

industry that has moved country or industry sector for their


primary employment between 2017 and 2016
Source:
LinkedIn
Note:
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn.

A 'mover' is defined by LinkedIn as somebody now working in the tech

industry that has moved country or industry sector for their


primary employment between 2016 and 2015
Source:
LinkedIn
The State of European Tech 2017
Atomico & Slush
41
www.stateofeuropeantech.comNote:
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn.

A 'mover' is defined by LinkedIn as somebody now working in the tech

industry that has moved country or industry sector for their


primary employment between 2017 and 2016
Source:
LinkedIn
Note:
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn.

A 'mover' is defined by LinkedIn as somebody now working in the tech

industry that has moved country or industry sector for their


primary employment between 2016 and 2015
Source:
LinkedIn
22/11/2017
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TitleNo: 3.4 GroupName: Default GroupId: 181 ChartId: 55 ArticleId: 50 ChapterId: 11
The UK and Germany are the top two countries leading the race to
attract talent moving within Europe
Top 10 European destinations for intra-European movers within European tech industry
% of intra-European movers
14.9
13.8
8.9
7
6.9
6.9
5.7
5.3
3.3
2.9
2017
United Kingdom
Germany
Spain
Netherlands
France
Ireland
Switzerland
Poland
Czech Republic
Sweden
0
2
4
6
8
10
12
14
16
Note:
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. A 'mover' is defined by LinkedIn as
somebody now working in the tech industry that has moved country or industry sector for their primary employment
between 2017 and 2016
Source: LinkedIn
22/11/2017
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TitleNo: 3.4 GroupName: Default GroupId: 882 ChartId: 247 ArticleId: 50 ChapterId: 11
For additional context, it is worth analysing a similar dataset covering
tech talent movement in 2016 provided by LinkedIn for last year's State
of European Tech
Top 10 European destinations for intra-European movers within European tech industry in
2016
% of intra-European movers
18
12.8
7.6
6.8
6.8
6
4.9
4.9
2.8
2.6
2016
United Kingdom
Germany
Spain
Ireland
France
Netherlands
Poland
Switzerland
Italy
Sweden
0
10
2.5
5
7.5
12.5
15
17.5
Note:
All interp etations of the LinkedIn da a ar made by Atomico, not LinkedIn. A 'mover' is defined by LinkedIn as
somebody now working in the tech industry that has moved country or industry sector for their primary employment
between 2016 and 2015
Source: LinkedIn
Top 10 European destinations for intra-European
movers within European tech industry
Top 10 European destinations for intra-European
movers within European tech industry in 2016
The UK and Germany are the top two countries
leading the race to attract talent moving within
Europe
For additional context, it is worth analysing a
similar dataset covering tech talent movement in
216 provided by LinkedIn f r last year's State of
European Tech
3.4
The UK's position as Europe's dominant
destination for tech talent is being eroded
Top 5 European city destinations for all migrants into and within
European tech industry
Source: LinkedIn
London is the top city
destination both for tech talent
moving within Europe, as well
as for those entering the tech
industry from outside the region
The State of European Tech 2017
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TitleNo: 3.5 GroupName: Default GroupId: 183 ChartId: 56 ArticleId: 51 ChapterId: 11
The UK is the source of the largest share of outbound tech talent leaving
to move to another country within Europe
Top 10 European source countries of intra-European movers within European tech
% of tech movers
17.5
10.1
8.1
6.4
5.9
5.8
4.8
3.7
3.5
2.8
2017
United Kingdom
France
Germany
Spain
Italy
Ireland
Netherlands
Ukraine
Poland
Switzerland
0
10
2.5
5
7.5
12.5
15
17.5
Note:
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. A 'mover' is defined by LinkedIn as
somebody now working in the tech industry that has moved country or industry sector for their primary employment
between 2017 and 2016
Source: LinkedIn
22/11/2017
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53/253
TitleNo: 3.5 GroupName: Default GroupId: 888 ChartId: 249 ArticleId: 51 ChapterId: 11
For additional context, it is worth analysing a similar dataset covering
tech talent movement in 2016 provided by LinkedIn for last year's State
of European Tech
Top 10 European source countries of intra-European movers within European tech in 2016
% of intra-European movers
14.5
10.4
8
7
6.1
4.9
4.4
4.3
3.7
3.1
2016
United Kingdom
France
Germany
Spain
Italy
Netherlands
Ireland
Ukraine
Russian Federation
Poland
0
2
4
6
8
10
12
14
Note:
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. A 'mover' is defined by LinkedIn as
somebody now working in the tech industry that has moved country or industry sector for their primary employment
between 2016 and 2015
Source: LinkedIn
Top 10 European source countries of intra-
Eur pean movers withi European tech
Top 10 European source countries of intra-
Euroan movers within European tech in 2016
The UK is the number one source of outbound tech
talent moving within Europe's tech industry
3.5
The UK is the source of the largest share of
outbound tech talent leaving to move to another
country within Europe
For additional context, it is worth analysing a
similar dataset covering tech talent movement in
2016 provided by LinkedIn for last year's State of
European Tech
A lot of smart people I know in tech are moving from London to
Berlin after Brexit - they are really open to trying to go elsewhere.
Jutta Steiner
Parity Technologies
Note:
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn.

A 'mover' is defined by LinkedIn as somebody now working in the tech

industry that has moved country or industry sector for their


primary employment between 2017 and 2016
Source:
LinkedIn
Note:
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn.

A 'mover' is defined by LinkedIn as somebody now working in the tech

industry that has moved country or industry sector for their


rimary employment btw en 2016 and 2015
Source:
LinkedIn
The State of European Tech 2017
Atomico & Slush
43
www.stateofeuropeantech.com3.5
More people are leaving the UK's tech industry
than that of any other European country
22/11/2017
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TitleNo: 3.5 GroupName: Default GroupId: 191 ChartId: 59 ArticleId: 51 ChapterId: 11
The UK is also significantly larger than other countries as a source of
outbound talent leaving Europe's tech industry for a country outside of
the region
Top 10 European source countries of European movers out of European tech
% of tech movers
38
12.4
7.5
5.1
4.2
3.7
3.2
2.7
2.4
2.1
2017
United Kingdom
France
Germany
Ireland
Netherlands
Spain
Ukraine
Sweden
Switzerland
Turkey
0
5
10
15
20
25
30
35
40
Note:
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. A 'mover' is defined by LinkedIn as
somebody now working in the tech industry that has moved country or industry sector for their primary employment
between 2017 and 2016
Source: LinkedIn
22/11/2017
The State of European Tech 2017
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55/253
TitleNo: 3.5 GroupName: Default GroupId: 890 ChartId: 250 ArticleId: 51 ChapterId: 11
For additional context, it is worth analysing a similar dataset covering
tech talent movement in 2016 provided by LinkedIn for last year's State
of European Tech
Top 10 European source countries of European movers out of European tech in 2016
% of tech movers
34.3
11.4
7.3
4.5
4.2
4.1
3.5
2.7
2.6
2.4
2016
United Kingdom
France
Germany
Spain
Netherlands
Ireland
Russian Federation
Ukraine
Sweden
Switzerland
0
5
10
15
20
25
30
35
Note:
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. A 'mover' is defined by LinkedIn as
somebody now working in the tech industry that has moved country or industry sector for their primary employment
between 2016 and 2015
Source: LinkedIn
Top 10 European source countries of European
movers ouof European tech
Top 10 European source countries of intra-
European movers within European tech in 2016
The UK is also significantly larger than other
countries as a source of outbound talent leaving
Europe's tech industry for a country outside of the
region
For additional context, it is worth analysing a
similar dataset covering tech talent movement in
2016 provided by LinkedIn for last year's State of
European Tech
Note:
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn.

A 'mover' is defined by LinkedIn as somebody now working in the tech

industry that has moved country or industry sector for their


rimary employment btw en 2017 and 2016
Source:
LinkedIn
Note:
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn.

A 'mover' is defined by LinkedIn as somebody now working in the tech

industry that has moved country or industry sector for their


rimary employment between 2016 and 2015
Source:
LinkedIn
Photo: Jussi Hellsten
The State of European Tech 2017
Atomico & Slush
44
www.stateofeuropeantech.comCharacteristics of European founders
Portrait of a European founder
3.6
European founders come from a
variety of backgrounds. They are,
however, overwhelmingly male
18/11/2017
The State of European Tech 2017
TitleNo: 3.6 GroupName: Gender GroupId: 681 ChartId: 223 ArticleId: 86 ChapterId: 11
European founders come from a variety of backgrounds. They are,
however, overwhelmingly male
Characteristics of European founders
% of founders95
5
% of founders
Male
Female
0
25
50
75
100
Note:
Based on an analysis of the founders of 2,300+ European companies that have raised >1M. Data collected in
October and November 2017
Source: Dealroom.co
18/11/2017
The State of European Tech 2017
TitleNo: 3.6 GroupName: First-time versus repeat founders GroupId: 759 ChartId: 223
ArticleId: 86 ChapterId: 11
European founders come from a variety of backgrounds. They are,
however, overwhelmingly male
Characteristics of European founders
% of founders53
47
% of founders
First-time founders
Repeat founders
0
10
20
30
40
50
Note:
Based on an analysis of the founders of 2,300+ European companies that have raised >1M. Data collected in
October and November 2017
Source: Dealroom.co
18/11/2017
The State of European Tech 2017
TitleNo: 3.6 GroupName: Educational background GroupId: 684 ChartId: 223 ArticleId: 86
ChapterId: 11
European founders come from a variety of backgrounds. They are,
however, overwhelmingly male
Characteristics of European founders
% of founders27
13
60
% of founders
Technology (computer science, etc)
Other technical disciplines (maths,
physics, etc)
Non-technical disciplines (arts,
business)
0
20
40
60
Note:
Based on an analysis of the founders of 2,300+ European companies that have raised >1M. Data collected in
October and November 2017
Source: Dealroom.co
18/11/2017
The State of European Tech 2017
TitleNo: 3.6 GroupName: Sole founders versus founding teams GroupId: 685 ChartId: 223
ArticleId: 86 ChapterId: 11
European founders come from a variety of backgrounds. They are,
however, overwhelmingly male
Characteristics of European founders
% of founders42
58
% of founders
Sole founder
Part of founding team of 2+
0
20
40
60
10
30
50
Gender
First-time versus repeat founders
Educational background
Sole founders versus founding teams
Note:
Based on an analysis of the founders of 2,300+
European companies that have raised >1M.
Data collected in October and November 2017
Source:
Dealroom.co
45,0232328
2328
6335
5493
3453
5328
2328
2328
2328
2328
6335
The State of European Tech 2017
Atomico & Slush
45
www.stateofeuropeantech.com3.6
Portrait of a European founder
Top 10 institutions by number of alumni that have
founded companies
Top 10 companies by number of alumni that have
founded companies
Note:
Based on an analysis of the founders of 2,300+ European


companies that have raised >1M. Data collected in October

and November 2017
Source: Dealroom.co
Note:
Based on an analysis of the founders of 2,300+ European


