1

Europe’s definitive tech report

Proudly supported by

2
2
 The definitive take on
European tech

TABLE OF CONTENTS

The path ahead 04

European tech, a new reality 23

SoET community 97

3
00

A word from Atomico 6

A word from Orrick 10
A word from Lazard 14
A word from Silicon Valley Bank 18
A word from Slush 20

The path ahead

4
A word from Atomico

A word from the report co-authors

It’s an understatement to say it’s been a tough year. From the horrifying war in Ukraine, to rising in-
flation, interest rate hikes, and the energy crisis - we’re facing the most challenging macroeconomic
environment since the 2008 global financial crisis. European technology has been far from immune.
Headlines of widespread layoffs and a drop off in funding have told a story that is now beginning to
show through in the data.

5
By June, a total of $55.5 billion had been invested in European tech, placing the
first half of 2022 on par with last year’s record levels for the same period. How-
ever, this initial boost was driven by spillover from the previous year’s investment
activity, and we’re on track for a 42% decrease for the second half of the year
compared to 2021.

We all know that the IPO market is mostly closed. Globally, there have been just
three IPOs valued at $1 billion or more, two of which were in Europe, compared
to last year’s 86. M&A activity, while one of the only remaining routes to exit for
founders, has also dropped off. The compression of the public market has trick-
led down to the private markets, with investment round sizes now shrinking, after
inflating in 2021. Series A valuations have fallen 50%, while Series C valuations
are down 60% from their highs at the end of 2021.

For founders facing slower revenue growth and diminishing cash reserves, reti-
cent to raise at a lower valuation, this means doing more with less. Layoffs have
been one of the most visible, and difficult, indicators of the economic slowdown,
as hundreds of firms made the hard decision to reduce headcount to manage
cash burn. The pace of layoffs has increased in the second half of the year and
more pain is likely to come in 2023.

Yet, despite the somewhat gloomy headlines, we’ve emerged from the process of
writing this report feeling more optimistic about the European tech opportunity.
The technology ecosystem as we know it is barely twenty years old and in that
time we’ve matured at an incredible rate. Real success for the sector is less about
short-term valuations, and much more about talent, innovation and long-term
company building. The crucial pieces of this puzzle remain in place. Investors are
sitting on record amounts of dry powder to deploy - $84 billion across European
venture and growth funds alone, up almost 3x in just the last five years. Europe
has 160,000+ start-ups, many still hiring, and a community of 2.6 million start-up
employees more experienced, more connected and better equipped than ever.
In terms of the underlying strength of our ecosystem, far less has changed than
we think.

We’ve emerged from the process of writing this report

feeling more optimistic about the European tech op-
portunity.”

Sarah Guemouri
Principal, Atomico

6
Digital transformation is not going away. Tailwinds continue to propel the sector
forward, and with the world facing significant challenges, technology must be our
solution. New estimates suggest that the EU alone will need to double its number
of technology specialists - and create 11 million more roles by 2030 - in order to
meet the growing demand for new tech. We’re still very early in Europe’s journey.

That’s not to say there won’t be more hard choices on the horizon. Leaning into
the difficult decisions of this period - be that down rounds, layoffs or closing
up shop, is crucial. The true strength of European tech is about building a fu-
ture-facing ecosystem that can withstand economic cycles and come through
stronger. Many founders today have only ever experienced bull market condi-
tions. The slowdown is a chance to build more resilient businesses, with the per-
spective and maturity to endure for the long term.

And there’s evidence the tech community agrees. According to our survey, there
is optimism across all groups - founders, operators, VCs, LPs, policymakers - de-
spite the macroeconomic turbulence. 44% of respondents feel more optimistic
about European tech now than they were twelve months ago. This rises to 77%
when you include those who say they feel the same as a year ago. There is con-
sensus about the future of European tech.

With less froth, and the consolidation that comes from a downturn, Europe has
the opportunity to focus resources on technologies that solve meaningful prob-
lems and have the greatest chance of success. Investment in purpose-driven
technology has actually sped up this year, despite the market turmoil. While total
capital invested in tech is up 3.1x on 2018, climate tech investment has increased
6.7x in the same period.

During a downturn, perceptions of opportunity and risk inevitably evolve. But as

this report shows, innovation doesn’t stop, and neither does entrepreneurship.
While a recession may hit short-term consumer spending and business invest-
ment, technology continues to transform the way we live and work.

That’s why our message to founders, governments, and LPs is clear: this is not
the time to sit back. Whatever is happening in the markets, the fundamentals of
this ecosystem haven’t changed. The opportunity for Europe is greater than ever.

7
 This is not the time to sit back. Whatever is happening
in the markets, the fundamentals of this ecosystem
haven’t changed. The opportunity for Europe is greater
than ever.”

Tom Wehmeier
Partner, Head of Insights, Atomico

About Atomico
Atomico is not a traditional venture capital firm. Founded in 2006, we are built by founders for found-
ers. Every single aspect of Atomico, every part of our culture, and every decision we take, is designed
with the ambition of helping founders succeed. We believe entrepreneurs are the ultimate agents of
positive, transformational change across every aspect of our society and economy. Our mission is to
spur this progress forward. It’s why we’ve partnered with over 120 of the world’s most ambitious found-
ers, including those at Supercell, Stripe, Graphcore, Healx, Jobandtalent, Klarna, Lilium, MessageBird,
Gympass, Pipedrive and Aiven. Atomico’s team of founders, investors and operational leaders are
from growth successes such as Skype, Google and Twitter through to Snowflake, Revolut, Farfetch
and Wise. We work hand-in-glove with founders, drawing on hard-won experience scaling some of the
most successful technology companies in the world, while also providing guidance on how to scale
consciously and contribute meaningfully to a better future.

8
A word from Orrick

9
If one word summarizes European tech in 2022, it is resilient.
Total investment remains on track to reach $85B this year. In
the toughest macroeconomic environment since the glob-
al financial crisis, this will not fall far behind the 2021’s re-
cord-breaking levels.”

Chris Grew
Partner, Technology Companies Group, Orrick

10
While fundraising has become more challenging,
founders should keep these six things in mind as
they navigate an uncertain future:

Responsible Growth Will As an economic downturn creates turbulence across global markets, venture
Drive Innovation capital investors are becoming more cautious and selective. Growth for growth’s
sake is no longer enough – companies also must balance efficiency, sustainability
and profitability.

The Pool of European Nearly 3,500 institutions participated in at least one investment in Europe in
Investors Is Deeper Than 2022. Despite some slowdown in investment activity, plenty of investors contin-
ue to explore opportunities in European tech.
Ever Before

The Market Offers a The pandemic accelerated tech adoption, but potential still beckons around the
Wealth of Untapped continent. A third of retail companies in Europe lack a website and nearly 60% of
businesses with at least 10 employees are not in the cloud.
Potential

Tech Continues To Drive Tech spending has more than doubled during the last 20 years. It transforms how
Change we live and work and promises to continue reshaping everything from energy and
sustainability to defense, cybersecurity, AI safety and more.

Venture Capital Will The transition to net-zero greenhouse gas emissions by 2050 will require an extra
Help Fuel the Net-Zero $3.5 trillion a year in spending, according to McKinsey, and a significant portion
of that will come from venture. The tech community is uniquely positioned to
Transition
help balance Europe’s need for energy with its leadership in combating climate
change through purpose-driven investments and clean energy transition.

Government Will Play a Policymakers continue to look to tech to solve complex problems. Regulators
Critical Role have pivoted as innovation outpaces regulation. From the European Commis-
sion’s “Digital Decade” targets for 2030 to the Digital Markets Act, regulators are
trying to create an open and fair digital economy. They will need to balance priva-
cy with innovation. Meanwhile, the public sector makes substantial commitments
to venture capital. Government investment in financing – as LPs into VC funds
and through non-dilutive financing to startups – will help address the resource
distribution imbalance of capital to early-stage companies.

11
 The tech community faces complex challenges that
require creative solutions. The State of European Tech
can help address those challenges.

