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In collaboration with
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presents

The State of
European tech
sponsored by

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Atomico & Slush The State of European Tech 2017

Welcome to the third edition of the


State of European Tech Report

Since we began this project in 2015, our ambition has been to build
a rich and nuanced narrative of European technology and how it is
evolving. A multi-layered story, not just a moment in time.

At Atomico, we believe it is only possible to do this based on a


number of data sources and different factors. Which is why weve
worked with an incredible set of data partners, surveyed thousands
of people within Europes tech ecosystem, and spoken with those at
the heart of it all - to develop meaningful, localised data insights that
tell the real story about whats happening on the ground.

This years findings reveal the state of European tech in 2017 is the
strongest it has ever been. Europe is building a tech ecosystem in
its own image, defined by deep tech expertise, incredible geographic
diversification, and a uniquely collaborative approach with traditional
www.stateofeuropeantech.com

industry. The solid foundations that have been laid - a huge and
deep talent pool, founders with global ambition levels, and a large,
growing and increasingly sophisticated investor base - means that
Europe marches to its own beat. The question of whether Europe can
produce world-class innovation has been put to bed. The question
of whether it can produce a $100Bn company has been put to bed.
And the probability that the next industry-defining company could
come from Europe - and become one of the worlds most valuable
companies - has never been higher.

We hope you enjoy diving into this years report, which we believe
is the single, most comprehensive data-driven story of European
technology today.

Tom Wehmeier
Partner and Head of Research, Atomico

2
Atomico & Slush The State of European Tech 2017

About this report

We are excited to share the third edition of The State of European


Tech report with you all and hope you will find it to be the singular,
most comprehensive and data-driven portrait of Europes technology
ecosystem to date.

As in previous years, weve been ambitious about the data partners


weve partnered with: teaming up again with LinkedIn, Stack
Overflow, Meetup, Dealroom.co, the London Stock Exchange, Quid,
European Startup Initiative, Signal and Invest Europe, and adding
new partners including the European Investment Fund, Craft.co, and
TokenData.

The strength and integrity of our report relies on being able to draw
meaningful insights from a number of different sources and data
points. With the support of our data partners we have been able
www.stateofeuropeantech.com

to carefully build the most accurate picture of what is going on in


European tech, right now.

One area we wanted to double down on in 2017 was geographic


diversity, to ensure our report had roots across Europes broad and
diverse ecosystem - not just the traditional hubs.

So this year we have worked with a number of strategic distribution


partners to help us delve deep into Europes ecosystem. Our survey
was conducted from 6th September - 15th October 2017 and with the
help of our distribution partners we received over 3,500 responses
- including over 1,000 European founders from across the continent.
The survey enabled us to gather thousands of qualitative insights
from those right at the heart of whats happening on the ground,
across the wide European ecosystem, not just London, Paris and
Berlin but also Reykjavik, Sevilla, Sofia and everywhere in between.

We have also spoken intimately with a select group of over 50


founders, entrepreneurs, investors and policymakers at the cutting
edge of Europes technology landscape - capturing their insights
in different sections of the report to bring the hard data to life. In
the process of putting together this report we spoke to Jos Neves
(Farfetch), Herman Narula (Improbable), Ian Rogers (LVMH), Mounir
Mahjoubi (Macrons digital minister), Dr Jeannette zu Frstenberg (La
Famiglia), Ilkka Paananen (Supercell), Urska Srsen (BellaBeat), Antoine
Bordes (Facebook Artificial Intelligence Research - FAIR), Fleur
Perellin (Korelya Capital), Reshma Sohoni (Seedcamp) and Robin Klein
(LocalGlobe) - to name just a few.

As well as the magazine you are now holding in your hands, for
the very first time the report is also being housed on its very own
interactive website where you can explore the data in even more
detail. You can find us on www.stateofeuropeantech.com

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Atomico & Slush The State of European Tech 2017

About Atomico

Atomico invests in disruptive technology


companies with ambitious founders from Series
A onwards.
Our experienced team includes entrepreneurs and executives from
the worlds most successful technology firms who partner with our
companies as they scale to become global winners.

Were not a traditional venture capital firm. We exist for more


www.stateofeuropeantech.com

than returns, even though it is our lifeblood. Since we began our


work in 2006, weve always set our sights much higher. At our
core, we believe entrepreneurs are the ultimate agents of positive,
transformational change across every aspect of our society and
economy.

To us, our work is our mission. When you spend time with us, youll
see that our firm is built by, and for, founders. Its why we invest from
Series A onwards, because we want to help founders take a product
that works and make it a global success. And its why weve built
the most experienced team possible, with a clear and systematic
approach, to help founders turn their vision into something that
changes the world for the better.

While we invest globally, our focus is Europe. The strength and


depth of European founders is increasing all the time, and we strive
to help them succeed globally. We believe many of the next truly
transformative companies will come from Europe.

We look for the most ambitious founders, the people who want
to build the next leader in their category or the company that
changes a fundamental component of our economy and society. The
founders who want to use technology to rewire the world in favour of
something better for as many people as possible.

You can find out more by visiting our website, reading our manifesto,
and looking at the companies we invest in - but in the meantime, we
hope you enjoy the State of European Tech Report 2017.

4
Atomico & Slush The State of European Tech 2017

About Slush
Slush is a global movement supporting the next
generation of groundbreaking founders.
In 2017, Slush gathered more than 45,000 people in its 75 events all
around the world from South Africa to Tokyo. The non-profit initiative
was established by a group of entrepreneurs in Helsinki in 2008.
Today, the year of Slush culminates every November when 20,000
founders, investors, media and executives from +130 countries gather
in Helsinki.

Despite having grown in just a few years from a 300-person assembly


www.stateofeuropeantech.com

to a world-renown event, the philosophy has remained the same:


supporting world-conquering founders.

Photo: Samuli Pentti 5


Atomico & Slush The State of European Tech 2017

Data Partners

Supported by data from our


amazing partners
www.stateofeuropeantech.com

Distribution Partners

Powered by Europes
startup community

6
Atomico & Slush The State of European Tech 2017

Interviewees

We gathered insights from over 50 people across


sectors, across Europe

Alex Stubb Andreas Saari Alastair Band Angus Maidment Antoine Bordes
VP & Member of the Co-Founder & CEO Co-Founder Co-Founder Research Lead
Management Committee Wave Ventures Blockchain Beginners Blockchain Beginners Facebook Artificial
EIB Intelligence Research
(FAIR)
www.stateofeuropeantech.com

Barnaby Hussey-Yeo Benjamin Lickfett Ben Pugh Brent Hoberman Stefano Bernardi
Co-Founder & CEO Head of Technology & CEO Executive Chairman; Co-Founder
Cleo Innovation Farmdrop Founders Factory, Token Economy
Diageo Founders Forum,
firstminute capitalv

Christopher Grew Dan Hynes Daniel Wiegand David Kelnar Ella Goldner
Partner Partner & Head of Talent Co-Founder & CEO Investment Director & Founding Partner &
Orrick Atomico Lilium Aviation Head of Research General Manager
MMC Ventures Zinc VC

Erik Engellau-Nillson Fleur Pellerin George Danezis Dr. Jeannette zu Jimmy Wales
CEO CEO & Founder Professor of Security Frstenberg Founder
Norrsken Foundation Korelya Capita and Privacy Engineering, Managing Partner Wikipedia, WikiTribune
University College La Famiglia
London

Jan Erik Solem Jos Neves Juan Urdiales Jutta Steiner Kati Levoranta
CEO & Co-Founder Founder & CEO Co-Founder & Co-CEO Founder CEO
Mapillary Farfetch Jobandtalent Parity Technologies Rovio

7
Atomico & Slush The State of European Tech 2017

Kristel Kruustk Lenard Koschwitz Luciana Lixandru Michael Collins Mounir Mahjoubi
Founder & CEO Director for European Partner CEO French Secretary of State
Testlio Affairs Accel Invest Europe in charge of Digital Affairs
Allied for Startups

Neil Murray Niklas Zennstrm Oscar Farres Remo Gerber Reshma Sohoni
Angel Investor CEO & Founding Partner Head of Unit, Investments Chief Commercial Officer Founding Partner
The Nordic Web Atomico Technology & Innovation Lilium Aviation Seedcamp
EIF
www.stateofeuropeantech.com

Robin Klein Samuel Mueller Sean Bave Stephen Lowery Timo Rein
General Partner CEO and Co-Founder General Manager Managing Director Co-Founder
LocalGlobe Scandit Stack Overflow Talent Silicon Valley Bank UK Pipedrive

Urska Srsen Xavier Niel Yannick Roux Mattias Ljungman Hiro Tamura
CPO & Co-Founder Entrepreneur General Partner Atomico Atomico
BellaBeat Station F First Matter Partner Partner

Carolina Brochado, Jos del Barrio Elina Berglund Marianne Vikkula Nikhil Rathi
Atomico Founding Partner Scherwitzl CEO CEO
Partner Samaipata Ventures CTO & Co-Founder Slush London Stock Exchange
Natural Cycles PLC

Romain Lavault
General Partner
Partech Ventures

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Atomico & Slush The State of European Tech 2017

A word from Orrick

As a law firm, Orrick focuses on


the tech industry and technology
entrepreneurs.

As a firm originating out of Silicon Valley which has Were talking not just early stage and venture
expanded into Europe, with offices in Germany, funds but the growth funds, late stage funds and
France, UK and Italy, our pan-European footprint Softbanks of the world.
reflects our belief that Europe is an important
geographical area for the technology industry. We The times are-a-changing. Traditionally, European
www.stateofeuropeantech.com

also feel well placed to comment on the trends companies looking to be acquired have looked
driving the technology ecosystem in Europe. to Silicon Valley for their salvation. Today,
theyre looking to the US as a destination to
We believe we have a role in the ecosystem but acquire, demonstrate their success or to expand
to play a full role you need to make sure you fully internationally.
understand the environment in which you operate.
That is why we support the publication of the What is most interesting to us as a law firm
State of European Tech report, now in its third year is the changing regulatory landscape. Yes, you
providing a complete analysis of European tech to will see in the Regulation section of the report
entrepreneurs, VCs, governments, law firms like that more needs to be done by governments to
ours, students and other stakeholders. incentivise the development of new technologies
such as drones, autonomous vehicles and crypto
Whilst Europe can be viewed as fragmented on currencies. At the same time we are starting
a country-by-country basis with a plethora of to see the green shoots of regulatory maturity.
different languages, there are certain strengths to The government in Sweden is allowing for the
celebrate across the continent. reimbursement of mobile-only doctor services,
the Estonian government is enabling delivery
Europe has historically played a pioneering role in robots to use the countrys sidewalks, the UK is a
the technology industry: a world leader in areas cheerleader for new open banking rules whilst the
such as mobile and fintech, where Europe has been Swiss government is embracing the potential of
well-advanced and way ahead of Silicon Valley and crypto currencies.
the US as a whole. Europe also outnumbers the US
for programming talent, and we believe it is going Were thrilled to be involved with the State of
to continue to succeed on the global stage, as it European Tech report this year, contributing to one
doubles down on the advances it is already making of the most nuanced and data-driven portrayals of
in AI, cryptocurrencies and deep tech. whats happening in European technology today.
As evidenced in the pages of this report European
This report makes it clear the funding environment technology has undoubtedly had a breakthrough
for European technology companies is still very year but what excites us the most are the
healthy and the appetite for investments in opportunities that lie ahead.
European technology companies is unsurpassed.

Christopher Grew
Partner, Technology Companies Group
Orrick

9
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Atomico & Slush The State of European Tech 2017

REPORT PARTNER

About Orrick Orrick is a global law firm focused on serving the


technology, energy & infrastructure and finance sectors.
Structured as one team, our lawyers work across 25+
markets in Europe, the United States, Asia and Africa.
Orrick counsels more than 1,800 tech companies, as well as the most
active funds, corporate venture investors and public tech companies
worldwide. Our focus is on helping disruptive companies tap into
innovative legal solutions. We are a top 10 law firm for global M&A
volume (MergerMarket) and the #1 most active law firm in European
venture capital, and M&A exits (Pitchbook). We offer holistic solutions
for companies at all stages, executing strategic transactions but also
protecting intellectual property, managing cybersecurity, leveraging
data and resolving disputes. We are helping our clients navigate the
regulatory challenges raised by new technologies such as crypto
currencies, autonomous vehicles and drones. A leader in traditional
finance, we work with the pioneers of marketplace lending. We
innovate not only in our legal advice but also in the way we deliver
legal services, earning us the #1 spot on Financial Times list of the
most innovative law firms in North America in 2016.
www.stateofeuropeantech.com

REPORT PARTNER

About For more than 30 years, Silicon Valley Bank (SVB) has
helped innovative businesses, enterprises and their
Silicon Valley Bank investors move bold ideas forward, fast.

SVB provides a range of targeted financial services and expertise


through its office in the UK. With commercial and international
banking services, SVB helps address the unique needs of innovators.
The UKs leading technology and life science businesses, in all stages
of development, look to SVBs niche expertise, 30 years of experience
and unparalleled network, as they grow at home and tackle new
markets abroad. Learn more at svb.com/uk

DESIGN

Studio Lovelock are a digital design studio in South


About East London powered by a love of ambitious ideas and
Studio Lovelock distinctive design.
Since 2012 theyve been helping exciting brands grow, engage and
delight their audiences. They collaborate on charismatic design that
cuts through the noise, makes an authentic connection, and takes
their clients branded communication to the next level.

Their team brings experience, intelligence and a playful enthusiasm


to each and every design brief. They focus on brand identity,
websites, animation and social media content.

Visit www.studiolovelock.com to view their portfolio.

10
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Evolving Europe 2328


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A lot has happened since last years report


Emmanuel Macron is the new President in France, the Eurozone
posted a second solid quarter of growth and continuing Brexit
negotiations dominate the news in both the UK and occasionally
across the continent.

Macro political and economic upheavals are to be expected. The


question we explore in these pages is, to what degree is the tech
world immune to these developments - and could it be entering bear
territory?

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2.1
Its been a big year for European tech

A year marked by a number of


hugely important milestones for
European tech
UK's Ve Interactive goes France's Zenly acquired
into administration for $213M by Snap
UK's Prodigy Finance UK-based DeepMind
Spain's Social Point Romania's UIPath raises Germany's Delivery Hero announces $200M in introduces AlphaGo Zero
acquired for $267M by largest ever Series A raises $1.1B at IPO equity and debt funding, using novel form of
Take-Two ($30M) from Accel led by Index Ventures reinforcement learning

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV
Slovenian games compa- The UK triggers Article 50 Election of Emmanuel Germany's Soundcloud Germany's Lilium raises The UK's Transferwise
ny Outt7 acquired for to formally start the Macron injects huge lays off 40% of staff, but $90M Series B from raises $280M Series E
$1.1B Brexit process optimism into La French European tech industry Tencent
Tech rallies around
The UK's Funding Circle Picnic raises 100M Finland's Rovio IPOs for
raises $100M Series D Series B in the Nether- Ofcial launch of London Tezos raises $232M in a $1B
lands HQ'd Softbank Vision then landmark ICO
Fund and investment of
The UK's Deliveroo raises
$500M into the UK's
$385M Series F
Improbable

Spain's Cabify raises


$100M Series D
22/11/2017 The State of European Tech 2017
www.stateofeuropeantech.com

TitleNo: 2.1 GroupName: Default GroupId: 679 ChartId: 222 ArticleId: 42 ChapterId: 10

Europe's tech industry is creating jobs faster than the rest of the
European economy
Europes tech industry is Tech industry workforce growth versus forecast EU employment
Tech industry workforce growth, 2017 versus 2016
creating jobs faster than the rest growth, 2017 versus 2016
of the European economy
2.6
2.5

2.1
2
% growth YoY

1.5

Note:
Based on an analysis of sample pool of
LinkedIn members and the difference between 0.5
those in Oct 2016 working in the Tech Sector
in each country from this sample pool and
those in Oct 2017 0
2017 2016

Source:
LinkedIn Tech workforce growth YoY

Note: Based on an analysis of sample pool of LinkedIn members and the difference between those in Oct 2016 working in
the Tech Sector in each country from this sample pool and those in Oct 2017

3x
Source: LinkedIn

Europes tech workforce


is growing significantly
faster than overall EU
employment year-on-year growth in European
tech worker population in 2017,
compared to just 0.8% growth
in overall EU employment in
2017, according to the European
Commissions latest economic
forecast for Winter 2017

12
Atomico & Slush The State of European Tech 2017
2.1

Its been a busy year for European tech

Of course Europe is a fantastic place to start and grow a company. Just look at
companies like Spotify, Skype, TransferWise, or BlaBlaCar: they are European unicorns.
The biggest startup events take place in Europe, the level of capital available has
skyrocketed in the past years. Europe is made of tens of different cultures, its our
biggest advantage. The more diversity you can find among entrepreneurs, the more you
will find innovative businesses, creativity, and value created.

