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The State of
European Tech
The most comprehensive data-driven
analysis of European technology
stateofeuropeantech.com
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2019 Key Findings
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Cumulative investments by European cities ($M), 2015 - 2019 9M
We are on track to surpass $110B capital
invested in Europe since 2015
CAPITAL INVESTED IN EUROPE
Key findings
01
Countries (United Kingdom, Germany and France)
surpassed $10B cumulative capital invested since 2015
Cities across Europe attracting over $100M of capital
invested in 2019 alone
3
29
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Cumulative number of VC-backed European tech companies by country
and by year of reaching a $B+ valuation
Meet Europe’s billion-dollar
success stories
$B+ COMPANIES
Key findings
01
countries with a VC-backed tech company reaching
a $B+ valuation
of $B+ European tech companies founded after 2010
were VC-backed
20
100%
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Cumulative VC funds raised 2010-2014 vs. 2015-2019
Cumulative VC funds raised ($B) for selected time periods
(includes 'unclassifieds')
We had another record year in 2018 with
European VCs raising more than $13 billion
VC FUNDS RAISED
Key findings
01
funds raised by European VCs from 2015-2019 H1
record investments by pension funds in European
VC in 2018
$50B
$902M
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Key findings
01
lived comfortably/met basic expenses with extra left over
of founder respondents self-identify as female
81%
21%
European founders survey responses (anonymised)
We surveyed more than 1,200
founders from across Europe
- explore the dataset!
EUROPEAN TECH FOUNDERS
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in every $100 invested in Europe went to founding teams
that are all men
For every woman executive, there are 12 men executives
$92
1 in 12
Capital invested ($B) by founding team gender and round size, 2015-2019
There is no material improvement in the
share of capital invested in European tech
companies going to diverse founding teams.
DIVERSITY & INCLUSION
Key findings
01
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capital invested in purpose-driven European tech
companies in 2019
of total capital invested into European tech in 2019,
more than double any previous years
$4.4B
12.3%
There are more than 500 European tech companies founded since 2005
that are tackling at least one of the UN’s Sustainable Development Goals
as a core part of their mission.
Purpose-driven investment
PURPOSE
Key findings
01
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The State of
European Tech 2019
Why can’t Europe do tech?
It’s time to stop asking this question. We have irrefutable evidence
that the European tech ecosystem can support great companies.
We’re seeing a growing band of big investment rounds, and an
increase in ‘purpose-driven’ companies attacking some of the
world’s biggest challenges, and a pool of developer talent bigger
than the US Yet challenges - such as a lack of diversity and divergent
priorities between policymakers and the public - remain.
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5 Years of SoET
At this point, we were amongst a growing but still limited number
of people who truly believed in the ecosystem’s potential.
Belief is as vital as talent or capital when it comes to building tech
companies. However, in 2015, belief in the European ecosystem
was limited to the European tech industry itself.
Fast forward to 2019, and while the world’s media may have focused
on Chinese-US trade disputes and volatility on the public markets,
European tech has quietly increased its number of external
believers. We see this everywhere, from the increased time top US
investors are spending on the ground here to the fact that a fifth
of European rounds this year had at least one US or Asian investor
participating - a proportion which grows as the deal size increases.
VCs are reporting increasing interest from global LPs, while
previously unconvinced European Institutional Investors are now
fully engaged. We’re also seeing valuations and pre-emptive term
sheets on the increase in Europe - always a sign that competition
to invest in the best tech companies is accelerating, as well as a
reflection on the quality of the opportunity.
In fact, European tech companies are performing at a level
exceeding the expectations of all but the most optimistic. In
2015, we celebrated $10B of investment into the region’s tech
companies. This year, $35B seems par for the course. That year,
our report concerned itself with the late-stage funding gap: in
2019, 40 different European tech companies were able to raise
$100M+ rounds. To date, there are now at least 174 European tech
companies that have scaled to a valuation of over $1B - including
99 venture-backed companies.
However, we can’t afford to be complacent - or to lose focus.
Now that we’ve instilled the external as well as internal belief,
it’s up to us to shape our own destiny when it comes to the future
of European tech. We hope this report provides inspiration and
guidance: we need to address our D&I issues, acknowledge the
importance of well-being, foster a generation of purpose-driven
companies, reinforce the density of our networks of people
and capital, and end the disconnect between policymakers and
founders.
A word on our D&I issues: we won’t realise our full potential
until we stop squandering talent and value.
If we can ensure that all demographics and experiences feel safe
and confident to participate, we will have a huge competitive
advantage over other parts of the world that are less inclusive.
We hope this report is a useful piece of research which acts as
an evidence-based riposte to lazy clichés about the ability of
Europeans to build tech companies. However, this report isn’t the
last or only word on European tech. We encourage you to take the
time to travel to the cities beyond those you’d normally visit, and
live and breathe the wide and varied tech scenes that together
represent the biggest driver of economic growth across Europe.
We write this report to shine a light on the European tech system.
It deliberately provides a macro look at the landscape, and is
intended as a study useful to as many people as possible.
This means we have to sacrifice the telling of many granular
stories that really bring European tech to life. The fact is, every hub
has its own incredible story with its own micro cast of founders,
employees, companies, investors and universities helping to
advance tech locally as well as regionally.
Here at Atomico, we have invested in 20 European cities in 15
countries, but we are very mindful of the fact we have blindspots.
Each year we’re delighted that European tech is getting more
interconnected - it’s on each of us to bring this to fruition, and
to ensure these connections continue to be made. By building
a density of talent and experience, we’ll see the European tech
community’s common knowledge more efficiently passed on to
future and current generations of European founders.
Doing this will help us achieve density in Europe: by ensuring
talented developers and researchers are being matched with
capital evenly across the continent, our already rapid progress
will accelerate still more.
When we started in 2015, we believed that European success
was being ignored. Today, belief in European tech comes from both
outside our ecosystem as well as from within. It’s accepted that
you can raise the money you need, hire the best team, and scale
internationally without having to migrate to the US. In fact, nothing
demonstrates this shift more than the influx of US capital to the
ecosystem - commitments to European VC funds from US LPs
increased five-fold in 2018.
A Foreword to the 2019 Report
Much has changed since we presented the first State of European Tech report in
2015. That year, President Obama was marking the first anniversary of the climate
agreement with China, while the European Council was reflecting on UK Prime
Minister David Cameron’s letter outlining the UK’s future relationship with the bloc.
The future has a habit of making a mockery of past predictions, but sometimes
they do hit the mark. Back then we believed that tech in Europe had experienced
a breakthrough year which would become the platform for greater success.
This belief was not misplaced.
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5 Years of SOET
02.1
That said, we do need to make sure we don’t fixate on the US
or even China. We need to chart our own course and build our
own tech ecosystem upon our own strengths and values. Our
strong investor base, developing from seed to growth stage, has
contributed to a real diversification of European tech. As you’ll see,
where once we were mostly consumer, we’ve developed a strength
in areas like enterprise software and frontier tech too.
Finally, we also hope that this report also serves another purpose
- that it provides information which leads to genuine change and
improvement in our ecosystem.
We have much to be proud of, and much to work on.
This year we celebrate the fifth birthday of our report. More
importantly, we are celebrating five years of astonishing growth
in the European tech ecosystem. A comparison between where
we are now with where we were in 2015 shows how far Europe has
come: from the proliferation of unicorns to our deepening pools
of talent, we have much to be proud of. Unfortunately, as the chart
below shows, we have not made nearly enough progress with our
funding of teams with diverse leaders.
5 years ago
Now
2015-2019
2010-2014
22
99
$1B+ VC-backed companies before 2015
$1B+ VC-backed companies now
$B+ COMPANIES
3
7
countries attracting $1b+ capital per year
countries attracting $1b+ capital per year
UNICORNTRIES
$34B
$113B
cum. 2010-2014
cum. 2015-2019
CAPITAL INVESTED
76
148
2010-2014
2015-2019
EXITS >$100M
$25B
>$50B
funds raised from LPs
funds raised from LPs
VC FUNDS RAISED
9
40
mega rounds in 2014
mega rounds in 2019
$100M+ ROUNDS
10%
21%
of rounds in 2014
of rounds in 2019
% OF ROUNDS WITH 1+
US OR ASIAN INVESTOR
4.7m
6.1m
4.1m for the United States
4.3m for the United States
PROFESSIONAL
DEVELOPERS
7.2%
8.4%
of capital invested in 2014
of capital invested in 2019
% CAPITAL INVESTED IN
MIXED/WOMEN TEAM
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Executive Summary
In 2019, 92% of funding went to all men teams, a similar level to
the figures which shocked readers last year. When you break
down the data by race, age, education and socioeconomic
background, we see more problems emerge: 43% of Black/
African/Caribbean founders have experienced discrimination
- of which 80% link it to their ethnicity. Black founders made
up only 1% (0.9%) of our more than 1,200 founder respondents,
which tells its own story.
We also found that people from a lower socioeconomic
background are less likely to become entrepreneurs: 81% of
founders surveyed told us they were living comfortably before
they founded their company, against a European norm of 39%.
What is also becoming increasingly clear is that women VCs
are being left to fix Europe’s diversity problem: 63% of women
VCs told us they increased their focus on attending events with
stronger participation of diverse founders, though only 36% of
men told us they had. This is particularly problematic as this
year’s report shows that VCs have not increased the share of
women at partner level.
One positive - in quantum computing, a rapidly growing deep
tech sub-sector, we found that 23% of European quantum
companies had a mixed or woman-led founding team, more
than double the European average of 13%. This shouldn’t
be surprising given the large proportion of researchers and
scientists who are women: as the report shows, women actually
account for more than half of the population of scientists and
engineers in Lithuania, Bulgaria, Latvia and Denmark.
A number of insights emerged in the process, from granular
information on how the earliest-stage founders financed their
businesses, to the age-makeup of companies that scale to
billion-dollar valuations. We were also able to examine the
intense personal journey that company building entails through
this year’s report.
From balancing professional and personal lives, to loneliness
at the top and concerns over sourcing talent, we’ve assembled
a data set which demonstrates beyond doubt that mental
well-being is an active concern- and that many founders want
help. As many as 57% of founders who have raised external
capital said they would appreciate receiving support from the
board or by investors to help manage the pressure of being a
founder. Elsewhere, there are positives: we found that Europe’s
professional developer pool continues to be deeper than in the
US (6.1M v 4.3M), while at the later stages European companies
are closing the gap with the US on the use of stock options to
incentivise talent.
The State of Diversity and Inclusion
People
This report shows that European diversity
and inclusion is still not good enough.
Drawing on our founder survey responses,
we have sketched a portrait of what a typical
European tech founder looks like in 2019,
and how their concerns change as their
company scales.
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Executive Summary
02.2
Now, this promise is being fulfilled, with twenty countries
fostering billion-dollar tech companies. Founders have never
had more choice, but our report outlines that they prefer to
found in their home market when they can, while rent prices
in popular hubs like London are reflecting demand.
The result? Greater geographic diversification as activity
moves away from the main hubs. Eastern European cities
dominate the list of growing hubs by Meetup members,
as top tech hubs like London, Berlin and Paris are losing
popularity amongst founders thinking about where to locate
their businesses. The report also outlines the critical role
played by universities, and explores the recurring criticism
that Europe is failing to effectively commercialise its
cutting-edge research.
Places
Each year our data highlights a range of tech
hubs that are showing promise.
Investors have supported purpose-driven European tech
companies with more than $5B in capital investment in
2019, up more than 5x over the past five years - taking
the cumulative total invested since 2015 to close to $10B.
To measure investment into purpose-driven companies,
Dealroom.co created a framework to assess venture-backed
European tech companies based on their alignment with the
United Nations Sustainable Development Goals.
The analysis focused on a subset of seven of the seventeen
Sustainable Development Goals (SDGs), selecting only those
where Dealroom has observed greater levels of European
venture-backed startup activity. We found over 500 European
tech companies founded since 2005 tackling at least one of
these seven SDGs as a core part of their mission.
Purpose
Margrethe Vestager’s observation
that European tech differentiates itself
through purpose is explored in this report.
Too many founders are still in the dark about the European
policy vision for technology: 40% of founders and startup
employees we surveyed told us they do not feel informed
about the European Commission’s digital priorities.
Our report finds tech founders are calling for simplified
employment regulations, while Politico data suggests
policymakers’ attention is elsewhere: they are less focussed
on the Digital Single Market than two years ago, and more
focussed on the creation of a digital tax and the activities
of big US tech firms. European success stories like fintech
and digital health are also rarely discussed by policymakers.
We need to ensure European policymakers and founders are
pulling in the same direction if Europe is to fulfil its potential.
Policy
To fulfil the potential of European tech,
sophisticated and clear policy will be key,
and dialogue essential.
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Europe’s most promising companies are choosing to go bigger
and stay private longer, and are arriving at multibillion dollar
valuations on the back of raising $100M+ rounds at record
levels. We are on track to reach $34.3B invested in European
tech in 2019, with $11.B invested in Q2 alone.
Much of this has been driven by large funding rounds: 40% of
all funding raised by European tech companies in the first nine
months of 2019 was in deals larger than $100M. While there
hasn’t been a European $1B+ venture-backed tech IPO in 2019,
we are truly seeing the ambition to scale to huge outcomes in
the ecosystem.
IPOs are no longer on every founder’s agenda, but no matter
how much capital flows into the region, they will always be
cautious about raising the next round.
Investments
Unlike in the US and China, investment
in European tech continues to grow.
Cambridge Associate data on VC returns shows that European
VC performance is either on par or significantly outperforming
indices for both US VC and, importantly, European Private
Equity. Accordingly, appetite from LPs from both inside and
outside Europe is increasing, and even though government
agency investment in VCs dropped almost $1B in 2018, we’re
finally seeing a spike in pension fund investment - in fact, a
203% increase on last year.
This year’s report tracks more investors than ever before,
from angels, who are now more likely to have been founders
themselves, to the 2,600 unique institutional investors involved
in a European deal in 2019. And let’s not forget the corporate
investors like Unilever Ventures or Next47, who participated
in 1 in 5 deals in 2019, or rising investor interest from abroad:
last year 21% of European rounds had at least one US or Asian
investor - up from 10% in 2015.
Investors
Following the success of the European tech
ecosystem in the last five years, it’s perhaps no
surprise to see the European venture industry
in rude health.
Executive Summary
02.2
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A word from Slush
At Slush, we believe that entrepreneurship is one of the most effective
ways to create change in the world. According to this year’s survey data, in
Europe, already the majority of entrepreneurs and especially investors are
looking to measure the long-term societal and environmental impact their
business or portfolio has. The five-fold growth in investment into purpose-
driven businesses during the last five years in Europe speaks the same
language. In 2019 alone, more than $5B was deployed in these companies.
This is a development we’re happy to see, and one where we see Europe
being able to take a driver’s seat globally.
However, Europe is only waking up to the diversity issue as a whole, and to
the fact that entrepreneurship is not equally accessible to everyone. We all
are more prone to solve problems we can see, and it takes different people
to see different problems – and to see them as openings for business.
Slush continues being committed to highlighting a wider variety of role
models for the next generation of founders through our events and newly
launched media.
With these developments in mind, the record investment into European
tech is a clear sign of a vibrant ecosystem. One of the most encouraging
developments is the increased entrepreneurial ambition shown by the
numbers of late-stage investment rounds: European companies are no
longer selling early, but continue to grow as independent businesses.
This builds the promise of exceptionally interesting times ahead with
the founders and key employees of these success stories starting their
second round of company-building.
Andreas Saari
CEO, Slush
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A word from Orrick
Technology advancement continues to outpace regulation.
The report demonstrates that AI and deep fakes are top of
mind for regulators. Yet 40% of survey respondents reported
that they don’t feel sufficiently informed to comment about the
EC’s tech and digital regulatory priorities. We’ve seen the great
benefits of collaborating on policymaking – for example, in the
UK fintech market – but it starts with greater transparency from
policymakers.
We also encourage policymakers to consider opportunities to
simplify and streamline compliance requirements, scaling the
burden as the company (and the risk) expands. This is especially
important in the employment regulatory arena. Otherwise, we
risk placing an outsized burden on startups – and stifling their
ability to grow, innovate and create those very jobs.
Inclusion continues to be a challenge for the sector with only 8%
of funding going to companies led by mixed-gender and women-
led teams. However, at the company level, more than 40% of
team members see improvement. The report also notes that
more than half of investors and startup employees have not yet
had the benefit of unconscious bias training.
The social science leaves no doubt that more inclusive leadership
will generate greater innovation and returns.
The European Commission needs to clarify
its regulatory priorities.
Tech is THE engine of European growth, as this year’s State of European Tech
Report makes clear. Europe’s tech ecosystem is well-established and robust,
with record funding, sophisticated founders and investors, and accelerating
growth. European tech companies will likely reach $34B in funding in 2019, up
from $25B in 2018. Funding has more than doubled in five years. This includes
more than 40 $100M+ deals so far this year – more than ever before.
Across Europe, there now are 174 $1B+ tech unicorns. In 2010, there were only
18 – a 10x increase in less than a decade. And 20 countries now have at least
one unicorn, twice the number only five years ago. Today, 170 cities have tech
communities, compared to 70 four years ago.
While M&A exits are down this year, there were more than double the number
of exits in the past five years than the previous five years. And M&A deal value
is on track to surpass last year’s total of $100B.
What will it take to sustain this Europe’s success?
The report points to four things:
Attitudes are changing about the value
of inclusion; investment needs to follow.
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A word from Orrick
02.4
More than 85% of founders say they care about the social and
environmental impact of their companies – and investors are
backing that commitment. Almost 50% of VCs say they take into
account the societal or environmental impact of a prospective
company before deciding whether to invest.
We’d like to see even greater focus on social impact. We also
applaud the 15% of VCs who continue to track their portfolio
companies’ social impact metrics on an ongoing basis.
Almost 20% of founders say that launching a company has had
a “mostly negative” impact on their mental health, and the vast
majority said they would welcome greater support from investors
on managing the pressures they face. Founder wellness is an
important factor in the overall health of the ecosystem.
We believe a focus on inclusion can help here, too.
We’re incredibly grateful to Atomico for collecting and sharing
the rich market insights in this report. At Orrick, we look forward
to continuing our work with the European tech community to
build an even stronger European platform. Over the past 15
quarters, we’ve advised on more venture capital deals in Europe
than any other law firm – by a factor of 2.5. And we’ve backed
20+ unicorns with legal, regulatory and commercial advice
since their inception. It’s an incredible honor to be part of your
success story.
Sustainability is top of mind – but there’s
room for greater focus.
Likewise, as a community,
we need to look out for mental health
and career sustainability.
Keep disrupting.
Chris Grew
Partner
Technology Companies Group
Orrick
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Investments
How much are venture capitalists investing in European tech?
How are European tech’s returns? European founders are looking
at the best time in the region’s history to get funding; they raised
a record amount in 2019. That included a record number of$100M+
rounds, something that European tech sceptics once thought
was not possible.
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It does feel like we are
in a golden age for Europe
now: the quality of talent,
the level of ambition and
availability of capital
are at a completely
different scale.
We have always had world class technology and invention
in the region but it does feel like we are in a golden
age for Europe now: the quality of talent, the level of
ambition and availability of capital are at a completely
different scale. European startups are building globally-
defining consumer and enterprise businesses with great
success. Spotify, UiPath, Adeyn are all strong examples.
I think these and other role models have been decisive
in inspiring a new and accomplished generation of
founders, who are now choosing entrepreneurship as
their career path.
Sonali de Rycker
Accel
Partner
Investment Snapshot
03.1
There will inevitably be ups and downs in terms of the sequential quarterly sums invested
into European tech companies, but taking a trailing 12-month view on capital invested shows
the long-term, upward trajectory of capital invested in the region.
The increase in large-scale deals of more than $100 million is driving the growth
of total capital invested in Europe. In 2019, these deals accounted for 36%
of all funding raised by European tech companies.
# OF DEALS
CAPITAL INVESTED ($B)
There will inevitably be ups and downs in terms of the sequential quarterly sums invested into European tech
companies, but taking a trailing 12-month view on capital invested shows the long-term, upward trajectory of
capital invested in the region.
Trailing 12-month capital
invested ($B)
SOURCE:Dealroom
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel.
Capital invested ($B)2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2 2019 Q3
0.0
10.0
20.0
30.0
40.0
The increase in large-scale deals of more than $100 million is driving the growth of total capital invested in
Europe. In 2019, these deals accounted for 36% of all funding raised by European tech companies.
Capital invested ($B) and number
of deals by round size
SOURCE:Dealroom
LEGEND
$0M-$2M
$2M-$5M
$5M-$10M
$10M-$20M
$20M-$50M
$50M-$100M
$100M+
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
DATASET: CAPITAL INVESTED ($B)
Capital invested ($M) / # of deals2015
2016
2017
2018
2019
0.0
10.0
20.0
30.0
The increase in large-scale deals of more than $100 million is driving the growth of total capital invested in
Europe. In 2019, these deals accounted for 36% of all funding raised by European tech companies.
Capital invested ($B) and number
of deals by round size
SOURCE:Dealroom
LEGEND
$0M-$2M
$2M-$5M
$5M-$10M
$10M-$20M
$20M-$50M
$50M-$100M
$100M+
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
DATASET: # OF DEALS
Capital invested ($M) / # of deals2015
2016
2017
2018
2019
0.0
1,000.0
2,000.0
3,000.0
4,000.0
5,000.0
There will inevitably be ups and downs in terms of the sequential quarterly sums invested into European tech
companies, but taking a trailing 12-onth view on capital invested shows the long-term, upward trajectory of
capital invested in the region.
Trailing 12-month capital
invested ($B)
SOURCE:Dealroom
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel.
Capital invested ($B)2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3 2
0.0
10.0
20.0
30.0
40.0
The increase in large-scale deals of more than $100 million is driving the growth of total capital invested in
Europe. In 2019, these deals accounted for 36% of all funding raised by European tech companies.
Capital invested ($B) and number
of deals by round size
SOURCE:Dealroom
LEGEND
$0M-$2M
$2M-$5M
$5M-$10M
$10M-$20M
$20M-$50M
$50M-$100M
$100M+
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
DATASET: CAPITAL INVESTED ($B)
Capital invested ($M) / # of deals2015
2016
2017
2018
0.0
10.0
20.0
30.0
There will inevitably be ups and downs in terms of the sequential quarterly sums invested into European tech
companies, but taking a trailing 12-month view on capital invested shows the long-term, upward trajectory of
capital invested in the region.
Trailing 12-month capital
invested ($B)
SOURCE:Dealroom
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel.
Capital invested ($B)2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3 2
0.0
10.0
20.0
30.0
40.0
The increase in large-scale deals of more than $100 million is driving the growth of total capital invested in
Europe. In 2019, these deals accounted for 36% of all funding raised by European tech companies.
Capital invested ($B) and number
of deals by round size
SOURCE:Dealroom
LEGEND
$0M-$2M
$2M-$5M
$5M-$10M
$10M-$20M
$20M-$50M
$50M-$100M
$100M+
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
DATASET: CAPITAL INVESTED ($B)
Capital invested ($M) / # of deals2015
2016
2017
2018
0.0
10.0
20.0
30.0
undefinedundefinedundefined24
In Partnership with
&
www.stateofeuropeantech.com
Investment Snapshot
Europe saw an increase in mega funding rounds
of $100M+ in 2019, including six rounds of more
than $500M.
Europe saw an increase in mega funding rounds of $100M+
in 2019, including six rounds of more than $500M.
Top 20 largest VC-backed
fundraising deals in 2019 (by
round size)
Company
Country
City
Stage
Round Size ($)
Date
1
Northvolt
Sweden
Stockholm
Growth Equity
$1000M
June 2019
2
Deliveroo
United Kingdom
London
Series G
$575M
May 2019
3
UiPath
Romania
Bucharest
Series D
$568M
April 2019
4
Babylon Health
United Kingdom
London
Series C
$550M
August 2019
5
Veeam
Switzerland
Baar
Growth Equity
$500M
January 2019
6
FlixBus
Germany
Munich
Series F
$500M
July 2019
7
GetYourGuide
Germany
Berlin
Series E
$484M
May 2019
8
Klarna
Sweden
Stockholm
Growth Equity
$460M
August 2019
9
N26 Group
Germany
Berlin
Series D
$300M
January 2019
10
GitLab
Netherlands
Utrecht
Series E
$268M
September 2019
11
CMR Surgical
United Kingdom
Cambridge
Series C
$240M
September 2019
12
Meero
France
Paris
Series C
$230M
June 2019
13
Checkout.com
United Kingdom
London
Series A
$230M
May 2019
14
Adjust
Germany
Berlin
Late VC
$227M
June 2019
15
Relex Solutions
Finland
Helsingfors
Late VC
$200M
February 2019
16
Glovo
Spain
Barcelona
Series D
$186M
April 2019
17
Signavio
Germany
Berlin
Series C
$177M
July 2019
18
WorldRemit
United Kingdom
London
Series D
$175M
June 2019
19
N26 Group
Germany
Berlin
Series D
$170M
July 2019
20
Doctolib
France
Paris
Late VC
$170M
March 2019
SOURCE:Dealroom
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 based on data to
September 2019.
We are on an overall good wave: more capital, more
startups from seed to large, late rounds, more exits.
I take a long view on European tech, I’m old enough to
remember how far we have come and to understand we
still have a way to go yet. Plus, Brexit has changed the
picture a lot, so progress based on the work done the year
before isn’t as inevitable as it perhaps was.
There is still a large capital gap regarding the
US and China situations, but we can see very
encouraging recent signals: the €100 billion
EU Commission future fund and the €5 billion
investment announcement from President
Macron in France, for instance.
Antoine Hubert
Steve O’Hear
Ÿnsect
CEO
TechCrunch
Journalist
03.1
Europe saw an increase in mega funding rounds of $100M+
in 2019, including six rounds of more than $500M.
Top 20 largest VC-backed
fundraising deals in 2019 (by
round size)
Company
Country
City
Stage
Round Size ($)
Date
1
Northvolt
Sweden
Stockholm
Growth Equity
$1000M
June 2019
2
Deliveroo
United Kingdom
London
Series G
$575M
May 2019
3
UiPath
Romania
Bucharest
Series D
$568M
April 2019
4
Babylon Health
United Kingdom
London
Series C
$550M
August 2019
5
Veeam
Switzerland
Baar
Growth Equity
$500M
January 2019
6
FlixBus
Germany
Munich
Series F
$500M
July 2019
7
GetYourGuide
Germany
Berlin
Series E
$484M
May 2019
8
Klarna
Sweden
Stockholm
Growth Equity
$460M
August 2019
9
N26 Group
Germany
Berlin
Series D
$300M
January 2019
10
GitLab
Netherlands
Utrecht
Series E
$268M
September 2019
11
CMR Surgical
United Kingdom
Cambridge
Series C
$240M
September 2019
12
Meero
France
Paris
Series C
$230M
June 2019
13
Checkout.com
United Kingdom
London
Series A
$230M
May 2019
14
Adjust
Germany
Berlin
Late VC
$227M
June 2019
15
Relex Solutions
Finland
Helsingfors
Late VC
$200M
February 2019
16
Glovo
Spain
Barcelona
Series D
$186M
April 2019
17
Signavio
Germany
Berlin
Series C
$177M
July 2019
18
WorldRemit
United Kingdom
London
Series D
$175M
June 2019
19
N26 Group
Germany
Berlin
Series D
$170M
July 2019
20
Doctolib
France
Paris
Late VC
$170M
March 2019
SOURCE:Dealroom
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 based on data to
September 2019.
Europe saw an increase in mega funding rounds of $100M+
in 2019, including six rounds of more than $500M.
Top 20 largest VC-backed
fundraising deals in 2019 (by
round size)
Company
Country
City
Stage
Round Size ($)
Date
1
Northvolt
Sweden
Stockholm
Growth Equity
$1000M
June 2019
2
Deliveroo
United Kingdom
London
Series G
$575M
May 2019
3
UiPath
Romania
Bucharest
Series D
568M
April 2019
4
Babylon Health
C
50
August 2019
5
Vee m
Switzerland
aar
Growth Equity
00
January 2019
6
FlixBus
Germany
Mu ich
F
0
J ly 2019
7
G tYourGuide
Germany
erlin
Series E
484
May 2019
8
Klarna
Swede
Stock olm
Growth Equity
46
A gust 2019
9
N26 Group
D
300
J nuary 2019
10
GitLab
Netherlands
U rec t
Series E
2 8
September 2019
11
CMR Surgical
United Kingdom
Cambridge
C
24
September 2019
2
Meero
France
Pa is
C
30
June 2019
3
hec kout. om
London
A
3
May 2019
4
Adjust
Germany
Be lin
Late V
27
5
Relex Solutions
Finland
Helsingfors
Late VC
0
February 2019
6
Glovo
Spain
a celona
Series D
186
April
1
7
Signavi
Germany
B rli
Series C
177M
July 2019
8
W rldRemit
United Kingdom
London

75
June
1
9
N26 Group
D
0

20
Doctolib
France
Paris
Late VC
0
March 2019
SOURCE:Dealroom
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 based on data to
September 2019.
We are on an overall good wave: more capital,
more startups from seed to large, late rounds,
more exits. We should all keep up the good
work to position Europe as the key place for
technology!
undefinedundefinedundefined28
In Partnership with
&
www.stateofeuropeantech.com
The fastest-growing industries in terms of
percentage change year-on-year in 2019 include
security, energy and food.
Investments into European deep tech companies
are on track to break another record of $8.4B in
2019, up from $6.7B in 2018 and $3.0B in 2015.
the investment level of 2015.
CAPITAL INVESTED IN DEEP TECH
2.8x
Investment by Industry
03.2
The fastest-growing industries in terms of percentage
change year-on-year in 2019 include security, energy and
food.
% change by industry vertical of
capital invested ($M), 2018 vs
2019
SOURCE:
NOTE:
Includes only verticals with $450M+ capital
invested in 2018. All Dealroom data exclude:
biotech, secondary transactions, debt,
lending capital, grants. Note the data also
excludes Israel. 2019 annualised based on
data up to September 2019.
YoY growth (%)
193%
186%
124%
90%
80%
76%
69%
56%
47%
34%
23%
-9%
-15%
-19%
-20%
-30%
-33%
-35%
-40%
-53%
-59%
-68%
Security
Energy
Food
Jobs recruitment
Health
Fintech
Travel
Enterprise software
Real estate
Marketing
Robotics
Gaming
Transportation
Media
Education
Sports
Telecom
Internet of Things
Home living
Semiconductors
Fashion
Music
-100
-75
-50
-25
0
25
50
75
100
125
150
175
200
225
Investments into European deep tech companies are on
track to break another record of $8.4B in 2019, up from
$6.7B in 2018 and $3.0B in 2015.
CAPITAL INVESTED IN DEEP TECH
2.8x
the investment level of 2015.
Capital invested ($B) in European
deep tech companies
SOURCE:Dealroom
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
Capital invested ($B)$3.0B
$3.9B
$6.0B
$6.7B
$8.4B
2015
2016
2017
2018
2019
0.0
2.5
5.0
7.5
The fastest-growing idustries in terms of percentage
change year-on-year in 2019 include security, energy and
food.
% chae by industry vertical of
capital invested ($M), 2018 vs
2019
SOURCE:
NOTE:
Includes only verticals with $450M+ capital
invested in 2018. All Dealroom data exclude:
biotech, secondary transactions, debt,
lending capital, grants. Note the data also
excludes Israel. 2019 annualised based on
data up to September 2019.
YoY growth (%)
124%
90%
80%
76%
69%
56%
47%
34%
23%
-9%
-15%
-19%
-20%
-30%
-33%
-35%
-40%
-53%
-59%
-68%
Security
Energy
Food
Jobs recruitment
Health
Fintech
Travel
Enterprise software
Real estate
Marketing
Robotics
Gaming
Transportation
Media
Education
Sports
Telecom
Internet of Things
Home living
Semiconductors
Fashion
Music
-100
-75
-50
-25
0
25
50
75
100
125
150
% change by industry vertical of
capital invested ($M), 2018 vs
2019
SOURCE:
NOTE:
Includes only verticals with $450M+ capital
invested in 2018. All Dealroom data exclude:
biotech, secondary transactions, debt,
lending capital, grants. Note the data also
excludes Israel. 2019 annualised based on
data up to September 2019.
YoY growth (%)
124%
90%
80%
76%
69%
56%
47%
34%
23%
-9%
-15%
-19%
-20%
-30%
-33%
-35%
-40%
-53%
-59%
-68%
Security
Energy
Food
Jobs recruitment
Health
Fintech
Travel
Enterprise software
Real estate
Marketing
Robotics
Gaming
Transportation
Media
Education
Sports
Telecom
Internet of Things
Home living
Semiconductors
Fashion
Music
-100
-75
-50
-25
0
25
50
75
100
125
150
Investments into European deep tech companies are on
track to break another record of $8.4B in 2019, up from
$6.7B in 2018 and $3.0B in 2015.
CAPITAL INVESTED IN DEEP TECH
2.8x
the investment level of 2015.
Capital invested ($B) in European
deep tech companies
SOURCE:Dealroom
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
Capital invested ($B)$3.0B
$3.9B
$6.0B
$6.7B
2015
2016
2017
2018
0.0
2.5
5.0
7.5
Investments into European deep tech companies are on
track to break another record of $8.4B in 2019, up from
$6.7B in 2018 and $3.0B in 2015.
CAPITAL INVESTED IN DEEP TECH
2.8x
the investment level of 2015.
Capital invested ($B) in European
dep tech compnies
SOURCE:Dealroom
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
Capital invested ($B)$3.0B
$3.9B
$6.0B
$6.7B
2015
2016
2017
2018
0.0
2.5
5.0
7.5
undefinedundefinedundefined32
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Investments by Geography
Cumulative capital investment since 2015 has
surpassed $10 billion in three European countries
(UK, Germany, France) and more than $1 billion in
a further eleven countries.
COUNTRIES 11-20
OTHERS
TOP 10 COUNTRIES
Cumulative capital investment since 2015 has surpassed $10 billion in three European countries (UK, Germany,
France) and more than $1 billion in a further eleven countries.
Capital invested ($M) by country,
cumulative since 2015 and per
year
SOURCE:Dealroom
LEGEND
2015
2016
2017
2018
2019
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
DATASET: TOP 10 COUNTRIES
Capital invested ($M)United
Kingdom
Germany
France
Sweden
Spain
Switzerland
Netherlands
Ireland
Finland
Italy
0
10,000
20,000
30,000
40,000
Cumulative capital investment since 2015 has surpassed $10 billion in three European countries (UK, Germany,
France) and more than $1 billion in a further eleven countries.
Capital invested ($M) by country,
cumulative since 2015 nd per
year
SOURCE:Dealroom
LEGEND
2015
2016
2017
2018
2019
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
DATASET: COUNTRIES 1 1-20
Capital invested ($M)Russia
Denmark
Belgium
Romania
Norway
Luxembourg
Austria
Poland
Portugal
Estonia
0
500
1,000
1,500
2,000
Cumulative capital investment since 2015 has surpased $10 billion in three European countris (UK, Germany,
France) and more than $1 billion in a further eleven countries.
Capitl invested ($M) by country,
cumulative since 2015 and per
year
SOURCE:Dealroom
LEGEND
2015
2016
2017
2018
2019
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
DATASET: OTHERS
Capital invested ($M)Cyprus
Turkey
Iceland
Lithuania
Hungary
Croatia
Czech Republic
Guernsey
Ukraine
Montenegro
0
100
200
300
400
Cumulative capitl investment sinc 2015 has surpassed $10 billion in three European countries (UK, Germany,
France) and more than $1 billion in a further eleven countries.
Capital invested ($M) by country,
cumulative since 2015 and per
year
SOURCE:Dealroom
LEGEND
2015
2016
2017
2018
2019
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
DATASET: TOP 10 COUNTRIES
Capital invested ($M)United
Kingdom
Germany
France
Sweden
Spain
Switzerland
Netherlands
Ireland
0
10,000
20,000
30,000
40,000
Cumulative capital investment since 2015 has surpassed $10 billion in three European countries (UK, Germany,
Fr nce) and more thn $1 billion in a further eleven countries.
Capital invested ($M) by country,
cumulative since 2015 and per
year
SOURCE:Dealroom
LEGEND
2015
2016
2017
2018
2019
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
DATASET: TOP 10 COUNTRIES
Capital invested ($M)United
Kingdom
Germany
France
Sweden
Spain
Switzerland
Netherlands
Ireland
0
10,000
20,000
30,000
40,000
33
In Partnership with
&
www.stateofeuropeantech.com
London is Europe's tech capital, as measured by the total
number of unique companies that have raised funding
since 2015, with more than twice the number of the second
city by size, Paris. In total, Europe is home to more than
13,000 unique companies that have raised funding since
2015.
EUROPEAN TECH COMPANIES
13,000
of unique European tech companies that have raised funding since 2015.
Top 20 hubs by number of unique
funded companies, 2015-2019
SOURCE:Dealroom
NOTE:
Number of unique funded companies
between 2015 to 9M 2019. All Dealroom.co
data excludes the following: biotech,
secondary transactions, debt, lending
capital, grants. Please also note the data
excludes Israel.
DATASET: TOP 10 CITIES
# of unique funded companies
2,747
1,183
930
776
457
437
371
359
314
302
London
Paris
Berlin
Stockholm
Amsterdam
Barcelona
Dublin
Helsinki
Madrid
Moscow
0
250
500
750
1,000
1,250
1,500
1,750
2,000
2,250
2,500
2,750
3,000
I am even more optimistic
than I was 12 months ago,
if that’s possible.
I am even more optimistic than I was 12 months ago, if
that’s possible. In the last 12 months we have seen record
funding and the birth of new French unicorns. We’ve also
seen some very promising initiatives from the government
like the new French Tech Visa for talent and Macron’s
recent announcement of a new massive fund for deep
tech. We are seeing more and more tier-1 international
investors and entrepreneurs scouting around and saying
they are excited about what they are seeing. It’s all very
promising.
Roxanne Varza
Station F
Director
Investment by Geography
03.3
London is Europe’s tech capital, as measured by
the total number of unique companies that have
raised funding since 2015, with ore than twice
th number of the sec nd city by size, Paris. In
total, Euro e is home to mo e than 13,000 unique
companies that have raised funding since 2015.
of unique European tech
companies that have raised
funding since 2015.
EUROPEAN TECH COMPANIES
13,000
CITIES 11-20
TOP 10 CITIES
London is Europe's tech capital, as measured by the total
number of unique companies that have raised funding since
2015, with more than twice the number of the second city by
size, Paris. In total, Europe is home to almost 13,000 unique
companies that have raised funding since 2015.
EUROPEAN TECH COMPANIES
13,000
of unique European tech companies that have raised funding since 2015.
Top 20 hubs by number of unique
funded companies, 2015-2019
SOURCE:Dealroom
NOTE:
Number of unique funded companies
between 2015 to 9M 2019. All
Dealroom.co data excludes the
following: biotech, secondary
transactions, debt, lending capital,
grants. Please also note the data
excludes Israel.
DATASET: CITIES 1 1-20
# of unique funded companies
252
219
197
142
138
132
126
126
116
115
Munich
Milan
Copenhagen
Zurich
Hamburg
Oslo
Vienna
Warsaw
Tallinn
Istanbul
0
25
50
75
100
125
150
175
200
225
250
275
London is Europe's tech capital, as measured by the total
number of unique companies that have raised funding
since 2015, with more than twice the number of the second
city by size, Paris. In total, Europe is home to more than
13,000 unique companies that have raised funding since
2015.
EUROPEAN TECH COMPANIES
13,000
of unique European tech companies that have raised funding since 2015.
Top 20 hubs by number of unique
funded companies, 2015-2019
SOURCE:Dealroom
NOTE:
Number of unique funded companies
between 2015 to 9M 2019. All Dealroom.co
data excludes the following: biotech,
secondary transactions, ebt, lending
capital, grants. Please also note the data
excludes Israel.
DATASET: TOP 10 CITIES
# of unique funded companies
2,747
1,183
930
776
457
437
371
359
314
302
London
Paris
Berlin
Stockholm
Amsterdam
Barcelona
Dublin
Helsinki
Madrid
Moscow
0
250
500
750
1,000
1,250
1,500
1,750
2,000
2,250
2,500
2,750
3,000
London is Europe's tech capital, as measured by the total
number of unique companies that hav raised funding
since 2015, with more than twice the number of the second
city by size, Paris. In total, Europe is home to more than
13,000 unique companies that have raised funding since
2015.
EUROPEAN TECH COMPANIES
13,000
of unique European tech companies that have raised funding since 2015.
Top 20 hubs by number of unique
fndd companies, 2015-2019
SOURCE:Dealroom
NOTE:
Number of unique funded companies
between 2015 to 9M 2019. All Dealroom.co
data excludes the following: biotech,
secondary transactions, debt, lending
capital, grants. Please also note the data
excludes Israel.
DATASET: TOP 10 CITIES
# of unique funded companies
2,747
1,183
930
776
457
437
371
359
314
302
London
Paris
Berlin
Stockholm
Amsterdam
Barcelona
Dublin
Helsinki
Madrid
Moscow
0
250
500
750
1,000
1,250
1,500
1,750
2,000
2,250
2,500
2,750
3,000
undefinedundefinedundefinedundefinedundefinedundefinedundefinedundefinedundefinedundefinedundefined45
In Partnership with
&
www.stateofeuropeantech.com
$1B+ Companies
03.4
At the time of publication, there are 99 $1 billion+ VC-backed European tech companies.
If Europe’s not already surpassed 100, it’s only a matter of time before this milestone is surpassed.
The UK is the single largest source of $1 billion+ VC-backed tech companies from Europe with
29, followed by Germany (17) and France (11). There are now VC-backed $1 billion+ European tech
companies from 20 unique countries across Europe, including Austria, Poland and the Czech Republic.
In France, the pipeline of potential $1B+ companies has
never been so promising, and has even started to deliver
with Doctolib. The first exits will follow soon, and with
them the ‘mafias’ of operators with firsthand rocketship
experience that we lack. We perceive this as the last
significant step before ecosystem maturity.
Pierre Entremont
Frst
Co-Founder &
Partner
At the time of publication, there are 99 $1 billion+ VC-backed European tech companies. If Europe's not already
surpassed 100, it's only a matter of time before this milestone is surpassed.
Number of new and total $1B+
European tech companies per
year
SOURCE:Dealroom
LEGEND
Exisiting
New in year
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel.
# of VC-backed tech companies2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
0
25
50
75
100
The UK is the single largest source of $1 billion+ VC-backed tech companies from Europe with 29, followed by
Germany (17) and France (11). There are now VC-backed $1 billion+ European tech companies from 20 unique
countries across Europe, including Austria, Poland and the Czech Republic.
Number of $1B+ VC-backed
European tech companies by
country of origin
SOURCE:Dealroom
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel.
United Kingdom
Germany
France
Sweden
Netherlands
Denmark
Switzerland
Ireland
Russia
Ireland
Spain
Czech RepublicLuxemburg Poland
Ukraine
Romania
Portugal
Austria
Estonia
Belgium
At the time of publication, there are 99 $1 billion+ VC-backed European tech companies. If Europe's not already
surpassed 100, it's only a matter of time before this milestone is surpassed.
Number of new and total $1B+
European tech companies per
year
SOURCE:Dealroom
LEGEND
Exisiting
New in year
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel.
# of VC-backed tech companies2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
0
25
50
75
100
The UK is the single largest source of $1 billion+ VC-backed tech companies from Europe with 29, followed by
Gerany (17) and France (11). There are now VC-backed $1 billion+ European tech companies from 20 unique
countries across Europe, including Austria, Poland and the Czech Republic.
Number of $1B+ VC-backed
European tech companies by
country of origin
SOURCE:Dealroom
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel.
United Kingdom
Germany
France
Sweden
Netherlands
Denmark
Switzerland
Ireland
Russia
Ireland
Spain
Czech RepublicLuxemburg Poland
Ukraine
Romania
Portugal
Austria
Estonia
Belgium
At the time of publication, there are 99 $1 billion+ VC-backed European tech companies. If Europe's not already
surpassed 100, it's only a matter of time before this milestone is surpassed.
Number of new and total $1B+
European tech companies per
year
SOURCE:Dealroom
LEGEND
Exisiting
New in year
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel.
# of VC-backed tech companies2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
0
25
50
75
100
The UK is the single largest source of $1 billion+ VC-backed tech companies from Europe with 29, followed by
Germany (17) and France (11). There are now VC-backed $1 billion+ European tech companies from 20 unique
countrie across Europe, including Austria, Poland and the Czech Reublic.