The tech community faces complex challenges that require creative solu-
tions. The State of European Tech can help address those challenges. The
report has become the most widely anticipated guide to VC and tech in
Europe. We at Orrick are honored to contribute and partner with Atomico.”
Chris Grew
Partner, Technology Companies Group, Orrick

About Orrick
Creators. Visionaries. Underdogs. The Daring. Orrick counsels more than 3,700 high growth tech com-
panies, as well as the most active funds, corporate venture investors and public tech companies
worldwide. We help you disrupt. We help you build. We protect you. We help you win. We are the No. 1
most active law firm in European venture capital and No. 4 globally (PitchBook), top 15 for global M&A
and PE (Mergermarket) and advisors to five of the top 20 global private equity funds. We offer destina-
tion practices in other areas that are important to tech companies’ success: privacy and cybersecurity,
intellectual property, payments, capital markets and beyond. Nothing inspires us more than helping
tech companies innovate. We share that same vision, not only in our legal advice but also in the way
we deliver our services. That’s why Financial Times selected us as the Most Digital Law Firm in 2020
and Top 3 for Innovation, 6 Years in a Row.

12
A word from Lazard

2022 looks like the year the sea changed.

The rapid, Covid/WFH-fuelled technology run of 2021/22 appeared to reverse. Tech market valuations
declined: $400B+ in value has been erased since the start of 2022. The NASDAQ ended 13 years of
value appreciation to close down c. 47%. Median revenue multiples contracted from 18.6x to 5.4x. The
2021 SPAC party may have ended and IPO markets seem to have “closed”. It appeared that investors in
2022 were no longer racing to submit term sheets. Many Tech companies embarked on well-publicised
staff lay-offs. The overall share of de-horned unicorns now stands at 16% of all companies that had at
one point scaled to the billion-dollar milestone, after 45 companies lost their unicorn status in 2022.

13
People became The war in Ukraine continues to have a profound impact on the world. The relation-
interested in geopolitics. ship between China and the West has shifted. Supply chain challenges, among other
things, contributed to escalating inflation rates (the UK reporting inflation of 11.1%,
the highest in 41 years as of November 2022). Central banks responded by increasing
interest rates.

Valuation methodologies The cost of capital has risen. The path to profitability has become an increased focus
have changed. area, and investors look like they have shifted away from the market’s longstanding
appetite for growth-at-all-costs, towards profitable growth. Earnings and cash flow
metrics now appear to be equally as important to many investors as ARR, revenue
and growth are.

Wherever there is a There is now estimated to be a record level of dry powder waiting to be deployed (2.3x
challenge, there is also the level of 2017) and, with the technology sector at a recent cyclical valuation low, it
could be an excellent time to deploy it. The potential opportunity in Europe looks to
a potential opportunity
have been acknowledged by numerous of US private equity firms who have recently
established offices in Europe.

European tech M&A Announced deal value in 2022YTD was $35bn, down 49% from the same period last
moderated in H1 2022, year. Activity seems to have picked up again in Q3 with a number of sizeable transac-
tions targeting public UK tech companies in particular as acquirors sought to capital-
but appeared to pick up
ize on the publicly listed valuation environment (e.g. AVEVA, Microfocus, Euromoney,
in Q3
EMIS and Ideagen, among others). We might expect to see continued take-private
activity in 2023 as the expectations of boards and shareholders may adjust for the
new valuation paradigm, driving further the shift to private markets.

Robust capital markets European and global technology businesses suffered in 2022. Lower market liquidity
are important to the still represents an issue in European Capital Markets generally, with fund outflows
being observed across Europe compared to net inflows globally. Buying opportuni-
European tech flywheel
ties are predicted if valuations across Europe normalise. Some listing frameworks
are becoming more flexible through initiatives like the Hill and Austin reviews, mak-
ing European Capital Markets a place where innovative companies may find it easier
to thrive. In 2023, the market could see a return to growth capital raises and IPOs,
however, the latter, in our view, is still unlikely to occur prior to H2’23. 

14
 The outlook is dependent on converging buyside and
sellside views on value

We move into 2023 in a very different macroeconomic environment,

however, as views on valuation converge, the significant quantum of dry
powder could drive activity levels in 2023. The boldest will likely be the
winners.”
Keiran Wilson
Director, Technology Investment Banking, Lazard

Lazard
Lazard, one of the world’s preeminent financial advisory and asset management firms, operates from
41 cities across 26 countries in North, Central and South America, Europe, Asia and Australia. With
origins dating to 1848, the firm provides advice on mergers and acquisitions, strategic matters, re-
structuring and capital structure, capital raising and corporate finance, as well as asset management
services to corporations, partnerships, institutions, governments and individuals. For more informa-
tion on Lazard, please visit www.lazard.com. Follow Lazard at @Lazard.

15
Disclaimer
The summary information set out above (the Foreword) and the information set out in “Outcomes” in Chapter 5
of this State of European Tech 2022 Report (the Report) which is specifically noted as having been prepared by
Lazard & Co., Limited and any quotes directly attributed to Nick James and Nick Fowler, Lazard Managing Directors
set out herein (collectively, the Lazard Material) has been prepared by Lazard & Co., Limited (Lazard) for general
informational purposes only and is not intended to be, and should not be construed as, financial, legal or other
advice. For the avoidance of doubt, Lazard has not prepared or contributed to this Report other than as expressly
stated above.
In preparing the Lazard Material, Lazard has assumed and relied upon the accuracy and completeness of any
publicly available information and of any other information made available to Lazard by any third parties, and Lazard
has not assumed any responsibility for any independent verification of any of such information.  Without prejudice
to the generally of the foregoing, all statistical and numerical data has been sourced from the main body of the
Report (prepared by third parties entirely unconnected to Lazard) and Lazard has relied entirely upon the accuracy
of this data without independent verification. The Lazard Material is based upon economic, monetary, market
and other conditions as in effect on, and the information available to Lazard as of, the date hereof. Subsequent
developments may affect the Lazard Material and Lazard assumes no responsibility for updating or revising these
materials.
The Lazard Material includes certain statements regarding future conditions and events. These statements and the
conditions and events they describe are inherently subject to uncertainty, and there can be no assurance that any
of the future conditions or events described above will be realized.  In fact, actual future conditions and events may
differ materially from what is described in the Foreword and the Lazard Material.  Lazard assumes no responsibility
for the realization (or lack of realization) of any future conditions or events described in the Lazard Material.
Nothing in this Foreword, the Lazard Material or otherwise set out in this Report represents financial advice or a
formal opinion nor shall it constitute a commitment or undertaking on the part of Lazard to provide any further
views or to provide any service.  Neither Lazard nor any of its affiliates shall have any duties, liabilities or obligations
to the recipient whatsoever in respect of this Foreword, the Lazard Material or the contents of this Report and
Lazard expressly disclaims, for itself and on behalf of each of its affiliates, any liability in connection with this
Report. Without prejudice to the generality of the foregoing, save for the Lazard Material, the contents of this
Report have been prepared by third parties entirely unconnected with Lazard or any of its affiliates and neither
Lazard nor any of its affiliates shall have any responsibility whatsoever for such third-party content.
Lazard and/or its affiliates may have acted in the past, or act currently or in the future, as adviser to some of the
companies referenced herein, (ii)  may receive fees in connection with any such advisory engagements, and (iii)
may at any time be in contact with such companies in order to solicit them to enter into advisory engagements.

16
A word from
Silicon Valley Bank UK

European innovation has proven itself resilient and pragmatic

in a year of major recalibration.
2021 was a record-breaking year for Europe’s innovation economy, as seen in last year’s report. 2022
started with the same enthusiasm – Q1 investment levels were the second highest on record, a top
quarter across Venture, Growth and Late-Stage investment. Mega rounds saw record numbers, with Q1
2022 $100M+ rounds greater than the previous two years combined. However, the current macro-eco-
nomic & geo-political factors are impacting the innovation economy and creating uncertainty across
every life stage and sector of the innovation ecosystem - leading to a deceleration in investment vol-
ume. Q2 witnessed a marked slowdown of investment rounds with activity levels down by 40% in Q3. 
We have seen this environment persist into Q4. 