Xavier Niel
Station F
www.stateofeuropeantech.com

Europes fastest-growing tech worker populations For additional context, it is worth analysing a
are growing at an even faster rate similar dataset covering tech talent movement in
2016 provided by LinkedIn for last years State of
European Tech
22/11/2017 The State of European Tech 2017

22/11/2017 The State of European Tech 2017


TitleNo: 2.1 GroupName: Default GroupId: 902 ChartId: 253 ArticleId: 42 ChapterId: 10

Top 10 fastest-growing tech worker populations


TitleNo: 2.1 GroupName: Default GroupId: 663 ChartId: 214 ArticleId: 42 ChapterId: 10
Top
For 10 fastest-growing
additional context, it is worthtech worker
analysing populations
a similar dataset covering
Europe's
of 2017fastest-growing tech worker populations are growing at an tech talent movement in 2016 provided by LinkedIn for last year's State
of 2016
even faster rate of European Tech
Top 10 fastest-growing tech worker populations of 2017 Top 10 fastest-growing tech worker populations of 2016

Ireland 5.3 Ireland 5.5

Netherlands 4.6 Germany 3.3

Germany 4.2 United Kingdom 3

Switzerland 4 Netherlands 3

France 3.6 Poland 2.7

Czech Republic 3.3 France 2.5

United Kingdom 3.2 Switzerland 2.5

Austria 2.8 Czech Republic 2.5

Norway 2.8 Belgium 2.3

Portugal 2.7 Romania 1.7

0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 5.5 0 1 2 3 4 5 6


% growth YoY % growth YoY

2017 2016

Note:
Note: Based on an analysis of sample pool of LinkedIn members and the difference between those in Oct 2016 working in Note: Based on an analysis of sample pool of LinkedIn members and the difference between those in 2016 working in the
the Tech Sector in each country from this sample pool and those in Oct 2017. BasedTech onSector
an inanalysis
each countryof
fromsample
this samplepool
pool andof LinkedIn
those in 2015 members and the
difference between those in Oct 2016 working in the Tech Sector in each
Source: LinkedIn
country from this sample pool and those in Oct 2017.
Source: LinkedIn

Source:
LinkedIn
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Atomico & Slush The State of European Tech 2017

2.2
Europe has a strong sense of optimism
about the future of its tech ecosystem
22/11/2017 The State of European Tech 2017

TitleNo: 2.3 GroupName: Geography GroupId: 690 ChartId: 226 ArticleId: 43 ChapterId: 10

While there are notable While there


Are you areor
more notable differences
less optimistic across
about thecountries,
future ofEurope as a tech
European whole
differences across countries, demonstrates bullishness about the
today than you were 12 months ago? future of its tech ecosystem
Europe as a whole demonstrates Are you more or less optimistic about the future of European tech today than you were 12
Geography
bullishness about the future of months ago?
its tech ecosystem 75
70

58 58
56 55 55
% of respondents 54
50
42 41 42
39 38 37 37
32
25
25
18
10 9
5 5 6 6
2
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22/11/2017 The State of European Tech 2017

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22/11/2017 The State of European Tech 2017

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www.stateofeuropeantech.com

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TitleNo: 2.3 GroupName: Occupation GroupId: 692 ChartId: 226 ArticleId: 43 ChapterId: 10
While there are notable differences across countries, Europe as a whole
While there are
More
demonstrates notable differences
About the same Less
bullishness across
about the countries,
future Europe
of its tech as a whole
ecosystem
demonstrates bullishness about the future of its tech ecosystem
Are you more or less optimistic about the future of European tech today than you were 12
of European founders are either Are you more
months
Source:
Occupation
ago?
The orofless
State optimistic
European about
Tech Survey 2017 the future of European tech today than you were 12

more optimistic about the future months ago?


of European tech, or maintain 54
57
54 55
57
54 59
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the same levels compared to 12 50 54 54 55
51
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% of respondents

months 50 41
% of respondents

36 36 36 36 36 41 36
36 36 36 36 36 36 32
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10 10 9 8 10 9
10 7 10 9 7 8 10 9
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http://preview.stateofeuropeantech.com/all-charts/ 7/241
months ago, compared to just
6% of founders from all other Source: The State of European Tech Survey 2017
Source: The State of European Tech Survey 2017
countries

I was optimistic about European tech 12 months ago, and feel just
as positive about the state of European tech today. The ecosystem
is constantly evolving, and its momentum is accelerating. You can
find world-class levels of ambition, innovation and disruption across
the continent in more established tech hubs like London, Paris and
Stockholm, as well as in emerging hubs like Amsterdam or Barcelona.

Luciana Lixandru
Accel

14
Atomico & Slush The State of European Tech 2017
2.2

Europe has a strong sense of optimism


about the future of its tech ecosystem

It is absolutely easier to build a European tech company today than it


was five years ago. If you look at the mobile games business or where
mobile is a platform, the app store distribution model has completely
democratised distribution, there are things like cloud technologies
that make it easier than ever to scale your service. What it really
means is that great companies today can come from any country and
it is way easier than it was five or ten years ago.

Ilkka Paananen
Supercell
www.stateofeuropeantech.com

Photo: Jussi Hellsten 15


Atomico & Slush The State of European Tech 2017

2.3
Europes tech ecosystem is feeling the impact -
positive and negative - of macro events
22/11/2017 The State of European Tech 2017

TitleNo: 2.4 GroupName: Geography GroupId: 693 ChartId: 227 ArticleId: 44 ChapterId: 10

Europe's tech community views the UK's triggering of Article 50 as the


Europes tech community views Which event of the past 12 months has had the most material impact
most material event of the past 12 months
the UKs triggering of Article 50 - positive or negative - on Europes tech ecosystem?
as the most material event of Which event of the past 12 months has had the most material impact - positive or negative
- on Europe's tech ecosystem?
the past 12 months Geography
75
71

% of respondents 49 51 52
50 44 46
38 38
31
25 24 26
25 21
19
13 9 13 15 15 12
11 11 12
9 9 10 9 11 99
57 6 10 6
4
11 4
4 2 5 7 6 4 4
2 1 3
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22/11/2017 The State of European Tech 2017

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www.stateofeuropeantech.com

TitleNo: 2.4 GroupName: Occupation GroupId: 751 ChartId: 227 ArticleId: 44 ChapterId: 10
UK triggering Article 50 to start the process of exiting the EU
Emergence of Initial Coin Offerings (ICOs) as a new way to raise capital Election of Donald Trump
Europe's tech community views the UK's triggering of Article 50 as the
Election of Emmanuel Macron Investment activities of the European Investment Fund (EIF)
Launch of SoftBank Vision Fund
most material event of the past 12 months
Which event of the past 12 months has had the most material impact - positive or negative
- Note:
on Europe's
Numberstech ecosystem?
Occupation may not add to 100 due to rounding

Source: The State of European Tech Survey 2017


67 57 60 57
% of respondents

54
49
50 45
41

16 15 18 16
12 15 16 15 11
11 14 12 11 12 11 14 1113
108 8 8 7 75 9 8 6 8
4 5 6 54 3 3 54
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UK triggering Article 50 to start the process of exiting the EU


Emergence of Initial Coin Offerings (ICOs) as a new way to raise capital Election of Donald Trump
Election of Emmanuel Macron Investment activities of the European Investment Fund (EIF)
Launch of SoftBank Vision Fund

Note: Numbers may not add to 100 due to rounding


http://preview.stateofeuropeantech.com/all-charts/ 9/241

Source: The State of European Tech Survey 2017

Compared to 12 months ago, I have actually got less excited about


European tech and the European tech scene. Less excited is maybe
not right the word more pessimistic. I am deeply concerned about
- frankly - the train wreck of Brexit. I am afraid of it spiralling out of
control.

Jimmy Wales
WikiTribune & Wikipedia

16
Atomico & Slush The State of European Tech 2017
2.3

Europes tech ecosystem is feeling the impact


- positive and negative - of macro events

More than any other event, the


Brexit process is singled out for
its impact on the European tech
ecosystem

52%
of survey respondents cited the
triggering of Article 50 as the
most material event to have
impacted the European tech
industry in the past 12 months

Europes tech community is How, if at all, has the UK triggering Article 50 to start the Brexit
feeling the impact of Brexit in process impacted your company?
different ways
www.stateofeuropeantech.com

18/11/2017 The State of European Tech 2017

TitleNo: 2.3 GroupName: n/a GroupId: n/a ChartId: n/a (chartImage) ArticleId: 44
ChapterId: 10

Europe's tech community is feeling the impact of Brexit in different ways


How, if at all, has the UK triggering Article 50 to start the Brexit process impacted your
company?

Text Analytics Background:


Quid reads any text to identify keywords,
phrases, people, companies and institutions.
Quid then compares words from each
document to create links between them based
on similar language. Quid repeats the process
at immense scale, producing a network that
shows how similar all the documents are to
one another.

How to Read a Network:


Similar nodes cluster together, and clusters
are grouped by color. Each node represents
a written response. Connections represent
similar language used across nodes. Centrally
located nodes are core concepts in the
network and share language with many other
nodes, while peripheral clusters represent
Note: Respondents that selected 'the UK triggering Article 50 to start the process of exiting the EU' only
more outsider takes on the topic. The density
of a cluster indicates how similar or diverse the
nodes are within it. Source: Quid, The State of European Tech Survey 2017

17
Atomico & Slush The State of European Tech 2017
2.3

Europes tech ecosystem is feeling the impact


- positive and negative - of macro events

22/11/2017 The State of European Tech 2017

TitleNo: 2.4 GroupName: Geography GroupId: 159 ChartId: 51 ArticleId: 44 ChapterId: 10


The ongoing uncertainty caused How, if at all, has the UK triggering Article 50 impacted your
by the Brexit vote and exit The ongoing uncertainty caused by the Brexit vote and exit process is
company?
process is impacting hiring, impacting hiring, fundraising and ofce location decisions
fundraising and office location How, if at all, has the UK triggering Article 50 impacted your company?
Geography
decisions
24
Talent and hiring
9
1578

2328 6335
21
Investment and fundraising
2328 17

5328

3453 17
Heightened uncertainty or risk
8

Attractiveness and ease of doing 9


business in or with UK
7

2328 Attractiveness of rest of Europe for 9


relocation of HQs and staff
2328 17
www.stateofeuropeantech.com

2
General ecosystem
3

18
No impact
38

22/11/2017 0 5 The
10State of European
15 Tech 20
2017 25 30 35 40
% of respondents

TitleNo: 2.4 GroupName: Founders GroupId: 754 ChartId: 51 ArticleId: 44 ChapterId: 10


UK Non-UK

The ongoing uncertainty caused by the Brexit vote and exit process is
impacting hiring, fundraising and ofce location decisions
Note: Respondents that selected 'UK triggering Article 50 to start the process of exiting the EU' only. Numbers may not add
Founders
How, if at all,due
to 100 has the UK triggering Article 50 impacted your company?
to rounding

Source: Quid, The State of European Tech Survey 2017

30
Talent and hiring
9

23
Investment and fundraising
http://preview.stateofeuropeantech.com/all-charts/ 14 12/241

18
Heightened uncertainty or risk
7

Attractiveness and ease of doing 10


business in or with UK
11

Attractiveness of rest of Europe for 10


relocation of HQs and staff
21

1
General ecosystem
2

Note:
8
Respondents that selected UK triggering No impact
Article 50 to start the process of exiting the 35
EU only. Numbers may not add to 100 due to
rounding 0 5 10 15 20 25 30 35
% of respondents
Source:
Dealroom.co Quid, The State of European Tech UK founders Non-UK founders
Survey 2017

Note: Respondents that selected 'UK triggering Article 50 to start the process of exiting the EU' only. Numbers may not add
to 100 due to rounding
18
Source: Quid, The State of European Tech Survey 2017
Atomico & Slush The State of European Tech 2017
2.3

Europes tech ecosystem is feeling the impact


22/11/2017 The State of European Tech 2017
- positive and negative - of macro events

TitleNo: 2.4 GroupName: Default GroupId: 163 ChartId: 52 ArticleId: 44 ChapterId: 10

Meanwhile, in France, Macron's electoral victory has injected huge


optimism into the French ecosystem, creating a renewed sense of
Meanwhile, in France, Macrons entrepreneurial spirit
How, if at all, has the election of Emmanuel Macron impacted your 1578

electoral victory has injected company?


How, if at all, has the election of Emmanuel Macron 2328
impacted your 6335
company?
huge optimism into the French
ecosystem, creating a renewed
2328

Optimism and confidence in France and


25
sense of entrepreneurial spirit
5328
Europe
3453

Impact on French tech ecosystem 22

Increased opportunities 8

Injecting entrepreneurial spirit 8 2328

2328

No impact 37

0 5 10 15 20 25 30 35 40
% of respondents

% of respondents choosing 'Election of Macron'

Note: Respondents that selected 'the election of Emmanual Macron' only


www.stateofeuropeantech.com

Source: Quid, The State of European Tech Survey 2017

There was a lot of self-bashing in France, lots of people saying that


it is much better in the West - especially in the tech ecosystem, it
is much better in Silicon Valley, it is better in London, and so on. We
were kind of self-hating on ourselves. I thought it was a generation
thing, and it would take a long time to make that shift. But that
happened overnight with Macron being elected. The day after he got
elected there was no-one complaining in France, there was a new
burst of positivity in the country.