Number of $1B+ VC-backed
European tech companies by
country of origin
SOURCE:Dealroom
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel.
United Kingdom
Germany
France
Sweden
Netherlands
Denmark
Switzerland
Ireland
Russia
Ireland
Spain
Czech RepublicLuxemburg Poland
Ukraine
Romania
Portugal
Austria
Estonia
Belgium
46
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2006
2005
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
$1B+ Companies
03.4
Acquired
Public
Private
undefined48
In Partnership with
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$1B+ Companies
03.4
The latest cohort of $1billion+ VC-backed European tech companies founded during the 2010s
remains overwhelmingly in private hands.
I’m very optimistic. We’ve seen so many exciting ideas being developed
by firms and embraced by consumers, including here at Monzo.
People are appreciating how technology can provide them with a much
better level of transparency and control, and I expect that trend to
continue. We’re seeing multiple world-class, growth-stage companies
coming out of Europe across multiple sectors, really for the first time
ever. In digital banking alone, we’ve got three or four companies with
multi-billion valuations.
Because fewer unicorn companies have started in Europe
than in America, we have a less fixed mindset as to what
a successful business or a successful founder should
be. We’re more open to quirky business ideas and teams
that don’t quite fit the ‘socially awkward white guy with a
hoodie’ mould.
Tom Blomfield
Valentina Milanova
Monzo
CEO
Daye
Founder & CEO
The latest cohort of $1billion+ VC-backed European tech
companies founded during the 2010s remains
overwhelmingly in private hands.
Share of $1B+ VC-backed
European tech companies (%) by
ownership status and founding
year decade
SOURCE:Dealroom
LEGEND
Private
Public
Acquired
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel.
% of tech companies by ownership status1990s
2000s
2010s
0
25
50
75
100
The latest cohort of $1billion+ VC-backed European tech
companies founded during the 2010s remains
overwhelmingly in private hands.
Share of $1B+ VC-backed
European tech companies (%) by
ownership status and founding
year decade
SOURCE:Dealroom
LEGEND
Private
Public
Acquired
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel.
% of tech companies by ownership status1990s
2000s
2010s
0
25
50
75
100
The latest cohort of $1billion+ VC-backed European tech
companies founded durng the 2010s r mains
overwhelmingly in private hands.
Share of $1B+ VC-backed
European tech companies (%) by
ownership status and founding
year decade
SOURCE:Dealroom
LEGEND
Private
ublic
Acquired
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel.
% of tech companies by ownership status1990s
2000s
2010s
0
25
50
75
100
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$1B+ Companies
03.4
Europe’s now produced 13 $1B+ VC-backed tech companies that have scaled to more than $5B,
including four that have grown beyond the $10B milestone.
Great operating talent came out of the first generation of consumer
tech companies in Europe - people who are great marketers, great at
product, great at finance. That talent has been key in supporting a new
generation of deep tech companies as they commercialise. We now have
the ingredients to build big companies.
Nigel Toon
Graphcore
Co-founder & CEO
Europe's now produced 13 $1B+ VC-backed tech companies that have scaled to more than $5B, including four
that have grown beyond the $10B milestone.
Number of $1B+ VC-backed
European tech companies by
valuation group
SOURCE:Dealroom
NOTE:
All time $1B+ VC-backed European tech
companies. All Dealroom.co data excludes
the following: biotech, secondary
transactions, debt, lending capital, grants.
Please also note the data excludes Israel.
# of tech companies
13
28
58
$5B+
$2-5B+
<$2B
0
5
10
15
20
25
30
35
40
45
50
55
60
65
Share of VC-backed European
$1B+ tech companies (%) by
business model
SOURCE:Dealroom
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel.
% of VC-backed tech companies
52%
41%
7%
Consumer
Enterprise
Deep tech
0
5
10
15
20
25
30
35
40
45
50
55
Europe's now produced 13 $1B+ VC-backed tech companies that have scaled to more than $5B, including four
that have grown beyond the $10B milstone.
Number of $1B+ VC-backed
European tech companies by
valuation group
SOURCE:Dealroom
NOTE:
All time $1B+ VC-backed European tech
companies. All Dealroom.co data excludes
the following: biotech, secondary
transactions, debt, lending capital, grants.
Please also note the data excludes Israel.
# of tech companies
13
28
58
$5B+
$2-5B+
<$2B
0
5
10
15
20
25
30
35
40
45
50
55
60
65
Share of VC-backed European
$1B+ tech companies (%) by
business model
SOURCE:Dealroom
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel.
% of VC-backed tech companies
52%
41%
7%
Consumer
Enterprise
Deep tech
0
5
10
15
20
25
30
35
40
45
50
55
Europe's now produced 13 $1B+ VC-backed tech companies that have scaled to more than $5B, including four
that have grown beyond the $10B milestone.
Number of $1B+ VC-backed
European tech companies by
valuation group
SOURCE:Dealroom
NOTE:
All time $1B+ VC-backed European tech
companies. All Dealroom.co data excludes
the following: biotech, secondary
transactions, debt, lending capital, grants.
Please also note the data excludes Israel.
# of tech companies
13
28
58
$5B+
$2-5B+
<$2B
0
5
10
15
20
25
30
35
40
45
50
55
60
65
Share of VC-backed European
$1B+ tech companies (%) by
business model
SOURCE:Dealroom
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, gr nts. Please also note the
data excludes Israel.
% of VC-backed tech companies
52%
41%
7%
Consumer
Enterprise
Deep tech
0
5
10
15
20
25
30
35
40
45
50
55
undefined51
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European Exit Landscape
03.5
But you have to dig beneath the headline numbers to get the full story. First of all, looking at the
magnitude of the tech IPOs, as measured by market cap ($B) at IPO, it is clear that the US had a
dominant year in 2019. The combined value of the Top 10 tech IPOs in the US in the first nine months of
the year equated to a total market cap of $153B versus $22B for the ten largest European tech IPOs.
Uber’s market cap at IPO alone eclipsed the combined market cap of Europe’s top 10 tech IPOs in 2019.
#
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Largest tech IPOs by market cap
at IPO ($M) in Europe and United
States, 2019
Top 10 largest tech IPOs by
proceeds raised ($M) at IPO in
Europe and US, 2019
undefinedundefined54
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European Exit Landscape
03.5
Though Europe has yet to produce a company that comes close to rival the value creation of
trillion-dollar market cap companies to rival Microsoft or Apple, it’s often forgotten that Europe has
produced more than one $100B tech company. SAP, Europe’s largest public tech company by market
cap, has now grown to be valued at more than $150B. If SAP has done it, why can’t others?
Though Europe has yet to produce a company that comes close to rival the value creation of trillion-dollar
market cap companies to rival Microsoft or Apple, it's often forgotten that Europe has produced more than one
$100B tech company. SAP, Europe's largest public tech company by market cap, has now grown to be valued at
more than $150B. If SAP has done it, why can't others?
Top 10 largest tech companies by
market cap ($B) in Europe, US
and China in 2019
SOURCE:
NOTE:
Based up data up to 21 October 2019.
DATASET: EUROPE
Market cap ($B)
$158B
$108B
$40B
$31B
$31B
$30B
$23B
$21B
$21B
$20B
SAP
ASML
Dassault
Amadeus
Ericsson
Nokia
Infineon
Spotify
Ayden
Capgemini
0
20
40
60
80
100
120
140
160
180
Though Europe has yet to produce a company that comes close to rival the value creation of trillion-dollar
market cap companies to rival Microsoft or Apple, it's often forgotten that Europe has produced more than one
$100B tech company. SAP, Europe's largest public tech company by market cap, has now grown to be valued at
more than $150B. If SAP has done it, why can't others?
Top 10 largest tech companies by
market cap ($B) in Europe, US
and China in 2019
SOURCE:
NOTE:
Based up data up to 21 October 2019.
DATASET: UNITED STATES
Market cap ($B)
$1,068B
$1,057B
$874B
$863B
$530B
$228B
$198B
$179B
$129B
$126B
Apple
Microsoft
Amazon
Alphabet
Facebook
Intel
Cisco
Oracle
Adobe
Salesforce
0
100
200
300
400
500
600
700
800
900
1,000
1,100
1,200
Though Europe has yet to produce a company that comes close to rival the value creation of trillion-dollar
market cap companies to rival Microsoft or Apple, it's often forgotten that Europe has produced more than one
$100B tech company. SAP, Europe's largest public tech company by market cap, has now grown to be valued at
more than $150B. If SAP has done it, why can't others?
Top 10 largest tech companies by
market cap ($B) in Europe, US
and China in 2019
SOURCE:
NOTE:
Based up data up to 21 October 2019.
DATASET: CHINA
Market cap ($B)
$463B
$43B
$40B
$37B
$36B
$22B
$22B
$22B
$18B
$14B
Alibaba
Foxconn
Hikvision
NetEase
Baidu
Qihoo 360
Tencent
Luxshare Precision
BOE Technology
Avary
0
50
100
150
200
250
300
350
400
450
500
Though Europe has yet to produce a company that comes close to rival the value creation of trillion-dollar
market cap companies to rival Microsoft or Apple, it's often forgotten that Europe has produced more than one
$100B tech company. SAP, Europe's largest public tech company by market cap, has now grown to be valued at
more than $150B. If SAP has done it, why can't others?
Top 10 largest tech companies by
market cap ($B) in Europe, US
and China in 2019
SOURCE:
NOTE:
Based up data up to 21 October 2019.
DATASET: EUROPE
Market cap ($B)
$158B
$108B
$40B
$31B
$31B
$30B
$23B
$21B
$21B
$20B
SAP
ASML
Dassault
Amadeus
Ericsson
N kia
Infineon
Spotify
Ayden
Capgemini
0
20
40
60
80
100
120
140
160
180
Though Europe has yet to produce a company that comes close to rival the value creation of trillion-dollar
market cap companies to rival Microsoft or Apple, it's often forgotten that Europe has produced more than one
$100B tech company. SAP, Europe's largest public tech company by market cap, has now grown to be valued at
more than $150B. If SAP has done it, why can't others?
Top 1 largest tech compais by
market cap ($B) in Europe, US
and China in 2019
SOURCE:
NOTE:
Based up data up to 21 October 2019.
DATASET: EUROPE
Market cap ($B)
$158B
$108B
$40B
$31B
$31B
$30B
$23B
$21B
$21B
$20B
SAP
ASML
D ssault
Amadeus
Ericsson
Nokia
Infineon
Spotify
Ayden
Capgemini
0
20
40
60
80
100
120
140
160
180
EUROPE
UNITED STATES
CHINA
55
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European Exit Landscape
03.5
Whilst the US had a bumper year in terms of the scale of its tech IPOs in 2019, those companies have
not gained value as a cohort since listing, as the public markets have been impacted by increased
volatility. The weighted aftermarket performance of the 2019 class of tech IPOs from the US was
down 6% at the end of October 2019; Europe’s 2019 vintage was up 18% at the end of the same period.
Of course, it’s still much too early to judge the performance of these companies.
Whilst the US had a bumper year in terms of the scale of its tech IPOs in 2019, those companies have not gained
value as a cohort since listing, as the public markets have been impacted by increased volatility. The weighted
aftermarket performance of the 2019 class of tech IPOs from the US was down 6% at the end of October 2019;
Europe's 2019 vintage was up 18% at the end of the same period. Of course, it's still much too early to judge the
performance of these companies.
Weighted aftermarket
performance of tech IPOs by
vintage year (%)
SOURCE:
LEGEND
Europe
United States
NOTE:
Aftermarket performance is weighted by
market cap at IPO. 2019 based on data to 21
October 2019.
Weighted aftermarket performance (%)106%
30%
22%
42%
18%
154%
205%
80%
40%
-6%
2015
2016
2017
2018
2019
-50
0
50
100
150
200
Whilst th US had bumper year in terms of the scale of its tech IPOs in 2019, those companies hav not gained
value as a cohort sinc listing, as th public markets have been impacted by increased volatility. The weighted
aftermarket performance of the 2019 class of tech IPOs from the US was down 6% at the end of October 2019;
Europe's 2019 vintage was up 18% at the end of the same period. Of course, it's still much too early to judge the
performance of these companies.
Weighted aftermarket
performance of tech IPOs by
vintage year (%)
SOURCE:
LEGEND
Europe
United States
NOTE:
Aftermarket performance is weighted by
market cap at IPO. 2019 based on data to 21
October 2019.
Weighted aftermarket performance (%)106%
30%
22%
42%
18%
154%
205%
80%
40%
-6%
2015
2016
2017
2018
2019
-50
0
50
100
150
200
Whilst the US had a bumper year in terms of the scale of its tech IPOs in 2019, those companies have not gained
value as a cohort since listing, as the public markets have been impacted by increased volatility. The weighted
aftermarket performance of the 2019 clas of tech IPOs from the US was down 6% at the end of October 2019;
Eur pe's 2019 vintage was up 18% at the end of the same period. Of course, it's stil much too early to judge the
performance of these companie.
Weighted aftermarket
performance of tech IPOs by
vintage year (%)
SOURCE:
LEGEND
Europe
United States
NOTE:
Aftermarket performance is weighted by
market cap at IPO. 2019 based on data to 21
October 2019.
Weighted aftermarket performance (%)106
30%
22%
42%
18%
154%
205%
80%
40%
-6%
2015
2016
2017
2018
2019
-50
0
50
100
150
200
There are a lot of things happening right now in tech that are raising a lot
of questions. Looking at what happened to WeWork most recently, we’re
seeing investors shy away from companies that might not
be clearly profitable from the get-go.
I think there will be some kind of movement when it comes to funding
for startups. Startups will need to prove themselves, and their business
models even more. It’s going to be trickier; if you rely on funding, a far
more uncertain future is ahead. Combined with the delay of Brexit in the
UK, we’re entering an extended state of uncertainty for businesses.
Maria Raga
Depop
CEO
Photo by: Jussi Railainen
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European Exit Landscape
03.5
Besides simply looking at the scale of public tech companies, there are a number of other cultural
differences between European and US public markets. One is a greater level of openness to existing
investors selling down their position at IPO for liquidity. As a result, there is a materially higher share
of secondary share sales on European than on US markets.
Besides simply looking at the scale of public tech companies, there are a number of other cultural differences
between European and US public markets. One is a greater level of openness to existing investors selling down
their position at IPO for liquidity. As a result, there is a materially higher share of secondary shae sales on
European than on US markets.
Average share of primary versus
secondary shares sold at IPO by
region
SOURCE:
LEGEND
Europe
United States
NOTE:
2019 based on data up to September 2019.
DATASET: PRIMARY SH ARE SALES
Average share of secondary/primary shares sold96%
81%
67%
74%
66%
76%
80%
76%
87%
89%
94%
98%
99%
91%
94%
88%
2012
2013
2014
2015
2016
2017
2018
2019
60
70
80
90
100
Besides simply looking at the scale of public tech companies, there are a number of other cultural differences
between European and US public markets. One is a greater level of openness to existing investors selling down
their position at IPO for liquidity. As a result, there is a materially higher share of secondary share sales on
European than on US markets.
Average share of primary versus
secondary shares sold at IPO by
region
SOURCE:
LEGEND
Europe
United States
NOTE:
2019 based on data up to September 2019.
DATASET: SECONDARY SH ARE SALES
Average share of secondary/primary shares sold4%
19%
33%
26%
34%
24%
20%
24%
13%
11%
6%
2%
1%
9%
6%
12%
2012
2013
2014
2015
2016
2017
2018
2019
0
10
20
30
Besides simply looking at the scale of public tech companies, there are a number of other cultural differences
between European and US public markets. One is a greater level of openness to existing investors selling down
their osition at IPO for liquidity. As a result, there is a materially higher share of secondary share sales on
European than on US markets.
Average share of primary versus
secondary shares sold at IPO by
region
SOURCE:
LEGEND
Europe
United States
NOTE:
2019 based on data up to September 2019.
DATASET: PRIMARY SH ARE SALES
Average share of secondary/primary shares sold96%
81%
67%
74%
66%
76%
8
87%
89%
94%
98%
99%
91%
9
2012
2013
2014
2015
2016
2017
60
70
80
90
100
Besides simply looking at the scale of public tech companies, there are a number of other cultural differences
between European and US public markets. One is a greater level of openness to existing investors selling down
their position at IPO for liquidity. As a result, there is a materially higher share of secondary share sales on
European than on US markets.
Average share of primary versus
secondary shares sold at IPO by
region
SOURCE:
LEGEND
Europe
United States
NOTE:
2019 based on data up to September 2019.
DATASET: PRIMARY SH ARE SALES
Average share of secondary/primary shares sold96%
81%
67%
74%
66%
76%
8
87%
89%
94%
98%
99%
91%
9
2012
2013
2014
2015
2016
2017
60
70
80
90
100
PRIMARY SHARE SALES
SECONDARY SHARE SALES
There is a strong pool of sophisticated European public market investors that have built large
portfolios of holdings in public European tech companies. Norway’s giant sovereign wealth fund,
Norges Bank Investment Management, is the single largest European investor in European public
tech companies, as measured by the size of its portfolio at the end of September 2019.
There is a strong pool of sophisticated European public market investors that have built large portfolios of
holdings in public Europea tec companies. Norway's giant svereign wealth fund, Norges Bank Investment
Management, is the single largest European investor in European public tech companies, as measured by the
size of its portfolio at the end of September 2019.
Top 10 European investors in
European tech companies
# of Investments in European Tech Companies
Norges Bank Investment Management
332
Legal & General Investment Management
203
DWS Investment
255
Baillie Gifford
143
BNP Paribas Asset Management
162
Allianz Global Investors
208
Amundi Asset Management
152
UBS Asset Management
257
Henderson Global Investors
224
ABN AMRO
157
SOURCE:
There is a strong pool of sophisticated European public market investors that have built large portfolios of
holdings in public European tech companies. Norway's giant sovereign wealth fund, Norges Bank Investment
Management, is the single largest European investor in European public tech companies, as measured by the
size of its portfolio at the end of September 2019.
Top 10 Eur pea investors in
European tech companies
# of Investments in
ean Tech Companies
Norges Bank Investment Management
332
Legal & General Investment Management
203
DWS Investment
255
Baillie Gifford
143
BNP Paribas Asset Management
162
Allianz Global Investors
208
Amundi Asset Management
152
UBS Asset Management
257
Henderson Global Investors
224
ABN AMRO
157
SOURCE:
undefinedundefined59
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Investors
What is the definition of a European tech investor?
As investment into European startups continues to set records,
capital providers have proliferated at all stages from angel to growth.
Investors at more than 100 funds are on track to raise over $100B,
and we saw a record number of first-time funds.
undefinedundefinedundefinedundefinedundefinedundefined66
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On a population-adjusted basis, VCs based in Luxembourg and Switzerland have raised the highest amount of
funds, a re�ection of their attractiveness as global �nancial centres. The Netherlands and the UK also rank
high on a per capita basis, while large European markets such as Italy, Spain and even Germany still have
relatively underdeveloped VC ecosystems compared with the most advanced European countries. Estonia is an
example of a country that has seen a rapid development in the local VC ecosystem with the emergence of a new
generation of VC funds, such as Karma Ventures and Tera Ventures.
VC funds raised per capita by
country of GP by year
SOURCE:
LEGEND
$ raised per capita (2013-2015)
$ raised per capita (2016-2018)
NOTE:
Taken from the European Data Cooperative,
developed by Invest Europe. EDC data
converted at EUR:USD of 1.1367, the rate on
30 June 2019.
DATASET: R ANK 1 1-20
Funds raised per capita ($)
$30
$33
$23
$12
$20
$18
$5
$0
$2
$3
$57
$57
$54
$54
$30
$16
$16
$11
$10
$8
Germany
Ireland
Belgium
Denmark
Spain
Austria
Italy
Greece
Lithuania
Bulgaria
0
5
10
15
20
25
30
35
40
45
50
55
60
65
VCs and LPs
04.1
On a population-adjusted basis, VCs based in Luxembourg and Switzerland have raised the highest
amount of funds, a reflection of their attractiveness as global financial centres. The Netherlands and
the UK also rank high on a per capita basis, while large European markets such as Italy, Spain
and even Germany still have relatively underdeveloped VC ecosystems compared with the most
advanced European countries. Estonia is an example of a country that has seen a rapid development
in the local VC ecosystem with the emergence of a new generation of VC funds, such as Karma
Ventures and Tera Ventures.
On a population-adjusted basis, VCs based in Luxembourg and Switzerland have raised the highest amount of
funds, a re�ection of their attractiveness as global �nancial centres. The Netherlands and the UK also rank
high on a per capita basis, while large European markets such as Italy, Spain and even Germany still have
relatively underdeveloped VC ecosystems compared with the most advanced European countries. Estonia is an
example of a country that has seen a rapid development in the local VC ecosystem with the emergence of a new
generation of VC funds, such as Karma Ventures and Tera Ventures.
VC funds raised per capita by
country of GP by year
SOURCE:
LEGEND
$ raised per capita (2013-2015)
$ raised per capita (2016-2018)
NOTE:
Taken from the European Data Cooperative,
developed by Invest Europe. EDC data
converted at EUR:USD of 1.1367, the rate on
30 June 2019.
DATASET: TOP 10
Funds raised per capita ($)
$280
$189
$86
$94
$99
$5
$55
$56
$7
$10
$771
$191
$183
$153
$124
$120
$114
$85
$80
$72
Luxembourg
Switzerland
Netherlands
United Kingdom
Norway
Estonia
France
Finland
Sweden
Hungary
0
100
200
300
400
500
600
700
800
On a population-adjusted basis, VCs based in Luxembourg and Switzerland have raised the highest amount of
funds, a re�ection of their attractiveness as global �nancial centres. The Netherlands and the UK also rank
high on a per capita basis, while large European markets such as Italy, Spain and even Germany still have
relatively underdeveloped VC ecosystems compared with the most advanced European countries. Estonia is an
example of a country that has seen a rapid development in the local VC ecosystem with the emergence of a new
generation of VC funds, such as Karma Ventures and Tera Ventures.
VC funds raised per capita by
country of GP by year
SOURCE:
LEGEND
$ raised per capita (2013-2015)
$ raised per capita (2016-2018)
NOTE:
Taken from the European Data Cooperative,
developed by Invest Europe. EDC data
converted at EUR:USD of 1.1367, the rate on
30 June 2019.
DATASET: REST OF EUROPE
Funds raised per capita ($)
$5
$5
$2
$0
$0
$4
$7
$7
$7
$7
$4
$3
Czech Republic
Latvia
Poland
Serbia
Romania
Portugal
0
1
2
3
4
5
6
7
8
On a populatio-adjusted basis, VCs based in Luxembourg and Switzerland have r ised the highest amount of
funs, a re�ctio of their attactiveness as global �nancial centres. The Netherlands and the UK also rank
high on a per cait basis, while large European mark ts suh as Italy, Spain and even Germany still have
relatively underdeveloped VC ecosystems compared with the most advanced European countries. Estonia is an
example of a country that has seen a rapid development in the local VC ecosystem with the emergence of a new
generation of VC funds, such as Karma Ventures and Tera Ventures.
VC funds raised per capita by
country of GP by year
SOURCE:
LEGEND
$ raised per capita (2013-2015)
$ raised per capita (2016-2018)
NOTE:
Taken from the European Data Cooperative,
developed by Invest Europe. EDC data
converted at EUR:USD of 1.1367, the rate on
30 June 2019.
DATASET: TOP 10
Funds raised per capita ($)
$280
$189
$86
$94
$99
$5
$55
$56
$7
$10
$771
$191
$183
$153
$124
$120
$114
$85
$80
$72
Luxembourg
Switzerland
Netherlands
United Kingdom
Norway
Estonia
France
Finland
Sweden
Hungary
0
100
200
300
400
500
600
700
800
On a population-adjusted basis, VCs based in Luxembourg and Switzerland have raised the highest amount of
funds, a re�ection of their attractiveness as global �nancial centres. The Netherlands and the UK also rank
high
a per capita basis, while large European markets such as Italy, Spain and even G rmny still have
latively underdeveloped VC cosystems compared with the most advance European countries. Estonia is an
example of a country that has seen a rapid development in the local VC ecosystem with the emergence of a new
geeration of VC funds, such as Karma Ventures and Tera Ventures.
VC funds raised per capita by
country of GP by year
SOURCE:
LEGEND
$ raised per capita (2013-2015)
$ raised per capita (2016-2018)
NOTE:
Taken from the European Data Cooperative,
developed by Invest Europe. EDC data
converted at EUR:USD of 1.1367, the rate on
30 June 2019.
DATASET: R ANK 1 1-20
Funds raised per capita ($)
$30
$33
$23
$12
$20
$18
$5
$0
$2
$3
$57
$57
$54
$54
$30
$16
$16
$11
$10
$8
Germany
Ireland
Belgium
Denmark
Spain
Austria
Italy
Greece
Lithuania
Bulgaria
0
5
10
15
20
25
30
35
40
45
50
55
60
65
TOP 10
RANKS 11-20
REST OF EUROPE
undefinedundefinedundefinedundefinedundefinedundefinedundefinedundefinedundefinedundefined77
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Investors
04.2
The volume of investment activity by corporate investors has also expanded considerably in recent
years. In 2019, almost 700 unique corporate investors participated in at least one investment round
involving a European tech company.
The rise of corporate investor participation has been even more marked than the rise of US and Asian
investors. 22% of rounds closed in Europe in 2019 involved at least one corporate investor, up from
just 9% in 2015.
The volume of investment activity by corporate investors has also expanded considerably in recent years. In
2019, almost 700 unique corporate investors participated in at least one investment round involving a European
tech company.
Number of unique corporate
investors per year and number of
deals involving at least one
corporate investor, 2015-2019
SOURCE:Dealroom
LEGEND
# of unique corporate investors
# of corporate rounds
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. 2019 annualised based
on data to September 2019.
# of corporate deals# of unique corporate investors2015
2016
2017
2018
2019
0
250
500
750
300
400
500
600
The rise of corporate investor participation has been even more marked than the rise of US and Asian
investors. 22% of rounds closed in Europe in 2019 involved at least one corporate investor, up from just 9% in
2015.
Share of European deals (%) per
year with at least one corporate
investor
SOURCE:Dealroom
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 based on data up
to September 2019. Includes corporate VC
funds as well as corporate investors.
% of European deals9%
11%
13%
15%
22%
2015
2016
2017
2018
2019
8
10
13
15
18
20
23
The volume of investment activity by corporate investors has also expanded considerably in recent years. In
2019, almost 700 unique corporate investors participated in at least one investment round involving a European
tech copany.
Number of unique corporate
investors per year and number of
deals involving t least one
corporate investor, 2015-2019
SOURCE:Dealroom
L
ND
# of unique corporate investors
# of corporate rounds
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. 2019 annualised based
on data to September 2019.
# of corporate deals2015
2016
2017
2018
0
250
500
750
The rise of corporate investor participation has been even more marked than the rise of US and Asian
investors. 22% of rounds closed in Europe in 2019 involved at least one corporate investor, up from just 9% in
2015.
Share of European deals (%) per
year with at least one corporate
investor
SOURCE:Dealroom
NOTE:
All Dealroom.co dat xclude the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 based on data up
to September 2019. Includes corporate VC
funds as well as corporate investors.
% of European deals9%
11%
13%
15%
2015
2016
2017
2018
8
10
13
15
18
20
23
The volume of investment activity by corporate investors has also expanded considerably in recent years. In
2019, almost 700 unique corporate investors participated in at least one investment round involving a European
tech company.
Number of unique corporate
investors per year and number of
deals involving at least one
corporate investor, 2015-2019
SOURCE:Dealroom
LEGEND
# of unique corporate investors
# of cororat rou
s
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. 2019 annualised based
on data to September 2019.
# of corporate deals2015
2016
2017
2018
0
250
500
750
The rise of corporate investor participation has been even more marked than the rise of US and Asian
inves ors. 22% of rounds closed in Europe in 2019 involved at least one corporate investor, up from just 9% in
2015.
Share of European deals (%) per
y ar with at least one corporate
investor
SOURCE:Dealroom
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 based on data up
to September 2019. Includes corporate VC
funds as well as corpor te investors.
% of European deals9%
11%
13%
15%
2015
2016
2017
2018
8
10
13
15
18
20
23
I’d say the European funding gap has moved a lot more to later stages
than in the past. Today, there are a lot of high-quality investors available
from the seed stages until maybe Series B (referring to up to €30-50m
rounds). However, from Series C onwards (now talking about €100m+
rounds), there are a lot fewer options available in Europe than elsewhere.
For instance, in our case over 2/3 of the investors we spoke with for
our Series C came from outside Europe, while we’d mostly focused on
speaking with European investors up until our Series B.
Miki Kuusi
Wolt
Co-Founder & CEO
78
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Investors
04.2
On the other hand, the most active Corporate VCs span a wide range
of industries. With 4 of the top 10, Germany is home to some of the
most active Corporate VCs, each one having at least one unicorn in
portfolio - Graphcore, Fair, Bolt and N26.
The depth of the corporate investor base is also apparent from a
vertical perspective. Young companies can tap into a specialised pool
of investors to navigate their scaling journey. It’s also remarkable to
see some of our homegrown European scale-ups such as Just Eat
and Delivery Hero become active investors in the ecosystem.
e other hand, the most active Corporate VCs span a wide range of industries. With 4 of the top 10,
any is home to some of the most active Corporate VCs, each one having at least one unicorn in portfolio -
core, Fair, Bolt and N26.
0 most active corporate
ure capital investors in
pean tech by number of
s in the last 12 months
Country
# of Deals Last 12 Months
% of Portfolio Size
1
Next47 (Siemens)
Germany
16
12
2
Unilever Ventures
United Kingdom
15
38
3
Santander Innoventures
United Kingdom
11
41
4
M Ventures (Merck KGaA)
Germany
10
14
5
Sabadell Venture Capital
Spain
9
31
6
Swisscom Ventures
Switzerland
9
13
7
Robert Bosch Venture Capital
Germany
9
18
8
InMotion ventures (Jaguard Land Rover)
United Kingdom
8
44
9
AXA Venture Partners
France
7
14
10
Allianz X
Germany
6
33
SOURCE:Dealroom
lroom.co data excludes the following:
h, secondary transactions, debt,
g capital, grants. Please also note the
cludes Israel. 2019 based on data as
ember 2019.
The depth of the corporate investor base is also apparent from a vertical perspective. Young companies can
tap into a specialised pool of investors to navigate their scaling journey. It's also remarkable to see some of our
homegrown European scale-ups such as Just Eat and Delivery Hero become active investors in the ecosystem.
Top 10 most active corporate
investors for select vertical
ranked by number of deals, 2015-
2019
Fintech
Health
Transportation
Enterprise
Software
Food
1
ING Ventures
ZKB
InMotion ventures
Salesforce
Ventures
Crédit Agricole
2
Collector Ventures
Crédit Agricole
Rakuten
Serena
R/GA Ventures
3
Orange Digital
Ventures
Axel Springer Plug and Play
Accelerator
Daimler Technology &
Venture
Swisscom
Ventures
Caixa Capital
4
Credit Mutuel Arkea
Parkwalk Advisors
Deutsche Bahn
Caixa Capital
ProSiebenSat.1
Accelerator
5
Goldman Sachs
M Vent ures
Crédit Agricole
Sapphire Ventures
Mail.ru Group
6
Schibsted Growth
Hax
BOOST Programs
R/GA Ventures
Just Eat
7
Allianz X
Boehringer Ingelheim Venture Fund
Macif
Parkwalk Advisors
ZKB
8
Santander
Innoventures
Oxford Technology Management
Shell
Pi Labs
Metro Group
9
BNP Paribas
BNP Paribas
Delivery Hero
GV
Collector Ventures
10
Uniqa
Sabadell Venture Capital
RATP
M12
Unilever Ventures
SOURCE:Dealroom
NOTE:
2019 based on data up to September 2019.
On the other hand, the most active Corporate VCs span a wide range of industries. With 4 of the top 10,
Germany is home t some of the most active Corporate VCs, each one having at least one unicorn in portfolio -
Graphcore, Fair, Bolt and N26.
Top 10 most active corporate
venture capital investors in
European tech by number of
deals in the last 12 months
Country
# of Deals Last 12 Months
% of Portfolio Size
1
Next47 (Siemens)
Germany
16
12
2
Unilever Ventures
United Kingdom
15
38
3
Santander Innoventures
United Kingdom
11
41
4
M Ventures (Merck KGaA)
Germany
10
14
5
Sabadell Venture Capital
Spain
9
31
6
Swisscom Ventures
Switzerland
9
13
7
Robert Bosch Venture Capital
Germany
9
18
8
InMotion ventures (Jaguard Land Rover)
United Kingdom
8
44
9
AXA Venture Partners
France
7
14
10
Allianz X
Germany
6
33
SOURCE:Dealroom
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 based on data as
of September 2019.
Te depth f the corporate investor base is also apparent from a vertical perspective. Y ung companies can
tap into a specialised pool of investors to navigate their scaling journey. It's also remarkable to see some of our
homegrown European scale-ups such as Just Eat and Delivery Hero become active investors in the ecosystem.
Top 10 most active corporate
investors for select vertical
ranked by number of deals, 2015-
2019
Fintech
Health
Transportation
Enterprise
Software
Food
1
ING Ventures
ZKB
InMotion ventures
Salesforce
Ventures
Crédit Agricole
2
Collector Ventures
Crédit Agricole
Rakuten
Serena
R/GA Ventures
3
Orange Digital
Ventures
Axel Springer Plug and Play
Accelerator
Daimler Technology &
Venture
Swisscom
Ventures
Caixa Capital
4
Credit Mutuel Arkea
Parkwalk Advisors
Deutsche Bahn
Caixa Capital
ProSiebenSat.1
Accelerator
5
Goldman Sachs
M Vent ures
Crédit Agricole
Sapphire Ventures
Mail.ru Group
6
Schibsted Growth
Hax
BOOST Programs
R/GA Ventures
Just Eat
7
Allianz X
Boehringer Ingelheim Venture Fund
Macif
Parkwalk Advisors
ZKB
8
Santander
Innoventures
Oxford Technology Management
Shell
Pi Labs
Metro Group
9
BNP Paribas
BNP Paribas
Delivery Hero
GV
Collector Ventures
10
Uniqa
Sabadell Venture Capital
RATP
M12
Unilever Ventures
SOURCE:Dealroom
NOTE:
2019 based on data up to September 2019.
The depth of the corporate investor base is also apparent from a vertical perspective. Young companies can
tap into a specialised pool of investors to navigate their scaling journey. It's also remarkable to see some of our
homegrown Europa scale-up such as Just Eat and Deli
y Hero become active investors in the ecosystem.
Top 10 most active corporate
investors for select vertical
ranked by number of deals, 2015-
2019
Fintech
Health
Transportation
Enterprise
Software
Food
1
ING Ventures
ZKB
InMotion ventures
Salesforce
Ventures
Crédit Agricole
2
Collector Ventures
Crédit Agricole
Rakuten
er na
R/GA Ventures
3
Orange Digital
Ventures
Axel Springer Plug and Play
Accelerator
Daimler Technology &
Venture
Swisscom
V ntures
Caixa Capital
4
Credit Mutuel Arkea
Parkwalk Advisors
Deutsche Bahn
Caixa Capital
ProSiebenSat.1
Accelerator
5
Goldman Sachs
M Ventures
Crédit Agricole
Sapphire Venture s
Mail.ru Group
6
Schibsted Growth
Hax
BOOST Programs
R/GA Ventures
Just Eat
7
Allianz X
Boehringer Ingelheim Venture Fund
Macif
Parkwalk Advisors
ZKB
8
Santander
Innoventures
Oxford Technology Management
Shell
Pi Labs
Metro Group
9
BNP Paribas
BNP Paribas
Delivery Hero
GV
Collector Ventures
10
Uniqa
Sabadell Venture Capital
RATP
M12
Unilever Ventures
SOURCE:Dealroom
NOTE:
2019 based on data up to September 2019.
On the other hand, the most active Corporate VCs span a wide range of industries. With 4 of the top 10,
Germany is home to some of the most active Corporate VCs, each one having at least one unicorn in portfolio -
Graphcore, Fair, Bolt and N26.
Top 10 most active corporate
venture capital investors in
European tech by number of
deals in the last 12 months
Country
# of Deals Last 12 Months
% of Portfolio Size
1
Next47 (Siemens)
Germany
16
12
2
Unilever Ventures
United Kingdom
15
38
3
Santander Innoventures
United Kingdom
11
41
4
M Ventures (Merck KGaA)
Germany
10
14
5
Sabadell V nture Capital
Spain
9
31
6
Swisscom Ventures
Switzerland
9
13
7
Robert Bosch Venture Capital
Germany
9
18
8
InMotion ventures (Jaguard Land Rover)
United Kingdom
8
44
9
AXA Venture Partners
France
7
14
10
Allianz X
Germany
6
33
SOURCE:Dealroom
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 based on data as
of September 2019.
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Angels
European angel investing landscape
EBAN estimates that $8.6B (€7.5B) was invested across all
European countries in 2018 by angel investors, based on the
extrapolation of the ‘visible’ market. Angel investors with
the deepest pockets reside in the UK, Germany and Spain.
Pre-seed stage investments are particularly difficult to monitor given most
angel investments are not tracked until much later in the life of the startup.
The European Business Angels Network organisation (‘EBAN’) estimates that
the ‘visible’ market only represents 10% of the overall angel investments.
As such there is an inherent bias in our datasets towards ‘super-angels’ and/
or startups that have already managed to progress through multiple stages
of investments. The reporting lag is also much more likely to impact the
performance for 2018 and 2019.
invested by angel investors in
Europe in 2019.
CAPITAL INVESTED ($B)
$8.6B
invested acoss all
estors, based on
Angel investors
UK, Germany and
CAPITAL INVESTED ($B)
$8.6B
invested by angel investors in Europe in 2019.
SOURCE:
EBAN estimat s that $8.6B (€7.5B) was invested across all
European countries in 2019 by angel investors, based on
the extrapolation of the 'visible' market. Angel investors
with the deepest pockets reside in the UK, Germany and
Spain.
CAPITAL INVESTED ($B)
$8.6B
invested by angel investors in Europe in 2019.
'Visible' capital invested ($M) by
angels by country
SOURCE:
LEGEND
up to 120
80 to 100
60 to 80
40 to 60
20 to 40
10 to 20
up to 10
NOTE:
EUR to USD conversion taken at 1 EUR to
1.145 USD from December 31, 2018.
Displaying 'visible market' capital invested
($M) in the EU-28 countries.
EBAN estimates that $8.6B (€7.5B) was invested across all
European countries in 2019 by angel investors, based on
the extrapolation of the 'visible' market. Angel investors
with the deepest pockets reside in the UK, Germany and
Spain.
CAPITAL INVESTED ($B)
$8.6B
invested by angel investors in Europe in 2019.
'Visible' capital invested ($M) by
angels by country
SOURCE:
LEGEND
up to 120
80 to 100
60 to 80
40 to 60
20 to 40
10 to 20
up to 10
NOTE:
EUR to USD conversion taken at 1 EUR to
1.145 USD from December 31, 2018.
Displaying 'visible market' capital invested
($M) in the EU-28 countries.
undefined81
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Angels
04.3
Founders are becoming more likely to make investments back in the ecosystem in comparison with
the period 2015-2018, leading to the increased sophistication of the investor pool.
The top 15 most active angel investors are all founders (or in the case of Sophia Bendz, operator) except for 3.
Founders are becoming more likely to make investments back in the ecosystem in comparison with the period
2015-2018, leading to the increased sophistication of the investor pool.
Share of angel investments (%)
by founders, 2015-2018 vs 2019
SOURCE:Dealroom
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 as of September
2019.
Average % of deals17%
21%
2015-2018
2019
0
5
10
15
20
The top 15 most active angel investors are all founders (or
in the case of Sophia Bendz, operator) except for 3.
Top 15 angel investors in Europe
by deal count, 2015-2019
Investor
Deal Count
Former Founder?
Company
1
Xavier Niel
54
Yes
Iliad
2
Charlie Songhurst
35
No
n/a
3
Theo Osborne
24
No
n/a
4
Pierre Kosciusko-Morizet
23
Yes
PriceMinister
5
Taavet Hinrikus
22
Yes
TransferWise
6
Chris Adelsbach
21
No
n/a
7
Carlos Blanco
19
Yes
Akamon Entertainment
8
Sophia Bendz
19
No (operator)
Spotify
9
Alex Chesterman
18
Yes
Zoopla
10
Thibaud Elziere
18
Yes
Fotolia
11
Andreas Mihalovits
16
Yes
dreamfab
12
Eduardo Ronzano
16
Yes
KelDoc
13
H ampus Jakobsson
15
Yes
brisk.io
14
Michael Benabou
15
Yes
Vente privée
15
David Helgason
15
Yes
unity
SOURCE:Dealroom
Foundes ar becoing more likely o make investments back in the ecosystem in comparison with the period
2015-2018, leading to th increased sophistication of the investor pool.
Share of angel investments (%)
by founders, 2015-2018 vs 2019
SOURCE:Dealroom
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 as of September
2019.
Average % of deals17%
21%
2015-2018
2019
0
5
10
15
20
The top 15 most active angel investors are all founders (or
in the case of Sophia Bendz, opat r) except for 3.
Top 15 angel investors in Europe
by deal count, 2015-2019
Investor
Deal Count
Former Founder?
Company
1
Xavier Niel
54
Yes
Iliad
2
Charlie Songhurst
35
No
n/a
3
Theo Osborne
24
No
n/a
4
Pierre Kosciusko-Morizet
23
Yes
PriceMinister
5
Taavet Hinrikus
22
Yes
TransferWise
6
Chris Adelsbach
21
No
n/a
7
Carlos Blanco
19
Yes
Akamon Entertainment
8
Sophia Bendz
19
No (operator)
Spotify
9
Alex Chesterman
18
Yes
Zoopla
10
Thibaud Elziere
18
Yes
Fotolia
11
Andreas Mihalovits
16
Yes
dreamfab
12
Eduardo Ronzano
16
Yes
KelDoc
13
H ampus Jakobsson
15
Yes
brisk.io
14
Mich el Benabou
15
Yes
Vente privée
15
David Helgason
15
Yes
unity
SOURCE:Dealroom
Share of angel investments (%)
by founders, 2015-2018 vs 2019
SOURCE:Dealroom
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 as of September
2019.
Average % of deals17%
21%
2015-2018
2019
0
5
10
15
20
Angel investors form
a critical part of any
successful ecosystem.
Angel investors form a critical part of any successful
ecosystem. Looking back a dozen or so years ago, there
were very few angel investors in Europe, and even fewer
founders turned angels. For TransferWise, it was a huge
coup to get the likes of Max Levchin (founder of PayPal)
and David Yu (then the CEO of Betfair) to invest in our seed
round. Besides the credibility, it gives startup teams lots
of experience to tap into for problem solving as you grow.
Seed funds like Seedcamp, who often act together with the
angels, also have a vital role to play in fulfilling this need.
Taavet Hinrikus
TransferWise
Co-Founder &
Chairman
FORMER FOUNDERS
of angel investors surveyed by EBAN have also been a
founder in the past.
40%
undefined83
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Angels
04.3
The first Atomico angels cohort has invested into 42 companies to
date, mostly in climate tech, and 45% of investments have been into
female founded companies.
Roxanne Varza
Station F, France
Tuva Palm
NordNet, Sweden
Josefin Landgard
Kry, Sweden
Gregory Gazagne
Criteo, France
Emily Brooke
Beryl, UK
Stefano Bernardi
Token Economy, Italy
Rohan Silva
Second Home, UK
Doreen Huber
Lemoncat, Germany
Clare Johnston
The Up Group, UK
Suvi Haimi
Sulapac, Finland
Johan Brand
We Are Human, Norway
Ritu Jain
LifeX, Denmark
Atomico Angel Investor Programme
We started Atomico’s inaugural angel programme last year with 12
angels from across the European ecosystem. They received no guidance
about sectors. Currently, 34% of the deals have been in startups with an
environmental impact,and 34% of the deals are with female founders.
This just goes to show that a diverse set of people becoming angels –
whether that is through capital earned at a successful tech company
or through angel programmes – is key to increasing the diversity gap in
funding and supporting solutions to big societal problems.
Sophia Bendz
Atomico
Partner
undefinedundefined86
www.stateofeuropeantech.com
Angels
04.3
Angels tell us the lack of favourable tax systems is a barrier to investing.
Over 30% of respondents picked this element as the most important
consideration out of 17 options available. The EIS/SEIS scheme introduced
in the United Kingdom has been an incredibly effective tool to attract angel
investments into the country.