companies that have raised >1M. Data collected in October

and November 2017
Source: Dealroom.co
Europe's top technical and business schools are
key sources of entrepreneurial talent
Consulting firms and big tech companies are key
sources of European founders
Photo: Sami Heiskanen
45,0232328
2328
6335
5493
3453
5328
2328
2328
2328
2328
1578
6335
04
Over the last couple of years, this report
has identified a growing number of tech
hubs
Some of them have emerged in the continent's biggest cities, which
is to be expected, whilst others have grown in smaller towns.
Are our tech communities growing broader or getting deeper?
Community
The State of European Tech 2017
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TitleNo: 4.1 GroupName: Default GroupId: 863 ChartId: 67 ArticleId: 52 ChapterId: 12
There are hundreds of tech-related events happening daily across
Europe's tech ecosystem
Number of tech Meetup events per year
Number of events per year8,236
16,256
27,173
36,227
51,132
62,884
Meetup events hosted
2012
2013
2014
2015
2016
2017
0
20k
40k
60k
Note:
2017 annualised based on data to end of September 2017
Source: Meetup
umber of tech-related Meetup events per year and per day in
Europe
Europe's growing and highly-engaged
tech communities
4.1
There are hundreds of tech-
related events happening daily
across Europe's tech ecosystem
tech-related events take place
daily across Europe on Meetup's
platform
Europe's tech community
enjoys access to an
incredible range of events
to network and share
knowledge and experiences
172
A small group of successful entrepreneurs can have tremendous
impact on building a tech community. It only requires four to five
successful entrepreneurs setting up a variety of basic building blocks
that become powerful conduits for knowledge transfer through
sharing deals, comparing notes and explaining what is globally best-
in-class. This includes seed funds, accelerators, creating shared
working and meeting spaces. These become talent magnets and
inherently form healthy competition between the new generation
of entrepreneurs building even more impactful products and
businesses. Building a vibrant tech ecosystem is the modern alchemy
for any economy serious about becoming a global leader.
Mattias Ljungman
Atomico
The State of European Tech 2017
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TitleNo: 4.1 GroupName: Default GroupId: 239 ChartId: 70 ArticleId: 52 ChapterId: 12
There are sizeable communities coming together at tech events
throughout Europe to swap ideas and experiences
Number of active members of tech-related Meetup groups by country
Number of active members195,100
116,967
92,475
70,151
36,651
23,368
21,256
17,523
13,871
12,581
10,326
49,929
Active members in tech Meetup groups
Un
ited Kingdo
m
Germ
an
y
Fran
ceSpai
n
Neth
erla
nds
Po
la
ndSw
eden
Sw
itz
erla
ndTu
rk
ey
Irela
ndIta
ly
Belg
iu
m
No
rw
ay
Ru
ss
ia
Hu
ng
ary
Denm
ark
Ro
m
an
ia
Uk
ra
in
eAu
st
ria
Po
rt
ug
al
Re
st
o
f E
ur
op
e
0
50k
100k
150k
200k
Source: Meetup
Number of active members of tech-related Meetup groups by country
There are sizeable communities
coming together at tech events
throughout Europe to swap ideas
and experiences
4.1
Europe's growing and highly-engaged tech
communities
22/11/2017
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TitleNo: 4.1 GroupName: Top 10 hubs GroupId: 860 ChartId: 72 ArticleId: 52 ChapterId: 12
Europe's largest hubs for tech-related Meetups are also its most
engaged
Number of active members by city and average number of events attended per year per
active member
Number of active membersAverage number of events attended per year peractive member100,078
45,698
40,277
26,282
22,209
20,613
18,352
17,832
16,628
15,422
5.1
5.4
5.3
3.7
4.4
4.4
3.6
5.2
5.2
4.5
Active members
Average Meetups attended per member per year
Lo
nd
on
Pa
ris
Be
rli
n
Am
st
er
da
m
M
ad
rid
Ba
rc
el
on
a
St
oc
kh
ol
m
M
un
ic
h
Du
bl
in
Is
ta
nb
ul0
30k
60k
90k
120k
3
3.6
4.2
4.8
5.4
Note:
Meetup events attended per member per year data for 2017 is annualised based on data to end of September 2017
Source: Meetup
22/11/2017
The State of European Tech 2017
TitleNo: 4.1 GroupName: Hubs 11-20 GroupId: 867 ChartId: 72 ArticleId: 52 ChapterId: 12
Europe's largest hubs for tech-related Meetups are also its most
engaged
Number of active members by city and average number of events attended per year per
active member
Number of active membersAverage number of events attended per year peractive member13,054
12,125
11,296
10,742
10,251
9,544
8,483
7,979
7,039
6,800
4.5
4.5
5
4.1
3.9
3.2
3.1
4.6
3.7
Active members
Average Meetups attended per member per year
W
ar
sa
wBu
da
pest
Ha
mbu
rg
Os
loZu
ric
h
Copenh
ag
en
Brus
sels
M
os
cow
Vi
en
na
M
an
ch
es
ter
0
12k
4k
8k
16k
3
3.6
4.2
4.8
5.4
Note:
Meetup events attended per member per year data for 2017 is annualised based on data to end of September 2017
Source: Meetup
Number of active members by city and average number of events
attended per year per active member
Europe's largest hubs for tech-
related Meetups are also its
most engaged
Top 10 Hubs
Hubs 11-20
Note:
2017 based on 9M to September 2017 and
2017 annualised based on RSVPs to end of
September 2017
Source:
Meetup
The State of European Tech 2017
Atomico & Slush
49
www.stateofeuropeantech.com4.1
Europe's growing and highly-engaged tech
communities
We're witnessing several initiatives dedicated to strengthening the
connections between local hubs, especially evident in the Nordics
and CEE. Unfortunately, Western Europe isn't showing any signs of
progress as Paris, London and Berlin continue competing to to be
crowned "tech capital" of the continent. Without more ambitious
contributions from the private sector to create more sustainable
bridges between these tech hubs, we will have no choice but to
continue relying on current public initiatives that show little to no
sign of solving this issue.
Ben Costantini
Startup Sesame
22/11/2017
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TitleNo: 4.1 GroupName: Top 10 hubs GroupId: 229 ChartId: 66 ArticleId: 52 ChapterId: 12
Europe's largest tech communities continue to see significant increases
in engagement
Top 20 hubs by level of tech Meetup activity in 2017, ranked by number of Meetup attendees
# of attendees334,369
162,824
148,709
80,116
66,679
65,668
60,641
50,888
49,877
41,347
267,536
98,705
111,043
37,436
219,825
64,380
85,725
40,151
27,832
19,132
20,870
20,981
2017
2016
2015
Lo
nd
on
Be
rli
n
Pa
ris
Am
st
er
da
m
M
nc
he
n
Ma
dr
id
W
ar
sa
w
Du
bl
in
Ba
rc
elo
na
Ha
m
burg
0
100k
200k
300k
Note:
2017 annualised based on RSVPs to end of September 2017
Source: Meetup
56,739
25,595
45,371
49,643
32,199
35,454
25,604
16,55
22/11/2017
The State of European Tech 2017
TitleNo: 4.1 GroupName: Hubs 11-20 GroupId: 717 ChartId: 66 ArticleId: 52 ChapterId: 12
Europe's largest tech communities continue to see significant increases
in engagement
Top 20 hubs by level of tech Meetup activity in 2017, ranked by number of Meetup attendees
# of attendees40,633
38,615
36,868
33,323
29,479
22,957
21,943
20,972
20,587
19,497
22,632
30,347
31,763
21,448
18,104
17,849
12,648
15,401
11,784
8,093
24,268
23,326
15,865
11,832
13,374
7,222
9,573
14,123
2017
2016
2015
Ist
an
bu
l
Bu
da
pest
St
oc
kh
ol
mOs
loZ
ric
h
Krak
w
Ma
nc
hest
erCopenh
ag
en
Vi
en
na
Br
usse
ls0
10k
20k
30k
40k
Note:
2017 annualised based on RSVPs to end of September 2017
Source: Meetup
8,995
16,482
'Top 20 hubs by level f tech-r lated Metup activityv
Europe's largest tech
communities continue to
see significant increases in
engagement
Top 10 Hubs
Hubs 11-20
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TitleNo: 4.2 GroupName: Default GroupId: 237 ChartId: 69 ArticleId: 53 ChapterId: 12
The density of concentration in primary tech hubs varies significantly
between countries, especially as new hubs spring up and prosper with a
country
Share of active members of tech Meetups in a given city
% of nationwide active members in given city87.4
78.2
72
71.9 71.4
68.2
63.6
55.4
51.3 49.4 48.4
45.2 43.9
35.6 34.4
31.7 29.4
15.2
9.7
3.5
% of nationwide active members
Bu
da
pest
Du
bl
in
Copenh
ag
en
Os
lo
Is
ta
nbul
Vi
en
na
St
oc
kh
ol
m
M
os
co
w
Lo
ndon
Pa
ris
Brus
sels
Amst
erda
m
Zu
ric
h
W
arsa
w
Berli
n
M
adridBa
rc
el
on
a
M
un
ic
h
Ha
m
bu
rg
M
an
ch
es
te
r
0
25
50
75
Source: Meetup
Share of active members of tech-related Meetup groups in a given
country that are located in selected city
As tech eats Europe, every
city is becoming a tech city
4.2
The density of concentration
in primary tech hubs varies
significantly between countries,
especially as new hubs spring up
and prosper within a country
of Germany's tech community is
based in Berlin
of Spain's tech community is
based in Madrid
of Hungary's tech community, by
contrast, is based in Budapest
Germany and Spain have the least-
centralised tech ecosystems in Europe
34%
32%
87%
No one European city has a monopoly on creating tech leaders,
either; talent and ambition can come from anywhere, and Europe's
entrepreneurs now have increased access to capital, regardless of
geography.
Luciana Lixandru
Accel
The State of European Tech 2017
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www.stateofeuropeantech.com4.2
As tech eats Europe, every city is becoming a
tech city
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TitleNo: 4.2 GroupName: Default GroupId: 247 ChartId: 74 ArticleId: 53 ChapterId: 12
There are signs that every city is becoming - or will eventually become -
a tech city. There are already 160+ hubs across Europe with significant
tech communities
Number of European cities with >50 tech Meetup events per year
Number of cities with >50 Meetup events per year30
54
83
114
143
167
Number of cities with >50 events per year
2012
2013
2014
2015
2016
2017
0
50
100
150
Note:
2017 based on data to 30 September 2017
Source: Meetup
22/11/2017
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TitleNo: 4.2 GroupName: Default GroupId: 241 ChartId: 71 ArticleId: 53 ChapterId: 12
Looking at what's happening within individual countries, it's clear that
Europe is witnessing the spread of tech communities within a growing
number of cities
Number of cities with >500 active members of tech-related Meetup groups by country
Number of cities in given country with >500active members24
21
13
13
13
8
7
5
4
4
4
4
4
4
3
3
3
3
2
2
2
2
2
Number of distinct hubs with >500 active members of tech-related Meetup groups
Un
ite
d
Kingdo
m
Ge
rm
an
y
Sp
ai
n
Fr
an
ce
Ne
th
er
la
nd
s
Po
la
nd
Sw
itz
er
la
nd
Be
lg
iu
m
Ita
ly
Sw
ed
en
Ro
m
an
ia
Tu
rk
ey
Uk
ra
in
e
No
rw
ay
Ru
ss
ia
Fi
nl
an
d
Ire
la
nd
Au
st
ria
De
nm
ar
k
Po
rt
ug
al
Gr
ee
ce
Se
rb
ia
Czech
Re
public0
10
20
5
15
25
Source: Meetup
Number of European cities with >50 tech-related Meetup events per
year
Nuber of distinct hubs with >500 active members of tech-related
Meetup groups by country
There are signs that every city
is becoming - or will eventually
become - a tech city. There
are already 160+ hubs across
Europe with significant tech
communities
Looking at what's happening
within individual countries, it's
clear that Europe is witnessing
the spread of tech communities
within a growing number of
cities
Photo: Jussi Hellsten
The State of European Tech 2017
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www.stateofeuropeantech.com4.2
As tech eats Europe, every city is becoming a
tech city
It's been magnificent to see the accelerating pace of new tech hubs
emerging all across Europe. As such a dispersed continent with so
many countries and languages, Europe can find its unique strength in
connecting these communities. We just need to keep on fuelling the
fire and working together.
Marianne Vikkula
Slush
22/11/2017
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TitleNo: 4.2 GroupName: Default GroupId: 245 ChartId: 73 ArticleId: 53 ChapterId: 12
In fact, there are now more tech Meetups happening outside Europe's
Top 20 hubs than inside
Distribution of tech-related Meetup events in- and outside of Top 20 hubs in Europe
% of tech-related Meetup events64
65
59
54
52
49
36
35
41
46
48
51
% in Top 20 cities
% outside Top 20 cities
2012
2013
2014
2015
2016
2017
0
25
50
75
100
Note:
2017 based on Meetup events to end of September 2017
Source: Meetup
Distribution of tech-related Meetup events in and outside of Top 20
hubs in Europe
In fact, there are now more
tech-related events happening
outside Europe's Top 20 hubs
than inside
45,0232328
2328
6335
5493
3453
5328
2328
2328
2328
2328
1578
6335
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TitleNo: 4.3 GroupName: Default GroupId: 377 ChartId: 121 ArticleId: 54 ChapterId: 12
21% of European founders moved to another country to start-up, with
highest founder mobility seen in Central & Eastern Europe
% of founders that moved to another country to startup by region of origin
% of founders
21
29
17
15
12
9
9
% of founders
All
Central & Eastern Europe
Greece, Italy, Portugal & Spain
UK & Ireland
Nordics & Baltics
Benelux
France & DACH
0
5
10
15
20
25
30
Source: Startup Heatmap Europe 2017, European Startup Initiative
% of founders that moved to another
country to start-up by region of origin
Despite burgeoning local ecosystems, founders
continue to move between countries to start-up
4.3
21% of European founders
moved to another country to
start-up, with highest founder
mobility seen in Central &
Eastern Europe
Top 10 European hubs selected by European
founders as their preferred location to start again
Despite concerns about Brexit,
London is the #1 most preferred
location to start-up by European
founders, followed by Berlin and
Barcelona
Source: Startup Heatmap Europe 2017, European Startup Initiative
The State of European Tech 2017
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www.stateofeuropeantech.com4.3
Despite burgeoning local ecosystems, founders
continue to move between countries to start-up
When I look at the other
examples based in Estonia, such
as Jobbatical, Funderbeam,
TransferWise and Starship
Technologies, they are all
building relationships and
collaborating outside of Estonia.
It is also a good moment since
we live during an era of digital
disruption and we need to
adopt a collaborative approach
to stay ahead of the game.
European founders no longer think locally. They think continentally,
and have grown their ambition to become global players. Europe
houses top technical and business schools and entrepreneurship is
now a top of mind choice.
Kristel Kruustk
Testlio
Jos del Barrio
Samaipata Ventures
22/11/2017
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TitleNo: 4.3 GroupName: Default GroupId: 379 ChartId: 122 ArticleId: 54 ChapterId: 12
Access to talent is by far the most important factor influencing founder
location choices
Factors that influence location choice of European founders
% of founders indicating 'very important' or 'notimportant'77
62
58
55
52
44
5
9
14
10
15
23
Very important
Not important
Access to talent
Ease & cost of
doing business
Access to capital
Quality of
ecosystem
Existing Personal
Network
Proximity to
target market
0
20
40
60
80
Source: Startup Heatmap Europe 2017, European Startup Initiative
actors hat ifluence location choice of Euopean founders
Access to talent is by far
the most important factor
influencing founder location
choices
The migratory flow of talent is
not evenly distributed; Southern,
Central and Eastern Europe
continue to see a loss of talent
to other regions
0
45,0232328
2328
6335
5493
3453
5328
2328
2328
2328
2328
1578
6335
05
Some people like to look at pure financials
Are the number of investments in tech companies up or are they
down? Is the total amount of money invested in European tech
companies still growing?
Can this really be another record year for European tech?
Is there anything else to be done to attract more capital from LPs?
Capital Flows
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TitleNo: 5.1 GroupName: Default GroupId: 702 ChartId: 231 ArticleId: 56 ChapterId: 13
Total capital invested into European tech in 2017 will comfortably exceed
the record-breaking levels of 2016
Capital invested ($B) and # of deals, annual, 2012 to 2017
Capital invested ($B)# of deals4.1
4.6
8.6
13.2
14.4
19.1
1,276
1,838
2,247
2,837
3,720
3,449
Capital invested ($B)
# of deals
2012
2013
2014
2015
2016
2017
0
5
10
15
20
25
600
1200
1800
2400
3000
3600
Note:
All Dealroom.co data excludes the following: biotech, secondary transactions, debt, lending capital, grants. Please
also note the data excludes Israel. 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
22/11/2017
The State of European Tech 2017
TitleNo: 5.1 GroupName: Default GroupId: 839 ChartId: 242 ArticleId: 56 ChapterId: 13
Europe has seen more than $3B invested per quarter for 11 consecutive
quarters
Capital invested ($B) and # of deals per quarter
Capital invested ($B)# of deals0.8
1.2
1
1.1
0.9
1.2
1
1.5
1.7
2.3
2.6
2.1
3.3 3.4
3.5
3
4.2
3.5
3.2
3.5
3.9
5.4
4.9
293
499
567
688
682
831
886
1,014
793
887
Capital invested ($B)
# of deals
Q1
2
01
2
Q2
2
01
2
Q3
2
01
2
Q4 2
01
2
Q1
2
01
3
Q2
2
01
3
Q3
2
01
3
Q4 2
01
3
Q1
2
01
4Q2
2
01
4Q3
2
01
4Q4 2
01
4Q1
2
01
5
Q2
2
01
5
Q3
2
01
5
Q4 2
01
5
Q1
2
01
6
Q2
2
01
6
Q3
2
01
6
Q4 2
01
6
Q1
2
01
7
Q2
2
01
7
Q3 201
7
0
6
1.5
3
4.5
1000
250
500
750
1250
Source: Dealroom.co
Capital invested ($B) and # of deals, annual, 2012 to 2017
Capital invested ($B) and # of deals per quarter
Another record year for
European tech investment
5.1
Total capital invested into
European tech in 2017 will
comfortably exceed the record-
breaking levels of 2016
Europe has seen more than
$3B invested per quarter for 11
consecutive quarters
There's capital out there for starting and scaling companies at a level
that has not been seen in Europe historically. We've observed growth
in the number of funds across early and growth stage. And with a
maturing ecosystem, we're seeing increased investment from US and
Asia for scaling companies and a resurgence of the 'mega-round' with
companies raising more than $100m.
Stephen Lowery
Silicon Valley Bank
The State of European Tech 2017
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www.stateofeuropeantech.com5.1
Another record year for European
tech investment
22/11/2017
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TitleNo: 5.1 GroupName: Round size: $0-2M GroupId: 470 ChartId: 156 ArticleId: 56
ChapterId: 13
There has been an increase in capital invested and number of deals for
all round sizes, except for <$2M rounds, which declined slightly in 2017
Capital invested ($M) and # of deals by round size
Capital invested ($M) / # of deals386
678
586
1,111
720
1,281
943
1,472
1,339
1,885
1,283
1,657
2012
2013
2014
2015
2016
2017
Capital invested ($M) $0-2M
# of deals $0-2M
0
500
1000
1500
2000
Source: Dealroom.co
22/11/2017
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TitleNo: 5.1 GroupName: Round size: $5-10M GroupId: 744 ChartId: 156 ArticleId: 56
ChapterId: 13
There has been n i cr ase in capital invested and number of deals for
all round sizes, except for <$2M rounds, which declined slightly in 2017
Capital invested ($M) and # of deals by round size
Capital invested ($M) / # of deals487
65
648
91
1,157
157
1,223
171
1,732
249
2,311
324
2012
2013
2014
2015
2016
2017
Capital invested ($M) $5-10M
# of deals $5-10M
0
500
1000
1500
2000
2500
Source: Dealroom.co
22/11/2017
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TitleNo: 5.1 GroupName: Round size: $20-50M GroupId: 746 ChartId: 156 ArticleId: 56
ChapterId: 13
There has been an increase in capital invested and number of deals for
all round sizes, except for <$2M rounds, which declined slightly in 2017
Capital invested ($M) and # of deals by round size
Capital invested ($M) / # of deals1,294
39
1,036
33
1,839
60
3,061
97
3,261
109
4,220
136
2012
2013
2014
2015
2016
2017
Capital invested ($M) $20-50M
# of deals $20-50M
0
1k
2k
3k
4k
Source: Dealroom.co
22/11/2017
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TitleNo: 5.1 GroupName: Round size: $2-5M GroupId: 743 ChartId: 156 ArticleId: 56
ChapterId: 13
There has been an increase in capital invested and number of deals for
all round sizes, except for <$2M rounds, which declined slightly in 2017
Capital invested ($M) and # of deals by round size
Capital invested ($M) / # of deals496
144
637
197
879
263
1,102
344
1,841
578
1,854
585
2012
2013
2014
2015
2016
2017
Capital invested ($M) $2-5M
# of deals $2-5M
0
500
1000
1500
2000
Source: Dealroom.co
22/11/2017
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TitleNo: 5.1 GroupName: Round size: $10-20M GroupId: 745 ChartId: 156 ArticleId: 56
ChapterId: 13
There has been an increase in capital invested and number of deals for
all round sizes, except for <$2M rounds, which declined slightly in 2017
Capital invested ($M) and # of deals by round size
Capital invested ($M) / # of deals831
57
68
1,039
69
1,736
123
2,075
152
2,745
196
2012
2013
2014
2015
2016
2017
Capital invested ($M) $10-20M
# of deals $10-20M
0
500
1000
1500
2000
2500
3000
Source: Dealroom.co
22/11/2017
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TitleNo: 5.1 GroupName: Round size: $50M+ GroupId: 747 ChartId: 156 ArticleId: 56
ChapterId: 13
There has been an increase in capital invested and number of deals for
all round sizes, except for <$2M rounds, which declined slightly in 2017
Capital invested ($M) and # of deals by round size
Capital invested ($M) / # of deals618
7
728
5
2,986
26
5,177
43
4,192
34
6,730
54
2012
2013
2014
2015
2016
2017
Capital invested ($M) $50M+
# of deals $50M+
0
2k
4k
6k
Source: Dealroom.co
Capital invstd ($M) and # of deals by round size
There has been an increase in capital invested and number of deals for
all round sizes, except for <$2M rounds, which declined slightly in 2017
Round size: $0-2M
Round size: $5-10M
Round size: $20-50M
Round size: $2-5M
Round size: $10-20M
Round size: $50M+
It's nothing like when I launched, when my boss said to me 'Brent,
have you ever come across two people under 30 who've raised over
$1million from a business plan?' and we were like 'No!'. Now we can
think of hundreds of people - it's much better now, there are many
more support networks and there is a monetisation system out there
for entrepreneurs.
Brent Hoberman
Founders Factory, Founders Forum, firstminute capital
decline in # of deals between
$0-2M year-on-year
We are seeing the first
indications of a stabilisation
in the # of earliest stage
funding rounds, reflecting a
global trend
12%
The State of European Tech 2017
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www.stateofeuropeantech.com5.1
Another record year for European
tech investment
Trailing 12-month capital invested ($B) and # of deals by quarter
Capital invested ($) per capita by country
The long-term investment
trend in Europe reflects the
remarkable expansion of its
technology ecosystem
But there is still huge headroom.
European countries still lag
others such as the US and Israel
in terms of capital invested per
capita
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TitleNo: 5.1 GroupName: Default GroupId: 698 ChartId: 229 ArticleId: 56 ChapterId: 13
The long-term investment trend in Europe reflects the remarkable
expansion of its echnology ecosystem
Trailing 12-month capital invested ($B) and # of deals by quarter
Capital invested ($B)# of deals4.1
4.2
4.2 4.2 4.6
5.4
6.4
8
8.6
10.3
11.4
12.3
13.2
14.1
14.3 13.9
14.4 14.2
16.1
17.8
1,671
2,012
2,213
3,355
3,720
Capital invested ($B)
# of deals
Q4 2
012
Q1 2
013
Q2
2
013
Q3
2
013
Q4 2
013
Q1 2
014Q2
2
014Q3
2
014Q4 2
014Q1 2
015
Q2
2
015
Q3
2
015
Q4 2
015
Q1 2
016Q2
2
016Q3
2
016Q4 2
016Q1 2
017
Q2
2
017
Q3
2
01
7
0
20
5
10
15
2400
800
1600
3200
4000
Source: Dealroom.co
22/11/2017
The State of European Tech 2017
TitleNo: 5.1 GroupName: Default GroupId: 339 ChartId: 109 ArticleId: 56 ChapterId: 13
But there is still huge headroom. European countries still considerably
lag others such as the US and Israel in terms of capital invested per
capita. To pick just one example, Italy is a market with huge upside
potential
Capital invested ($) per capita by country
Capital invested ($ per capita)
304
246
123
111
59
58
45
33
29
26
25
19
14
9
4
3
2
0
$ per capita
Israel
USA
Sweden
Ireland
United Kingdom
Finland
France
Denmark
Norway
Germany
Netherlands
Belgium
Spain
Austria
Portugal
Italy
Russia
Turkey
0
50
100
150
200
250
300
Note:
Based on capital invested ($B) in 2016
Source: Dealroom.co
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The State of European Tech 2017
TitleNo: 5.2 GroupName: Default GroupId: 319 ChartId: 103 ArticleId: 55 ChapterId: 13
The UK remains the largest destination for capital invested in Europe; in
addition, 10 countries have now raised >$1B since 2012
Capital invested ($B) by country
Capital invested ($B)
5.4
2.5
2.1
0.9
0.8
0.4
0.2
0.3
0.3
0.3
0.1
0.1
13.3
8.9
6.9
3.5
1.8
1.5
1.7
1.4
1.1
1.1
0.7 0.1
0.5 0.2
0.4 0.3
0.5
0.3
0.2
0.2
0.2
0.2
0.1
0.1
0.1
0
0
0.1
0
0
0.1
2017 (YTD)
2012-2016
United Kingdom
Germany
France
Sweden
Spain
Netherlands
Russia
Switzerland
Ireland
Finland
Denmark
Belgium
Austria
Italy
Norway
Poland
Iceland
Turkey
Estonia
Luxembourg
Lithuania
Portugal
Cyprus
Croatia
Romania
Ukraine
Greece
Czech Republic
Hungary
Rest of Europe
0
10
20
2.5
5
7.5
12.5
15
17.5
Source: Dealroom.co
0.1
0.1
0.1
0.2
Capital invested ($B) by country
A deep dive into
European tech
5.2
The UK remains the largest destination for capital invested in
Europe; in addition, 10 countries have now raised >$1B since 2012
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TitleNo: 5.2 GroupName: United Kingdom GroupId: 483 ChartId: 160 ArticleId: 55
ChapterId: 13
The UK, France and Germany dominate stories about European
investment levels, but digging beneath the surface, it's the growth of
capital invested into countries such as Belgium, Norway or Romania that
tells another important story
Capital invested ($M) by country per year
Capital invested ($M) by country1,390
1,340
2,404
4,271
3,848
7,177
United Kingdom
2012
2013
2014
2015
2016
2017
0
2k
4k
6k
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
22/11/2017
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TitleNo: 5.2 GroupName: Germany GroupId: 486 ChartId: 160 ArticleId: 55 ChapterId: 13
The UK, France and Germany dominate stories about European
investment levels, but digging beneath the surface, it's the growth of
capital invested into countries such as Belgium, Norway or Romania that
tells another important story
Capital invested ($M) by country per year
Capital invested ($M) by country587
772
2,129
3,273
2,154
3,315
Germany
2012
2013
2014
2015
2016
2017
0
1k
2k
3k
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
22/11/2017
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TitleNo: 5.2 GroupName: Norway GroupId: 794 ChartId: 160 ArticleId: 55 ChapterId: 13
The UK, France and Germany dominate stories about European
investment levels, but digging beneath the surface, it's the growth of
capital invested into countries such as Belgium, Norway or Romania that
tells another important story
Capital invested ($M) by country per year
Capital invested ($M) by country7
25
27
90
151
145
Norway
2012
2013
2014
2015
2016
2017
0
50
100
150
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
22/11/2017
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TitleNo: 5.2 GroupName: France GroupId: 485 ChartId: 160 ArticleId: 55 ChapterId: 13
The UK, France and Germany dominate stories about European
investment levels, but digging beneath the surface, it's the growth of
capital invested into countries such as Belgium, Norway or Romania that
tells another important story
Capital invested ($M) by country per year
Capital invested ($M) by country554
712
1,148
1,552
2,981
2,772
France
2012
2013
2014
2015
2016
2017
0
1k
2k
3k
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
22/11/2017
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TitleNo: 5.2 GroupName: Belgium GroupId: 796 ChartId: 160 ArticleId: 55 ChapterId: 13
The UK, France and Germany dominate stories about European
investment levels, but digging beneath the surface, it's the growth of
capital invested into countries such as Belgium, Norway or Romania that
tells another important story
Capital invested ($M) by country per year
Capital invested ($M) by country38
46
68
174
221
256
Belgium
2012
2013
2014
2015
2016
2017
0
50
100
150
200
250
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
22/11/2017
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TitleNo: 5.2 GroupName: Romania GroupId: 801 ChartId: 160 ArticleId: 55 ChapterId: 13
The UK, France and Germany dominate stories about European
investment levels, but digging beneath the surface, it's the growth of
capital invested into countries such as Belgium, Norway or Romania that
tells another important story
Capital invested ($M) by country per year
Capital invested ($M) by country2
2
1
12
16
53
Romania
2012
2013
2014
2015
2016
2017
0
10
20
30
40
50
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
Capital invested ($M) by country per year
The UK, France and Germany dominate stories about European
investment levels, but digging beneath the surface it's the growth of
capital invested into countries such as Belgium, Norway or Romania
that tells another important story
United Kingdom
Germany
Nor
y
France
Belgium
Romania
45,0232328
2328
5493
3453
5328
2328
2328
2328
2328
1578
6335