Romain Lavault
http://preview.stateofeuropeantech.com/all-charts/ 14/241

Partech Ventures

5493

6335

2328

2328
45,023

19
Atomico & Slush The State of European Tech 2017
2.3

Europes tech ecosystem is feeling the impact


- positive and negative - of macro events

22/11/2017 The State of European Tech 2017

TitleNo: 2.4 GroupName: Geography GroupId: 579 ChartId: 183 ArticleId: 44 ChapterId: 10

These events have had a signicant impact on the perception of


These events have had a In your opinion, is it easier or harder to raise venture capital in
founders and investors. The UK is the only country in Europe where more
significant impact on the Europe than it was 12 months ago?
founders think it's got harder to raise capital compared to 12 months ago
perception of founders and
investors. The UK is the only In your opinion, is it easier or harder to raise venture capital in Europe than it was 12
months ago?
country in Europe where more Geography
founders think its got harder
60
to raise capital compared to 12 60

months ago
49
44 45

% of respondents
40 40 39
40 38
36
32 32 32

27 27 27
23 23 22 21
20 18
14

22/11/2017 The State of European Tech 2017


0
UK & Ireland France & DACH Nordics Baltics Southern Central &
TitleNo: 2.4 GroupName: Occupation GroupId: 581 ChartId: 183 ArticleId:
Benelux Europe44 ChapterId: 10
Eastern Europe

These eventsHarder
Easier have had athe
About signicant
same impact on the perception of
www.stateofeuropeantech.com

founders and investors. The UK is the only country in Europe where more
founders think it's got harder to raise capital compared to 12 months ago
Note: This question was answered by Founders and Investors only. Numbers may not add to 100 due to rounding
In your opinion, is it easier or harder to raise venture capital in Europe than it was 12
Occupation
months ago?
Source: The State of European Tech Survey 2017

50
47

40
40
37
34
% of respondents

30
27

20
17

10

0
Founder Investor

Easier Harder About the same


http://preview.stateofeuropeantech.com/all-charts/ 15/241
3453

Note: This question was answered by Founders and Investors only. Numbers may not add to 100 due to rounding
5328

1578
2328
2328

Source: The State of European Tech Survey 2017


6335
2328

20
http://preview.stateofeuropeantech.com/all-charts/ 16/241
Atomico & Slush The State of European Tech 2017

2.4
Europe is entering a new age of entrepreneurship
where technology is used to address the worlds
biggest societal challenges 22/11/2017 The State of European Tech 2017

TitleNo: 2.5 GroupName: Occupation GroupId: 570 ChartId: 180 ArticleId: 45 ChapterId: 10

There is strong agreement across Europe that the region's technology


1578

There is strong agreement entrepreneurs will play a


European technology critical role inwill
entrepreneurs helping to tackle
do more major societal
to address societal 2328 6335

across Europe that the regions issues, such as


challenges climate
in the nextchange,
decadefoodthansustainability and access to
European governments 2328

technology entrepreneurs will healthcare 5328

play a critical role in helping to European technology entrepreneurs will3453


do more to address societal challenges in the next
tackle major societal issues, decade than European governments
Occupation
such as climate change, food
59
sustainability and access to 55 55
57 57
54
healthcare 50 47
% of respondents

43

2328
25
2328

7
5 5 4 5 5 4
2
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www.stateofeuropeantech.com

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22/11/2017 The State of European Tech 2017

oy
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ar

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bl
pl

Pu
ny
em

pa

TitleNo: 2.5 GroupName: Geography GroupId: 756 ChartId: 180 ArticleId: 45 ChapterId: 10
m
ny

Co
pa
m

There is strong agreement across Europe that the region's technology


Co

entrepreneurs will play a critical role in helping to tackle major societal


issues, such
% Strongly as climate
agree change,
% Strongly disagree food sustainability and access to
healthcare
European technology entrepreneurs will do more to address societal challenges in the next
Note: 'Strongly agree' is composed of respondents answering 6 or 7 on a 7-point Likert scale. Strongly disagree is
Geography
decade than European
composed of foundersgovernments
answering 1 or 2 on the same scale

Source: The State of European Tech Survey 2017 61


60 58
56 56 56
54

47 47
% of respondents

40

20

9
7
4 4 5
3 3 3
0
H

cs

pe

pe

pe
d

ic
lu
an

AC

di

ro

ro

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Eu

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&

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% Strongly agree % Strongly disagree

http://preview.stateofeuropeantech.com/all-charts/ 17/241
Note: 'Strongly agree' is composed of respondents answering 6 or 7 on a 7-point Likert scale. Strongly disagree is
5493 composed of founders answering 1 or 2 on the same scale

Source: The State of European Tech Survey 2017


5

2328

2328
21
Atomico & Slush The State of European Tech 2017
2.4

Europe is entering a new age of


entrepreneurship where technology is used to
address the worlds biggest societal challenges

Todays generation are looking for a higher purpose: something


more than simply earning their living - I think this generation will
play a much bigger role over the next decade, as theyve grown up
in a world where entrepreneurship is extremely powerful and when
directed in the right way it can solve big and complex problems.

Daniel Wiegand
Lilium Aviaton

Europe believes that its


tech entrepreneurs will
play an important role
55%
of respondents strongly agree
in tackling issues such
that European entrepreneurs
as climate change, food will have a bigger impact on
sustainability and access solving major global issues than
to healthcare European governments
www.stateofeuropeantech.com

To tackle the big issues in societies - social mobility, mental health,


lifelong learning, the problems of ageing, and so on - entrepreneurs
need to ignore the silos in which current solutions operate. The
reality is that more money is being injected into the current systems,
but the problems just keep growing. New solutions need to empower
individuals to sort these issues out for themselves. Why keep waiting
for others to sort it out for us? Europe has 500m consumers who
will buy solutions to these issues if tech entrepreneurs can create
attractive and effective products, rather than relying on existing
systems to do that.

Ella Goldner
Zinc VC

Increasingly, citizens turn to science and technology to obtain an


answer for mitigating climate change, improving citizens health or
enhancing energy and resource efficiency. This is something that
Finnish, Nordic and European companies are among the best in the
world at. One example of that is the rising trend of biohacking where
close monitoring of yourself through tech leads to changes in your
living habits. Done right, this may be a good road to healthier and
longer working life and thereafter healthier ageing, and thus create a
meaningful impact.

Kati Levoranta
Rovio

22
Atomico & Slush The State of European Tech 2017
2.4
22/11/2017 The State of European Tech 2017

Europe is entering a new age of


entrepreneurship where technology is used to TitleNo: 2.5 GroupName: Default GroupId: 147 ChartId: 46 ArticleId: 45 ChapterId: 10
address the worlds biggest societal challenges
The potential social and ethical impact of investments is playing an
increasingly signicant role in the decisions made by angel investors and
VCs
The likely social and ethical impact of a company plays a signicant role in my decision to
The potential social and ethical The likely social and ethical impact of a company plays a significant
invest
impact of investments is playing role in my decision to invest
an increasingly significant role
43
in the decisions made by angel
investors and VCs 40 39

% of respondents
30
27

20

14
11
10

0
Angel investor Other investor Venture capitalist

Strongly agree Strongly disagree

Note: Strongly agree is composed of respondents answering 6 or 7 on a 7-point Likert scale. Strongly disagree is composed
of founders answering 1 or 2 on the same scale
www.stateofeuropeantech.com

Source: The State of European Tech Survey 2017

I think we in Europe are very well-suited to producing the founders


that are going to solve some of the biggest challenges. This is thanks
to more and more investors who are willing to back some super
ambitious teams and plans, but we are also starting to see more
entrepreneurs who are willing to move into that space, inspired by
the example set by other European entrepreneurs.

Andreas Saari
Wave Ventures
http://preview.stateofeuropeantech.com/all-charts/ 19/241

Europes angel investors


demonstrate a strong social
and ethical consciousness

43%
of European angel investors
strongly agree that the potential
social and ethical impact of their
investments plays a significant
role in their decision to invest

23
Atomico & Slush The State of European Tech 2017
2.4

Europe is entering a new age of


entrepreneurship where technology is
used to address the worlds biggest
societal challenges

The only limit to the impact we can have is our own imagination and
commitment. At Norrsken, were aiming to enable impact unicorns,
companies positively influencing more than one billion people. We
are already seeing incredible solutions being developed in Europe,
and the beauty of technology is that if they are successful they can
scale globally, quickly.

Erik Engellau-Nilsson
Norrsken Foundation

Its not surprising then that Selected European tech companies with a strong focus on solving a
European entrepreneurs that are major global societal challenge
www.stateofeuropeantech.com

taking on the worlds biggest


problems are now raising from
the regions leading VCs

Photo: Jussi Ratilainen 24


Atomico & Slush The State of European Tech 2017

2.5
European tech continues to diversify geographically,
22/11/2017 The State of European Tech 2017

driving cross-border investment activity


TitleNo: 2.6 GroupName: Default GroupId: 343 ChartId: 110 ArticleId: 46 ChapterId: 10

For the past two years, European VCs have made around 1,000
investments per year in countries outside their home market
For the past two years, European Number
Number of non-domestic
of non-domestic European European investments
investments by European VCs by European VCs
VCs have made around 1,000
investments per year in 1,025

Number of non-domestic European investments by


980
countries outside their home 1000

market
763
750

European VCs
535
500
There is a huge level of 378
cross-border investment activity 326

by European VCs 250

33% 0
2012 2013

Number of investments made outside


2014 2015 2016 2017

of investments made by
www.stateofeuropeantech.com

European VCs are into


companies based in countries Note: Non-domestic investments refer to investments made by VCs in European countries other than their domestic
outside of the VCs domestic (home) market. 2017 based on 9M to September 2017 and projection for Q4 based on Q3

market Source: Dealroom.co

We continue to see smaller ecosystems develop across Europe but there is certainly a Carolina
long way to go -- which presents us with great untapped opportunity. While countries Brochado
like Spain are on fire with multiple new startups, nice exits and ambitious teams, its Atomico
neighbour Portugal is still coming up the curve and Italy, despite its $1.85T GDP, has
not yet been able to generate a venture ecosystem commensurate to its potential. It is
encouraging that more funds are willing to invest further from home so that founders
in less well known tech scenes, who might have been overlooked a few years ago, can
18/11/2017 The State of European Tech 2017
now access best-in-class expertise and the global capital necessary to scale.
TitleNo: 2.5 GroupName: Default GroupId: 149 ChartId: 47 ArticleId: 46 ChapterId: 10

This is unsurprising, as European VCs are increasingly seeing attractive


opportunities outside their traditional footprint
This is unsurprising, as European Asanan
As investor,
investor, high-quality
high-quality investmentinvestment opportunities
opportunities are are increasingly
increasingly opening up in
VCs are increasingly seeing openingareas
European up outside
in European areas
of our typical outside
geographic of our typical geographic focus
focus
attractive opportunities outside http://preview.stateofeuropeantech.com/all-charts/ 21/241

their traditional footprint 41


40
36
35

30
% of respondents

20

Note: 10
Investor respondents only. Strongly agree is
5
composed of respondents answering 6 or 7 4
2
on a 7-point Likert scale. Strongly disagree is
composed of founders answering 1 or 2 on the 0
Venture capitalist Angel investor Other investor
same scale

Source: Strongly agree Strongly disagree


The State of European Tech Survey 2017

Note:
25
Investor respondents only. Strongly agree is composed of respondents answering 6 or 7 on a 7-point Likert scale.
Strongly disagree is composed of founders answering 1 or 2 on the same scale
Atomico & Slush The State of European Tech 2017

2.6
The perception and the reality around gender 22/11/2017 The State of European Tech 2017

diversity in European tech are not aligned TitleNo: 2.1 GroupName: Default GroupId: 385 ChartId: 125 ArticleId: 75 ChapterId: 10

The gender diversity reality is that women make up just 9% of CxO


positions at venture-backed European startups, including just 2% of
CTOs and only 6% of CEOs
The gender diversity reality is Gender
Gender composition
composition by for
by job title jobExecutive-level
title for Executive-level positions
positions of selected Europeanof
Series A
that women make up just 9% of selected
and European
B venture-backed Series A and B venture-backed companies
companies
CxO positions at venture-backed
European startups, including just
2% of CTOs and only 6% of CEOs Chief Technology Officer 98 2

Chief Executive Officer 94 6

Chief Operating Officer 91 9

Chief Financial Officer 86 14

Chief Strategy Officer 86 14


www.stateofeuropeantech.com

Chief Product Officer 85 15

Chief Commercial Officer 81 19

Note:
Based on a sample of 1,400 executives in Chief Marketing Officer 77 23
CxO positions at 500+ European VC-backed
tech companies that have raised a Series A
or B round between 1 January 2016 and 30 0 20 40 60 80 100
September 2017 and have raised >$5M in total. % of executives

Source: Female Male


Craft.co
22/11/2017 The State of European Tech 2017

Note: Based on a sample of 1,400 executives in CxO positions at 500+ European VC-backed tech companies that have
TitleNo: 2.1a Series
raised GroupName: Default
A or B round GroupId:
between 387and
1 January 2016 ChartId: 126 2017
30 September ArticleId: 75 ChapterId:
and have raised >$5M in total. 10

This
Source:huge
Craft.counderrepresentation of women is also evident in the European

venture capital industry, where just 13% of decision-makers are women


This huge underrepresentation GenderGender
compositioncomposition
of UK ventureof UK industry
capital venture capital industry
of women is also evident in
http://preview.stateofeuropeantech.com/all-charts/ 1/241
the European venture capital
industry, where just 13% of UK workforce 53 47

decision-makers are women

VC employees 73 27

VC investment teams 82 18

Note:
Based on a sample of 1,400 executives in VC decision-makers 87 13
CxO positions at 500+ European VC-backed
tech companies that have raised a Series A
or B round between 1 January 2016 and 30 0 10 20 30 40 50 60 70 80 90 100 110
September 2017 and have raised >$5M in total. % of employees

Source: Female Male


Diversity VC

Note: Based on a sample of 1,400 executives in CxO positions at 500+ European VC-backed tech companies that have
raised a Series A or B round between 1 January 2016 and 30 September 2017 and have raised >$5M in total.

Source: Diversity VC
26
Atomico & Slush The State of European Tech 2017
2.6

The perception and the reality


around gender diversity in European
tech are aligned 22/11/2017 The State of European Tech 2017

TitleNo: 2.1 GroupName: Gender GroupId: 573 ChartId: 181 ArticleId: 75 ChapterId: 10

But the tech community's perception tells a different story. The


But the tech communitys overwhelming majority
Gender diversity stronglyreflected
is positively agree that
ingender diversity employee
my companys is positively
perception tells a different story. reected in employee composition
composition and hiring
The overwhelming majority Gender diversity is positively reected in my company's employee composition and hiring
Gender
strongly agree that gender
diversity is positively reflected in 60
60
employee composition
52

% of respondents
40

20

22/11/2017 The State of European Tech 2017


3 3
0
Male
TitleNo: 2.1 GroupName: Occupation Female
GroupId: 575 ChartId: 181 ArticleId: 75 ChapterId: 10

But the tech


Strongly agree community's
Strongly disagreeperception tells a different story. The

overwhelming majority strongly agree that gender diversity is positively


reected in employee composition
www.stateofeuropeantech.com

Source: The State of European Tech Survey 2017


Diversity
Gender diversity is positively reected in my company's employee composition and hiring

60 59

50
48
% of respondents

40

20

4 5
3
0
Founder Startup employee Venture capitalist

Strongly agree Strongly disagree

http://preview.stateofeuropeantech.com/all-charts/ 3/241
Source: The State of European Tech Survey 2017

If I look at diversity from an Estonian perspective, we still have a


long way to go. We still dont have enough girls going to STEM fields,
they do not go to learn programming because there are still these
stereotypes as if ICT were only for guys with long hair in ponytails.
These stereotypes are still very strong. In that sense, the US is so much
bigger than us and are a bit ahead in that they can hire very specific
people into their companies who are responsible for building a diverse
culture and setting up company diversity policies. This is not something
we have adopted yet or at least I have not seen it happening as much.

Kristel Kruustk
Testlio

http://preview.stateofeuropeantech.com/all-charts/ 4/241
27
03
1578

2328 6335

2328

5328

3453

Talent 2328
2328

Every founder will tell you that talent is the


lifeblood of their company and their sector
as a whole
Technology is no different.