17
On a positive note, investors have $44B in dry powder reserves - an increase of
13% from 2020. However, the pace of capital finding its way into the innovation
economy has slowed. Companies are drastically reducing costs and focusing on
profitability and runway extension. While a challenging environment, one that
many European founders have never experienced, as an ecosystem we’re more
prepared to navigate this period of uncertainty better than any other time in our
history.  

It’s impressive to see the market adapt to new challenges using the lessons
learned during the pandemic. Management teams and boards are better pre-
pared and approaching this challenging environment with tenacity, flexibility, and
agility; all traits that our innovation ecosystem is famous for.  

At Silicon Valley Bank UK, we’re confident that we will emerge stronger as a sec-
tor. At the early stages we’re seeing strong activity pre-seed as VCs look to ce-
ment relationships earlier on. Series A investment continues to be robust and is
being coupled with debt financing to support company growth and cash runway.
Our ecosystem remains hugely attractive to foreign investors who participate
alongside domestic European sources of capital; a weaker pound has also helped
in this respect.  

While the exit route via public markets remains all but closed, private M&A has
seen a huge uptake with 1,600+ deals completed so far in 2022, as later stage
companies generate growth and scale through acquisitions. We believe this
trend of consolidation will continue and aid the recycling of capital, talent, and
experience. The actions our founders, investors, and key players in the industry
are taking will ensure we’ll be well positioned once the backlog of IPO-ready busi-
nesses exit in the coming years, and liquidity finds its way back into the market.

I believe despite the uncertainty of global markets; Eu-

ropean innovation is still a promising powerhouse. With
31 unicorns created in 2022 to date, an ecosystem val-
ue at $2.7T, and investment levels of $85B, Europe will
continue to accelerate and grow over the next decade.

The current environment, though challenging, is a necessary part of the

innovation cycle. Recent experiences don’t change our view of the market
or opportunity. For us, it’s just a question of when, not if our markets will
recover. Historically, market recalibration has pushed companies, inves-
tors, and all market participants to get creative, stay resilient and focus on
quality which can only be a good thing for long term health and potential of
the entire ecosystem.”
Simon Bumfrey
Head of Relationship Banking, Europe, Silicon Valley Bank UK

18
A word from Slush

A word from Slush

After the historic highs of 2021, 2022 brought about all but every doomsday scenario we could have
imagined. War in Europe, rampant inflation, $400B+ wiped off the total value of the European tech
ecosystem, and, most recently, what looks like an actual crypto winter.
Inevitably, a year like this brings back painful echoes from the turn of the millennium. After the dot-
com bust, it took European tech more than a decade to rebound. In fact, when we wrote the first
edition of this report in 2015, optimism for European tech was still hard to come by.
To make matters worse, 2000–01 was mostly an isolated crisis in tech. This time around, the fabric of
our society at large is ruptured.

Even so, there’s every reason to believe that European tech will
rebound much faster than it did two decades ago.
Back then, it would have been justified to claim that European founders are somewhat half-hearted
and risk-averse – ready to jump over to the comfort of a corporate job at the first sign of trouble.
Today, the story couldn’t be more different. European founders aren’t founders by coincidence or in
passing – they are founders by nature. This shows up in the report. Founders remain more optimistic
than in any year but 2021 and new startups continue to be created at an impressive rate. For a bit of
perspective, the volume of European Pre-Seed & Seed rounds is up 17x since 2010.
Increasingly, European founders are also people who have done it before. We have almost 1,500 found-
ers in Europe who previously worked for the last generation of unicorns and then went on to start their
own companies.
The early 2000s also saw a mass exodus of capital from tech. This time around, we’ve seen nothing of
the kind. Quite remarkably, Europe is on track to reach $85B in total capital invested in 2022. Even in
Q3, monthly investments only dropped to where they would have been in 2018.

19
These are incredible displays of resilience from the whole
tech community, and speak of an ecosystem in which healthy
foundations run deep.
They also point to the fact that European tech is no longer an industry – it’s a vital layer of the broader
economy. For good measure, tech has outpaced that economy by 2x in value added over the past de-
cade. Even so, the road ahead will be bumpy. Therefore, over the next 12 months, we must remember
two things.

Firstly, many of the legendary companies that we look up to today were founded
amid – or shaped by – hard times. When all the hubris is removed it’s our dreams of
building fantastic products that remain. This is a very good time to be a founder.

Secondly, market cycles and technological progress are loosely coupled at best.
Many people lost a lot of money when the dot-com bubble burst. However, in the
process, we built the internet.

In fact, we at Slush believe that we will look back on the 2020s

as a period of time when an incredible number of important,
world-positive technologies were created.
Across renewable energy, precision medicine, space exploration, generative AI, Web3, and quantum
computing, we are suddenly able to build things that we could not have dreamed of just a few years
back. It’s been a long time since the future felt this exciting.
In this spirit, it is reassuring to see that Europe accounts for more than 50% of early-stage invest-
ments into purpose-driven companies globally.
This is the capital that will cure cancer, take us closer to energy abundance, and land us on Mars.

Our ecosystem exists to harness tech in pursuit of a

brighter future for all of humanity. On that journey, we’re
only getting started.”

Eerika Savolainen Mikko Mäntylä

CEO, Slush President, Slush

20
 01

1.1 Tectonic macro shift 23

1.2 Tech, motor for progress 46
1.3 A generational opportunity 59
1.4 Spotlight on Ukrainian tech 76

European tech, a new reality

21
Tech faces new challenges,
but remains resilient.
After a record-breaking first half year, the flywheel slowed this summer in response to a tough macro
environment. But as we’ll see in this chapter, opportunities and reasons to believe remain. We also
look at Ukraine’s tech industry, which has underscored the role tech can play during times of crisis.

A tectonic macro shift Investment is down and layoffs are up, as the entire ecosys-
tem adjusts to a new reality. But record levels of dry powder
are ready to be deployed.

Tech, motor for progress European tech continues to define the kind of industry it
wants to be, and its role in wider society. Companies are
focusing on social impact and European self-reliance, and
investment in purpose-driven tech has continued to grow
despite the downturn.

A generational opportunity Maturing ecosystems and policy buy-in create the founda-
tions for future growth. There is still a great deal of unre-
alised potential and therefore a generational opportunity
within the ecosystem.

Spotlight on Ukrainian tech We hand the platform to Ukraine’s tech sector, to tell their
story of 2022, and explore the role of tech during a crisis.

22
 2022, a tale of two halves
2022 saw European tech shift from record-breaking investment levels to a historic
downturn. This chapter explores the top-level data that defined the year.

Key findings

Around $85B was invested in European tech this year

This is the second-largest amount of capital ever invested into the

European tech ecosystem, indicating how much European tech
has matured over the last decade.

Record levels of dry powder are ready to be deployed

At the end of 2021, European venture and growth investors sat on

dry powder totalling $84B. This is the highest ever amount of dry
powder on record and a signal that liquidity remains within the
market.

77% of survey respondents are as, if not more, optimistic than

last year.

Insiders within European tech are able to differentiate between

1.1
the short-to-mid-term impacts of a financial downturn and the
longer-term prospects of the European tech industry. As a result,
they remain optimistic.

Tectonic macro shift

23
Macro risks have been realised
In last year’s survey, respondents were asked to highlight the main macro risks that could lead to a
slowdown in European VC activity over the next five years. Many of the macro risks that ranked highest
amongst respondents - interest rates, inflation, geopolitics, and public market sentiment - have all
become defining hallmarks of this year. As a consequence, 2022 has been a very different year for the
European tech ecosystem.