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European tech
22/11/2017
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TitleNo: 5.2 GroupName: United Kingdom GroupId: 835 ChartId: 161 ArticleId: 55
ChapterId: 13
France has overtaken the UK for the number of deals closed per year for
the first time
Number of deals by country per year
423
587
782
787
762
728
United Kingdom
2012
2013
2014
2015
2016
2017
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
22/11/2017
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TitleNo: 5.2 GroupName: Germany GroupId: 824 ChartId: 161 ArticleId: 55 ChapterId: 13
France has overtaken the UK for the number of deals closed per year for
the first time
Number of deals by country per year
191
268
320
395
426
386
Germany
2012
2013
2014
2015
2016
2017
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
22/11/2017
The State of European Tech 2017
TitleNo: 5.2 GroupName: Norway GroupId: 819 ChartId: 161 ArticleId: 55 ChapterId: 13
France has overtaken the UK for the number of deals closed per year for
the first time
Number of deals by country per year
2
13
12
24
66
68
Norway
2012
2013
2014
2015
2016
2017
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
22/11/2017
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TitleNo: 5.2 GroupName: France GroupId: 488 ChartId: 161 ArticleId: 55 ChapterId: 13
France has overtaken the UK for the number of deals closed per year for
the first time
Number of deals by country per year
126
172
213
286
627
753
France
2012
2013
2014
2015
2016
2017
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
22/11/2017
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TitleNo: 5.2 GroupName: Belgium GroupId: 834 ChartId: 161 ArticleId: 55 ChapterId: 13
France has overtaken the UK for the number of deals closed per year for
the first time
Number of deals by country per year
18
16
34
60
75
48
Belgium
2012
2013
2014
2015
2016
2017
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
22/11/2017
The State of European Tech 2017
TitleNo: 5.2 GroupName: Romania GroupId: 836 ChartId: 161 ArticleId: 55 ChapterId: 13
France has overtaken the UK for the number of deals closed per year for
the first time
Number of deals by country per year
3
5
6
13
20
26
Romania
2012
2013
2014
2015
2016
2017
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
Number of deals by country per year
France is challenging the UK for
the most number of deals closed
per year
United Kingdom
Germany
Norway
France
Belgium
Romania
3453
538
2328
2328
2328
2328
1578
6335
3453
5328
2328
2328
2328
2328
1578
6335
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A deep dive into
European tech
Top 20 European hubs by capital invested ($M)
The diversification of European tech continues to be reflected by
increased capital invested into cities such as Amsterdam, Munich,
Vienna and Barcelona...
22/11/2017
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TitleNo: 5.2 GroupName: Top 5 Hus GroupId: 351 ChartId: 113 ArticleId: 55 ChapterId: 13
The diversification of European tech continues to be reflected by
increased capital invested into cities such as Amsterdam, Munich, Oslo
and Barcelona...
Top 20 European hubs by capital invested ($M)
Capital invested ($M)984
386
568
82
367
1,516
1,632
2,878
2,400
999
347
2,473
1,011
1,812
971
5,080
2,054
722
547
2012
2013
2014
2015
2016
2017
London
Berlin
Paris
Barcelona
Stockholm
0
1k
2k
3k
4k
5k
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
22/11/2017
The State of European Tech 2017
TitleNo: 5.2 GroupName: Hubs 6-10 GroupId: 353 ChartId: 113 ArticleId: 55 ChapterId: 13
The diversification of European tech continues to be reflected by
increased capital invested into cities such as Amsterdam, Munich, Oslo
and Barcelona...
Top 20 European hubs by capital invested ($M)
Capital invested ($M)62
140
144
97
45
25
32
105
471
117
188
120
217
116
229
393
133
55
249
293
291
218
2012
2013
2014
2015
2016
2017
Dublin
Amsterdam
Vienna
Madrid
Munich
0
100
200
300
400
500
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
Top 5 hubs
Hubs 6-10
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Top 20 European hubs by capital invested ($M)
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TitleNo: 5.2 GroupName: Hubs 11-15 GroupId: 354 ChartId: 113 ArticleId: 55 ChapterId: 13
The diversification of European tech continues to be reflected by
increased capital invested into cities such as Amsterdam, Munich, Oslo
and Barcelona...
Top 20 European hubs by capital invested ($M)
Capital invested ($M)20
8
23
3
54
41
29
187
81
74
44
73
101
105
131
45
129
44
165
110
144
166
304
281
137
168
2012
2013
2014
2015
2016
2017
Hamburg
Bristol
Cambridge
Zurich
Helsinki
0
100
200
300
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
22/11/2017
The State of European Tech 2017
TitleNo: 5.2 GroupName: Hubs 16-20 GroupId: 355 ChartId: 113 ArticleId: 55 ChapterId: 13
The diversification of European tech continues to be reflected by
increased capital invested into cities such as Amsterdam, Munich, Oslo
and Barcelona...
Top 20 European hubs by capital invested ($M)
Capital invested ($M)298
3
48
40
22
173
0
10
306
3
16
52
73
38
32
115
16
62
107
93
65
89
76
2012
2013
2014
2015
2016
2017
Oslo
Moscow
Brussels
Manchester
Milan
0
100
200
300
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
Hubs 11-15
Hubs 16-
45,0232328
2328
6335
5493
3453
5328
2328
2328
23
2328
1578
6335
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A deep dive into
European tech
# of deals in Top 20 European hubs (ranked by capital invested in 2017)
...as well as growing numbers of funding rounds
in the region's latest set of emerging tech hubs
22/11/2017
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TitleNo: 5.2 GroupName: Top 5 Hubs GroupId: 356 ChartId: 114 ArticleId: 55 ChapterId: 13
...as well as growing numbers of funding rounds in the region's latest set
of emerging tech hubs
# of deals in Top 20 European hubs (ranked by capital invested in 2017)
# of deals288
107
29
34
393
167
101
521
201
60
55
167
91
433
203
312
80
197
151
277
2012
2013
2014
2015
2016
2017
London
Berlin
Paris
Barcelona
Stockholm
0
100
200
300
400
500
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
22/11/2017
The State of European Tech 2017
TitleNo: 5.2 GroupName: Hubs 6-10 GroupId: 358 ChartId: 114 ArticleId: 55 ChapterId: 13
...as well as growing numbers of funding rounds in the region's latest set
of emerging tech hubs
# of deals in Top 20 European hubs (ranked by capital invested in 2017)
# of deals23
16
46
31
31
53
55
38
69
32
95
16
58
46
83
46
27
55
24
38
38
2012
2013
2014
2015
2016
2017
Dublin
Amsterdam
Vienna
Madrid
Munich
0
25
50
75
100
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
T p 5 hubs
Hubs 6-10
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TitleNo: 5.2 GroupName: Hubs 11-15 GroupId: 359 ChartId: 114 ArticleId: 55 ChapterId: 13
...as well as growing numbers of funding rounds in the region's latest set
of emerging tech hubs
# of deals in Top 20 European hubs (ranked by capital invested in 2017)
# of deals12
3
7
4
26
9
4
15
35
15
19
14
19
44
22
9
30
40
34
7
19
55
14
11
13
34
2012
2013
2014
2015
2016
2017
Hamburg
Bristol
Cambridge
Zurich
Helsinki
0
10
20
30
40
50
60
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
22/11/2017
The State of European Tech 2017
TitleNo: 5.2 GroupName: Hubs 16-20 GroupId: 360 ChartId: 114 ArticleId: 55 ChapterId: 13
...as well as growing numbers of funding rounds in the region's latest set
of emerging tech hubs
# of deals in Top 20 European hubs (ranked by capital invested in 2017)
# of deals1
31
3
5
10
10
37
2
7
19
29
5
7
29
14
16
10
6
40
47
7
34
35
59
7
15
22
2012
2013
2014
2015
2016
2017
Oslo
Moscow
Brussels
Manchester
Milan
0
20
40
60
10
30
50
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
Hubs 11-15
Hubs 16-20
# of deals in Top 20 European hubs (ranked by capital invested in 2017)
45,0232328
2328
6335
5493

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TitleNo: 5.2 GroupName: Seed GroupId: 450 ChartId: 151 ArticleId: 55 ChapterId: 13
The median Series A round in Europe has increased significantly again
and has now risen from $3.3M in 2012 to $5.5M in 2017
Mean and median round size ($M) by stage
Round size ($M)0.6
0.6
0.6
0.8
1
0.8
0.3
0.2
0.3
0.5
0.6
0.6
Mean - Seed
Median - Seed
2012
2013
2014
2015
2016
2017
0
0.25
0.5
0.75
1
Source: Dealroom.co
5.2
A deep dive into
European tech
Mean and median round size ($M) by stage
The median Series A round
in Europe has increased
significantly again and has now
risen from $3.3M in 2012 to
$5.5M in 2017
22/11/2017
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TitleNo: 5.2 GroupName: Series A GroupId: 448 ChartId: 151 ArticleId: 55 ChapterId: 13
The median Series A round in Europe has increased significantly again
and has n w risen from $3.3M in 2012 to $5.5M in 2017
Mean and median round size ($M) by stage
Round size ($M)5.5
6
5.4
6.2
6
8.2
3.3
3
4
3.9
4
5.5
Mean - Series A
Median - Series A
2012
2013
2014
2015
2016
2017
0
2
4
6
8
Source: Dealroom.co
22/11/2017
The State of European Tech 2017
TitleNo: 5. GroupName: Series B GroupId: 451 ChartId: 151 ArticleId: 55 ChapterId: 13
The median Series A round in Europe has increased significantly again
and has now risen from $3.3M in 2012 to $5.5M in 2017
Mean and median r und size ($M) by stage
Round size ($M)12.2
11.3
14.7
13.3
12.4
23.8
8.1
7
8.5
10.6
8.7
13
Mean - Series B
Median - Series B
2012
2013
2014
2015
2016
2017
0
5
10
15
20
25
Source: Dealroom.co
Series A
Series B
Seed
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A deep dive into
European tech
5328
2328
2328
2328
2328
1578
6335
22/11/2017
The State of European Tech 2017
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TitleNo: 5.2 GroupName: Series C GroupId: 452 ChartId: 151 ArticleId: 55 ChapterId: 13
The median Series A round in Europe has increased significantly again
and has now risen from $3.3M in 2012 to $5.5M in 2017
Mean and median round size ($M) by stage
Round size ($M)18.6
13.4
30
30.1
27.2
29.4
10.2
11
20.2
23
19
18.5
Mean - Series C
Median - Series C
2012
2013
2014
2015
2016
2017
0
10
20
30
Source: Dealroom.co
Series C
Mean ad median round size ($M) by stage
Median Series A round size ($) by country and year
A combination of more ambitious
founders and an increasingly
competitive VC landscape
is driving up Series A round
sizes, especially in France and
Germany
22/11/2017
The State of European Tech 2017
TitleNo: 5.2 GroupName: Default GroupId: 530 ChartId: 170 ArticleId: 55 ChapterId: 13
A combination of more ambitious founders and an increasingly
competitive VC landscape is driving up Series A round sizes, especially in
France and Germany
Median Series A round size ($) by country and year
Median round size ($M)3.8
3.4
3
3.7
3.3
5.1
4.5
1.6
3
3.6
4
4.9
5
4.1
2.2
4
3.3
3.3
4
5.1
7
7
3.9
5.5
2012
2013
2014
2015
2016
2017
United Kingdom
Germany
France
Spain
Europe
0
2
4
6
Source: Dealroom.co
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European tech
Capital invested ($M) by industry
Fintech, food, transportation and healthcare have all seen large
capital investments in 2017
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TitleNo: 5.2 GroupName: Capital invested >$1B in 2017 GroupId: 329 ChartId: 106
ArticleId: 55 ChapterId: 13
Fintech, food, transportation and healthcare have all seen large capital
investments in 2017
Capital invested ($M) by industry
Capital invested ($M) by industry536
257
220
292
86
494
1,484
387
476
800
828
2,275
1,620
745
584
1,271
1,105
1,074
4,195
2,022
1,826
1,644
1,558
1,459
1,368
1,296
2012
2013
2014
2015
2016
2017
Fi
ntech
Fo
od
Di
re
ct
or
y
Ba
ck
o
ffi
ce
Tr
an
sp
or
ta
tio
n
He
al
th
ca
re
An
al
yt
ic
s
M
arke
ting
0
1k
2k
3k
4k
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
22/11/2017
The State of European Tech 2017
TitleNo: 5.2 GroupName: Capital invested $500M-$1B in 2017 GroupId: 332 ChartId: 106
ArticleId: 55 ChapterId: 13
Fintech, food, transportation and healthcare have all seen large capital
investments in 2017
Capital invested ($M) by industry
Capital invested ($M) by industry488
113
183
465
248
126
230
496
201
335
124
622
162
65
366
194
426
190
963
382
957
456
404
1,457
736
343
697
640
325
1,358
779
263
917
691
973
982
980
908
802
722
708
651
589
518
516
438
2012
2013
2014
2015
2016
2017
Se
cu
rit
y
De
ve
lo
pe
r t
oo
ls
Ho
m
e
Ga
m
in
g
Fa
sh
io
n
In
tern
et
o
f T
hing
sClea
nt
ec
h
En
er
gy
Co
lla
bo
ra
tio
n
Co
nt
en
t
Tr
av
elHR
&
R
ec
ru
itm
en
t
Teleco
m
M
us
ic
0
500
1000
1500
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
Capital invested >$1B in 2017
Capital invested $500M-$1B in 2017
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TitleNo: 5.2 GroupName: Capital invested $100-500M in 2017 GroupId: 333 ChartId: 106
ArticleId: 55 ChapterId: 13
Fintech, food, transportation and healthcare have all seen large capital
investments in 2017
Capital invested ($M) by industry
Capital invested ($M) by industry260
17
114
12
24
34
125
100
160
125
75
59
26
249
272
272
124
23
54
80
368
194
449
279
98
192
285
276
88
140
150
729
430
607
226
298
86
182
88
79
564
398
355
352
300
265
176
164
124
106
2012
2013
2014
2015
2016
2017
Re
al
E
state
Ed
ucatio
n
Pr
ice
co
mpa
rison
Agen
cyRo
bo
tic
sSe
mic
on
du
ct
or
sLe
ga
l
Sp
or
tsWel
ln
ess
&
Be
au
ty
KidsAg
rit
ec
h
Ev
en
tsPu
bl
ish
er
to
ol
sHo
st
in
gM
er
ch
an
t t
oo
ls
0
250
500
750
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
22/11/2017
The State of European Tech 2017
TitleNo: 5.2 GroupName: Capital invested <$100M in 2017 GroupId: 334 ChartId: 106
ArticleId: 55 ChapterId: 13
Fintech, food, transportation and healthcare have all seen large capital
investments in 2017
Capital invested ($M) by industry
Capital invested ($M) by industry11
19
0
0
61
16
1
2
40
106
2
26
127
10
0
46
17
2
37
9
192
34
47
52
112
6
63
47
13
12
5
2012
2013
2014
2015
2016
2017
Consumer
productivity
Pets
Construction
Government
Dating
Workspaces
Gambling
0
50
100
150
200
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
Capit l ivested $100-$500M in 2017
Capital invested <$100M in 2017
Europe has had a strong momentum for several years, with a stable
and growing market, highly talented engineers and a blooming tech
ecosystem, including startups, professional incubators, and new
VCs. Access to early stage capital is maturing fairly well already, and
the next priority should be to create a favourable environment for
startups' growth and exits to bring more liquidity to the market.
Fleur Pellerin
Korelya Capital
45,0232328
2328
6335
5493
3453
5328
2328
2328
23
2328
1578
6335
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TitleNo: 5.3 GroupName: Default GroupId: 337 ChartId: 108 ArticleId: 57 ChapterId: 13
Around 2,000 unique investors have participated in at least one
investment round in Europe in 2017, up around 4x compared to 2012
Number of unique institutions that have participated in at least 1 investment round in
Europe per year
# of unique investors527
644
922
1,244
1,870
1,952
Unique investors
2012
2013
2014
2015
2016
2017
0
500
1000
1500
2000
Note:
Number of unique investors (incl. investment funds, corporate investors & accelerators, but excl. angel investors) that
have participated in at least 1 investment round per year. 2017 annualised based on projection for Q4 on Q3 2017
Source: Dealroom.co
22/11/2017
The State of European Tech 2017
TitleNo: 5.3 GroupName: Default GroupId: 335 ChartId: 107 ArticleId: 57 ChapterId: 13
A growing number of corporate investors are investing in European tech
companies
Number of unique corporate investors per year and number of rounds involving at least one
corporate investor
# of unique corporate investors / deals86
118
162
250
423
580
93
139
179
336
537
637
Number of unique corporate investors
# of deals
2012
2013
2014
2015
2016
2017
0
200
400
600
Note:
Unique corporate investor count is based on number of corporate (i.e. non investment fund) investors that have
participated in at least 1 round per year. 2017 annualised based on projection for Q4 on Q3 2017
Source: Dealroom.co
Number of unique institutions that have participated in at least 1
investment round in Europe per year
umber of unique corporate investors per yar and number of rounds
involving at least one corporate investor
The strength of Europe's tech ecosystem is
attractive to a diverse set of investors
5.3
Around 2,000 unique investors
have participated in at least one
investment round in Europe in
2017, up around 4x compared to
2012
A growing number of corporate
investors are investing in
European tech companies
For some years, we didn't look
to European market investors
with hungry eyes because we
didn't see the type of investor
we could work with, but over
the last few years we've seen
a number of investors starting
to attract more interest
because they clearly have good
ambitions, and that alone gives
me a feeling that there's cause
for optimism.
Timo Rein
Pipedrive
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TitleNo: 5.3 GroupName: Default GroupId: 475 ChartId: 158 ArticleId: 57 ChapterId: 13
Investors from around the world are coming to Europe to invest. More
than 200 unique US investment funds participated in funding rounds in
Europe in 2017
Number of unique US Investment funds that have participated in at least 1 investment
round in Europe per year
Number of unique investment funds86
103
146
182
213
234
Unique investors
2012
2013
2014
2015
2016
2017
0
50
100
150
200
250
Note:
Number of unique US investment funds (excl. corporate investors & accelerators and angel investors) that have
participated in at least 1 investment round per year. 2017 annualised based on projection for Q4 on Q3 2017
Source: Dealroom.co
22/11/2017
The State of European Tech 2017
TitleNo: 5.3 GroupName: Capital invested ($B) GroupId: 472 ChartId: 157 ArticleId: 57
ChapterId: 13
The level of investment in Europe from Asian investors has grown
dramatically in recent years
Capital inv st d ($M) by and # of deals involving Asian investors
Capital invested ($M)# of deals47
23
634
389
876
1,827
11
13
45
61
117
Capital invested ($M)
# of deals
2012
2013
2014
2015
2016
2017
0
500
1000
1500
2000
2500
0
25
50
75
100
125
Source: Dealroom.co
Number of unique US Investment funds that have participated in at
least 1 investment round in Europe per year
apital invested ($M) by and # of deals involving Asian investors
Investors from around the
world are coming to Europe to
invest. More than 200 unique US
investment funds participated in
funding rounds in Europe in 2017
European tech continues to strengthen and diversify geographically, driving not only
cross-border investment activity but also increased interest from our VC peers in the US.
World class European companies such as MessageBird, Graphcore, Monzo, TransferWise,
Automile and Deliveroo have all attracted US investors in 2017, proving that European
tech is not only on fire at home but also abroad. This provides an interesting opportunity
moving forward for increased collaboration between US and European VCs which,
ultimately, continues to provide even greater runway for European founders to build truly
global category leading companies from right here at home.
Hiro Tamura
Atomico
5.3
The strength of Europe's tech ecosystem is
attractive to a diverse set of investors
The level of investment in
Europe from Asian investors has
grown dramatically in recent
years
invested by Asian investors into
European tech companies in 2017
across more than 100 rounds
Asian investors are
deploying large sums of
capital into European tech
companies
$1.8B
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TitleNo: 5.4 GroupName: Funds Raised GroupId: 429 ChartId: 145 ArticleId: 58 ChapterId:
13
European VCs have raised more than 10.6B funds since 2016
VC funds raised (B) and # of VC funds closed per year by fund size
Funds raised (B ) / # of funds closed<25M - Funds raised
25-50M - Funds raised
50-100M - Funds raised
100-250M - Funds raised
250M+ - Funds raised
2012
2013
2014
2015
2016
H1 2017
0
2
4
6
Source:
Invest Europe / EDC
22/11/2017
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TitleNo: 5.4 GroupName: Funds Closed GroupId: 431 ChartId: 145 ArticleId: 58 ChapterId:
13
European VCs have raised more than 10.6B funds since 2016
VC funds raised (B) and # of VC funds closed per year by fund size
Funds raised (B ) / # of funds closed25M< - Funds closed
25-50M - Funds closed
50-100M - Funds closed
100-250M - Funds closed
250M+ - Funds closed
2012
2013
2014
2015
2016
H1 2017
0
50
100
150
Source:
Invest Europe / EDC
VC funds raised (B) and # of VC funds closed per year by fund size
2017 has seen another strong year
of fundraising for European VCs
5.4
European VCs have raised more
than 10.6B across 198 funds since
2016
Global investors are taking notice of the world-class technology
companies backed by European venture capital, and the returns being
generated. Since 2012, more than 1,800 venture-backed technology
companies, born in start-up hubs across the continent, have been
exited. The results are clear: last year European VC fundraising hit an
all-time high of 6.4 billion
Michael Collins
Invest Europe
Funds raised
Funds closed
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TitleNo: 5.4 GroupName: Funds Closed GroupId: 434 ChartId: 146 ArticleId: 58 ChapterId:
13
First-time funds account for ~25% of funds raised by VCs in Europe and
have raised 3B since the start of 2016, although the data shows a
slowdown in number of first-time funds being closed
Funds raised (B) and number of funds closed per year by fund type
Total funds raised (B) or number of new funds closedFirst-Time VC Fund - Closed
First-Time VC Fund of Established Firm - Closed
Follow-on VC Fund - Closed
2012
2013
2014
2015
2016
H1 2017
0
50
100
150
Note:
First-Time VC Fund of Established Firm refers to first-time VC funds raised by a firm that may already be operating
in a different asset class, such as buyout firms.
Source:
Invest Europe / EDC
22/11/2017
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TitleNo: 5.4 GroupName: Funds Raised GroupId: 432 ChartId: 146 ArticleId: 58 ChapterId:
13
First-time funds account for ~25% of funds raised by VCs in Europe and
have raised 3B since the start of 2016, although the data shows a
slowdown in number of first-time funds being closed
Funds raised (B) and number of funds closed per year by fund type
Total funds raised (B) or number of new funds closedFirst-time VC Fund - Raised
First-Time VC Fund of Established Firm - Raised
Follow-on VC Fund - Raised
2012
2013
2014
2015
2016
H1 2017
0
2
4
6
Note:
First-Time VC Fund of Established Firm refers to first-time VC funds raised by a firm that may already be operating
in a different asset class, such as buyout firms.
Source:
Invest Europe / EDC
Funds raised (B) and number of funds closed per year by fund type
Selected first-time fund launches in Europe in 2017
First-time funds account for ~25%
of funds raised by VCs in Europe
and have raised 3B since the
start of 2016 across 52 separate
funds, although the data shows a
slowdown in number of first-time
funds being closed
5.4
2017 has seen another strong year of
fundraising for European VCs
Even if the absolute numbers
have slowed, Europe continues
to see the emergence of first-
time VC fund managers targeting
a diverse set of geographies and
sectors
Funds raised
Funds closed
Note:
First-Time VC Fund of Established Firm refers
to first-time VC funds raised by a firm that
may already be operating in a different asset
class, such as buyout firms.
Source:
Invest Europe / EDC
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TitleNo: 5.4 GroupName: Default GroupId: 309 ChartId: 98 ArticleId: 58 ChapterId: 13
Funds raised in France, Germany and the UK account for two-thirds of
VC funds since the start of 2016, but the past few years have seen large
increases in funds raised in new geographies, including Spain,
Netherlands and beyond
VC funds raised by country of GP by year
Total VC Funds Raised (M), 2012-H1 2017United Kingdom
France
Germany
Netherlands
Spain
Rest of Europe
2012
2013
2014
2015
2016
1H17
0
2k
4k
6k
Source:
Invest Europe / EDC
22/11/2017
The State of European Tech 2017
TitleNo: 5.4 GroupName: Default GroupId: 522 ChartId: 167 ArticleId: 58 ChapterId: 13
The sum of total funds raised is at an all-time high, but since the number
of new funds closed has not been increasing, the average fund size -
both in terms of mean and median - has increased significantly
Median and mean fund size at final closing by year
Average fund size (M)21
25
38
37
50
58
49
52
60
86
85
154
Median
Mean
2012
2013
2014
2015
2016
H1 2017
0
50
100
150
Source:
Invest Europe / EDC
C funds raised by cuntrof GP by year
edian and mean fund size at final closing by year
Funds raised in France, Germany
and the UK account for two-thirds
of VC funds since the start of 2016,
but the past few years have seen
large increases in funds raised in
new geographies, including Spain,
Netherlands and beyond
The sum of total funds raised is
at an all-time high, but since the
number of new funds closed has
not been increasing, the average
fund size - both in terms of mean
and median - has increased
significantly
European countries can take the lead of the digital revolution. In
France alone, investments in start-ups tripled over the past three
years. More can and must be done to build the digital champions of
tomorrow, with investments in deep technologies and while keeping
in mind the requirement of digital inclusion.
Mounir Mahjoubi
French Secretary of State in charge of Digital
5.4
2017 has seen another strong year of
fundraising for European VCs
increase in mean VC fund size in
Europe since 2012
European VC fund sizes
have increased significantly
3x
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TitleNo: 5.5 GroupName: Default GroupId: 285 ChartId: 87 ArticleId: 59 ChapterId: 13
The source of funds for European and US VCs differ significantly
VC funds raised by LP type and region
% of total funds raised
24
19
17
15
8
6
5
4
3
10
17
5
13
20
13
2
3
16
Europe
US
Government Agencies
Family Offices & Private Individuals
Corporate Investors
Fund of Funds, Other Asset Managers
Pension Funds
Academic Institutions, Endowments,
Foundations
Banks
Insurance Companies
Other (incl. Capital Markets, Sovereign
Wealth Funds)
0
5
10
15
20
25
Note:
Europe data based on funds raised between 2012 and 1H 2017. All percentages are only calculated on known LP
allocation. Unclassified allocations were extrapolated. US VC LP allocation based on data from Preqin
Source:
Invest Europe / EDC
18/11/2017
The State of European Tech 2017
TitleNo: 5.5 GroupName: Default GroupId: 69 ChartId: 22 ArticleId: 59 ChapterId: 13
While pension funds hav contributed huge sums to European buyouts,
their contribution to VC is still small
Funds raised by fund strategy and LP type
% of total funds raised
23
18
17
16
8
7
5
4
2
1
2
6
1
20
37
6
4
11
1
13
VC Funds
Buyout Funds
Government Agencies
Family Offices & Private Individuals
Corporate Investors
Fund of Funds, Other Asset Managers
Pension Funds
Academic Institutions, Endowments,
Foundations
Banks
Insurance Companies
Capital Markets
Sovereign Wealth Funds
0
5
10
15
20
25
30
35
40
Note:
All percentages are only calculated on known LP allocation. Unclassified allocations were extrapolated
Source:
Invest Europe / EDC
VC funds raised by LP type and region
Fund raised by fund strategy and LP type
There is still work to be done to further diversify
the institutional investor base of Europan VC
5.5
The source of funds for European
and US VCs differ significantly
While pension funds have
contributed huge sums to
European buyouts, their
contribution to VC is still small
Note:
Europe data based on funds raised
between 2012 and 1H 2017. All
percentages are only calculated on known
LP allocation. Unclassified allocations
were extrapolated. US VC LP allocation
based on data from Preqin
Source:
Invest Europe / EDC
Note:
All percentages are only calculated on known
LP allocation. Unclassified allocations were
extrapolated
Source:
Invest Europe / EDC
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TitleNo: 5.5 GroupName: First-time VC fund GroupId: 435 ChartId: 147 ArticleId: 59
ChapterId: 13
Pensions funds are, however, are more important contributors of funding
to follow-on VC funds than to first-time funds set up by new VC fund
managers
Funds raised by fund type and type of LP
% of total funds raised0
1
2
6
5
3
13
25
21
24
First-Time VC Fund
0
10
20
So
vereign
wealt
h
fu
nds
Ca
pit
al m
arkets
In
su
ra
nc
e co
m
pa
nies
Ba
nk
s
Ac
adem
ic ins
tit
ut
ion
s & en
do
wm
en
ts
an
d fo
un
da
tio
ns
Pens
ion
fu
nds
s
Fu
nd o
f f
un
d &
Ot
heras
set m
an
ag
ers
orpo
ra
te in
vest
ors
Fa
m
i l
y o
ffi
ces &
P
rivat
eindivi
du
als
Go
vern
m
en
t a
ge
nc
ies
Note:
Data based on funds raised between 2012 and 2016. First-Time VC Fund of Established Firm refers to first-time VC
funds raised by a firm that may already be operating in a different asset class, such as buyout firms
Source:
Invest Europe / EDC
22/11/2017
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TitleNo: 5.5 GroupName: First-time VC funds of established firm GroupId: 781 ChartId:
147 ArticleId: 59 ChapterId: 13
Pensions funds are, however, are more important contributors of funding
to follow-on VC funds than to first-time funds set up by new VC fund
managers
Funds raised by fund type and type of LP
% of total funds raised3
11
4
1
26
3
16
5
11
18
First-Time VC Fund of Established Firm
0
10
20