The key questions are how strong is the tech talent pipeline in
Europe, how concentrated is it and how competitive is it getting?

5493

6335

2328

2328
45,023
Atomico & Slush The State of European Tech 2017

3.1
Europes tech ecosystem is fed by a
strong pipeline of world-class talent

Europe is home to half of the top Global ranking of top-rated European computer
10 computer science institutions science institutions
in the world

Europe is a leading source


of doctoral-level technical
talent

2x
more PhDs in STEM subjects
graduate from European
Source: Times Higher Education World University Rankings for Computer Science 2017-2018.co
universities than from those in
the US
www.stateofeuropeantech.com

Europe is an amazing place to be a founder. There are so many


incredible academic institutions across the continent with such
a wealth of talent pouring out of them and producing amazing
engineers; incredible market to go and build within. Europe is just a
great place to build a team.

Herman Narula
Improbable

22/11/2017 The State of European Tech 2017

TitleNo: 3.2 GroupName: Default GroupId: 405 ChartId: 135 ArticleId: 47 ChapterId: 11

The pipeline of advanced research graduates in STEM elds has been


The pipeline of advanced growing
Numberconsistently
of doctoralsince 2000 in STEM fields per year by region
graduates
research graduates in STEM Talent - Number of doctoral graduates in STEM elds per year by region
fields has been growing
consistently since 2000 60k 56,419
58,941

53,168
50,935
48,844
50k 46,899 47,134
Number of doctoral graduates

45,601 46,479
42,165
39,691
40k 37,626
36,107 35,986
32,913

28,328
30k 26,959
25,783
23,901 24,792
22,447 23,146 23,322
20,645
18,767
20k 16,287
16,098 15,393 16,249
13,365

10k
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Europe US

Source: OECD

29
Atomico & Slush The State of European Tech 2017
3.1

Europes tech ecosystem is fed by a strong


pipeline of world-class talent

European technical talent


is complemented by a
hungry pool of commercial- I think the job that European policymakers have in relation to
minded talent fostering entrepreneurship is primarily in building the ambition and
doing so by focusing education in the STEM subjects - we have great

1 in 5
universities, we need to encourage more of our graduates to study
science, technology, engineering and maths, particularly female ones,
where we have a big opportunity to increase the quality and breadth
of the pool of available talent.
graduates of MBA programmes
from Europes leading business Robin Klein
schools are entering the tech LocalGlobe
industry

22/11/2017 The State of European Tech 2017

TitleNo: 3.2 GroupName: Default GroupId: 391 ChartId: 129 ArticleId: 47 ChapterId: 11

Graduates from Europe's leading MBA programmes continue to join the


tech industry at scale
Graduates from Europes leading % of MBA graduates entering tech industry from selected leading
www.stateofeuropeantech.com

% of MBA graduates entering tech industry from selected leading European business
MBA programmes continue to European business schools
schools
join the tech industry at scale
% of MBA graduates entering

25 23
22
21 21
20 20 20
20 19 19 19 19
17 17
16 16
tech

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Ju

Class of 2016 Class of 2015

Source: Business School MBA Graduate Employment Reports

While Europe has always had strong technical talent from world-
class universities in cities like Munich, Paris and Stockholm,
were now seeing entrepreneurs with an innovation mindset and
commercial DNA as well.

Luciana Lixandru
Accel

http://preview.stateofeuropeantech.com/all-charts/ 37/241
30
Atomico & Slush The State of European Tech 2017

3.2
Europes tech workforce and
developer population is booming
18/11/2017 The State of European Tech 2017

TitleNo: 3.3 GroupName: Top 10 GroupId: 565 ChartId: 179 ArticleId: 49 ChapterId: 11

There has been rapid growth in the size of the professional developer
There has been rapid growth Number of professional developers by country
populations in most European countries
in the size of the professional
developer populations in most Number
Top 10 of professional developers by country
European countries
837,398
813,500

Number of professional developers


745,139
750k 708,249

500k 467,454

368,291
310,048 292,586
268,149 254,682
250k
175,794 172,219

18/11/2017 The State of European Tech 2017


0

TitleNo: 3.3 GroupName: 11-20 GroupId: 567 ChartId: 179 ArticleId: 49 ChapterId: 11
y

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populations in most European countries


U
www.stateofeuropeantech.com

Number
11-20 2017of professional
2016 developers by country

150k 144,382
Note: Where data for 2016 was not available, this is shown as blank
Number of professional developers

124,239 127,306

Source: Stack Overow 108,626 105,170


100k 96,862 96,324 95,391 92,772
82,874 80,762
79,112

50k

18/11/2017 The State of European Tech 2017


0

TitleNo: 3.3 GroupName: 21-30 GroupId: 568 ChartId: 179 ArticleId: 49 ChapterId: 11
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2017 2016
Number
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80k
75,672
Note: Where data for 2016 was not available, this is shown as blank
68,568
Source: Stack Overow
Number of professional developers

59,428
60k

http://preview.stateofeuropeantech.com/all-charts/ 36/241
48,940 48,932
47,351

40k
34,059
31,812
29,347

22,162
20,271
20k

0
0
Portugal Ireland Greece Bulgaria Belarus Serbia Slovakia Croatia Lithuania Slovenia

2017 2016

Note: Where data for 2016 was not available, this is shown as blank

Source: Stack Overow

31
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Atomico & Slush The State of European Tech 2017
3.2

Europes tech workforce and developer


population is booming
1578
18/11/2017 The State of European Tech 2017

2328 6335

TitleNo: 3.3 GroupName: 31-40 GroupId: 569 ChartId: 179 ArticleId: 49 ChapterId: 11
2328

There has been rapid growth in the size of the professional developer
5328
Number of professional developers by country
3453
populations in most European countries
Number
31-40 of professional developers by country

20,853
19,887
20k

Number of professional developers


17,531

2328 15k

2328
11,563
11,056
10,414 10,289
10k

7,021 6,892

5,047
5k

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2017 2016

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www.stateofeuropeantech.com

Source: Stack Overow

Europes developer pool is


large and growing

5.5M
professional developers in
Europe, compared to 4.4M in the
US, according to Stack Overflow

http://preview.stateofeuropeantech.com/all-charts/ 39/241

European tech is going forward super fast. It is still maybe following


the situation in Silicon Valley but I think that this is shifting. Shifting
especially because there is so much talent in Europe that wants to
stay or wants to come back from wherever they are. For example, we
have a lot of really good engineers from Slovenia and Croatia going to
work for Facebook or Google for a couple of years in the States but
they would wish to come back, they would like to be back in Europe.

Urska Srsen
BellaBeat

32
Atomico & Slush The State of European Tech 2017
3.2

Europes tech workforce and developer


population is booming

Germany has overtaken the UK as the largest country for professional


developers in Europe

Number of professional developers by country


www.stateofeuropeantech.com

Source:
Stack Overflow

It is unsurprising that the developer population of Europe is


increasing: software is eating the world. Developers are needed in
every type of business, from AI to insurance. And as demand for
talent continuous to outstrip supply, we are seeing a greater drive
from both the public and private sector to enable more people to
enter or extend their career in technology. Junior developers are
now more likely to have been exposed to coding within their formal
education, and were seeing a surge in demand for non-formal
education amongst the wider developer population.

Sean Bave
Stack Overflow

33
Atomico & Slush The State of European Tech 2017
3.2

Europes tech workforce and developer


population is booming

London is the top European hub for professional developers,


followed by Paris, Moscow, Madrid and Berlin

Top 20 cities by number of professional developers


www.stateofeuropeantech.com

France has incredible engineering talent and a unique set of values


and aesthetics making its talent and environment uniquely attractive
in an international context. Still, there are challenges in hiring and
firing, financing, and other ways startups fit into the overall business
ecosystem that need to be fixed before can the current startup
excitement be a trend and not a fad.

Ian Rogers
LVMH

34
Atomico & Slush The State of European Tech 2017

3.3
The presence of tech giants in Europe is changing
the dynamics of the regions talent pool

In last years report, we Acquisitions of European deep tech companies by US tech giants
highlighted 53 acquisitions made since December 2016
since 2011 by the top 5 largest
US tech companies. Since
then, theyve made 10 further
acquisitions in Europe

22/11/2017
Source: Dealroom.co The State of European Tech 2017

TitleNo: 3.1 GroupName: Default GroupId: 524 ChartId: 168 ArticleId: 48 ChapterId: 11
www.stateofeuropeantech.com

We also highlighted how large global tech companies are expanding their
presence in Europe through large - and fast-growing - engineering
centres to tap into the local talent pools. This is having an inationary
effect on salary levels
We also highlighted how large Median software engineer salary ($ per year) in
global tech companies are Median software
selection engineer salary
European cities($ per year) in selection European cities
expanding their presence in
Europe through large - and fast-
Berlin 59,700
growing - engineering centres to
tap into the local talent pools.
This is having an inflationary
London 54,800
effect on salary levels

Paris 50,600

Barcelona 40,800

Milan 37,300

Lisbon 32,000

Warsaw 24,900

Bucharest 15,000

0 10k 20k 30k 40k 50k 60k


Median salary per year ($)

Median software engineer salary

Note: Data captured from Glassdoor in November 2017

Source: Glassdoor

35
Atomico & Slush The State of European Tech 2017
3.3

European tech continues to diversify


geographically, driving cross-border
investment activity

Theres a lot more competition for talent both from established tech
giants and new companies starting up across Europe. European
startups need to treat finding, growing and keeping talent just like
they would customer acquisition or product development: have
it as a key metric on the management dashboard and see it not
just headcount but pipeline, attrition, development programmes
and succession planning. Its up to leaders to ensure their teams
are diverse and there are enough highly capable managers to keep
them engaged. Digital talent, particularly the top people, has an ever
growing number of options in Europe and choose where and who
they want to work for. If founders do not prioritise this from the
outset, talent will go elsewhere.

Dan Hynes
Atomico

1.5x
www.stateofeuropeantech.com

The expansion of global


tech giants in European
tech hubs is forcing local
higher average salaries are
entrepreneurs to up their offered by Facebook ($87k)
game in how they attract or Google ($83k) to software
and retain talent engineers compared to the
market average in London ($55K),
according to Glassdoor

Photo: Samuli Pentti 36


Atomico & Slush The State of European Tech 2017
3.3

European tech continues to diversify


geographically, driving cross-border
investment activity
22/11/2017 The State of European Tech 2017

TitleNo:
The huge gap3.1between
GroupName: Europe
software GroupId:
engineer 584will
salaries ChartId: 185 ArticleId: 48 ChapterId: 11
see founders
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finding
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In which one area does your company have the most difficulty
of AI is driving
recruiting talent? an increasing battle for data science talent.
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Europe

46
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www.stateofeuropeantech.com

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Note: Based on survey responses from Founders only
46 53
% of founder respondents

% of founder respondents

Source: The State of European Tech Survey 2017


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Source: The State of European Tech Survey 2017 Source: The State of European Tech Survey 2017

37
Atomico & Slush The State of European Tech 2017
3.3

European tech continues to diversify


geographically, driving cross-border
investment activity

22/11/2017 The State of European Tech 2017 22/11/2017 The State of European Tech 2017

TitleNo: 3.1 GroupName: Southern Europe GroupId: 588 ChartId: 185 ArticleId: 48 TitleNo: 3.1 GroupName: Nordics GroupId: 589 ChartId: 185 ArticleId: 48 ChapterId: 11
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ofSource:
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driving an increasing battle for data science talent. State of European Tech Survey 2017
Baltics State of European Tech Survey 2017
Central
which one&area
Eastern Europe
www.stateofeuropeantech.com

In does your company have the most difculty recruiting talent?


In which one area does your company have the most difculty recruiting talent?

40 41
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% of founder respondents
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DACH
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In which one area does your company have the most difculty recruiting talent?

47

Theres never been a better time to be a European


% of founder respondents

40

angel investor. Were now witnessing a whole new


20
generation of companies being born from alumni of
15
previous European scale-ups and other tech giants
8
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0 been through the pain, failures and successes of
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http://preview.stateofeuropeantech.com/all-charts/ 31/241
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Neil Murray
Source: The State of European Tech Survey 2017 The Nordic Web
Note: Based on survey responses from Founders only

Source: The State of European Tech Survey 2017

38
Atomico & Slush The State of European Tech 2017
3.3

European tech continues to diversify


geographically, driving cross-border
investment activity 22/11/2017 The State of European Tech 2017

TitleNo: 3.1 GroupName: Alumni of selected US tech companies GroupId: 593 ChartId: 186
ArticleId: 48 ChapterId: 11

But while the presence of big But whileof


Number the presencecompanies
European of big tech founded
companies byforces
alumnifounders
of majortotech
up
tech companies forces founders their game on the talent side, it's clear that the presence of these tech
companies
to up their game on the talent giants has a hugely positive effect. Their alumni are prolic at founding
side, its clear that the presence companies in the region.
Alumni of selected US tech companies
of these tech giants has a hugely Number of European companies founded by alumni of major tech companies
positive effect. Their alumni are
prolific at founding companies in
1578

Microsoft 183
the region. 2328 6335

2328

Alphabet (Google) 182


5328

3453
18/11/2017 The State of European Tech 2017
Apple 40

TitleNo: 3.1 GroupName: Alumni of selected European tech companies GroupId: 758 ChartId:
186 ArticleId: 48 ChapterId: 11
22/11/2017 Amazon 39 The State of European Tech 2017

But while the presence of big tech companies forces founders to up


TitleNo:
their game3.1 GroupName: Alumniside,
of selected European
thattech
thecompanies GroupId: 758 ChartId:
Facebook on
186 ArticleId:
the talent
48 ChapterId:3411
it's clear presence of these tech
giants has a hugely positive effect. Their alumni are prolic at founding 2328

But while the


companies in presence
0 the region.
25 of 50big tech75companies 100 forces
125 founders
150 to
175 up 200
2328

their game on the talent side, it's clear Number ofthat thefounded
companies presence of these tech
Number of European companies founded by alumni of major tech companies
giants has a hugely positive effect. Their alumni are prolic at founding
European startups founded by alumni
companies in the region.
www.stateofeuropeantech.com

Alumni of selected European tech companies


Rocket Internet 87
Number of European companies founded by alumni of major tech companies
Note: Based on an analysis of founders of European startups that have previously worked at the named companies. Since
the underlying dataset is not comprehensive this is intended to provide a representative view of the relative
Nokia
importance of the alumni networks 85
Rocket Internet 87

Source: Atomico research based on Crunchbase data


Skype 53
Nokia 85

SAP 52
Skype 53

Ericsson 29
SAP 52

0 10 20 30 40 50 60 70 80 90

Ericsson Number of companies founded


29

European startups founded by alumni


0 10 20 30 40 50 60 70 80 90
Number of companies founded

Note: European
Since the underlying
startups dataset
founded is not comprehensive this is intended to be a representative view of the relative
by alumni
importance of the alumni networks of the respective companies

http://preview.stateofeuropeantech.com/all-charts/
Source: Atomico research 33/241
Note: Based on an analysis of founders of European startups that have previously worked at the named companies. Since
the underlying dataset is not comprehensive this is intended to provide a representative view of the relative
importance of the alumni networks

Source: Atomico research based on Crunchbase data

5493

http://preview.stateofeuropeantech.com/all-charts/ 32/241

http://preview.stateofeuropeantech.com/all-charts/ 34/241

2328

2328 39
Atomico & Slush The State of European Tech 2017

3.4
The UK is Europes dominant
destination for migratory tech talent
22/11/2017 The State of European Tech 2017 22/11/2017 The State of European Tech 2017