What are the three main macro

risks that you see that could 45%
lead to an overall slowdown of
VC activity in Europe over the 42%

next 5 years?
41%

38%

37%

15%

14%

13%

12%

% of respondents

Notes: Source:
Founders and VC respondents only Survey

Tightening the belt: rewarding revenue efficiency

A sell-off in public markets, starting in late 2021, was the first effect of the compounding set of factors
that changed the macro environment. As these macro factors have compounded and driven further
change in sentiment and capital reallocation, the sell-off has continued and does not, yet, show clear
signs of having bottomed out. This sell-off has seen the median enterprise software multiple of enter-
prise value to forward revenue decline from a peak of 10.9x to just 5.8x. High growth software compa-
nies are valued on the basis of their forward-looking cashflow generation and investors are currently
placing a higher discount on the future value of upcoming cashflows.
The shift away from the market’s long standing appetite for growth-at-all-costs towards a focus on
growth efficiency is reflected in what is now correlating with premium multiples in the public mar-
kets. The market is prepared to reward companies that are growing quickly and generating strong
cashflows, as seen here by the multiple premium, at 8.8x, enjoyed by companies in the top quartile for
revenue efficiency (defined in this case as unlevered free cash flow margin to revenue growth). At the
point of publication, multiples on both a median and top quartile basis are trading below their 10-year
historical average.

24
 NASDAQ-100 Technology Sector Index -
Total enterprise value / NTM revenue
multiple in time

Total enterprise value / NTM revenue multiples

Median multiple
Last 10 years average
median (03/12-11/22)
Average of top revenue
efficiency quartile
Last 10 year average top
quartile multiple (03/12-11/22)

Notes:
Where revenue efficiency is the total of
unlevered free cash flow margin and
revenue growth. Data as of 1 November
2022. Source:

Total investment levels will hit around $85B

2021 was a remarkable year for the European tech ecosystem with total investment
eclipsing a landmark $100B for the first time. 2022, unsurprisingly, is on track to fall
short of 2021’s record-breaking levels, but only by a relatively small margin.
Given the material slowdown experienced over the summer, a conservative estimate
would be just around $85B for the full year, as it accounts for actuals up to end of
October and annualised on the basis of average investment amounts between the
three months of August, September, and October.
It ought to be said: this is the largest amount ever invested in the European tech
ecosystem, apart from last year. It does represent a year-on-year decline of 18% - but
in the face of the toughest macroeconomic environment since the Global Financial
Crisis, such a minimal decrease is a noteworthy outcome.
For further context, this represents a greater than twofold increase in total capital
invested compared to 2020, and more than 8x the level recorded when the first edi-
tion State of European Tech report was published back in 2015.

25
 Capital invested ($B), 2018 to 2022E

Annualised (last Q)
Actual amount ($B)

$8B

Capital invested
$104B

$76B

$41B $39B
$27B

Notes:
All Dealroom.co data excludes Israel and the
following: biotech, secondary transactions, debt,
lending capital, and grants. 2022 is annualised
based on actuals up to October and annualised on Source:
the basis of the three months of August to October.

$85B
Capital invested
$85B projected for Europe in 2022. SOURCE

A tale of two halves

The tale of 2022 has been one of two halves. The record-breaking level of investment
activity that defined 2021 carried over into 2022. In fact, by the end of the first quar-
ter of 2022, investment levels were tracking a staggering 52% up from 2021, and even
at the first half of the year, total capital invested still stood around 4% higher than at
the same point last year.
July, however, marked the month when the investment frenzy of the past 18 months
started to cool off. This slowdown really took effect through August and September
and has seen monthly investment levels drop closer to levels last seen in 2018, at
around $3-5B invested per month. As a consequence, total investment in Q3 2022
ended up down more than 40% compared to the same quarter in 2021.

26
 Cumulative month-by-month capital
invested ($B), 2018 to 2022

Cumulative capital invested ($B)

2018
2019
2020
2021
2022YTD

Notes:
All Dealroom.co data excludes the following: biotech,
secondary transactions, debt, lending capital, and grants.
Please also note that the data excludes Israel. 2022 Source:
figures show data as of 31 October 2022.

The pace of investment is cooling

The increased velocity of investment in 2021 is particularly evident when looking at the 12 month trail-
ing amount of funding going to European companies. After a slight dip in Q2 and Q3 of 2020, the levels
of investment accelerated throughout 2021, peaking in Q1 2022. Since then, the cool off has become
evident with the latest quarters coming in below the investment levels seen in the year before.

Trailing 12-month capital invested

($B) per quarter, 2018 to 2022 113.7
105.8
103.6
95.0
91.4
Trailing 12M capital invested ($B)

75.1

49.4

40.0 40.9 39.7 38.8

34.7 36.4 35.6
30.3
27.1
24.2 25.3 25.1

Notes:
All Dealroom.co data excludes Israel and the following:
biotech, secondary transactions, debt, lending capital, and Source:
grants. 2022 figures show data as of 31 October 2022.

27
Record levels of dry powder ready to be injected
While capital market conditions have changed significantly during the second half of 2022, the eco-
system still benefits from access to large pools of investable capital that have not yet been deployed,
known in industry terms as ‘dry powder’.
At the end of 2021, the latest period for which comprehensive and reliable data is available, European
venture and growth investors sat on dry powder totalling $84B. This is the highest ever amount of dry
powder on record and represents a 2.3x increase on the level of 2017.
Since then, 2022 brought both strong fundraising activity and overall slower deployment - so in all
likelihood, this number remains similar or potentially has even net increased.
It is reassuring that there will still be some level of capital liquidity within the market, even if conditions
become tighter in 2023 than they have been during the second half of 2022. The pace at which that
capital is deployed, however, is something to watch out for as investors recalibrate their plans to a
new market reality.

Dry powder figures at year-end by

type of investors ($B), 2017 to 2021

Venture Capital
Growth
Dry powder ($B)

Notes:
Taken from the European Data Cooperative,
developed by Invest Europe. EDC data converted at Source:
EUR:USD of 1:1.04462, the rate on 30 June 2022.

The end of the race to deploy as fast as possible?

The unprecedented volume of capital supply that fuelled record-breaking levels of investment in 2021
and the first half of 2022 was partly a function of investors accelerating their pace of deployment. For
some investors, it became a race to invest faster and at greater scale.
As a result, the median time between fundraises for European VCs compressed from a long-run trailing
average of 3.5 years to 2.4 years in 2022. The compression of fundraising cycles has been even more
extreme in the US, where the median time between funds reached as low as 1.5 years in 2022, com-
pared to an already much shorter long-run trailing average of 2.4 years.
Put simply, if the median fundraising cycle compresses from three years to two years, it has the effect
of roughly increasing the amount of capital invested by around 50% per year. Looking ahead to 2023,
it’s likely we will see this trend reverse as investors put the brakes on their pace of investment, no
doubt accompanied by a sigh of relief from their LPs. If this plays out, it will have a major impact on
expected capital supply in the market.

28
 Median VC fund time between
funds (years)

United States

Time between funds (years)

Europe
United States (average)
Europe (average)

Notes:
Data is as of 31 October 2022. Source:

Later stage companies showed earlier signs of slowdown

The slowdown in investment activity started to become evident in later-stage investment rounds around a
full quarter before any notable shift was observed in investment levels at earlier-stage rounds. While total
capital invested in rounds sized at $20M or more was up 62% in Q1 2022 compared to Q1 2021, the shift in
the market that took effect in Q2 saw total investment that quarter decline by 26% versus the comparative
quarter in 2021.
In the third quarter of 2022, the comparison is even tougher, with total investment down 48% compared
to Q3 2021. The biggest decline, unsurprisingly, came in the level of investment into so-called mega rounds
of $250M or more, down 46% year-on-year at the end of September.

Capital invested ($B) by round Dataset: Total late stage

size and quarter, 2018 to 2022

Q4
Q3
Q2
Q1
Capital invested ($B)

Notes:
All Dealroom.co data excludes Israel and the
following: biotech, secondary transactions,
debt, lending capital, and grants. 2022 figures Source:
show data as of 31 October 2022.

29
Early stage pace also abated
After a lag, the slowdown in later-stage investment activity started to trickle down into earlier stages.
This shows up most prominently in the numbers from Q3 2022 onwards.
During the first half of 2022, the total capital invested in rounds of $20M or less was up 4% on the same
period last year, but a contraction in early-stage activity has led to a third quarter total that is down
5% versus the equivalent period of 2021.
Despite this slowdown, more than $4.3B was invested in rounds sized at less than $20M in Q3 2022,
meaning it still represents the second-largest ever Q3 on record for these stages.