Angels tell us the lack of favourable tax systems is a barrier to investing. Over 30% of respondents picked this
element as the most important consideration out of 17 options available. The EIS/SEIS scheme introduced in
the United Kingdom has been an incredibly effective tool to attract angel investments into the country.
Top 10 most underdeveloped
elements for angel investing
SOURCE:
LEGEND
Most important
Second most important
Third most important
NOTE:
Based on the EIF BA Survey, a survey of 60
angel investors or 65% of the ‘European
Angels Fund’ programme population at the
time the survey was conducted.
% of respondents who ranked these different considerations in top 3
Favourable tax systems
VC funds for follow-on rounds
Vibrant start-up hubs
Capital market integration across borders
Regulatory framework
General economic conditions
Involvement of corporate investors
Highly experienced VC funds
Cultural attitude towards entrepreneurship
R&D environment
0
5
10
15
20
25
30
35
40
45
50
55
Angels tell us the lack of favourable tax systems is a barrier to investing. Over 30% of respondents picked this
element as the most important consideration out of 17 options available. The EIS/SEIS scheme introduced in
the United Kingdom has been an incredibly effective tool to attract angel investments into the country.
Top 10 most underdeveloped
elements for angel investing
SOURCE:
LEG
Most important
Second most important
Third most important
NOTE:
Based on the EIF BA Survey, a survey of 60
angel investors or 65% of the ‘European
Angels Fund’ programme population at the
time the survey was conducted.
% of respondents who ranked these different considerations in t
Favourable tax systems
VC funds for follow-on rounds
Vibrant start-up hubs
Capital market integration across borders
Regulatory framework
General economic conditions
Involvement of corporate investors
Highly experienced VC funds
Cultural attitude towards entrepreneurship
R&D environment
0
5
10
15
20
25
30
35
40
4
Angels tell us the lack of favourable tax systems is a barrier to investing. Over 30% of respondents picked this
element as the most important consideration out of 17 options available. The EIS/SEIS scheme introduced in
the United Kingdom has been an incredibly effective tool to attract angel investments into the country.
Top 10 most underdeveloped
elements for angel investing
SOURCE:
LEGEND
Most important
Second most important
Third most important
NOTE:
Based on the EIF BA Survey, a survey of 60
angel investors or 65% of the ‘European
Angels Fund’ programme population at the
time the survey was conducted.
% of respondents who ranked these different considerations in t
Favourable tax systems
VC funds for follow-on rounds
Vibrant start-up hubs
Capital market integration across borders
Regulatory framework
General economic conditions
Involvement of corporate investors
Highly experienced VC funds
Cultural attitude towards entrepreneurship
R&D environment
0
5
10
15
20
25
30
35
40
4
In Partnership with
&
Photo by: Jussi Hellsten
87
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&
www.stateofeuropeantech.com
Diversity & Inclusion
Does European tech still lack diversity and inclusion?
Despite increased awareness a lack of diversity, the problem remains
entrenched. There is only one woman CTO among a sample of VC-
backed tech companies. Nearly a quarter of people in the ecosystem
say they’ve experienced discrimination on factors from ethnicity to
age. Some initiatives - such as more organisations serving talent
from underrepresented backgrounds - give hope, but change will
require a concerted effort from everyone in the ecosystem.
undefinedundefined90
In Partnership with
&
www.stateofeuropeantech.com
CAPITAL RAISED
Funding for all women teams is actually going down. There
is no material improvement in the share of capital invested
in European tech companies going to diverse founding
teams. In fact, the share of capital invested in companies
founded by women decreased in 2019 versus 2018. This
means that in 2019, $92 in every $100 invested in Europe
went to founding teams that were all men.
CAPITAL R AISED BY FOUNDING TEAM GENDER
$92 in every $100
invested in Europe went to founding teams that were all men
Share of capital raised and deals
(%) by founding team gender
composition
SOURCE:Dealroom
LEGEND
Men
Mixed
Women
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
DATASET: DEALS
% of capital raised / deals85.4%
86.7%
86.2%
85.5%
86.9%
10.8%
9.9%
9.9%
10.6%
11.0%
3.9%
3.3%
4.0%
3.9%
2.1%
2015
2016
2017
2018
2019
0.0
25.0
50.0
75.0
D&I and investment data: the limitations
If you have access to, or suggestions for, data sets which would
help us tell this story, please email research@atomico.com.
State of D&I in European Tech
05.1
Funding for all women teams is actually going down. There
is no material improvement in the share of capital invested
in European tech companies going to diverse founding
teams. In fact, the share of capital invested in companies
founded by women decreased in 2019 versus 2018. This
means that in 2019, $92 in every $100 invested in Europe
went to founding teams that were all men.
invested in Europe went to founding teams that were all men
CAPITAL RAISED BY FOUNDING TEAM GENDER
$92 in every $100
Funding for all women tems is actually going down. There
is no material improvemnt in the share of capital invested
in European tech companies going to di
r e founding
teams. In fact, the share of capital invested in companies
founded by women decreased in 2019 versus 2018. This
means that in 2019, $92 in every $100 invested in Europe
went to founding teams that were all men.
CAPITAL R AISED BY FOUNDING TEAM GENDER
$92 in every $100
invested in Europe went to founding teams that were all men
Share of capital raised and deals
(%) by founding team gender
composition
SOURCE:Dealroom
LEGEND
Men
Mixed
Women
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
DATASET: CAPITAL R AISED
% of capital raised / deals89.0%
89.1%
90.4%
91.7%
91.6%
9.5%
8.4%
7.0%
6.8%
8.0%
1.5%
2.5%
2.6%
1.4%
0.4%
2015
2016
2017
2018
2019
0.0
25.0
50.0
75.0
100.0
Funding for all women teams is actually going down. There
is no material imrovement in the share f capital invested
in European tech companies going to diverse founding
teams. In fact, the share of capital invested in companies
founded by women decreased in 2019 versus 2018. This
means that in 2019, $92 in every $100 invested in Europe
went to founding teams that were all men.
CAPITAL R AISED BY FOUNDING TEAM GENDER
$92 in every $100
invested in Europe went to founding teams that were all men
Share of capital raised and deals
(%) by founding team gender
composition
SOURCE:Dealroom
LEGEND
Men
Mixed
Women
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
DATASET: CAPITAL R AISED
% of capital raised / deals89.0%
89.1%
90.4%
91.7%
91.6%
9.5%
8.4%
7.0%
6.8%
8.0%
1.5%
2.5%
2.6%
1.4%
0.4%
2015
2016
2017
2018
2019
0.0
25.0
50.0
75.0
100.0
DEALS
Funding for all women teams is actually going down. There
is no material improvement in the share of capital invested
in European tech companies going to diverse founding
teams. In fact, the share of capital invested in companies
founded by women decreased in 2019 versus 2018. This
means that in 2019, $92 in every $100 invested in Europe
went to founding teams that were all men.
CAPITAL R AISED BY FOUNDING TEAM GENDER
$92 in every $100
invested in Europe went to founding teams that were all men
Share of capital raised and deals
(%) by founding team gender
composition
SOURCE:Dealroom
LEGEND
Men
Mixed
Women
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 anualised based
on data to September 2019.
DATASET: CAPITAL R AISED
% of capital raised / deals89.0%
89.1%
90.4%
91.7%
91.6%
9.5%
8.4%
7.0%
6.8%
8.0%
1.5%
2.5%
2.6%
1.4%
0.4%
2015
2016
2017
2018
2019
0.
25.0
50.0
75.0
100.0
91
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&
www.stateofeuropeantech.com
The gender diversity of founding teams varies according to the size of the round. There is a greater level of
diversity at round sizes of less than $10M, though it is notable that there has not been any material change in
the trends over recent years. It's also notable that larger rounds are typically raised by founding teams that are
all men, and so the more these large rounds are raised, the greater the dilutive impact on the overall share of
capital raised by more gender diverse teams.
Share of deals (%) by round size,
year and founding team gender
composition
SOURCE:Dealroom
LEGEND
Men
Women
Mixed
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
DATASET: <$10M
% of deals86%
86%
85%
84%
85%
4%
4%
4%
5%
3%
10%
10%
10%
12%
13%
2015
2016
2017
2018
2019
0
25
50
75
The gender diversity of founding teams varies according to the size of the round. There is a greater level of
diversity at round sizes of less than $10M, though it is notable that there has not been any material change in
the trends over recent years. It's also notable that larger rounds are typically raised by founding teams that are
all men, and so the more these large rounds are raised, the greater the dilutive impact on the overall share of
capital raised by more gender diverse teams.
Share of deals (%) by round size,
year and founding team gender
composition
SOURCE:Dealroom
LEGEND
Mn
Women
Mixed
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
DATASET: $10M-$20M
% of deals82%
84%
92%
90%
94%
4%
4%
2%
2%
0%
15%
13%
7%
8%
6%
2015
2016
2017
2018
2019
0
25
50
75
100
$10M-$20M
The gender diversity of founding teams varies according to the size of the round. There is a greater level of
diversity at round sizes of less than $10M, though it is notable that there has not been any material change in
the trends over recent years. It's also notable that larger rounds are typically raised by founding teams that are
all men, and so the more these large rounds are raised, the greater the dilutive impact on the overall share of
capital raised by more gender diverse teams.
Share of deals (%) by round size,
year and founding team gender
composition
SOURCE:Dealroom
LEGEND
Mn
Women
Mixed
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
DATASET: $20M-$50M
% of deals89%
92%
82%
91%
91%
0%
5%
3%
0%
0%
11%
4%
15%
9%
9%
2015
2016
2017
2018
2019
0
25
50
75
100
$20M-$50M
<$10M
State of D&I in European Tech
05.1
The gender diversity of founding teams varies according to the size of the round. There is a greater
level of diversity at round sizes of less than $10M, though it is notable that there has not been any
material change in the trends over recent years. It’s also notable that larger rounds are typically
raised by founding teams that re all men, and so the more these large rounds are raised, the greater
the dilutive impact on the overall share of capital raised by more gender diverse teams.
The gender diversity of founding teams varies according to the size of the round. There is a greater level of
diversity at round sizes of les thn $10M, though it is notable that there has not been any material change in
the trends over recent years. It'
l

l

t lrger rounds are typically raised by founding teams that are
all men, and so the more these large rounds are aised, the greater the dilutiv impact on the overall share of
capital raised by more gender div rse teams.
Share of deals (%) by round size,
year and founding team gender
composition
SOURCE:Dealroom
LEGEND
Men
Women
Mixed
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, ebt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
DATASET: <$10M
% of deals86%
86%
85%
84%
4%
4%
4%
5%
10%
10%
10%
12%
2015
2016
2017
2018
0
25
50
75
The gender diversity of founding teams varies according to the size of the round. There is a greater level of
diversity at round sizes of less than $10M, though it is notable that there has not been any material change in
the trends over recent years. It's also notable that larger rounds are typically raised by founding teams that are
all men, and so the more these large rounds are raised, the greater the dilutive impact on the overall share of
capital raised by more gender diverse teams.
Share f dels (%) by roud size,
year and founding team gender
composition
SOURCE:Dealroom
LEGEND
Men
Women
Mixed
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
DATASET: <$10M
% of deals86%
86%
85%
84%
4%
4%
4%
5%
10%
10%
10%
12%
2015
2016
2017
2018
0
25
50
75
The gender diversity of founding teams varies according to the size of the round. There is a greater level of
diversity at round sizes of less than $10M, though it is notable that there has not been any material change in
the trends over recent years. It's also notable that larger rounds are typically raised by founding teams that are
all men, and so the more these large rounds are raised, the greater the dilutive impact on the overall share of
capital raised by more gender diverse teams.
Share of deals (%) by round size,
year and founding team gender
composition
SOURCE:Dealroom
LEGEND
Men
Women
Mixed
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
DATASET: $100M+
% of deals92%
100%
95%
100%
93%
0%
0%
5%
0%
0%
8%
0%
0%
0%
7%
2015
2016
2017
2018
2019
0
25
50
75
100
$100M+
The gender diversity of founding teams varies according to the size of the round. There is a greater level of
diversity at round sizes of less than $10M, though it is notable that there has not been any material change in
the trends over recent years. It's also notable that larger rounds are typically raised by founding teams that are
all m
, and so the more these large rounds are raised, the greater the diltive impact on the over ll share of
capital raised by more gender diverse teams.
Share of deals (%) by round size,
year and founding team gender
composition
SOURCE:Dealroom
LEGEND
Men
Women
Mixed
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
DATASET: $50M-$100M
% of deals89%
75%
90%
94%
90%
0%
0%
0%
0%
0%
11%
25%
10%
6%
10%
2015
2016
2017
2018
2019
0
25
50
75
100
$50M-$100M
The share of rounds raised by more gender diverse founding teams varies by country across Europe. Looking at
the total distribution of deals raised by founding teams since 2015, it is noteworthy that countries from
Southern Europe, such as Portugal or Italy, have seen greater diversity in the number of rounds raised by teams
composed of women or mixed-gender founders compared with Nordic countries, such as Finland or Denmark.
Share of deals (%) by founding
team gender composition and
country, 2015-2019
SOURCE:Dealroom
LEGEND
Men
Mixed
Women
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 based on data to
September 2019.
% of deals
Czech Republic
Italy
Portugal
Spain
United Kingdom
Germany
Sweden
Russia
Switzerland
Ireland
Finland
France
Belgium
Denmark
Netherlands
Poland
0
10
20
30
40
50
60
70
80
90
100
110
92
In Partnership with
&
www.stateofeuropeantech.com
State of D&I in European Tech
05.1
The share of rounds raised by more gender diverse founding teams varies
by country across Europe. Looking at the total distribution of deals raised
by founding teams since 2015, it is noteworthy that countries from Southern
Europe, such as Portugal or Italy, have seen greater diversity in the number
of rounds raised by teams composed of women or mixed-gender founders
compared with Nordic countries, such as Finland or Denmark.
The share of rounds raised by more gender diverse founding teams varies by country across Europe. Looking at
the total distribution of deals raised by founding teams since 2015, it is not worthy that countries from
Southern Europe, such as Portugal or Italy, have seen greater diversity in the number of rounds raised by teams
composed of women or mixed-gender founders compared with Nordic countries, such as Finland or Denmark.
Share of deals (%) by founding
team gender composition and
country, 2015-2019
SOURCE:Dealroom
LEGEND
Men
Mixed
Women
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 based on data to
September 2019.
% of deals
Czech Republic
Italy
Portugal
Spain
United Kingdom
Germany
Sweden
Russia
Switzerland
Ireland
Finland
France
Belgium
Denmark
Netherlands
Poland
0
10
20
30
40
50
60
70
80
90
100
110
The share of rounds raised by mre geder diverse founding teams varies by country across Europe. Looking at
the total distribution of deals raised by foundig t ams sinc 2015, it is noteworthy that countries from
Southern Europe, such as Portugal or Italy, have seen greater diversity in the number of rounds raised by teams
composed of women or mixed-gender founders compared with Nordic countries, such as Finland or Denmark.
Share of deals (%) by founding
team gender composition and
country, 2015-2019
SOURCE:Dealroom
LEGEND
Men
Mixed
Women
NOTE:
All Dealroom.co data excludes the following:
biotech, seconday transactions, debt,
lending capital, grants. Please also no e he
data xcludes Israel. 2019 based on data to
September 2019.
% of deals
Czech Republic
Italy
Portugal
Spain
United Kingdom
Germany
Sweden
Russia
Switzerland
Ireland
Finland
France
Belgium
Denmark
Netherlands
Poland
0
10
20
30
40
50
60
70
80
90
100
110
What kind of progress do I think the European tech
community has made towards increasing diversity
and inclusion in the past 12 months? The slow kind.
Steve O'Hear
TechCrunch
Journalist
93
In Partnership with
&
www.stateofeuropeantech.com
State of D&I in European Tech
05.1
It's particularly notable that, when looking at the evolution of the share of deals by the gender
composition of founding teams over time in different European countries, there's been minimal
movement in recent years in almost all countries.
BELGIUM
DENMARK
FRANCE
FINLAND
that, when looking at the evolution of the share of deals by the gender composition of
me in different European countries, there's been minimal movement in recent years in
ing
and
SOURCE:Dealroom
lowing:
bt,
ote the
ata to
DATASET: BELGIUM
% of deals86%
93%
88%
87%
85%
0%
2%
7%
3%
0%
14%
5%
5%
11%
15%
2015
2016
2017
2018
2019
0
25
50
75
100
that, when looking at the evolution of the share of deals by the gender composition of
me in different European countries, there's been minimal movement in recent years in
ing
and
SOURCE:Dealroom
lowing:
bt,
ote the
ata to
DATASET: FINL AND
% of deals87%
89%
87%
90%
86%
3%
4%
8%
5%
0%
10%
7%
5%
5%
14%
2015
2016
2017
2018
2019
0
25
50
75
100
It's particularly notable that, when looking at the evolution of the share of deals by the gender composition of
founding teams over time in different European countries, there's been minimal movement in recent years in
almost all countries.
Share of deals (%) by founding
team gender composition and
country
SOURCE:Dealroom
LEGEND
Men
Women
Mixed
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 based on data to
September 2019.
DATASET: FR ANCE
% of deals88%
89%
87%
90%
86%
3%
2%
3%
2%
2%
9%
9%
10%
8%
13%
2015
2016
2017
2018
2019
0
25
50
75
100
It's particularly notable that, when looking at the evolution of the share of deals by the gender composition of
founding teams over time in different European countries, there's been minimal movement in recent years in
almost all countries.
Share of deals (%) by founding
team gender composition and
country
SOURCE:Dealroom
LEGEND
Men
Women
Mixed
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 based on data to
September 2019.
DATASET: DENMARK
% of deals89%
93%
94%
89%
97%
2%
2%
0%
4%
0%
9%
4%
6%
7%
3%
2015
2016
2017
2018
2019
0
25
50
75
100
It's particularly notable that, when looking at the evolution of the share of deals by the gender composition of
founding teams over time in different European countries, there's been minimal movement in recent years in
almost all countries.
Share of deals (%) by founding
team gender composition and
country
SOURCE:Dealroom
LEGEND
Men
Women
Mixed
NOTE:
All Dealroom.co data excludes th following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 based on data to
September 2019.
DATASET: UNITED KINGDOM
% of deals85%
86%
86%
85%
89%
5%
5%
5%
6%
2%
10%
9%
10%
10%
9%
2015
2016
2017
2018
2019
0
25
50
75
100
UNITED KINGDOM
It's particularly notable that, when looking at the evolution of the share of deals by the gender composition of
founding teams over time in different Europen counries, there's ben minimal movemnt in recent years i
almost all countries.
Share of deals (%) by founding
team gender composition and
country
SOURCE:Dealroom
LEGEND
Men
Women
Mixed
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 based on data to
September 2019.
DATASET: UNITED KINGDOM
% of deals85%
86%
86%
85%
89%
5%
5%
5%
6%
2%
10%
9%
10%
10%
9%
2015
2016
2017
2018
2019
0
25
50
75
100
team gender composition and
country
SOURCE:Dealroom
LEGEND
Men
Women
Mixed
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 based on data to
September 2019.
% of deals85%
86%
86%
85%
5%
5%
5%
6%
10%
9%
10%
2015
2016
2017
20
0
25
50
75
100
hat, when looking at the evolution of the share of deals by the gender composition of
me in different European countries, there's been minimal movement in recent years in
ing
nd
SOURCE:Dealroom
owing:
t,
ote the
ata to
DATASET: GERMANY
% of deals83%
85%
89%
87%
87%
3%
2%
1%
1%
0%
14%
14%
10%
13%
13%
2015
2016
2017
2018
2019
0
25
50
75
100
It' p
ticularly notable that, when looking at the evolution of the share of deals by the gender composition of
founding teams ov r tim in different European c untries, there's been minimal movement in recent years in
almost all countries.
Share of deals (%) by founding
team gender composition and
country
SOURCE:Dealroom
LEGEND
Men
Women
Mixed
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 based on data to
September 2019.
DATASET: IREL AND
% of deals88%
90%
83%
88%
75%
12%
6%
10%
9%
10%
0%
4%
8%
2%
15%
2015
2016
2017
2018
2019
0
25
50
75
100
IRELAND
GERMANY
94
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hat, when looking at the evolution of the share of deals by the gender composition of
me in different European countries, there's been minimal movement in recent years in
ing
nd
SOURCE:Dealroom
owing:
t,
ote the
ata to
DATASET: POL AND
% of deals100%
97%
86%
92%
100%
0%
0%
0%
0%
0%
0%
3%
14%
8%
0%
2015
2016
2017
2018
2019
0
25
50
75
100
It's particularly notable that, when looking at the evolution of the share of deals by the gender composition of
founding teams over time in different European countries, there's been minimal movement in recent years in
almost all countries.
Share of deals (%) by founding
team gender composition and
country
SOURCE:Dealroom
LEGEND
Men
Women
Mixed
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 based on data to
September 2019.
DATASET: PORTUGAL
% of deals78%
74%
85%
83%
100%
11%
0%
8%
0%
0%
11%
26%
8%
17%
0%
2015
2016
2017
2018
2019
0
25
50
75
100
hat, when looking at the evolution of the share of deals by the gender composition of
me in different European countries, there's been minimal movement in recent years in
ing
nd
SOURCE:Dealroom
owing:
t,
ote the
ata to
DATASET: ITALY
% of deals87%
81%
81%
82%
72%
0%
4%
6%
3%
13%
13%
16%
13%
15%
16%
2015
2016
2017
2018
2019
0
25
50
75
It's particularly notable that, when looking at the evolution of the share of deals by the gender composition of
founding teams over time in different European countries, there's been minimal movement in recent years in
almost all countries.
Share of deals (%) by founding
team gender composition and
country
SOURCE:Dealroom
LEGEND
Men
Women
Mixed
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 based on data to
September 2019.
DATASET: NETHERL ANDS
% of deals93%
94%
95%
93%
88%
0%
1%
0%
1%
3%
7%
5%
5%
6%
9%
2015
2016
2017
2018
2019
0
25
50
75
100
State of D&I in European Tech
05.1
PORTUGAL
POLAND
NETHERLANDS
ITALY
SPAIN
RUSSIA
hat, when looking at the evolution of the share of deals by the gender composiion of
e in different European countries, there's been minimal movement in recent years in
ng
nd
SOURCE:Dealroom
owing:
t,
te the
ata to
DATASET: RUSSIA
% of deals85%
97%
83%
77%
86%
4%
0%
7%
7%
0%
11%
3%
10%
16%
14%
2015
2016
2017
2018
2019
0
25
50
75
100
It' articularly notable that, when looking at the evolution of the share of deals by the gender composition of
founding teams over time in different European countries, there's been minimal movement in recent years in
almost all countries.
Share of deals (%) by founding
team gender composition and
country
SOURCE:Dealroom
LEGEND
Men
Women
Mixed
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 based on data to
September 2019.
DATASET: SPAIN
% of deals83%
87%
86%
84%
90%
5%
3%
4%
5%
0%
12%
10%
10%
11%
11%
2015
2016
2017
2018
2019
0
25
50
75
100
SWITZERLAND
SWEDEN
that, when looking at the evolution of the share of deals by the gender composition of
me in different European countries, there's been minimal movement in recent years in
ding
and
SOURCE:Dealroom
ollowing:
bt,
note the
data to
DATASET: SWEDEN
% of deals86%
86%
87%
82%
87%
4%
3%
2%
4%
3%
10%
11%
10%
14%
11%
2015
2016
2017
2018
2019
0
25
50
75
100
It's particularly notable that, when looking at the evolution of the share of deals by the gender composition of
founding teams over time in different European countries, there's been minimal movement in recent years in
almost all countries.
Share of deals (%) by founding
team gender composition and
country
SOURCE:Dealroom
LEGEND
Men
Women
Mixed
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 based on data to
September 2019.
DATASET: SWITZERL AND
% of deals85%
89%
88%
82%
90%
0%
1%
5%
1%
0%
15%
9%
7%
17%
10%
2015
2016
2017
2018
2019
0
25
50
75
100
SHARE OF DEALS (%) BY FOUNDING TEAM GENDER COMPOSITION
undefinedundefinedundefinedundefinedundefined100
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State of D&I in European Tech
05.1
Given these static numbers, it's important to examine the steps that investors
have taken to try to improve the diversity of the founders they invest in. Venture
capitalist respondents to the survey were divided over whether the European
VC industry has taken meaningful steps to improve the diversity of the founders
they back. In fact, for this particular question, there was a greater level of
divergence of opinion between the VC respondents than for all other questions
where VCs were asked to share their sentiment on major industry issues.
We found important differences in the changes to sourcing activities reported
by VC respondents who were men and women that suggests the focus on
improving diversity is itself not equally shared. For example, 63% of VC
respondents who are women said they had increased their focus on attending
events with stronger participation from diverse founders, compared to just 36%
of respondents who are men.
I think we have made huge steps in understanding and
admitting the problem. Now, action will be key. In the
words of Alan Turing, 'we can only see a short distance
ahead, but we can see plenty there that needs to be done'.
Suranga Chandratillake
Balderton Capital
General Partner
Given these static numbers, it's important to examine the steps that investors have taken to try to improve the
diversity of the founders they invest in. Venture capitalist respondents to the survey were divided over whether
the European VC industry has taken meaningful steps to improve the diversity of the founders they back. In
fact, for this particular question, there was a greater level of divergence of opinion between the VC
respondents than for all other questions where VCs were asked to share their sentiment on major industry
issues.
Thinking about the past 12
months, do you agree or
disagree with the following:
European VCs have taken
meaningful steps to improve the
diversity of the founders they
back
SOURCE:The State Of European Tech Survey
NOTE:
Venture capitalists only. Numbers may not
add to 100 due to rounding.
% of respondents37%
24%
Agree
Disagree
Neither
0
10
20
30
40
Given these static numbers, it's important to examine the steps that investors have taken to try to improve the
diversity of the founders they invest in. Venture capitalist respondents to the survey were divided over whether
the European VC industry has taken meaningful steps to improve the diversity of the founders they back. In
fact, for this particular question, there was a greater level of divergence of opinion between the VC
respondents than for all other questions where VCs were asked to share their sentiment on major industry
issues.
Thinking about the past 12
months, do you agree or
disagree with the following:
European VCs have taken
meaningful steps to improve the
diversity of the founders they
back
SOURCE:The State Of European Tech Survey
NOTE:
Venture capitalists only. Numbers may not
add to 100 due to rounding.
% of respondents37%
24%
Agree
Disagree
Neither
1
2
30
40
Given these static numbers, it's important to examine the steps that investors have taken to try to improve the
diversity of the founders they invest in. Venture capitalist respondents to the survey were divided over whether
the European VC industry has taken meaningful step to improv th diversity of the founders they back. In
fact, for this particular question, there was a greater level of divergence of opinion between the VC
respondents than for all other questions where VCs were asked to share their sentiment on major industry
issues.
Thinking about the past 12
months, do you agree or
disagree with the following:
European VCs ave taken
meaningful steps to improve the
diversity of the founders they
back
SOURCE:The State Of European Tech Survey
NOTE:
Venture capitalists only. Numbers may not
add to 100 due to rounding.
% of respondents37%
24%
39%
Agree
Disagree
Neither agree nor disagree
0
10
20
30
40
We found important differences in the changes to sourcing activities reported by VC respondents who were
men and women that suggests the focus on improving diversity is itself not equally shared. For example, 63% of
VC respondents who are women said they had increased their focus on attending events with stronger
participation from diverse founders, compared to just 36% of respondents who are men.
In the last 12 months, have you
made any changes to how you
source new investment
opportunities?
SOURCE:The State Of European Tech Survey
LEGEND
Increased focus
Decreased focus
Stayed the same
NOTE:
Venture capitalists only. Numbers may not
add to 100 due to rounding.
% of respondentsWomen
Men
0
25
50
75
100
We found important differences in the changes to sourcing activities reported by VC respondents who were
men and women that suggests the focus on improving diversity is itself not equally shared. For example, 63% of
VC respondents who are women said they had increased their focus on attending events with stronger
participation from diverse founders, compared to just 36% of respondents who are men.
In the last 12 months, have you
made any changes to how you
source new investment
opportunities?
SOURCE:The State Of European Tech Survey
LEGEND
Increased focus
Decreased focus
Stayed the same
NOTE:
Venture capitalists only. Numbers may not
add to 100 due to rounding.
% of respondentsWomen
Men
0
25
50
75
100
We found important differences in the changes to sourcing activities reported by VC respondents who were
men and wome that suggests the focus on improving diversity is itslf not equally shared. For example, 63% of
VC respondents who are women said they had increased their focus on attending events with stronger
participation from diverse founders, compared to just 36% of respondents who are men.
In t
last 12 months, have you
made any changes to how you
sour e new investment
opportunities?
SOURCE:The State Of European Tech Survey
LEGEND
Increased focus
Decreased focus
Stayed the same
NOTE:
Venture capitalists only. Numbers may not
add to 100 due to rounding.
% of respondentsWomen
Men
0
25
50
75
100
undefinedTech startups and scale ups are taking action to improve diversity and inclusion but there is still work to be
done in terms of adopting D&I policies and implementing training programmes.
In the last 12 months, has your
company taken any of the
following actions to improve
diversity and inclusion?
SOURCE: The State Of European Tech Survey
LEGEND
Already actioned
Yes
No
NOTE:
Venture capitalists, founders and
startup/scaleup employees only. Numbers
do not add to 100 as respondents could
choose multiple responses.
DATASET: FOUNDERS & TECH STARTUP/SCALEUP EMPLOYEES
% of respondents
Introduced more flexible working arrangements (e.g.
remote working, flexible hours
Introduced more generous maternity leave policies
Introduced more generous paternity leave policies
Introduced anti-harassment code of conduct
Introduced specific diversity and inclusion hiring policies
Offered relevant training for employees (e.g.
unconscious bias training)
Introduced specific diversity and inclusion talent
development programmes
Appointed a diversity & inclusion representative
0
10
20
30
40
50
60
70
Teh startups and scale ups are taking action to improve diversity and inclusion but there is still work to be
done in terms of adopting D&I policies and implementing training programmes.
In the last 12 months, has your
compn taken any of the
following actions to improve
diversity and inclusion?
SOURCE: The State Of European Tech Survey
LEGEND
Already actioned
Yes
No
NOTE:
Venture capitalists, founders and
startup/scaleup employees only. Numbers
do not add to 100 as respondents could
choose multiple responses.
DATASET: FOUNDERS & TECH STARTUP/SCALEUP EMPLOYEES
% of respondents
Introduced more flexible working arrangements (e.g.
remote working, flexible hours
Intro uc d more generous maternity leave policies
Introduced more generous paternity leave policies
Introduced anti-harassment code of conduct
Introduced s ecific diversity and i
l
i
hiring policies
Offered relevant training for employees (e.g.
unconscious bias training)
Introduced specific diversity and inclusion talent
development programmes
Appointed a diversity & inclusion representative
0
10
20
30
40
50
60
70
Tech startups and scale ups are taking action to improve diversity and inclusion but there is still work to be
done in terms of adopting D&I policies and implementing training programmes.
In the last 12 months, has your
company taken any of the
following actions to improve
diversity and inclusion?
SOURCE: The State Of European Tech Survey
LEGEND
Already actioned
Yes
No
NOTE:
Venture capitalists, founders and
startup/scaleup employees only. Numbers
do not add to 100 as respondents could
choose multiple responses.
DATASET: FOUNDERS & TECH STARTUP/SCALEUP EMPLOYEES
% of respondents
Introduced more flexible working arrangements (e.g.
remote working, flexible hours
Introduced more generous maternity leave policies
Introduced more generous paternity leave policies
Introduced anti-harassment code of conduct
Introduced specific diversity and inclusion hiring policies
Offered relevant training for employees (e.g.
unconscious bias training)
Introduced specific diversity and inclusion talent
development programmes
Appointed a diversity & inclusion representative
0
10
20
30
40
50
60
70
80
90
100
Tech startups and scale ups are taking action to improve diversity and inclusion but there is still work to be
done in terms of adopting D&I policies and implementing training rogrammes.
In the last 12 months, has your
company taken any of the
following actions to improve
diversity and inclusion?
SOURCE: The State Of European Tech Survey
LEGEND
Alr ady actioned
Yes
No
NOTE:
Venture capitalists, founders and
startup/scaleup employees only. Numbers
do not add to 100 as respondents could
choose multiple responses.
DATASET: VENTURE CAPITALISTS
% of respondents
Introduced more flexible working arrangements (e.g.
remote working, flexible hours
Introduced more generous maternity leave policies
Introduced more generous paternity leave policies
Introduced anti-harassment code of conduct
Introduced specific diversity and inclusion hiring policies
Offered relevant training for employees (e.g.
unconscious bias training)
Introduced specific diversity and inclusion talent
development programmes
Appointed a diversity & inclusion representative
0
10
20
30
40
50
60
70
80
90
100
102
In Partnership with
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State of D&I in European Tech
05.1
Tech startups and scale ups are taking action to
improve diversity and inclusion but there is still
work to be done in terms of adopting D&I policies
and implementing training programmes.
VENTURE CAPITALISTS
FOUNDERS & TECH/SCALEUP EMPLOYEES
Ekaterina Gianelli
Inventure Partner
It's our responsibility to build an open and inclusive tech
ecosystem in Europe. We have taken the first step and
started a conversation around the topic. Now we need a
firm commitment, actions and measures to move forward,
as there is clearly value to be captured through diversity.
I wish more LPs would start demanding venture capitalists
to be the change they want to see in the industry.
103
In Partnership with
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Last year, our survey found that 46% of women working in the European tech industry had experienced some
form of discrimination at some point in the past. This year, we found that 38% of respondents who are women
had experienced some form of discrimination in just the past 12 months. In fact, almost half (49%) of all
founders who are women and more than 40% of founders from minority ethnic groups report having
experienced some form of discrimination during the last 12 months.
In the last 12 months, have you
experienced any form of
discrimination while working in
the European tech industry?
SOURCE: The State Of European Tech Survey
LEGEND
Yes
No
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: GENDER, FOUNDERS ONLY
% of respondents49%
15%
40%
51%
85%
60%
Women
Men
Prefer not to say
0
25
50
75
100
Last year, our survey found that 46% of women working in the European tech industry had experienced some
form of discrimination at some point in the past. This year, we found that 38% of respondents who are women
had experienced some form of discrimination in just the past 12 months. In fact, almost half (49%) of all
founders who are women and more than 40% of founders from minority ethnic groups report having
experienced some form of discrimination during the last 12 months.
In the last 12 months, have you
experienced any form of
discrimination while working in
the European tech industry?
SOURCE: The State Of European Tech Survey
LEGEND
Yes
No
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: GENDER, FOUNDERS ONLY
% of respondents49%
15%
40%
51%
85%
60%
Women
Men
Prefer not to say
0
25
50
75
100
Last year, our survey found that 46% of women working in the European tech industry had experienced some
form of discrimination at some point in the past. This year, we found that 38% of respondents who are women
had experienced some form of discrimination in just the past 12 months. In fact, almost half (49%) of all
founders who are women and more than 40% of founders from minority ethnic groups report having
experienced some form of discrimination during the last 12 months.
In the last 12 months, have you
experienced any form of
discrimination while working in
the European tech industry?
SOURCE: The State Of European Tech Survey
LEGEND
Yes
No
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: GENDER, FOUNDERS ONLY
% of respondents49%
15%
40%
51%
85%
60%
Women
Men
Prefer not to say
0
25
50
75
100
Last year, our survey found that 46% of women worki g in the European tech industry had
experienced some form of discrimination at some point in the past. This year, we found that 38% of
respondents who are women had experienced some form of discrimination in just the past 12 months.
In fact, almost half (49%) of all founders who are women and more than 40% of founders from minority
ethnic groups report having experienced some form of discrimination during the last 12 months.
Last year, our survey found that 46% of women working in the European tech industry had experienced some
form of discrimination at some point in the past. This year, we found that 38% of respondents who are women
had experenced sme form of discrimination in just the past 12 months. In fact, almost half (49%) of all
founders who are women and more than 40% of founders from minority ethnic groups report having
experienced some form of discrimination during the last 12 months.
In the last 12 months, have you
experienced any form of
discrimination while working in
the European tech industry?
SOURCE: The State Of European Tech Survey
LEGEND
Yes
No
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: ETHNICITY, ALL RESPONDENTS
% of respondents40%
33%
19%
33%
45%
37%
33%
33%
60%
67%
81%
67%
55%
63%
67%
67%
Asian
Black/African/CaribbeanCaucasian/White
Hispanic/Latinx
Middle
Eastern/North
African
Mixed
Other
Prefer not to say
0
25
50
75
100
ETHNICITY ALL RESPONDERS
Last year, our survey found that 46% of women working in the European tech industry had experienced some
form of discrimination at some point in the past. This year, we found that 38% of respondents who are women
had experienced some form of discrimination in just the past 12 months. In fact, almost half (49%) of all
founders who are women and more than 40% of founders from minority ethnic groups report having
experienced some form of discrimination during the last 12 months.
In the last 12 months, have you
experienced any form of
discrimination while working in
the European tech industry?
SOURCE: The State Of European Tech Survey
LEGEND
Yes
No
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: ETHNICITY, FOUNDERS ONLY
% of respondents44%
43%
19%
36%
42%
46%
45%
56%
57%
81%
64%
58%
54%
55%
Asian
Black/African/Caribbean Caucasian/White
Hispanic/Latinx
Middle Eastern/North
African
Mixed
Other
0
25
50
75
100
ETHNICITY FOUNDERS ONLY
Last year, our survey found that 46% of women working in the European tech industry had experienced some
form of discrimination at some point in the past. This year, we found that 38% of respondents who are women
had experienced some form of discrimination in just the past 12 months. In fact, almost half (49%) of all
founders who are women and more than 40% of founders from minority ethnic groups report having
experienced some form of discrimination during the last 12 months.
In the last 12 months, have you
experienced any form of
discrimination while working in
the European tech industry?
SOURCE: The State Of European Tech Survey
LEGEND
Yes
No
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: GENDER, ALL RESPONDENTS
% of respondents38%
15%
36%
62%
85%
64%
Women
Men
Prefer not to say
0
25
50
75
100
GENDER ALL RESPONDERS
GENDER FOUNDERS ONLY
State of D&I in Euro ean Tech
05.1
undefinedundefined106
In Partnership with
&
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State of D&I in European Tech
05.1
Industry Sentiment on D&I
I FEEL BETTER INFORMED ON THE TOPIC OF DIVERSITY AND INCLUSION COMPARED
TO 12 MONTHS AGO
THE EUROPEAN TECH ECOSYSTEM HAS MADE MEANINGFUL PROGRESS IN
IMPROVING ITS LEVEL OF DIVERSITY AND INCLUSION
THE EUROPEAN TECH ECOSYSTEM PROVIDES EQUAL OPPORTUNITY FOR PEOPLE
OF ALL DEMOGRAPHICS, BACKGROUNDS AND EXPERIENCES
THE FOCUS ON CREATING A MORE DIVERSE AND INCLUSIVE EUROPEAN TECH
ECOSYSTEM IS IMPORTANT
I HAVE CHANGED MY BEHAVIOUR AS A RESULT OF INCREASED FOCUS ON DIVERSITY
AND INCLUSION
I FEEL MORE EMPOWERED TO TAKE POSITIVE STEPS TO IMPROVE DIVERSITY AND
INCLUSION WITHIN MY COMPANY COMPARED TO 12 MONTHS AGO
The survey included a large number of questions exploring industry sentiment on a range of different
issues related to progress on building a more diverse and inclusive European tech industry in the
past 12 months. There is strong agreement in the European tech and VC community about the
importance of creating a more diverse and inclusive industry. While many feel better informed and
more empowered to take actions towards this goal and have changed their behaviours accordingly,
it's also clear that for many the industry is a long way from creating equal opportunity for people of all
demographics, backgrounds and experiences.
rge number of questions exploring industry sentiment on a range of different issues
uilding a more diverse and inclusive European tech industry in the past 12 months.
ent in the European tech and VC community about the importance of creating a more
dustry. While many feel better informed and more empowered to take actions towards
ged their behaviours accordingly, it's also clear that for many the industry is a long way
ortunity for people of all demographics, backgrounds and experiences.
th
SOURCE: The State Of European Tech Survey
mbers
DATASET: THE FOCUS ON CREATING A MORE DIVERSE AND INCLUSIVE EUROPEAN TECH ECOSYSTEM IS IMPORTANT
% of respondentsFounder or employee at a tech startup/scale-up
Venture Capitalist
0
25
50
75
100
rge number of questions exploring industry sentiment on a range of different issues
uilding a more diverse and inclusive European tech industry in the past 12 months.
ent in the European tech and VC community about the importance of creating a more
dustry. While many feel better informed and more empowered to take actions towards
ged their behaviours accordingly, it's also clear that for many the industry is a long way
ortunity for people of all demographics, backgrounds and experiences.
th
SOURCE: The State Of European Tech Survey
mbers
DATASET: THE EUROPEAN TECH ECOSYSTEM H AS MADE MEANINGFUL PROGRESS IN IMPROVING ITS LE VEL OF DIVERSITY AND
INCLUSION
% of respondentsFounder or employee at a tech startup/scale-up
Venture Capitalist
0
25
50
75
100
rge number of questions exploring industry sentiment on a range of different issues
uilding a more diverse and inclusive European tech industry in the past 12 months.
ent in the European tech and VC community about the importance of creating a more
dustry. While many feel better informed and more empowered to take actions towards
ged their behaviours accordingly, it's also clear that for many the industry is a long way
ortunity for people of all demographics, backgrounds and experiences.
th
SOURCE: The State Of European Tech Survey
mbers
DATASET: I FEEL MORE EMPOWERED TO TAKE POSITIVE STE S TO IMPROVE DIVERSITY AND INCLUSION WITHIN MY COMPANY
COMPARED TO 12 MONTHS AGO
% of respondentsFounder or employee at a tech startup/scale-up
Venture Capitalist
0
25
50
75
100
The survey included a large number of questions exploring industry sentiment on a range of different issues
rela ed to progress on building a more diverse and inclusive European tech industry in the past 12 months.
There is strong agreement in the European tech and VC community about the importance of creating a more
diverse and inclusive industry. While many feel better informed and more empowered to take actions towards
this goal nd have changed their behaviours accordingly, it's also clear that for many the industry is a long way
from creating equal opportunity for people of all demographics, backgrounds and experiences.
Do you agree or disagree with
the following statements?
SOURCE: The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Venture capitalists, founders and
startup/scale-up employees only. Numbers
may not add to 100 due to rounding.
DATASET: THE EUROPEAN TECH ECOSYSTEM PROVIDES EQUAL OPPORTUNITY FOR PEOPLE OF ALL DEMOGR APHICS,
BACKGROUNDS AND EXPERIENCES
% of respondentsFounder or employee at a tech startup/scale-up
Venture Capitalist
0
25
50
75
100
The survey included a large number of questions exploring industry sentiment on a range of different issues
rela ed to progress on building a more diverse and inclusive European tech industry in the past 12 months.
There is strong agreement in the European tech and VC community about the importance of creating a more
diverse and inclusive industry. While many feel better informed and more empowered to take actions towards
this goal nd have changed their behaviours accordingly, it's also clear that for many the industry is a long way
from creating equal opportunity for people of all demographics, backgrounds and experiences.
Do y u agree or disagree with
the following statements?
SOURCE: The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Venture capitalists, founders and
startup/scale-up employees only. Numbers
may not add to 100 due to rounding.
DATASET: I FEEL BETTER INFORMED ON THE TOPIC OF DIVERSITY AND INCLUSION COMPARED TO 12 MONTHS AGO
% of respondentsFounder or employee at a tech startup/scale-up
Venture Capitalist
0
25
50
75
100
The survey included a large number of questions exploring industry sentiment on a range of different issues
rela ed to progress on building a more diverse and inclusive European tech industry in the past 12 months.
There is strong agreement in the European tech and VC community about the importance of creating a more
diverse and inclusive industry. While many feel better informed and more empowered to take actions towards
this goal nd have changed their behaviours accordingly, it's also clear that for many the industry is a long way
from creating equal opportunity for people of all demographics, backgrounds and experiences.
Do you agree or disagree with
the following statements?
SOURCE: The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Venture capitalists, founders and
startup/scale-up employees only. Numbers
may not add to 100 due to rounding.
DATASET: I H AVE CH ANGED MY BEH AVIOUR AS A RESULT OF INCREASED FOCUS ON DIVERSITY AND INCLUSION
% of respondentsFounder or employee at a tech startup/scale-up
Venture Capitalist
0
25
50
75
100
The survey included a large number of questions exploring industry sentiment on a range of different issues
related to progress on building a more diverse and inclusive European tech industry in the past 12 months.