The UK
TitleNo: is the #1
3.4 GroupName: destination
Default GroupId: 177for tech53talent
ChartId: moving
ArticleId:
For additional
into11 TitleNo:
50 ChapterId:
context, it is worth analysing a similar
3.4 GroupName: Default GroupId: 884 ChartId: 246 ArticleId: 50 ChapterId: 11
- and within - Europe, but faces strong competition dataset covering tech talent movement in 2016 provided
The UK is the #1 destination for tech talent moving into - and within - For additional context, it is worth analysing a similar dataset covering
from other countries to attract talent by LinkedIn for last years State of European Tech
Europe, but faces strong competition from other countries to attract tech talent movement in 2016 provided by LinkedIn for last year's State
talent
Top 10 European destinations for all international of Top
European Tech
10 European destination for all international
Topmovers
10 Europeaninto European
destinations tech movers into European tech
for all international Topmovers
10 Europeaninto European
destination tech in
for all international 2016
movers into European tech in 2016

United Kingdom 21.5 United Kingdom 24.4

Germany 13.8 Germany 12.4

France 9.1 France 8.6

Netherlands 7.4 Spain 6.7

Spain 7.3 Netherlands 6.1

Ireland 6.1 Ireland 6

Switzerland 4.1 Switzerland 3.7

Poland 3.9 Poland 3.6


www.stateofeuropeantech.com

Sweden 3.3 Sweden 3

Czech Republic 2.5 Italy 2.4

0 2.5 5 7.5 10 12.5 15 17.5 20 22.5 0 2.5 5 7.5 10 12.5 15 17.5 20 22.5 25
% of all international movers % of all international movers

Note: All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. Note: All interpretations of the LinkedIn data are made by Atomico, not LinkedIn.
2017 2016
A mover is defined by LinkedIn as somebody now working in the tech A mover is defined by LinkedIn as somebody now working in the tech
industry that has moved country or industry sector for their industry that has moved country or industry sector for their
primary employment between 2017 and 2016 primary employment between 2016 and 2015
Source:
Note: LinkedIn
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. A 'mover' is dened by LinkedIn as Source:
Note: LinkedIn
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. A mover is dened by LinkedIn as
somebody now working in the tech industry that has moved country or industry sector for their primary employment somebody now working in the tech industry that has moved country or industry sector for their primary employment
between 2017 and 2016 between 2016 and 2015

Source: LinkedIn Source: LinkedIn


Germany, France and theTheNetherlands
22/11/2017 State of European Tech 2017 are the main For additional context, it The
22/11/2017 isState
worth analysing
of European Tech 2017 a similar
challengers to the UK in terms of destinations of choice dataset covering tech talent movement in 2016 provided
TitleNo: 3.4 GroupName: Default GroupId: 179 ChartId: 54 ArticleId: 50 ChapterId: 11 TitleNo: 3.4 GroupName: Default GroupId: 880 ChartId: 248 ArticleId: 50 ChapterId: 11
for talent moving into Europes tech industry from by LinkedIn for last years State of European Tech
outside
Germany, the region
France and the Netherlands are the main challengers to the UK For additional context, it is worth analysing a similar dataset covering
in terms of destinations of choice for talent moving into Europe's tech tech talent movement in 2016 provided by LinkedIn for last year's State
Top 10
industry European
from outside thedestinations
region for non-European of Top
European Tech
10 European destinations for non-European
Topmovers
10 European into European
destinations techmovers
for non-European industry
into European tech industry Topmovers
10 Europeaninto European
destinations tech movers
for non-European industry in 2016
into European tech industry in 2016

United Kingdom 29.8 United Kingdom 32.6

Germany 13.6 Germany 11.7

France 12.1 France 10.7

Netherlands 7.7 Netherlands 6.2

Spain 5.8 Spain 5.5

Ireland 5.4 Ireland 5

Sweden 4 Sweden 3.5

Switzerland 2.3 Switzerland 2.3

Poland 2 Italy 2

Belgium 2 Poland 1.8

0 5 10 15 20 25 30 0 5 10 15 20 25 30 35
% of non-European movers % of non-European movers

Note:
2017 All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. Note: 2016 All interpretations of the LinkedIn data are made by Atomico, not LinkedIn.
A mover is defined by LinkedIn as somebody now working in the tech A mover is defined by LinkedIn as somebody now working in the tech
industry that has moved country or industry sector for their industry that has moved country or industry sector for their
primary employment between 2017 and 2016 primary employment between 2016 and 2015
Note: All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. A mover is dened by LinkedIn as
Source: LinkedIn Source:
Note:
somebody now working in the tech industry that has moved country or industry sector for their primary employment
All LinkedIn
interpretations of the LinkedIn data are made by Atomico, not LinkedIn. A mover is dened by LinkedIn as
somebody now working in the tech industry that has moved country or industry sector for their primary employment
between 2017 and 2016 between 2016 and 2015

Source: LinkedIn Source: LinkedIn


40
Atomico & Slush The State of European Tech 2017
3.4

The UKs position as Europes dominant


destination for tech talent is being eroded

The UK and Germany are the top two countries For additional context, it is worth analysing a
leading the race to attract talent moving within similar dataset covering tech talent movement in
Europe 2016 provided by LinkedIn for last years State of
22/11/2017 The State of European Tech 2017

22/11/2017 The State of European Tech 2017


European Tech
TitleNo: 3.4 GroupName: Default GroupId: 882 ChartId: 247 ArticleId: 50 ChapterId: 11

For additional context, it is worth analysing a similar dataset covering


TitleNo: 3.4 GroupName: Default GroupId: 181 ChartId: 55 ArticleId: 50 ChapterId: 11
Top 10 European destinations for intra-European Toptalent
tech 10 European
movement indestinations
2016 provided by for intra-European
LinkedIn for last year's State
The UK and Germany are the top two countries leading the race to of European Tech
movers within European tech industry
attract talent moving within Europe
movers within European tech industry in 2016
Top 10 European destinations for intra-European movers within European tech industry in
Top 10 European destinations for intra-European movers within European tech industry 2016

United Kingdom 14.9 United Kingdom 18

Germany 13.8 Germany 12.8

Spain 8.9 Spain 7.6

Netherlands 7 Ireland 6.8

France 6.9 France 6.8

Ireland 6.9 Netherlands 6

Switzerland 5.7 Poland 4.9


www.stateofeuropeantech.com

Poland 5.3 Switzerland 4.9

Czech Republic 3.3 Italy 2.8

Sweden 2.9 Sweden 2.6

0 2 4 6 8 10 12 14 16 0 2.5 5 7.5 10 12.5 15 17.5

% of intra-European movers % of intra-European movers

Note: 2017 All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. Note: 2016 All interpretations of the LinkedIn data are made by Atomico, not LinkedIn.
A mover is defined by LinkedIn as somebody now working in the tech A mover is defined by LinkedIn as somebody now working in the tech
industry that has moved country or industry sector for their industry that has moved country or industry sector for their
Note: All interpretations
primaryofemployment
the LinkedIn data between 2017 and
are made by Atomico, 2016 A mover is dened by LinkedIn as
not LinkedIn. Note: All primaryofemployment
interpretations the LinkedIn data between 2016 and
are made by Atomico, 2015 A mover is dened by LinkedIn as
not LinkedIn.
Source:somebody
LinkedIn
now working in the tech industry that has moved country or industry sector for their primary employment Source:somebody
now working in the tech industry that has moved country or industry sector for their primary employment
LinkedIn
between 2016 and 2015
between 2017 and 2016

Source: LinkedIn Source: LinkedIn

http://preview.stateofeuropeantech.com/all-charts/ 50/253

http://preview.stateofeuropeantech.com/all-charts/ 49/253

London is the top city Top 5 European city destinations for all migrants into and within
destination both for tech talent European tech industry
moving within Europe, as well
as for those entering the tech
industry from outside the region

Source: LinkedIn

41
Atomico & Slush The State of European Tech 2017

3.5
The UK is the number one source of outbound tech
talent moving within Europes tech industry

The UK is the source of the largest share of For additional context, it is worth analysing a
outbound tech talent leaving to move to another similar dataset covering tech talent movement in
country within Europe 2016 provided by LinkedIn for last years State of
22/11/2017 The State of European Tech 2017

22/11/2017 The State of European Tech 2017 European Tech


TitleNo: 3.5 GroupName: Default GroupId: 888 ChartId: 249 ArticleId: 51 ChapterId: 11
TitleNo: 3.5 GroupName: Default GroupId: 183 ChartId: 56 ArticleId: 51 ChapterId: 11
For additional context, it is worth analysing a similar dataset covering
Top 10 European source countries of intra-
The UK is the source of the largest share of outbound tech talent leaving
Top 10 European source countries of intra-
tech talent movement in 2016 provided by LinkedIn for last year's State
European
to movers
move to another countrywithin European tech
within Europe European
of movers within European tech in 2016
European Tech
Top 10 European source countries of intra-European movers within European tech Top 10 European source countries of intra-European movers within European tech in 2016

United Kingdom 17.5 United Kingdom 14.5

France 10.1 France 10.4

Germany 8.1 Germany 8

Spain 6.4 Spain 7

Italy 5.9 Italy 6.1


www.stateofeuropeantech.com

Ireland 5.8 Netherlands 4.9

Netherlands 4.8 Ireland 4.4

Ukraine 3.7 Ukraine 4.3

Poland 3.5 Russian Federation 3.7

Switzerland 2.8 Poland 3.1

0 2.5 5 7.5 10 12.5 15 17.5 0 2 4 6 8 10 12 14


% of tech movers % of intra-European movers

2017 2016
Note: All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. Note: All interpretations of the LinkedIn data are made by Atomico, not LinkedIn.
A mover is defined by LinkedIn as somebody now working in the tech A mover is defined by LinkedIn as somebody now working in the tech
industry that has moved country or industry sector for their industry that has moved country or industry sector for their
Note: All interpretations
primaryofemployment between
the LinkedIn data are 2017 and
made by Atomico, 2016 A mover is dened by LinkedIn as
not LinkedIn. Note: All interpretations
primaryofemployment between
the LinkedIn data are 2016 and
made by Atomico, 2015 A mover is dened by LinkedIn as
not LinkedIn.
somebody now working in the tech industry that has moved country or industry sector for their primary employment somebody now working in the tech industry that has moved country or industry sector for their primary employment
Source:between
LinkedIn
2017 and 2016 Source:between
LinkedIn
2016 and 2015

Source: LinkedIn Source: LinkedIn

http://preview.stateofeuropeantech.com/all-charts/ 53/253

http://preview.stateofeuropeantech.com/all-charts/ 52/253

A lot of smart people I know in tech are moving from London to


Berlin after Brexit - they are really open to trying to go elsewhere.

Jutta Steiner
Parity Technologies

42
Atomico & Slush The State of European Tech 2017
3.5

More people are leaving the UKs tech industry


than that of any other European country

The UK is also significantly larger than other For additional context, it is worth analysing a
countries as a source of outbound talent leaving similar dataset covering tech talent movement in
Europes tech industry for a country outside of the 2016 provided by LinkedIn for last years State of
region European Tech
22/11/2017 The State of European Tech 2017 22/11/2017 The State of European Tech 2017

TitleNo: 3.5 GroupName: Default GroupId: 191 ChartId: 59 ArticleId: 51 ChapterId: 11 TitleNo: 3.5 GroupName: Default GroupId: 890 ChartId: 250 ArticleId: 51 ChapterId: 11
TopUK10is also
The European source
signicantly countries
larger than of European
other countries as a source of Top 10 European source countries of intra-
For additional context, it is worth analysing a similar dataset covering
moverstalent
outbound out leaving
of European
Europe's techtech
industry for a country outside of European
tech movers
talent movement within
in 2016 European
provided by LinkedIntech inyear's
for last 2016State
the region of European Tech
Top 10 European source countries of European movers out of European tech Top 10 European source countries of European movers out of European tech in 2016

United Kingdom 38 United Kingdom 34.3

France 12.4 France 11.4

Germany 7.5 Germany 7.3

Ireland 5.1 Spain 4.5

Netherlands 4.2 Netherlands 4.2

Spain 3.7 Ireland 4.1


www.stateofeuropeantech.com

Ukraine 3.2 Russian Federation 3.5

Sweden 2.7 Ukraine 2.7

Switzerland 2.4 Sweden 2.6

Turkey 2.1 Switzerland 2.4

0 5 10 15 20 25 30 35 40 0 5 10 15 20 25 30 35
% of tech movers % of tech movers

2017 2016
Note: All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. Note: All interpretations of the LinkedIn data are made by Atomico, not LinkedIn.
A mover is defined by LinkedIn as somebody now working in the tech A mover is defined by LinkedIn as somebody now working in the tech
industry that has moved country or industry sector for their industry that has moved country or industry sector for their
Note: All interpretations
primaryofemployment between
the LinkedIn data are 2017 and
made by Atomico, 2016 A mover is dened by LinkedIn as
not LinkedIn. Note: All interpretations
primaryof employment between
the LinkedIn data are 2016 not
made by Atomico, and 2015A mover is dened by LinkedIn as
LinkedIn.
somebody now working in the tech industry that has moved country or industry sector for their primary employment somebody now working in the tech industry that has moved country or industry sector for their primary employment
Source:between
LinkedIn
2017 and 2016 Source:between
LinkedIn
2016 and 2015

Source: LinkedIn Source: LinkedIn

http://preview.stateofeuropeantech.com/all-charts/ 54/253 http://preview.stateofeuropeantech.com/all-charts/ 55/253

Photo: Jussi Hellsten 43


2328 6335

Atomico & Slush The State of European Tech 2017

3.6
2328

5328

3453

Portrait of a European founder 18/11/2017 The State of European Tech 2017

TitleNo: 3.6 GroupName: Gender GroupId: 681 ChartId: 223 ArticleId: 86 ChapterId: 11

European founders come from a variety of backgrounds. They are, 2328


European founders come from a however, overwhelmingly
Characteristics malefounders
of European 2328

variety of backgrounds. They are,


Characteristics
Gender of European founders
however, overwhelmingly male
100 95

18/11/2017 75 The State of European Tech 2017

% of founders
TitleNo: 3.6 GroupName: First-time versus repeat founders GroupId: 759 ChartId: 223
50
ArticleId: 86 ChapterId: 11

European founders come from a variety of backgrounds. They are,


however,
25
overwhelmingly male
Characteristics of European founders 5

0
Male Female

First-time versus repeat founders


% of founders
53

50
47
Note: Based on an analysis of the founders of 2,300+ European companies that have raised >1M. Data collected in
www.stateofeuropeantech.com

October and November 2017


40
18/11/2017 The State of European Tech 2017
Source: Dealroom.co
% of founders

30
TitleNo: 3.6 GroupName: Educational background GroupId: 684 ChartId: 223 ArticleId: 86
ChapterId: 11
20
European founders come from a variety of backgrounds. They are,
however,
10
overwhelmingly male
Characteristics of European founders
0
First-time founders Repeat founders

Educational background
% of founders
5493
60
60

6335 Note: Based on an analysis of the founders of 2,300+ European companies that have raised >1M. Data collected in
October and November 2017

18/11/201740 The State of European Tech 2017


% of founders

Source: Dealroom.co

TitleNo: 3.6 GroupName:


27 Sole founders versus founding teams GroupId: 685 ChartId: 223
ArticleId: 86 ChapterId: 11
20
European founders come from a variety13 of backgrounds. They are,
however, overwhelmingly male
Characteristics
0 of European founders
Technology (computer science, etc) Other technical disciplines (maths, Non-technical disciplines (arts,
2328
physics, etc) business)

2328

% of
Sole founders versus founding teams
founders
45,023

Note: Based on an analysis of the founders of 2,300+ European companies that have raised >1M. Data collected in
60 October and November 2017 58

50
Source: Dealroom.co
42
% of founders

40

Note: 30
Based on an analysis of the founders of 2,300+
European companies that have raised >1M. 20
Data collected in October and November 2017
10
Source:
Dealroom.co 0
Sole founder Part of founding team of 2+

% of founders
44
Atomico & Slush The State of European Tech 2017
3.6

Portrait of a European founder

Europes top technical and business schools are Top 10 institutions by number of alumni that have
key sources of entrepreneurial talent founded companies

Note: Based on an analysis of the founders of 2,300+ European


companies that have raised >1M. Data collected in October
and November 2017
Source: Dealroom.co
www.stateofeuropeantech.com

Consulting firms and big tech companies are key Top 10 companies by number of alumni that have
sources of European founders founded companies

Note: Based on an analysis of the founders of 2,300+ European


companies that have raised >1M. Data collected in October
and November 2017
Source: Dealroom.co

Photo: Sami Heiskanen 45


04
1578

2328 6335

2328

5328

3453

Community 2328
2328

Over the last couple of years, this report


has identified a growing number of tech
hubs
Some of them have emerged in the continents biggest cities, which
is to be expected, whilst others have grown in smaller towns.