Capital invested ($B) by round Dataset: Total late stage

size and quarter, 2018 to 2022

Q4
Q3
Q2
Q1
Capital invested ($B)

Notes:
All Dealroom.co data excludes Israel and the following: biotech,
secondary transactions, debt, lending capital, and grants. 2022 figures Source:
show data up to September 2022.

Dealmaking activity has come down

Looking at the number of disclosed funding rounds by round size helps to clarify how investment ac-
tivity evolved in 2022. Most obviously, there is a slowdown in the count of rounds at the smallest and
largest ends of the spectrum.
Rounds sized below $5M are projected to end up nearly 30% lower versus 2021, though that gap will
likely narrow as the reporting lag is closed. On the other end of the spectrum, the count of rounds sized
at $250M or greater is expected to decrease by 33% versus 2021. That said, even with this contraction,
the number of outsized $250M+ rounds in 2022 as a whole is still likely to end up at 10x the volume of
just five years ago.

30
 Number of deals by round size and by year,
2018 to 2022

$250M+
$100-250M
$50-100M
$20-50M

# of deals
$10-20M
$5-10M
< $5M

Notes:
All Dealroom.co data excludes Israel and the following: biotech,
secondary transactions, debt, lending capital, and grants. 2022 is
annualised based on actuals up to October and annualised on the Source:
basis of the three months of August to October.

The count of mega rounds is decreasing

In the first half of 2022, there were a total of 133 rounds of $100M or more. Remarkably, this exceeded
the total for the whole of 2019 and 2020 combined, while also exceeding the volume of such rounds
seen in either H1 or H2 of last year.
H2 2022 is on track to fall far short of these numbers if Q4 continues in line with Q3’s investment levels
- with only 37 rounds of this magnitude so far.

Number of $100M+ rounds by year, 150

2018 to 2022YTD
125

$100-250M
$250M+ 100
# of rounds

102
75 66 88

50

25 35 26
21 40
19 25 30 31
12 16
11 8 9 11
0 3 2 3

H1 H2 H1 H2 H1 H2 H1 H2 H1 Q3

2018 2019 2020 2021 2022

Notes:
All Dealroom.co data excludes Israel and the
following: biotech, secondary transactions, debt,
lending capital, and grants. 2022 figures show data Source:
as of 31 October 2022.

31
Founder sentiment on the funding environment flips
The reality of the new market environment is reflected in sentiment amongst found-
ers that responded to this year’s survey. Unsurprisingly, sentiment has flipped dra-
matically over the course of 2022, with 82% of founder respondents to the survey
believing it is now harder to raise venture capital than it was 12 months ago. This is,
by some margin, the biggest change in founder sentiment on the fundraising envi-
ronment that we have recorded over the past five years of surveying the ecosystem.

In your opinion, is it easier or harder

to raise venture capital funding in
Europe than it was 12 months ago?
82%

Harder
Unchanged
% of respondents

Easier 55%
52%

43%
40% 39%
33%
31%
27% 26%
22%
18%
13% 13%

5%

Notes:
All Dealroom.co data excludes the following: biotech,
secondary transactions, debt, lending capital, and grants.
Please also note that the data excludes Israel. 2022
figures show data as of 31 October 2022. Source:
Survey

Slower fundraising processes and more bridge rounds

Founder perception of a more challenging fundraising environment is also mirrored
in the observations of VC respondents to the survey.
We asked VCs to share their experience of how the change in the market environ-
ment has impacted fundraising dynamics for their portfolio companies. The most
frequent response, given by 74% of VC respondents, is an observed lengthening
of fundraising processes for their portfolio companies. This was followed by an in-
creased frequency of bridge and/or extension rounds (cited by 63% of respondents),
and slower decision making by investors (60% of respondents).
Many VCs also highlighted delays to exit processes, more extensive and deeper due
diligence by investors, and increased structure in term sheets as other effects of the
changing market environment.

32
 Thinking about your existing portfolio,
what changes in fundraising dynamics, if 74%

any, have you observed as a result of the

change in market environment in 2022? 63%

60%

% of respondents
37%

36%

22%

19%

15%

14%

Notes:
VC respondents only. Numbers do not add to 100 as
respondents could choose multiple options. Source:
Survey

Founders buying themselves time

Bridge rounds are typically more prevalent at the earliest stages of a startup’s fundraising journey, when bridge rounds
are commonly used to buy more time to find product-market fit. Data from the most recent available quarter, however,
highlights that later-stage founders are now raising bridge rounds at the same proportionate rate as those at earlier stages.
This demonstrates one way that founders have responded to the current and anticipated changes to the fundraising envi-
ronment - by opportunistically raising additional capital as extensions to existing rounds to strengthen their balance sheets
and extend their runways.
These extensions to existing rounds, typically at flat valuations, come at the cost of increased dilution for the existing
shareholder base, but take advantage of investor demand (often led by insiders) to reinforce balance sheets at a time when
cash and runway optionality are critical.

Share of rounds that were bridge rounds

by stage, Q2 2021 to Q2 2022

2021 Q2
2021 Q3
2021 Q4
2022 Q1
% of rounds

2022 Q2

Notes:
The study uses an aggregated and anonymized
sample of Carta’s data. Bridge rounds are defined
as any round raised after the first round in a given Source:
series. Data as of 9 August 2022.

33
Unicorn factory slows
The heated market conditions that characterised 2021 saw a record number of new unicorns emerge
from Europe, with 105 companies achieving the billion-dollar milestone for the first time last year. This
represented a level of new unicorn creation 2.5x greater than any prior record year for the European
tech ecosystem.
Unsurprisingly, this year looks very different to last, with ‘only’ 31 new unicorns birthed in Europe during
2022 (at the time of our publication deadline). This marks a steep decline from last year, but actually
just reverts the rate of new unicorn creation back to levels typically seen in recent years. 2021 now
clearly stands apart as an outlier year.

Number of new $1B+ European tech

companies by year

105
# of companies

39
35
31
24 25
21 22
19

Notes:
Where 'unicorn' is defined as a tech company that
has reached $1B+ valuation in its lifetime. Data is as Source:
of 1 November 2022.

Crossover investors slowing activity or withdrawing entirely

A major factor in the slowdown of late-stage and large-round investment activity has been the de-
crease, and in some cases the complete withdrawal, in activity by so-called ‘crossover investors’.
These are funds that actively invest across both the public and private markets.
During 2021, these funds were involved in nearly a third of all funding rounds of greater than $100M, and
were therefore a huge driver of the increased pace and scale of investment last year.
Following the steep sell-off in the public markets, however, crossover funds have pulled back signif-
icantly from larger, later-stage rounds in the private markets. The slowdown in their involvement in
$100M+ rounds started in Q2 2022 and has tapered more aggressively as the year has gone on.
Interestingly, crossover funds started to shift to an increased level of involvement in smaller, earli-
er-stage rounds during 2022. By the first half of 2022, these were up 13% in volume versus the same
period in 2021 and up 2.2x versus H1 2020. This trend appears to have reversed again from Q3 2022
with the number of <$100M rounds involving crossover investors down 64% versus Q3 2021.

34
Number of $100M+ deals by cross- Dataset: Number of $100M+ deals by crossover investors, 2018 to 2022
over investors, 2018 to 2022

Q4
Q3
Q2
Q1

# of deals

Dataset: Number of <$100M deals by crossover investors, 2018 to 2022

# of deals

Notes:
Data is as of 31 October 2022. Crossover investor activity is
based on a representative cohort of the most active funds Source:
investing across both the public and private markets.

35
 We have seen investment from crossover funds large-
ly disappear in 2022. As this financing structure was
very much a substitute for the traditional IPO, the re-
set in the public markets has also impacted this type
of funding.