There is strong agreement in the European tech and VC community about the importance of creating a more
diverse and inclusive industry. While many feel better informed and more empowered to take actions towards
this goal and have changed their behaviours accordingly, it's also clear that for many the industry is a long way
from creating equal opportunity for people of all demographics, backgrounds and experiences.
Do you agree or disagree with
the following statements?
SOURCE: The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
V nture capitalists, founders and
startup/scale-up employees nly. Numbers
may not add to 100 due to rounding.
DATASET: THE FOCUS ON CREATING A MORE DIVERSE AND INCLUSIVE EUROPEAN TECH ECOSYSTEM IS IMPORTANT
% of respondentsFounder or employee at a tech startup/scale-up
Venture Capitalist
0
25
50
75
100
NOTE:
Venture capitalists, founders and
startup/scale-up employees only.
Numbers may not add to 100 due to
rounding.
107
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&
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Industry Sentiment on D&I
05.1
It's interesting to look at how sentiment varies for different groups of respondents. Exploring the
data based on the gender of respondents shows that women are more likely than men to believe
diversity and inclusion is important, more likely to feel better informed on the topic, more likely to feel
empowered to make positive change, and more likely to have changed their behaviour as a result
of the increased focus on D&I.
I FEEL MORE EMPOWERED TO TAKE STEPS TO IMPROVE DIVERSITY AND INCLUSION IN MY
COMPANY COMPARED TO 12 MONTHS AGO
It's interesting to look at how sentiment varies for different groups of respondents. Exploring the data based on
the gender of respondents shows that women are more likely than men to believe diversity and inclusion is
important, more likely to feel better informed on the topic, more likely to feel empowered to make positive
change, and more likely to have changed their behaviour as a result of the increased focus on D&I.
Do you agree or disagree with
the following statements?
SOURCE: The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: I FEEL MORE EMPOWERED TO TAKE STEPS TO IMPROVE DIVERSITY AND INCLUSION IN MY COMPANY COMPARED TO 12
MONTHS AGO
% of respondentsWomen
Men
0
25
50
75
100
I HAVE CHANGED MY BEHAVIOUR AS A RESULT OF INCREASED FOCUS ON DIVERSITY AND
INCLUSION
It's interesting to look at how sentiment varies for different groups of respondents. Exploring the data based on
the gender of respondents shows that women are more likely than men to believe diversity and inclusion is
important, more likely to feel better informed on the topic, more likely to feel empowered to make positive
change, and more likely to have changed their behaviour as a result of the increased focus on D&I.
Do you agree or disagree with
the following statements?
SOURCE: The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: I H AVE CH ANGED MY BEH AVIOUR AS A RESULT OF INCREASED FOCUS ON DIVERSITY AND INCLUSION
% of respondentsWomen
Men
0
25
50
75
100
THE FOCUS ON CREATING A MORE DIVERSE AND INCLUSIVE EUROPEAN TECH ECOSYSTEM IS
IMPORTANT
It's interesting to look at how sentiment varies for different groups of respondents. Exploring the data based on
the gender of respondents shows that women re more likely than men to believe diver ity and inclusion is
important, more likely to feel better informed on the topic, more likely to feel empowered to make positive
change, and more likely to have changed their behaviour as a result of the increased focus on D&I.
Do you agree or disagree with
the following statements?
SOURCE: The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: THE FOCUS ON CREATING A MORE DIVERSE AND INCLUSIVE EUROPEAN TECH ECOSYSTEM IS IMPORTANT
% of respondentsWomen
Men
0
25
50
75
100
It's interesting to look at how sentiment varies for different groups of respondents. Exploring the data based on
the gender of respondents shows that women are more likely than men to believe diversity and inclusion is
important, more likely to feel better informed on the topic, more likely to feel empowered to make positive
change, a
ore likely to have changed their behaviour as a result of the increased focus on D&I.
Do you agree or disagree with
the following statements?
SOURCE: The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: I FEEL MORE EMPOWERED TO TAKE STEPS TO IMPROVE DIVERSITY AND INCLUSION IN MY COMP
MONTHS AGO
% of respondentsWomen
Men
0
25
50
75
100
It's interesting to look at how sentiment varies for different groups of respondents. Exploring the data based on
the gender of respondents shows that women are more likely than men to believe diversity and inclusion is
important, more likely to feel better informed on the topic, more likely to feel empowered to make positive
change, and more likely to have changed their behaviour as a result of the increased focus on D&I.
Do you agree or disagree with
the following statements?
SOURCE: The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: I FEEL MORE EMPOWERED TO TAKE STEPS TO IMPROVE DIVERSITY AND INCLUSION IN MY COMP
MONTHS AGO
% of respondentsWomen
Men
0
25
50
75
100
It's interesting to look at how sentiment varies for different groups of respondents. Exploring the data based on
the gender of respondents shows that women are more likely than men to believe diversity and inclusion is
important, more likely to feel better informed on the topic, more likely to feel empowered to make positive
change, and more likely to have changed their behaviour as a result f the increased focus on D&I.
Do you agree or disagree with
the following statements?
SOURCE: The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: I FEEL BETTER INFORMED ON THE TOPIC OF DIVERSITY AND INCLUSION COMPARED TO 12 MONTHS AGO
% of respondentsWomen
Men
0
25
50
75
100
I FEEL BETTER INFORMED ON THE TOPIC OF DIVERSITY AND INCLUSION COMPARED TO 12 MONTHS AGO
108
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&
www.stateofeuropeantech.com
xperience of working in the European tech industry varies greatly based on background.
nts from minority ethnic groups are much less likely to believe that the industry has
ess towards being more diverse and inclusive and much less likely to believe that it
nity for all.
ith
SOURCE: The State Of European Tech Survey
DATASET: I FEEL MORE EMPOWERED TO TAKE POSITIVE STEPS TO IMPROVE DIVERSITY AND INCLUSION WITHIN MY COMPANY
COMPARED TO 12 MONTHS AGO
% of respondents
Asian
Black/African/Caribbean
Caucasian/White
Hispanic/Latinx
Middle Eastern/North African
Mixed
Other
0
10
20
30
40
50
60
70
80
90
100
It's also clear that the experience of working in the European tech industry varies greatly based on background.
Fo exmple, respondents from minority ethnic groups are much less likely to believe that the industry has
made meaningful progress towards being more diverse and inclusive and much less likely to believe that it
provides equal opportunity for all.
Do you agree or disagree with
the following statements?
SOURCE: The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: I H AVE CH ANGED MY BEH AVIOUR AS A RESULT OF INCREASED FOCUS ON DIVERSITY AND INCLUSION
% of respondents
Asian
Black/African/Caribbean
Caucasian/White
Hispanic/Latinx
Middle Eastern/North African
Mixed
Other
0
10
20
30
40
50
60
70
80
90
100
It's also clear that the experience of working in the European tech industry varies greatly based on background.
For example, respondents from minority ethnic groups are much less likely to believe that the industry has
made meaningful progress towards being more diverse and inclusive and much less likely to believe that it
provides equal opportunity for all.
Do you agree or disagree with
the following statements?
SOURCE: The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: I FEEL BETTER INFORMED ON THE TOPIC OF DIVERSITY AND INCLUSION COMPARED TO 12 MONTHS AGO
% of respondents
Asian
Black/African/Caribbean
Caucasian/White
Hispanic/Latinx
Middle Eastern/North African
Mixed
Other
0
10
20
30
40
50
60
70
80
90
100
xperience of working in the European tech industry varies greatly based on background.
nts from minority ethnic groups are much less likely to believe that the industy hs
ess towards being more diverse and inclusive and much less likely to believe that it
nity for all.
ith
SOURCE: The State Of European Tech Survey
DATASET: THE FOCUS ON CREATING A MORE DIVERSE AND INCLUSIVE EUROPEAN TECH ECOSYSTEM IS IMPORTANT
% of respondents
Asian
Black/African/Caribbean
Caucasian/White
Hispanic/Latinx
Middle Eastern/North African
Mixed
Other
0
10
20
30
40
50
60
70
80
90
100
xperience of working in the European tech industry varies greatly based on background.
nts from minority ethnic groups are much less likely to believe that the industry has
ess towards being more diverse and inclusive and much less likely to believe that it
nity for all.
ith
SOURCE: The State Of European Teh Survey
DATASET: THE EUROPEAN TECH ECOSYSTEM PROVIDES EQUAL OPPORTUNITY FOR PEOPLE OF ALL DEMOGR APHICS,
BACKGROUNDS AND EXPERIENCES
% of respondents
Asian
Black/African/Caribbean
Caucasian/White
Hispanic/Latinx
Middle Eastern/North African
Mixed
Other
0
10
20
30
40
50
60
70
80
90
100
It's also clear that the experience of working in the European tech industry varies greatly based on background.
Fo exmple, respondents from minority ethnic groups are much less likely to believe that the industry has
made meaningful progress towards being more diverse and inclusive and much less likely to believe that it
provides equal opportunity for all.
Do you agree or disagree with
the following statements?
SOURCE: The State Of European Teh Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: THE EUROPEAN TECH ECOSYSTEM H AS MADE MEANINGFUL PROGRESS IN IMPROVING ITS LE VEL OF DIVERSITY AND
INCLUSION
% of respondents
Asian
Black/African/Caribbean
Caucasian/White
Hispanic/Latinx
Middle Eastern/North African
Mixed
Other
0
10
20
30
40
50
60
70
80
90
100
I FEEL BETTER INFORMED ON THE TOPIC OF DIVERSITY AND INCLUSION COMPARED
TO 12 MONTHS AGO
THE FOCUS ON CREATING A MORE DIVERSE AND INCLUSIVE EUROPEAN TECH
ECOSYSTEM IS IMPORTANT
THE EUROPEAN TECH ECOSYSTEM HAS MADE MEANINGFUL PROGRESS IN
IMPROVING ITS LEVEL OF DIVERSITY AND INCLUSION
THE EUROPEAN TECH ECOSYSTEM PROVIDES EQUAL OPPORTUNITY FOR PEOPLE
OF ALL DEMOGRAPHICS, BACKGROUNDS AND EXPERIENCES
I HAVE CHANGED MY BEHAVIOUR AS A RESULT OF INCREASED FOCUS ON DIVERSITY
AND INCLUSION
I FEEL MORE EMPOWERED TO TAKE POSITIVE STEPS TO IMPROVE DIVERSITY AND
INCLUSION WITHIN MY COMPANY COMPARED TO 12 MONTHS AGO
It's also clear that the experience of working in the European tech industry varies greatly based on
background. For example, respondents from minority ethnic groups are much less likely to believe
that the industry has made meaningful progress towards being more diverse and inclusive and much
less likely to believe that it provides equal opportunity for all.
Industry Sentiment on D&I
05.2
The survey included a large number of questions exploring industry sentiment on a range of different issues
related to progress on building a more diverse and inclusive European tech industry in the past 12 months.
There is strong agreement in the European tech and VC community about the importance of creating a more
diverse and inclusive industry. While many feel better informed and more empowered to take actions towards
this goal and have changed their behaviours accordingly, it's also clear that for many the industry is a long way
from creating equal opportunity for people of all demographics, backgrounds and experiences.
Do you agree or disagree with
the following statements?
SOURCE: The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Venture capitalists, founders and
startup/scale-up employees only. Numbers
may not add to 100 due to rounding.
DATASET: THE FOCUS ON CREATING A MORE DIVERSE AND INCLUSIVE EUROPEAN TECH ECOSYSTEM IS IMPORTANT
% of respondentsFounder or employee at a tech startup/scale-up
Venture Capitalist
0
25
50
75
100
NOTE:
Numbers may not add to 100 due to
rounding.
undefined110
In Partnership with
&
www.stateofeuropeantech.com
Industry Sentiment on D&I
05.2
When asked to share their sentiment on any change in the inclusiveness of the culture within their
own companies in the past 12 months, the responses were similar to those based on the industry-
wide view. Half of all respondents said there had been no change in the past 12 months, but 44%
were more positive and stated they had seen an increase in the inclusiveness of the culture at their
companies. Respondents based in the UK were most likely to have reported an increase.
When asked to share their sentiment on any change in the inclusiveness of the culture within their own
companies in the past 12 months, the responses were similar to those based on the industry-wide view. Half of
all respondents said there had been no change in the past 12 months, but 44% were more positive and stated
they had seen an increase in the inclusiveness of the culture at their companies. Respondents based in the UK
were most likely to have reported an increase.
Thinking only about the last 12
months, have you experienced
any change in the inclusiveness
of the culture at your company?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: OCCUPATION
% of respondents
Founder or startup/scale-up employee
Venture Capitalist
0
10
20
30
40
50
60
70
80
90
100
When asked to share their sentiment on any change in the inclusiveness of the culture within their own
companies in the past 12 months, the responses were similar to those based on the industry-wide view. Half of
all respondents said there had been no change in the past 12 months, but 44% were more positive and stated
they had seen an increase in the inclusiveness of the culture at their companies. Respondents based in the UK
were most likely to have reported an increase.
Thinking only about the last 12
months, have you experienced
any change in the inclusiveness
of the culture at your company?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: ETHNICITY
% of respondents
Asian
Black/African/Caribbean
Caucasian/White
Hispanic/Latinx
Middle Eastern/North African
Mixed
Other
Prefer not to say
0
10
20
30
40
50
60
70
80
90
100
When asked to share their sentiment on ay change i the clusivenes of the culture within their own
companies in the past 12 months, the responses were similar to those based on the industry-wide view. Half of
all respondents said there had been no change in the past 12 months, but 44% were more positive and stated
they had seen an increase in the inclusiveness of the culture at their companies. Respondents based in the UK
were most likely to have reported an increase.
Thinking only about the last 12
months, have you experienced
any change in the inclusiveness
of the culture at your company?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: GENDER
% of respondents
Women
Men
Non-binary
Other
Prefer not to say
0
10
20
30
40
50
60
70
80
90
100
ETHNICITY
REGION
When asked to share their sentiment on any change in the inclusiveness of the culture within their own
companies in the past 12 months, the responses were similar to those based on the industry-wide view. Half of
all respondents said there had been no change in the past 12 months, but 44% were more positive and stated
they had seen an increase in the inclusiveness of the culture at their companies. Respondents based in the UK
were most likely to have reported an increase.
Thinking only about the last 12
months, have you experienced
any change in the inclusiveness
of the culture at your company?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: REGION
% of respondents
CEE
DACH
France & Benelux
Nordics
Rest of Europ
Southern Europe
UK & Ireland
0
10
20
30
40
50
60
70
80
90
100
C UPATION
GENDER
Whn ask d to shar their setiment on any change in the inclusivenss of the culture within their own
companies in the past 12 months, the responses were si
ilar to those based on the industry-wide view. Half of
all respondents said there had been no change in the past 12 months, but 44% were more positive and stated
they had seen an increase in the inclusiveness of the culture at their companies. Respondents based in the UK
were most lik ly to have reported an increase.
Thinking only about the last 12
months, have you experienced
any hange in the inclusiveness
of the culture at your company?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: GENDER
% of respondents
Women
Men
Non-binary
Other
Prefer not to say
0
10
20
30
40
50
60
70
When asked to share their sentiment on any change in the inclusiveness of the culture within their own
companies in the past 12 months, the responses were similar to those based on the industry-wide view. Half of
all respodents said there had been no change in the past 12 months, but 44% were more positive and stated
they had seen an increase in the inclusiveness of the culture at their companies. Respondents based in the UK
were most likely to have reported an increase.
Thinking only about the last 12
months, have you experienced
any change in the inclusiveness
of the culture at your company?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: GENDER
% of respondents
Women
Men
Non-binary
Other
Prefer not to say
0
10
20
30
40
50
60
70

111
In Partnership with
&
www.stateofeuropeantech.com
Industry Sentiment on D&I
05.2
We asked respondents to share whether they felt more comfortable in bringing their whole selves
to work. A material share of respondents stated that they had increased comfort levels in this regard,
but there are also meaningful numbers of respondents who said they had felt no change or even
felt a decreased comfort level. For example. 10% of women and 16% of Black/African/Caribbean
respondents said they felt less comfortable over the last 12 months.
We asked respondents to share whether they felt more comfortable in bringing their whole selves to work. A
material share of respondents stated that they had increased comfort levels in this regard, but there are also
meaningful numbers of respondents who said they had felt no change or even felt a decreased comfort level.
For example. 10% of women and 16% of Black/African/Caribbean respondents said they felt less comfortable
over the last 12 months.
Thinking only about the last 12
months, have you experienced
any change regarding your
comfort level in bringing your
whole self to work in your tech
company?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: OCCUPATION
% of respondents
Founder or startup/scale-up employee
Venture Capitalist
0
10
20
30
40
50
60
70
80
90
100
We asked respondents to share whether they felt more comfortable in bringing their whole selves to work. A
material share of respondents stated that they had increased comfort levels in this regard, but there are also
meaningful numbers of respondents who said they had felt no change or even felt a decreased comfort level.
For example. 10% of women and 16% of Black/African/Caribbean respondents said they felt less comfortable
over the last 12 months.
Thinking only about the last 12
months, have you experienced
any change regarding your
comfort level in bringing your
whole self to work in your tech
company?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: ETHNICITY
% of respondents
Asian
Black/African/Caribbean
Caucasian/White
Hispanic/Latinx
Middle Eastern/North African
Other
Prefer not to say
0
10
20
30
40
50
60
70
80
90
100
We asked respondents to share whether they felt more comfortable in bringing their whole selves to work. A
material share of respondents stated that they had increased comfort levels in this regard, but there are also
meaningful numbers of respondents who said they had felt no change or even felt a decreased comfort level.
For example. 10% of women and 16% of Black/African/Caribbean respondents said they felt less comfortable
over the last 12 months.
Thinking only about the last 12
months, have you experienced
any change regarding your
comfort level in bringing your
whole self to work in your tech
company?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: GENDER
% of respondents
Women
Men
Non-binary
Other
Prefer not to say
Mixed
0
10
20
30
40
50
60
70
80
90
100
ETHNICITY
REGION
We asked respondents to share whether they felt more comfortable in bringing their whole selves to work. A
material share of respondents stated that they had increased comfort levels in this regard, but there are also
meaningful numbers of respondents who said they had felt no change or even felt a decreased comfort level.
For example. 10% of women and 16% of Black/African/Caribbean respondents said they felt less comfortable
over the last 12 months.
Thinking only about the last 12
months, have you experienced
any change regarding your
comfort level in bringing your
whole self to work in your tech
company?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: REGION
% of respondents
CEE
DACH
France & Benelux
Nordics
Rest of Europe
Southern Europe
UK & Ireland
0
10
20
30
40
50
60
70
80
90
100
OCCUPATION
GENDER
We asked respondents to share whether they felt more comfortable in bringing their whole selves to work. A
material hare of respondents stated that they had increased comfort levels in this regard, but there are also
meaningful numbers of respondents who said they had felt no change or even felt a decreased comfort level.
For example. 10% of women and 16% of Black/African/Caribbean respondents said they felt less comfortable
over the last 12 months.
Thinking only about the last 12
months, have you experienced
any change regarding your
comfort level in bringing your
whle slf to work in your tech
company?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: ETHNICITY
% of respondents
Asian
Black/African/Caribbean
Caucasian/White
Hispanic/Latinx
Middle Eastern/North African
Other
Prefer not to say
0
10
20
30
40
50
60
70
When asked to share their sentiment on any change in the inclusiveness of the culture within their own
companies in the past 12 months, the responses were similar to those based on the industry-wide view. Half of
all respondents said there had been no change in the past 12 months, but 44% were more positive and stated
they hd seen an increase in the inclusiveness of the culture at their companies. Respondents based in the UK
were most likely to have reported an increase.
Thinking only about the last 12
months, have you experienced
any change in the inclusiveness
of the culture at your company?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: GENDER
% of respondents
Women
Men
Non-binary
Other
Prefer not to say
0
10
20
30
40
50
60
70

112
In Partnership with
&
www.stateofeuropeantech.com
Industry Sentiment on D&I
05.2
I think we're rightly seeing more thought and attention being given
to diversity and inclusion. At Monzo we've taken a really important
step and hired our first head of diversity and inclusion, Sheree
Atcheson. I feel we're making progress in this space but there’s still
a long way to go.
Tom Blomfield
Monzo CEO
The divided sentiment around progress on diversity and inclusion is also visible when asking
respondents to share their sentiment on the priority level at their companies to recruit, retain and
grow talent from diverse demographics, backgrounds or experiences. 45% of respondents who are
founders or working at tech startups and scale-ups reported an increase in priority level and 55% of
venture capitalist respondents. But, again, we found that more than four in ten respondents reported
they felt there had been no change in priority level.
The divided sentiment around progress on diversity and inclusion is also visible when asking respondents to
share their sentiment on the priority level at their companies to recruit, retain and grow talent from diverse
demographics, backgrounds or experiences. 45% of respondents who are founders or working at tech startups
and scale-ups reported an increase in priority level and 55% of venture capitalist respondents. But, again, we
found that more than four in ten respondents reported they felt there had been no change in priority level.
Thinking only about the last 12
months, have you experienced
any change regarding the priority
level of your company to recruit,
retain and grow talent from
diverse demographics,
backgrounds or experiences?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: OCCUPATION
% of respondents
Founder or startup/scale-up employee
Venture Capitalist
0
10
20
30
40
50
60
70
80
90
100
The divided sentiment around progress on diversity and inclusion is also visible when asking respondents to
share their sentiment on the priority level at their companies to recruit, retain and grow talent from diverse
demographics, backgrounds or experiences. 45% of respondents who are founders or working at tech startups
and scale-ups reported an increase in priority level and 55% of venture capitalist respondents. But, again, we
found that more than four in ten respondents reported they felt there had been no change in priority level.
Thinking only about the last 12
months, have you experienced
any change regarding the priority
level of your company to recruit,
retain and grow talent from
diverse demographics,
backgrounds or experiences?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: ETHNICITY
% of respondents
Asian
Black/African/Caribbean
Caucasian/White
Hispanic/Latinx
Middle Eastern/North African
Mixed
Other
Prefer not to say
0
10
20
30
40
50
60
70
80
90
100
The divided sentiment around progress on diversity and inclusion is also visible when asking respondents to
share their sentiment on the priority level at their companies to recruit, retain and grow talent from diverse
demographics, backgrounds or experiences. 45% of respondents who are founders or working at tech startups
and scale-ups reported an increase in priority level and 55% of venture capitalist r spondents. But, again, we
found that more than four in ten respondents reported they felt there had been no change in priority level.
Thinking only about the last 12
months, have you experienced
any change regarding the priority
level of your company to recruit,
retain and grow talent from
diverse demographics,
backgrounds or experiences?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: GENDER
% of respondents
Women
Men
Non-binary
Other
Prefer not to say
0
10
20
30
40
50
60
70
80
90
100
ETHNICITY
REGION
The divided sentiment around progress on diversity and inclusion is also visible when asking respondents to
share their sentiment on the priority level at their ompanies to recruit, retain and grow talent from diverse
demographics, backgrounds or experiences. 45% of respondents who are founders or working at tech startups
and scale-ups reported an increase in priority level and 55% of venture capitalist respondents. But, again, we
found that more than four in ten respondents reported they felt there had been no change in priority level.
Thinking only about the last 12
months, have you experienced
any change regarding the priority
level of your company to recruit,
retain and grow talent from
diverse demographics,
backgrounds or experiences?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: REGION
% of respondents
CEE
DACH
France & Benelux
Nordics
Rest of Europe
Southern Europe
UK & Ireland
0
10
20
30
40
50
60
70
80
90
100
OCCUPATION
GENDER
The divided sentiment around progress on diversity and inclusion is also visible when asking respondents to
share their sentiment on the priority level at their companies to recruit, retain and grow talent from diverse
deographics, backgrounds or experiences. 45% of respondents who are founders or working at tech startups
and scale-ups reported an increase in priority level and 55% of venture capitalist respondents. But, again, we
found that more than four in ten respondents reported they felt there had been no change in priority level.
Thinking only about the last 12
months, have you experienced
any change regarding the priority
level of your company to recruit,
retain and grow talent from
diverse demographics,
backgrounds or experiences?
SOURCE: The State Of European Tech Survey
LEGEND
Icrease
Decrease
No chane
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: GENDER
% of respondents
Women
Men
Non-binary
Other
Prefer ot to say
0
10
20
30
40
50
60
70
When asked to share their sentiment on any change in the inclusiveness of the culture within their own
companies in the past 12 months, the responses were similar to those based on the industry-wide view. Half of
all respondens said there had ben no change in t
past 12 months, but 44% were more positive and stated
they had seen an increase in the inclusiveness of the culture at their companies. Respondents based in the UK
were most likely to have reported an increase.
Thinkig only bout the last 12
months, have you experienced
any change in the inclusiveness
of the culture at your company?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: GENDER
% of respondents
Women
Men
Non-binary
Other
Prefer not to say
0
10
20
30
40
50
60
70

113
In Partnership with
&
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Industry Sentiment on D&I
05.2
In our experience hiring
in Europe, we assumed
there might have been
a challenge in terms of
gender diversity, but
this actually became an
advantage for us.
At Karma we're 60% female, which is unusual in a tech
company. And those women are across all teams, including
engineering and product. We feel extremely lucky to have
attracted this talent.
Another thing we had on our side was the level of English
spoken in Sweden; it was a clear advantage for us
expanding internationally. At Karma we spoke English
internally from the very beginning, even when all employees
were Swedish. Now that we have offices in 3 countries and
70 employees from over 20 countries, it's a no-brainer to
communicate in English.
Elsa Bernadotte
Karma
Co-Founder & COO
Despite large numbers of respondents reporting increases in the quantity of diverse talent hired into
their companies overall, far fewer respondents reported that the diversity of senior leadership in
their company had increased over the last 12 months.
Despite large numbers of respondents reporting increases in the quantity of diverse talent hired into their
companies overall, far fewer respondents reported that the diversity of senior leadership in their company had
increased over the last 12 months.
Thinking only about the last 12
months, have you experienced
any change regarding the level of
diversity of senior leadership in
your company?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: OCCUPATION
% of respondents
Founder or startup/scale-up employee
Venture Capitalist
0
10
20
30
40
50
60
70
80
90
100
Despite large numbers of respondents reporting increases in the quantity of diverse talent hired into their
companies overall, far fewer respondents reported that the diversity of senior leadership in their company had
increased over the last 12 months.
Thinking only about the last 12
months, have you experienced
any change regarding the level of
diversity of senior leadership in
your company?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: ETHNICITY
% of respondents
Asian
Black/African/Caribbean
Caucasian/White
Hispanic/Latinx
Middle Eastern/North African
Mixed
Other
Prefer not to say
0
10
20
30
40
50
60
70
80
90
100
Despite large numbers of respondents reporting increases in the quantity of diverse talent hired into their
companies overall, far fewer respondents reported that the diversity of senior leadership in their company had
increased over the last 12 months.
Thinking only about the last 12
months, have you experienced
any change regarding the evel of
diversity of senior leadership in
your company?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: GENDER
% of respondents
Women
Men
Non-binary
Other
Prefer not to say
0
10
20
30
40
50
60
70
80
90
100
ETHNICITY
Despite large numbers of respondents reporting increases in the quantity of diverse talent hired into their
companies overall, far fewer respondents reported that the diversity of senior leadership in their company had
increased over the last 12 months.
Thinking only about the last 12
months, have you experienced
any change regarding the level of
diversity of senior leadership in
your company?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: REGION
% of respondents
CEE
DACH
France & Benelux
Nordics
Rest of Europe
Southern Europe
UK & Ireland
0
10
20
30
40
50
60
70
80
90
100
GENDER
Despite large numbers of respondents reporting increases in the quantity of diverse talent hired into their
copanies v rall, far fewer respondents reported that the diversity of senior leadership in their company had
increased over the last 12 months.
Thinking only about the last 12
months, have you experienced
any change regarding the level of
diversity of senior leadership in
your company?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: GENDER
% of respondents
Women
Men
Non-binary
Other
Prefer not to say
0
10
20
30
40
50
60
70
When asked to share their sentiment on any change in the inclusiveness of the culture within their own
companies in th past 12 moths, the responses w re similar to thos based on the industry-wide view. Half of
all respondents said there had been no change in the past 12 months, but 44% were more positive and stated
they had seen an increase in the inclusiveness of the culture at their companies. Respondents based in the UK
were most likely to have reported an increase.
Thinking only about te last 12
months, have you experienced
any change in the inclusiveness
of the culture at your company?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: GENDER
% of respondents
Women
Men
Non-binary
Other
Prefer not to say
0
10
20
30
40
50
60
70
REGION
OCCUPATION
undefined115
In Partnership with
&
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Community-Led Change
We asked respondents to share their views on initiatives they believe have had
the biggest impact on promoting or enabling greater diversity in the European
tech ecosystem. The most cited factors include better education on the topic,
greater awareness via media coverage and the impact of events focussed on
the topic of diversity and inclusion.
Intuitively, it feels like diversity and inclusion have gained an increased level of
prominence in the news narrative around the European tech industry. But our
analysis of more than 450,000 tech-related articles published in the past year by
over 1,000 European news sources shows that diversity and inclusion actually
declined as a relative share of total news coverage, even though it increased in
absolute terms versus 2018. By contrast, the relative share of news coverage
focussed on topics such as fundraising or AI increased in 2019.
We aked respondents to shar their views on initiatives they believe have had the biggest impact on
promoting or enabling greater diversity in the European tech ecosystem. The most cited factors include better
education on the topic, greater awareness via media coverage and the impact of events focussed on the topic
of diversity and inclusion.
In your opinion, which initiatives,
if any, have had the biggest
impact in promoting or enabling
greater diversity and inclusion in
the European tech ecosystem?
SOURCE:The State Of European Tech Survey
NOTE:
Keyword analysis performed on open-ended
answers, similar spellings and keywords
aggregated.
# of mentions
60
45
42
39
34
32
26
23
12
Education & training
Media focus & coverage
D&I-focused events
Diversity reporting & measurement
Women in technology
#MeToo campaign
Diversity VC initiatives
Diversity policies
Equal treatment & pay focus
Inklusiiv
0
10
20
30
40
50
60
70
80
We asked respondents to share their views on initiatives they believe have had the biggest impact on
promoting or enabling greater diversity in the European tech ecosystem. The most cited factors include better
education on the topic, greater awareness via media coverage and the impact of events focussed on the topic
of diversity and inclusion.
In your opinion, which initiatives,
if any, have had the biggest
impact i
romoting or enablig
greater diversity and inclusion in
the European tech ecosystem?
SOURCE:The State Of European Tech Survey
NOTE:
Keyword analysis performed on open-ended
answers, similar spellings and keywords
aggregated.
# of mentions
92
60
45
42
39
34
32
26
23
12
Education & training
Media focus & coverage
D&I-focused events
Diversity reporting & measurement
Women in technology
#MeToo campaign
Diversity VC initiatives
Diversity policies
Equal treatment & pay focus
Inklusiiv
0
10
20
30
40
50
60
70
80
90
100
Intuitively, it feels like diversity and inclusion have gained an increased level of prominence in the news
narrative around the European tech industry. But our analysis of more than 450,000 tech-related articles
published in the past year by over 1,000 European news sources shows that diversity and inclusion actually
declined as a relative share of total news coverage, even though it increased in absolute terms versus 2018. By
contrast, the relative share of news coverage focussed on topics such as fundraising or AI increased in 2019.
Share of total tech news
narrative (%) by topic area and
year
SOURCE:
LEGEND
2018
2019
NOTE:
Based on ~5,460 stories across 1,094
European news sources from 1 October 2017
to 30 September 2018 (2018 data) and on
5,300 stories across 1,105 European news
sources from 1 October 2018 to 30
September 2019 (2019 data).
% of stories
22%
11%
10%
22%
12%
9%
Fundraising
Artificial Intelligence
Blockchain/crypto
Diversity & inclusion
0
5
10
15
20
25
30
35
40
45
50
Intuitively, it feels like diversity and inclusion have gained an increased level of prominence in the news
narrative around the European tech industry. But our analysis of more than 450,000 tech-related articles
published in the past year by over 1,000 European news sources shows that diversity and inclusion actually
declined as a relative shre of total news coverage, even though it increased in absolute terms versus 2018. By
contrast, the relative share of news coverage focussed on topics such as fundraising or AI increased in 2019.
Share of total tech news
narrative (%) by topic area and
year
SOURCE:
LEGEND
2018
2019
NOTE:
Based on ~5,460 stories across 1,094
European news sources from 1 October 2017
to 30 September 2018 (2018 data) and on
5,300 stories across 1,105 European news
sources from 1 October 2018 to 30
September 2019 (2019 data).
% of stories
22%
11%
10%
22%
12%
9%
Fundraising
Artificial Intelligence
Blockchain/crypto
Diversity & inclusion
0
5
10
15
20
25
30
35
40
45
50
Intuitively, it feels like diversity and inclusion have gained an increased level of prominence in the news
arrative around the Europen tech industry. But our analysis of more than 450,000 tech-related articles
published in the past year by over 1,000 European news sources shows that diversity and inclusion actually
declined as a relative share of total news coverage, even though it increased in absolute terms versus 2018. By
contrast, the relative share of news coverage focussed on topics such as fundraising or AI increased in 2019.
Share of total tech news
narrative (%) by topic area and
year
SOURCE:
LEGEND
2018
2019
NOTE:
Based on ~5,460 storieacross 1,094
European news sources from 1 October 2017
to 30 September 2018 (2018 data) and on
5,300 stories across 1,105 European news
sources from 1 October 2018 to 30
September 2019 (2019 data).
% of stories
54%
22%
11%
10%
56%
22%
12%
9%
Fundraising
Artificial Intelligence
Blockchain/crypto
Diversity & inclusion
0
5
10
15
20
25
30
35
40
45
50
55
60
We asked respondents to share their views on initiatives they believe have had the biggest impact on
promoting or enabling greater diversity in the European tech ecosystem. The most cited factors include better
education on the topic, greater awareness via media coverage and the impact of events focussed on the topic
of diversity and inclusion.
In your opinion, which initiativ s,
if any, have had the biggest
impact in promotig or enabling
greater diversity and inclusion in
the European tech ecosystem?
SOURCE:The State Of European Tech Survey
NOTE:
Keyword analysis performed on open-ended
answers, similar spellings and keywords
aggregated.
# of mentions
60
45
42
39
34
32
26
23
12
Educatio & training
Media focus & coverage
D&I-focused events
Diversity reporting & measurement
Women in technology
#MeToo campaign
Diversity VC initiatives
Diversity policies
Equal treatment & pay focus
Inklusiiv
0
10
20
30
40
50
60
70
80

116
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Community-Led Change
05.3
It is notable, however, that the overall sentiment of news coverage focussed on
the topic of diversity and inclusion shifted to be more positive in 2019 versus the
prior year. It is important to share positive messages with underrepresented
communities and not simply further reinforce deeply entrenched stereotypes
that have made tech so unwelcoming to these groups.
It is ntable, however, that the overall setiment of news coverage focussed on the topic of diversity and
inclusion shifted to be more positive in 2019 versus the prior year. It is important to share positive messages
with underrepresented communities and not simply further reinforce deeply entrenched stereotypes that have
made tech so unwelcoming to these groups.
Share of total stories (%) per
topic by sentiment summary
SOURCE:
LEGEND
Positive
Neutral
Negative
NOTE:
Based on ~5,460 stories across 1,094
European news sources from 1 October 2017
to 30 September 2018 (2018 data) and on
5,300 stories across 1,105 European news
sources from 1 October 2018 to 30
September 2019 (2019 data).
% of total stories2018
2019
0
25
50
75
100
It is notable, however, that the overall sentiment of news coverage focussed on the topic of diversity and
inclsion shifted to be more psitive in 2019 versus the prior year. It is important t share positive messages
with underrepresented comunities and not simply further reinforce deeply entrenched stereotypes that have
made tech so unwelcoming to these groups.
Share of total stories (%) per
topic by sentiment summary
SOURCE:
LEGEND
Positive
Neutral
Negative
NOTE:
Based on ~5,460 stories across 1,094
European news sources from 1 October 2017
to 30 September 2018 (2018 data) and on
5,300 stories across 1,105 European news
sources from 1 October 2018 to 30
September 2019 (2019 data).
% of total stories2018
2019
0
25
50
75
100
It is notable, however, that the overall sentiment of news coverage focussed on the topic of diversity and
inclusion shifted to be more positive in 2019 versus the prior year. It is important to share positive messages
with underrepresented communities and not simply further reinforce deeply entrenched stereotypes that have
made tech so unwelcoming to these groups.
Share of total stories (%) per
topic by senimnt summary
SOURCE:
LEGEND
Positive
Neutral
Negative
NOTE:
Based on ~5,460 stories across 1,094
European news sources from 1 October 2017
to 30 September 2018 (2018 data) and on
5,300 stories across 1,105 European news
sources from 1 October 2018 to 30
September 2019 (2019 data).
% of total stories2018
2019
0
25
50
75
100
In Partnership with
&
Photo by: Samuli Pentti
undefinedundefinedundefinedundefinedundefinedundefinedIn some areas, European tech has certainly become more
diverse in the last year. Initiatives like OneTech, funds like
Backstage Capital and communities like Foundervine,
Blooming Founders and Femstreet have grown in scale
and influence in the main hubs, and there is a growing
understanding of the importance of inclusion and not just
diversity, which is very welcome.
Check Warner
Diversity VC
Co-Founder
123
In Partnership with
&
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Community-Led Change
05.3
As the industry has focused more of its attention on the topic of diversity,
there has been a large rise in the number of events focused on D&I acros
the region in recent years.
Still we have to be honest
that both our industry
and ourselves need to do
more to really change the
picture.
We still see about 80% of the founder teams being
predominantly male. But we strongly believe that one
of Europe's biggest assets in global competition is its
diversity. Europe sees a large number of initiatives to
encourage and include specifically female founders
and entrepreneurs, and it seems that these dynamics
are accelerating in a very positive way, also triggered
by an increasing number of top-level female investors.
Speedinvest is actively supporting local initiatives to
drive gender equality and age equality such as 'Female
Founders' and 'WisR'. Still we have to be honest that both
our industry and ourselves need to do more to really
change the picture.
Daniel Keiper-Knorr
Speedinvest
Founder & Partner
As the industry has focused more of its attention on the topic of diversity, there has been a large rise in the
number of events focused on D&I across the region in recent years.
Share and number of tech-
related Meetup events focused
on D&I by year
SOURCE:
LEGEND
# of events hosted
% of all events hosted
NOTE:
2019 annualised based on data to September
2019.
# of tech-related Meetups1,815
2,903
4,002
4,843
5.0%
5.7%
6.1%
6.5%
2015
2016
2017
2018
0
2,000
4,000
6,000
As the industry has focused more of its attention on the topic of diversity, there has been a large rise in the
number of events focused on D&I across the region in recent years.
Share and number of tech-
related Meetup events focused
on D&I by year
SOURCE:
LEGEND
# of events hosted
% of all events hosted
NOTE:
2019 annualised based on data to September
2019.
# of tech-related Meetups% of tech-related Meetups hosted1,815
2,903
4,002
4,843
5,839
5.0%
5.7%
6.1%
6.5%
5.6%
2015
2016
2017
2018
2019
0
2,000
4,000
6,000
4.5
5.0
5.5
6.0
6.5
As the industry has focused more of its attention on the topic of diversity, there has been a large rise in the
number of events focused
D&I across the region n recent years.
Share and number of tech-
related Meetup events focused
on D&I by year
SOURCE:
LEGEND
# of events hosted
% of ll evets hosted
NOTE:
2019 annualised based on data to September
2019.
# of tech-related Meetups1,815
2,903
4,002
4,843
5.0%
5.7%
6.1%
6.5%
2015
2016
2017
2018
0
2,000
4,000
6,000

124
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Community-Led Change
05.3
According to Meetup, 'Women in Technology' is one of Top 10 fastest-growing topics for all
tech-related Meetup events in Europe in 2019.
Despite the rise of events focussed on bringing together and supporting underrepresented groups
within European tech, at a macro level there has not been any material improvement in female
attendees in tech-related Meetup events in Europe in recent years. Women accounted for only 23.4%
of participants in 2019, a number that has only crept upwards from 23.0% in 2018.
According to Meetup, 'Women in Technology' is one of Top
10 fastest-growing topics for all tech-related Meetup
events in Europe in 2019.
The 10 fastest growing topics for
tech-related Meetup events in
Europe in 2019
SOURCE:
NOTE:
2019 annualised based on data to September
2019. Only events with at least 250 events in
2018 included.
YoY growth (%)
44%
40%
39%
38%
35%
35%
28%
27%
26%
Digital media
Founders
Agile transformation
Product development
3D animation
Agile coaching
Scrum
SEO
Women in technology
Technology professionals
0
5
10
15
20
25
30
35
40
45
According to Meetup, 'Women in Technology' is one of Top
10 fastest-growing topics for all tech-related Meetup
events in Europe in 2019.
The 10 fastest growing topics for
tech-related Meetup events in
Europe in 2019
SOURCE:
NOTE:
2019 annualised based on data to September
2019. Only events with at least 250 events in
2018 included.
YoY growth (%)
55%
44%
40%
39%
38%
35%
35%
28%
27%
26%
Digital media
Founders
Agile transformation
Product development
3D animation
Agile coaching
Scrum
SEO
Women in technology
Technology professionals
0
5
10
15
20
25
30
35
40
45
50
55
60
According to Meetup, 'Women in Technology' is one of Top
10 fastest-growing topics for all tech-related Meetup
events in Europe in 2019.
The 10 fastest growing topics for
tech-related Meetup events in
Europe in 2019
SOURCE:
NOTE:
2019 annualised based on data to September
2019. Only events with at least 250 events in
2018 included.
YoY growth (%)
44%
40%
39%
38%
35%
35%
28%
27%
26%
Digital media
Founders
Agile transformation
Product development
3D animation
Agile coaching
Scrum
SEO
Women in technology
Technology professionals
0
5
10
15
20
25
30
35
40
45
Despite the rise of events focussed on bringing together and supporting underrepresented groups within
European tech, at a macro level there has not been any material improvement in female attendees in tech-
related Meetup events in Europe in recent years. Women accounted for only 23.4% of participants in 2019, a
number that has only crept upwards from 23.0% in 2018.
Share of female attendees in
tech-related Meetup events in
Europe
SOURCE:
NOTE:
% of the reported gender of attendees.
% of female attendees21.5%
21.6%
23.0%
2016
2017
2018
0.0
5.0
10.0
15.0
20.0
25.0
Despite the rise of events focussed on bringing together and supporting underrepresented groups within
European tech, at a macro level there has not been any material improvement in female attendees in tech-
related Meetup events in Europe in recent years. Women accounted for only 23.4% of participants in 2019, a
number that has only crept upwards from 23.0% in 2018.
Share of female attendees in
tech-related Meetup events in
rope
SOURCE:
NOTE:
% of the reported gender of attendees.
% of female attendees21.5%
21.6%
23.0%
23.4%
2016
2017
2018
2019
0.0
5.0
10.0
15.0
20.0
25.0
Despite the rise of events focussed on bringing together and supporting underrepresented groups within
European tech, at a macro level there has not been any material improvement in female attendees in tech-
related Meetup events in Europe in recent years. Women accounted for only 23.4% of participants in 2019, a
number that has only crept upwards from 23.0% in 2018.
Share of female attendees in
tech-related Meetup events in
Europe
SOURCE:
NOTE:
% of the reported gender of attendees.
% of female attendees21.5%
21.6
23.0%
2016
2017
2018
.
1 .
1 .
20.0
25.0
125
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Eastern European countries are the main constituents of the top 10 list of countries for female participation at
tech-related Meetup events. Though there are differences across countries, the participation of women in tech
community events throughout Europe remains low; Hungary, the number one country by share of participants
in events that are women, tops the list with just 28%. Denmark, at the other end of the list, has one of the
lowest female participation rates at just 18%.
Share of woman attendees in
tech-related Meetup events by
country
SOURCE:
NOTE:
% of the reported gender of attendees. Only
countries with at least 100 female attendees
included.
DATASET: TOP 10 COUNTRIES
% of women
27.6%
27.5%
26.4%
25.9%
25.7%
25.7%
25.5%
25.5%
25.5%
25.3%
Romania
Latvia
Germany
Spain
Luxembourg
Ireland
Norway
Switzerland
Lithuania
Sweden
0.0
2.5
5.0
7.5
10.0
12.5
15.0
17.5
20.0
22.5
25.0
27.5
30.0
Eastern European countries are the main constituents of the top 10 list of countries for female participation at
tech-related Meetup events. Though there are differences across countries, the participation of women in tech
community events throughout Europe remains low; Hungary, the number one country by share of participants
in events that are women, tops the list with just 28%. Denmark, at the other end of the list, has one of the
lowest female participation rates at just 18%.