Are our tech communities growing broader or getting deeper?

5493

6335

2328

2328
45,023
Atomico & Slush The State of European Tech 2017

4.1
Europes growing and highly-engaged
22/11/2017 The State of European Tech 2017

tech communities TitleNo: 4.1 GroupName: Default GroupId: 863 ChartId: 67 ArticleId: 52 ChapterId: 12

There are hundreds of tech-related events happening daily across


Europe's tech ecosystem
There are hundreds of tech- Number
Number of tech Meetup events per
of tech-related year
Meetup events per year and per day in
related events happening daily Europe
across Europes tech ecosystem 62,884
60k

51,132

Number of events per year 40k


36,227

27,173

20k
16,256

8,236

0
2012 2013 2014 2015 2016 2017

Meetup events hosted


www.stateofeuropeantech.com

Note: 2017 annualised based on data to end of September 2017

Source: Meetup

Europes tech community


enjoys access to an
incredible range of events
172
to network and share tech-related events take place
daily across Europe on Meetups
knowledge and experiences
platform

http://preview.stateofeuropeantech.com/all-charts/ 56/241

A small group of successful entrepreneurs can have tremendous


impact on building a tech community. It only requires four to five
successful entrepreneurs setting up a variety of basic building blocks
that become powerful conduits for knowledge transfer through
sharing deals, comparing notes and explaining what is globally best-
in-class. This includes seed funds, accelerators, creating shared
working and meeting spaces. These become talent magnets and
inherently form healthy competition between the new generation
of entrepreneurs building even more impactful products and
businesses. Building a vibrant tech ecosystem is the modern alchemy
for any economy serious about becoming a global leader.

Mattias Ljungman
Atomico

47
Atomico & Slush The State of European Tech 2017
4.1
23/11/2017 The State of European Tech 2017
Europes growing and highly-engaged tech
communities
TitleNo: 4.1 GroupName: Default GroupId: 239 ChartId: 70 ArticleId: 52 ChapterId: 12

There are sizeable communities coming together at tech events


throughout Europe to swap ideas and experiences
There are sizeable communities Number
Number of active members
of active of tech-related
members Meetup groupsMeetup
of tech-related by country
groups by country
coming together at tech events
throughout Europe to swap ideas 200k 195,100
and experiences

Number of active members


150k

116,967

100k 92,475

70,151

49,929
50k
36,651
23,368 21,256 17,523 13,871 12,581 10,326
0

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Active members in tech Meetup groups

22/11/2017 The State of European Tech 2017

Source: Meetup
TitleNo: 4.1 GroupName: Top 10 hubs GroupId: 860 ChartId: 72 ArticleId: 52 ChapterId: 12

Europe's largest hubs for tech-related Meetups are also its most
Europes largest hubs for tech- Number of active members by city and average number of events
www.stateofeuropeantech.com

engaged
related Meetups are also its attended per year per active member
Number of active members by city and average number of events attended per year per
most engaged active member
Top 10 Hubs
120k

Average number of events attended per year per


5.4 5.2 5.2 5.4
5.1 5.3
Number of active members

90k
4.8
4.5

active member
4.4 4.4

60k
4.2
100,078
3.7
3.6
30k 3.6
45,698
40,277
26,282 22,209 20,613 18,352 17,832 16,628 15,422
22/11/2017 The State of European Tech 2017
0 3
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TitleNo: 4.1 GroupName: Hubs 11-20 GroupId: 867 ChartId: 72 ArticleId: 52 ChapterId: 12
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http://preview.stateofeuropeantech.com/all-charts/ 64/254
Europe's largest hubs for tech-related Meetups are also its most
engaged
Active members Average Meetups attended per member per year

Number of active members by city and average number of events attended per year per
active
Hubs member
Note: 11-20
Meetup events attended per member per year data for 2017 is annualised based on data to end of September 2017
16k 5.4
Average number of events attended per year per

Source: Meetup
5
Number of active members

12k 4.6 4.8


4.5 4.5
active member

4.1
8k 4.2
3.9
13,054
12,125 3.7
11,296 10,742 10,251
9,544
4k 8,483 7,979 3.6
7,039 6,800
3.2
Note: 3.1
2017 based on 9M to September 2017 and
2017 annualised based on RSVPs to end of 0 3
September 2017
w

st

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Active members Average Meetups attended per member per year

Note: 48 per member per year data for 2017 is annualised based on data to end of September 201758/241
Meetup events attended
http://preview.stateofeuropeantech.com/all-charts/
Atomico & Slush The State of European Tech 2017
4.1

Europes growing and highly-engaged tech


communities

Were witnessing several initiatives dedicated to strengthening the


connections between local hubs, especially evident in the Nordics
and CEE. Unfortunately, Western Europe isnt showing any signs of
progress as Paris, London and Berlin continue competing to to be
crowned tech capital of the continent. Without more ambitious
contributions from the private sector to create more sustainable
bridges between these tech hubs, we will have no choice but to
continue relying on current public initiatives that show little to no
sign of solving this issue.

Ben Costantini
Startup Sesame

22/11/2017 The State of European Tech 2017

TitleNo: 4.1 GroupName: Top 10 hubs GroupId: 229 ChartId: 66 ArticleId: 52 ChapterId: 12

Europes largest tech Europe's largest


Top 20 hubs bytech
levelcommunities continue
of tech-related to see
Meetup signicant increases
activityv
communities continue to in engagement
see significant increases in Top 20 hubs by level of tech Meetup activity in 2017, ranked by number of Meetup attendees
engagement Top 10 Hubs
www.stateofeuropeantech.com

334,369

300k
267,536

219,825
# of attendees

200k
162,824
148,709

111,043
98,705
100k 85,725 80,116
64,380 66,679 65,668 60,641
56,739
40,151 45,371 49,643 50,888 49,877
37,436
27,832 32,199 35,454 41,347
25,595 19,132 20,870 20,981 25,604
16,55
0
on

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ris

en

rid

lin

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22/11/2017 The State of European Tech 2017

on
sa
rl

bu
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el
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er

am
n

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rc
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TitleNo: 4.1 GroupName: Hubs 11-20 GroupId: 717 ChartId: 66 ArticleId: 52 ChapterId: 12
2017 2016 2015
Europe's largest tech communities continue to see signicant increases
in engagement
Hubs
Top 2011-20
Note: 2017 annualised
hubs by levelbased on RSVPs
of tech to end of
Meetup September
activity 2017
in 2017, ranked by number of Meetup attendees
Source: Meetup
40,633
40k 38,615
36,868
33,323
31,763
30,347 29,479
30k
# of attendees

24,268
22,632 23,326 22,957
21,448 21,943
20,972 20,587
20k 19,497
18,104 17,849
15,865 15,401
13,374 14,123
11,832 12,648 11,784
10k 9,573 16,482
8,093 8,995
7,222

0
en

na

ls
ul

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M

2017 2016 2015

Note: 2017 annualised based on RSVPs to end of September 2017


http://preview.stateofeuropeantech.com/all-charts/ 60/241

Source: Meetup

49
Atomico & Slush The State of European Tech 2017

4.2
As tech eats Europe, every
22/11/2017 The State of European Tech 2017

city is becoming a tech city TitleNo: 4.2 GroupName: Default GroupId: 237 ChartId: 69 ArticleId: 53 ChapterId: 12

The density of concentration in primary tech hubs varies signicantly


between countries, especially as new hubs spring up and prosper with a
country
The density of concentration Share of active members of tech-related Meetup groups in a given
in primary tech hubs varies Share of active
country thatmembers of tech in
are located Meetups in a given
selected citycity
significantly between countries,
especially as new hubs spring up 87.4

% of nationwide active members in given city


and prosper within a country 78.2
75 72 71.9 71.4
68.2
63.6

55.4
51.3 49.4
50 48.4
45.2 43.9

35.6 34.4
31.7
29.4
25
15.2
9.7
3.5
0

in

id

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M
www.stateofeuropeantech.com

% of nationwide active members

Source: Meetup

Germany and Spain have the least-


centralised tech ecosystems in Europe

34% 32% 87%


of Germanys tech community is of Spains tech community is of Hungarys tech community, by
based in Berlin based in Madrid contrast, is based in Budapest

http://preview.stateofeuropeantech.com/all-charts/ 62/241

No one European city has a monopoly on creating tech leaders,


either; talent and ambition can come from anywhere, and Europes
entrepreneurs now have increased access to capital, regardless of
geography.

Luciana Lixandru
Accel

50
Atomico & Slush The State of European Tech 2017
4.2

As tech eats Europe, every city is becoming a


tech city 22/11/2017 The State of European Tech 2017

TitleNo: 4.2 GroupName: Default GroupId: 247 ChartId: 74 ArticleId: 53 ChapterId: 12

There are signs that every city is becoming - or will eventually become -
a tech city. There are already 160+ hubs across Europe with signicant
tech communities
There are signs that every city Number of European cities with >50 tech-related Meetup events per
is becoming - or will eventually Number
year of European cities with >50 tech Meetup events per year
become - a tech city. There
are already 160+ hubs across 167

Number of cities with >50 Meetup events per year


Europe with significant tech 150 143
communities
114

100
83

54
50

30

0
2012 2013 2014 2015 2016 2017

22/11/2017 Number of cities with >50 events per year The State of European Tech 2017

TitleNo: 4.2 GroupName: Default GroupId: 241 ChartId: 71 ArticleId: 53 ChapterId: 12


www.stateofeuropeantech.com

Note: 2017 based on data to 30 September 2017


Looking at what's happening within individual countries, it's clear that
Europe is witnessing the spread of tech communities within a growing
Source: Meetup

Looking at whats happening number


Numberof ofcities
distinct hubs with >500 active members of tech-related
within individual countries, its Number of cities withby
Meetup groups country
>500 active members of tech-related Meetup groups by country
clear that Europe is witnessing
the spread of tech communities 25
Number of cities in given country with >500

24

within a growing number of 21


cities 20
active members

15
13 13 13

10
8
7
5
5 4 4 4 4 4 4
3 3 3 3
2 2 2 2 2

0
ne

nd

en ia

al

ic
Sw ly

Ro en

ia

ey

ay

ia
G om

ds

itz nd

Be d

m
an

ar

bi
ec
et anc
ai

an
n

bl
an

ss

ug
iu

w
rk
an

ed

ai

st
la
Sw ola

la

It
Sp

r
m
d

re

pu
nl
lg

ec Se
Ru
or
m

kr

rt
Tu

Ire
er

Au
ng

Fr

rl
er

G
P

Fi

Po
N
U

Re
he
Ki

h
d

N
te
ni

Cz

http://preview.stateofeuropeantech.com/all-charts/ 63/241
U

Number of distinct hubs with >500 active members of tech-related Meetup groups

Source: Meetup

Photo: Jussi Hellsten 51


Atomico & Slush The State of European Tech 2017
4.2

As tech eats Europe, every city is becoming a


tech city

22/11/2017 The State of European Tech 2017

TitleNo: 4.2 GroupName: Default GroupId: 245 ChartId: 73 ArticleId: 53 ChapterId: 12

In fact, there are now more tech Meetups happening outside Europe's 1578

Top 20 hubs than inside 6335


In fact, there are now more Distribution of tech-related Meetup events in and outside of Top 20
2328

tech-related events happening Distribution of tech-related Meetup events in- and outside of Top 20 hubs in Europe
hubs in Europe 2328

outside Europes Top 20 hubs 5328

than inside 100 3453

% of tech-related Meetup events


75 52 49
54
59
64 65

50 2328

2328

25 48 51
46
41
36 35

0
2012 2013 2014 2015 2016 2017

% in Top 20 cities % outside Top 20 cities


www.stateofeuropeantech.com

Note: 2017 based on Meetup events to end of September 2017

Source: Meetup

Its been magnificent to see the accelerating pace of new tech hubs
emerging all across Europe. As such a dispersed continent with so
many countries and languages, Europe can find its unique strength in
connecting these communities. We just need to keep on fuelling the
fire and working together.

Marianne Vikkula
Slush

http://preview.stateofeuropeantech.com/all-charts/ 65/241

5493

6335

2328

2328
45,023

52
Atomico & Slush The State of European Tech 2017

4.3
Despite burgeoning local ecosystems, founders
continue to move between countries to start-up
22/11/2017 The State of European Tech 2017

TitleNo: 4.3 GroupName: Default GroupId: 377 ChartId: 121 ArticleId: 54 ChapterId: 12

21% of European founders moved to another country to start-up, with


highest founder mobility seen in Central & Eastern Europe
21% of European founders % of founders that moved to another
moved to another country to % of founders
country to that moved by
start-up to another
regioncountry to startup by region of origin
of origin
start-up, with highest founder
mobility seen in Central &
Eastern Europe All 21

Central & Eastern Europe 29

Greece, Italy, Portugal & Spain 17

UK & Ireland 15
www.stateofeuropeantech.com

Nordics & Baltics 12

Benelux 9

France & DACH 9

0 5 10 15 20 25 30
% of founders

% of founders

Source: Startup Heatmap Europe 2017, European Startup Initiative

Despite concerns about Brexit, Top 10 European hubs selected by European


London is the #1 most preferred founders as their preferred location to start again
location to start-up by European http://preview.stateofeuropeantech.com/all-charts/ 66/241
founders, followed by Berlin and
Barcelona

Source: Startup Heatmap Europe 2017, European Startup Initiative

53
0
Atomico & Slush The State of European Tech 2017
4.3

Despite burgeoning local ecosystems, founders


continue to move between countries to start-up 22/11/2017 The State of European Tech 2017

TitleNo: 4.3 GroupName: Default GroupId: 379 ChartId: 122 ArticleId: 54 ChapterId: 12

Access to talent is by far the most important factor inuencing founder


location choices
Access to talent is by far Factors
Factors that
that influence
inuence locationlocation choice founders
choice of European of European founders
the most important factor
influencing founder location 80 77

% of founders indicating 'very important' or 'not


choices
62
60 58
55
52

important'
44
When I look at the other 40

examples based in Estonia, such


as Jobbatical, Funderbeam, 23
TransferWise and Starship 20
15
14
Technologies, they are all 9 10
building relationships and 5

collaborating outside of Estonia. 0


Access to talent Ease & cost of Access to capital Quality of Existing Personal Proximity to
It is also a good moment since doing business ecosystem Network target market

we live during an era of digital


Very important Not important
disruption and we need to
adopt a collaborative approach
to stay ahead of the game. Source: Startup Heatmap Europe 2017, European Startup Initiative
www.stateofeuropeantech.com

Kristel Kruustk
Testlio

The migratory flow of talent is


not evenly distributed; Southern,
Central and Eastern Europe
continue to see a loss of talent
to other regions

http://preview.stateofeuropeantech.com/all-charts/ 68/241

European founders no longer think locally. They think continentally,


and have grown their ambition to become global players. Europe
houses top technical and business schools and entrepreneurship is
now a top of mind choice.