So
ve
re
ign
we
alt
h
fu
nd
s
Ca
pit
al
m
ar
ke
ts
In
su
ra
nc
e
co
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nie
s
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&
en
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s
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ffi
ce
s &
P
riv
at
e
ind
ivi
du
als
Go
ve
rnm
ent a
ge
nciesNote:
Data based on funds raised between 2012 and 2016. First-Time VC Fund of Established Firm refers to first-time VC
funds raised by a firm that may already be operating in a different asset class, such as buyout firms
Source:
Invest Europe / EDC
22/11/2017
The State of European Tech 2017
TitleNo: 5.5 GroupName: Follow-on VC fund GroupId: 782 ChartId: 147 ArticleId: 59
ChapterId: 13
Pensions funds are, however, are more important contributors of funding
to follow-on VC funds than to first-time funds set up by new VC fund
managers
Funds raised by fund type and type of LP
% of total funds raised1
1
4
5
6
10
17
15
18
23
Follow-on VC Fund


So
ve
re
ign
we
alt
h
fu
nds
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pit
al
marke
ts
In
su
ra
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compa
nie
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en
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an
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s
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nd of fun
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ce
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P
riv
at
e
indivi
du
als
Gove
rn
ment a
ge
ncies0
10
20
Note:
Data based on funds raised between 2012 and 2016. First-Time VC Fund of Established Firm refers to first-time VC
funds raised by a firm that may already be operating in a different asset class, such as buyout firms
Source:
Invest Europe / EDC
C
Funds raised by fund type and type of LP
Pensions funds are, however, more
important contributors of funding
to follow-on VC funds than to
first-time funds set up by new VC
fund managers
First-time VC fund
First-time VC funds of established firm
Follo -on VC fund
5.5
There is still work to be done to further
diversify the institutional investor base of
European VC
amount invested by corporates
into European VCs since 2012,
equivalent to 17% of total funds
raised during this period
Corporates are an
important source of
capital for European VCs
4.8B
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3453
5328
2328
2328
2328
2328
1578
6335
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TitleNo: 5.5 GroupName: Default GroupId: 289 ChartId: 89 ArticleId: 59 ChapterId: 13
The dependency on governments as a source of capital declines with
larger fund size, while the contribution from pension funds and other
institutional LP types increases thanks to the ability to deploy larger
cheque sizes into the funds
VC funds raised by fund size and LP type
%
3
7
2
16
24
9
32
3
4
6
5
3
19
16
14
21
7
9
0
9
2
11
14
33
13
13
2
23
0
0
27
8
12
15
0
<100M
100-250M
250-500M
500M+
Academic Institutions, Endowments,
Foundations
Banks
Capital Markets
Corporate Investors
Family Offices & Private Individuals
Fund of Funds, Other Asset Managers
Government Agencies
Insurance Companies
Pension Funds
Sovereign Wealth Funds
0
5
10
15
20
25
30
35
Note:
Based on total funds raised between 2012 and 2016. All percentages are only calculated on known LP allocation.
Unclassified allocations were extrapolated
Source:
Invest Europe
C funds raised by fund size and LP type
The dependency on governments
as a source of capital declines
with larger fund size, while the
contribution from pension funds
and other institutional LP types
increases thanks to the ability to
deploy larger cheque sizes into the
funds
5.5
There is still work to be done to further
diversify the institutional investor base of
European VC
The role of public funding in Europe has been important in ensuring
sufficient capital availability in the early and growth stages. As
evidenced by increasing valuations of marquee companies, Europe
has been able to close the gap compared to leading technology
ecosystems in the world. This is already bringing more private
investment into VC funds and innovative companies, which should be
the first and foremost objective of our public funding initiatives.
Alex Stubb
European Investment Bank
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TitleNo: 5.5 GroupName: Default GroupId: 295 ChartId: 92 ArticleId: 59 ChapterId: 13
While European buyout funds raise a significant share of capital from
international LPs, European VC funds are overwhelmingly raised from
within the region
Funds raised by fund strategy and region of LP
% of total funds raisedEurope
North America
Asia & Australasia
Rest of World
VC Funds
Buyout Funds
0
25
50
75
100
Note:
Total funds raised between 2012 and 2016. All percentages are only calculated on known LP allocation. Unclassified
allocations were extrapolated
Source:
Invest Europe / EDC
22/11/2017
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TitleNo: 5.5 GroupName: Default GroupId: 293 ChartId: 91 ArticleId: 59 ChapterId: 13
This varies, however, depending on the fund size. Larger funds of
250M+ raise a much larger share of capital from outside the region,
where investors are typically looking to deploy larger cheque sizes
Funds raised by VC fund size and location of LP, sum of 2012-2016
% of total funds raised4
4
35
28
96
96
65
72
LPs from outside Europe
LPs from inside Europe
<100M
100-250M
250-500M
500M+
0
25
50
75
100
Note:
All percentages are only calculated on known LP allocation. Unclassified allocations were extrapolated
Source:
Invest Europe / EDC
Funds raised by fund strategy and region of LP
Funds raised by VC fund size and location of LP, sum of 2012-2016
While European buyout funds raise
a significant share of capital from
international LPs, European VC
funds are overwhelmingly raised
from within the region
This varies, however, depending
on the fund size. Larger funds of
250M+ raise a much larger share
of capital from outside the region,
where investors are typically
looking to deploy larger cheque
sizes
5.5
There is still work to be done to further
diversify the institutional investor base of
European VC
There is an increased interest from institutional investors in
European venture capital, driven by higher expectations of financial
returns from European tech and the low interest rate environment,
which has turned the attention of these investors towards alternative
assets. We have noticed as well an increased interest from non-
European institutional investors - notably sovereign wealth funds - in
recent years, which reinforces the message that European tech is
drawing worldwide attention.
Oscar Farres
European Investment Fund
0
45,0232328
2328
6335
5493
3453
5328
2328
2328
2328
2328
1578
6335
06
Last year, the standout finding from this
report was that deep tech was thriving and
diversifying across the continent
In 2016, we discovered deep tech firms attracting large amounts of
investment and interest from US and Asian tech giants as well as
European corporates.
Has Europe been able to maintain its deep tech momentum, have
its deep tech roots deepened or broadened across the region and is
Europe taking a lead in any particular area of deep tech?
Deep Tech
The State of European Tech 2017
Atomico & Slush
80
www.stateofeuropeantech.comEuropean deep tech continues
to attract large investment
6.1
22/11/2017
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TitleNo: 6.1 GroupName: Default GroupId: 345 ChartId: 111 ArticleId: 61 ChapterId: 14
Europe is on track for $3.5B invested into deep tech companies in 2017
across more than 600 deals
Capital invested ($B) in and # of deals closed by European deep tech companies
Capital invested ($B)# of rounds0.4
0.8
0.9
1.9
2.5
3.5
120
220
359
549
692
Capital invested ($M)
# of rounds
2012
2013
2014
2015
2016
2017
0
0.8
1.6
2.4
3.2
4
0
150
300
450
600
750
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
Capital invested ($B) in and # of deals closed by European deep
tech companies
Europe is on track for $3.5B
to be invested into deep tech
companies in 2017 across more
than 600 deals
22/11/2017
The State of European Tech 2017
TitleNo: 6.1 GroupName: Capital invested GroupId: 869 ChartId: 244 ArticleId: 61
ChapterId: 14
European AI companies have raised more than $4.6B since 2012 across
over 1,000 deals
Capital invested ($B) and # of deals by deep tech sub-category
Capital invested ($B)4.6
4
2.9
2.3
1.1
1
0.8
0.6
0.6
0.5
0.4
0.3
0.2
0.1
Capital invested ($B)
Artificial IntelliSaaS modelsHardware manufacturingInternet of ThingsSemiconductorsVirtual realityDeveloper toolseCommerceRoboticsMarketplaceMeta-searchBlockchainComputer visionSpeech0
2
4
Source: Dealroom.co
22/11/2017
The State of European Tech 2017
TitleNo: 6.1 GroupName: # of deals GroupId: 873 ChartId: 244 ArticleId: 61 ChapterId: 14
European AI companies have raised more than $4.6B since 2012 across
over 1,000 deals
Capital invested ($B) and # of deals by deep tech sub-category
Capital invested ($B)1,092
957
692
631
172
107
86
178
221
77
57
108
47
18
# of deals
Artificial IntelligenceSaaS modelsHardware manufacturingInternet of ThingsSemiconductorsVirtual realityDeveloper toolseCommerceRoboticsMarketplaceMeta-searchBlockchainComputer visionSpeech0
500
1000
Capital invested ($B) and # of deals by deep tech sub-category
European AI companies have
raised more than $4.6B since
2012 across over 1,000 deals
ital invested
# of deals
Note:
2017 based on 9M to September 2017 and
projection for Q4 2017 based on Q3 2017
Source:
Dealroom.co
Source:
Dealroom.co
The State of European Tech 2017
Atomico & Slush
81
www.stateofeuropeantech.comThe next stage of the Information Revolution is underway, made
possible by rapid technological progress that is changing every
industry and creating new ones. Europe is particularly well placed
to take advantage. Last year, this report highlighted the growing
strength of deep tech in Europe. This was no surprise to us at
SoftBank. In the last 18 months alone we invested in some of
Europe's most exciting deep tech companies, ARM and Improbable.
David Thevenon
SoftBank
22/11/2017
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TitleNo: 6.1 GroupName: Top 10 countries GroupId: 874 ChartId: 245 ArticleId: 61
ChapterId: 14
Deep tech companies based in the UK, France and Germany lead the way
in attracting capital investment
Capital invested ($B) in European deep tech companies by country
Capital invested ($M)2,400
1,006
883
349
339
213
166
199
195
207
1,801
509
400
2012-2016
2017
United KingdomFranceGermanySwitzerlandSwedenIrelandFinlandNetherlandsSpainAustria0
1k
2k
3k
4k
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
22/11/2017
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TitleNo: 6.1 GroupName: Countries 11-20 and Rest of Europe GroupId: 876 ChartId: 245
ArticleId: 61 ChapterId: 14
Deep tech companies based in the UK, France and Germany lead the way
in attracting capital investment
Capital invested ($B) in European deep tech companies by country
Capital invested ($M)89
91
56
52
52
40
0
23
34
17
50
87
57
52
25
4
7
40
16
15
3
2012-2016
2017
BelgiumNorwayRussiaDenmarkPortugalItalyRomaniaPolandEstoniaLuxembourgRest of Europe0
50
100
150
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
Capital invested ($B) in European deep tech companies by country
Deep tech companies based in
the UK, France and Germany
lead the way in attracting
capital investment
Top 10 countries
Countries 11-20 and the rest of Europe
Note:
2017 based on 9M to September 2017 and
projection for Q4 2017 based on Q3 2017
Source:
Dealroom.co
6.1
European deep tech continues to attract large
investment
2328
2328
5493
3453
5328
2328
2328
2328
2328
1578
6335
The State of European Tech 2017
Atomico & Slush
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www.stateofeuropeantech.com6.1
European deep tech continues to attract large
investment
Europe's most promising deep
tech companies are raising large
rounds and actively choosing to
stay independent to continue
to build and take on global
opportunities
European entrepreneurs are catalysing the development of AI
technology and the proliferation of AI-powered applications. As AI
reaches an inflection point in adoption, early-stage AI companies
will empower buyers that have the vision to embrace them and
disrupt those that do not. With 900 AI startups (70% of the US total),
world-class talent (a quarter of the world's top 50 universities) and
a flourishing ecosystem for entrepreneurship, Europe has much to
contribute as we move to a world that is AI-first.
David Kelnar
MMC Ventures
Note:
There is typically a lag between a company
being founded and it being recognised in
private company databases. As such, more
recent cohorts likely under-represent actual
company formation.
Source:
Tracxn
22/11/2017
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TitleNo: 6.1 GroupName: Default GroupId: 532 ChartId: 171 ArticleId: 61 ChapterId: 14
European entrepreneurs continue to form deep tech companies at very
high levels, led by companies focused on AI
Number of European deep tech companies founded per category per year
Number of companies foundedArtificial Intelligence
AR & VR
Robotics
Blockchain
Autonmous Vehicles
2012
2013
2014
2015
2016
0
200
400
600
100
300
500
Note:
There is typically a lag between a company being founded and it being recognised in private company databases. As
such, more recent cohorts likely under-represent actual company formation.
Source: Tracxn
European entrepreneurs
continue to form deep tech
companies at very high levels,
led by companies focused on AI
Number of European deep tech companies founded per category
per year
Selected investment rounds raised by European deep tech
companies in 2017
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www.stateofeuropeantech.comAI & crypto are seen as major
opportunities for European tech
leadership on the global stage
6.2
22/11/2017
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TitleNo: 6.2 GroupName: Occupation GroupId: 596 ChartId: 187 ArticleId: 63 ChapterId: 14
AI & blockchain are viewed as the areas where Europe is best-positioned
to attain world-leading status
In which one area of technology is Europe best positioned to become a world leader over
the next five years?
% of respondents27
15
12
8
8
6
2
3
2
1
18
20
17
11
7
6
6
4
4
3
2
21
Investors
Founders
Artificial IntelligenceCrypto/blockchainCybersecurityAutonomous VehiclesRoboticsGenomicsVirtual RealityAugmented RealityQuantum ComputingDronesNone of these areas0
10
20
Note:
Numbers may not add to 100 due to rounding
Source: The State of European Tech Survey 2017
22/11/2017
The State of European Tech 2017
TitleNo: 6.2 GroupName: Geography GroupId: 763 ChartId: 187 ArticleId: 63 ChapterId: 14
AI & blockchain are viewed as the areas where Europe is best-positioned
to attain world-leading status
In which one area of technology is Europe best positioned to become a world leader over
the next five years?
% of respondents35
17
10
3
7
2
3
8
3
4
17
14
14
12
6
6
5
17
8
21
25
4
4
6
7
28
11
8
4
5
20
16
14
6
2
4
18
UK & Ireland
France & Benelux
DACH
Nordics
Baltics
Southern Europe
Central & Eastern Europe
Europe
Artificial IntelligenceCrypto/blockchainCybersecurityAutonomous VehiclesRoboticsGenomicsVirtual RealityAugmented RealityQuantum ComputingDronesNone of these areas0
10
20
30
Note:
Numbers may not add to 100 due to rounding
Source: The State of European Tech Survey 2017
In which one area of technology is Europe best positioned to become
a world leader over the next five years?
AI & blockchain are viewed
as the areas where Europe is
best-positioned to attain world-
leading status
Occupation
Geography
The State of European Tech 2017
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www.stateofeuropeantech.comMost cited responses for question: which European country do you
think is best placed to capture this opportunity?
The UK and Germany are viewed
as the two countries best
positioned within Europe to
build world-leading positions in
key deep tech fields
Berlin is, or at least used to be, the single place in Europe that was
still cheap, a bit edgy, married to the slightly anarchist outlook of
crypto. It's a great place for people who want to change things to
establish an office and work from here. London is much more in line
with the establishment, they still want to disrupt but not really.
Jutta Steiner
Parity Technologies
6.2
AI & crypto are seen as major opportunities for
European tech leadership on the global stage
Source: The State of European Tech Survey 2017
The blockchain boom certainly is coming - and London is in a great
position to capitalise on it. The bristling tech scene in London
combines strong support for innovation and new startups with
a magnetism for top tech talent from around the globe. There
are several prestigious universities here which are and will be
undertaking cutting edge academic research in the blockchain space.
Angus Maidment & Alastair Band
Blockchain Beginners London (Meetup group)
The State of European Tech 2017
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85
www.stateofeuropeantech.comThere is a density of machine learning talent in London that rivals even
the Valley. Every year UK universities produce a roster of world-class
machine learning engineers, coming straight out of the most innovative
labs. To maintain the momentum in European AI, we'll need to keep
up that flow of expert and ambitious engineers, both by ensuring
continued investment in higher education, and by guaranteeing that
engineers are supported through accelerators once they graduate.
Barnaby Hussey-Yeo
Cleo
22/11/2017
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TitleNo: 6.2 GroupName: Default GroupId: 127 ChartId: 39 ArticleId: 63 ChapterId: 14
Germany is perceived to be a clear leader amongst European countries in
the race to build a world-leading position in autonomous vehicles and
robotics, but in other fields there is a much greater distribution of votes
between different countries
Which one European country do you think is best placed to capture this opportunity?
% of respondents voting for #1 most cited country
84
69
35
30
29
28
24
22
22
21
% of non-partisan responses for #1 country
Autonomous Vehicles - Germany
Robotics - Germany
Quantum Computing - Germany
Genomics - Germany
Artificial Intelligence - United Kingdom
Augmented Reality - Germany
Cybersecurity - Germany
Crypto/blockchain - United Kingdom
Virtual Reality - Germany
Drones - France
0
10
20
30
40
50
60
70
80
90
Note:
Ranking based on votes from respondents choosing a country home than their home country only
Source: The State of European Tech Survey 2017
Which one European country do you think is best placed to capture
tis ppotunity?
Germany is perceived to be a
clear leader amongst European
countries in the race to build
a world-leading position in
autonomous vehicles and
robotics, but in other fields there
is a much greater distribution
of votes between different
countries
6.2
AI & crypto are seen as major opportunities for
European tech leadership on the global stage
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www.stateofeuropeantech.comEurope is home to the world's
leading AI research community
6.3
European organizations in the Top 100 ranked organizations by most-
cited AI-related research papers
Europe is home to the largest
share of the top 100 AI research
institutions worldwide
research institutions in the
global top 100 for AI-related
research paper citations vs 30
from the US and 15 from China
Europe accounts for largest
share of top 100 AI research
institutions worldwide
32
Source: The Nikkei & Elsevier

The State of European Tech 2017
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2328
6335
5493
3453
5328
2328
2328
2328
2328
1578
6335
European research in deep tech is at a crossroads, and we strongly
believe that greater collaboration between public and private bodies
is key to ensure it continues to thrive. Europe is currently taking
action to enable this by developing a framework for public-private
partnerships, which is a step in the right direction. Facebook Artificial
Intelligence Research (FAIR) Paris is an example of this approach in
action. We hope that FAIR, in close cooperation with public universities
and institutes such as INRIA or Pierre et Marie Curie University,
proves how impactful and effective this public-private cooperation
can be. Our model has allowed us to grow in two years from five to
forty researchers from across Europe, despite a very selective hiring
process, and will help us continue to develop our FAIR lab in Paris.
Antoine Bordes
Facebook Artificial Intelligence Research
22/11/2017
The State of European Tech 2017
TitleNo: 6.3 GroupName: Default GroupId: 613 ChartId: 189 ArticleId: 62 ChapterId: 14
There has been an explosion of events to bring together Europe's AI
community
Number of machine learning-related Meetup events by year
Number of machine learning-related Meetups170
413
925
1,927
4,330
6,215
Machine Learning
2012
2013
2014
2015
2016
2017
0
2k
4k
6k
Note:
2017 data annualised based on data to 30 September 2017
Source: Meetup
Number of machine learning-related Meetup events by year
There has been an explosion of
events to bring together Europe's
AI community
6.3
Europe is home to the world's leading AI
research community
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www.stateofeuropeantech.com6.3
Europe is home to the world's leading AI
research community
Top 15 European hubs of AI talent
London and Paris are Europe's
two leading hubs for AI talent
Top cities by number of LinkedIn members with AI skills
Top cities by density of members with AI skills versus all LinkedIn members
Note:
Cities with >450k members only so excludes cities such as Cambridge and Oxford.