This is a cyclical trend and tends to accelerate in the late stages of a bull
market, seen in the late ‘90s before the internet bubble burst, in 2006
before the Global Financial Crisis, and in 2014-15 before the mini SaaS
blip. Whilst I don’t expect that we will see a return to these sorts of rounds
for a couple of years, as the cycle turns back upward, it will be back (for
better or worse).”
Eric Liaw
General Partner, IVP

European tech benefits from a resilient investor base

Despite the withdrawal of some more fickle investors and the likelihood that others may also pull
back their investment activity, the European tech ecosystem still benefits from a diverse set of ex-
perienced, long-term oriented, and active investors. So far during 2022, more than 3,200 unique
institutions have participated in at least one investment in Europe, a number which has grown at a
significant volume over recent years.

Number of unique investors that

have participated in at least one
investment round in Europe, 3417
3259
2018 to 2022

2251
# of investors

2088 2067

Notes:
Unique institutions that have
participated in at least in one
investment in Europe that
year. Includes Venture
Capital, Corporate Venture,
Family Office, Angel Fund
and Private Equity investors.
Data is as of 31 October Source:
2022.

36
 We are living through extraordinary times. The level of
uncertainty in the macro environment will transform
how we use technology to tackle the challenges hu-
manity faces.

I believe that the companies and technologies that solve consumer de-
mands in a sustainable way will have a clear advantage. Being able to
quickly adjust to the ever changing macro conditions that we are all sub-
ject to, is a key enabler for European tech to emerge stronger.”
Henrik Müller-Hansen
Founder and CEO, Gelato

International investment softening for later-stage rounds

At the early stages, European startups are typically funded by European investors. While the relative
share has decreased slightly over the past 5 years, domestic and European investors still account for
around 80% of all capital invested into European tech companies in rounds of less than $20M.
At later stages, however, the presence and scale of international investment is important, and year-
on-year this share has come down, with European investors accounting for only 51% of investments
in rounds above $20M.

Capital invested in Europe by round

size and geographic source region,
2018, 2021 and 2022YTD
% of capital invested

Rest of World
Asia
United States
European (cross-border)
Domestic

Notes:
All Dealroom.co data excludes Israel and the following:
biotech, secondary transactions, debt, lending capital, and Source:
grants. 2022 figures show data as of 31 October 2022.

37
Signs of US investor pullback at later stages
The explosion of capital invested into later-stage rounds in Europe over the past two years has, unsur-
prisingly, led to a rapid rise in the number of unique investors that are actively investing in the region
in larger rounds of $100M or more.
These new investors are primarily of European and US origin and have increased more than 5x in the
past five years. Interestingly, while 2022 has seen the number of European investors in rounds of
$100M+ grow slightly, there is a notable decline (-22%) in the number of active US investors in these
rounds since 2021.

Number of unique investors involved

in deals over $100M in Europe per
year by geographic source of funds

2018
2019
# of investors

2020
2021
2022YTD

Notes:
All Dealroom.co data excludes Israel and the following:
biotech, secondary transactions, debt, lending capital, and Source:
grants. 2022 figures show data as of 31 October 2022.

Competition is easing, slightly

Last year, 93% of VC respondents perceived that the landscape had become more competitive dur-
ing 2021. This is not surprising given the increase in new investors, the pace of investment, and a
heightened fear of missing out from many investors. As the market has turned, however, so has the
perception of competitive dynamics.
This year, the greatest share of VC survey respondents (43%) perceive that the market has become
less competitive over the past 12 months. However, that still means 53% of VC respondents perceive
competition to be unchanged or even more competitive. This is perhaps a reflection of the fact that,
while the market may have seen competitive intensity between VCs wane more broadly, the strongest
founders building the most exciting companies still generate huge competition between investors.

38
 To what extent do you think invest-
ment opportunities at your stage of
entry have become more or less
competitive over the past 12 months?

More

% of respondents
No change
Less

Notes:
VC respondents only. Showing responses selected at least
20% of respondents. Numbers may not add up to 100 due
to rounding. Source:
Survey

M&A holding up
The total exit value stands at close to $75B in 2022, a 35% decrease versus 2021. It includes $33B
from announced M&A exit value, $8B via IPOs and direct listings and $33B via SPACs. The SPAC value
is primarily driven by Polestar de-SPAC in the summer which represents 80%+ of the total value exit
value of SPACs. Overall $46B (61%) can be attributed to VC-backed companies.

Total enterprise value ($B) by route

to liquidity, backing status, and
year, 2021 to 2022

VC-backed
Enterprise value ($B)

Non-VC backed

Notes:
Includes completed M&A transactions only. M&A
based on announcement date. S&P Capital IQ
Platform, as of date 31 October 2022, for illustrative
purposes only. Source:

39
IPO window slammed shut
IPOs have been one of the biggest casualties of highly uncertain and volatile public markets and neg-
ative public market sentiment. The data is stark. There have only been three tech IPOs with a market
cap in excess of $1B in Europe and the US this year. This compares to 86 during the bumper year for
IPOs of 2021, representing a 30x reduction in volume.
This, of course, has significant knock-on effects for the overall ecosystem in terms of capital liquidity,
both from the perspective of the ability to tap the public markets for capital, as well as in terms of the
ability for existing shareholders to crystallise value by exiting holdings and distributing or reinvesting
any capital gains elsewhere. It remains to be seen when capital market conditions may turn more
favourable and enable a partial or full opening of the IPO window.

Number of tech IPOs with $1B+ market cap

size at IPO by region, 2018 to 2022

Europe
United States
# of IPOs

Notes:
S&P Capital IQ Platform, as of date 31 October 2022,
for illustrative purposes only. Source:

40
Returns hit by short-term impact
The impact of the change in market conditions is clearly reflected in fund performance, as measured
by the Cambridge Associates index for European VC. While longer-term performance across three-,
five-, or ten-year horizons remains strong and is materially outperforming other benchmarks, the short
term contrasts significantly: one-year performance has eroded significantly to just 0.9%.
This time last year, by comparison, one-year performance of the European VC index stood at 90.9%,
driven by 2021’s remarkable gains. Despite these changes in performance, the European VC index is
still outperforming comparative benchmarks for European Private Equity across all horizons from 1-15
years and the MSCI Europe Index, a measure of public equities performance, across all time horizons
in the dataset. Ultimately, what matters in venture, however, is the long-term performance horizon,
not the mark from one year to the next.

Horizon pooled return (net) by fund Dataset 2022

index, June 2022

12.8 11.9 12.9 20.7 30.7 34.8 0.9

28.1 11.8 13.6 19.3 25.7 30.5 2.7

15.6 15.9 9.0 14.9 17.3 18.1 0.2

4.7 5.2 1.5 5.1 1.6 0.5 -18.2

Dataset 2021

12.4 10.4 14.6 22.7 30.7 41.5 90.9

27.8 9.6 14.6 18.7 25.8 36.1 88.1

15.8 15.7 12.2 13.2 23.7 25.1 60.9

6.6 5.9 4.4 5.6 10.3 8.7 35.1

Notes: Source:
Data is as of 30 June 2022 and 30 June 2021.

41
The markets may get worse until the macro gets better
The reopening of the public markets will likely require greater confidence and certainty around the
macro environment. But survey respondents do not expect critical macro factors to evolve positively
over the next 12 months.
In fact, the majority of survey respondents expect to see a worsening of public market sentiment,
inflation, geopolitical instability, and most other factors. The only brighter spots on the horizon may
be an improvement - or at least no further deterioration - in the war for talent and in supply chain
challenges. Survey respondents, it seems, are bracing themselves for a challenging 2023 from a macro
perspective.

Thinking from a general European

perspective, how do you expect
the following to evolve over the
next 12 months?

Materially improve
Improve
Stayed the same
Worsen
Materially worsen

% of respondents

Notes:
Respondents who selected "I don't know" are excluded
from the data. Numbers may not add up to 100 due to
rounding. Source:
Survey

42
Top of mind challenges
To dive deeper into the question of what lies ahead for the European tech ecosystem in 2023, we asked
survey respondents to share, in free text format, their perception of the greatest challenges of the
coming 12 months.
We analysed response themes using a language model to group responses by their semantic meaning.
For example, responses relating to geopolitical instability may include related words such as “poli-
tics”, “governments“, and “wars”. Each group was then labelled with representative words, and further
grouped into manually identified high-level areas. For the purpose of this analysis, each response was
attributed to one primary theme only, providing a set of mutually exclusive answers.
The top two challenges highlighted by survey respondents were not surprising. The number one con-
cern, especially among founder responses, is accessing venture capital. This was followed by the
challenges posed by the macroeconomic environment and geopolitical instability.