Jos del Barrio


Samaipata Ventures

54
05
1578

2328 6335

2328

5328

3453

Capital Flows 2328


2328

Some people like to look at pure financials

Are the number of investments in tech companies up or are they


down? Is the total amount of money invested in European tech
companies still growing?

Can this really be another record year for European tech?

Is there anything else to be done to attract more capital from LPs?

5493

6335

2328

2328
45,023
Atomico & Slush The State of European Tech 2017

5.1
Another record year for
European tech investment 22/11/2017 The State of European Tech 2017

TitleNo: 5.1 GroupName: Default GroupId: 702 ChartId: 231 ArticleId: 56 ChapterId: 13

Total capital invested into European tech in 2017 will comfortably exceed
Total capital invested into the record-breaking
Capital invested ($B)levels
and of 2016
# of deals, annual, 2012 to 2017
European tech in 2017 will Capital invested ($B) and # of deals, annual, 2012 to 2017
comfortably exceed the record- 25
breaking levels of 2016 3,720 3,449 3600

20 19.1
2,837 3000
Capital invested ($B)

15 14.4

# of deals
2,247 13.2
2400

1,838
10
8.6 1800

1,276
5 4.6
4.1 1200

0 600
2012 2013 2014 2015 2016 2017
www.stateofeuropeantech.com

Capital invested ($B) # of deals

22/11/2017
Note: The State of
All Dealroom.co data excludes the following: biotech, European Tech
secondary 2017
transactions, debt, lending capital, grants. Please
also note the data excludes Israel. 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017

TitleNo: 5.1 GroupName: Default GroupId: 839 ChartId: 242 ArticleId: 56 ChapterId: 13
Source: Dealroom.co

Europe has seen more than $3B invested per quarter for 11 consecutive
Europe has seen more than quarters
Capital invested ($B) and # of deals per quarter
$3B invested per quarter for 11 Capital invested ($B) and # of deals per quarter
consecutive quarters 6 1250
5.4

1,014 4.9

4.5 1000
4.2
886 887
3.9
Capital invested ($B)

831
3.5 3.5 3.5 793
3.3 3.4

# of deals
3.2
3
3 688 682 750
2.6
2.3
567 2.1
499 1.7
1.5
1.5 500
1.2 1.1 1.2
1 0.9 1
0.8
293

0 250

http://preview.stateofeuropeantech.com/all-charts/ 70/241
Q 17

17
Q 16

16

Q 16

Q 17
Q 15

15

Q 15

Q 16
Q 14

14

Q 14

Q 15
Q 13

13

Q 13

Q 14
Q 12

Q 12

12

Q 12

Q 13

20

20

20
20

20

20

20
20

20

20
20

20

20

20

20

20

20

20

20

20

20

20

20
1

3
1

4
2

4
1

4
Q

Q
Q
Q

Capital invested ($B) # of deals

Source: Dealroom.co

Theres capital out there for starting and scaling companies at a level Stephen Lowery
that has not been seen in Europe historically. Weve observed growth Silicon Valley Bank
in the number of funds across early and growth stage. And with a
maturing ecosystem, were seeing increased investment from US and
Asia for scaling companies and a resurgence of the mega-round with
companies raising more than $100m.

56
Atomico & Slush The State of European Tech 2017
5.1

Another record year for European


tech investment

22/11/2017 The State of European Tech 2017


22/11/2017 The State of European Tech 2017

There has been an increase in capital invested and number of deals for
TitleNo: 5.1 GroupName: Round size: $0-2M GroupId: 470 ChartId: 156 ArticleId: 56
TitleNo: 5.1 GroupName: Round size: $2-5M GroupId: 743 ChartId: 156 ArticleId: 56
all round
ChapterId: 13 sizes, except for <$2M rounds, which declined slightly
ChapterId: 13 in 2017
There has been an increase in capital invested and number of deals for There has been an increase in capital invested and number of deals for
Capital
all invested
round sizes, ($M)
except for <$2Mand # of
rounds, deals
which by slightly
declined roundinsize
2017 all round sizes, except for <$2M rounds, which declined slightly in 2017
Capital invested ($M) and # of deals by round size Capital invested ($M) and # of deals by round size
Round size: $0-2M Round size: $2-5M
2000 2000
1,885
1,841 1,854

1,657
Capital invested ($M) / # of deals

Capital invested ($M) / # of deals


1500 1,472
1500
1,339
1,283 1,281

1,111 1,102
1000 943 1000
879
720
678
586 637
578 585
22/11/2017 The State of European Tech 2017 22/11/2017 496 The State of European Tech 2017
500
386 500
344
TitleNo: 5.1 GroupName: Round size: $5-10M GroupId: 744 ChartId: 156 ArticleId: 56 263
TitleNo: 5.1 GroupName: Round size: $10-20M GroupId: 745 ChartId: 156 ArticleId: 56
197
ChapterId: 13 ChapterId: 13 144

0
There has beenCapital
an increase in capital invested and #number
invested ($M) $0-2M of deals for
of deals $0-2M There0 has beenCapital
an increase in capital invested and #number
invested ($M) $2-5M
of deals for
of deals $2-5M
all round sizes, except for <$2M rounds, which declined slightly in 2017 all round sizes, except for <$2M rounds, which declined slightly in 2017
2012 2013 2014 2015 2016 2017
2012 2013 2014 2015 2016 2017
Capital invested ($M) and # of deals by round size Capital invested ($M) and # of deals by round size
Round size: $5-10M Round size: $10-20M
2500 3000
Source: Dealroom.co 2,311 2,745
Source: Dealroom.co

2500
2000
Capital invested ($M) / # of deals

Capital invested ($M) / # of deals


www.stateofeuropeantech.com

1,732 2,075
2000

1500 1,736

1,223 1500
1,157

1000
1,039
1000
22/11/2017 The State of European Tech 2017 22/11/2017 831 The State of European Tech 2017
648
487
500
TitleNo: 5.1 GroupName: Round size: $20-50M GroupId: 746 ChartId: 156 ArticleId:
324 56 TitleNo:
500 5.1 GroupName: Round size: $50M+ GroupId: 747 ChartId: 156 ArticleId: 56
ChapterId: 13 171
249 ChapterId: 13
157 152 196
65 91 123
57 68 69
There0 has been an increase in capital invested and number of deals for There0 has been an increase in capital invested and number of deals for
Capital invested ($M) $5-10M # of deals $5-10M Capital invested ($M) $10-20M # of deals $10-20M
all round sizes, except for <$2M rounds, which declined slightly in 2017 all round sizes, except for <$2M rounds, which declined slightly in 2017
Capital
Round invested
2012
size:($M)
2013 and
2014# of deals
$20-50M
2015 by round
2016 size2017 Capital
Round invested
2012
size:($M)
2013 and
2014# of deals
$50M+
2015 by round
2016 size2017

4,220 6,730
Source: Dealroom.co Source: Dealroom.co
4k
6k
Capital invested ($M) / # of deals

Capital invested ($M) / # of deals

http://preview.stateofeuropeantech.com/all-charts/ 72/241
3,261 http://preview.stateofeuropeantech.com/all-charts/ 5,177 77/241
3,061
3k
4,192
4k

2k 1,839 2,986

1,294
2k
1,036
1k

618 728

60 97 109 136
39 33 7 5 26 43 34 54
0 0
Capital invested ($M) $20-50M # of deals $20-50M Capital invested ($M) $50M+ # of deals $50M+

2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017

Source: Dealroom.co Source: Dealroom.co

http://preview.stateofeuropeantech.com/all-charts/ 76/241 http://preview.stateofeuropeantech.com/all-charts/ We are seeing the first 74/241

indications of a stabilisation
Its nothing like when I launched, when my boss said to me Brent, in the # of earliest stage
have you ever come across two people under 30 whove raised over funding rounds, reflecting a
$1million from a business plan? and we were like No!. Now we can global trend
think of hundreds of people - its much better now, there are many

12%
more support networks and there is a monetisation system out there
for entrepreneurs.

Brent Hoberman
Founders Factory, Founders Forum, firstminute capital decline in # of deals between
$0-2M year-on-year
http://preview.stateofeuropeantech.com/all-charts/ 73/241 http://preview.stateofeuropeantech.com/all-charts/ 75/241

57
Atomico & Slush The State of European Tech 2017
5.1

Another record year for European


tech investment

22/11/2017 The State of European Tech 2017

TitleNo: 5.1 GroupName: Default GroupId: 698 ChartId: 229 ArticleId: 56 ChapterId: 13

The long-term investment trend in Europe reects the remarkable


The long-term investment Trailing 12-month
expansion capital invested
of its technology ($B) and # of deals by quarter
ecosystem
trend in Europe reflects the Trailing 12-month capital invested ($B) and # of deals by quarter
remarkable expansion of its
20 4000
technology ecosystem
3,720 17.8
3,355
16.1

15 14.1 14.3 14.4 14.2 3200


13.9
13.2

Capital invested ($B)


12.3
11.4

# of deals
10.3
10 2,213 2400
2,012 8.6
8

1,671 6.4
5.4
5 4.6 1600
4.1 4.2 4.2 4.2

0 800

17

17
16

16

16

17
15

15

16
14

15

15
14

14

14
12

13

13

13

13

20

20

20
20
20

20

20
20

20

20

20

20

20
20

20

20

20

20

20

20

3
4
1

3
4

Q
Q
Q

Q
Q

Q
Q

Q
Q

Q
Q

Q
Capital invested ($B) #of deals

22/11/2017 The State of European Tech 2017


www.stateofeuropeantech.com

Source: Dealroom.co
TitleNo: 5.1 GroupName: Default GroupId: 339 ChartId: 109 ArticleId: 56 ChapterId: 13

But there is still huge headroom. European countries still considerably


lag others such as the US and Israel in terms of capital invested per
capita. To pick just one example, Italy is a market with huge upside
potential
But there is still huge headroom. Capital invested ($) per capita by country
European countries still lag Capital invested ($) per capita by country
others such as the US and Israel
in terms of capital invested per Israel 304

capita USA 246

Sweden 123

Ireland 111

United Kingdom 59

Finland 58

France 45

Denmark 33

Norway 29
http://preview.stateofeuropeantech.com/all-charts/ 78/241
Germany 26

Netherlands 25

Belgium 19

Spain 14

Austria 9

Portugal 4

Italy 3

Russia 2

Turkey 0

0 50 100 150 200 250 300


Capital invested ($ per capita)

$ per capita

Note: Based on capital invested ($B) in 2016

Source: Dealroom.co
58
Atomico & Slush The State of European Tech 2017

5.2
A deep dive into
European tech
22/11/2017 The State of European Tech 2017

TitleNo: 5.2 GroupName: Default GroupId: 319 ChartId: 103 ArticleId: 55 ChapterId: 13

The
The UKUK remains
remains thedestination
the largest largest fordestination forin capital
invested in Europe; in
capital invested
Europe; in addition, 10 countries have now raised >$1B since 2012
addition, 10 countries have now raised >$1B since 2012
Capital
Capitalinvested ($B)
invested by country
($B) by country

United Kingdom 13.3 5.4


Germany 8.9 2.5
France 6.9 2.1
Sweden 3.5 0.9
Spain 1.8 0.8
Netherlands 1.5 0.4
Russia 1.7 0.2
Switzerland 1.4 0.3
Ireland 1.1 0.3
Finland 1.1 0.3
www.stateofeuropeantech.com

Denmark 0.7 0.1


Belgium 0.5 0.2
Austria 0.4 0.3
Italy 0.5 0.1
Norway 0.3 0.1
Poland 0.2 0.2
Iceland 0.2
Turkey 0.2
Estonia 0.2
Luxembourg 0.1 0.1
Lithuania 0.1
Portugal 0.1
Cyprus 0.1
Croatia 0.1
Romania 0
Ukraine 0
Greece 0.1
Czech Republic 0
Hungary 0
Rest of Europe 0.1

0 2.5 5 7.5 10 12.5 15 17.5 20


Capital invested ($B)

2017 (YTD) 2012-2016

Source: Dealroom.co

59
Atomico & Slush The State of European Tech 2017
5.2

A deep dive into


European tech

1578

The UK, France and Germany dominate stories about European 2328 6335

investment levels, but digging beneath the surface its the growth of 2328

capital invested into countries such as Belgium, Norway or Romania


22/11/2017 The State of European Tech 2017
22/11/2017 5328 The State of European Tech 2017

that
TitleNo:tells another
5.2 GroupName: important
United Kingdom story
GroupId: 483 ChartId: 160 ArticleId: 55
ChapterId: 13 TitleNo: 5.2 GroupName: France GroupId: 485 ChartId: 160 ArticleId: 55 ChapterId: 13
3453

The UK, France and Germany dominate stories about European The UK, France and Germany dominate stories about European
investment levels, but digging
Capital invested ($M) beneath the surface,
by country perit's the growth of
year investment levels, but digging beneath the surface, it's the growth of
capital invested into countries such as Belgium, Norway or Romania that capital invested into countries such as Belgium, Norway or Romania that
tells another important story tells another important story
Capital invested ($M) by country per year Capital invested ($M) by country per year
United Kingdom France
7,177 2,981
3k 2328
2,772
2328
Capital invested ($M) by country

6k

Capital invested ($M) by country


2k
4,271
4k 3,848 1,552

1,148
2,404
22/11/2017 The State of European Tech 2017 22/11/20171k The State of European Tech 2017
2k 712
1,390 1,340 554
TitleNo: 5.2 GroupName: Germany GroupId: 486 ChartId: 160 ArticleId: 55 ChapterId: 13 TitleNo: 5.2 GroupName: Belgium GroupId: 796 ChartId: 160 ArticleId: 55 ChapterId: 13

The UK, France and Germany dominate stories about European The UK, France and Germany dominate stories about European
0 0
investment 2012levels, but digging beneath
2013 2014 the surface,
2015 it's2016
the growth2017
of investment 2012levels, but digging beneath
2013 2014 the surface,
2015 it's2016
the growth2017
of
capital invested into countries such as Belgium, Norway or Romania that capital invested into countries such as Belgium, Norway or Romania that
www.stateofeuropeantech.com

United Kingdom France


tells another important story tells another important story
Germany
Capital invested ($M) by country per year Belgium
Capital invested ($M) by country per year
Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017 Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017

3,273 3,315 256


Source: Dealroom.co Source:
250 Dealroom.co
3k 221
Capital invested ($M) by country

Capital invested ($M) by country

200
174
2,129 2,154
2k 150

100
22/11/2017 The State of European Tech 2017 22/11/2017 The State of European Tech 2017
1k 68
772
TitleNo: 5.2587GroupName: Norway GroupId: 794 ChartId: 160 ArticleId: 55 ChapterId: 13 TitleNo:
50 5.2 38 46
GroupName: Romania GroupId: 801 ChartId: 160 ArticleId: 55 ChapterId: 13