Cambridge would be 16th in absolute terms and first by density. Oxford would be 28th

and fourth by density.
Source: LinkedIn
328
2328
2328
8
8
6335
The State of European Tech 2017
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89
www.stateofeuropeantech.comSource: Stack Overflow
Source: Hired
Top 10 most in-demand technologies in Europe
The war for AI talent has seen
Python rise to number three
most in-demand programming
language in Europe
Top 10 most in-demand technical roles at technology companies in
the UK and France
Top 10 most in-demand
programming languages in
Europe, as sought by employers
6.3
Europe is home to the world's leading AI
research community
Photo: Sami Heiskanen
The State of European Tech 2017
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www.stateofeuropeantech.com22/11/2017
The State of European Tech 2017
TitleNo: 6.4 GroupName: Bitcoin GroupId: 765 ChartId: 82 ArticleId: 64 ChapterId: 14
There has been an explosion of European developer engagement with
cryptocurrencies, most notably on Ethereum-related topics
Number of views of blockchain-related question tags on Stack Overflow by topic
Number of views6,177 5,784
5,042
6,075
7,435
7,824 7,567 7,999
7,625
8,365
10,411
11,794
15,889
18,842
22,042
24,246
Bitcoin
Jan 2015Feb 2015Mar 2015Apr 2015May 2015Jun 2015Jul 2015Aug 2015Sep 2015Oct 2015Nov 2015Dec 2015Jan 2016Feb 2016Mar 2016Apr 2016May 2016Jun 2016Jul 2016Aug 2016Sep 2016Oct 2016Nov 2016Dec 2016Jan 2017Feb 2017Mar 2017Apr 2017May 2017Jun 2017Jul 2017Aug 2017Sep 20170
5k
10k
15k
20k
25k
Source: Stack Overflow
Europe is well-positioned to
play a key role in crypto space
6.4
22/11/2017
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170/241
TitleNo: 6.4 GroupName: Blockchain GroupId: 275 ChartId: 82 ArticleId: 64 ChapterId: 14
There has been an explosion of European developer engagement with
cryptocurrencies, most notably on Ethereum-related topics
Number of views of blockchain-related question tags on Stack Overflow by topic
Number of views110
173
155
223
357
592
628
853
1,372
2,052
2,575
3,631
5,318
6,770
8,243
11,608
13,029
14,500
Blockchain
Jan 2015Feb 2015Mar 2015Apr 2015May 2015Jun 2015Jul 2015Aug 2015Sep 2015Oct 2015Nov 2015Dec 2015Jan 2016Feb 2016Mar 2016Apr 2016May 2016Jun 2016Jul 2016Aug 2016Sep 2016Oct 2016Nov 2016Dec 2016Jan 2017Feb 2017Mar 2017Apr 2017May 2017Jun 2017Jul 2017Aug 2017Sep 20170
5k
10k
15k
Source: Stack Overflow
22/11/2017
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TitleNo: 6.4 GroupName: Ethereum GroupId: 766 ChartId: 82 ArticleId: 64 ChapterId: 14
There has been a explosion of Europe n developer engagement with
cryptocurrencies, most notably on Ethereum-related topics
Number of views of blockchain-related question tags on Stack Overflow by topic
Number of views0
0 0 0 0 2 0
353
671
1,593
3,980
2,513 2,982
2,492
3,427
4,310
6,098
9,751
19,290
17,691
19,420
Ethereum
Jan 2015Feb 2015Mar 2015Apr 2015May 2015Jun 2015Jul 2015Aug 2015Sep 2015Oct 2015Nov 2015Dec 2015Jan 2016Feb 2016Mar 2016Apr 2016May 2016Jun 2016Jul 2016Aug 2016Sep 2016Oct 2016Nov 2016Dec 2016Jan 2017Feb 2017Mar 2017Apr 2017May 2017Jun 2017Jul 2017Aug 2017Sep 20170
5k
10k
15k
20k
Source: Stack Overflow
Number of views of blockchain-related question tags on Stack
Overflow by topic
There has been an explosion of
European developer engagement
with cryptocurrencies, most
notably on Ethereum-related
topics
Blockchain
Ethereum
Bitcoin
Source:
Stack Overflow
3453
5328
2328
2328
2328
2328
1578
6335
The State of European Tech 2017
Atomico & Slush
91
www.stateofeuropeantech.com18/11/2017
The State of European Tech 2017
TitleNo: 6.4 GroupName: Default GroupId: 397 ChartId: 132 ArticleId: 64 ChapterId: 14
Europe is the largest source of reachable nodes on the Bitcoin network
Global distribution of reachable Bitcoin nodes by region
5,221
3,375
622
142
106
1,162
# of Bitcoin network nodes
Europe
US
China
Japan
Korea
Rest of world
Note:
Data as of 31 October 2017
Source: Bitnodes
Global distribution of reachable Bitcoin nodes by region
Europe is the largest source of
reachable nodes on the Bitcoin
network
When it comes to Europe, the cultural and economic diversity, as well
as a world class heritage in adjacent sectors like gaming and asset
management coupled with a large tech talent pool, play strongly in
favour of driving growth in this space. We are seeing a vibrant crypto
ecosystems developing in places like Berlin, Paris, Lisbon, Barcelona,
Eastern Europe, and the Baltics.
Europe has traditional strength in cryptography, with key figures
from the International Association for Cryptologic Research, being
from European Academic institutions, and industry clusters relying
on cryptographic expertise in France, Denmark, Estonia, Belgium and
Switzerland. The designers of both US standard hash function and
block cipher are European a testament to this expertise (AES and
SHA3). Europe is especially strong in symmetric cryptography and
embedded systems. Ironically, the depth of expertise around crypto in
Europe is associated historically with the US export control regimes on
cryptography.
Stefano Bernardi & Yannick Roux
Token Economy
George Danezis
University College London
6.4
Europe is well-positioned to play a key role in
crypto space
Note:
Data as of 31 October 2017
Source:
Bitnodes
The State of European Tech 2017
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www.stateofeuropeantech.comNumber of blockchain development projects by country
The UK, Germany and Russia
are the most active blockchain
developers on GitHub
active blockchain projects in
Europe (versus 9,565 in US),
according to Deloitte analysis of
GitHub data
European developers are
hugely actively in driving
blockchain development
8,265
6.4
Europe is well-positioned to play a key role in
crypto space
Note:
Analysis is presented for GitHub projects for which geographical information is available
Source: Deloitte analysis of GH Torrent data and GitHub API data
Photo: Jussi Hellsten
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TitleNo: 6.4 GroupName: Default GroupId: 459 ChartId: 154 ArticleId: 64 ChapterId: 14
London, Paris and Moscow are the primary centres of European
blockchain development
Top 30 European cities for blockchain development
914
298
201
132
104 92 89 88 78 77 72 63 61 60 57 50 44 41 38 35 35 34 34 33 30 28 26 26 26 26 26
Number of blockchain projects
Pa
risMo
sc
owAmsterda
mPragueMa
dridStoc
khol
mDubl
inMunic
hBa
rc
elo
na
W
arsa
w
Go
thenburg
Kiev
Oslo
He
lsi
nk
i
Ha
m
bu
rg
Bu
da
pe
st
Ly
on
Ist
an
bu
l
To
ul
ou
se
Mi
lan
Ca
m
br
idg
e
Fr
an
kf
ur
t
Vi
ln
ius
At
he
ns
W
ro
cla
w
Mi
ns
k
St
ut
tg
ar
t
Bu
ch
ar
es
t
Zu
g
Ma
nc
he
ster
Ro
me
Bo
ch
umNote:
Analysis is presented for GitHub projects for which geographic information was available. Berlin is notably absent and
is likely due to the absence of city-level information for 1,069 projects in Germany
Source: Deloitte analysis of GH Torrent data and GitHub API data
Lo
ndon22/11/2017
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TitleNo: 6.4 GroupName: Default GroupId: 459 ChartId: 154 ArticleId: 64 ChapterId: 14
London, Paris and Moscow are the primary centres of European
blockchain development
Top 30 European cities for block hain dev lopment
914
298
201
132
104 92 89 88 78 77
2 63 61 60 57 50 44
1 38 35 35 34 34 33 0 28 26 26 26 26 26
Number of blockchain projects
Pa
risMo
sc
owAmsterda
mPragueMa
dridStoc
khol
mDubl
inMunic
hBa
rc
elo
na
W
arsa
w
Go
thenburg
Kiev
Oslo
Helsink
i
Ha
m
bu
rg
Bu
da
pe
st
Ly
on
Ist
an
bu
l
To
ul
ou
se
Mi
lan
Ca
m
br
idg
e
Fr
an
kf
ur
t
Vi
ln
ius
At
he
ns
W
ro
cla
w
Mi
ns
k
St
ut
tg
ar
t
Bu
ch
ar
es
t
Zu
g
Ma
nc
he
st
er
Ro
me
Bo
ch
umNote:
Analysis is presented for GitHub projects for whic geographic information was vailable. Berlin is notably absent and
is l kely due to he absence of city-level information for 1,069 projects in Germany
Source: Deloitte analysis of GH Torrent data and GitHub API data
Lo
ndon/1/2017
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TitleNo: 6.4 GroupName: Default GroupId: 459 ChartId: 154 ArticleId: 64 ChapterId: 14
London, Paris and osco are the pri ary centres of European
blo kchain d velop ent
Top 30 European cities for blockchain development
914
298
201
132
104 92 9 8 8 7 72 3
1 60 7 50 4 41
8
5
4 3 30 8
26
Number of blockchain projects
Pa
risMo
sc
owAmsterda
mPragueMa
dridStoc
kho
mDubl
inMunic
hBa
rc
elo
na
W
arsa
w
Go
thenburg
Kiev
Oslo
He
lsi
nk
i
Ha
m
bu
rg
Bu
da
pe
st
Ly
on
Ist
an
bu
l
To
ul
ou
se
Mi
lan
Ca
m
br
idg
e
Fr
an
kf
ur
t
Vi
ln
iu
At
he
ns
W
ro
cla
w
Mi
ns
k
St
ut
tg
ar
Bu
ch
ar
es
t
Zu
g
Ma
nc
he
st
er
Ro
me
Bo
ch
umNote:
Analy is is presented for GitHub projects for which eographic information was availabl . Berli is notably abse t and
is likely due to the abs nce of city- evel informati n for 1,069 projects in Germany
Source: Deloitte analysis of GH To ren d ta and GitHub API data
Lo
ndonTop 30 European cities for blockchain development
Lonon, Paris and Moscow are the primary centr s of
European blockchain development
Given how people in Europe look at things like data protection,
there's a stronger sense of urgency here than somewhere like the
US to find solutions. But for entrepreneurs it's really hard to run a
business in this space. There's currently no certainty, neither for the
entrepreneurs nor the establishment, on what we can do and could
do. There are things like regulatory sandboxes that people try but
I am not convinced these will work, since ultimately you need to
get out of the sandbox and will then face the same problems again.
It's important that policymakers are really understanding what this
technology is and do not regulate too early, giving startups a certain
certainty that they would not get punished for what they are doing.
Jutta Steiner
Parity Technologies
6.4
Europe is well-positioned to play a key role in
crypto space
Note:
Analysis is presented for GitHub projects for which geographic information was


available. Berlin is notably absent and is likely due to the absence of city-


level information for 1,069 projects in Germany
Source: Deloitte analysis of GH Torrent data and GitHub API data
The State of European Tech 2017
Atomico & Slush
94
www.stateofeuropeantech.comEurope leads the race to tokenize
assets and the ICO fundraising boom
6.5
22/11/2017
The State of European Tech 2017
http://preview.stateofeuropeantech.com/all-charts/
176/241
TitleNo: 6.5 GroupName: Default GroupId: 704 ChartId: 232 ArticleId: 84 ChapterId: 14
Differences in national regulatory frameworks mean that one in four ICO
projects is legally registered in a different county to that of its
CEO/Founder
Share of ICO projects where location of legal entity is different to location of CEO/Founder
% of ICO projects75
75
80
66
62
67
63
25
25
20
34
38
33
38
CEO/Founder and legal entity location are the same
CEO/Founder and legal entity location are different
All ICOs
Europe
North America
Asia
Latin America
Middle East
Africa
0
25
50
75
100
Note:
Geographical data sourced by TokenData from ICO websites, white papers and social media. Data is based on ICO
projects where the legal entity and CEO/Founder location are both known
Source: TokenData
Share of ICO projects where loction of legal entity is dif erent to
location of CEO/Founder
Differences in national regulatory
frameworks mean that one
in four ICO projects is legally
registered in a different county
to that of its CEO/Founder
22/11/2017
The State of European Tech 2017
TitleNo: 6.5 GroupName: Default GroupId: 671 ChartId: 218 ArticleId: 84 ChapterId: 14
There are more ICO projects coming from Europe-based entities and
European founders than any other region
Number of ICO projects by region of legal entity versus region of CEO/Founder
Number of ICO projects446
244
124
19
28
13
412
373
234
105
16
15
10
533
Number of ICO projects by region of legal entity
Number of ICO projects by region of CEO/Founder
Europe
North America
Asia
Middle East
Latin America
Africa
Unknown
0
100
200
300
400
500
Note:
Geographical data sourced by TokenData from ICO websites, white papers and social media. Unknown captures all
ICOs where the region of the legal entity or of the CEO/Founder is not known
Source: TokenData
Number of ICO projects by region of legal entity versus region of CEO/
Founder
There are more ICO projects
coming from Europe-based
entities and European founders
than any other region
Looking beyond the exponential increase in capital and
cryptocurrency assets in 2017, we see a pattern of geographical
diversity between ICO founding teams and also within the teams
themselves. If the future of business ideas lies in decentralisation,
then decentralised founding teams will be a key aspect of it.
Ricky Tan
Token Data
The State of European Tech 2017
Atomico & Slush
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www.stateofeuropeantech.com22/11/2017
The State of European Tech 2017
http://preview.stateofeuropeantech.com/all-charts/
178/241
TitleNo: 6.5 GroupName: Default GroupId: 673 ChartId: 219 ArticleId: 84 ChapterId: 14
While entities registered in Europe have raised the most capital via ICOs,
founders from North America have marginally out-raised those from
Europe
Total capital raised ($M) via ICOs by region of legal entity versus region of CEO/Founder
Total capital raised ($M)1,076
1,755
453
286
29
48
177
1,315
1,226
596
277
178
6
227
Total capital raised ($M) via ICOs by region of legal entity
Total capital raised ($M) via ICOs by region of CEO/Founder
North America
Europe
Asia
Latin America
Middle East
Africa
Unknown
0
500
1000
1500
Note:
Geographical data sourced by TokenData from ICO websites, white papers and social media. Unknown captures all
ICOs where the region of legal entity or of the CEO/Founder is not known
Source: TokenData
Total capital raised ($M) via ICOs by region of legal entity versus
region of CEO/Founder
While entities registered in
Europe have raised the most
capital via ICOs, founders from
North America have marginally
out-raised those from Europe
raised by ICO projects registered
in Europe but whose founders
are based elsewhere
Switzerland's openness
to ICOs has attracted ICO
projects that have raised
significant capital
$529M
6.5
Europe leads the race to tokenize assets and
the ICO fundraising boom
18/11/2017
The State of European Tech 2017
TitleNo: 6.5 GroupName: Default GroupId: 710 ChartId: 235 ArticleId: 84 ChapterId: 14
Switzerland is a leading home to the legal entities behind ICO projects,
but not always to their founders
Top 10 countries by capital raised ($M) via ICO based on country of legal entity location and
country of CEO/Founder location
Capital raised ($M)
905
828
325
208
202
128
105
54
53
1,131
104
373
372
185
197
2
Capital raised ($M) - Legal entity
Capital raised ($M) - CEO/Founder
USA
Switzerland
Singapore
UK
Cayman Islands
Canada
Russia
Germany
France
Serbia
0
200
400
600
800
1000
1200
Source: Token Data
Top 10 countries by capital raised ($M) via ICO based on country of
legal entity location and country of CEO/Founder location
Switzerland is a leading home
to the legal entities behind ICO
projects, but not always to their
founders
Note:
Geographical data sourced by TokenData from
ICO websites, white papers and social media
Source:
TokenData
The State of European Tech 2017
Atomico & Slush
96
www.stateofeuropeantech.comMap of funds raised ($M) via ICO by country
The ICO fundraising model has allowed founders from
around the world to raise capital
6.5
Europe leads the race to tokenize assets and
the ICO fundraising boom
Photo: Jussi Hellsten
The State of European Tech 2017
Atomico & Slush
97
www.stateofeuropeantech.com22/11/2017
The State of European Tech 2017
http://preview.stateofeuropeantech.com/all-charts/
181/241
TitleNo: 6.5 GroupName: Default GroupId: 675 ChartId: 220 ArticleId: 84 ChapterId: 14
Central & Eastern Europe dominates the number of ICO projects
launched from Europe
Number of ICO projects in Europe by sub-region of legal entity versus CEO/Founder
Number of ICO projects162
90
78
46
25
35
10
171
66
48
37
24
19
8
Number of ICO projects by sub-region in Europe of legal entity
Number of ICO projects by sub-region in Europe of CEO/Founder
Central &
Eastern Europe
UK & Ireland
DACH
France &
Benelux
Southern
Europe
Baltics
Nordics
0
50
100
150
Note:
Geographical data sourced by TokenData from ICO websites, white papers and social media. Unknown captures all
ICOs where the region of the legal entity or of the CEO/Founder is not known
Source: TokenData
Number of ICO projects in Europe by sub-region of legal entity
versus CEO/Founder
Central & Eastern Europe
dominates the number of ICO
projects launched from Europe
6.5
Europe leads the race to tokenize assets and
the ICO fundraising boom
22/11/2017
The State of European Tech 2017
TitleNo: 6.5 GroupName: Default GroupId: 677 ChartId: 221 ArticleId: 84 ChapterId: 14
...but looking at the sum of capital raised by founders, the UK is just
ahead of CEE
Total capital raised ($M) via ICOs in Europe by sub-region of legal entity versus CEO/Founder
Total capital raised ($M)271
209
976
111
60
97
31
369
373
211
93
92
73
15
Total capital raised ($M) via ICOs by sub-region in Europe of legal entity
Total capital raised ($M) via ICOs by sub-region in Europe of CEO/Founder
Central &
Eastern Europe
UK & Ireland
DACH
France &
Benelux
Southern
Europe
Baltics
Nordics
0
250
500
750
1000
Note:
Geographical data sourced by TokenData from ICO websites, white papers and social media
Source: TokenData
Totl capital raised ($M) via ICOs in Europe by sub-region of legal
entity versus CEO/Founder
...but looking at the sum of
capital raised by founders, the
UK is just ahead of CEE
The State of European Tech 2017
Atomico & Slush
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TitleNo: 6.5 GroupName: Default GroupId: 712 ChartId: 236 ArticleId: 84 ChapterId: 14
European cities make up 5 of the Top 10 hubs globally for ICO projects,
including the #1 hub
Top 10 cities by number of ICO projects based on location of CEO/Founder
Number of ICO projects48
38
27
20
13
10
9
8
8
7
Number of ICO projects
M
os
co
w
Si
lic
on
Val
ley
New
Y
ork
Lo
ndon
To
ro
nt
o
St
P
et
ersburg
Lo
s An
geles
Pa
ris
Zu
ric
h
Be
rli
n
0
10
20
30
40
50
Note:
Geographical data sourced by TokenData from ICO websites, white papers and social media
Source: TokenData
Top 10 cities by number of ICO projects based on location of CEO/
Founder
European cities make up 5 of
the Top 10 hubs globally for ICO
projects, including the #1 hub
6.5
Europe leads the race to tokenize assets and
the ICO fundraising boom
22/11/2017
The State of European Tech 2017
TitleNo: 6.5 GroupName: Default GroupId: 706 ChartId: 233 ArticleId: 84 ChapterId: 14
But this is an area where everything is distributed, including the teams.
Two out of three ICO projects have founding teams located in different
countries
Share of ICO projects where founders are distributed in different countries
% of ICO projects36
35
29
54
38
56
50
64
65
71
46
63
44
50
Founders are located in same country
Founders are located in different countries
All ICO projects
Europe
North America
Asia
Latin America
Middle East
Africa
0
25
50
75
100
Note:
Geographical data sourced by TokenData from ICO websites, white papers and social media. Based on stated location
of founders. ICO projects are considered to have distributed founding teams where at least two founders are located
in different countries
Source: TokenData
Share of ICO projects where founders are distributed in different
countries
But this is an area where
everything is distributed,
including the teams. Two out of
three ICO projects have founding
teams located in different
countries
2328
2328
5493
3453
5328
2328
2328
2328
2328
1578
6335 0
45,0232328
2328
6335
5493
3453
5328
2328
2328
2328
2328
1578
6335
07
Last year we discovered how European
corporates were awakening to tech and
realising its potential and opportunity
This year we are seeing clear signs that this trend is evolving at
pace. Across the board, Europe is playing to its traditional strengths
and industrial heritage, and the relationship between old and new
industry is now characterised by partnership and collaboration.
Corporate
The State of European Tech 2017
Atomico & Slush
100
www.stateofeuropeantech.comThe perception in Europe's tech industry is
that startups need to forge closer ties with
traditional industry
7.1
22/11/2017
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185/241
TitleNo: 7.1 GroupName: Occupation GroupId: 576 ChartId: 182 ArticleId: 65 ChapterId: 15
Europe is united behind the idea that the region's tech startups need
stronger ties with traditional industries
The European tech ecosystem needs stronger ties with traditional industries
% of respondents56
57
58
49
53
60
58
48
56
2
2
2
2
1
1
1
2
1
Strongly agree
Strongly disagree
AllFounderInvestorStartup employeeCompany employee (public tech co)Company employee (non-tech)Public sector employeeStudentOther0
25
50
Note:
Strongly agree is composed of respondents answering 6 or 7 on a 7-point Likert scale. Strongly disagree is composed
of founders answering 1 or 2 on the same scale
Source: The State of European Tech Survey 2017
22/11/2017
The State of European Tech 2017
TitleNo: 7.1 GroupName: Geography GroupId: 578 ChartId: 182 ArticleId: 65 ChapterId: 15
Europe is united behind the idea that the region's tech startups need
stronger ties with traditional industries
The European tech ecosystem needs stronger ties with traditional industries
% of respondents56
38
45
49
44
47
56
41
2
5
5
6
4
5
4
6
Strongly agree
Strongly disagree
EuropeUK & IrelandFrance & BeneluxDACHNordicsBalticsSouthern EuropeCentral & Eastern Europe0
20
40
60
Note:
Strongly agree is composed of respondents answering 6 or 7 on a 7-point Likert scale. Strongly disagree is composed
of founders answering 1 or 2 on the same scale
Source: The State of European Tech Survey 2017
The European tech ecosystem needs stronger ties with traditional
industries
Europe is united behind the
idea that the region's tech
startups need stronger ties with
traditional industries
I think that traditional industries are fuelling the European tech
ecosystem in three ways. First, they can be direct investors in
startups. Second, these big companies are pools of talents for
startups. They have recruited and trained highly skilled engineers and
invested a lot in R&D, which contributes to the deep tech disruptions.
Finally, the existence of strong historic players in key sectors such as
automotive stimulates a new generation of leading innovative players
to provide tomorrow's solutions.
Fleur Pellerin
Korelya Capital
Occupation
Geography
Note:
Strongly agree is composed of respondents
answering 6 or 7 on a 7-point Likert scale.
Strongly disagree is composed of founders
answering 1 or 2 on the same scale
Source:
The State of European Tech Survey 2017
The State of European Tech 2017
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TitleNo: 7.2 GroupName: Default GroupId: 399 ChartId: 133 ArticleId: 66 ChapterId: 15
Trillions of dollars in enterprise value could be put in play
Aggregate market cap ($T) for European-listed public companies by selected industry
sectors
Market cap ($T)
2
2
1.6
1.2
1.1
0.7
0.6
0.5
Market cap ($T)
Industrial Goods & Services
Banks
Healthcare
Oil & Gas
Food & Beverage
Insurance
Retail
Automobiles & Parts
0
0.25
0.5
0.75
1
1.25
1.5
1.75
2
Note:
Market cap as of 30 September 2017
Source: London Stock Exchange
Europe's corporates are battling to defend
trillions of dollars of enterprise value
7.2
Aggregate market cap ($T) for European-listed public companies by
selected industry sectors
Trillions of dollars in enterprise
value could be put in play
Most of these traditional companies have created innovation teams
that actively look for collaboration with interesting tech companies -
for example, with companies focused on deep tech - and are looking
for ways to introduce these technologies into their standard offerings
and make their companies smarter. That's a great opportunity for
technology companies in Europe today.
Samuel Mueller
Scandit
The State of European Tech 2017
Atomico & Slush
102
www.stateofeuropeantech.com22/11/2017
The State of European Tech 2017
TitleNo: 7.2 GroupName: Default GroupId: 389 ChartId: 127 ArticleId: 66 ChapterId: 15
European corporates have different levels of focus and engagement with
European technology
Innovation activity of top European corporates
% of top European corporates
84
84
71
52
50
36
% of Top European Corporates
Have established a dedicated open
innovation unit
Procured from startups/scaleups
Invested in startups/scaleups
Run an accelerator
Invest via a dedicated Corporate VC fund
Acquired at least one startup/scaleup in
2016
0
20
40
60
80
Note:
Based on an analysis of 32 leading European corporates
Source: Open Innovation in Europe. A Snapshot of 2017 SEP Europe's Corporate Startup Stars. Mind the Bridge & Nesta, 2017
22/11/2017
The State of European Tech 2017
TitleNo: 7.2 GroupName: Default GroupId: 389 ChartId: 127 ArticleId: 66 ChapterId: 15
European corporates have different levels of focus and engagement with
European technology
Innovation activity of top European corporates
% of top European corporates
84
84
71
52
50
36
% of Top European Corporates
Have established a dedicated open
innovation unit
Procured from startups/scaleups
Invested in startups/scaleups
Run an accelerator
Invest via a dedicated Corporate VC fund
Acquired at least one startup/scaleup in
2016
0
20
40
60
80
Note:
Based on an analysis of 32 leading European c r
r
Source: Open I novation in Europe. A Snapshot of 2017