Share of woman attendees in
tech-related Meetup events by
country
SOURCE:
NOTE:
% of the reported gender of attendees. Only
countries with at least 100 female attendees
included.
DATASET: COUNTRIES 1 1-20
% of women
24.9%
24.7%
24.2%
24.2%
24.0%
23.0%
22.9%
22.6%
22.4%
21.9%
United Kingdom
Netherlands
France
Bulgaria
Portugal
Serbia
Estonia
Ukraine
Austria
Finland
0.0
2.5
5.0
7.5
10.0
12.5
15.0
17.5
20.0
22.5
25.0
27.5
Community-Led Change
05.3
COUNTRIES 11-20
THE REST
TOP TEN COUNTRIES
Eastern European countries are the main constituents of the top 10 list of countries for female
participation at tech-related Meetup events. Though there are differences across countries, the
participation of women in tech community events throughout Europe remains low; Hungary, the
number one country by share of participants in events that are women, tops the list with just 28%.
Denmark, at the other end of the list, has one of the lowest female participation rates at just 18%.
East rn European countries are the main constituents of the top 10 list of countries for female participation at
tech-related Metup events. Though there are differences acr ss countries, the participatin of women in tech
community events throughout Europe remains low; Hungary, the number one country by share of participants
in events that are women, tops the list with just 28%. Denmark, at the other end of the list, has one of the
lowest female participation rates at just 18%.
Share of woman attendees in
tech-related Meetup events by
country
SOURCE:
NOTE:
% of the reported gender of attendees. Only
countries with at least 100 female attendees
included.
DATASET: TOP 10 COUNTRIES
% of women
27.6%
27.5%
26.4%
25.9%
25.7%
25.7%
25.5%
25.5%
25.5%
25.3%
Romania
Latvia
Germany
Spain
Luxembourg
Ireland
Norway
Switzerland
Lithuania
Sweden
0.0
2.5
5.0
7.5
10.0
12.5
15.0
17.5
20.0
22.5
25.0
27.5
30.0
Eastern European countries are the main constituents of the top 10 list of countries for female participation at
tech-related Meetup events. Though there are differences across countries, the participation of women in tech
community events throughout Europe remains low; Hungary, the number one country by share of participants
in events that are women, tops the list with just 28%. Denmark, at the other end of the list, has one of the
lowest female participation rates at just 18%.
Share of woman attendees in
tech-related Meetup events by
country
SOURCE:
NOTE:
% of the reported gender of attendees. Only
countries with at least 100 female attendees
included.
DATASET: TOP 10 COUNTRIES
% of women
27.6%
27.5%
26.4%
25.9%
25.7%
25.7%
25.5%
25.5%
25.5%
25.3%
Romania
Latvia
Germany
Spain
Luxembourg
Ireland
Norway
Switzerland
Lithuania
Sweden
0.0
2.5
5.0
7.5
10.0
12.5
15.0
17.5
20.0
22.5
25.0
27.5
30.0
Eastern European countries are the main constituents of the top 10 list of countries for female participation at
tech-related Meetup events. Though there are differences across countries, the participation of women in tech
community events throughout Europe remains low; Hungary, the number one country by share of participants
in events that are women, tops the list with just 28%. Denmark, at the other end of the list, has one of the
lowest female participation rates at just 18%.
Share of woman attendees in
tech-related Meetup events by
country
SOURCE:
NOTE:
% of the reported gender of attendees. Only
countries with at least 100 female attendees
included.
DATASET: THE REST
% of women
21.5%
21.2%
20.8%
20.8%
20.7%
19.8%
19.7%
18.0%
17.6%
17.1%
15.4%
Belgium
Croatia
Hungary
Turkey
Poland
Italy
Greece
Denmark
Czech Republic
Russia
Slovenia
0.0
10.0
20.0
2.5
5.0
7.5
12.5
15.0
17.5
22.5
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People
What kinds of people work in European tech jobs?
The archetype of a European founder is still overwhelmingly a
man with financial stability. Founders are feeling the heat from
increased competition for talent. The debate is now turning to how
to keep that talent engaged through incentives and stock options,
and healthy through discussions of mental health and wellness.
undefinedundefined129
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Looking only at those founders who have attained a university degree, there are interesting
differences in the diversity of subjects studied by founders from different regions. Founders in the
Nordics, UK & Ireland have more diverse backgrounds than in other regions. CEE, DACH and Southern
Europe stand out with the largest share of founders with a technical degree.
Looking only at those founders who have attained a university degree, there are interesting differences in the
diversity of subjects studied by founders from different regions. Founders in the Nordics, UK & Ireland have
more diverse backgrounds than in other regions. CEE, DACH and Southern Europe stand out with the largest
share of founders with a technical degree.
Share of capital invested (%) by
education background and by
region, 2015-2019
SOURCE:Dealroom
LEGEND
% of capital raised
European average capital raised (%)
NOTE:
Numbers don't add up to 100 because deals
can have more than one founder involved.
2019 based on data up to September 2019.
DATASET: ARTS/SOCIAL SCIENCES
% of capital15%
12%
10%
10%
8%
1%
11
11
11
11
11
11
Nordics
United Kingdom & Ireland
France & Benelux
DACH
Southern Europe
CEE
0
5
10
15
Portrait of a European Tech Founder
06.1
Looking only at those founders who have attained a university degree, there are interesting differences in the
diversity of subjects studied by founders from different regions. Founders in the Nordics, UK & Ireland have
more diverse backgrounds than in other regions. CEE, DACH and Southern Europe stand out with the largest
share of founders with a technical degree.
Share of capital invested (%) by
education background and by
region, 2015-2019
SOURCE:Dealroom
LEGEND
% of capital raised
European average capital raised (%)
NOTE:
Numbers don't add up to 100 because deals
can have more than one founder involved.
2019 based on data up to September 2019.
DATASET: TECHNICAL
% of capital41%
40%
38%
37%
33%
22%
35
35
35
35
35
35
Southern Europe
DACH
CEE
France & Benelux
United Kingdom & Ireland
Nordics
0
10
20
30
40
TECHNICAL
Looking only at those founders who have attained a university degree, there are interesting differences in the
diversity of subjects studied by founders from different regions. Founders in the Nordics, UK & Ireland have
more diverse backgrounds than in other regions. CEE, DACH and Southern Europe stand out with the largest
share of founders with a technical degree.
Share of capital invested (%) by
education background and by
region, 2015-2019
SOURCE:Dealroom
LEGEND
% of capital raised
European average capital raised (%)
NOTE:
Numbers don't add up to 100 because deals
can have more than one founder involved.
2019 based on data up to September 2019.
DATASET: BUSINESS & L AW
% of capital61%
55%
37%
37%
32%
29%
40
40
40
40
40
40
Southern Europe
DACH
France & Benelux
Nordics
United Kingdom & Ireland
CEE
0
20
40
60
BUSINESS & LAW
Looking only at those founders who have attained a university degree, there are interesting differences in the
diver ity of subjects studied by founders fro
different regions. Founders in the Nordics, UK & Ireland have
ore divers backgrounds than in other regions. CEE, DACH and Southern Europe stand out with the largest
share of founders with a technical degree.
Share of capital invested (%) by
education background and by
region, 2015-2019
SOURCE:Dealroom
LEGEND
% of capital raised
European average capital raised (%)
NOTE:
Numbers don't add up to 100 because deals
can have more than one founder involved.
2019 based on data up to September 2019.
DATASET: BUSINESS & L AW
% of capital61%
55%
37%
37%
32%
29%
40
40
40
40
40
40
Southern Europe
DACH
France & Benelux
Nordics
United Kingdom & Ireland
CEE
0
20
40
60
ooking only at those founders who have attained a university degree, there are interesting differences in the
iversity of subjects studied by founders from different regions. Founders i the Nordics, UK & Ireland have
more dver
backgrounds than in other regions. CEE, DACH and Southern Europe stand out with the largest
share of founders with a technical degree.
Share of capital invested (%) by
education background and by
region, 2015-2019
SOURCE:Dealroom
LEGEND
% of capital raised
European average capital raised (%)
NOTE:
Numbers don't add up to 100 because deals
can have more than one founder involved.
2019 based on data up to September 2019.
DATASET: BUSINESS & L AW
% of capital61%
55%
37%
37%
32%
29%
40
40
40
40
40
40
Southern Europe
DACH
France & Benelux
Nordics
United Kingdom & Ireland
CEE
0
20
40
60
ART/SOCIAL SCIENCES
The assumption that all founders have access to 'friends and family
rounds' still bewilders me.
The assumption that all founders have access
to 'friends and family rounds' still bewilders
me. We need to develop an empathetic
understanding that this is not accessible to all,
and thus develop inclusive pathways that level
the playing field.
These pathways look like community groups,
diverse angels and early-stage pre-seed funds.
Initiatives such as Natwest Back Her Business
are making those first steps, the program match
funds femal founder crowdfunding campaigns.
Deborah Okenla
YSYS
Founder & CEO
On YSYS pre-accelerator FoundersDoor, one of
our alumni Emilia Servane Founder of The Good
Hair Co, took part and was able to crowdfund
£1,500 to which Natwest matched an additional
£1,500 - this capital will now give her the ability
to validate her ideas and move forward.
We need more impactful interventions like this
to truly have a diverse and inclusive European
startup ecosystem.
undefined131
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Portrait of a European Tech Founder
06.1
Across Europe, 40% of seed stage startups have
a founding team aged between 26-30 years old.
Southern Europe, DACH and the CEE regions
have the largest share of young founders.
Only 7% of founding teams in the CEE are over
40 years old - while in France, this number is
close to 20%.
of seed stage European founding
teams are on average less than
30 years old.
EUROPEAN FOUNDING TEAMS
50%
Across Europe, 40% of seed stage startups have a
founding team aged between 26-30 years old. Southern
Europe, DACH and the CEE regions have the largest share
of young founders. Only 7% of founding teams in the CEE
are over 40 years old - while in France, this number is close
to 20%.
EUROPEAN FOUNDING TEAMS
50%
of seed stage European founding teams are on average less than 30 years
old.
Share of founding team (%) in
age groups by region
SOURCE:Dealroom
NOTE:
Seed stage startups founding team average
age post 2015. All Dealroom.co data excludes
the following: biotech, secondary
transactions, debt, lending capital, grants.
DATASET: 26-30
% of founding team in age group39%
43%
41%
42%
37%
33%
40
40
40
40
40
40
Southern Europe
DACH
CEE
United Kingdom & Ireland
France & Benelux
Nordics
0
10
20
30
40
26-30
Across Europe, 40% of seed stage startups have a
founding team aged between 26-30 years old. Southern
Europe, DACH and the CEE regions have the largest share
of young founders. Only 7% of founding teams in the CEE
are over 40 years old - while in France, this number is close
to 20%.
EUROPEAN FOUNDING TEAMS
50%
of seed stage European founding teams are on average less than 30 years
old.
Share of founding team (%) in
age groups by region
SOURCE:Dealroom
NOTE:
Seed stage startups founding team average
age post 2015. All Dealroom.co data excludes
the following: biotech, secondary
transactions, debt, lending capital, grants.
DATASET: 31-40
% of founding team in age group35%
37%
41%
35%
34%
39%
36
36
36
36
36
36
Southern Europe
DACH
CEE
United Kingdom & Ireland
France & Benelux
Nordics
0
10
20
30
40
31-40
Across Europe, 40% of seed stage startups have a
founding team aged between 26-30 years old. Southern
Europe, DACH and the CEE regions have the largest share
of young founders. Only 7% of founding teams in the CEE
are over 40 years old - while in France, this number is close
to 20%.
EUROPEAN FOUNDING TEAMS
50%
of seed stage European founding teams are on average less than 30 years
old.
Share of founding team (%) in
age groups by region
SOURCE:Dealroom
NOTE:
Seed stage startups founding team average
age post 2015. All Dealroom.co data excludes
the following: biotech, secondary
transactions, debt, lending capital, grants.
DATASET: 41+
% of founding team in age group11%
7%
7%
15%
17%
14%
13
13
13
13
13
13
Southern Europe
DACH
CEE
United Kingdom & Ireland
France & Benelux
Nordics
0
5
10
15
41+
Across Europe, 40% of seed stage startps have a
founding team aged between 26-30 years old. Southern
Europe, DACH and the CEE regions have the largest share
of young founders. Only 7% of founding teams in the CEE
are over 40 years old - while in France, this number is close
to 20%.
EUROPEAN FOUNDING TEAMS
50%
of seed stage European founding teams are on average l
old.
Share of founding team (%) in
age groups by region
SOURCE:Dealroom
NOTE:
Seed stage startups founding team average
age post 2015. All Dealroom.co data excludes
the following: biotech, secondary
transactions, dbt, lending capital, grants.
DATASET: 20-25
% of founding team in age group15%
13%
12%
8%
12%
12
12
12
12
12
Southern Europe
DACH
CEE
United Kingdom & Ireland
France & Benelux
0
5
10
15
Across Europe, 40% of seed stage startups have a
founding team aged between 26-30 years old. Southern
Europe, DACH and the CEE regions have the largest share
of young founders. Only 7% of founding teams in the CEE
are over 40 years old - while in France, this number is close
to 20%.
EUROPEAN FOUNDING TEAMS
50%
of seed stage European founding teams are on average
old.
Share of founding team (%) in
age groups by region
SOURCE:Dealroom
NOTE:
See stage startups founding t am average
age post 2015. All Dealroom.co data excludes
the following: biotech, secondary
transactions, debt, lending capital, grants.
DATASET: 20-25
% of founding team in age group15%
13%
12%
8%
12%
12
12
12
12
12
Southern Europe
DACH
CEE
United Kingdom & Ireland
France & Benelu
0
5
10
15
20-25
Across Europe, 40% of seed stage startups have a
founding team aged between 26-30 years old. Southern
Erope, DACH and the CEE regions have the largest share
of young founders. Only 7% of founding teams in the CEE
are over 40 years old - while in France, this number is close
to 20%.
EUROPEAN FOUNDING TEAMS
50%
of seed stage European founding teams are on average less than 30 years
old.
Share of founding team (%) in
age groups by region
SOURCE:Dealroom
NOTE:
Seed stage startups founding team average
age post 2015. All Dealroom.co data excludes
the following: biotech, secondary
transactions, debt, lending capital, grants.
DATASET: 20-25
% of founding team in age group15%
13%
12%
8%
12%
14%
12
12
12
12
12
12
Southern Europe
DACH
CEE
United Kingdom & Ireland
France & Benelux
Nordics
0
5
10
15
undefinedundefinedundefinedundefinedundefinedundefinedundefinedundefinedundefinedundefinedundefinedundefinedundefinedundefinedundefined147
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I think the great strength of Europe's ecosystem is the plurality of
industrial background we have. While Europe may not have the depth of
pure technology experience that, say, the Bay Area does, I would argue we
understand finance, fashion, food, manufacturing, aerospace and more at
least as well, if not better.
I think the biggest challenge continues to be
the lack of experienced talent, especially for
later-stage companies and especially in the
areas of sales, marketing and product.
We just don't have the decades of large
companies and start-up history that has
churned out legions of people who've seen
it and done it before. We will get there but
some things are hard to accelerate. I think the
great strength of Europe's ecosystem is the
Suranga
Chandratillake
Balderton Capital
General Partner
Europe has more than 6 million professional developers and has experienced steady growth in the
developer talent pool, in contrast to the US, where the professional developer base has been static for
the past two years.
Europe has more than 6 million professional developers and has experienced steady growth in the developer
talent pool, in contrast to the US, where the professional developer base has been static for the past two years.
Number of professional
developers by region
SOURCE:
LEGEND
Europe
United States
# of professional developers (million)5.5M
5.7M
6.1M
4.4M
4.4M
2017
2018
0.0
2.0
4.0
6.0
Europe has more than 6 million professional developers and has xperienced steady growt i the developer
talent pool, in contrast to the US, where the professional developer base has been static for the past two years.
Number of professional
developers by region
SOURCE:
LEGEND
Europe
United States
# of professional developers (million)5.5M
5.7M
6.1M
4.4M
4.4M
4.3M
2017
2018
2019
0.0
2.0
4.0
6.0
Strong Talent Base
06.4
plurality of industrial background we have.
While Europe may not have the depth of pure
technology experience that, say, the Bay Area
does, I would argue we understand finance,
fashion, food, manufacturing, aerospace and
more at least as well, if not better. As software
eats the world, these skills and this know-how
will become crucial in building companies that
are about technology but also the context in
which that technology will be used.
hubs for professional developer talent in absolute numbers, and
on professional developers.
Germany and the UK are the two largest hubs for professional developer talent in absolute numbers, and
together are home to more than 1.7 million professional developers.
Map of professional developer
distribution across Europe by
country
SOURCE:
LEGEND
up to 1,000,000
8,000,000 to 900,000
700,000 to 8,000,000
6,000,000 to 700,000
500,000 to 6,000,000
400,000 to 500,000
300,000 to 400,000
200,000 to 300,000
100,000 to 200,000
up to 100,000
Germany and the UK are the two largest hubs for professional developer talent in absolute numbers,
and together are home to more t an 1.7 milli n professional developers.
148
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Strong Talent Base
06.4
The growth in the professional developer talent pool across Europe is a Europe-wide phenomenon,
with all countries (except Luxembourg) experiencing growth in numbers in 2019.
The growth in the professional developer talent pool across Europe is a Europe-wide phenomenon, with all
countries (except Luxembourg) experiencing growth in numbers in 2019.
Number of professional
developers by country, 2018 vs
2019
SOURCE:
LEGEND
2018
2019
DATASET: TOP 10
# of professional developers
Germany
United Kingdom
France
Russia
Spain
Netherlands
Italy
Poland
Ukraine
Sweden
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
The growth in the pr fessionl developer talent pool across Europe is a Europe-wide phenomenon, with all
countries (except Luxembourg) experiencing growth in numbers in 2019.
Number of professional
developers by country, 2018 vs
2019
SOURCE:
LEGEND
2018
2019
DATASET: TOP 10
# of professional developers
Germany
United Kingdom
France
Russia
Spain
Netherlands
Italy
Poland
Ukraine
Sweden
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
The growth in the professional developer talent pool across Europe is a Europe-wide phenomenon, with all
countries (except Luxembourg) experiencing growth in numbers in 2019.
Number of professional
developers by country, 2018 vs
2019
SOURCE:
LEGEND
2018
2019
DATASET: R ANK 1 1-20
# of professional developers
Turkey
Switzerland
Belgium
Romania
Austria
Czechia
Denmark
Portugal
Finland
Hungary
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
RANK 11-20
The growth in the professional developer talent pool across Europe is a Europe-wide phenomenon, with all
countries (except Luxembourg) experiencing growth in numbers in 2019.
Number of professional
developers by country, 2018 vs
2019
SOURCE:
LEGEND
2018
2019
DATASET: R ANK 21-30
# of professional developers
Ireland
Norway
Greece
Bulgaria
Belarus
Serbia
Slovakia
Croatia
Lithuania
Slovenia
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
RANK 21-30
RANK 31+
TOP 10
undefined150
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There is also a wide variance in the distribution of talent in different countries. In smaller countries or those
with relatively less mature tech ecosystems, there tends to be a larger concentration of tech talent in a single
hub. Other countries, such as Germany, Italy and Spain, have a more distributed tech talent base, thanks to the
strength of multiple large cities in those countries.
Share of professional developer
talent (%) in the largest hub for
selected European countries in
2019
SOURCE:
NOTE:
% of total professional developers in city as
share of country total.
% of professional developers in given city
86%
83%
82%
80%
75%
73%
64%
60%
57%
57%
55%
54%
52%
49%
41%
40%
37%
33%
27%
18%
Copenhagen
Dublin
Brussels
Vienna
Budapest
Amsterdam
Helsinki
Zurich
Istanbul
London
Paris
Prague
Stockholm
Bucharest
Kiev
Moscow
Madrid
Warsaw
Milan
Cologne
0
10
20
30
40
50
60
70
80
90
There is also a wide variance in the distribution of talent in different countries. In smaller countries or those
with relatively less mature tech ecosystems, there tends to be a larger concentration of tech talent in a single
hub. Other countries, such as Germany, Italy and Spain, have a more distributed tech talent base, thanks to the
strength of multiple large cities in those countries.
Share of professional developer
talent (%) in the largest hub for
selected European countries in
2019
SOURCE:
NOTE:
% of total professional developers in city as
share of country total.
% of professional developers in given city
86%
83%
82%
80%
75%
73%
64%
60%
57%
57%
55%
54%
52%
49%
41%
40%
37%
33%
27%
18%
Copenhagen
Dublin
Brussels
Vienna
Budapest
Amsterdam
Helsinki
Zurich
Istanbul
London
Paris
Prague
Stockholm
Bucharest
Kiev
Moscow
Madrid
Warsaw
Milan
Cologne
0
10
20
30
40
50
60
70
80
90
Ther i also a wid variance in the distribuio of alent in diff ent countries. In smaller coures or those
with relatively less mature tech ecosystems, there tends t be a lager conc ntratio of tech alet in a single
hub. Othr countries, such as Germay, Italy and Spain, have a more distributed tech talent base, thanks to the
strength of multiple large cities in those countries.
Share of professional developer
talent (%) in the largest hub for
selected European countries in
2019
SOURCE:
NOTE:
% of total professional developers in city as
share of country total.
% of professional developers in given city
86%
83%
82%
80%
75%
73%
64%
60%
57
57%
55%
54%
52%
49%
41%
40%
37%
33%
27%
18%
Copenhagen
Dublin
Brussels
Vienna
Budapest
Amsterdam
Helsinki
Zurich
Istanbul
London
Paris
Prague
Stockholm
Bucharest
Kiev
Moscow
Madrid
Warsaw
Milan
Cologne
0
10
20
30
40
50
60
70
80
90
There is also a wide variance in the distribution of talent in different countries.
In smaller countries or those with relatively less mature tech ecosystems, there
tends to be a larger concentration of tech talent in a single hub. Other countries,
such as Germany, Italy and Spain, have a more distributed tech talent base,
thanks to the strength of multiple large cities in those countries.
Strong Talent Base
06.4
undefinedThe European talent pools searching for tech job postings are overwhelmingly looking for jobs where they live.
Still, there are some differences in countries like Sweden and Portugal where talent is a bit more open to global
mobility.
Share of searches (%) for 'tech'
job postings by country ip
addresses
SOURCE:
LEGEND
Domestic
Europe
North America
Rest of world
NOTE:
'Tech jobs' included in the search for
example: software engineer, programmer,
application developer, UI/UX/graphic
designer, web developer, frontend
developer, backend developer, data
scientist, business intelligence, it support.
% of searches for 'tech' job postingsUK
Netherlands
Italy
France
Germany
Spain
Belgium
Ireland
Sweden
Portugal
0.0
25.0
50.0
75.0
100.0
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The European talent pools searching for tech job postings are overwhelmingly looking for jobs where
they live. Still, there are some differences in countries like Sweden and Portugal where talent is a bit
more open to global mobility.
The European talent pools searching for tech job postings are overwhelmingly looking for jobs where they live.
Still, there are some differences in countries like Sweden and Portugal where talent is a bit more open to global
mobility.
Share of searches (%) for 'tech'
job postings by country ip
addresses
SOURCE:
LEGEND
Domestic
Europe
North America
Rest of world
NOTE:
'Tech jobs' included in the search for
example: software engineer, programmer,
application developer, UI/UX/graphic
designer, web developer, frontend
developer, backend developer, data
scientist, business intelligence, it support.
% of searches for 'tech' job postingsUK
Netherlands
Italy
France
Germany
Spain
Belgium
Ireland
0.0
25.0
50.0
75.0
100.0
The European talent pools searching for tech job postings are overwhelmingly looking for jobs where they live.
Still, there are some differences in countries like Sweden and Portugal where talent is a bit more open to global
mobility.
Share of searches (%) for 'teh'
job postings by country ip
addresses
SOURCE:
LEGEND
Domestic
Europe
North America
Rest of world
NOTE:
'Tech jobs' included in the search for
example: software engineer, programmer,
appliation dev loper, UI/UX/graphic
designer, web dvelopr, frontend
developer, backend developer, data
scientist, business intelligence, it support.
% of searches for 'tech' job postingsUK
Netherlands
Italy
France
Germany
Spain
Belgium
Ireland
0.0
25.0
50.0
75.0
100.0
Founders don't need to
move any more to build
world-class teams,
because they're finding
that talent at home.
There is now an abundance of talent across engineering,
product, design and growth. Founders don't need to
move any more to build world-class teams, because
they're finding that talent at home - whether it be from
home-grown successes like Adyen, Spotify, FarFetch or
US tech companies who've expanded here, or from top
engineering schools. It's advantageous and easier to hire
from your network locally, and founders are playing to
their strengths.
Ophelia Brown
Blossom Capital
Founder & Partner
Strong Talent Base
06.4
Photo by: Petri Anttila
undefined154
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&
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As a result, employees are increasingly working remotely, which in turn lowers the need for mobility between
hubs. It is a trend that appears to be materialising across tech companies of all sizes.
Has your company experienced
any change in the number of
employees working remotely?
SOURCE:The State Of European Tech Survey
LEGEND
Increase
No change
Decrease
% of respondents65%
64%
72%
31%
33%
21%
4%
4%
7%
≤10 employees
11-100 employees
>100 employees
0
20
40
60
80
Top 10 fastest-growing countries
for professional developers, 2018
vs 2019
SOURCE:
LEGEND
YoY growth (%)
European YoY growth (%)
DATASET: <100K DE VELOPERS
YoY growth (%)23%
22%
19%
17%
17%
17%
12%
11%
10%
8%
6
6
6
6
6
6
6
6
6
6
Cyprus
Montenegro
Croatia
Ireland
Slovenia
Liechtenstein
Azerbaijan
Albania
Finland
Lithuania
0
5
10
15
20
25
Top 10 fastest-growing countries
for professional developers, 2018
vs 2019
SOURCE:
LEGEND
YoY growth (%)
European YoY growth (%)
DATASET: 100K+ DE VELOPERS
YoY growth (%)15%
11%
9%
8%
8%
7%
6%
6%
6%
6%
6
6
6
6
6
6
6
6
6
6
Belgium
Turkey
Czech Republic
France
Netherlands
Sweden
Austria
Germany
Switzerland
Poland
0
5
10
15
Strong Talent Base
06.4
As a result, employees are increasingly working remotely, which in turn lowers
the need for mobility between hubs. It is a trend that appears to be materialising
across tech compani s of a l sizes.
As a result, employees are increasingly working remotely, which in turn lowers the need for mobility between
hubs. It is a trend that appears to be materialising across tech companies of all sizes.
Has your company experienced
any change in the number of
employees working remotely?
SOURCE:The State Of European Tech Survey
LEGEND
Increase
No change
Decrease
% of respondents65%
64%
72%
31%
33%
21%
4%
4%
7%
≤10 employees
11-100 employees
>100 employees
0
20
40
60
80
Top 10 fastest-growing countries
for professional developers, 2018
vs 2019
SOURCE:
LEGEND
YoY growth (%)
European YoY growth (%)
DATASET: 100K+ DE VELOPERS
YoY growth (%)15%
11%
9%
8%
8%
7%
6%
6%
6%
6%
6
6
6
6
6
6
6
6
6
6
Belgium
Turkey
Czech Republic
France
Netherlands
Sweden
Austria
Germany
Switzerland
Poland
0
5
10
15
<100K DEVELOPERS
100K+ DEVELOPERS
undefined156
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Incentivising and Retaining Talent
The difference in the level of compensation for founders is material between
Europe and the United States at the early venture stages (Seed to Series B).
Founders in the US have higher base salaries and higher incentive pay. At Series
C, the gap in total compensation closes, driven by higher incentive pay for
European founders, not higher base salary levels.
The average level of founder equity by funding round is closely aligned between
the United States and Europe at the early stages of funding. Post Series C,
European founders maintain more ownership than their American counterparts.
The overall trend in terms of founder equity dilution as companies progress
through multiple funding rounds is important to observe. After their Seed round
founders hold, on average, around 32% equity in their company, but this declines
to less than 15% post-Series C.
The difference in the level of compensation for founders is material between Europe and the United States at the
early venture stages (Seed to Series B). Founders in the US have higher base salaries and higher incentive pay. At
Series C, the gap in total compensation closes, driven by higher incentive pay for European founders, not higher
base salary levels.
Founder base salary ($) by
funding round in the 50th
percentile by region
SOURCE:Shareworks
LEGEND
Base salary (Europe)
Base salary (United States)
Incentive pay (Europe)
Incentive pay (United States)
NOTE:
Note that at Seed stage some
Founders may not take a base salary
and take incentive pay instead.
Incentive pay is cash bonus or
incentive, which is not related to
equity or equity value. Converted EUR
to USD with an FX rate of 1.1151 from 30
October 2019.
Founder base salary and incentives ($)Europe
Europe
Europe
United States
United States
United States
Seed
Series A
Series B
0
100,000
200,000
300,000
The differenc in the level of compensation for founders i material between Europe and the United States at th
early venture stages (Seed to Series B). Founders in the US have higher base salaries and higher incentive pay. At
Series C, the gap in total compensation closes, driven by higher incentive pay for European founders, not higher
base salary levels.
Founder base salary ($) by
funding round in the 50th
percentile by region
SOURCE:Shareworks
LEGEND
Base salary (Europe)
Base salary (United States)
Incentive pay (Europe)
Incentive pay (United States)
NOTE:
Note that at Seed stage some
Founders may not take a base salary
and take incentive pay instead.
Incentive pay is cash bonus or
incentive, which is not related to
equity or equity value. Converted EUR
t USD with an FX rate of 1.1151 from 30
October 2019.
Founder base salary and incentives ($)Europe
Europe
Europe
Europe
United States
United States
United States
United States
Seed
Series A
Series B
Series C
0
100,000
200,000
300,000
The average level of founder equity by funding round is closely aligned between the United States and Europe
at the early stages of funding. Post Series C, European founders maintain more ownership than their American
counterparts. The overall trend in terms of founder equity dilution as companies progress through multiple
funding rounds is important to observe. After their Seed round founders hold, on average, around 32% equity in
their company, but this declines to less than 15% post-Series C.
Founder equity by funding round
in the 50th percentile by region
SOURCE:Shareworks
LEGEND
Europe
United States
% of founder equityEurope
Europe
Europe
United States
United States
United States
31.5%
18.6%
13.0%
32.6%
18.3%
12.8%
Seed Funding Only
Post Series A
Post Series B
0.0
10.0
20.0
30.0
The average level of founder equity by funding round is closely aligned between the United States and Europe
at th erly stages of funding. Post Seris C, Euroean founders maintain more ownership than their American
counterparts. The overall trend in terms of founder equity dilution s companies progress through multiple
funding rounds is important to observe. After their Seed round founders hold, on average, around 32% equity in
their company, but this declines to less than 15% post-Series C.
Founder equity by funding round
in the 50th percentile by region
SOURCE:Shareworks
LEGEND
Europe
United States
% of founder equityEurope
Europe
Europe
Europe
United States
United States
United States
United States
31.5%
18.6%
13.0%
13.6%
32.6%
18.3%
12.8%
9.8%
Seed Funding Only
Post Series A
Post Series B
Post Series C
0.0
10.0
20.0
30.0
The difference in the level of compensation for founders is material between Europe and the United States at the
early venture stages (Seed to Series B). Founders in the US have higher base salaries and higher incentive pay. At
Series C, the gap in total compensation closes, driven by higher incentive pay for European founders, not higher
base salary levels.
Founder base salary ($) by
funding round in the 50th
percentile by region
SOURCE:Shareworks
LEGEND
Base salary (Europe)
Base salary (United States)
Incentive pay (Europe)
Incentive pay (United States)
NOTE:
Note that at Seed stage some
Founders may not take a base salary
and take incentive pay instead.
Incentive pay is cash bonus or
incentive, which is not related to
equity or equity value. Converted EUR
to USD with an FX rate of 1.1151 from 30
October 2019.
Founder base salary and incentives ($)Europe
Europe
Europe
United States
United States
United States
Seed
Series A
Series B
0
100,000
200,000
300,000
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European tech companies have historically lagged behind those from the US in their use of stock
options as an effective tool to attract, incentivise and retain talent. However, looking at Shareworks’
latest employee ownership survey, there are signs that the latest generation of companies from
Europe are now properly rewarding their most talented executives and employees. While there is likely
sample bias because most founders who participate in the survey are likely to a) understand the issue
more and b) be better at remunerating their employees, it is a positive sign. There is still work to do, but
thanks to important efforts to build awareness around the issue, such as NotOptional, more founders
are starting to take this issue seriously, and the rest will hopefully follow suit. European governments
need to pay attention and ensure that the implementation of progressive policies around use of stock
options do not lag behind this evolved attitude among European founders.
European tech companies have historically lagged behind those from the US in their use of stock options as an
effective tool to attract, incentivise and retain talent. However, looking at Shareworks’ latest employee
ownership survey, there are signs that the latest generation of companies from Europe are now properly
rewarding their most talented executives and employees. While there is likely sample bias because most
founders who participate in the survey are likely to a) understand the issue more and b) be better at
remunerating their employees, it is a poitive ign. There is still work to do, but thanks to important efforts to
build awar ness around the is ue, such as NotOptional, more founders are starting to take this issue seriously,
and the rest will hopfully follow sut. European governments need to pay attention and ensure that the
implementation of progr ssive policies around use of stock options do not lag behind this evolved attitude
among European founders.
Employee ownership by funding
round in the 50th percentile by
region
SOURCE:Shareworks
LEGEND
Executives (Europe)
Executives (US)
Staff + other (Europe)
Staff + other (US)
Unissued (Europe)
Unissued (US)
NOTE:
This details equity held by employees and
unissued options excluding founders shares.
Equity not related to salary nor incentives.
% of ownershipEurope
Europe
Europe
United States
United States
United States
Seed
Series A
Series B
0
5
10
15
20
European tech companies have historically lagged behind those from the US in their use of stock options as an
effective tool to attract, incentivise and retan talent. Howe r, looking at Shareworks’ latest employee
ownership survey, there are signs that the latest generation of companies from Europe are now properly
rewarding their most talented executives and employees. While there is likely sample bias because most
founders who participate in the survey are likely to a) understand the issue more and b) be better at
remunrating their emloyees, it is a positive sign. There is still work to do, but thanks to impor ant eff rts to
build awareness around the issue, such as NotOptional, more founders are starting to take this issue seriously,
and the rest will hopefully follow suit. European governments need to pay attention and ensure that the
implementation of progressive policies around use of stock options do not lag behind this evolved attitude
among European founders.
Employee ownership by funding
round in the 50th percentile by
region
SOURCE:Shareworks
LEGEND
Executives (Europe)
Executives (US)
Staff + other (Europe)
Staff + other (US)
Unissued (Europe)
Unissued (US)
NOTE:
This details equity held by employees and
unissued options excluding founders shares.
Equity not related to salary nor incentives.
% of ownershipEurope
Europe
Europe
Europe
United States
United States
United States
United States
Seed
Series A
Series B
Series C
0
5
10
15
20
European tech companies have historically lagged behind those from the US in their use of stock options as an
effective tool to attract, inc ntivise and retain talent. However, looking at Shareworks’ latest employee
ownership survey, thre are sigs that the atest genration of companies fr m Europe are now properly
rewarding their most talented executives and employees. While there i likely sample bias because most
founders who participate in the survey are likely to a) understand the issue more and b) be better at
remunerating their employees, it is a positive sign. There is still work to do, but thanks to important efforts to
build awareness around the issue, such as NotOptional, more founders are starting to take this issue seriously,
and the ret will opefully follow suit. European governmnts need to pay attention and ensure that the
implementation of progressive policis around us of stoc options do not lag behind this evolved attitude
among European founders.
Employee ownrship by funding
round in the 50th percentile by
region
SOURCE:Shareworks
LEGEND
Executives (Europe)
Executives (US)
Staff + other (Europe)
Staff + other (US)
Unissued (Europe)
Unissued (US)
NOTE:
This details equity held by employees and
unissued options excluding founders shares.
Equity not related to salary nor incentives.
% of ownershipEurope
Europe
Europe
United States
United States
United States
Seed
Series A
Series B
0
5
10
15
20
Incentivising and Retaining Talent
06.5
To be clear, there are more and less favourable environments for the use of stock options in different European
countries. It's interesting in that context to look at differences by geography in how founders and tech startup
employees perceive the effective use of stock options in their companies. Founders from the UK, which has
one of the most favourable environments for the use of stock options, are more likely to believe that stock
options are used effectively in their company. This is mirrored by responses from employees at UK-based tech
startups and scale-ups.
Founders' and employees' views
on stock options being used
effectively to incentivise
employees in my company
SOURCE: The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Founder and tech start-up and scale-up
employee respondents from companies with
more than 11 employees only. Numbers may
not add to 100 due to rounding.
DATASET: EMPLOYEE AT A TECH STARTUP OR SCALE-UP
% of respondents
UK & Ireland
France & Benelux
Nordics
CEE
Rest of Europe
Southern Europe
DACH
0
10
20
30
40
50
60
70
80
90
100
To be clear, there are more and less favourable environments for the use of stock options in different European
countries. It's interesting in that context to look at differences by geography in how founders and tech startup
employees perceive the effective use of stock options in their companies. Founders from the UK, which has
one of the most favourable environments for the use of stock options, are more likely to believe that stock
options are used effectively in their company. This is mirrored by responses from employees at UK-based tech
startups and scale-ups.
Founders' and employees' views
on stock options being used
effectively to incentivise
employees in my company
SOURCE: The State Of European Tech Survey
LEGEND
Agre
Disagree
Neither agree nor disagree
NOTE:
Founder and tech start-up and scale-up
employee respondents from companies with
more than 11 employees only. Numbers may
not add to 100 due to rounding.
DATASET: FOUNDER
% of respondents
UK & Ireland
CEE
DACH
Southern Europe
Nordics
France & Benelux
Rest of Europe
0
10
20
30
40
50
60
70
To be clear, there are more and less favourable environments for the use of stock options in different European
countries. It's interesting in that context to look at differences by geography in how founders and tech startup
employes perceive the ffective use of stock options in thir companies. Founders from the UK, which has
one of the most favourable environments for the use of stock options, are more likely to believe that stock
options are used effectively in their company. This is mirrored by responses from employees at UK-based tech
startups and scale-ups.
Founders' and employees' views
on stock options being used
effectively to incentivise
employees in my company
SOURCE: The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Founder and tech start-up and scale-up
employee respondents from companies with
more than 11 employees only. Numbers may
not add to 100 due to rounding.
DATASET: FOUNDER
% of respondents
UK & Ireland
CEE
DACH
Southern Europe
Nordics
France & Benelux
Rest of Europe
0
10
20
30
40
50
60
70
80
90
100
EMPLOYEE AT A TECH STARTUP OR SCALE-UP
FOUNDER
To be clear, there are more and less favourable environments for the use of stock options in different European
c untris. It's interesting in that context to look at differences by geography in how fouders and tech startup
employ es perceiv th effective use of st ck options in thei companies. Founders from the UK, which has
one of th most favourable nvironment f r the use of stock options, are more likely t belive that stock
ptins are used effectively i their company. This is mirr red by responses from emplyees at UK-based tech
startups and cal-ups.
Founders' and eployees' views
on stock options being used
effectively to incentivise
employees in my company
SOURCE: The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Founder and tech start-up and scale-up
employee respondents from companies with
more than 11 employees only. Numbrs may
not add to 100 due to rounding.
DATASET: FOUNDER
% of respondents
UK & Ireland
CEE
DACH
Southern Europe
Nordics
France & Benelux
Rest of Europe
0
10
20
30
40
50
60
70
To be clear, there are more and less favourable environments for the use of stock options in different
European countries. It's int resti g in that context to l
at differ nces by geography in how
founders and tech startup employees perceive the effective use of stock options in their companies.
Founders from the UK, which has on of the most favourable envi onm nts for the use of stock
options, are more likely to believe that stock options are used effectively in their company. This is
mirrored by responses from employees at UK-based tech startups and scale-ups.
158
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It's also interesting to observe how founders of companies that have raised
external capital compare in their responses with founders of bootstrapped
companies. We found that founders who have taken external funding are more
likely than founders of bootstrapped companies to agree that they are using
stock options effectively within their companies to incentivise employees.
It's also interesting to observe how founders of companies that have raised external capital compare in their
responses with founders of bootstrapped companies. We found that founders who have taken external funding
are more likely than founder of bootstrappd companies to agree that they are using stock options effectively
within their companies to incentivise employees.
Founder's view on stock options
being used effectively to
incentivise employees in their
company
SOURCE:The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Founder respondents from companies with
more than 11 employees only. Numbers may
not add to 100 due to rounding.
% of respondents59%
42%
24%
19%
17%
Raised external capital
Bootstrapped
0
20
40
60
It's als iteresting to observe how founders f companies that have raised external capital compar in their
respnes with founders of bootstrapped companies. W found that founders who have taken external funding
are more likely than founders of bootstrapped companies to agree that they are using stock options effectively
within their companies to incentivise employees.
Founder's view on stock options
being used effectively to
incentivise employees in their
company
SOURCE:The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Founder respondents from companies with
more than 11 employees only. Numbers may
not add to 100 due to rounding.
% of respondents59%
42%
24%
19%
17%
40%
Raised external capital
Bootstrapped
0
20
40
60
It's also interesting to observe how founders of companies that have raised external capital compare in their
responses with founders of bootstrapped companies. We found that founders who have taken external funding
are more likely than founders of bootstrapped companies to agree that they are using stock options effectively
wihin thei companies to inc ntivie employ es.
Founder's view on stock options
being used effectively to
incentivise employees in their
company
SOURCE:The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Founder respondents from companies with
more than 11 employees only. Numbers may
not add to 100 due to rounding.
% of respondents59%
42%
24%
19%
17%
Raised external capital
Bootstrapped
0
20
40
60
Incentivising and Retaining Talent
06.5
#Not Optional — Europe must attract more talent to startups.
Policy wheels are turning slowly, but they
are turning.
Last year at Slush, 30 CEOs and founders
of some of the most well-known European
companies including BlaBlaCar, Klarna,
Revolut, Supercell and TransferWise signed a
letter calling on legislators 'to fix the patchy,
inconsistent and often punitive rules that
govern employee ownership — the practice of
giving staff options to acquire a slice of the
company they're working for.'
They argued that stock options is one of the
main levers startups have to recruit the talent
they need. They wrote: 'If we don’t eliminate
the talent bottleneck, we risk squandering
the incredible momentum that European tech
has built up in recent years. The next Google,
Amazon or Netflix could well come from Europe,
but for that to happen, reforming the rules of
employee ownership is definitely not optional.'
Within weeks, 500 more CEOs and founders
added their signature to the letter, which
kicked off #NotOptional, a campaign to
bring about change in how stock options are
governed across Europe.
A year on, the European Commission has
actively engaged with the campaign and is
looking for ways to tackle the issue in the
upcoming 5-year term.
Martin Mignot
Index Ventures
Partner
Startup associations across Europe, from
Deutsche Startups to France Digitale and
Scale Ireland have held meetings at the most
senior levels and secured commitments to
make rewarding startup talent a priority.
At the World Economic Forum in Davos,
ineffective employee ownership policies
were singled out as a major bottleneck to the
growth of Digital Europe.
A change is afoot in Europe. Finland is
currently in the process of drafting its new
policy, France has made changes to its
scheme for startups and we expect to see
more, Ireland just broadened the scope of
its employee ownership scheme and has
a full-scale review planned for next year,
and Germany, one of the countries with the
worst policy in Europe, is finally responding
to entrepreneurs who've been lobbying for
change for years.
Based on our experience working with
entrepreneurs around the world, we strongly
believe that fixing stock option policies will
have material impact on the ability of startups
to grow and create tech giants on par with
those emerging from the US and China.
Everyone who joined us in signing
#NotOptional can be proud that they've helped
to put the issue on the agenda in Europe. Now
we need to turn positive conversations across
the continent into policy.
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Incentivising and Retaining Talent
06.5
But there is clearly still work to do to ensure that stock options are used effectively to incentivise employees at
tech startups and scale-ups. The bigger the company, the more likely founders are to agree that they're using
stock options effectively but, conversely, the less likely employees are to agree that this is the case.
Founders' and employees' views
on stock options being used
effectively to incentivise
employees in their companies
SOURCE: The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Founder and employee at a tech start-up or
scale-up respondents only. Numbers may
not add to 100 due to rounding.