What if anything do you see as the

greatest challenge facing the European Lack of
innovation
tech ecosystem in the next 12 months?
By primary theme

Talent shortage European regulations

Notes:
Based on a sentiment analysis of survey respondents free
text answers. Source:
Survey

43
Nuances across the board
In addition to a primary theme, we then attributed additional themes to each response, capturing other
areas that were perhaps less prominent but expressed by respondents nonetheless. In this analysis
of respondent sentiment, we have taken into consideration these secondary themes. While some an-
swers only mentioned one specific challenge, many responses mentioned multiple challenges. These
are therefore not mutually exclusive. For example, while 26% of all respondents cite access to capital
as a primary theme, ~40% of all respondents express this concern when taking into account primary
and/or secondary themes.
We also looked at how perceptions varied across different respondent types. Interestingly, the stack
rank of challenges is exactly the same for all respondent types: the macroeconomic environment
ranks top overall, followed by access to venture capital, and then the risk of a lack of innovation.
There are, however, a few notable differences. LPs, for example, are far more likely to have cited ac-
cess to capital as one of the greatest challenges. We can only speculate, but we presume this reflects
an understanding from the top of the capital stack as to how capital liquidity - or rather a lack of - is a
defining feature of down cycles.
Unsurprisingly, the challenge of accessing talent, on the other hand, was not on the radar of LPs, but
often cited by founders and C-Level executives working in tech companies.

What if anything do you see as the

greatest challenge facing the European
tech ecosystem in the next 12 months?
By primary and secondary themes

Founder / co-founder
VCs
Tech employee
Angels
C-Level
LPs

% of respondents

Notes:
Based on a sentiment analysis of survey respondents free
text answers. Source:
Survey

44
Optimism and resilience
Despite the many challenges ahead, the resilience of the European tech ecosystem and its ability to
‘weather the storm’ is reflected in a strong continued sense of optimism in the future of European
technology. 77% of all survey respondents are either more optimistic or retain the same level of opti-
mism as they did 12 months ago.
Surprisingly, only 23% of respondents have seen their optimism lessen compared to last year. This
is likely because insiders within the European tech ecosystem are able to differentiate between the
short-to-mid-term impacts of a financial downturn and the longer-term prospects of the European
tech industry, which is ultimately dependent on the strength of the entrepreneurial ecosystem and the
tailwinds of technological innovation.

Compared to 12 months ago, are you

more or less optimistic today about the
future of European technology?

Less
Same
% of respondents

More

Notes:
Numbers may not add up to 100 due to rounding. Source:
Survey Survey

If you make your challenges an accelerator, you can

use this chance to get the fittest in the class.

The current economic conditions are the perfect opportunity to sharp-

en our focus on customers’ real problems. It’s easy to extend product
breadth during bonanza, only to learn later that certain new use cases
had limited return. It also gives founders an opportunity to develop their
grit and work on their mindset. It’s going to be challenging, that’s a fact.”
Julio Martinez
CEO and Co-Founder, Abacum

45
 European tech can unlock growth
Tech has become critical to Europe’s economy. Businesses and investors are now fo-
cusing on improving Europe’s future, with purpose-driven companies thriving amid
a wider downturn.

Key findings

Engine for the economy

Tech’s ‘Gross Value Added’ has grown at twice the rate of non-tech
sectors, overtaking the finance and insurance industries com-
bined.

ESG remains business critical

ESG is front of mind for investors. LPs and VCs say that it’s a top
concern when forming a partnership.

Building a better future

A wealth of European tech companies are working towards at

least one of the UN’s Sustainable Development Goals.

1.2
Tech, motor for progress
46
Tech creates meaningful economic value
At a regional level, the digital economy already contributes more than 6% of Gross Value Added (‘GVA’),
equivalent to nearly $800B and significantly more than the European finance and insurance industries
combined. While Europe as a whole lags behind the US materially on this measure (6.3% versus 8.8%),
selected individual countries within the region, such as Sweden & Bulgaria, are already on par with or
close to achieving the same level of GVA contribution from the digital economy. Economically, tech is
already vital to Europe.

Digital economy share of GVA (%)

for US versus top 15 European
countries, 2020

% of GVA
Notes:
UK, Norway, and Switzerland data only until 2019. Digital
Economy is defined by NACE Codes C26 "Manufacture
of computer, electronic and optical products" and
"Information Technology". Special thanks to Dr. Filippos
Petroulakis, co-author of the cited articles, who aided
the team with finding data sources. Source:

47
 With the right level of support and investment, we can
boost economic activity in Europe by 20-30% by the
end of the decade, but we need to do more than just
build great businesses. Our products and technologies
must live up to the standards we want for our future.

Our future society is in the making. A vibrant and growing community of

European entrepreneurs are building businesses, transforming markets
and reshaping entire industries. The opportunities are seemingly end-
less – AI developed and deployed to anticipate and fulfil human needs on
a mass scale and to solve intractable problems like climate change, food
insecurity, and iniquities in health and social care. Our products and tech-
nologies must live up to the standards we want for our future. Ironically, it
was Putin who said, ‘the country that leads in artificial intelligence would
rule the world’. Chilling as it is, that quote illustrates what is at stake.
Now more than ever, European tech has the opportunity to lead with hu-
man-centric and trustworthy AI that ensures a future that is safe, kind,
generous, and equitable for all.”
Baroness Joanna Shields, OBE
CEO, BenevolentAI

Tech scale
To put the importance of tech to the European economy into relative perspective, it has contributed
more in terms of Gross Value Added (‘GVA’) than the finance and insurance sectors combined, having
already surpassed these traditional European powerhouse industries in 2017.

$800B
Tech
$800B contributed to total European Union GVA
SOURCE

Finance and insurance sectors

$640B SOURCE
$640B contributed to total European Union GVA

48
Engine for GDP growth
The technology sector’s increasing importance for the overall European economy’s growth is under-
lined by its remarkable gains over the past 10 years. The Gross Value Added (‘GVA’) of the European
tech sectors has increased at around 2x the rate of non-tech sectors, doing so consistently over the
past decade, including throughout the toughest periods of the pandemic. GVA is a useful economic
productivity metric that measures industry-level contribution to the economy, net of the impact of
subsidies and taxes compared to GDP.

Gross value added by tech and

non-tech sectors (rebased to 100),
2012 to 2021

Tech
Non-tech

Notes:
2021 is the most recent year for which full NACE breakdowns
of European Union-27 GVA are available. Tech refers to the
information and communication sector. Non-tech is
everything else. Source:

49
Widening the gap with other sectors
Tech is only increasing in importance to Europe’s economic growth, as the relative contribution of
tech continues to outpace other sectors and accelerate ahead. While the tech sector has outgrown
non-tech sectors by a factor of two over the trailing 10-year period, tech’s growth advantage versus
the rest of the European economy has widened to 3.4x in the past three years.

Tech to non-tech growth ratio, 2012

to 2021 versus 2017 to 2021 versus
2018 to 2021

3.4x

2.6x

1.9x

Notes:
2021 is the most recent year for which full NACE breakdowns
of European Union-27 GVA are available. Tech refers to the
information and communication sector. Non-tech is
everything else. Source:

Fuelling job growth

The European tech industry now employs more than 9 million tech specialists, accounting for 4.5%
of the total workforce in the region. Since 2012, European tech industry employment has grown over
50% (adding more than three million additional jobs), outstripping total employment growth of 6.3%
in Europe over the same period by a factor of eight. Although the second half of 2022 has seen layoffs
within the tech sector (something we’ll explore later on in the report), the importance of tech to long-
term employment growth in the region is clear.

Information and Communications

Technology (ICT) vs. total employment
8x higher growth rate than total employment
over the past 10 years SOURCE
8x

50
Tech of and for the future
The sheer scale of the tech opportunity is further emphasised by the magnitude of global tech spend,
which has more than doubled over the past 20 years, reaching more than $4.2 trillion in 2021.
Tech has reached this scale by transforming how we live and work as producers and consumers, but
now promises to reshape so much more, from energy sovereignty to biodiversity preservation, to
defence and cybersecurity, to AI safety, and far beyond.