t rtup Stars. Mind the Bridge & Nesta, 2017
Innvation activity of top European corporates
European corporates have
different levels of focus and
engagement with European
technology
They are doing all the things now
- running accelerators, investing
in funds. In our fund, we have at
least twenty corporates and two
thirds of those are from France.
You go to Station F and when
you walk through the building,
there are corporate names
everywhere, everyone wants to
launch there - there are twenty
corporate accelerators in the
building. Eventually this is getting
the startup and the corporate
world closer.
Romain Lavault
Partech Ventures
Selected partnerships between European tech companies and
incumbent corporates announced in 2016 or 2017
Leading European startups are
building meaningful partnerships
with corporates for mutual
benefit
It's an interesting one for us because we have limited activity in
actual corporate investment. For us we take a broader, portfolio
approach in terms of partnerships, looking at strategically
interesting companies that we can partner with. I think there are
different ways we can extract value from it and we can deliver value
to the startups. One way is certainly equity and direct investment
but there are obviously other areas where we can get value out of
it, too. Exclusivity in our category or long-term commitment and
investment in the actual partnership.
Benjamin Lickfett
Diageo
7.2
Europe's corporates are battling to defend
trillions of dollars of enterprise value
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TitleNo: 7.2 GroupName: Default GroupId: 381 ChartId: 123 ArticleId: 66 ChapterId: 15
There is a wide variance in the level of media coverage that different
European corporates have received in articles discussing technology
Most cited STOXX Europe 50 constituents in media articles discussing "technology"
Article count indexed to #1 most cited company
100
97
91
68
53
43
39
34
29
23
22
20
16
13
10
9
9
8
6
6
5
5
4
4
3
3
3
1
# of citations, indexed to #1 most cited (BMW)
BMW
SAP
Daimler
Siemens
BNP
Adidas
Deutsche Telekom
Allianz
Bayer
Volkswagen
Vivendi
BASF
BBVA
Groupe Danone
Schneider Electric
Philips
L'Oreal
Essilor
Fresenius
Intesa Sanpaolo
Munich Re
E.ON
Total S.A.
Iberdrola
Vinci
0
10
20
30
40
50
60
70
80
90
100
110
Note:
Company list based on STOXX Europe 50 consituents as of 30 September 2017. Article count based on unique articles
containing "technology" and named company. Overall source set based on representative list of 100 European
business and tech publications
Source: Signal
67
51
41
34
Telefonica
Unilever
Nokia
Deutsche Bank
Airbus
Orange
LVMH
AXA
Santander
ING Group
Engie
Sanofi
Safran
Societe Generale
Deutsche post
ASML
Inditex
Air Liquide
Anheuser
Saint-Gobain
Eni
Enel
Unibail-Rodamco
Ahold
13
9
8
6
6
5
7
4
4
3
3
3
2
Most cited STOXX Europe 50 constituents in media articles
discussing "technology"
There is a wide variance in the level of media coverage that different
European corporates have received in articles discussing technology
If you think about well-established companies, ten years ago they
were saying that there might be a big tech company in the future
- whereas now they think "Guys, we need to put technology at the
heart of our business or otherwise we're going to be killed." It's the
beginning of a new era.
Juan Urdiales
Jobandtalent
7.2
Europe's corporates are battling to defend
trillions of dollars of enterprise value
The State of European Tech 2017
Atomico & Slush
104
www.stateofeuropeantech.comSpotting patterns in the flow of talent
between tech & traditional industry
7.3
22/11/2017
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201/253
TitleNo: 7.3 GroupName: Default GroupId: 197 ChartId: 61 ArticleId: 67 ChapterId: 15
Professional and financial services are the most important source
sectors of tech industry talent, but there are material numbers coming
from sectors such as retail and auto
Top 10 source sectors for inbound tech talent ("joiners") by industry
% of joiners
21.6
13.1
9.8
9.2
7.9
7.5
6.2
5.3
5.1
4.9
2017
Professional Services
Financial Services & Insurance
Retail & Consumer Products
Government/Education/Non-profit
Telecommunications
Media & Entertainment
Aero/Auto/Transport
Architecture & Engineering
Technology - Hardware
Healthcare & Pharmaceutical
0
2.5
5
7.5
10
12.5
15
17.5
20
22.5
Note:
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. A 'mover' is defined by LinkedIn as
somebody now working in the tech industry that has moved country or industry sector for their primary employment
between 2017 and 2016
Source: LinkedIn
22/11/2017
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TitleNo: 7.3 GroupName: Default GroupId: 896 ChartId: 252 ArticleId: 67 ChapterId: 15
For additional context, it is worth analysing a similar dataset covering
tech talent movement in 2016 provided by LinkedIn for last year's State
of European Tech
Top 10 source sectors for inbound tech talent ("joiners") by industry in 2016
% of joiners
21.7
12.9
9.4
9.3
9
7.5
5.9
5.2
5
4.7
2016
Professional Services
Financial Services & Insurance
Government/Education/Non-profit
Retail & Consumer Products
Telecommunications
Media & Entertainment
Aero/Auto/Transport
Technology - Hardware
Architecture & Engineering
Healthcare & Pharmaceutical
0
2.5
5
7.5
10
12.5
15
17.5
20
22.5
Note:
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. A 'mover' is defined by LinkedIn as
somebody now working in the tech industry that has moved country or industry sector for their primary employment
between 2016 and 2015
Source: LinkedIn
Top source sectors for inbound tech talent
("joiners") by industry
Top 10 source sectors for inbound tech talent
("joiners") by industry in 2016
Professional and financial services are the most
important source sectors of tech industry talent,
but there are material numbers coming from
sectors such as retail and auto
For additional context, it is worth analysing a
similar dataset covering tech talent movement in
2016 provided by LinkedIn for last year's State of
European Tech
If you look at Europe, you have a combination of world class universities and world
class companies historically building world class products, be that supplying to the US
or elsewhere. What we as entrepreneurs and young startups are now benefiting from
is that knowledge and those people who have worked in those industries - they're
coming on board and building the next generation of technologies.
Remo Gerber
Lilium Aviation
Note:
All interpretations of the LinkedIn data are made by Atomico, not
LinkedIn. A 'mover' is defined by LinkedIn as somebody now working in
the tech industry that has moved country or industry sector for their
primary employment between 2016 and 2015
Source:
LinkedIn
Note:
All interpretations of the LinkedIn data are made by Atomico, not
LinkedIn. A 'mver' is dfine by LinkedIn as smebody nw working in
the tech industry that has moved country or industry sector for their
primary employment between 2017 and 2016
Source:
LinkedIn
The State of European Tech 2017
Atomico & Slush
105
www.stateofeuropeantech.comNote:
All interpretations of the LinkedIn data are made by Atomico, not
LinkedIn. A 'mover' is defined by LinkedIn as somebody now working in
the tech industry that has moved country or industry sector for their
primary employment between 2016 and 2015
Source:
LinkedIn
Note:
All interpretations of the LinkedIn data are made by Atomico, not
LinkedIn. A 'mover' is defined by LinkedIn as somebody now working in
the tech industry that has moved country or industry sector for their
primary employment between 2017 and 2016
Source:
LinkedIn
22/11/2017
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TitleNo: 7.3 GroupName: Default GroupId: 193 ChartId: 60 ArticleId: 67 ChapterId: 15
The auto sector is attracting a meaningful share of talent from the
European tech industry, although companies in professional and
financial services are the biggest destination for outbound tech talent
Top destination sectors for outbound tech talent ("leavers") by industry
% of leavers
21.2
15.3
8.3
8.3
7.8
7
6.8
5.8
5.7
5.2
2017
Professional Services
Financial Services & Insurance
Government/Education/Non-profit
Retail & Consumer Products
Media & Entertainment
Telecommunications
Aero/Auto/Transport
Healthcare & Pharmaceutical
Architecture & Engineering
Technology - Hardware
0
2.5
5
7.5
10
12.5
15
17.5
20
22.5
Note:
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. A 'mover' is defined by LinkedIn as
somebody now working in the tech industry that has moved country or industry sector for their primary employment
between 2017 and 2016
Source: LinkedIn
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TitleNo: 7.3 GroupName: Default GroupId: 894 ChartId: 251 ArticleId: 67 ChapterId: 15
For additional context, it is worth analysing a similar dataset covering
tech talent movement in 2016 provided by LinkedIn for last year's State
of European Tech
Top 10 destination sectors for outbound tech talent ("leavers") by industry in 2016
% of leavers
21.1
15.8
8.2
8
8
7.4
6.3
5.8
5.5
5.5
2016
Professional Services
Financial Services & Insurance
Government/Education/Non-profit
Media & Entertainment
Retail & Consumer Products
Telecommunications
Aero/Auto/Transport
Healthcare & Pharmaceutical
Technology - Hardware
Architecture & Engineering
0
2.5
5
7.5
10
12.5
15
17.5
20
22.5
Note:
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. A 'mover' is defined by LinkedIn as
somebody now working in the tech industry that has moved country or industry sector for their primary employment
between 2016 and 2015
Source: LinkedIn
Top destination sectors for outbound tech talent
("leavers") by industry
Top 10 destination sectors for outbound tech
talent ("leavers") by industry in 2016
The auto sector is attracting a meaningful share of
talent from the European tech industry, although
companies in professional and financial services
are the biggest destination for outbound tech
talent
For additional context, it is worth analysing a
similar dataset covering tech talent movement in
2016 provided by LinkedIn for last year's State of
European Tech
7.3
Spotting patterns in the flow of talent between
tech & traditional industry
For a lot of corporates it's a big challenge to attract talent that is very strong in tech,
that has an innovation, growth mindset. I think it's an ongoing issue for corporates for
us this is a big priority. I think a lot of the answer is in culture, and orchestrating the
kind of processes to give these types of candidates the ability to have impact, and to
minimise the traffic and frustrations, obstacles and processes that are associated with
big corporates. If you look at my team, my background is in startups, most of my team
were in startups - so corporates are starting to attract this kind of talent.
Benjamin Lickfett
Diageo
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TitleNo: 7.3 GroupName: Default GroupId: 207 ChartId: 63 ArticleId: 67 ChapterId: 15
Given the size of the auto sector in France and Germany, it's not
surprising to see that there is a higher share of talent joining the tech
industry from auto companies in those two countries
Top source sectors for inbound tech talent ("joiners") by industry and country
% of joiners
Aero/Auto/Transport
Architecture & Engineering
Financial Services & Insurance
Government/Education/Non-profit
Healthcare & Pharmaceutical
Manufacturing/Industrial
Media & Entertainment
Oil & Energy
Professional Services
Retail & Consumer Products
Staffing
Technology - Hardware
Telecommunications
United Kingdom
Germany
France
Spain
Netherlands
Ireland
0
10
20
30
40
50
60
70
80
90
100
110
Note:
LinkedIn defined a sector migrant as someone who is working in an industry (e.g. tech) of as July 2017 that is
different to the industry they were working in July 2016
Source: LinkedIn
Top source sectors for inbound tech talent ("joiners") by
industry and country
Given the size of the auto
sector in France and Germany,
it's not surprising to see that
there is a higher share of talent
joining the tech industry from
auto companies in those two
countries
I am really optimistic because
we are running out of sectors to
digitise and the market is getting
very crowded which requires
more niche expertise. This sort
of niche expertise within specific
verticals, such as industrial or
logistics, is what we can grow
out of Europe and build strong
global players.
Dr. Jeannette Frstenberg
La Famiglia
18/11/2017
The State of European Tech 2017
TitleNo: 7.3 GroupName: Default GroupId: 199 ChartId: 62 ArticleId: 67 ChapterId: 15
But migration flow of talent between the tech and auto industry is a
two-way flow. In France and Germany more than one in ten people
leaving the tech industry are taking up positions at auto companies
Top destination sectors for outbound tech talent ("leavers") by industry and country
% of leavers
Professional Services
Financial Services & Insurance
Government/Education/Non-profit
Media & Entertainment
Retail & Consumer Products
Telecommunications
Healthcare & Pharmaceutical
Architecture & Engineering
Aero/Auto/Transport
Technology - Hardware
Manufacturing/Industrial
Oil & Energy
Staffing
United Kingdom
Germany
France
Spain
Netherlands
Ireland
0
10
20
30
40
50
60
70
80
90
100
110
Note:
LinkedIn defined a sector migrant as someone who is working in an industry (e.g. tech) of as July 2017 that is
different to the industry they were working in July 2016
Source: LinkedIn
Top destination sectors for outbound tech talent ("leavers")
by industry and country
But migration flow of talent
between the tech and auto
industry is a two-way flow.
In France and Germany more
than one in ten people leaving
the tech industry are taking up
positions at aero/auto/transport
companies
7.3
Spotting patterns in the flow of talent between
tech & traditional industry
Note:
LinkedIn defined a sector mover as someone
who is working in an industry (e.g. tech) of as
July 2017 that is different to the industry they
were working in July 2016
Source:
LinkedIn
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www.stateofeuropeantech.comEurope's traditional incumbents
are cash-rich and hungry
7.4
22/11/2017
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TitleNo: 7.4 GroupName: Default GroupId: 845 ChartId: 243 ArticleId: 68 ChapterId: 15
The global tech industry sits on more cash than any other industry
Total global cash holdings of all publicly-listed companies ($T) by industry
Total cash holdings ($T)1.6
1.5
1.3
0.7
0.7
0.6
0.5
0.5
0.4
0.3
Total cash holdings ($T)
TechIndustrialsConsumer DiscretionaryHealthcareMaterialsEnergyConsumer StaplesReal EstateUtilitiesTelecommunication Services0
0.5
1
1.5
Note:
Based on total cash and cash equivalents held by public equities per industry as of 30 September 2017. Non-tech
includes all industries except Financials.
Source: S&P CapitalIQ Platform
Total global cash holdings of all publicly-listed
companies ($T) by industry
The global tech industry sits
on more cash than any other
industry
share of total global cash
holdings that are held by non-
tech companies
Non-tech companies,
however, still control four
out of every five dollars sat
on publicly-listed balance
sheets
80%
22/11/2017
The State of European Tech 2017
TitleNo: 7.4 GroupName: Default GroupId: 427 ChartId: 144 ArticleId: 68 ChapterId: 15
While Europe controls a tiny share of cash held by public tech
companies, it is the largest holder of non-tech cash globally, equating to
$1.5 trillion
Share of total global cash holdings of public companies by type and region
% of global cash holdings5
53.6
11.7
9.3
6.7
13.6
23.2
18.7
20.1
13.1
3.2
21.7
Tech
Non-Tech
Europe
United States
China
Japan
Korea
Rest of world
0
10
20
30
40
50
Note:
Based on total cash and cash equivalents held by public equities per industry as of 30 September 2017. Non-tech
includes all industries except Financials.
Source: S&P CapitalIQ Platform
Share of total global cash holdings of public companies
by type and region
While Europe controls a tiny
share of cash held by public
tech companies, it is the largest
holder of non-tech cash globally,
equating to $1.5 trillion
Europe's share of the global
total of $6T in cash held on
the balance sheets of all non-
tech publicly-listed companies
(excluding companies in the
financials sectors)
European non-tech
corporates sit on more
cash than those from other
regions
23%
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TitleNo: 7.4 GroupName: Investments GroupId: 370 ChartId: 119 ArticleId: 68 ChapterId:
15
Non-tech companies have made a record number of investments into
European tech companies in 2017 and acquired ~100 tech companies
since 2016
Investments and M&A activity of non-tech corporates involving European tech companies
# of deals / # of M&A transactions34
58
82
154
164
Investments
2013
2014
2015
2016
2017
0
50
100
150
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
18/11/2017
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TitleNo: 7.4 GroupName: M&A GroupId: 372 ChartId: 119 ArticleId: 68 ChapterId: 15
Non-tech companies have made a record number of investments into
European tech companies in 2017 and acquired ~100 tech companies
since 2016
Investments and M&A activity of non-tech corporates involving European tech companies
# of deals / # of M&A transactions10
17
39
50
44
M&A
2013
2014
2015
2016
2017
0
10
20
30
40
50
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
Investments ad M&A activity of non-tech
corporates involving European tech companies
Non-tech companies have made a record number of
investments into European tech companies in 2017
and acquired ~100 tech companies since 2016
Acquisitions of tech companies by non-tech
companies
European non-tech corporates have made a
number of significant acquisitions - in some cases
for $100Ms - of tech companies in 2017
One interesting question - most countries have a
tax credit for R&D for large corporates, and that is
mostly for the internal R&D work they do. Would
we extend that tax credit to startup acquisitions
because in a way, when you acquire a startup, you
are supporting innovation? I do not make a big
difference between spending your money on your
own R&D versus spending your money to acquire a
startup to innovate. In the end, it's the same result.
It would be interesting to extend those R&D tax
credits to startup acquisitions as a way to boost
the M&A market by corporates in Europe.
Romain Lavault
Partech Ventures
7.4
Europe's traditional incumbents are
cash-rich and hungry
Investments
M&A
Note:
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
Source: Dealroom.co