DATASET: FOUNDER
% of respondents
≤10 employees
11-100 employees
>100 employees
0
10
20
30
40
50
60
70
80
90
100
But there is clearly still work to do to ensure that stock options are used effectively to incentivise employees at
tech startups and scale-ups. The bigger the company, the more likely founders are to agree that they're using
stock options effectively but, conversely, the less likely employees are to agree that this is the case.
Founders' and employees' views
on stock options being used
effectively to incentivise
employees in their companies
SOURCE: The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Founder and employee at a tech start-up or
scale-up respondents only. Numbers may
not add to 100 due to rounding.
DATASET: EMPLOYEE AT TECH STARTUP OR SCALE-UP
% of respondents
≤10 employees
11-100 employees
>100 employees
0
10
20
30
40
50
60
70
But there is clearly still work to do to ensure that stock options are used effectively to incentivise employees at
tech startups and scale-ups. The bigger the company, the more likely founders are to agree that they're using
stock options effectively but, conversely, the less likely employees are to agree that this is the case.
Founders' and employees' views
on stock options being used
effectively to incentivise
employees in their companies
SOURCE: The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Founder and employee at a tech start-up or
scale-up respondents only. Numbers may
not ad to 100 du to rounding.
DATASET: EMPLOYEE AT TECH STARTUP OR SCALE-UP
% of respondents
≤10 employees
11-100 employees
>100 employees
0
10
20
30
40
50
60
70
But there is clearly still work to do to ensure that stock options are used effectively to incentivise employees at
tech startups and scale-ups. The bigger the company, the more likely founders are to agree that they're using
stock options effectively but, conversely, the less likely employees are to agree that this is the case.
Founders' and employees' views
on stock options being used
effectively to incentivise
employees in their companies
SOURCE: The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Founder and employee at a tech start-up or
scale-up respondents only. Numbers may
not add to 100 due to rounding.
DATASET: EMPLOYEE AT TECH STARTUP OR SCALE-UP
% of respondents
≤10 employees
11-100 employees
>100 employees
0
10
20
30
40
50
60
70
80
90
100
FOUNDER
EMPLOYEE AT A TECH STARTUP OR SCALE-UP
But there is clearly still work to do to ensure that stock options are used effectively to incentivise
employees at tech startups and scale-ups. The bigger e c mpany, the more likel funder are t
agree that they're using stock options effectively but, conversely, the less likely employ es ar to
agree that this is the case.
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The role of stock options as a tool to incentivise talent is particularly relevant in the context of increased
competition for talent within the European tech ecosystem. Larger companies, in particular, are experiencing
increasing competition for talent from both local tech startups and global giants. If you're an employee at a
company with 100+ employees, you're more likely to be aware of your stock options; founders can leverage this
insight not only to attract but also to retain talent.
Has your company experienced
any changes in the following
talent trends in the last 12
months?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
DATASET: <=10 EMPLOYEES
Competition for talent from local startups
Competition for talent from global tech companies
Employee awareness of stock options
The role of stock options as a tool to incentivise talent is particularly relevant in the context of
increased competition for talent within the European tech ecosystem. Larger companies, in
particular, are experiencing increasing competition for talent from both local tech startups and
global giants. If you're an empl y e at a c mpany with 100+ empl yees, you're more likely to b aware
f your stock options; fund rs can l verage this insight not only to attract but also to retain talent.
The role of stock options as a tool to incentivise talent is particularly relevant in the context of increased
competition for talent within the European tech ecosystem. Larger companies, in particular, are experiencing
increasing competition for talent from both local tech startups and global giants. If you're an employee at a
company with 100+ employees, you're more likely to be aware of your stock options; founders can leverage this
insight not only to attract but also to retain talent.
Has your company experienced
any changes in the following
talent trends in the last 12
months?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
DATASET: 1 1-100 EMPLOYEES
Competition for talent from global tech companies
Competition for talent from local startups
Employee awareness of stock options
11-100 EMPLOYEES
The role of stock options as a tool to incentivise talent is particularly relevant in the context of increased
competition for talent within the European tech ecosystem. Larger companies, in particular, are experiencing
increasing competition for talent from both local tech startups and global giants. If you're an employee at a
company with 100+ employees, you're more likely to be aware of your stock options; founders can leverage this
insight not only to attract but also to retain talent.
Has your company experienced
any changes in the following
talent trends in the last 12
months?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
DATASET: 100+ EMPLOYEES
Competition for talent from global tech companies
Employee awareness of stock options
Competition for talent from local startups
100+ EMPLOYEES
The role of stock options as a tool to incentivise talent is particularly relevant in the context of increased
competition for talent within the European tech ecosystem. Larger companies, in particular, are experiencing
increasing competition for talent from both local tech startups and global giants. If you're an employee at a
comp
with 100+ employees, you're more likely to be aware of your stock options; founders can leverage this
isight not only to attract but also to retain talent.
Has your company experienced
any changes in the following
talent trends in the last 12
months?
SOURCE: The State Of European Tech Survey
LEGEND
Increase
Decrease
No change
DATASET: <=10 EMPLOYEES
Competition for talent from local startups
Competition for talent from global tech companies
Employee awareness of stock options
<=10 EMPLOYEES
Incentivising and Retaining Talent
06.5
undefined162
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Purpose
What is the definition of a purpose-driven tech startup?
The EU competition commissioner Margrethe Vestager has
observed: ‘Some say China has all the data, and the US has all the
money. But in Europe, we have purpose.’ In European tech, purpose
has become a powerful differentiator. European founders aren’t
just aiming for commercial success - they are trying to solve some
of the world’s largest problems. It makes business sense too:
consumers and tech talent alike are demanding companies think
about more than the bottom line.
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Finding Purpose
Techlash narrative
In the United States the Techlash narrative is driven mostly by
the Tech giants - the Big Tech breakup plan and the Big Tech
backlash account for 26% of the overall narrative. On the other
side of the pond, Europe remains focused on data privacy, but
conversations on antitrust, tech ethics and the gig economy
signal that a bigger Techlash is just around the corner.
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Finding Purpose
07.1
80% of VCs say they assess the potential long-term societal and/or
environmental impact of an investment, in either a pre- or post-investment
timeframe. The largest share of respondents (47%) stated that the impact
assessment happens pre-investment as part of the due diligence process.
Nearly two-thirds of VC respondents agree that in the last twelve months European
investors have demonstrated greater concern about the potential societal or
environmental impact of their portfolios.
Nearly two-thirds of VC respondents agree that in the last twelve months European investors have
demonstrated greater concern about the potential societal or environmental impact of their portfolios.
Thinking about the past 12
months, do you agree or
disagree with the following:
European VCs are demonstrating
greater concern about the
potential societal and/or
environmental impact of their
portfolio companies.
SOURCE:The State Of European Tech Survey
NOTE:
Venture capitalists only. Numbers may not
add to 100 due to rounding.
% of respondents62%
13%
Agree
Disagree
Neither
0
20
40
60
Nearly t
-thirds of VC respondents agree tht in the last twelve months Europan investors have
demonstrated greater concern about the potential societal or environmental impact of their portfolios.
Thinking about the past 12
months, do you agree or
disagree with the following:
European VCs are demonstrating
greater concern about the
potential societal and/or
environmental impact of their
portfolio companies.
SOURCE:The State Of European Tech Survey
NOTE:
Venture capitalists only. Numbers may not
add to 100 due to rounding.
% of respondents62%
13%
25%
Agree
Disagree
Neither agree nor disagree
0
20
40
60
Nearly two-thirds of VC respondents agree that in the last twelve months European investors have
demonstrated greater concern about the potential societal or environmental impact of their portfolios.
Thinking about the past 12
months, do you agree or
disagree with he following:
European VCs are demonstrating
greater concern abou the
potential societal and/or
envromental impact of their
portfolio companis.
SOURCE:The State Of European Tech Survey
NOTE:
Venture capitalists only. Numbers may not
add to 100 due to rounding.
% of respondents62%
13%
Agree
Disagree
Neither
0
20
40
60
80% of VCs say they assess the potential long-term societal and/or environmental impact of an investment, in
eithr a pre- or post-investment timeframe. The largest share of respondents (47%) stated that the impact
assessment happens pre-investment as part of the due diligence process.
When, if at all, do you assess the
potential long-term societal
and/or environmental impact of
an investment?
SOURCE:The State Of European Tech Survey
NOTE:
Venture capitalists only. Numbers may not
add to 100 due to rounding.
% of respondents
18%
15%
13%
4%
3%
1%
Pre-investment, as part of the due diligence process
Post-investment, on an ad-hoc basis when the need
arises (change of strategy, pivot, etc..)
Post-investment, on an ongoing basis with defined KPIs
Never, but this is something we are considering
Never, not meaningful
Prefer not to say
Other
0
5
10
15
20
25
30
35
80% of VCs say they as ess the potential long-ter
soital and/or environmental impact of an investment, in
either a pre- or post-investment timeframe. The largest share of respondents (47%) stated that the impact
assessment happens pre-investment as part of the due diligence process.
When, if at all, do you assess the
potential long-term societal
and/or environmental impact of
an investment?
SOURCE:The State Of European Tech Survey
NOTE:
Venture capitalists only. Numbers may not
add to 100 due to rounding.
% of respondents
47%
18%
15%
13%
4%
3%
1%
Pre-investment, as part of the due diligence process
Post-investment, on an ad-hoc basis when the need
arises (change of
rat gy, pivot, etc..)
Post-investment, on an ongoing basis with defined KPIs
Never, but this is something we are considering
Never, not meaningful
Prefer not to say
Other
0
5
10
15
20
25
30
35
40
45
50
80% of VCs say they assess the potential long-term societal and/or environmental impact of an investment, in
either a pre- or post-investment timeframe. The largest share of respondents (47%) stated that the impact
assessment happens pre-investment as part of the due diligence process.
When, if at all, do y u assess the
potential long-term societal
and/or envir nmental impact of
n investment?
SOURCE:The State Of European Tech Survey
NOTE:
Venture capitalists only. Numbers may not
add to 100 due to rouning.
% of respondents
18%
15%
13%
4%
3%
1%
Pre-invest ent, as part of the due diligence process
Post-investment, on an ad-hoc basis when the need
arises (change of strategy, pivot, etc..)
Post-investment, on an ongoing basis with defined KPIs
Never, but this is something we are considering
Never, not meaningful
Prefer not to say
Other
0
5
10
15
20
25
30
35
We believe that Europe
can take a leading
position in development
and investment in the
ethical use of technology.
I am more optimistic about the future of European
technology today than I was 12 months ago although we
are in uncertain times with big problems facing the planet
- from climate change to delivering resources such as
healthcare, food, and education to a global population
approaching 8 billion. Europe is leading the way in building
trustworthy technology by choosing to use its values
to drive the use of technology to the right place. Being
a member of the HLEG-AI group, we published ethical
guidelines for the use of AI, and we believe that Europe can
take a leading position in development and investment in
the ethical use of technology.
Loubna Bouarfa
OKRA Technologies
Founder & CEO
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Finding Purpose
07.1
I see us moving towards
a potentially unhealthy
dual internet: a free-
for-all 'poor man's' web
versus a premium web,
and I think businesses
need to try harder
to build products for
broader socio-economic
segments of society.
One interpretation I have honed in on around 'tech for good' is
the idea of 'humane technology', as I think there's a real need
to think more clearly through the behavioural ramifications
of consumer-tech especially - and its impact on debate/
politics/addiction/mental health/etc. I think we have some
good thinkers along these lines in the UK, but there remains
a contradiction in terms when it comes to business models
and the need for rapid returns which still prioritise rapid
growth, eye-balls and the attention economy. I see us moving
towards a potentially unhealthy dual internet: a free-for-
all 'poor man's' web versus a premium web, and I think
businesses need to try harder to build products for broader
socio-economic segments of society.
Jessica Butcher
Tick
Co-Founder
Investors are most likely to agree with the statement that European technology entrepreneurs will do more to
address societal challenges in the next decade than European governments. Policymakers and the media are
more sceptical…
Do you agree or disagree with
the following statement?
European technology
entrepreneurs will do more to
address societal challenges
(pollution, congestion, climate
change, food sustainability,
health, etc.) in the next decade
than European governments.
SOURCE:The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
Angel investor
Venture capitalist
Other
LP investing in private equity & venture capital
Other investor
Employee at a tech startup or scale-up
Consultant/M&A advisor/investment banker
Founder
Student
Employee at a company not a tech startup or scale-up
Academic/researcher
Media/journalist
Employee in the public sector
Policymaker/regulator
0
10
20
30
40
50
60
70
80
90
100
Investors are most likely to agree with the statement that European technology entrepreneurs will do more to
address societal challenges in the next decade than European governments. Policymakers and the media are
more sceptical…
Do you agree or disagree with
the following statement?
European technology
entrepreneurs will do more to
address societal challenges
(pollution, congestion, climate
change, food sustainability,
health, etc.) in the next decade
than European governments.
SOURCE:The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
Angel investor
Venture capitalist
Other
LP investing in private equity & venture capital
Other investor
Employee at a tech startup or scale-up
Consultant/M&A advisor/investment banker
Founder
Student
Employee at a company not a tech startup or scale-up
Academic/researcher
Media/journalist
Employee in the public sector
Policymaker/regulator
0
10
20
30
40
50
60
70
80
90
100
Investors are most likely to agree with the statement that European technology entrepreneurs will do more to
address societal challenges in the next decade than European governments. Policymakers and the media are
more sceptical…
Do you agree or disagree with
the following statement?
European technology
entrepreneurs will do more to
address societal challenges
(pollution, congestion, climate
change, food sustainability,
health, etc.) in the next decade
than European governments.
SOURCE:The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
Angel investor
Venture capitalist
Other
LP investing in private equity & venture capital
O her investor
Employee at a tech startup or cale-up
Consultant/M&A advisor/investment banker
Founder
Studen
Employee at a company not a tech startup or scale-up
Academic/researcher
Media/journalist
Employee in the public se tor
Policymaker/regulator
0
10
20
30
40
50
60
70
80
90
100
Investors are most likely to agree with the statement that European technology entrepreneurs will do
more to address societal chall nges in the n xt decade than European governments. Policymakers
nd the media are more scep ical…
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Finding Purpose
07.1
I'm excited to see a
new generation of
entrepreneurs in Europe
who oppose the 'move
fast and break things'
dogma in favour of a
more thoughtful, more
resilient, truly long-term
approach to business.
'Social innovation' or 'tech for good' is a different approach
to entrepreneurship. One that's in contrast with the
average MBA-grad, who crunched some numbers and,
driven by a search for monetisation, decided to fill a given
market niche. I'm excited to see a new generation of
entrepreneurs in Europe who oppose the 'move fast and
break things' dogma in favour of a more thoughtful, more
resilient, truly long-term approach to business. I see more
of my entrepreneur friends in Europe looking to build
companies that last 100 years, and more of my friends in
SV looking for a quick exit. Both approaches to founding
companies are valid; I just find the first one to be much
more enjoyable.
Valentina Milanova
Daye
Founder & CEO
European founders are trying to solve some of world’s most endemic
challenges, achieving transformative impact on climate change, smart
cities, economic inclusion and other imperatives of our generation. At
the same time, there is an estimated $502B of assets under management
focused on impact investment – and greater focus than ever before from
investors and consumers alike on sustainability. It’s a very good moment
for the purpose-driven entrepreneur.
Perry Teicher
Orrick
Impact Finance
Lawyer
Photo by: Jussi Hellsten
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Purpose-driven Investment
Measuring purpose-driven
investment in European tech
2019 saw a huge spike in investment into European tech
companies that are seeking to solve some of humanity's most
pressing problems.
We partnered with Dealroom to try to quantify this trend and
identify the growing universe of purpose-driven venture-backed
European tech companies.
To do so, Dealroom created a framework to assess venture-
backed European tech companies based on their alignment
with the United Nations Sustainable Development Goals.
In this first iteration, the analysis focused on a subset of seven
of the seventeen Sustainable Development Goals, selecting
only those where Dealroom.co has observed greater levels
of European venture-backed startup activity. For each of the
selected SDGs, Dealroom manually assigned keywords used to
tag companies in its platform to search for and identify a firs
set of potential companies for review.
The initial results set was then manually reviewed by Dealroom
analysts to evaluate the companies for fit against one or more
of the SDGs and assign them to those SDGs accordingly.
Additionally, Dealroom's team also manually differentiated all
companies in the dataset based on whether the purpose-driven
impact of the company was ‘core’ to the business model, or a
‘peripheral’ or indirect component of the business model.
Only companies where the purpose-driven impact was
considered core to the business model were included in the final
dataset and analysis. In total, the analysis identified 528 unique
venture-backed, purpose-driven tech companies. The full list can
be accessed on Dealroom's platform here.
We understand the methodology has limitations and see this as a
first attempt to seek to build a more robust analysis of European
purpose-driven tech companies. We welcome feedback and
will update this work both in terms of scope and methodology in
future iterations.
undefinedundefined171
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Purpose-driven Investment
07.2
Purpose-driven European tech companies focused on climate action and clean energy have attracted
the highest level of capital investment, followed by those focused on health and well-being.
This also comes across in the Sustainability/Climate change and Cleantech narrative in Europe,
where nearly 50% of all news are focused on tech startups and VC investments.
Purpose-driven European tech companies focusd on climate action and clean energy have attracted the
highest level of capital investment, followed by those focused on health and well-being.
Capital invested ($M) in purpose-
driven European tech companies
per Sustainable Development
Goal addressed
SOURCE:Dealroom
LEGEND
SDG 2: Zero Hunger
SDG 3: Health and Well-being
SDG 6: Clean Water and Sanitation
SDG 7: Affordable and Clean Energy
SDG 11: Sustainable Cities and
Communities
SDG 12: Consumption and Production
SDG 13: Climate Action
NOTE:
Companies addressing more than one
Sustainable Development Goal are counted
against each individual SDG they are
targeting. As a result, the total capital
invested sums to be greater than the total
capital invested presented in previous chart.
Capital invested ($M)2015
2016
2017
2018
0
500
1,000
1,500
2,000
2,500
3,000
Purpose-driven European tech companies focused on climate action and clean energy have attracted the
highest level of capital investment, followed by those focused on health and well-being.
Capital invested ($M) in purpose-
driven European tech companies
per Sustainable Development
Goal addressed
SOURCE:Dealroom
LEGEND
SDG 2: Zero Hunger
SDG 3: Health and Well-being
SDG 6: Clean Water and Sanitation
SDG 7: Affordable and Clean Energy
SDG 11: Sustainable Cities and
Communities
SDG 12: Consumption and Production
SDG 13: Climate Action
NOTE:
Companies addressing more than one
Sustainable Development Goal are counted
against each individual SDG they are
targeting. As a result, the total capital
invested sums to be greater than the total
capital invested presented in previous chart.
Capital invested ($M)2015
2016
2017
2018
2019
0
500
1,000
1,500
2,000
2,500
3,000
This also comes across in the Sustainability/Climate change and Cleantech narrative in Europe,
where nearly 50% of all news are focused on tech startups and VC investments.
NOTE:
Companies addressing more than one Sustainable Development Goal are counted
against each individual SDG they are targeting. As a result, the total capital invested
sums to be greater than the total capital invested presented in previous chart.
Purpose-driven European tech companies have raised huge rounds in 2019, topped by a $1B investment into
Sweden's Northvolt, founded in 2016 with the mission to build the world's greenest battery and enable the
European transition to renewable energy.
Top 10 largest deals raised by
purpose-driven tech companies
in 2019
Company
Description
City
Country
Round Size
($M)
Deal Date
1
Northvolt
Lithium-ion batteries
Stockholm
Sweden
1,000
Jun 2019
2
Babylon Health
High quality healthcare via mobile phone
London
United
Kingdom
550
Aug 2019
3
Doctolib
An appointment online to a doctor or dentist
Paris
France
165
Mar 2019
4
Ynsect
Transforms insects into nutrient resource for agriculture
Évry
France
138
Feb 2019
5
Energy Vault
Energy storage technology
Lugano
Switzerland
110
Aug 2019
6
Infarm
An urban farming services company
Berlin
Germany
100
Jun 2019
7
docplanner
Booking platform for medical appointments
Warsaw
Poland
88
May 2019
8
Healx
AI platform for rare diseases
Cambridge
United
Kingdom
56
Oct 2019
9
BBOXX
Designs, manufactures and distributes solar power
systems
London
United
Kingdom
50
Aug 2019
10
Dental
Monitoring
Application designed for self-monitoring dental treatment
Paris
Fr ance
50
Mar 2019
SOURCE:Dealroom
NOTE:
Based on deals announced between 1
January 2019 and 30 September 2019 only.
Purpose-driven European tech companies have raised huge rounds in 2019, topped by a $1B investment into
Sweden's Northvolt, founded in 2016 with the mission to build the world's greenest battery and enable the
European transition to renewable energy.
Top 10 largest deals raised by
purpose-driven tech companies
in 2019
Company
Description
City
Country
Round Size
($M)
Deal Date
1
Northvolt
Lithium-ion batteries
Stockholm
Sweden
1,000
Jun 2019
2
Babylon Health
High quality healthcare via mobile phone
London
U ited
Kingdom
550
Aug 2019
3
Doctolib
An appointment online to a doctor or dentist
Paris
France
165
Mar 2019
4
Ynsect
Transforms insects into nutrient resource for agriculture
Évry
France
138
Feb 2019
5
Energy Vault
Energy storage technology
Lugano
Switzerland
110
Aug 2019
6
Infarm
An urban farming services company
Berlin
Germany
100
Jun 2019
7
docplanner
Booking platform for medical appointments
Warsaw
Poland
88
May 2019
8
Healx
AI platform for rare diseases
Cambridge
United
Kingdom
56
Oct 2019
9
BBOXX
Designs, manufactures and distributes solar power
systems
London
United
Kingdom
50
Aug 2019
10
Dental
Monitoring
Application designed for self-monitoring dental treatment
Paris
Fr ance
50
Mar 2019
SOURCE:Dealroom
NOTE:
Based on deal announced between 1
January 2019 and 30 September 2019 only.
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Purpose-driven Investment
07.2
This year the number of
purpose-driven European
founders who have
pitched to us has been
overwhelming.
This year the number of purpose-driven European
founders who have pitched to us has been overwhelming.
European founders have the most powerful tech toolkit
in history, and they are stepping up to help solve some of
the world's most pressing challenges such as the climate
crisis and healthcare. In doing so they will build huge
commercial successes, the global category winners of
tomorrow. I believe companies who are purpose driven
will outperform the companies who are not. Being
mission-driven makes business sense. Many consumers
- specifically younger consumers - would rather pay more
for something that's sustainable. Younger employees want
to work for companies with a mission, and they will leave
companies they think are doing things that are negatively
impacting society or the environment.
Niklas Zennström
Atomico
Founding Partner
& CEO
Purpose-driven European tech companies have raised huge rounds in 2019,
topped by a $1B investment into Sweden's Northvolt, founded in 2016 with the
mission to build the world's greenest battery and enable the European transition
to ren wable energy.
Purpose-driven European tech companies have raised huge rounds in 2019, topped by a $1B investment into
Sweden's Northvolt, founded in 2016 with the mission to build the world's greenest battery and enable the
European transition to renewable energy.
Top 10 largest deals raised by
purpse-driven tech companie
in 2019
Company
Description
City
Country
Round Size
($M)
Deal Date
1
Northvolt
Lithium-ion batteries
Stockholm
Sweden
1,000
Jun 2019
2
Babylon Health
High quality healthcare via mobile phone
London
United
Kingdom
550
Aug 2019
3
Doctolib
An appointment online to a doctor or dentist
Paris
France
165
Mar 2019
4
Ynsect
Transforms insects into nutrient resource for agriculture
Évry
France
138
Feb 2019
5
Energy Vault
Energy storage technology
Lugano
Switzerland
110
Aug 2019
6
Infarm
An urban farming services company
Berlin
Germany
100
Jun 2019
7
docplanner
Booking platform for medica l appointments
Warsaw
Poland
88
May 2019
8
Healx
AI platform for rare diseases
Cambridge
United
Kingdom
56
Oct 2019
9
BBOXX
Designs, manufactures and distributes solar power
systems
ondon
United
Kingdom
50

1
10
Dental
Monitoring
Application designed for self-monitoring dental treatment
Paris
France
50
Mar 2019
SOURCE:Dealroom
NOTE:
Based on deals announced between 1
January 2019 and 30 September 2019 only.
For the team here, there's
no bigger motivator than
knowing you’re applying
your skills to improving
the lives of patients, their
carers and their families.
At Healx we believe every rare disease patient deserves
a treatment. It's this belief which drives us to achieve
our mission of taking 100 new treatments towards the
clinic by 2025. Having such a clear mission also helps with
recruiting and retaining the best and brightest talent. For
the team here, there's no bigger motivator than knowing
you're applying your skills to improving the lives of
patients, their carers and their families. This is especially
the case for the many team members who count either
themselves or a relative amongst the 400 million people
worldwide living with a rare disease.
Kate Hilyard
Healx
COO
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Purpose-driven Investment
07.2
'Tech for good' generally
addresses humankind's
most important needs,
which means the largest
markets.
Ÿnsect is a mission-driven company from Day 1. It is
right in our DNA, as we came from an activist non-
profit association. We see more and more projects
and entrepreneurs looking to have an impact, to have
a purpose, with great ideas showing that profits and
impacts can be compatible. Amazing companies like Olio,
NorthVolt, OpenClassRooms or Doctolib demonstrate that
Impact Unicorns won’t be a myth! Europe could become
the best place for 'tech for good' companies, which
will have tremendous positive economical and social
impacts in Europe and beyond, as 'tech for good' generally
addresses humankind's most important needs, which
means the largest markets.
Antoine Hubert
Ÿnsect
CEO
As a result of the large funding rounds raised by
some of the leading players, capital invested into
purpose-driven companies accounted for more
than 12% of total capital invested into European
tech in 2019, more than double any previous year.
As a result of the large funding rounds raised by some of the leading players, capital invested into purpose-
driven companies accounted for more than 12% of total capital invested into European tech in 2019, more than
double any previous year.
Capital invested in purpose-
driven European tech companies
per year as a share of total
capital invested (%)
SOURCE:Dealroom
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
% of total capital invested3%
6%
5%
6%
2015
2016
2017
2018
3
5
8
10
13
As a result of the large funding rounds raised by some of the leading players, capital invested into purpose-
driven companis accounted for more than 12% of total capital invested into European tech in 2019, more than
double any previous year.
Capital invested in purpose-
driv
European tech companies
per year as a share of total
capital invested (%)
SOURCE:Dealroom
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
% of total capital invested3%
6%
5%
6%
12%
2015
2016
2017
2018
2019
3
5
8
10
13
As a result of the large funding rounds raised by some of the leading players, capital invested into purpose-
driven companies accounted for more than 12% of total capital invested into European tech in 2019, more than
double any previous year.
Capital invested in purpose-
driven European tech companies
per year as a share of total
capital invested (%)
SOURCE:Dealroom
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
% of total capital invested3%
6%
5%
6%
2015
2016
2017
2018
3
5
8
10
13
A significant part of
our own portfolio is
in life sciences and
digital health and clean
growth, mobility and
transportation. Not only
are there social positives
from investing in these
types of companies,
there are also potentially
very large commercial
returns available both for
VCs and LPs.
Consumers are becoming increasingly values-driven in
their lifestyles and this in turn affects how they spend
their money. Consumers will look for businesses with
values similar to their own, whether that's how a company
improves its environmental impact and treats workers
in their supply chain or the way it works within its local
community. While much of VC is still focussed on areas
like Enterprise Software and Fintech, there are significant
market opportunities in areas that tackle global issues
like efficient energy, sustainable consumption and health
and social care. A significant part of our own portfolio is in
life sciences and digital health and clean growth, mobility
and transportation. Not only are there social positives
from investing in these types of companies, there are also
potentially very large commercial returns available both
for VCs and LPs.
Christine Hockley
British Patient
Capital
Director of
Investments
undefined175
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Purpose-driven Investment
07.2
The UK, France and Germany are home to the highest
number of purpose-driven European tech companies.
Top 20 countries by share of
purpose-driven European tech
companies
SOURCE:Dealroom
LEGEND
% of purpose-driven companies
% of all companies
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
DATASET: R ANK 1 1-20
% of companies
Belgium
Denmark
Norway
Austria
Poland
Portugal
Russia
Estonia
Hungary
Lithuania
0.0
0.2
0.5
0.7
1.0
1.2
1.5
1.7
2.0
2.2
2.5
2.7
3.0
The UK, France and Germany are home to the highest
number of purpose-driven European tech companies.
Top 20 countries by share of
purpose-driven European tech
companies
SOURCE:Dealroom
LEGEND
% of purpose-driven companies
% of all companies
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
DATASET: TOP 10
% of companies
United Kingdom
France
Germany
Netherlands
Sweden
Finland
Spain
Ireland
Italy
Switzerland
0.0
2.5
5.0
7.5
10.0
12.5
15.0
17.5
20.0
22.5
25.0
The UK, France and Germany are home to the highest
number of purpose-driven European tech companies.
Top 20 countries by share of
purpose-driven European tech
companies
SOURCE:Dealroom
LEGEND
% of purpose-driven companies
% of all companies
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
DATASET: TOP 10
% of companies
United Kingdom
France
Germany
Netherlands
Sweden
Finland
Spain
Ireland
Italy
Switzerland
0.0
2.5
5.0
7.5
10.0
12.5
15.0
17.5
20.0
22.5
25.0
RANK 11-20
TOP 10
The UK, France and Germany are home to the highest
number of purpose-driven European tech comp
ies.
Top 20 countries by share of
purpose-driven European tech
companies
SOURCE:Dealroom
LEGEND
% of purpose-driven companies
% of all companies
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
DATA ET: TOP 10
% of companies
United Kingdom
France
Germany
Netherlands
Sweden
Finland
Spain
Ireland
Italy
Switzerland
0.0
2.5
5.0
7.5
10.0
12.5
15.0
17.5
20.0
22.5
25.0
The UK, France and Germany are home to the highest number of purpose-driven
European te h companies.
We’re beginning to see the industry pay attention to other intersections
beyond gender, such as race, class, ability and more. This intersectional
approach supports and celebrates individuals who have multiple
identities, such as black women. Over the past couple of months, there
have been a number of initiatives supporting these underrepresented
groups, such as EITFood Change Makers Programme; a two-day
hackathon for women and people of colour in the agricultural sector and
Included VC; a 12-month venture capital fellowship group for marginalised
communities, such as veterans and refugees.
Osnat Michaeli
Infarm
Co-Founder
176
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But looking on a relative basis, it's clear that some countries are much more overweight towards purpose-
driven tech companies when benchmarked against their overall share of all European tech companies. Sweden,
for example, is home to nearly 10% of purpose-driven tech companies, but accounts for only 4.3% of all
European tech companies, a difference of 5.1% points.
Rank of countries by %-point
difference in relative share of
purpose-driven European tech
companies versus all European
tech companies
SOURCE:Dealroom
LEGEND
%-point difference
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
%-point difference
0.8
0.4
0.1
0.0
0.0
-0.1
-0.1
-0.3
-0.6
-0.9
-1.0
-1.1
-1.2
-1.2
-1.5
-1.7
-2.0
-4.2
-5.1
Sweden
Finland
Austria
United Kingdom
Netherlands
Hungary
France
Belgium
Norway
Switzerland
Portugal
Italy
Denmark
Russia
Estonia
Ireland
Lithuania
Poland
Germany
Spain
-6.0
-5.0
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
But looking on a relative basis, it's clear that some countries are much more overweight towards purpose-
driven tech companies when benchmarked against their overall share of all European tech companies. Sweden,
for example, is home to nearly 10% of purpose-driven tech companies, but accounts for only 4.3% of all
European tech companies, a difference of 5.1% points.
Rank of countries by %-point
difference in relative share of
purpose-driven European tech
companies versus all European
tech companies
SOURCE:Dealroom
LEGEND
%-point difference
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
%-point difference
0.8
0.4
0.1
0.0
0.0
-0.1
-0.1
-0.3
-0.6
-0.9
-1.0
-1.1
-1.2
-1.2
-1.5
-1.7
-2.0
-4.2
-5.1
Sweden
Finland
Austria
United Kingdom
Netherlands
Hungary
France
Belgium
Norway
Switzerland
Portugal
Italy
Denmark
Russia
Estonia
Ireland
Lithuania
Poland
Germany
Spain
-6.0
-5.0
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
But looking on a relative basis, it's clear that some countries are much more overweight towards purpose-
driven tech companies when benchmarked against their overall share of all European tech companies. Sweden,
for example, is home to nearly 10% of purpose-drive ech c mpanies, but accounts for only 4.3% of all
European tech companies, a difference of 5.1% points.
Rank of countries by %-point
difference in relative share of
purpose-driven European tech
companies versus all European
tech companies
SOURCE:Dealroom
LEGEND
%-point difference
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
%-point difference
4.5
0.8
0.4
0.1
0.0
0.0
-0.1
-0.1
-0.3
-0.6
-0.9
-1.0
-1.1
-1.2
-1.2
-1.5
-1.7
-2.0
-42
-5.1
Sweden
Finland
Austria
United Kingdom
Netherlands
Hungary
France
Belgium
Norway
Switzerland
Portugal
Italy
Denmark
Russia
Estonia
Ireland
Lithuania
Poland
Germany
Spain
-6.0
-5.0
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
But looking on a relative basis, it's clear that some countries are much more
overweight towards purpose-driven tech companies when benchmarked against
their overall share of all European tech companies. Sweden, for example, is home
to nearly 10% of purpose-driven t ch companies, but ccounts for only 4.3% of all
European tech companies, a difference of 5.1% points.
In absolute terms, London is the capital of purpose-driven European tech
companies; it is home to nearly on in 10 companies with a purpose-driven
mission. But on a relative basis Stockholm is by far the number on city, with
the heaviest weighting towards purpose-driven tech companies compared to its
share of all European tech companies.
In absolute terms, London is the capital of purpose-driven European tech companies; it is home to nearly one
in 10 companies with a purpose-driven mission. But on a relative basis, Stockholm is by far the number one city,
with the heaviest weighting towards purpose-driven tech companies compared to its share of all European
tech companies.
Top 10 European cities by share
of purpose-driven European tech
companies
SOURCE:Dealroom
LEGEND
% of purpose-driven tech companies
% of all European tech companies
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
% of companies
London
Stockholm
Paris
Amsterdam
Berlin
Helsinki
Dublin
Zurich
Espoo
Delft
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
Iabsolute terms, London is the capital of purpose-driven European tech companies; it is home to nearly one
in 10 companies with a purpose-driven mission. But on a relative basis, Stockholm is by far the number one city,
with the heaviest weighting towards purpose-driven tech companies compared to its share of all European
tech companies.
Top 10 uropean cities by share
of purpse-driven European t ch
companies
SOURCE:Dealroom
LEGEND
% of purpose-driven tech companies
% of all European tech companies
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, grants. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
% of companies
London
Stockholm
Paris
Amsterdam
Berlin
Helsinki
Dublin
Zurich
Espoo
Delft
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
13.0
14.0
15.0
In absolute terms, London is the capital of purpose-driven European tech companies; it is home to nearly one
in 10 companies with a purpose-driven mission. But on a relative basis, Stockholm is by far the number one city,
with the heaviest weighting towards purpose-driven tech companies compared to its share of all European
tech companies.
Top 10 European cities by shae
of purpos-driven European tech
companies
SOURCE:Dealroom
LEGEND
% of purpose-driven tech companies
% of all European tech companies
NOTE:
All Dealroom.co data excludes the following:
biotech, secondary transactions, debt,
lending capital, gr nts. Please also note the
data excludes Israel. 2019 annualised based
on data to September 2019.
% of companies
London
Stockholm
Paris
Amsterdam
Berlin
Helsinki
Dublin
Zurich
Espoo
Delft
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
Purpose-driven Investment
07.2
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Places
What are the best hubs for European tech?
Cluj-Napoca, Romania, Delft, the Netherlands, Minsk, Belarus.
European tech is no longer driven by a handful of cities and a handful
of countries. More European countries can say they have created
a billion-dollar tech company. Universities across the region are
creating more spinoffs. And founders are choosing even more to
found where they are, further fueling local tech communities and
setting the stage for the global category winners of tomorrow.
undefinedundefinedundefinedundefinedundefined183
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&
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Picking Places
08.1
As consumers are more and more aware that tech is changing
their lives, this conversation between governments and tech is only
going to become more crucial.
For a European tech company, the challenge
is always around paths to expansion. As a
continent, we are made up of many different
markets, with separate cultures and
languages. For a startup in China or the US,
their initial markets are much, much larger.
European startups, on the other hand, have
to think global from day one. This can be their
strength, of course, but to succeed they
have to be absolutely ruthless about product
market fit. The flip side is that we are much
more diverse as a continent, have some of the
best universities in the world (especially for
deep tech) and are more open to regulation.
Simon Cook
Draper Esprit
CEO
The material increase in the cost of prime rent in certain cities over the past �ve years is certainly a
consideration for founders. In Stockholm, for example, o�ce space rental costs are up 76% since 2013, while in
Berlin they are up 56%.
Top 20 cities by change in prime
rent per square metre, 2Q 2019
versus 2Q 2014
SOURCE:
DATASET: R ANK 1 1-20
% change in prime rent per square metre per annum
35%
30%
28%
27%
26%
25%
25%
24%
24%
23%
Malmo
Budapest
Amsterdam
Bristol
Gothenburg
Hamburg
Jersey
Lisbon
Valencia
Riga
0
3
5
8
10
13
15
18
20
23
25
28
30
33
35
38
40
RANK 11-20
TOP TEN
The material increase in the cost of prime rent in certain cities over the past five years is certainly a
consideration for founders. In Stockholm, for example, office space rental costs are up 76% since
2013, while in Berlin they are up 56%.
The latter is something I think will only
become more important. Fintech is a good
example of this already in action — London
became the world leader because the
regulators have been engaging with the
technology, not because it has been left
alone to do its own thing. As consumers are
more and more aware that tech is changing
their lives, this conversation between
governments and tech is only going to
become more crucial.
undefinedundefined186
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Picking Places
08.1
It is also interesting to assess the capacity of certain countries to mobilise their talent pool effectively and look
at how much capital has been invested based on the size of the local professional developer talent base.
Finland and the United Kingdom are in the lead, but it is also important to note that countries in Central &
Eastern Europe such as Romania, Lithuania and Estonia are starting to emerge though being under the radar
the year before.
Capital invested ($) per
professional developer by
country
SOURCE:
Dealroom
LEGEND
up to 50,000
40,000 to 45,000
35,000 to 40,000
30,000 to 35,000
25,000 to 30,000
20,000 to 25,000
15,000 to 20,000
10,000 to 15,000
5,000 to 10,000
up to 5,000
NOTE:
Investment amounts are based on capital
invested in the country in aggregate
between 2015 and 2019 9M divided by the
total number of professional developers in
the country. Only countries with at least 1
million inhabitants included.
It is also interesting to assess the capacity of certain countries to mobilise their talent pool effectively and look
at how much capital has been invested based on the size of the local professional developer talent base.
Finland and the United Kingdom are in the lead, but it is also important to note that countries in Central &
Eastern Europe such as Romania, Lithuania and Estonia are starting to emerge though being under the radar
the year before.
Capital invested ($) per
professional developer by
country
SOURCE:
Dealroom
LEGEND
up to 50,000
40,000 to 45,000
35,000 to 40,000
30,000 to 35,000
25,000 to 30,000
20,000 to 25,000
15,000 to 20,000
10,000 to 15,000
5,000 to 10,000
up to 5,000
NOTE:
Investment amounts are based on capial
invested in the country in aggregate
between 2015 and 2019 9M divided by the
total number of professional developers in
the country. Only countries with at least 1
million inhabitants included.
It is also interesting to assess the capacity of certain countries to mobilise their
talent pool effectively and look at how much capital has been invested based
on the size of the local professional developer talent base. Finland and the
United Kingdom are in the lead, but it is also important to note that countries in
Central & Eastern Europe such as Romania, Lithuania and Estonia are starting to
emerge though being under the radar the year before.
European tech can grow faster by tapping into hidden talent pools. The number
of professional developers compared with the amount of capital invested in
countries across the region suggests that countries such as the Netherlands,
Spain and Poland still have the potential to exceed expectations in the European
tech ecosystem.
European tech can grow faster by tapping into hidden talent pools. The number of professional developers
compared with the amount of capital invested in countries across the region suggests that countries such as
the Netherlands, Spain and Poland still have the potential to exceed expectations in the European tech
ecosystem.
Professional developer talent
pool vs capital invested ($M) by
country, 2015-2019
SOURCE:
Dealroom
NOTE:
Capital invested is based on amount invested
in respective countries in aggregate
between 2015 and 2019 9M. Only countries
with at least 50,000 professional developers
in 2019 are included.
Capital invested ($M)
# of professional developersGermany
France
Russia
Spain
Netherlands
Italy
Poland
Ukraine
Sweden
Turkey
Switzerland
Belgium
Romania
Austria
Czech Republic
Denmark
Portugal
Finland
Hungary Ireland
Norway
Greece
Bulgaria
earus
Srbia
0
5,000
10,000
15,000
20,000
25,000
0
250,000
500,000
750,000
1,000,000
Euroean tech can grow faster by tapping into hiddn alent pols. The number of professional developers
compared with the amount of capital invested in countries across the region suggests that countries such as
the Netherlands, Spain and Poland still have the potential to exceed expectations in the European tech
ecosystem.
Professional developer talent
pool vs capital invested ($M) by
country, 2015-2019
SOURCE:
Dealroom
NOTE:
Capital invested is based on amount invested
in respective countries in aggregate
between 2015 and 2019 9M. Only countries
with at least 50,000 professional developers
in 2019 are included.
Capital invested ($M)
# of professional developersGermany
United Kingdom
France
Russia
Spain
Netherlands
Italy
Poland
Ukraine
Sweden
Turkey
Switzerland
Belgium
Romania
Austria
Czech Republic
Denmark
Portugal
Finland
Hungary Ireland
Norway
Greece
Bulgaria
earus
Srbia
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
0
250,000
500,000
750,000
1,000,000
European tech can grow faster by tapping into hidden talent pools. The number of professional developers
compared with the amount of capital invested in countries across the region suggests that countries such as
the Netherlands, Spain and Poland still have the potential to exceed expectations in the European tech
ecosyste.
Pfessional developer talnt
pool vs capital invested ($M) by
country, 2015-2019
SOURCE:
Dealroom
NOTE:
Capital invested is based on amount invested
in respective countries in aggregate
between 2015 and 2019 9M. Only countries
with at least 50,000 professional developers
in 2019 are included.
Capital invested ($M)
# of professional developersGermany
France
Russia
Spain
Netherlands
Italy
Poland
Ukraine
Sweden
Turkey
Switzerland
Belgium
Romania
Austria
Czech Republic
Denmark
Portugal
Finland
Hungary Ireland
Norway
Greece
Bulgaria
earus
Srbia
0
5,000
10,000
15,000
20,000
25,000
0
250,000
500,000
750,000
1,000,000
ty of certain countries to mobilise their talent pool effectively and look
ased on the size of the local professinal developer talent base.
e lead, but it is also important to note that countries in Central &
nia and Estonia are starting to emerge though being under the radar
SOURCE:
Dealroom

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There are a number
of challenges facing
the tech ecosystem in
Spain. However, the
biggest issue by far is
a lack of real support
for the tech companies
here, especially when
compared with France or
Portugal.
There are a number of challenges facing the tech
ecosystem in Spain. However, the biggest issue by far
is a lack of real support for the tech companies here,
especially when compared with France or Portugal.
While it's fair to say that policymakers around the world
are wrestling with how to effectively regulate disruptive
technologies, the vast majority are trying to do so without
reigning in or stifling innovation. In Spain, the impact of
regulators so far suggests a determination to hold back
new technologies and new ways of working in favour of
maintaining the traditional industries' status quo. From
our point of view, Spain is the only country (out of the 26 in
which we operate globally) where we haven't been able to
open a constructive dialogue with local regulators around
the labour market rules for startup workers. When you
couple this with rising taxes, and a tax system not adapted
to providing share-based incentives to employees, it can
be difficult for tech companies to gain a foothold in the
Spanish market without quickly becoming embattled.
In terms of its strengths, Spain has so much to offer the
global tech community. It's easy to attract top talent,
especially to Barcelona, and there are many good
universities here. The high quality of life and low living
cost also make it much more affordable than other big
European tech hubs, such as London, to set up and launch
a business. And the country's geographical position
makes expansion in Europe easy and gives it a distinct
advantage in Latin America, due to the cultural ties with
that region.
