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1 In Partnership with & stateofeuropeantech In Partnership with & The State of European T ech The most comprehensive data-driven analysis of European technology stateofeuropeantech2 In Partnership with & stateofeuropeantech 2019 Key Findings3 In Partnership with & stateofeuropeantech 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 Click here to explore our interactive charts on our website.suasewith4 In Partnership with & stateofeuropeantech Cumulative number of VC-backed European tech companies by country and by year of reaching a $B+ valuation Meet Europes billion-dollar success stories $B+ COMPANIES Key findings 01suasewith countries with a VC-backed tech company reaching a $B+ valuation of $B+ European tech companies founded after 2010 were VC-backed 20 100% Click here to explore our interactive charts on our website.5 In Partnership with & stateofeuropeantech Cumulative VC funds raised 2010-2014 vs. 2015-2019 Cumulative VC funds raised ($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 Click here to explore our interactive charts on our website.suasewith6 In Partnership with & stateofeuropeantech 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 Click here to explore our interactive charts on our website.suasewith7 In Partnership with & stateofeuropeantech 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 Click here to explore our interactive charts on our website.suasewith8 In Partnership with & stateofeuropeantech 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 UNs Sustainable Development Goals as a core part of their mission. Purpose-driven investment PURPOSE Key findings 01 Click here to explore our interactive charts on our website.suasewith9 In Partnership with & stateofeuropeantech The State of European Tech 2019 Why cant Europe do tech? Its time to stop asking this question. We have irrefutable evidence that the European tech ecosystem can support great companies. Were seeing a growing band of big investment rounds, and an increase in purpose-driven companies attacking some of the worlds biggest challenges, and a pool of developer talent bigger than the US Y et challenges - such as a lack of diversity and divergent priorities between policymakers and the public - remain.10 In Partnership with & stateofeuropeantech 5 Years of SoET At this point, we were amongst a growing but still limited number of people who truly believed in the ecosystems 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 worlds 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. Were 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 regions 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 cant afford to be complacent - or to lose focus. Now that weve instilled the external as well as internal belief, its 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 wont 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 clichs about the ability of Europeans to build tech companies. However, this report isnt the last or only word on European tech. We encourage you to take the time to travel to the cities beyond those youd 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 were delighted that European tech is getting more interconnected - its 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, well see the European tech communitys 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. Its 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 Camerons letter outlining the UKs 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.11 In Partnership with & stateofeuropeantech 5 Years of SOET 02.1 That said, we do need to make sure we dont 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 youll see, where once we were mostly consumer, weve 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 TEAM12 In Partnership with & stateofeuropeantech 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 Europes 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 years 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 shouldnt 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 years report. From balancing professional and personal lives, to loneliness at the top and concerns over sourcing talent, weve 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 Europes 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. 13 In Partnership with & stateofeuropeantech 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 t
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