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Regulation has often been seen as a
constraint on technological development:
a handcuff rather than an enabler.
Tax, data protection and employment regulation has historically
dominated news and policy agendas - and entrepreneurial mindsets.
As the ecosystem matures, however, there are increasing signals
which suggest regulation is emerging as a source of distinct
competitive advantage for European tech, at a government, industry
and company level.
Regulation
The State of European Tech 2017
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www.stateofeuropeantech.comRegulation is viewed as a barrier
to scaling European tech
8.1
22/11/2017
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TitleNo: 8.1 GroupName: Geography GroupId: 615 ChartId: 190 ArticleId: 69 ChapterId: 16
Founders in the southern European countries of Italy and Spain are the
most challenged by regulation
Does European regulation make it harder to start and scale a technology business?
% of respondents28
25
28
34
20
21
50
27
13
16
14
10
14
14
8
9
Strongly agree
Strongly disagree
EuropeUK & IrelandFrance & BeneluxDACHNordicsBalticsSouthern EuropeCentral & Eastern Europe0
20
40
Note:
Strongly agree is composed of respondents answering 6 or 7 on a 7-point Likert scale. Strongly disagree is composed
of founders answering 1 or 2 on the same scale
Source: The State of European Tech Survey 2017
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TitleNo: 8.1 GroupName: Occupation GroupId: 617 ChartId: 190 ArticleId: 69 ChapterId: 16
Founders in the southern European countries of Italy and Spain are the
most challenged by regulation
Does European regulation make it harder to start and scale a technology business?
% of respondents31
28
29
27
27
18
25
27
14
16
14
11
11
12
7
8
Strongly agree
Strongly disagree
FounderInvestorStartup employeeCompany employee (public tech co)Company employee (non-tech)Public sector employeeStudentOther0
10
20
30
Note:
Strongly agree is composed of respondents answering 6 or 7 on a 7-point Likert scale. Strongly disagree is composed
of founders answering 1 or 2 on the same scale
Source: The State of European Tech Survey 2017
Does European regulation make it harder to start and scale a
technology business?
Founders in the southern
European countries of Italy and
Spain are the most challenged
by regulation
The main challenge for European companies to scale up is the size of
the market. A truly unified market with more common rules can help a
lot of entrepreneurs. Furthermore, entrepreneurs need legal stability in
order to launch new products and to innovate, they cannot do it if the
legal ecosystem threatens to change. Entrepreneurs need to have faith
in Europe, that means Europe needs to show them they can.
Xavier Niel
Station F
Geography
Occupatin
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TitleNo: 8.1 GroupName: Sub-regional level GroupId: 547 ChartId: 178 ArticleId: 69
ChapterId: 16
Tax, data protection/privacy and employment regulations are the biggest
challenges for European founders overall, but the top challenges vary
significantly by country and sub-region
Which one area of regulation do you view as most challenging for your company?
% of founder respondents24
4
4
19
3
2
24
5
12
35
4
7
5
7
3
22
23
11
8
28
30
14
5
2
1
5
38
6
6
2
24
11
6
6
5
23
20
18
2
0
4
2
UK & Ireland
France & Benelux
DACH
Southern Europe
Nordics
Baltics
Central & Eastern Europe
TaxData protection and privacyEmploymentLicensing & certificationPatentsCompetitionNone of these areasData localisationConsumer protectionCopyright0
20
40
Note:
Founder respondents only. Numbers may not add to 100 due to rounding
Source: The State of European Tech Survey 2017
22/11/2017
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TitleNo: 8.1 GroupName: Country level GroupId: 723 ChartId: 178 ArticleId: 69 ChapterId:
16
Tax, data protection/privacy and employment regulations are the biggest
challenges for European founders overall, but the top challenges vary
significa tly by cou try and sub-region
Which one area of regulation do you view as most challenging for your company?
% of founder respondents24
19
5
5
4
4
3
26
19
24
12
0
9
4
33
7
7
4
4
2
0
32
12
0
12
8
12
4
36
22
16
7
2
3
3
12
35
21
6
5
5
7
3
Europe
France
Germany
Italy
Spain
United Kingdom
TaxData protection and privacyEmploymentLicensing & certificationPatentsCompetitionNone of these areasData localisationConsumer protectionCopyright0
10
20
30
Note:
Founder respondents only. Numbers may not add to 100 due to rounding
Source: The State of European Tech Survey 2017
Which one area of regulatio do you view as mos
challenging for yur company?
Tax, data protection/privacy and
employment regulations are the
biggest challenges for European
founders overall, but the top
challenges vary significantly by
country and sub-region
8.1
Regulation is viewed as a barrier to
scaling European tech
Sub-regional level
Country level
We need a smart regulatory environment that appropriately addresses market abuse
and distortion without limiting innovation and adoption of new technologies. It is also
important that the policymakers and governments adapt to the changing world of work.
Preserving vested interests and protecting old structures should not be used as reasons
not to allow new innovations to break through, as we will once again see that creative
destruction will open new opportunities and generate further prosperity and wellbeing to
our societies.
Alex Stubb
European Investment Bank
The State of European Tech 2017
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www.stateofeuropeantech.comRegulation is an opportunity for
competitive advantage at all levels
8.2
22/11/2017
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TitleNo: 8.2 GroupName: Sub-regions GroupId: 129 ChartId: 40 ArticleId: 70 ChapterId: 16
There is broad agreement across Europe's tech community that
regulatory change to incentivise the development of AI, blockchain and
autonomous vehicles should be prioritised
If your government was to prioritise regulatory changes to incentivise one new area of
technology, which should it be?
% of respondents35
22
4
3
41
17
26
12
36
24
23
4
28
27
31
8
4
33
22
28
7
36
25
21
11
3
27
18
34
5
14
30
22
31
9
4
Europe
UK & Ireland
France & Benelux
DACH
Southern Europe
Nordics
Baltics
Central & Eastern Europe
Artificial
Intelligence
Autonomous
Vehicles
Crypto/blockchain
Drones
Gene editing
Personal Aircraft
("flying cars")
0
10
20
30
40
Source: The State of European Tech Survey 2017
22/11/2017
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TitleNo: 8.2 GroupName: Countries GroupId: 730 ChartId: 40 ArticleId: 70 ChapterId: 16
There is broad agreement across Europe's tech community that
regulatory change to incentivise the development of AI, blockchain and
autonomous vehicles should be prioritised
If your government was to prioritise regulatory changes to incentivise one new area of
technology, which should it be?
% of respondents26
18
47
2
42
23
21
8
3
29
29
29
3
23
17
37
8
13
2
38
29
21
8
25
41
5
5
41
17
25
12
Denmark
France
Germany
Latvia
Sweden
Switzerland
United Kingdom
Artificial
Intelligence
Autonomous
Vehicles
Crypto/blockchain
Drones
Gene editing
Personal Aircraft
("flying cars")
0
10
20
30
40
50
Source: The State of European Tech Survey 2017
22/11/2017
The State of European Tech 2017
TitleNo: 8.2 GroupName: Occupation GroupId: 731 ChartId: 40 ArticleId: 70 ChapterId: 16
There is broad agreement across Europe's tech community that
regulatory change to incentivise the development of AI, blockchain and
autono ous vehicles should be prioritis
If your government was to prioritise regulatory changes to incentivise one new area of
technology, which should it be?
% of respondents35
20
4
3
31
24
29
11
35
40
23
21
4
4
37
25
11
25
18
6
5
30
21
12
36
28
4
1
Founder
Investor
Startup employee
Company employee (public tech co)
Company employee (non-tech)
Public sector employee
Student
Other
Artificial
Intelligence
Autonomous
Vehicles
Crypto/blockchain
Drones
Gene editing
Personal Aircraft
("flying cars")
0
10
20
30
40
Source: The State of European Tech Survey 2017
If your government was to prioritise regulatory changes to incentivise
one new area of technology, which should it be?
There is broad agreement
across Europe's tech community
that regulatory change to
incentivise the development of
AI, blockchain and autonomous
vehicles should be prioritised
of founders would prioritise
regulatory changes to incentivise
the development of AI
Founders seek greater
clarity on how AI can
be applied in regulated
industries
35%
Sub-regions
Countries
Occupation
Source:
The State of European Tech Survey 2017
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www.stateofeuropeantech.comIn the past few decades tech entrepreneurs have transformed
unregulated industries. Now tech is turning to regulated industries,
such as health or education. We're going after the most difficult
societal issues, and searching for the greatest solutions.
We also need to continue to push our European policy on both
competition and regulation in the EU market. New regulatory
frameworks at EU level are necessary to support the development of
emerging tech and market trends, like blockchain or eSports.
Barnaby Hussey-Yeo
Cleo
Fleur Pellerin
Korelya Capital
Priority technology area for regulatory changes to incentivise
development by country of survey respondent
There are different views on the
key area for regulatory change
depending on the country
We are seeing very encouraging approaches to regulation across
various European states, from the UK to France, from Estonia to Malta
and Slovenia; additional guidance from the EU at this stage would
certainly be welcome and should not be delayed. This is a very fluid
and distributed industry, a heavy hand from the regulator could be
very costly, but so would protracted uncertainty and doubt. The ideal
scenario would be for a European authority to enable fully-tokenised
equity structures, which would be a complete game changer.
Stefano Bernardi & Yannick Roux
Token Economy
8.2
Regulation is an opportunity for
competitive advantage at all levels
Note:
Both Germany and the Netherlands voted for
AI/blockchain in equal measure
Source:
The State of European Tech Survey 2017
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TitleNo: 8.2 GroupName: Default GroupId: 383 ChartId: 124 ArticleId: 70 ChapterId: 16
European media attention has concentrated heavily on the role of
regulation and technology in the financial services sector. There is far
less discussion around key verticals, such as healthcare or education
Relative level of media coverage by industry vertical of articles mentioning technology and
regulation
Indexed article count rebased to #1 mostcited industry vertical, where FinancialServices = 100100
39
34
26
13
5
1
1
1
0
Indexed article count, rebased to Financial Services
Fina
nc
ia
l Servic
es
Tran
sporta
tio
n
Au
to
m
ot
iveAg
ric
ul
tu
reLo
gi
st
ic
s
In
su
ra
nc
eEduc
at
io
n
Lega
l
Heal
th
ca
reRe
al
E
st
at
e
0
25
50
75
100
Note:
Based on unique articles containing "technology" and "regulation" and selected industry verticals. Overall source set
based on representative list of 100 leading European business and tech publications between Jan & Oct 2017
Source: Signal
Relative level of media coverage by industry vertical of articles
mentioning technology and regulation
European media attention has
concentrated heavily on the role
of regulation and technology in
the financial services sector.
There is far less discussion
around key verticals, such as
healthcare or education
Whilst Natural Cycles becoming the first app to be certified as a
contraceptive might be considered a competitive advantage, we
like to think of it as us paving the way for other medical apps and
creating a new standard for the industry as a whole. Regulation
requires high quality clinical research and ensures that the rights and
safety of consumers and society at large are protected.
Elina Berglund-Scherwitzl
CTO & Co-founder | Natural Cycles
birth control app to be certified
as a contraception method by
European authorities
Companies such as
Sweden's Natural Cycles
are seeing regulation as
a source of competitive
advantage
1st
8.2
Regulation is an opportunity for
competitive advantage at all levels
The State of European Tech 2017
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www.stateofeuropeantech.comStatus of the regulatory landscape in selected European countries
for the commercial use of key new technologies
Current regulatory frameworks in Europe are not ready for the
commercial deployment of key new technologies
Public policy is a mid-to long-term game. We can either have a digital
single market that tries to preserve what Europe was strong at for
the last 50 years or we can have a digital single market that opens
up to what Europe will be strong at for the next 20 to 50 years. So
if we speak about what single market we want, this is really about
where we set the bar in terms of new market entrants and whether
we make it easy for them to access the market or whether we make
it harder.
Lenard Koschwitz
Allied for Startups
8.2
Regulation is an opportunity for
competitive advantage at all levels
Note:
This is intended as an indicative overview of the state of European regulation as of