Oscar Pierre
Glovo
Co-Founder & CEO
Picking Places
08.1
Photo by: Julius Konttinen
188
www.stateofeuropeantech.com
Budgeting for your (Series) A Team
'Cheat sheet'
How much does it cost to start and build a team in different European cities?
It should be an easy question to answer. Of course, it really isn’t.
We don’t have a perfect answer, but to help we’ve put together an
illustrative org chart for a Series A stage software-as-a-service
(SaaS) company. No two teams are the same, but we think it
provides a reasonable benchmark on what a team might look like
for this type of business at that stage.
We then enriched our ‘dream team’ dataset with data from Aon's
rewards data (covering base salary and actual incentives) and
CBRE’s dataset on the prime rent cost of office space. We then
built this out to give cost benchmarks for ten key European tech
hubs, as well as providing a comparison with the equivalent cost
to build the team from the Bay Area.
No methodology is ever perfect, but this should help founders
(and others) to understand what it costs to set up and build in
different European tech hubs.
In Partnership with
&
Photo by: Julius Konttinen
189
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Engineering
Product
Sales & Marketing
Assembling your Series A dream team
role / number of headcounts
Operations
Finance
1-3 Product Managers
1
Finance Manager
SOURCE:
NOTES:
‘Series A team’ composition is for illustrative purpose. The headcounts are based on a proprietary dataset of Series A
Software-as-a-Service Series A companies compiled by Atomico. ‘Salaries cost’ is based on Radford’s salary surveys
for technology and sales functions. The data accounts only for base salary and actual incentives ( average 50th
percentile) across a number of job titles best representative of those referred to in the Series A team. For the ‘office
space cost’, the data is based on CBRE estimates ($/sqm) per city and an average of 8 sqm per headcount. For a team
of 20-30 people we estimated that the space required needed to be based on a total headcount of 40-60 people
(respectively) to accommodate for further growth. Radford data is as of July 2019 and CBRE data as of June 2019.
Bay Area
CITY
#
1
2
3
4
5
6
7
8
9
10
London
Paris
Madrid
Berlin
Copenhagen
Barcelona
Amsterdam
Dublin
Munich
Stockholm
Budgeting for your team of 20-30 people
$M per year
SAL ARY COST ($M)
AVG.
30PPL
20PPL
AVG.
30PPL
20PPL
OFFICE SPACE COST ($M)
TOTAL COST BASE ($M)
3.48
2.21
2.62
2.43
2.08
1.96
2.10
2.07
1.85
1.71
1.61
2.81
1.79
2.11
1.97
1.68
1.60
1.71
1.67
1.49
1.42
1.32
4.15
2.62
3.12
2.90
2.47
2.33
2.50
2.47
2.22
2.00
1.89
0.37
0.59
0.12
0.21
0.32
0.39
0.20
0.19
0.34
0.14
0.19
0.29
0.47
0.09
0.17
0.25
0.31
0.16
0.15
0.27
0.12
0.15
0.44
0.71
0.14
0.25
0.38
0.46
0.24
0.23
0.41
0.17
0.23
AVG.
30PPL
20PPL
3.85
2.80
2.73
2.64
2.39
2.35
2.30
2.26
2.19
1.85
1.80
3.11
2.26
2.20
2.14
1.93
1.91
1.87
1.82
1.76
1.53
1.47
4.59
3.33
3.26
3.15
2.85
2.79
2.74
2.70
2.62
2.17
2.12
2-5 Software Engineers
1
UX Designer
1
Data Analyst
Senior Software
Engineers
2
1-2 Account Executive
2-4 SDRs
2-4 Customer Success
2-3 Marketing Managers
1
VP/Marketing Director
1
Sales Director/VP Sales
1
Office Manager
1
HR Manager/Recruiter
Operation Manager/
Chief Operations Officer
1
Budgeting for your (Series) A Team
08.2
undefinedundefinedundefinedundefinedundefinedundefinedundefinedundefined198
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When asked directly how to better support the research community to start companies and help
them succeed, respondents who are academics/researchers pointed to changing the terms of
research funding away from publication and towards commercialisation, as well as educating
universities to change their mindset towards being able to encourage and better support spinoffs.
Although there is likely a sample bias in the responses to the survey, it's noteworthy that three-
quarters of respondents who work in academia or research shared that they have seen an increase
in the level of interest of people in their networks in starting or joining tech startups.
When asked directly how to better support the research community to start companies and help them
succeed, respondents who are academics/researchers pointed to changing the terms of research funding
away from publication and towards commercialisation, as well as educating universities to change their
mindset towards being able to encourage and better support spinoffs.
If you were to pick one action
from the list below that would
better support the
academic/research community
to start companies and help
them succeed, what would it be?
SOURCE:The State Of European Tech Survey
NOTE:
Academics/researchers only. Numbers may
not add to 100 due to rounding.
% of respondents
26%
20%
18%
17%
13%
6%
Increased research funding aimed at idea
commercialisation vs. publications
Universities encouraging and supporting spinoffs
Improved collaboration with large corporations
Increased pre-seed venture capital (<$250k) available
Increased access to startup support organisation or
program
Better terms offered by universities for spinoffs
0
5
10
15
20
25
When asked directly how to better support the research community to start companies and help them
succeed, respondents who are academics/researchers pointed to changing the terms of research funding
away from publication and towards commercialisation, as well as educating universities to change their
mindset towards being able to encourage and better support spinoffs.
If you were to pick one action
from the list below that would
better support the
academic/research community
to start companies and help
them succeed, what would it be?
SOURCE:The State Of European Tech Survey
NOTE:
Academics/researchers only. Numbers may
not add to 100 due to rounding.
% of respondents
26%
20%
18%
17%
13%
6%
Increased research funding aimed at idea
commercialisation vs. publications
Universities encouraging and supporting spinoffs
Improved collaboration with large corporations
Increased pre-seed venture capital (<$250k) available
Increased access to startup support organisation or
program
Better terms offered by universities for spinoffs
0
5
10
15
20
25
Although there is likely a sample bias in the responses to the survey, it's noteworthy that three-quarters of
respondents who work in academia or research shared that they have seen an increase in the level of interest
of people in their networks in starting or joining tech startups.
Thinking about your academic or
research network (i.e. other
academics, researchers,
students, etc.), have you
observed any change in the level
of interest in starting or joining
tech startups in the last 12
months?
SOURCE:The State Of European Tech Survey
NOTE:
Academics/researchers only. Numbers may
not add to 100 due to rounding.
% change in level of interest over the last 12 months
% of respondents
0
10
20
30
40
50
60
70
80
90
100
110
Although there is likely a sample bias in the responses to the survey, it's noteworthy that three-quarters of
respondents who work in academia or research shared that they have seen an increase in the level of interest
of people in their networks in starting or joining tech startups.
Thinking about your academic or
research network (i.e. other
academics, researchers,
students, etc.), have you
observed any change in the level
of interest in starting or joining
tech startups in the last 12
months?
SOURCE:The State Of European Tech Survey
NOTE:
Academics/researchers only. Numbers may
not add to 100 due to rounding.
% change in level of interest over the last 12 months
% of respondents
0
10
20
30
40
50
60
70
80
90
100
110
When asked directly how to better support the research community to start companies and help them
succeed, respondents who are academics/researchers pointed to changing the terms of research funding
away from publication and towards commercialisation, as well as educating universities to change their
mindset towards being able to encourage and better support spinoffs.
If you were to pick one action
from the list below that would
better support the
academic/research community
to start companies and help
them succeed, what would it be?
SOURCE:The State Of European Tech Survey
NOTE:
Academics/researchers only. Numbers may
not add to 100 due to rounding.
% of respondents
26%
20%
18%
17%
13%
6%
Increased research funding aimed at idea
commercialisation vs. publications
Universities encouraging and supporting spinoffs
Improved collaboration with large corporations
Increased pre-seed venture capital (<$250k) available
Increased access to startup support organisation or
program
Better terms ffered by universities for spinoffs
0
5
10
15
20
25
Although there is likely a sample bias in the responses to the survey, it's noteworthy that three-quarters of
respndents who work in cademi or resarch shared that they have een an increase in the level of interest
of peopl in their networks in starting or joining tech startups.
Thinking about your academic or
research network (i.e. other
academics, researchers,
students, etc.), have you
observed any change in the level
of interest in starting or joining
tech startups in the last 12
moths?
SOURCE:The State Of European Tech Survey
NOTE:
Academics/researchers only. Numbers may
not add to 100 due to rounding.
% change in level of interest over the last 12 months
% of respondents
0
10
20
30
40
50
60
70
80
90
100
110
Research & Technology Hubs
08.3
199
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I believe the academic
and business sectors are
currently fragmented and
stuck in tunnel vision. We
need to align both sectors
to drive the development
of our technology in
the right direction and
achieve global scale for
our tech.
I believe the academic and business sectors are currently
fragmented and stuck in tunnel vision. We need to align
both sectors to drive the development of our technology
in the right direction and achieve global scale for our tech.
Academia needs the freedom to do research; however,
it needs to align training, researcher upskilling, and the
ideas of innovation towards meeting future goals that
are aligned with big competitive ambitions for Europe.
Ideas that come out of academia need to be feasible
for implementation in an industry setting, therefore
we need to see each other as partners not as rivals. In
many instances academia sees business as funders or
as processors, not as partners to reshape the world.
Simultaneously, businesses see academia as long-term
vision R&D partners, and business goals are not aligned
with academic collaboration. I believe the two should
create a real partnership, through an agile work mindset
with clear short- and long-term goals.
Loubna Bouarfa
OKRA Technologies
Founder & CEO
Research & Technology Hubs
08.3
Though the interest levels in starting or joining startups is increasing, there remain barriers to this happening.
When asked about the main reservations they have, lack of funding was given as the most frequently cited
reservation by academics and researchers when considering whether to start or join a startup. Risk appetite
and fear of failure also appear to be a continuing factor given the strength of consideration regarding future
career/reconversion prospects.
What are the main reservations
you would have when
considering whether to start or
join a startup?
SOURCE:The State Of European Tech Survey
NOTE:
Academics/researchers only. Numbers do
not add to 100 as respondents could select
multiples choices.
% of respondents
29%
24%
24%
18%
15%
13%
12%
11%
9%
6%
6%
Lack of funding
Future career/reconversion prospects
Lack of certain skills (e.g. coding, sales, product)
Inability to find a co-founder
Unattractive lifestyle
Lack of knowledge on how to get started
Lack of ideas
Lack of mental support
Lack of support from incubators/accelerators
Lack of support from family/friends
Lack of successful role models in Europe
Lack of support from universities
0
5
10
15
20
25
30
35
Though the interest levels in starting or joining startups is increasing, there remain barriers to this happening.
When asked about the main reservations they have, lack of funding was given as the most frequently cited
reservation by academics and researchers when considering whether to start or join a startup. Risk appetite
and fear of failure also appear to be a continuing factor given the strength of consideration regarding future
career/reconversion prospects.
What are the main reservations
you would have when
considering whether to start or
join a startup?
SOURCE:The State Of European Tech Survey
NOTE:
Academics/researchers only. Numbers do
not add to 100 as respondents could select
multiples choices.
% of respondents
29%
24%
24%
18%
15%
13%
12%
11%
9%
6%
6%
Lack of funding
Future career/reconversion prospects
Lack of certain skills (e.g. coding, sales, product)
Inability to find a co-founder
Unattractive lifestyle
Lack of knowledge on how to get started
Lack of ideas
Lack of mental support
Lack of support from incubators/accelerators
Lack of support from family/friends
Lack of successful role models in Europe
Lack of support from universities
0
5
10
15
20
25
30
35
Though the interest levels in starting or joining startups is increasing, there remain barriers to this happening.
When asked about the main reservations they have, lack of funding was given as the most frequently cited
reservation by academics and researchers when considering whthr to tart or join a startup. Risk appetite
and fear of failure also appear to b a continuing factor given the strength of consideration regarding future
career/reconversion prospects.
What are the main reservations
you would have when
considering whether to start or
join a strtup?
SOURCE:The State Of European Tech Survey
NOTE:
Academics/researchers only. Numbers do
not add to 100 as respondents could select
multiples choices.
% of respondents
44%
29%
24%
24%
18%
15%
13%
12%
11%
9%
6%
6%
Lack of funding
Future career/reconversion prosp cts
Lack of certain skills (e.g. coding, sales, product)
Inability to find a co-founder
Unattractive lifestyle
Lack of knowledge on how to get started
Lack of ideas
Lack of mental support
Lack of support from incubators/accelerators
Lack of support from family/friends
Lack of successful role models in Europe
Lack of support from universities
0
5
10
15
20
25
30
35
40
45
50
Though the interest levels in starting or joining startups is increasing, there remain barriers to this
happening. When asked about the main reservations they have, lack of funding was given as the most
frequently cited reservation by academics and researchers when considering whether to start or join
a startup. Risk appetite and fear of failure also appear to be a continuing factor give the strength of
consideration regardin future care r/reconversion prospects.
undefinedundefined202
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&
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Looking across Europe at the volume of capital raised by spinoffs from top European universities over the past
12 months, it's clear that it is a very mixed bag. There are positive signs from the United Kingdom and
Switzerland, but beyond those places the level of spinoff activity from universities from elsewhere in Europe is
limited.
Top European universities by
total capital raised ($M) by
spinoffs
SOURCE:Global University Venturing
NOTE:
Based on data from September 2018 to
September 2019.
Total capital raised ($M)
$337.2M
$123.5M
$87.2M
$56.0M
$37.8M
$11.1M
$8.9M
$6.3M
$1.7M
$1.7M
$1.5M
$1.2M
University of Cambridge
University College London
University of Oxford
École Polytechnique Fédérale de Lausanne
ETH Zurich
University of Innsbruck
Imperial College London
University of Turin
Trinity College Dublin
Nottingham University
Technical University of Munich
KU Leuven
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
Looking across Europe at the volume of capital raised by spinoffs from top European universities over the past
12 months, it's clear that it is a very mixed bag. There are positive signs from the United Kingdom and
Switzerland, but beyond those places the level of spinoff activity from universities from elsewhere in Europe is
limited.
Top European universities by
total capital raised ($M) by
spinoffs
SOURCE:Global University Venturing
NOTE:
Based on data from September 2018 to
September 2019.
Total capital raised ($M)
$337.2M
$123.5M
$87.2M
$56.0M
$37.8M
$11.1M
$8.9M
$6.3M
$1.7M
$1.7M
$1.5M
$1.2M
University of Cambridge
University College London
University of Oxford
École Polytechnique Fédérale de Lausanne
ETH Zurich
University of Innsbruck
Imperial College London
University of Turin
Trinity College Dublin
Nottingham University
Technical University of Munich
KU Leuven
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
Looking across Europe at the volume of capital raised by spinoffs from top European universities over the past
12 months, it's clear tha it is a very mixed bag. There are positive signs from the United Kingdom and
Switzerland, but beyond those places the level of spinoff activity from universities from elsewhere in Europe is
limited.
Top European universities by
total capital raised ($M) by
spinoffs
SOURCE:Global University Venturing
NOTE:
Based on data from September 2018 to
September 2019.
Total capital raised ($M)
$337.2M
$123.5M
$87.2M
$56.0M
$37.8M
$11.1M
$8.9M
$6.3M
$1.7M
$1.7M
$1.5M
$1.2M
University of Cambridge
University College London
University of Oxford
École Polytechnique Fédérale de Lausanne
ETH Zurich
University of Innsbruck
Imperial College London
University of Turin
Trinity College Dublin
Nottingham University
Technical University of Munich
KU Leuven
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
Looking across Europe at the volume of capital raised by spinouts from top European universities
over the past 12 months, it's clear that it is a very mix d bag. There are positive signs from the United
Kingdom and Switzerland, but beyond those places the level of spinoff activity fro
universities from
elsewhere in Europe is limited.
Research & Technology Hubs
08.3
The days of the ivory tower are rapidly receding as European universities
and the tech industry learn to dance together.
European universities and the tech industry
are cooperating more and more. 'Deep
tech' is not just a cool label, it is a viable
investment model with its own logic: identify
game-changing technologies, assemble
diverse teams, build viable business
models, and have lots of patience! This
kind of entrepreneurship happens not only
at the technical universities, such as Aalto
University or TU Munich, but also at the
traditional research universities in Paris or
London. At Oxford, we are spinning off more
than two new tech ventures every month, and
we also have countless student-led startups,
supported by university programmes such
as at the Oxford Foundry. The boundaries
between universities and the commercial
world are increasingly blurred. Oxford
Science Innovation is a private venture firm,
Thomas Hellmann
Saïd Business
School
University of Oxford
DP World Professor
of Entrepreneurship
and Innovation
yet it is entirely focused on the university’s
spinoffs. And at the Creative Destruction
Lab (CDL-Oxford), we are bringing together
business mentors, scientists and students,
all with a common goal of accelerating
exceptional AI ventures that come from
anywhere in the UK and beyond. The appetite
for joint academic-industry initiatives is
enormous, especially among young students
and tech executives. Academics and policy
makers are waking up to the opportunities
too. There is still a lot to do, including
reforming IP and tech transfer policies,
rethinking incentives in academia, and even
reimagining the role of universities within
their local ecosystems. Yet the days of the
ivory tower are rapidly receding as European
universities and the tech industry learn to
dance together.
undefinedundefined205
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Trending Hubs & Communities
08.4
European tech communities are also expanding
beyond the largest hubs. The share of tech-
related Meetup events outside the top 20 hubs
has consistently increased over the years.
In fact, we are seeing a trend of 'decentralisation'
as the share of attendees in tech-related Meetup
events decreases year on year.
European tech communities are also expanding beyond the largest hubs. The share of tech-related Meetup
events outside the top 20 hubs has consistently increased over the years.
Distribution of tech-related
Meetup events in and outside top
20 hubs in Europe
SOURCE:
LEGEND
% in top 20 hubs
% outside top 20 hubs
% of tech-related Meetups52%
51%
48%
46%
48%
49%
52%
54%
2015
2016
2017
2018
0
25
50
75
100
European tech communities are also expanding beyond the largest hubs. The share of tech-related Meetup
events outside the top 20 hubs has consistently increased over the years.
Distribution of tech-related
Meetup events in and outside top
20 hubs in Europe
SOURCE:
LEGEND
% in top 20 hubs
% outside top 20 hubs
% of tech-related Meetups52%
51%
48%
46%
45%
48%
49%
52%
54%
55%
2015
2016
2017
2018
2019
0
25
50
75
100
In fact, we are seeing a trend of 'decentralisation' as the
share of attendees in tech-related Meetup events
decreases year on year.
Share of attendees in tech-
related Meetup events in top
hubs vs. nationwide
SOURCE:
LEGEND
London
Berlin
Paris
Stockholm
Amsterdam
NOTE:
2019 annualised based on data to September
2019.
% of attendees in top hubs2015
2016
2017
2018
20
30
40
50
60
70
80
In fact, we are seeing a trend of 'decentralisation' as the
share of tt ndes in tech-related Meetup events
decreases year on year.
Share of attendees in tech-
related Meetup vents in top
hubs vs. nationwide
SOURCE:
LEGEND
London
Berlin
Paris
Stockholm
Amsterdam
NOTE:
2019 annualised based on data to September
2019.
% of attendees in top hubs2015
2016
2017
2018
2019
20
30
40
50
60
70
80
In fact, we are seeing a trend of 'decentralisation' as the
share of attendees in tech-related Meetup events
decreases year on year.
Share of attendees in tech-
related Metup events in top
hubs v . nationwid
SOURCE:
LEGEND
Lndon
Berlin
Paris
Stockholm
Amsterdam
NOTE:
2019 annualised based on data to September
2019.
% of attendees in top hubs2015
2016
2017
2018
2
3
4
5
6
70
80
This year alone, we've
invested for the first
time in Prague, Milan and
Aarhus.
Europe is unique in its model of multiple technology hubs
across the continent, which has meant that no single
place has the depth and breadth of a Silicon Valley. But we
are now seeing unprecedented levels of entrepreneurial
activity across the region, not just in the traditional hubs
of London, Paris and Stockholm. This year alone, we've
invested for the first time in Prague, Milan and Aarhus.
When these markets are taken together, they show a
true diversity in sector and approach - from fintech to
healthtech and enterprise automation. The fragmentation
also means that talent is dispersed and companies need to
be mindful of location as they scale.
Sonali de Rycker
Accel
Partner
We need to build up
stronger relationships
between these local
ecosystems so as to form
a pan-European network
and improve liquidity
in the markets for both
talent and capital.
Local ecosystems are still too isolated from each other.
Whenever you visit a European capital, you can always
spot interesting things on the ground: entrepreneurs with
higher ambitions; angel investors with an improving track
record; venture capital firms with more capital to deploy;
and more technical talent willing to join the startup
world. However, every single city in Europe ignores all the
others —with the one notable exception of London. And I
think that's the biggest challenge we need to tackle. We
need to build up stronger relationships between these
local ecosystems so as to form a pan-European network
and improve liquidity on the markets for both talent and
capital. Also, we're still waiting for the European tech
world to inspire its own culture, one that would make
it possible for people from different countries and
backgrounds to work together. Distributed teams are all
the rage now, including in Silicon Valley. But you can't work
as a distributed team if that team is not cemented by a
common culture. We need that pan-European tech culture
if we want people from various European countries to
work together and build successful tech companies.
Nicolas Colin
The Family
Co-Founder &
Director
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Trending Hubs & Communities
08.4
As the number of options keeps growing every year, top tech hubs such as London, Berlin, Barcelona, Paris, and
Copenhagen are losing their popularity amongst founders.
Top hubs where founders would
start a company tomorrow, 2018
vs 2019
SOURCE:
LEGEND
% of votes 2018
% of votes 2019
NOTE:
Founders were asked to allocate three votes
in the survey. Percentages indicate the share
of founders that cited each named city.
% of votes
41%
40%
20%
20%
12%
12%
6%
6%
5%
6%
6%
4%
4%
6%
3%
6%
3%
1%
2%
1%
37%
34%
18%
15%
15%
10%
8%
7%
7%
6%
5%
5%
5%
5%
4%
4%
4%
3%
3%
3%
London
Berlin
Barcelona
Paris
Amsterdam
Lisbon
Munich
Milan
Tallinn
Stockholm
Dublin
Madrid
Vienna
Zurich
Tel Aviv
Copenhagen
Warsaw
Oslo
Edinburgh
Brussels
0
5
10
15
20
25
30
35
40
45
As the number of options keeps growing every year, top tech hubs such as London, Berlin, Barcelona, Paris, and
Copenhagen are losing their popularity amongst founders.
Top hubs where founders would
start a company tomorrow, 2018
vs 2019
SOURCE:
LEGEND
% of votes 2018
% of votes 2019
NOTE:
Founders were asked to allocate three votes
in the survey. Percentages indicate the share
of founders that cited each named city.
% of votes
41%
40%
20%
20%
12%
12%
6%
6%
5%
6%
6%
4%
4%
6%
3%
6%
3%
1%
2%
1%
37%
34%
18%
15%
15%
10%
8%
7%
7%
6%
5%
5%
5%
5%
4%
4%
4%
3%
3%
3%
London
Berlin
Barcelona
Paris
Amsterdam
Lisbon
Munich
Milan
Tallinn
Stockholm
Dublin
Madrid
Vienna
Zurich
Tel Aviv
Copenhagen
Warsaw
Oslo
Edinburgh
Brussels
0
5
10
15
20
25
30
35
40
45
As the number of options keeps growing every year, top tech hubs such as London, Berlin, Barcelona, Paris, and
Copenhagen are losing their popularity amongst founders.
Top hubs where founders would
start a company tomorrow, 2018
vs 2019
SOURCE:
LEGEND
% of votes 2018
% of votes 2019
NOTE:
Founders were asked to allocate three votes
in the survey. Percentages indicate the share
of founders that cited each named city.
% of votes
41%
40%
20%
20%
12%
12%
6%
6%
5%
6%
6%
4%
4%
6
3%
6
3%
1%
2%
1%
37%
34%
18%
15%
15%
10%
8%
7%
7
6%
5%
5%
5%
5%
4%
4%
4%
3%
3%
3%
London
Berlin
Barcelona
Paris
Amsterdam
Lisbon
Munich
Milan
Tallinn
Stockholm
Dublin
Madrid
Vienna
Zurich
Tel Aviv
Copenhagen
Warsaw
Oslo
Edinburgh
Brussels
0
5
10
15
20
25
30
35
40
45
As the number of options keeps growing every year, top tech hubs such as London, Berlin, Barcelona,
Paris, and Copenhage ar lo ing their popularity amongst founders.
undefined208
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Trending Hubs & Communities
08.4
Central & Eastern Europe also dominates the list of top ten countries by Compound Annual Growth
Rate (CAGR) of active members since 2015. Albania, the leading country in this category, has seen a
CAGR of 267%.
Central & Eastern Europe also dominates the list of top ten countries by Compound Annual Growth Rate (CAGR)
of active members since 2015. Albania, the leading country in this category, has seen a CAGR of 267%.
Top 10 countries by growth of
active members in tech-related
Meetup groups
2015
2016
2017
2018
2019
CAGR 2015-2019
Albania
58
226
746
1,037
1,064
267%
Macedonia
136
503
543
1,036
1,584
133%
Belarus
270
637
975
1,687
2,721
102%
Turkey
8,020
17,689
36,903
51,145
75,228
88%
Russia
6,477
13,662
24,067
37,474
52,455
62%
Bulgaria
1,043
2,972
3,937
6,347
7,913
52%
Czech Republic
3,267
7,423
11,663
15,313
21,703
33%
Ukraine
5,101
11,052
18,385
24,437
30,493
20%
Portugal
5,541
11,320
16,670
22,665
32,232
16%
Bosnia and Herzegovina
337
858
1,451
1,615
1 ,932
15%
SOURCE:
NOTE:
CAGR = Compound Annual Growth Rate. 2019
annualised based on active members to end
of September 2019. Only countries with over
1,000 active members in 2018 are included.
Central & Eastern Europe also dominates the list of top ten countries by Compound Annual Growth Rate (CAGR)
of active members since 2015. Albania, the leading country in this category, has seen a CAGR of 267%.
Top 10 countries by growth of
active members in tech-r lated
Meetup groups
2015
2016
2017
2018
2019
CAGR 2015-2019
Albania
58
226
746
1,037
1,064
67%
Macedonia
136
503
543
1,036
1,584
133%
Belarus
270
637
975
1,687
2,721
102%
Turkey
8,020
17,689
36,903
51,145
75,228
88%
Russia
6,477
13,662
24,067
37,474
52,455
62%
Bulgaria
1,043
2,972
3,937
6,347
7,913
52%
Czech Republic
3,267
7,423
11,663
15,313
21,703
33
Ukraine
5,101
1,052
18,385
24,437
30,493
20%
Portugal
5,541
11,320
16,670
22,665
32,232
16%
Bosnia and Herzegovina
337
858
1,451
1,615
1 ,932
15%
SOURCE:
NOTE:
CAGR = Compound Annual Growth Rate. 2019
annualised based on active members to end
of September 2019. Only countries with over
1,000 active members in 2018 are included.
Central & Eastern Europe also dominates the list of top ten countries by Compound Annual Growth Rate (CAGR)
of active members since 2015. Albania, the leading country in this category, has seen a CAGR of 267%.
Top 10 countries by growth of
acive members in tech-related
Meetup groups
2015
2016
2017
2018
2019
CAGR 2015-2019
Albania
58
226
746
1,037
1,064
267%
Macedonia
136
503
543
1,036
1,584
133%
Belarus
270
637
975
1,687
2,721
102%
Turkey
8,020
17,689
36,903
51,145
75,228
88%
Russia
6,477
13,662
24,067
37,474
52,455
62%
Bulgaria
1,043
2,972
3,937
6,347
7,913
52%
Czech Republic
3,267
7,423
11,663
15,313
21,703
33%
Ukraine
5,101
11,052
18,385
2 ,437
30,493
20
Portugal
5,541
11,320
16,670
22,665
32,232
16%
Bosnia and Herzegovina
337
858
1,451
1,615
1,932
15%
SOURCE:
NOTE:
CAGR = Compound Annual Growth Rate. 2019
annualised based on active members to end
of September 2019. Only countries with over
1,000 active members in 2018 are included.
A number of successful
acquisitions of Belarusian
startups started a boom
in the Belarusian startup
ecosystem.
In Belarus, a drastic difference between the average
compensation in IT and in general in the country drives
a lot of people to acquire an education and a job in IT. A
number of successful acquisitions of Belarusian startups
(maps.me acquired by Mail.Ru, MSQRD by Facebook,
AIMATTER by Google, etc.) started a boom in the
Belarusian startup ecosystem. It was further accelerated
when the The Decree on Development of Digital Economy
passed in December 2017 and greatly improved the tax and
legal regime of the High Tech Park. It is now relatively easy
for a startup to apply for the HTP regulation and make use
of tax benefits and simpler legal regulation.
Yury Melnichek
Bulba Ventures
Co-Founder &
Partner
Photo by: Samuli Pentti
undefined210
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Policy
What can policymakers do to best help European tech?
European policymakers will play a critical role in determining the
speed at which European tech can fulfil its potential, but too many
founders are still in the dark about the policy vision for technology.
Policymakers need to maintain focus on what’s going on inside
Europe, and be less distracted by external factors. By paying
attention to the priorities of founders, and delivering on initiatives
like the Digital Single Market, policymakers can create optimal
conditions for innovation and growth in Europe.
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Europe Policy Focus
Measuring policy focus in Europe
The data challenge
According to our survey respondents, Margrethe Vestager had the most impact
in European tech this year. She came first by a long mile with 12% of respondents’
votes. In fact 40% who picked the EU competition commissioner were founders/
employee of tech startups and 10% were part of the VC community. As such, our
aim in this article is to identify opportunities for improved collaboration between
policymakers and the European tech community. To do this, we used Politico Pro
Intelligence to analyse the activity of the European Parliament (the legislative
branch of the European Union) during the last term of the European Parliament
(2014 to 2019) to better understand the policy conversation around a number of key
topics for the tech community. The European Parliament, as the body that debates
and approves policy legislation, is where we can see the 'end result' of the European
policy agenda that is set by the European Commission. In other words, it's a useful
proxy for actual policy outcomes that may have a nearer-term impact on the
European tech ecosystem. If it were possible, we would extend the analysis to
cover the European Commission, which creates and proposes the forward-looking
policy agenda for the European Union, to be able to complement this analysis with
a longer-term view on future policy focus.
Activities and press releases provide a sense of what is being talked about and
the responses to those discussions. Legislative documents on the other end tell
us what makes it into draft policies.
Activities and press releases provide a sense of what is being talked about and the responses to those
discussions. Legislative documents on the other end tell us what makes it into draft policies.
Overview of European
Parliament data
Information
Type
Description
Why Is It Useful?
1
Activities
This data looks specifically at keywords occurrences in
parliamentary questions, speeches and debates made
by elected legislators.
Activities are a good proxy for the prevalence of selected technology-
related discussions taking place at the EP.
2
Press
releases
This data focuses on keywords occurences in
commentaries and responses from the various agen cies
and other moving parts of government.
Press releases are a proxy for the response of the EP to these
discussions and the communication back to the public. This should
translate into greater awareness of the issues at hand (and proposed
solutions) of the public.
3
Legislation
This data looks at the number of keywords occurences
related to legislative documentation, which relates to
the ongoing process o f law making, actual bills,
procedures, etc.
Legislation is a proxy for the 'outcome' of 'activities', as it takes
discussions a step further into the process of law making.
SOURCE:
NOTE:
We look at the number of keyword
occurrences relating to a set of selected
technology-related topics in the European
Parliament.
Activities and press releases provide a sense of what is being talked about and the responses to those
discussions. Legislative documents on the other end tell us what makes it into draft policies.
Overview of European
Parliament data
Information
Type
Description
Why Is It Useful?
1
Activities
This data looks specifically at keywords occurrences in
parliamentary questions, speeches and debates made
by elected legislators.
Activities are a good proxy for the prevalence of selected technology-
related discussions taking place at the EP.
2
Press
releases
This data focuses on keywords occurences in
commentaries and responses from the various agen cies
and other moving parts of government.
Press releases are a proxy for the response of the EP to these
discussions and the communication back to the public. This should
translate into greater awareness of the issues at hand (and proposed
solutions) of the public.
3
Legislation
This data looks at the number of keywords occurences
related to legislative documentation, which relates to
the ongoing process o f law making, actual bills,
procedures, etc.
Legislation is a proxy for the 'outcome' of 'activities', as it takes
discussions a step further into the process of law making.
SOURCE:
NOTE:
We look at the number of keyword
occurrences relating to a st of selected
technology-related t pics in he European
Parliament.
Activities and press releases provide a sense of what is being talked about and the responses to those
discussions. Legislative documents on the other end tell us what makes it into draft policies.
Overview of European
Parliament data
Information
Type
Description
Why Is It Useful?
1
Activities
This data looks specifically at keywords occurrences in
parliamentary questions, speeches and debates made
by elected legislators.
Activities are a good proxy for the prevalence of selected technology-
related discussions taking place at the EP.
2
Press
releases
This data focuses on keywords occurences in
commentaries and responses from the various agencies
and other moving parts of government.
Pre s rele ses are a proxy for the response of the EP to these
discussions and the communication back to the public. This should
translate into greater awareness of the issu es at hand (and proposed
solutions) of the public.
3
Legislation
This dat looks at the number of keywords occurences
related to legislative documentation, which relates to
the ongoing process of law making, actual bills,
procedures, etc.
Legislation is a proxy for the 'outcome' of 'activities', as it takes
discussions a step further into the process of law making.
SOURCE:
NOTE:
We look at the number of keyword
occurrences relating to a set of selected
technology-related topics in the European
Parliamnt.
212
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Europe Policy Focus
09.1
We interrogated European Parliament documentation over the period 2014-2019
to get a sense of which topics surfaced most frequently in terms of mentions in
activities and press releases. It might be surprising to see that Big Tech companies
from the US were cited more frequently than any other topic, surpassing even
Brexit. Data privacy-related terms, including GDPR, came in third.
An analysis of European Parliament activities shows that Brexit has, of course,
been a huge distraction in the European Parliament over the past 4 years.
The level of focus on data privacy and GDPR during the previous European
Parliament term is not a surprise. It was, arguably, the centrepiece
of EU tech-related policy of the last parliamentary term. Following the
implementation of GDPR in May 2018, it’s now taken up materially less airtime
in the European Parliament.
We interrogated European Parliament documentation over the period 2014-2019 to get a sense of which topics
surfaced most frequently in terms of mentions in activities and press releases. It might be surprising to see
that Big Tech companies from the US were cited more frequently than any other topic, surpassing even Brexit.
Data privacy-related terms, including GDPR, came in third.
Number of mentions of keyword
occurrences related to key
topics in European Parliament
activities and press releases,
2014-2019
SOURCE:
LEGEND
# of mentions
# of mentions (median of all topics)
NOTE:
This data looks at the number of keyword
occurrences related to key tech topics in
European Parliament activities and press
releases.
# of mentionsUS
big t
ec
h c
om
pa
nie
s
Br
exit
Da
ta
pr
iva
cy an
d G
DP
RDigit
al
Sin
gle
M
ar
ke
t
Disin
form
at
ion
/de
ep
fa
ke
s
Ar
tif
icial
Int
ell
ige
nc
e
Fin
te
ch
St
oc
k opt
ion
s
Di
git
al
ta
x
Di
git
al
he
alt
h
Eu
ro
pe
an
Bi
g T
ec
h c
om
pa
n
0
2,500
5,000
We interrogated European Parliamen documentation over the period 2014-2019 to get a sense of which topics
surfaced most frequently in terms of mentions in activities and press releases. It might be surprising to see
that Big Tech companies from the US were cited more frequently than any other topic, surpassing even Brexit.
Data privacy-related terms, including GDPR, came in third.
Number of mentions of keyword
occurrences related to key
opics in European Parliament
activities and press releases,
2014-2019
SOURCE:
LEGEND
# of mentions
# of mentions (median of all topics)
NOTE:
This data looks at the number of keyword
occurrences related to key tech topics in
European Parliament activities and press
releases.
# of mentionsUS
bi
g t
ec
h c
om
pa
nie
sBr
ex
it
Da
ta
pr
iva
cy
and G
DP
RDi
git
al
Single
M
ar
ke
t
Di
sinfo
rm
at
ion/de
epfa
ke
sAr
tif
ici
al
Int
ell
ige
nc
e
Finte
chSt
oc
k o
pt
ionsDi
git
al
ta
x
Di
git
al
he
alt
hEu
ro
pe
an Bi
g T
ec
h c
om
pa
nie
sGe
no
me
ed
iti
ng
Qu
a
tu
m
co
mp
ut
ing
0
2,500
5,000
An analysis of European Parliament activities shows that Brexit has, of course, been a huge distraction in the
European Parliament over the past 4 years.
Number of mentions of Brexit in
European Parliament activities
and press releases per year
SOURCE:
NOTE:
This data looks at the number of keyword
occurrences related to Brexit in European
Parliament activities and press releases.
# of mentions0
43
794
1,011
1,056
2014
2015
2016
2017
2018
0
250
500
750
1,000
An analysis of European Parliament activities shows that Brexit has, of course, been a huge distraction in the
ropean Parliament over the past 4 years.
Number of mentions of Brexit in
European Parliament activities
and press releases per year
SOURCE:
NOTE:
This data looks at the number of keyword
occurrences related to Brexit in European
Parliament activities and press releases.
# of mentions0
43
794
1,011
1,056
853
2014
2015
2016
2017
2018
2019
0
250
500
750
1,000
The level of focus on data privacy and GDPR during the previous European Parliament term is not a surprise. It
was, arguably, the centrepiece of EU tech-related policy of the last parliamentary term. Following the
implementation of GDPR in May 2018, it's now taken up materially less airtime in the European Parliament.
Number of mentions of data
privacy or GDPR in European
Parliament activities and press
releases per year
SOURCE:
NOTE:
This data looks at the number of keyword
occurrences related to data privacy issues in
European Parliament activities and press
releases.
# of mentions136
527
610
228
585
2014
2015
2016
2017
2018
0
200
400
600
The level of focus on data privacy and GDPR during te previous European Parliament term is not a surprise. It
was, arguably, the centrepiece of EU tech-related policy of the last parliamentary term. Following the
implementation of GDPR in May 2018, it's now taken up materially less airtime in the European Parliament.
umber of mentios of data
privacy or GDPR in European
Parliament activities and press
releases per year
SOURCE:
NOTE:
This data looks at the number of keyword
occurrences related to data privacy issues in
European Parliament activities and press
releases.
# of mentions136
527
610
228
585
238
2014
2015
2016
2017
2018
2019
0
200
400
600
We interrogated European Parliament documentation over the period 2014-2019 to get a sense of which topics
surfaced most frequently in terms of mentions in activities and press releases. It might be surprising to see
that Big Tech companies from the US were cited more frequently than any other topic, surpassing even Brexit.
Data privacy-related terms, including GDPR, came in third.
Number of mentions of keyword
occurrences related to key
topics n Eur pa Parliaent
activities and press eleases,
2014-2019
SOURCE:
LEGEND
# of mentions
# of mentions (median of all topics)
NOTE:
This data looks at the number of keyword
occurrences related to key tech topics in
European P rliament activities and press
releases.
# of mentionsUS
big t
ec
h c
om
pa
nie
s
Br
exit
Da
ta
pr
iva
cy an
d G
DP
RDigit
al
Sin
gle
M
ar
ke
t
Disin
form
at
ion
/de
ep
fa
ke
s
Ar
tif
icial
Int
ell
ige
nc
e
Fin
te
ch
St
oc
k opt
ion
s
Di
git
al
ta
x
Di
git
al
he
alt
h
Eu
ro
pe
an
Bi
g T
ec
h c
om
pa
n
0
2,500
5,000
An nalysis of European Parliament activities shows that Brexit has, of course, been a huge distraction in the
European Parliament over the past 4 years.
Number of m
tions of Brexit in
European Parliament activities
and press releases per year
SOURCE:
NOTE:
This data looks at the number of keyword
occurrences related to Brexit in European
Parliamnt activities and pess releases.
# of mentions0
43
794
1,011
1,056
2014
2015
2016
2017
2018
0
250
500
750
1,000
The level of focus on data privacy and GDPR during the previous European Parliament term is not a surprise. It
was, arguably, the centrepiece of EU tech-related policy of the last parliamentary term. Following the
implementatio of GDPR in May 2018, it's now taken up materially less airtime in the European Parliament.
Number of mentions of data
privacy or GDPR in European
Parliament activities and press
releases per year
SOURCE:
NOTE:
This data looks at the number of keyword
occurrences related to data privacy issues in
European Parliament activities and press
releases.
# of mentions136
527
610
228
585
2014
2015
2016
2017
2018
0
200
400
600
undefinedundefined215
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Europe Policy Focus
09.1
European information governance rules are strong on privacy
protection, but there are few contractual standards in place,
which makes it expensive and time-consuming to form bespoke
partnerships with every single institution.
Owkin is playing an important role
in increasing collaboration between academic,
biopharma and healthcare institutions
by championing a new class of technology
called Federated Learning. FedAI allows
researchers to collaborate and train predictive
models on the decentralised data within
disparate institutions, to reveal insights on
mechanism of action, or drivers of disease
progression, while entirely safeguarding
patient privacy by sending the models to
the data and never removing data from the
hospital firewalls.
Thomas Clozel
Owkin
Co-Founder & CEO
Taxation is, of course, a national competence and what is said in the European Parliament has no
legal standing, but it’s still relevant to explore discussion on the topic to understand where priorities
lie. We can also see that while the idea of a digital tax has gained traction in European parliament
activities, there has been less discussion around key startup-related taxation changes, such as to
the tax treatment of stock options.
Taxation is, of course, a national competence and what is said in the European Parliament has no legal
standing, but it's still relevant to explore discussion on the topic to understand where priorities lie. We can also
see that while the idea of a digital tax has gained traction in European parliament activities, there has been less
discussion around key startup-related taxation changes, such as to the tax treatment of stock options.
Number of mentions of digital
tax and stock options in
European Parliament activities
and press releases per year
SOURCE:
LEGEND
Digital tax
Stock options
NOTE:
This data looks at the number of keyword
occurrences related to digital tax and stock
options in European Parliament activities
and press releases.
# of mentions0
0
0
10
39
8
22
20
20
14
2014
2015
2016
2017
2018
0
10
20
30
40
Taxation is, of course, a national competence and what is said in the European Parliament has no legal
standing, but it's s ill relevant to explore discussion on the topic to understand where priorities lie. We can also
see that while the idea of a digital tax has gained traction in European parliament activities, there has been less
discussion around key startup-related taxation changes, such as to the tax treatment of stock options.
ber of mentios of digital
tax and stock options in
European Parliament activities
and press releases per year
SOURCE:
LEGEND
Digital tax
Stock options
NOTE:
This data looks at the number of keyword
occurrences related to digital tax and stock
options in European Parliament activities
and press releases.
# of mentions0
0
0
10
39
43
8
22
20
20
14
9
2014
2015
2016
2017
2018
2019
0
10
20
30
40
Taxation is, of course, a national competence and what is said in the European Parliament has no legal
standing, but it's still relevant to explore discussion on the topic to understand where priorities lie. We can also
see that while the idea of a digital tax has gained traction in European parliament activities, there has been less
discussion around key startup-related taxation changes, such as to the tax treatment of stock options.
Number of mntions
digital
tax and stock options in
European Parliament activities
and press releases per year
SOURCE:
LEGEND
Digital tax
Stock options
NOTE:
This data looks at the number of keyword
occurrences related to digital tax and stock
options in European Parliament activities
and press releases.
# of mentions0
0
0
10
39
8
22
20
20
14
2014
2015
2016
2017
2018
0
10
20
30
40
More could be done by governments to support
collaboration. In America, for example,
hospitals have a standard contract form called
a business association agreement (BAA)
which standardises how third parties access
anonymised patient data. It is a rigorous but
standard process. European information
governance rules are strong on privacy
protection, but there are few contractual
standards in place, which makes it expensive
and time-consuming to form bespoke
partnerships with every single institution.
However, I am confident that these issues are
being worked on, and that Europe is moving
in the right direction for both attracting and
retaining great health tech talent.
The greater level of discussion in the European Parliament on the idea of a digital tax compared with
stock option tax reform is better understood when examining which types of tech companies have
taken up greater mindshare of European policymakers.
The greater level of discussion in the European Parliament on the idea of a digital tax compared with stock
opti
tax r form is be ter understood when examining which types of tech companies have taken up greater
mindshare of European policymakers.