The UK, France and Germany dominate stories about European The UK, France and Germany dominate stories about European
investment
0
2012
levels, but digging beneath
2013 2014
the surface,
2015
it's2016
the growth2017
of investment
0 levels, but2013
2012
digging beneath
2014
the surface,
2015
it's2016
the growth2017
of
capital invested into countries such as Belgium, Norway or Romania that capital invested into countries such as Belgium, Norway or Romania that
tells Germany
another important story tells Belgium
another important story
Capital
Norway invested ($M) by country per year Capital
Romania invested ($M) by country per year
http://preview.stateofeuropeantech.com/all-charts/ 81/241
http://preview.stateofeuropeantech.com/all-charts/ 82/241
Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017 Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
151 53
150 145
Source: Dealroom.co Source: Dealroom.co
50
Capital invested ($M) by country

Capital invested ($M) by country

40

100
90
30

5493 20
50 16
12
25 27 10

7 2 2
1
0 0
2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017

Norway Romania

http://preview.stateofeuropeantech.com/all-charts/
Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017 83/241 http://preview.stateofeuropeantech.com/all-charts/
Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017 93/241

Source: Dealroom.co Source: Dealroom.co

2328

2328
45,023

60
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Atomico & Slush The State of European Tech 2017
5.2

A deep dive into


European tech

France is challenging the UK for


the most number of deals closed
per year
22/11/2017 The State of European Tech 2017
22/11/2017 The State of European Tech 2017

TitleNo: 5.2 GroupName: United Kingdom GroupId: 835 ChartId: 161 ArticleId: 55
ChapterId: 13 TitleNo: 5.2 GroupName: France GroupId: 488 ChartId: 161 ArticleId: 55 ChapterId: 13
Number of deals by country per year
France has overtaken the UK for the number of deals closed per year for France has overtaken the UK for the number of deals closed per year for
the rst time the rst time
Number
UnitedofKingdom
deals by country per year Number
Franceof deals by country per year

782 787 753


762
728

627

587

423

286

213
172
126
22/11/2017 The State of European Tech 2017 22/11/2017 The State of European Tech 2017

TitleNo: 5.2 GroupName: Germany GroupId: 824 ChartId: 161 ArticleId: 55 ChapterId: 13 TitleNo: 5.2 GroupName: Belgium GroupId: 834 ChartId: 161 ArticleId: 55 ChapterId: 13
2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017
France has overtaken the UK for the number of deals closed per year for France has overtaken the UK for the number of deals closed per year for
www.stateofeuropeantech.com

the rst
United time
Kingdom
the rst
France
time
Number of deals by country per year Number of deals by country per year
Germany Belgium
Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017 Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
426 75
Source: Dealroom.co Source: Dealroom.co
395
386

60
320

268 48

191 34

18
16
22/11/2017 The State of European Tech 2017 22/11/2017 The State of European Tech 2017

TitleNo: 5.2 GroupName: Norway GroupId: 819 ChartId: 161 ArticleId: 55 ChapterId: 13 TitleNo: 5.2 GroupName: Romania GroupId: 836 ChartId: 161 ArticleId: 55 ChapterId: 13
2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017
France has overtaken the UK for the number of deals closed per year for France has overtaken the UK for the number of deals closed per year for
the rst time
Germany the rst time
Belgium

Number of deals by country per year Number of deals by country per year
Norway
1578 Romania
Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017 Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
6335 68 26
2328
66
http://preview.stateofeuropeantech.com/all-charts/ 118/241
Source: Dealroom.co Source: Dealroom.co
http://preview.stateofeuropeantech.com/all-charts/ 101/241
2328
20
5328

3453

13

24 1578

6 6335
13 5 2328
12
3

2 2328

2012 2013 2014 2015 2016 2017 2012 2013 2014


5328 2015 2016 2017
2328

Norway 2328 Romania 3453

Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017 Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017

Source: Dealroom.co Source: Dealroom.co


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2328

2328

61
Atomico & Slush The State of European Tech 2017
5.2

A deep dive into


European tech

22/11/2017 The State of European Tech 2017

The diversification TitleNo:


of European tech continues
5.2 GroupName: Top 5 to be GroupId:
Hubs reflected351
by ChartId: 113 ArticleId: 55 ChapterId: 13
increased capital invested into cities such as Amsterdam, Munich,
The diversication of European tech continues to be reected by
Vienna and Barcelona...
increased capital invested into cities such as Amsterdam, Munich, Oslo
and Barcelona...
Top 20 European hubs by capital invested ($M)
Top 20 European hubs by capital invested ($M)
Top 5 hubs

5,080
5k

4k
Capital invested ($M)

3k 2,878

2,473 2,400
2,054
2k 1,812
1,632
1,516
www.stateofeuropeantech.com

984 1,011 999 971


1k
22/11/2017 The State of European Tech 2017 722
568 547
386 347 367
82
TitleNo:
0 5.2 GroupName: Hubs 6-10 GroupId: 353 ChartId: 113 ArticleId: 55 ChapterId: 13
London Berlin Paris Barcelona Stockholm
The diversication of European tech continues to be reected by
increased
2012 capital
2013 invested
2014 into cities
2015 2016 such
2017 as Amsterdam, Munich, Oslo

and Barcelona...
Top
Hubs20 European
Note: 6-10
hubs by capital invested ($M)
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017

500 Dealroom.co
Source:
471

400 393
Capital invested ($M)

300 293 291

249
229
217 218
200 188

140 144
133
120 116 117
97 105
100
62 55
45
25 32

0
Dublin Amsterdam Vienna Madrid Munich

2012 2013 2014 2015 2016 2017

http://preview.stateofeuropeantech.com/all-charts/
Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017 121/241

Source: Dealroom.co

62
Atomico & Slush The State of European Tech 2017
5.2
1578

A deep dive into


6335
European tech 2328

2328

5328

22/11/2017 The State of European Tech 2017 3453

TitleNo: 5.2 GroupName: Hubs 11-15 GroupId: 354 ChartId: 113 ArticleId: 55 ChapterId: 13

The diversication of European tech continues to be reected by


increased capital invested into cities such as Amsterdam, Munich, Oslo
and Barcelona...
Top 20 European hubs by capital invested ($M) 2328
23

Top 20 European hubs by capital invested ($M)


Hubs 11-15

304
300
281
Capital invested ($M)

200 187
166 165 168

144
137
129 131

105 110
101
100
81
74 73
www.stateofeuropeantech.com

54
22/11/2017 41 44 The State of44
European Tech 2017 45
23 29
20
8
3 ArticleId: 55 ChapterId: 13
TitleNo:
0
5.2 GroupName: Hubs 16-20 GroupId: 355 ChartId: 113
Hamburg Bristol Cambridge Zurich Helsinki
The diversication of European tech continues to be reected by
increased
2012 capital
2013 invested
2014 into cities
2015 2016 such
2017 as Amsterdam, Munich, Oslo

and Barcelona...
Top
Hubs
20 European
Note:16-20
hubs by capital invested ($M)
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017

Source: Dealroom.co
306
298
300

5493
Capital invested ($M)

6335 200
173

115
107
100 93 89
73 76
65 62
52 48
38 40
32
22
16 16
10
3 0 3
02328
2328
Oslo Moscow Brussels Manchester Milan

2012 2013 2014 2015 2016 2017


45,023

http://preview.stateofeuropeantech.com/all-charts/
Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017 123/241

Source: Dealroom.co

63
Atomico & Slush The State of European Tech 2017
5.2

A deep dive into


European tech

...as well as growing


22/11/2017numbers of funding rounds The State of European Tech 2017
in the regions latest set of emerging tech hubs
TitleNo: 5.2 GroupName: Top 5 Hubs GroupId: 356 ChartId: 114 ArticleId: 55 ChapterId: 13

...as
# of well
dealsas growing
in Top numbers
20 European hubsof funding
(ranked rounds
by capital in theinregion's
invested 2017) latest set
of emerging tech hubs
#Top
of deals
5 hubs in Top 20 European hubs (ranked by capital invested in 2017)

521
500

433

400 393

312
# of deals

300 288
277

201 203 197


200
167 167
www.stateofeuropeantech.com

151

107 101
100 91
80
22/11/2017 The State of European Tech 2017 60 55
29 34

0
TitleNo: 5.2London
GroupName: Hubs Berlin
6-10 GroupId: 358Paris
ChartId: 114 Barcelona
ArticleId: 55 ChapterId:
Stockholm 13

...as well
2012
as2013
growing
2014
numbers
2015
of2016
funding rounds in the region's latest set
2017
of emerging tech hubs
#Hubs
of deals
6-10 in Top 20 European hubs (ranked by capital invested in 2017)
Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017

100
Source: Dealroom.co 95

83

75
69

58
# of deals

55 55
53
50 46 46 46

38 38 38
31 32 31
27
25 23 24

16 16

0
Dublin Amsterdam Vienna Madrid Munich

2012 2013 2014 2015 2016 2017

Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017

http://preview.stateofeuropeantech.com/all-charts/
Source: Dealroom.co 125/241

64
Atomico & Slush The State of European Tech 2017
5.2

A deep dive into


European tech

22/11/2017 The State of European Tech 2017

5493

TitleNo: 5.2 GroupName: Hubs 11-15 GroupId: 359 ChartId: 114 ArticleId: 55 ChapterId: 13
6335

...as well as growing numbers of funding rounds in the region's latest set
# of deals in Top 20 European hubs (ranked by capital invested in 2017)
of emerging tech hubs
#Hubs
of deals
11-15 in Top 20 European hubs (ranked by capital invested in 2017)

60
55

50

44
2328
40
40 2328

35
34 34
# of deals

30

45,023
30
26
22
20 19 19 19
www.stateofeuropeantech.com

15 14 14 15
12 13
11
10 9 9
7 7
22/11/2017 The State of European Tech 2017
3 4 4

0
TitleNo: 5.2 GroupName: Hubs Bristol
Hamburg 16-20 GroupId:Cambridge
360 ChartId: 114 Zurich
ArticleId: 55 ChapterId:
Helsinki 13

...as well
2012
as 2013
growing numbers
2014 2015
of2016
funding rounds in the region's latest set
2017
of emerging tech hubs
#Hubs
of deals
16-20
in Top 20 European hubs (ranked by capital invested in 2017)
Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017

Source:
60 Dealroom.co 59

50
47

40
40
37
# of deals

35 34
31
30 29 29

22
20 19
16 15
14
10 10 10
10
7 7 7 6 7
5 5
3 2
1
0
Oslo Moscow Brussels Manchester Milan

2012 2013 2014 2015 2016 2017

Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017

http://preview.stateofeuropeantech.com/all-charts/ 127/241
Source: Dealroom.co

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Atomico & Slush The State of European Tech 2017
5.2

A deep dive into


European tech

22/11/2017 The State of European Tech 2017

TitleNo: 5.2 GroupName: Seed GroupId: 450 ChartId: 151 ArticleId: 55 ChapterId: 13

The median Series A round in Europe has increased signicantly again


The median Series A round Mean and median round size ($M) by stage
and has now risen from $3.3M in 2012 to $5.5M in 2017
in Europe has increased
significantly again and has now Mean and median round size ($M) by stage
Seed
risen from $3.3M in 2012 to
$5.5M in 2017 1
1

0.8 0.8
0.75

Round size ($M)


0.6 0.6 0.6 0.6 0.6

0.5
0.5

0.3 0.3

0.25
0.2

0
22/11/2017 2012 2013 The State of European Tech
2014 2017
2015 2016 2017

Mean - Seed Median - Seed


TitleNo: 5.2 GroupName: Series A GroupId: 448 ChartId: 151 ArticleId: 55 ChapterId: 13

The median Series A round in Europe has increased signicantly again


www.stateofeuropeantech.com

and has
Source: now risen from $3.3M in 2012 to $5.5M in 2017
Dealroom.co

Mean and median round size ($M) by stage


Series A

8.2
8

6.2
6 6
6
5.5 5.4 5.5
Round size ($M)

4 3.9 4
4
3.3
3

22/11/2017 The State of European Tech 2017

0
TitleNo: 5.2 GroupName: Series
2012 2013 B GroupId:
2014 451 ChartId:
2015151 ArticleId:
2016 55 ChapterId:
2017 13

The median
Mean - SeriesSeries
A A round
Median - Series in
A Europe has increased signicantly again
and has now risen from $3.3M in 2012 to $5.5M in 2017
http://preview.stateofeuropeantech.com/all-charts/
Mean and median round size ($M) by stage 131/241
Series
Source: B
Dealroom.co

25
23.8

20
Round size ($M)

15 14.7
13.3 13
12.2 12.4
11.3
10.6
10
8.5 8.7
8.1
7

0
2012 2013 2014 2015 2016 2017

Mean - Series B Median - Series B

Source: Dealroom.co 66
http://preview.stateofeuropeantech.com/all-charts/ 129/241
Atomico & Slush The State of European Tech 2017
5.2

A deep dive into


European tech

22/11/2017 The State of European Tech 2017

TitleNo: 5.2 GroupName: Series C GroupId: 452 ChartId: 151 ArticleId: 55 ChapterId: 13

The median Series A round in Europe has increased signicantly again


Mean
and hasand
nowmedian round
risen from sizein
$3.3M ($M)
2012bytostage
$5.5M in 2017
Mean and median round size ($M) by stage
Series C

30 30.1
30 29.4
27.2

23

20.2

Round size ($M)


20 19
18.6 18.5

13.4

11
10.2
10

0
2012 2013 2014 2015 2016 2017

Mean - Series C Median - Series C


www.stateofeuropeantech.com

Source: Dealroom.co

22/11/2017 The State of European Tech 2017

TitleNo: 5.2 GroupName: Default GroupId: 530 ChartId: 170 ArticleId: 55 ChapterId: 13

A combination of more ambitious founders and an increasingly


competitive VC landscape is driving up Series A round sizes, especially in
France and Germany
A combination of more ambitious Median
Median Series
Series A round
A round size
size ($) by ($) by
country andcountry
year and year
founders and an increasingly
competitive VC landscape 7 7

is driving up Series A round


sizes, especially in France and 6
5.5
Germany 5.1 5.1
Median round size ($M)

4.9 5
4.5
4 4.1 4 4
4 3.8 3.9
3.7 3.6
3.4 3.3 3.3 3.3
3 3

2.2
2
1.6
http://preview.stateofeuropeantech.com/all-charts/ 130/241

0
United Kingdom Germany France Spain Europe
1578

6335
2328 2012 2013 2014 2015 2016 2017

2328

5328
Source: Dealroom.co

2328

2328

67
Atomico & Slush The State of European Tech 2017
5.2

A deep dive into


European tech

22/11/2017 The State of European Tech 2017

Fintech, food, transportation and healthcare have all seen large


capital investments in 20175.2 GroupName: Capital invested >$1B in 2017 GroupId: 329 ChartId: 106
TitleNo:
ArticleId: 55 ChapterId: 13

Fintech, food, transportation and healthcare have all seen large capital
Capital investedin($M)
investments by industry
2017
Capital invested ($M) by industry
Capital invested >$1B in 2017

4,195
4k
Capital invested ($M) by industry

3k

2,275
2,022
2k 1,826
1,620 1,644 1,558
1,484 1,459
1,271 1,368 1,296
1,105 1,074
1k 800 828
745
536 584 494
476
www.stateofeuropeantech.com

387
257 220 292
86
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0 The State of European Tech 2017
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http://preview.stateofeuropeantech.com/all-charts/ 134/241

Source: Dealroom.co

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22/11/2017 TheAtomico
State of European
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TitleNo: 5.2 GroupName: Capital invested $100-500M in 2017 GroupId: 333 ChartId: 106
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