November 2017
Source: Atomico research
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Europe doesn't always do a great job of
championing its successes
European tech has had a standout year: we have some serious billion
dollar success stories in our midst.
Success Stories
& Exits
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www.stateofeuropeantech.comEurope's billion-dollar
success stories
9.1
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TitleNo: 9.1 GroupName: Default GroupId: 453 ChartId: 152 ArticleId: 71 ChapterId: 17
Europe has now produced 41 tech companies that have achieved $B+
valuations through private market investment rounds, via an acquisition
or through a valuation in the public markets post-IPO
Number of European $B+ companies founded since 2003
Cumulative # of $B+ companies founded since 20031
2
3
7
11
19
28
34
41
Cumulative
2005
2010
2011
2012
2013
2014
2015
2016
2017
0
10
20
30
40
Note:
Several companies that were formerly valued above $B+ have since fallen below that mark. These include Home24,
Monitise, Powa, Soundcloud, Ulmart, Ve Interactive, Wonga
Source: Atomico research
Number of Europea$B+ companies founded since 2003
Europe has now produced
41 tech companies that have
achieved $B+ valuations through
private market investment
rounds, via an acquisition or
through a valuation in the public
markets post-IPO
Today in Europe we've created
so many fantastic companies
over the last seven to ten
years, so now there is so much
talent. More smart people from
universities are choosing to go
into tech. You have everything
in Europe to create billion dollar
companies, ten billion dollar
companies or maybe even
hundred billion dollar companies.
Niklas Zennstrm
Atomico
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www.stateofeuropeantech.comEuropean billion-dollar companies by valuation
The UK has produced the most
$B+ companies, but they have
now emerged from 11 different
countries across Europe since
2003
I believe Europe will continue
to lead in industries where
creativity, tradition and
craftsmanship are key, such as
fashion. It is no coincidence
that the largest players in online
luxury fashion are European.
In fact, even in the more mass
market companies like Zalando.
ASOS, inditex, Adidas, are clearly
leading the way both off- and
online with a high degree of
technological innovation.
Jos Neves
Farfetch
9.1
Europe's billion-dollar success stories
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www.stateofeuropeantech.comEuropean companies that surpassed a $B+ valuation for the first time
in 2017, either through a private investment round, via an acquisition
or through passing a $B+ valuation in the public markets for the first
time since IPO
Europe has seen seven companies surpass a
billion-dollar valuation for the first time in 2017
9.1
Europe's billion-dollar success stories
Netherlands
UK
Slovenia
UK
Finland
France
UK
Photo: Samuli Pentti
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Europe is on track for another $75B+ of
M&A exit value in 2017
9.2
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TitleNo: 9.2 GroupName: M&A exit value GroupId: 361 ChartId: 115 ArticleId: 73
ChapterId: 17
Company
Sector
Company
status
Year
founded
Year first
reached $B+
Country
Latest
valuation
($B)
Funding Circle
Financial Services
Private
2010
2015
UK
1
Qiwi
Enterprise Apps
Public
2007
2013
Russia
1
Source: Dealroom.co
Total M&A exit value is tracking towards another $75B+ year in 2017
European M&A exit value ($B) by company type (VC-backed or not)
4.1
13.6
43.5
47.6
48.7
25.7
11
27.7
57.3
30.9
129.2
53.5
VC-backed exit value ($B)
Non-VC-backed exit value ($B)
2012
2013
2014
2015
2016
2017 9M
Note:
M&A exit value based on total enterprise value of all tracked transactions
Source: Dealroom.co
22/11/2017
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TitleNo: 9.2 GroupName: M&A exit count GroupId: 363 ChartId: 115 ArticleId: 73
ChapterId: 17
Total M&A exit value is tracking towards another $75B+ year in 2017
European M&A exit value ($B) by company type (VC-backed or not)
45
72
111
228
262
223
41
61
113
449
406
395
VC-backed exit count
Non-VC-backed exit count
2012
2013
2014
2015
2016
2017 9M
Note:
M&A exit value based on total enterprise value of all tracked transactions
Source: Dealroom.co
European M&A exit value ($B) by company type (VC-backed or not)
Total M&A exit value is tracking
towards another $75B+ year in
2017
M&A exit value
M&A exit value
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TitleNo: 9.2 GroupName: Exit value: $0-100M GroupId: 366 ChartId: 117 ArticleId: 73
ChapterId: 17
Europe is on track for a record high number of VC-backed exits in 2017
VC-backed M&A exit count by deal size
# of deals9
17
24
41
44
44
$0-100M
2012
2013
2014
2015
2016
2017 9M
0
10
20
30
40
Source: Dealroom.co
22/11/2017
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TitleNo: 9.2 GroupName: Exit value: $250-500M GroupId: 856 ChartId: 117 ArticleId: 73
ChapterId: 17
Europe is on track for a record high number of VC-backed exits in 2017
VC-backed M&A exit count by deal size
# of deals2
3
4
9
11
6
$250-500M
2012
2013
2014
2015
2016
2017 9M
0
2.5
5
7.5
10
Source: Dealroom.co
22/11/2017
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TitleNo: 9.2 GroupName: Exit value: Undisclosed GroupId: 858 ChartId: 117 ArticleId: 73
ChapterId: 17
Europe is on track for a record high number of VC-backed exits in 2017
VC-backed M&A exit count by deal size
# of deals28
43
59
155
180
161
Undisclosed
2012
2013
2014
2015
2016
2017 9M
0
50
100
150
Source: Dealroom.co
22/11/2017
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TitleNo: 9.2 GroupName: Exit value: $100-250M GroupId: 855 ChartId: 117 ArticleId: 73
ChapterId: 17
Europe is on track for a record high number of VC-backed exits in 2017
VC-backed M&A exit count by deal size
# of deals5
4
12
13
15
7
$100-250M
2012
2013
2014
2015
2016
2017 9M
0
5
10
15
Source: Dealroom.co
22/11/2017
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TitleNo: 9.2 GroupName: Exit value: $500M+ GroupId: 857 ChartId: 117 ArticleId: 73
ChapterId: 17
Europe is on track for a record high number of VC-backed exits in 2017
VC-backed M&A exit count by deal size
# of deals1
5
12
10
12
5
$500M+
2012
2013
2014
2015
2016
2017 9M
0
2.5
5
7.5
10
12.5
Source: Dealroom.co
VC-backed M&A exit count by deal size
Europe is on track for a record high number of
VC-backed exits in 2017
Exit value: $0-100M
Exit value: $250M-500M
Exit value: Undisclosed
Exit value: $100M-250M
Exit value: $500M+
9.2
Europe is on track for another
$100B of M&A exit value in 2017
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The State of European Tech 2017
TitleNo: 9.2 GroupName: Default GroupId: 368 ChartId: 118 ArticleId: 73 ChapterId: 17
European tech companies are overwhelmingly acquired by European
buyers
M&A exits by buyer country by year
# of deals19
34
46
122
152
127
23
51
60
53
3
2
3
11
8
3
10
8
24
21
21
Europe
USA and Canada
Asia
Other (Incl. unknown buyer country)
2012
2013
2014
2015
2016
2017 (9M)
0
50
100
150
Source: Dealroom.co
M&A exits by buyer country by year
European tech companies are overwhelmingly
acquired by European buyers
9.2
Europe is on track for another
$100B of M&A exit value in 2017
Photo: Samuli Pentti
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www.stateofeuropeantech.comEuropean tech has delivered
another strong year of IPOs
9.3
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TitleNo: 9.3 GroupName: Tech IPOs GroupId: 407 ChartId: 136 ArticleId: 74 ChapterId: 17
Europe has had the most tech IPOs globally in 2017
Number of tech IPOs by region
Number of tech IPOs22
29
41
43
49
38
31
34
39
26
20
17
Europe - Tech IPOs
US - Tech IPOs
2012
2013
2014
2015
2016
2017 (9M)
0
10
20
30
40
50
Source: London Stock Exchange
22/11/2017
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ChapterId: 17
Europe has had the most tech IPOs globally in 2017
Number of tech IPOs by region
Number of tech IPOs1
3
9
10
3
4
16
10
10
13
7
5
Europe - Sponsor
US - Sponsor
2012
2013
2014
2015
2016
2017 (9M)
0
5
10
15
Source: London Stock Exchange
Number of tech IPOs by region
Europe has had the most tech
IPOs globally in 2017
Tech IPOs
Sponsor-backed Tech IPOs
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www.stateofeuropeantech.comNumber of tech IPOs by market cap at IPO by year
and region
There have been 6 $B+ tech IPOs from Europe in
the first nine months of 2017
9.3
European tech has delivered
another strong year of IPOs
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TitleNo: 9.3 GroupName: Market cap of $1B+ GroupId: 417 ChartId: 139 ArticleId: 74
ChapterId: 17
There have been 6 $B+ tech IPOs from Europe in the first nine months of
2017
Number of tech IPOs by market cap at IPO by year and region
Number of tech IPOs by market cap at IPO0
0
10
5
3
6
8
11
10
11
5
9
Europe - $1B+
US - $1B+
2012
2013
2014
2015
2016
2017 (9M)
0
2.5
5
7.5
10
Source: London Stock Exchange
22/11/2017
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TitleNo: 9.3 GroupName: Market cap of <$1B GroupId: 774 ChartId: 139 ArticleId: 74
ChapterId: 17
There have been 6 $B+ tech IPOs from Europe in the first nine months of
2017
Number of tech IPOs by market cap at IPO by year and region
Number of tech IPOs by market cap at IPO22
29
31
38
46
32
23
23
29
15
15
8
Europe - <$1B
US - <$1B
2012
2013
2014
2015
2016
2017 (9M)
0
10
20
30
40
50
Source: London Stock Exchange
Market cap of $1B+
Market cap of < $1B
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www.stateofeuropeantech.comProceeds raised ($B) by funding type and region
European tech companies have raised $6B+ via the
public capital markets in the first nine months of
2017, exceeding proceeds raised in US tech IPOs
9.3
European tech has delivered
another strong year of IPOs
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TitleNo: 9.3 GroupName: IPO GroupId: 411 ChartId: 137 ArticleId: 74 ChapterId: 17
European tech companies have raised $6B+ via the public capital
markets in the first nine months of 2017, exceeding proceeds raised in
US tech IPOs
Proceeds raised ($B) by funding type and region
Proceeds raised ($B)0.3
20.6
1.4
7.1
9.9
7.7
10.6
8.7
4.6
2.2
6.4
6.3
2012
2013
2014
2015
2016
2017 (9M)
Europe - IPO
US - IPO
0
5
10
15
20
Source: London Stock Exchange
22/11/2017
The State of European Tech 2017
TitleNo: 9.3 GroupName: Follow-on GroupId: 413 ChartId: 137 ArticleId: 74 ChapterId: 17
European tech companies have raised $6B+ via the public capital
markets in the first nine months of 2017, exceeding proceeds raised in
US tech IPOs
Proceeds raised ($B) by funding type and region
Proceeds raised ($B)4.7
6.2
12.8
19.7
7.3
15.2
8.4
15
15.2
9.8
5.5
14.4
2012
2013
2014
2015
2016
2017 (9M)
Europe - Follow-on
US - Follow-on
0
5
10
15
20
Source: London Stock Exchange
IPO
Follow on
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www.stateofeuropeantech.comNumber of tech IPOs by proceeds raised at IPO by
year and region
Europe is traditionally stronger for smaller listings,
but since 2012 the region has also seen more large
offerings of $500M+ than the US
9.3
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another strong year of IPOs
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TitleNo: 9.3 GroupName: Europe GroupId: 414 ChartId: 138 ArticleId: 74 ChapterId: 17
Europe is tradit onally stronger for smaller listings, but since 2012 the
region has also seen more large offerings of $500M+ than the US
Number of tech IPOs by proceeds raised at IPO by year and region
Number of tech IPOs20
25
25
30
40
29
2
4
8
9
8
7
0
0
8
4
1
2
Europe - <$100M
Europe - $100-500M
Europe - $500M+
2012
2013
2014
2015
2016
2017 (9M)
0
10
20
30
40
Source: London Stock Exchange
22/11/2017
The State of European Tech 2017
TitleNo: 9.3 GroupName: US GroupId: 416 ChartId: 138 ArticleId: 74 ChapterId: 17
Europe is traditionally stronger for smaller listings, but since 2012 the
region has also seen more large offerings of $500M+ than the US
Number of tech IPOs by proceeds raised at IPO by year and region
Number of tech IPOs11
14
12
10
9
7
17
19
24
11
11
9
3
1
3
5
0
1
US - <$100M
US - $100-500M
US - $500M+
2012
2013
2014
2015
2016
2017 (9M)
0
5
10
15
20
25
Source: London Stock Exchange
Europe
US
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www.stateofeuropeantech.comAverage share of primary versus secondary shares sold at IPO by
region
European markets better understand the importance of liquidity and
so are more open to existing investors selling down their position
at IPO. As a result, there is a much higher share of secondary share
sales than in the US
9.3
European tech has delivered
another strong year of IPOs
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TitleNo: 9.3 GroupName: Europe GroupId: 419 ChartId: 140 ArticleId: 74 ChapterId: 17
European markets better understand the importance of liquidity and so
are more open to exi ting investors selling down their position at IPO. As
a result, there is a much higher share of secondary share sales than in
the US
Average share of primary versus secondary shares sold at IPO by region
% share of primary versus secondary shares sold at IPO99
87
73
72
67
77
2
13
27
25
33
23
Average of Primary % Sold - Europe
Average of Secondary % Sold - Europe
2012
2013
2014
2015
2016
2017 (9M)
0
25
50
75
100
Source: London Stock Exchange
22/11/2017
The State of European Tech 2017
TitleNo: 9.3 GroupName: US GroupId: 787 ChartId: 140 ArticleId: 74 ChapterId: 17
European markets better understand the importance of liquidity and so
are more open to existing investors selling down their position at IPO. As
a result, there is a much higher share of secondary share sales than in
the US
Average share of primary versus secondary shares sold at IPO by region
% share of primary versus secondary shares sold at IPO86
87
89
97
98
95
14
13
11
3
2
5
Average of Primary % Sold - US
Average of Secondary % Sold - US
2012
2013
2014
2015
2016
2017 (9M)
0
25
50
75
100
Source: London Stock Exchange
Europe
US
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TitleNo: 9.3 GroupName: Default GroupId: 421 ChartId: 141 ArticleId: 74 ChapterId: 17
European tech IPO vintages have often outperformed those in the US in
aftermarket performance, including in 2017
Weighted aftermarket performance of European tech IPOs by vintage year
Weighted aftermarket performance, offer date to 30September 201730
56
22
74
37
24
333
27
71
43
66
6
Europe
US
2012
2013
2014
2015
2016
2017 (9M)
0
100
200
300
Source: London Stock Exchange
Weighted aftermarket performance of European tech
IPOs by vintage year
European tech IPO vintages have
often outperformed those in the
US in aftermarket performance,
including in 2017
22/11/2017
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TitleNo: 9.3 GroupName: Default GroupId: 423 ChartId: 142 ArticleId: 74 ChapterId: 17
Europe still has a long way to go. Despite adding nearly $350B in total
market value since 2012 and more than doubling the total market cap of
public European tech companies to $657B, this has been eclipsed by
value creation from US and China in that period
Total market cap ($B) of public tech companies by region
Aggregate market cap ($B)331
2,956
213
675
5,455
1,011
2012
2017
Europe
US
China
0
1k
2k
3k
4k
5k
6k
Source: London Stock Exchange
Total market cap ($B) of public tech companies by region
Europe still has a long way to
go. Despite adding nearly $350B
in total market value since 2012
and more than doubling the total
market cap of public European
tech companies to $657B, this
has been eclipsed by value
creation from US and China in
that period
9.3
European tech has delivered
another strong year of IPOs
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www.stateofeuropeantech.comMost valuable public companies by region and type
There are no tech companies
in the top 10 most valuable
companies in Europe, whereas
the top five from the US and the
top two from China are all tech
companies
market cap of SAP, Europe's
most valuable tech company
Europe's most valuable tech
company is much more
valuable than most people
think
$135B
Note:
Market cap as of 31 October 2017
Source:
S&P CapitalIQ Platform
9.3
European tech has delivered
another strong year of IPOs
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Taking a data-fuelled sledgehammer to
some of the biggest myths about the
European tech ecosystem
Part of the reason we feel so passionate about this research is the
opportunity to challenge common misconceptions about European
technology, and truly reflect the reality of what's happening on the
ground.
Mythbusting
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www.stateofeuropeantech.com10.1
Myth #1: European venture
does not deliver returns
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TitleNo: 10.1 GroupName: Default GroupId: 748 ChartId: 239 ArticleId: 78 ChapterId: 18
Since the dotcom era, European venture capital performance has
improved dramatically
Top quartile performance (net internal rate of return) of EIF-backed VC funds by vintage year
Net internal rate of return (%)-5.5
6.6
3
0
11.9
7.4
16.7
23.1
22.3
16.1
18.5
12.5
24.9
19.1
Net IRR
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
-10
0
10
20
Note:
Data for VC funds raised in 2003 is not meaningful
Source: European Investment Fund
Top quartile performance (net internal rate of return) of EIF-backed
VC funds by vintage year
Since the dotcom era, European
venture capital performance has
improved dramatically
Photo: Sami Vlikangas
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www.stateofeuropeantech.com10.2
Myth #2: European VCs don't
cross borders
22/11/2017
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TitleNo: 10.2 GroupName: Default GroupId: 541 ChartId: 175 ArticleId: 77 ChapterId: 18
Again, not so. For rounds of $10M+, European VCs actually invest outside
of their domestic market more often than they make investments at
home
% of investments made by European VCs into international (non-domestic) companies by
size of round ($M)
% of investments
23
32
38
51
53
65
% of 2017 investment rounds
$0-2M
$2-5M
$5-10M
$10-20M
$20-50M
$50M+
0
10
20
30
40
50
60
70
Source: Dealroom.co
% of investments made by European VCs into
international (non-domestic) companies by size
of round ($M)
Again, not so. For rounds of $10M+, European VCs
actually invest outside of their domestic market
more often than they make investments at home
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www.stateofeuropeantech.comMyth #3: Europe's public market
investors don't get tech
10.3
22/11/2017
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TitleNo: 10.3 GroupName: Default GroupId: 539 ChartId: 174 ArticleId: 76 ChapterId: 18
Untrue. Europe is building an increasingly sophisticated base of public
market investors with strong tech investment credentials
Most active public market investors in publicly-listed European tech companies
# of public tech company holdings
24
21
21
21
19
19
18
16
14
# of public tech companies invested in
SwedbankRobur Fonder
NorgesBank Investment Management
Schroder Investment Management
FIL Investment Advisors
Legal & General Investment Management
Standard Life Investments
Old Mutual Global Investors
Allianz Global Investors
Baillie Gifford
0
5
10
15
20
25
Source: London Stock Exchange
Most active public market investors in publicly-listed European tech
companies
Untrue. Europe is building an
increasingly sophisticated base
of public market investors
with strong tech investment
credentials
In recent years we have witnessed deepening sophistication of the
European investor base across a range of tech sectors. We see that
evidenced in London where the "valuation gap" to US competitors is no
longer a factor. Tech IPOs in the US this year have seen mixed success,
yet across Europe we have seen good tech companies deliver solid IPOs
backed by knowledgeable institutional investors.
Nikhil Rathi
London Stock Exchange PLC
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As we close the door on 2017, we cast our
eyes to the year ahead
Some say that making predictions is a dangerous game, but making
educated guesses based upon the latest data can be quite smart.
Having analysed the shifts and trends of European technology in 2017,
here are four key trends that Tom Wehmeier, the report's author,
foresees in 2018.
What's next
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www.stateofeuropeantech.comPredictions for European
tech in 2018 from report
author, Tom Wehmeier
11.1
Founders will come to see regulation as a source of potential
competitive advantage
The 'move fast and break things' mentality has never sat well
with heavily-regulated markets. As founders realise that they can
gain an advantage through regulatory compliance, it will go from
being seen as a perceived handcuff to being a potential source of
competitive advantage. Think of Natural Cycles, Kry or Babylon in the
healthcare market. They are all early examples of companies that
have embarked upon - and come out of the other side of - lengthy
regulatory approval processes to gain an an advantage on their
competitors.
A venture-backed European tech startup will exit for a $B+ to a
traditional non-tech European giant
Non-tech European corporates have already made billion-dollar tech
acquisitions (Anglo-Dutch Unilever picked up Dollar Shave Club),
but acquisitions within Europe have typically been in the hundreds
of millions (for example, BNP Paribas and Compte Nickel). This will
change in 2018 as European non-tech corporates put some of their
combined $1.5 trillion cash holdings to work.
European founders will increase efforts to tap engineering talent
pools outside of traditional hubs
A top-tier, established European VC will participate in a token
offering/ICO
In 2017, top-tier US funds (including Andreessen Horowitz and Union
Square Ventures) actively invested directly in tokens via Initial Coin
Offerings. They were joined by some of Europe's newest funds, such
as Blueyard. But the region's most established funds have yet to
participate. This will change in 2018.
The battle for talent in Europe is intensifying. Not only are there
more venture-backed startups that are better funded and hungrier
for engineering talent than ever, but global tech giants are also
expanding aggressively in the region with inflated salaries on offer
for the most talented. At the same time, European corporates are
fighting back, ensuring talent flows are not a one-way street into
tech. In order to stay competitive in this context, European founders
will look for creative ways to best exploit the untapped engineering
talent pools in less obvious places. For example, we expect to see
more satellite offices opening up across the region in upcoming hubs.
Prediction #1
Prediction #2
Prediction #3
Prediction #4
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The State of European Tech Report 2017:
how we did it
In these pages we share the methodologies behind the data in this
report, including the State of European Tech Survey 2017.
Sign up to the Atomico mailing list
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Appendix
The State of European Tech 2017
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www.stateofeuropeantech.comSurvey respondents
12.1
22/11/2017
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TitleNo: 12.1 GroupName: Default GroupId: 97 ChartId: 30 ArticleId: 80 ChapterId: 20
Geographic origin of survey respondents
% of respondents
25
21.4
12.1
11.1
10.5
7.8
6.6
3.5
2
%
Nordics
UK & Ireland
Southern Europe (Greece, Italy, Portugal,
Spain)
France & Benelux
DACH
Rest of Europe
Baltics
Rest of world
United States
0
5
10
15
20
25
Note:
Number may not add to 100 due to rounding
Source: Survey
22/11/2017
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TitleNo: 12.1 GroupName: Default GroupId: 93 ChartId: 28 ArticleId: 80 ChapterId: 20
Gender of respondents
% of respondents
74.8
24.3
0.9
%
Male
Female
Prefer not to say
0
10
20
30
40
50
60
70
80
Note:
Number may not add to 100 due to rounding
Source: Survey
22/11/2017
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TitleNo: 12.1 GroupName: Default GroupId: 95 ChartId: 29 ArticleId: 80 ChapterId: 20
Occupation of survey respondents
% of respondents
32.7
16.4
15.9
13.3
6.4
5.9
5.1
4.3
%
Founder
Investor
Startup employee
Company employee (non-tech)
Company employee (public tech co)
Student
Other
Public sector employee
0
5
10
15
20
25
30
35
Note:
Number may not add to 100 due to rounding
Source: Survey
Geographic origin of survey respondents
Gender of respondents
Occupation of survey respondents
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www.stateofeuropeantech.comMore about our partners
12.2
About Craft
About Dealroom.co
About Invest Europe
About European Investment
Fund
Craft is a machine-learning powered data and analytics platform
building the "Source of Truth" on companies and mapping the global
economy. The Company organizes financial, operating and human
capital data from thousands of sources to provide comprehensive,
up-to-date sector and company profiles, ranging from early-stage to
the largest companies in the world.
Dealroom.co helps corporations, investment firms and governments
to track innovative companies and identify strategic opportunities,
through data-driven software.
Invest Europe is the association representing Europe's private equity,
venture capital and infrastructure sectors, as well as their investors.

Invest Europe's members take a long-term approach to investing in
privately held companies, from start-ups to established firms. They
inject not only capital but dynamism, innovation and expertise. This
commitment helps deliver strong and sustainable growth, resulting
in healthy returns for Europe's leading pension funds and insurers, to
the benefit of the millions of European citizens who depend on them.

Invest Europe aims to make a constructive contribution to
policy affecting private capital investment in Europe. We provide
information to the public on our members' role in the economy. Our
research provides the most authoritative source of data on trends
and developments in our industry.
Invest Europe is the guardian of the industry's professional
standards, demanding accountability, good governance and
transparency from our members. Invest Europe is a non-profit
organisation with 25 employees in Brussels, Belgium. For more
information please visit www.investeurope.eu
The European Investment Fund is a specialist provider of risk finance
to benefit small and medium-sized enterprises (SME) across Europe.
It forms part of the EIB Group. Its shareholders are the European
Investment Bank (EIB), the European Union, represented by the
European Commission, and a wide range of public and private banks
and financial institutions.
The EIF carries out its activities using either its own resources or
those provided by the European Investment Bank, the European
Commission, by EU Member States or other third parties.
By developing and offering targeted financial products to
intermediaries, such as banks, guarantee and leasing companies,
micro-credit providers and private equity funds, EIF seeks to enhance
SME's access to finance.
The State of European Tech 2017
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www.stateofeuropeantech.comAbout London Stock Exchange
About LinkedIn
London Stock Exchange is the world's most international capital
market. Over 2,400 companies from more than 90 countries are
quoted across its markets, with a combined value of over 4 trillion.
London Stock Exchange's markets include the Main Market London's
flagship venue for equity, debt and exchange traded products, offering
businesses access to Europe's most liquid pool of capital and AIM
the world's leading market for small and growing companies.
LinkedIn connects the world's professionals to make them more
productive and successful and transforms the ways company hire
and sell. Our vision is to create economic opportunity for every
member of the global workforce through the ongoing development of
the world's first Economic Graph. LinkedIn has more than 467 million
members and has offices around the world.
About Signal
Signal Media is an Artificial Intelligence company developing smart
technology for smart organisations to power informed decision-
making. Using the power of AI, Signal Media have created solutions
that enable the real-time discovery and analysis of relevant
information and news.
12.2
More about our partners
About Stack Overflow
Stack Overflow is the largest, most trusted online developer
community for developers to learn, share their knowledge, and
build their careers. More than 50 million professional and aspiring
programmers visit Stack Overflow each month to help solve coding
problems, develop new skills, and find job opportunities.
Founded in 2008, Stack Overflow partners with businesses to help
them understand, hire, engage, and enable the world's developers.
To learn more about Stack Overflow's business solutions - technical
recruiting, advertising, market research, and enterprise knowledge
sharing visit stackoverflowbusiness.com.
The State of European Tech 2017
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www.stateofeuropeantech.comAbout Startup Europe
Partnership
About Quid
Established by the European Commission in January 2014 at the
World Economic Forum in Davos, SEP is the first pan-European open
innovation platform dedicated to transforming European startups
into scaleups by linking them with global corporations and stock
exchanges. By participating in the SEP program, global companies
have access to the best technologies and companies with the goal of
initiating business partnerships and venture corporate investments.
Scaleups are exposed to qualified sales/strategic opportunities as
well as funding options either via venture capital, private placements,
or IPOs.
SEP is led by Mind the Bridge, a global organization based in Europe
and Silicon Valley. SEP is a Startup Europe initiative. Partners include
leading corporates and the European Investment Fund/ European
Investment Bank Group, London Stock Exchange Group, Nesta, EBAN,
European Startup Network, The ScaleUp Institute. For more info:
http://startupeuropepartnership.eu | @sep_eu
Quid is software that reads millions of documents and offers
immediate insight by organising that content visually. We power
human intuition with machine intelligence, enabling organisations to
make decisions that matter. For more info: https://quid.com/
12.2
More about our partners
1
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A few acknowledgements
This report wouldn't be possible without the help of many people -
here we say a big thank you to all involved.
Acknowledgements
The State of European Tech 2017
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www.stateofeuropeantech.comContributors
13.1
Bryce Keane
Atomico
Matt Muir
Atomico
Sabrina Wangday
Atomico
Tom Wehmeier
Atomico

Ilya Levtov
Craft
Karthik Suresh
Craft
Julien Puls
Dealroom.co
Yoram Wijngaarde
Dealroom.co
Oscar Farres
European Investment Fund
Uli Grabenwarter
European Investment Fund
Jean-Loup Karst
Hired
Cornelius Mueller
Invest Europe
Julien Krantz
Invest Europe
Claire-Louise Fagan
LinkedIn
Declan McNamara
LinkedIn
James Upsher
LinkedIn
Hetal Patel
London Stock Exchange
James Clark
London Stock Exchange
Sarah Baker
London Stock Exchange
Odile Beniflah
Meetup
Ben Novick
Milltown Partners
Britta Tarvis
Milltown Partners
Francesca Burton
Milltown Partners
Jenny Craig
Milltown Partners
Alberto Onetti
Mind the Bridge
Denisa Florea
Perep Analytics
Jrgen Furian
Pioneers Festival
Sam Waudby
Quid
Shashi Reddy
Quid
Kerstin Bock
Openers
Carolin Lessoued
Openers
Daniel Bowman
Signal
Laura Karinen
Slush
Marianne Vikkula
Slush
John Muskett
Stack Overflow
Natalia Radcliffe-Brine
Stack Overflow
Natalie Novick
Startup Heatmap Europe
Thomas Kosters
Startup Heatmap Europe
Benjamin Constantini
Startup Sesame
Joanna Kirk
Startup Sesame
Moojan Asghari
Startup Sesame
Ricky Tan
TokenData
Joe Lovelock
Studio Lovelock
Ben Jakob
Studio Lovelock
Matt Collins
Studio Lovelock
Mike Allanson
Studio Lovelock
Tiffany Beucher
Studio Lovelock
Amir Mizroch

45,0232328
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Now go and explore the data at
www.stateofeuropeantech.com