Number of mentions of selected
US big tech companies versus
European tech companies in
European Parliament activities
and press releases per year
SOURCE:
LEGEND
US big tech companies
European tech companies
NOTE:
Data looks at the number of keyword
occurrences related to select US big tech
(i.e. Google, Facebook, Twitter, Apple,
Microsoft, Amazon) and European tech
companies (i.e. Spotify, Skype, Adyen) in
European Parliament activities and press
releases.
# of mentions202
608
954
710
2,381
10
9
14
14
15
2014
2015
2016
2017
2018
0
500
1,000
1,500
2,000
2,500
The greater level of discussion in the European Parliament on the idea of a digital tax compared with stock
option tax
f rm is better uderstood when examining which types of tech companies have taken up greater
mindshare of European policymakers.
Number of mentions of selected
big tech companies versus
European tech companies in
European Parliament activities
and press releases per year
SOURCE:
LEGEND
US big tech companies
European tech companies
NOTE:
Data looks at the number of keyword
occurrences related to select US big tech
(i.e. Google, Facebook, Twitter, Apple,
Microsoft, Amazon) and European tech
companies (i.e. Spotify, Skype, Adyen) in
European Parliament activities and press
releases.
# of mentions202
608
954
710
2,381
929
10
9
14
14
15
6
2014
2015
2016
2017
2018
2019
0
500
1,000
1,500
2,000
2,500
The greater level of discussion in the European Parliament on the idea of a digital tax compared with stock
optin tax reform is better understood when examining which types of tech companies have taken up greater
mindshare of European policymakers.
Number of mentions of selected
US big tech companies versus
European tech companies in
European Parliament activities
and press releases per year
SOURCE:
LEGEND
US big tech companies
European tech companies
NOTE:
Data looks at the number of keyword
occurrences relat d to select US big tech
(i.e. Google, Facebook, Twitter, Apple,
Microsoft, Amazon) and European tech
copanies (i.e. Spotify, Skype, Adyen) in
opean P rliament activities and press
releases.
# of mentions202
608
954
710
2,381
10
9
14
14
15
2014
2015
2016
2017
2018
0
500
1,000
1,500
2,000
2,500
undefined217
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The rise of AI, big data, gig workers, facial recognition technology and
5G has given rise to a new set of human rights issues. And governments
are turning their attention to the human rights impact of the adoption
and use of technology.
The healthcare platform that connects with
patients around the world.
The disruptive consumer electronics innovator
that makes and sells a new kind of device.
The delivery app that relies on gig workers.
The AI pioneer who utilises facial
recognition technology.
What do they all have in common?
They are exciting tech company models
that also present growing exposure
to human rights concerns.
Human rights may not be the first topic you
associate with the state of the European tech
ecosystem. But the reputational, financial
and legal hazards once associated primarily
with the mistreatment of physical labourers
have moved into the digital world. The rise of
AI, big data, gig workers, facial recognition
technology and 5G has given rise to a new set
of human rights issues. And governments are
turning their attention to the human rights
impact of the adoption and use of technology.
A valuable conversation is emerging about
‘responsible technology’ — preventing,
addressing and remediating the negative
impacts of technology on human rights, and
ensuring its ethical design, deployment and
use. And Europe is in the driver’s seat on
‘responsible AI’. In April 2019, the European
Commission’s High-Level Expert Group
on AI presented the ‘Ethics Guidelines for
Trustworthy Artificial Intelligence’, which are
underpinned by international human rights
law and identify seven key requirements for AI
systems to be deemed trustworthy.
Betsy Popken
Orrick
Special Counsel,
Business and Human
Rights
The Council of Europe Commissioner for
Human Rights also published this year a
10-point recommendation on AI and human
rights. The report recommends that member
states establish procedures for conducting
human rights impact assessments, among
other things.
OECD also published its own Principles on AI
this year, calling for AI systems to be designed
in a way that respects human rights.
At the same time, more tech companies
worldwide are opting in to the UN Guiding
Principles on Business and Human Rights and
joining multi-stakeholder initiatives aimed at
promoting human rights and ethics in tech, like
the Global Network Initiative, Partnership
on AI and the World Economic Forum’s ethical
tech projects.
There’s a lot to unpack here – and different
schemes need to be reconciled. But, if you’re
at a company looking to get started on these
issues – as both a moral imperative and a
business and risk management matter – we
suggest three key steps: (1) a human rights
impact assessment, which will help you
understand and prioritize areas of risk for your
particular business model, (2) integration of
human rights considerations into your existing
compliance processes and policies, and (3)
engagement with key stakeholders, including
your board.
This is a growing area of focus for companies,
investors and consumers, as this year’s SOET
report confirms.
Be on the forefront.
Europe Policy Focus
09.1
Photo by: Samuli Pentti
undefinedundefined220
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Tech’s Take on Policy
09.2
We also asked the European tech community to share their view on who is most impacted by the regulatory
burden in Europe today. Whether they are empirically right or wrong, the perception of respondents from most
occupation groups, including European tech founders and investors, is that the burden is being carried by the
region's tech startups.
Who do you think is most
impacted by the regulatory
burden amongst the following?
SOURCE: The State Of European Tech Survey
LEGEND
Tech startups
Established private tech companies
Established public tech companies
Non-tech SMEs
No difference
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: OTHER OCCUPATIONS
% of respondents
Academic/researcher
Consultant/ M&A advisor/investment banker
Employee at a company that is not a tech startup or
scale-up
Employee in the public sector
Media/journalist
Other (please specify)
Policymaker/regulator
Student
0
10
20
30
40
50
60
70
80
90
100
We also asked the European tech community to share their view on who is most impacted by the regulatory
burden in Europe today. Whether they are empirically right or wrong, the perception of respondents from most
occupation groups, including European tech founders and investors, is that the burden is being carried by the
region's tech startups.
Who do you think is most
impacted by the regulatory
burden amongst the following?
SOURCE: The State Of European Tech Survey
LEGEND
Tech startups
Established private tech companies
Established public tech companies
Non-tech SMEs
No difference
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: FOUNDERS, TECH EMPLOYEES, INVESTORS
% of respondents
Founder
Employee at a tech startup or scale-up
Venture capitalist
LP investing in private equity & venture capital
Angel investor
Other investor
0
10
20
30
40
50
60
70
80
90
100
We also asked the European tech community to share their view on who is most impacted by the regulatory
burden in Europe today. Whether they are empirically right or wrong, the perception of respondents from most
occupation gr ups, including European tech founders and investos, is that te burden is being carried by the
region's tech startps.
Who do you think is most
impacted by the regulatory
burden amongst the following?
SOURCE: The State Of European Tech Survey
LEGEND
Tech startups
Established private tech companies
Established public tech companies
Non-tech SMEs
No difference
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: FOUNDERS, TECH EMPLOYEES, INVESTORS
% of respondents
Founder
Employee at a tech startup or scale-up
Venture capitalist
LP investing in private equity & venture capital
Angel investor
Other investor
0
10
20
30
40
50
60
70
80
90
100
OTHER OCCUPATIONS
FOUNDERS, TECH EMPLOYEES, INVESTORS
We also asked the European tech community to share their view on who is most impacted by the regulatory
burden in Europe today. Whether they are empirically right or wrong, the perception of respondents from most
occupation groups, including European tech founders and investors, is that the burden is being carried by the
region's tech startups.
Who do you think is most
impacted by the regulatory
burden amongst the following?
SOURCE: The State Of European Tech Survey
LEGEND
Tech startups
Estblished private tech companies
Established public tech companies
Non-tech SMEs
No difference
NOTE:
Numbers may not add to 100 due to
rounding.
DATASET: FOUNDERS, TECH EMPLOYEES, INVESTORS
% of respondents
Founder
Employee at a tech startup or scale-up
Venture capitalist
LP investing in private equity & venture capital
Angel investor
Other investor
0
10
20
30
40
50
60
70
80
90
100
We also asked the European tech community to share their view on who is
most impacted by the regulatory burden in Europe today. Whether they are
empirically right or wrong, the perception of respondents from most occupation
groups, including European tech founders and investors, is that the burden is
being carried by the regio ’s tech st rtups.
undefinedundefinedundefined224
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Tech’s Take on Policy
09.2
The impact of data privacy regulation is the top-ranked area of regulation
perceived as most challenging by founders of companies of all sizes.
VCs, LPs, tech workers and founders are more likely to agree that European
founders can compete equally on the global tech stage, while policymakers
and media are more sceptical. Who’s right and who has the better vantage
point? And if policymakers are sceptical about the ability for European
founders to compete on the global stage, what can they do to better
support the founders in that objective?
The impact of data privacy regulation is the top-ranked area of regulation perceived as most challenging by
founders of companies of all sizes.
Thinking about any potential
negative impact on your
business from regulation, which
one area do you view as the most
challenging for your company?
SOURCE:The State Of European Tech Survey
LEGEND
≤10 employees
11-100 employees
>100 employees
NOTE:
Founders only. Numbers may not add to 100
due to rounding.
% of respondents
Data protection and privacy
Tax
Employment
Competition
Certification
Data localisation
None of these areas - not negatively impacted by
regulation
Copyright
Licensing
Patents
0
5
10
15
20
25
The impact of data privacy regulation is the top-ranked area of regulation perceived as most challenging by
founders of companies of all sizes.
Thinking about any potential
negative impact on your
busines fr
regulation, which
one area do you view as the most
challenging for your company?
SOURCE:The State Of European Tech Survey
LEGEND
≤10 employees
11-100 employees
>100 employees
NOTE:
Founders only. Numbers may not add to 100
due to rounding.
% of respondents
Data protection and privacy
Tax
Employment
Competition
Certification
Data localisation
None of these areas - not negatively impacted by
regulation
Copyright
Licensing
Patents
0
5
10
15
20
25
30
35
VCs, LPs, tech workers and founders are more likely to agree that European founders can compete equally on
the global tech stage, while policymakers and media are more sceptical. Who's right and who has the better
vantage point? And if policymakers are sceptical about the ability for European founders to compete on the
global stage, what can they do to better support the founders in that objective?
To what extent do you agree or
disagree with the following
statement: European founders
can compete equally on the
global technology stage
SOURCE:The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
LP investing in private equity & venture capital
Venture capitalist
Other investor
Employee at a tech startup or scale-up
Employee in the public sector
Academic/researcher
Founder
Employee at a company not a tech startup or scale-up
Other
Student
Consultant/M&A advisor/investment banker
Policymaker/regulator
Angel investor
Media/journalist
0
10
20
30
40
50
60
70
VCs, LPs, tech workers and founders are more likely to agree that European founders can compete equally on
the global tech stage, while policymakers and media are more sceptical. Who's righ and who hs the bett r
vantage point? And if policymakers are sceptical about the ability for European founders to compete on the
global stage, what can they do to better support the founders in that objective?
To what extent do you agree or
disagree with the following
statement: European founders
can compete equally on the
global technology stage
SOURCE:The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
LP investing in private equity & venture capital
Venture capitalist
Other investor
Employee at a tech startup or scale-up
Employee in the public sector
Academic/researcher
Founder
Employee at a company not a tech startup or scale-up
Other
Student
Consultant/M&A advisor/investment banker
Policymaker/regulator
Angel investor
Media/journalist
0
10
20
30
40
50
60
70
80
90
100
The impact of data privacy regulation is the top-ranked area of regulation perceived as most challenging by
founders of companies of all sizes.
Thinking about any potential
negative impact on your
busines from regultion, which
one area do you view as the most
challenging for your company?
SOURCE:The State Of European Tech Survey
LEGEND
≤10 employees
11-100 employees
>100 employees
NOTE:
Founders only. Numbers may not add to 100
due to rounding.
% of respondents
Data protection and privacy
Tax
Employment
Competition
Certification
Data localisation
None of these areas - not negatively impacted by
regulation
Copyright
Licensing
Patents
0
5
10
15
20
25
VCs, LPs, tech workers and founders are more likely to agree that European founders can compete equally on
the globa tech tage, while policymakers and media are more sceptical. Who's right and who has the better
vantag point? And if policymakers are sceptical about the ability for European founders to compete on the
global stage, what can they do to better support the founders in that objective?
To what extent do you agree or
disagree with the following
statement: European founders
can compete equally on the
global technology stage
SOURCE:The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
LP investing in private equity & venture capital
Venture capitalist
Other investor
Employee at a tech startup or scale-up
Employee in the public sector
Academic/researcher
Founder
Employee at a company not a tech startup or scale-up
Other
Student
Consultant/M&A advisor/investment bank
Policymaker/reg lato
Angel investor
Media/journalist
0
10
20
30
40
50
60
70

225
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Tech’s Take on Policy
09.2
It’s interesting that respondents from outside Europe show a
materially higher level of agreement with the view that European
founders can compete equally on the global stage.
Opinion is split on Europe’s likelihood to gain ground relative
to the US and China in the next decade.
It's interesting that respondents from outside Europe show a materially higher level of agreement with the view
that European founders can compete equally on the global stage.
To what extent do you agree or
disagree with the following
statement: European founders
can compete equally on the
global technology stage
SOURCE:The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
Outside Europe
Inside Europe
0
10
20
30
40
50
60
70
It's interesting that respondents from outside Europe show a materially higher level of agreement with the view
that European founders can compete equally on the global stage.
To what extent do you agree or
disagree with the following
sta emnt: European founders
can compete equally on the
global technology stage
SOURCE:The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
Outside Europe
Inside Europe
0
10
20
30
40
50
60
70
80
90
100
Opinion is split on Europe's likelihood to gain ground
relative to the US and China in the next decade.
Do you agree or disagree with
the following statement?
European tech is likely to gain
ground relative to the US and
China in the next decade
SOURCE:The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
LP investing in private equity & venture capital
Venture capitalist
Employee at a tech startup or scale-up
Media/journalist
Other
Founder
Grand total
Academic/researcher
Student
Consultant/M&A advisor/investment banker
Employee at a company not a tech startup or scale-up
Other investor
Employee in the public sector
Policymaker/regulator
Angel investor
0
10
20
30
40
50
60
70
Opinion is split on Europe's likelihood to gain ground
relative to the US and China in the next decade.
Do you agree or disagree with
the following statement?
E
pean tech is likely to gain
ground relative to the US and
China in the next decade
SOURCE:The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
LP investing in private equity & venture capital
Venture capitalist
Employee at a tech startup or scale-up
Media/journalist
Other
Founder
Grand total
Academic/researcher
Student
Consultant/M&A advisor/investment banker
Employee at a company not a tech startup or scale-up
Other investor
Employee in the public sector
Policymaker/regulator
Angel investor
0
10
20
30
40
50
60
70
80
90
100
It's interesting that respondents from outside Europe show a materially higher level of agreement with the view
that European founders can compete equally on the global stage.
To what extent do you agre or
disagre with the following
statement: European founders
can compete equally on the
global technology stage
SOURCE:The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
Outside Europe
Inside Europe
0
10
20
30
40
50
60
70
Opinion is split on Europe's likelihood to gain ground
relative to the US and China in the next decade.
Do you agree or disagree with
the following statement?
European tech is likely to gain
ground relative to the US and
China in the next decade
SOURCE:The State Of European Tech Survey
LEGEND
Agree
Disagree
Neither agree nor disagree
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
LP investing in private equity & venture capital
Venture capitalist
Employee at a tech startup or scale-up
Media/journalist
Other
Founder
Grand total
Academic/researcher
Student
Consultant/M&A advisor/investment banker
Employee at a company not a tech startup or scale-up
Other investor
Employee in the public sector
Policymaker/regulator
Angel investor
0
10
20
30
40
50
60
70

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Tech’s Take on Policy
09.2
Europe’s tech ecosystem remains characterised by a strong level of optimism
about the future. 91% of respondents said they were more optimistic about the
future of European tech or the same as they were 12 months ago. This is on par
with the levels seen in the past two years.
Interestingly, however, there is a large divergence depending on the
occupation of respondents. Investors in European tech, including both VCs
and LPs, are amongst the most optimistic occupations, while founders
and tech employees also expressed strong sense of optimism about the future
of European tech. Policymakers, by contrast, were the least optimistic.
This divergence of opinion between the founders operators and investors
on the one hand, and policymakers on the other, speaks volumes.
Europe's tech ecosystem remains characterised by a strong level of optimism about the future. 91% of
respondents said they were more optimistic about the future of European tech or the same as they were 12
months ago. This is on par with the levels seen in the past two years.
Are you more or less optimistic
about the future of European
technology today than you were
12 months ago?
SOURCE:The State Of European Tech Survey
NOTE:
% of all respondents that answered either
'More' or 'About the same' .
% of respondents91%
90%
2017
2018
0
25
50
75
100
Europe's tech ecosystem remains characterised by a strong level of optimism about the future. 91% of
respondents said they were more optimistic about the future of European tech or the same as they were 12
months ago. This is on par with the levels seen in the past two years.
Are you more or less optimistic
about the future of European
technol
y today than you were
12 months ago?
SOURCE:The State Of European Tech Survey
NOTE:
% of all respondents that answered either
'More' or 'About the same' .
% of respondents91%
90%
91%
2017
2018
2019
0
25
50
75
100
Interestingly, however, there is a large divergence depending on the occupation of respondents. Investors in
European tech, including both VCs and LPs, are amongst the most optimistic occupations, while founders and
tech employees also expressed strong sense of optimism about the future of European tech. Policymakers, by
contrast, were the least optimistic. This divergence of opinion between the founders operators and investors
on the one hand, and policymakers on the other, speaks volumes.
Are you more or less optimistic
about the future of European
technology today than you were
12 months ago?
SOURCE:The State Of European Tech Survey
LEGEND
About the same
Less
More
NOTE:
% of respondents
LP investing in private equity & venture capital
Venture capitalist
Academic/researcher
Student
Consultant/M&A advisor/investment banker
Employee at a tech startup or scale-up
Employee in the public sector
Founder
Other
Media/journalist
Angel investor
Other investor
Employee at a company not a tech startup or scale-up
Policymaker/regulator
0
10
20
30
40
50
60
70
Interestingly, however, there is a large divergence depending on the occupation of respondents. Investors in
European tech, including both VCs and LPs, are amongst the most optimistic occupations, while founders and
tech employees also expressed strong sense of optimism about the future of European tech. Policymakers, by
contrast, were the least optimistic. This divergenc f opinion btween the founders operators and investors
on the one hand, and policymakers on the other, speaks volumes.
Are you more or less optimistic
abou the
ture of European
technology today than you were
12 months ago?
SOURCE:The State Of European Tech Survey
LEGEND
About the same
Less
More
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
LP investing in private equity & venture capital
Venture capitalist
Academic/researcher
Student
Consultant/M&A advisor/investment banker
Employee at a tech startup or scale-up
Employee in the public sector
Founder
Other
Media/journalist
Angel investor
Other investor
Employee at a company not a tech startup or scale-up
Policymaker/regulator
0
10
20
30
40
50
60
70
80
90
100
Europe's tech ecosystem remains characterised by a strong level of optimism about the future. 91% of
respondents said they were more optimistic about the future of European tech or the same as they were 12
months ago. This is on par with the levels seen in the past two years.
Are you more or less optimistic
about th future of European
echnology today thn you were
12 months ago?
SOURCE:The State Of European Tech Survey
NOTE:
% of all respondents that answered either
'More' or 'About the same' .
% of respondents91%
90%
2017
2018
0
25
50
75
100
Interestingly, however, there is a large divergence depending on the occupation of respondents. Investors in
European tech, including both VCs and LPs, are amongst the most optimistic occupations, while founders and
tech employees also expressed strong sense of optimism about the future of European tech. Policymakers, by
contrast, w re the least optimistic. This divergence of opinion between the founders operators and investors
on the one hand, and policymakers on the other, speaks volumes.
Are you more or les optimistic
about the future of European
technology today than you were
12 months ago?
SOURCE:The State Of European Tech Survey
LEGEND
About the same
Less
More
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
LP investing in private equity & venture capital
Venture capitalist
Academic/researcher
Student
Consultant/M&A advisor/investment banker
Employee at a tech startup or scale-up
Employee in the public sector
Founder
Other
Media/journalist
Angel investor
Other investor
Employee at a company not a tech startup or scale-up
Policymaker/regulator
0
10
20
30
40
50
60
70

227
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Tech’s Take on Policy
09.2
There is still a wide gap between the world of policymaking and that of
tech entrepreneurs... I think that venture capitalists have a key role to play
in bridging that gap between the two worlds.
The OECD has given the UK its highest overall score for the quality of our
regulatory practices, but we're not resting on our laurels. We are bringing
forward world-leading policies to boost innovation and build trust in
digital markets, to promote ethical and responsible technology and give
tech firms growing on our shores the competitive advantage they need.
There is still a wide gap between the world of
policymaking and that of tech entrepreneurs.
Policymakers genuinely want to help, but they
don’t know a thing about tech startups, and
they usually don’t count tech entrepreneurs
as friends or acquaintances, which makes it
even more difficult for them to understand
what’s going on. On the other hand, tech
entrepreneurs have difficulties reaching
out to policymakers because they don’t
understand that world, where everything
seems so slow and so bureaucratic; they
rightfully prefer to focus on growing their
businesses.
This is the reason why, by the way, I think that
venture capitalists have a key role to play in
bridging that gap between the two worlds.
Nicolas Colin
Nicky Morgan
The Family
Co-Founder &
Director
UK Secretary of
State for Digital,
Culture, Media &
Sport
Unlike entrepreneurs, venture capitalists
don’t have to focus on one single problem
over the course of several years. They can
embrace a long-term view of the market,
identify the many regulatory obstacles that
still stand in the way, and help policymakers
understand technology and come up with
sound regulations designed to boost local
champions.
It’s both about providing entrepreneurs with
the resources and the security they need to
take more risks and about raising the bar for
European tech companies, forcing them to
get better on various fronts, and ultimately
consolidating their competitive advantage
at a global scale - an industrial policy for the
Entrepreneurial Age.
Photo by: Samuli Pentti
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About
This report was produced in partnership with Slush and Orrick.
Nearly 100 people and 20 organizations came together to provide
insights and data. This is who they are.
229
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Our Contributors
Contributors
Thanks to all of the following people for their assistance and
insight in developing this year’s State of European Tech Report
Giovanni Anelli
CERN
Alice Bentinck
EF
Sophia Bendz
Atomico
Elsa Bernadotte
Karma
Tom Blomfield
Monzo
Loubna Bouarfa
OKRA Technologies
Kat Borlongan
La French Tech
Christina Brinck
Sixth Swedish National Pension Fund
Anisah Osman Britton
23 Code Street
Jessica Butcher
Tick
Ophelia Brown
Blossom Capital
Suranga Chandratillake
Balderton Capital
Stjin Christiaens
Collibra
Thomas Clozel
Owkin
James Clark
London Stock Exchange
Nicolas Colin
The Family
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Andy Davis
Backstage Capital
Our Contributors
10.1
Simon Cook
Draper Esprit
Pierre Entremont
FRST
Sonali de Rycker
Accel
Madeleline Evans
Levell
Ekaterina Gianelli
Inventure
Irina Haivas
Atomico
Linda Griffin
King
Thomas Hellmann
University of Oxford
Kate Hilyard
Healx
Sophia Hmich
Future Positive Capital
Taavet Hinrikus
TransferWise
Christine Hockley
British Patient Capital
Antoine Hubert
Ynsect
Daniel Keiper-Knorr
Speedinvest
Miki Kuusi
Wolt
Jacopo Losso
EBAN
Yury Melnichek
Bulba Ventures
Martin Mignot
Index
Osnat Michaeli
Infarm
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Our Contributors
10.1
Leila Rastegar Zegna
Kindred Capital
Niklas Zennström
Atomico
Nicky Morgan
UK Secretary of State for Digital,
Culture, Media & Sport.
Steve O’Hear
TechCrunch
Akshay Naheta
SoftBank Vision Fund
Deborah Okenla
YSYS
Patrick Pichette
Inovia Capital
Maria Raga
Depop
Oscar Pierre
Glovo
Andreas Saari
Slush
Abby Scarborough
Yena
Perry Teicher
Orrick
Naren Shaam
Omio
Alex Terrien
Future Positive Capital
Nigel Toon
Graphcore
Check Warner
Diversity VC
Roxanne Varza
Station F
David York
Top Tier Capital Partners
Valentina Milanova
Daye
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Acknowledgements
Acknowledgements
We wouldn’t have been able to put together the State of European Tech
without a lot of help - thanks to all of the following in particular:
Anastasiya Dudareva
Craft
Yuliya Chernova
Craft
Matt Collins
Studio Lovelock
James Clark
London Stock Exchange
George Clayton
Studio Lovelock
Katelyn Dennis
Shareworks
Mike Allanson
Studio Lovelock
Giovanni Anelli
European Organization for Nuclear
Research (CERN)
Kaloyan Andonov
Global University Venturing
Karl Bjelland
Politico
Jon Brewer
Orrick
Ivan Draganov
Dealroom
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Our Contributors
10.1
Sarah Guemouri
Atomico
Ben Jakob
Studio Lovelock
Thierry Heles
Global University Venturing
Ant Jumratsilpa
Studio Lovelock
Oscar Farres
EIF
Mark Dunbavan
Studio Lovelock
Rugiyya Gahramanli
London Stock Exchange
Sofian Giuroiu
PEREP Analytics/EDC
Bryce Keane
Atomico
Thomas Kösters
European Startup Initiative
Julie Kim
Quid
Julien Krantz
Invest Europe
Joe Lovelock
Studio Lovelock
Ilya Levtov
Craft
Gligor Micajkov
Dealroom
Elissa Maercklein
Craft
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Our Contributors
10.1
Tom Wehmeier
Atomico
Yoram Wijngaarde
Dealroom
The purpose-driven porpoise
Self-employed
Maxine Smith
Atomico
Eleanor Warnock
Atomico
Karthik Suresh
Craft
Julia Silge
Stack Overflow
Anais Rassat
European Organization for Nuclear
Research (CERN)
Julien Puls
Dealroom
Elmo Pakkanen
Slush
Angelina Panagiotopoulou
Studio Lovelock
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About Atomico
About Orrick
We’re Atomico. You probably knew that already.
But who is Orrick?
But who are we really?
Creators. Visionaries. Underdogs. The Daring.
We’re not a traditional venture capital firm.
We are built by founders for founders. Every single aspect of Atomico, every part
of our culture, and every decision we take, is designed with the sole ambition
of helping our partners succeed.
We exist for more than returns. We believe entrepreneurs are the ultimate agents
of positive, transformational change across every aspect of our society and economy.
Our mission is to spur this progress forward.
It’s why we partner with the world’s most ambitious founders. The rule-breakers who
want to build the next leader in their category. The world-shapers creating companies
that fundamentally shift the way we live today. The gamechangers using technology
to rewire the world in favour of something better, for as many people as possible.
When we find these people, we invest much more than money. We work hand-in-glove
with them, drawing on hard-won experience scaling some of the most successful
technology companies in the world.
Orrick counsels more than 2,700 tech companies, as well as the most active
funds, corporate venture investors and public tech companies worldwide.
We help you disrupt. We help you build. We protect you. We help you win.
We are the No. 1 most active law firm in European venture capital, No. 3
globally (PitchBook), top 15 for global M&A (Bloomberg) and advisors to seven of the
top 15 global private equity funds. We offer destination practices in other areas that are
important to tech companies’ success: privacy and cybersecurity, intellectual property,
payments, and beyond.
And we innovate not only in our legal advice but also in the way we deliver our services.
That’s why Financial Times has named us the most innovative law firm in North America
for the last three years in a row.
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About Slush
About Studio Lovelock
Once again we’ve partnered with Slush
to produce the State of European Tech report
Branding to engage and inspire
But why are so many people flocking
to Helsinki in November?
Studio Lovelock partners with ambitious scale-ups
ready to embrace the power of brand to drive growth
Slush is a student-driven, not-for-profit movement with the mission
to create and help the next generation of groundbreaking entrepreneurs.
The Slush year culminates in Helsinki in November, when 25,000 founders,
investors, media and executives from 130+ countries gather in Helsinki.
Held during the darkest time of the year, Slush has always been characterized
by a unique energy and enthusiasm.
Slush is run by a community of students who want to radically change how
entrepreneurship is perceived in Northern Europe and beyond. Several successful
entrepreneurs, from the founders of Supercell and Spotify among others, have already
become a part of the not-for-profit initiative that has already become a movement
of global magnitude.
Studio Lovelock is a branding and communications design agency based in London.
We are a collection of open-minded, smart and creatively restless folk, driven to help
the businesses we believe in achieve great things. We are founded on the belief that
creativity and clear design thinking are critical components in the long term success of
any business. We pride ourselves on our willingness to push beyond our comfort zone
and the quality of the relationships we’ve built with our clients.
Being friendly, helpful and reliable doesn’t hurt either.
View more of our work at studiolovelock.com
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Appendix
Last but not least
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Survey Respondents
Occupation of survey
respondents
SOURCE:The State Of European Tech Survey
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
27%
19%
16%
10%
7%
5%
4%
3%
2%
2%
2%
1%
1%
1%
Founder
Employee at a tech startup or scale-up
Employee at a company that is not a tech startup or
scale-up
Venture capitalist
Consultant/M&A advisor/investment banker
Student
Other
Employee in the public sector
Academic/researcher
Angel investor
Other investor
LP investing in private equity & venture capital
Media/journalist
Policymaker/regulator
0
5
10
15
20
25
30
Occupation of survey
respondents
SOURCE:The State Of Europan Tech Survey
NOTE:
Numbers may not add to 100 due t
rounding.
% of respondents
27%
19%
16%
10%
7%
5%
4%
3%
2%
2%
2%
1%
1%
1%
Founder
Employee at a tech star up or scale-
Employee at a company that is not a ech tar up or
scale-up
Venture capitalist
Consultant/M&A advisor/investment banker
Student
Other
Employee in the public sector
Academic/researcher
Angel investor
Other investor
LP investing in private equity & venture capital
Media/journalist
Policymaker/regulator
0
5
10
15
20
25
30
Occupation of survey
respondents
SOURCE:The State Of European Tech Survey
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
27%
19%
16%
10%
7%
5%
4%
3%
2%
2%
2%
1%
1%
1%
Founder
Employee at a tech startup or scale-up
Employee at a company that is not a tech startup or
scale-up
Venture capitalist
Consultant/M&A advisor/investment banker
Student
Other
Employee in the public sector
Academic/researcher
Angel investor
Other investor
LP investing in private equity & venture capital
Media/journalist
Policymaker/regulator
0
5
10
15
20
25
30
Company size of survey
respondents
SOURCE:The State Of European Tech Survey
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
35%
29%
30%
6%
≤10 employees
11-100 employees
100+ employees
Not applicable
0
5
10
15
20
25
30
35
40
Company size of survey
respondent
SOURCE:The State Of European Tech Survey
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
35%
29%
30%
6%
≤10 employees
11-100 employees
100+ employees
Not applicable
0
5
10
15
20
25
30
35
40
Company size of survey
respondents
SOURCE:The State Of European Tech Survey
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
35%
29%
30%
6%
≤10 employees
11-100 employees
100+ employees
Not applicable
0
5
10
15
20
25
30
35
40
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Survey Respondents
11.1
Gender of survey respondents
SOURCE:The State Of European Tech Survey
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
67%
31%
2%
0%
0%
Male
Female
Prefer not to say
Non-binary
Other
0
10
20
30
40
50
60
70
Gender of survey respondnts
SOURCE:The State Of European Tech Survey
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
67%
31%
2%
0%
0%
Male
Female
Prefer not to say
Non-binary
Other
0
10
20
30
40
50
60
70
Gender of survey respondents
SOURCE:The State Of European Tech Survey
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
67%
31%
2%
0%
0%
Male
Female
Prefer not to say
Non-binary
Other
0
10
20
30
40
50
60
70
Experience level of founder
respondents
SOURCE:The State Of European Tech Survey
NOTE:
Founders only. Numbers may not add to 100
due to rounding.
% of respondents
51%
31%
18%
First-time founder
Repeat founder with limited experience
Repeat founder with significant experience
0
5
10
15
20
25
30
35
40
45
50
55
Experience level of founder
respondnts
SOURCE:The State Of European Tech Survey
NOTE:
Founders only. Numbers may not add to 100
due to rounding.
% of respondents
51%
31%
18%
First-time founder
Repeat found r with limited exper ence
Repeat found r wi h significan experience
0
5
10
15
20
25
30
35
40
45
50
55
respondents
SOURCE:The State Of European Tech Survey
NOTE:
Fouers only. Numbers may not add to 100
due to rounding.
% of respondents
51%
31%
18%
First-time founder
Repeat founder with limited experience
Repeat founder with significant experience
0
5
10
15
20
25
30
35
40
45
50
55
Ethnicity of survey respondents
SOURCE:The State Of European Tech Survey
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
81%
6%
4%
3%
2%
2%
1%
1%
Caucasian/White
Asian
Prefer not to say
Mixed
Hispanic/Latinx
Middle Eastern/North African
Other (please specify)
Black/African/Caribbean
0
10
20
30
40
50
60
70
80
90
Ethnicity of survey respondnts
SOURCE:The State Of European Tech Survey
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
81%
6%
4%
3%
2%
2%
1%
1%
Caucasian/White
Asian
Prefer not to say
Mixed
Hispanic/Latinx
Middle Eastern/North African
Other (please specify)
Black/African/Caribbean
0
10
20
30
40
50
60
70
80
90
Ethnicity of survey respondents
SOURCE:The Stt Of European Tech Survey
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
81%
6%
4%
3%
2%
2%
1%
1%
Caucasian/White
Asian
Prefer not to say
Mixed
Hispanic/Latinx
Middle Eastern/North African
Other (please specify)
Black/African/Caribbean
0
10
20
30
40
50
60
70
80
90
Geographic origin of survey
respondents
SOURCE:The State Of European Tech Survey
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
39%
16%
13%
9%
8%
8%
4%
2%
2%
Nordics
UK & Ireland
DACH
CEE
France & Benelux
Southern Europe
Rest of world
Rest of Europe
United States
0
5
10
15
20
25
30
35
40
Geographic origin of survey
respondnts
SOURCE:The State Of European Tech Survey
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
39%
16%
13%
9%
8%
8%
4%
2%
2%
Nordics
UK & Ireland
DACH
CEE
France & Benelux
Southern Eur pe
Rest of world
Rest of Europe
United States
0
5
10
15
20
25
30
35
40
Geographic origin of survey
respondents
SOURCE:The State Of European Tech Survey
NOTE:
Numbers may not add to 100 due to
rounding.
% of respondents
39%
16%
13%
9%
8%
8%
4%
2%
2%
Nordics
UK & Ireland
DACH
CEE
France & Benelux
Southern Europe
Rest of world
Rest of Europe
United States
0
5
10
15
20
25
30
35
40
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More About Our Data Partners
Aon
Radford is the technology and life sciences unit of Aon’s Rewards Solutions practice.
ABOUT REWARDS SOLUTIONS
The Rewards Solutions practice at Aon empowers business leaders to reimagine their approach to
rewards in the digital age through a powerful mix of data, analytics and advisory capabilities. Our
colleagues support clients across a full spectrum of needs, including compensation benchmarking,
pay and workforce modeling, and expert insights on rewards strategy and plan design. To learn
more, visit: rewards.aon.com.
ABOUT AON
Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk,
retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for
clients by using proprietary data and analytics to deliver insights that reduce volatility and improve
performance. For further information, please visit aon.com.
Dealroom.co
Dealroom is a global company information database & research firm. Its software, database and
bespoke research enable its clients to stay at the forefront of innovation, discover promising
companies and identify strategic opportunities. Among its clients are world-leading strategy
consulting firms, investment banks, multinationals, technology firms, venture capital & buyout
firms and governments. For more information, please visit: dealroom.co
CBRE
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los
Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018
revenue). The company has more than 90,000 employees (excluding affiliates) and serves real
estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide.
CBRE offers a broad range of integrated services, including facilities, transaction and project
management; property management; investment management; appraisal and valuation; property
leasing; strategic consulting; property sales; mortgage services and development services. Please
visit our website at www.cbre.com.
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More About Our Data Partners
11.2
The European Business Angels Network (EBAN)
EBAN, The European Business Angels Network, is the pan-European representative for early stage
investors gathering over 150 member organizations in more than 50 countries. Established in 1999
by a group of pioneer angel networks in Europe with the collaboration of the European Commission
and EURADA, EBAN represents a sector estimated to invest over 7 billion Euros a year and playing
a vital role in Europe’s future, notably in the funding of Start-Ups SMEs. EBAN has been conducting
research on the business angel market since 2001 and is the leading source of knowledge in Europe
for this industry.
Flourish
Flourish makes it easy to produce beautiful and engaging data visualizations and interactive
presentations. Used by companies from Google and EY to Sky News and the BBC, it converts
complex datasets into animated, mobile-friendly, on-brand data stories in minutes. No coding
required. Get started for free at flourish.studio.
The European Investment Fund (EIF)
The European Investment Fund (EIF) is part of the European Investment Bank group. Its central
mission is to support Europe’s micro, small and medium-sized businesses (SMEs) by helping them to
access finance. EIF designs and develops venture and growth capital, guarantees and microfinance
instruments, which specifically target this market segment. In this role, EIF fosters EU objectives in
support of innovation, research and development, entrepreneurship, growth, and employment.
The European Organization
for Nuclear Research (CERN)
The European Organization for Nuclear Research (CERN) - is a world-renowned centre for scientific
research, celebrated for its recent discovery of the Higgs boson. CERN’s technology provides
concrete business solutions in many fields: from medtech to aerospace, and industry 4.0, and are
already present in start-ups hosted in CERN’s network of Business Incubation Centres. CERN is also
part of the ATTRACT initiative, a European call for breakthrough ideas that will fund 170 innovative
projects from 2019.
Craft
Craft is building the ‘Source of Truth’ on companies, mapping the global economy, and delivering
unique intelligence on companies to corporate decision-makers globally. Craft collects, aggregates
and curates financial, operating and human capital data to provide the deepest picture of private
and public companies to assist decision-makers to manage their supply chain, maximize their
investments, mitigate risks, grow their sales, leverage their talent and enhance their competitive
position.
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More About Our Data Partners
11.2
Graphext
Indeed
Graphext provides a data science software for business decision makers. Combining the latest
machine learning techniques and a user friendly interface, Graphext automates and simplifies data
driven decision making for all aspects of your business.
More people find jobs on Indeed than anywhere else. Indeed is the #1 job site in the world and allows
jobseekers to search millions of jobs on the web or mobile in over 60 countries and 28 languages.
More than 250 million people each month search for jobs, post resumes, and research companies on
Indeed. For more information, visit indeed.com.
Invest Europe
Invest Europe is the association representing Europe’s private equity, venture capital and
infrastructure sectors, as well as their investors.
Our 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 visit www.investeurope.eu
Global University Venturing
Global University Venturing is both a quarterly magazine and website written for and about
universities taking stakes in spinouts. We help universities to share best practice and to connect
with each other, with investors and with other useful parties in the innovation ecosystem. Our aim
is to help improve the processes of bringing innovations from academia to the market and facilitate
their integration into the business ecosystem.
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More About Our Data Partners
11.2
London Stock Exchange
Meetup
POLITICO
London Stock Exchange Group (LSE.L) is a diversified international exchange Group that sits
at the heart of the world’s financial community. The Group can trace its history back to 1801.
The Group operates a broad range of international equity, bond and derivatives markets, including
London Stock Exchange; Borsa Italiana; MTS, Europe’s leading fixed income market; and the
pan-European equities platform, Turquoise. Through its markets, the Group offers international
business, and investors, unrivalled access to Europe’s capital markets.
Post trade and risk management services are a significant and growing part of the Group’s business
operations. LSEG operates CC&G, the Rome headquartered CCP and Monte Titoli, the significant
European settlement business, selected as a first wave T2S participant. The Group is also a
majority owner of leading multi-asset global CCP, LCH.
The Group offers its customers an extensive range of real-time and reference data products,
including Sedol, UnaVista and RNS. FTSE calculates thousands of unique indices that measure
and benchmark markets and asset classes in more than 80 countries around the world.
London Stock Exchange Group is also a leading developer of high performance trading platforms
and capital markets software. In addition to the Group’s own markets, over 40 other organisations
and exchanges around the world use the Group’s MillenniumIT trading, surveillance
and post trade technology.
Headquartered in London, United Kingdom with significant operations in Italy, France, North
America and Sri Lanka, the Group employs approximately 4,700 people.
Meetup is a global community platform that connects people in real life. It was founded with one
simple idea: use technology to get people off technology. Our vision is to harness technology to
remove the barriers to human connection and deliver real life community.
Meetup supports over 40 million members+, 320,000+ Meetup groups and 12,000 Meetups per day
around the world. Meetup was acquired by WeWork in 2017. The two companies share a vision of
the power of bringing people together, and together using technology to create new and innovative
ways of building community. Follow us @Meetup on Twitter, @Meetup on Instagram and Facebook,
or visit meetup.com to learn more.
POLITICO, a global nonpartisan politics and policy news organization, launched in Europe in April 2015.
POLITICO Europe is a joint-venture between POLITICO LLC, based in the USA and Axel Springer, the
leading publisher in Europe.
With operations based in Brussels and additional offices in London, Berlin, Paris, Rome, and Warsaw,
POLITICO connects the dots between global power centers. In June 2018, an annual ComRes/Burson-
Marsteller survey ranked POLITICO as the #1 most influential publication on European affairs, for the
second year running.
POLITICO’s premium politics and policy news service, POLITICO Pro, empowers thousands of policy
experts and decision-makers from over 900 organizations on key industries. Launched in 2015, Pro
now covers 7 policy areas: Agriculture and Food, Energy and Climate, Financial Services, Healthcare,
Technology, Trade, and Mobility. POLITICO Pro has 5 cross-industry products: Brexit Pro, Sustainability
Pro, Cybersecurity and Data Protection Pro, EU Budget Pro and Competition Pro. Subscribers include EU
and national government, corporations, trade associations, consultancies, law firms, and NGOs.
POLITICO Pro’s newest offering, Pro Intelligence, is an innovative platform which fuses the power of
technology with the power of journalism, providing professionals with an overview of bills, legislation,
voting behavior and attendance, tweets, activities, press releases, transcripts and more, at the touch of a
button. Users can track information on the EU Institutions and national legislatures in the UK, France and
Germany. Pro Intelligence was used by Atomico to research data on EU Tech legislation for this report.
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More About Our Data Partners
11.2
Quid
Shareworks
Sifted
Stack Overflow
Startup Heatmap Europe
Quid is a big data research platform that inspires full picture thinking by drawing connections
across massive amounts of unstructured data. The software applies advanced natural language
processing technology, semantic analysis, and artificial intelligence algorithms to reveal patterns in
large, unstructured datasets, and generate visualizations to allow users to gain actionable insights,
enabling our Fortune 1000 clients to quickly complete analyses like tech scouting, competitive
tracking, market landscapes, and brand narrative maps.
Option Impact by Shareworks is the leading provider of pre-IPO compensation data. We partner
with over 180 top-tier investors and over 3600 private companies to produce the world’s largest
corporate-sourced compensation database specific to private, venture-backed companies. Option
Impact is a rolling cash and equity survey providing relevant market data across all levels and job
families for $0 in exchange for maintaining current information in the system. To learn more, please
email us at compensation@shareworks.com.
Sifted is the new Financial Times backed media platform for European entrepreneurs, innovators
and investors. It is an essential, trusted and independent resource for the startup and tech world: a
source of news, information and analysis and also a channel for discovery.
Founded in 2008, Stack Overflow is the largest, most trusted online community for anyone that
codes to learn, share their knowledge, and build their careers. More than 50 million unique visitors
come to Stack Overflow each month to help solve coding problems, develop new skills, and find job
opportunities. Stack Overflow partners with businesses to help them understand, hire, engage, and
enable the world’s developers. Stack Overflow’s products and services are focused on developer
marketing, advertising, technical recruiting, and enterprise knowledge sharing.
The Startup Heatmap Europe is a data & knowledge platform enabling tech communities in Europe
to grow. Find more information on the data and courses for ecosystem builders on
www.startupheatmap.com
The Startup Heatmap Europe is an annual survey among founders and the greater tech community
on mobility and the attractiveness of startup hubs. The 2019 survey was collected between May
and August 2019 and had 1,200 participants. After cleaning and sampling the data 806 complete
datasets remained that were weighted to adjust for regional representativeness on country level.
Founders were 53% of respondents. For long-term trends in founder mobility, we used a combined
dataset of 4 years with >6,000 founder opinions. Analysis of key topics and trends was based on
social media data and a dataset of >20,000 startup meetup.