Total IT spend worldwide estimates

($T), 2000 to 2022E

IT Spend ($B)

Notes:
Based on estimates from Gartner. 2022 values are projected
as of April 2022. Source:

Purpose framework
Tech is a tool which can be used to help or harm, but it holds the potential to be part of the solution
addressing the many crises humankind faces. Most would agree that a key priority for the next decade
is to achieve a sustainable future for all, as outlined by the UN’s 2030 Sustainable Development Goals
(SDGs).
Through a collaboration with Dealroom, dating back to 2019, we have been able to quantify the invest-
ment from both tech talent and investors aimed at addressing these challenges. Dealroom manually
tagged keywords to companies in its platform across all 17 SDGs, and tagged companies with purpose
at either the core of or adjacent to their business model. Through this exercise, we can measure the
direction of travel for tech as a motor for progress. Full notes on the methodology are available in the
report appendix.

51
 Source:

Purpose-driven tech on the rise again

Purpose-driven tech is inching back towards the record it reached in 2020, representing close to
one-fifth of total capital invested. While purpose-driven companies address any of the United Nations’
SDGs, Planet Positive is a subset of SDGs which target sustainable use of the planet’s resources. This
year, Planet Positive companies gained further market share of the broader tech market, capturing
15% of total European funding so far this year, up from 12% last year. Year to date, this represents
$10.3B invested in tech companies with Planet Positive themes.
Climate tech, the smallest subset addressing only SDG 13, Climate Action, stands at $6.9B YTD. While
all three categories have exhibited upward trendlines since 2018, both 2020 and 2022 - two years
defined by global crises - saw spikes in their share of overall investments.

Share of total capital invested in

"Purpose", "Planet Positive" and
"Climate tech" (%), 2018 to 2022

2018
2019
% of capital

2020
2021
2022YTD

Notes:
All Dealroom.co data excludes Israel and the following:
biotech, secondary transactions, debt, lending capital, Source:
and grants. 2022 figures show data as of 31 October 2022.

52
Focus on climate crisis
Climate Action (SDG 13) has received the most funding overall and has accelerated with 4x more fund-
ing than 2017-2019’s cumulative figure. But other themes are accelerating and, in particular, Life on
Land (SDG 15), Responsible Consumption and Production (SDG 12), and Industry Innovation and In-
frastructure (SDG 9) have had even higher growth multiples since 2017-2019 levels, 6x, 4.7x, and 4.6x
respectively.
Despite this growth, it is telling that SDGs 15 and 14 - Life on Land and Life below Water - remain at far
lower overall funding levels compared with the other climate-related SDGs listed.
This likely reflects the continued challenge over funding (and monetising) innovations / deep tech re-
lated to biodiversity, oceans, and general natural capital resources requiring more patient capital. But
numerous entrepreneurs, investors, and policymakers continue to try to crack this case; hopefully the
growth rates we see here - since 2017, 25x and 5x respectively - are harbingers of much more growth
and innovation to come in these important areas.

Capital invested ($B) in

purpose-driven European tech
companies per SDG addressed,
2017 to 2019 versus 2020 to 2022

2020 to 2022E
2017 to 2019

Capital invested ($B)

Notes:
All Dealroom.co data excludes Israel and the following:
biotech, secondary transactions, debt, lending capital, and
grants. 2022 is annualised based on actuals up to October and
annualised on the basis of the three months of August to Source:
October.

53
 Europe already leads the world on carbon neutrality
commitments and phasing out fossil fuel cars by 2035.
Now is Europe’s chance to lead in carbon removal, too.

We know that avoiding the worst effects of climate change requires two
things: radical emissions reduction, and the permanent removal of giga-
tons of carbon already in the atmosphere and oceans. European startups
like 44.01, Mission Zero and Climeworks are attracting global investors and
customers for novel carbon removal techniques: sucking CO2 out of the
air, sprinkling CO2-reactive dust on agricultural fields, and turning CO2
into rock. As these companies scale, they’ll become a source of growth
and employment across Europe. But we need to be removing gigatons,
not grams. Those entrepreneurs need a bold assist to get there. We need
more of Europe’s institutions to promote high quality, permanent carbon
removal, act as a customer, and help these companies scale. Policymak-
ers can also help steer more public investment towards climate tech, just
like some of them did to boost their domestic startup ecosystem. Today,
65% of global investment went to US climate startups last year. Surely,
we could do better.”
John Collison
Co-founder & President, Stripe

Select Life on Land startups

A number of promising European founders are attempting to scale up solutions across some of the less well-funded SDGs.
Here are eight start-ups that focus specifically on SDG 15, Life on Land, that are already having significant impact and have
received the most funding to date. For example, Dryad Network’s solar-powered sensor can detect a fire within 60 minutes
and provide accurate location data.

Carbo Culture Dryad Networks ecotree InnovaFeed

Focus: CO2 removal Focus: Wildfire Focus: Sustainable Focus: Insect feedstock
HQ: Finland detection forest investment & fertiliser
Stage: Seed HQ: Germany HQ: Denmark HQ: France
Stage: Series A Stage: Series B Stage: Growth stage

La vie N2 Applied Soilsteam Stockeld Dreamery

Focus: Plant-based Focus: Sustainable Focus: Chemical-free Focus: Plant-based
meat alternatives fertiliser soil health treatment dairy alternatives
HQ: France HQ: Norway HQ: Norway HQ: Sweden
Stage: Series A Stage: Late VC Stage: Late VC Stage: Series A

54
ESG: Make or break
ESG-related regulation is still nascent in the European venture asset class, but there are other forces
of change that are starting to exert more influence, shifting the industry’s focus. For example, Limit-
ed Partners (‘LPs’), are increasing expectations of General Partners (‘GPs’) of venture capital funds to
commit to ESG. For some LPs, this is now a potential make-or-break consideration in their investment
decision-making. According to LP respondents to the survey, more than one-third have chosen to not
make a commitment to a GP due primarily to ESG-related concerns.

Limited Partners
35% of LPs chose to not commit to a GP relationship
primarily due to ESG concerns. SOURCE
35%

Venture Capitalists

35% SOURCE
35% of VCs said they have been placing even
more emphasis on social and environmental
impact since the beginning of 2022.

Portfolio Companies
20% of VCs reported that sustainability was a
regular item on the board agenda. SOURCE
20%

55
 Matching technical expertise with scientific research
to build profitable and purposeful companies has not
always been our greatest skill, so it’s critical that we
build on these solid foundations.

It has been a difficult year in Europe for many reasons, but I’m encouraged
that we haven’t lost sight of the most pressing issues facing humanity.
Climate change is rightly top of the agenda globally and there are signs
that Europe is leading the way through innovation in this area. Matching
technical expertise with scientific research to build profitable and pur-
poseful companies has not always been our greatest skill, so it’s critical
that we build on these solid foundations. This must extend beyond funding
for software innovations and consumer applications to deep tech solu-
tions that tackle some of our hardest problems. In my industry, chemical
manufacturing, the transition to sustainability is too slow. Petrochemicals
- the main ingredient in products such as shampoos, detergents, plastics
and paints - are set to account for more than half of the growth in world
oil demand by 2050. Industrial-scale collaboration is needed if we truly
want to end chemical pollution and deliver a better world for people and
the planet.”
Mathieu Flamini
CEO & Co-Founder, GFBiochemicals

In Europe, purpose-driven investment stays the course

Over the past five years, investment in purpose-driven tech companies has increased at a huge scale on a
global basis, spiking materially in 2021 in all major regions. This growth has seen total cumulative capital
invested in Europe into purpose-driven tech companies reach more than $54 billion since the start of 2018.
Interestingly, investment levels on an annualised basis in Europe look set to come very close to matching
2021’s record-breaking amounts. By contrast, investment amounts in North America and Asia decreased
by around 50% and 65% in 2022 compared to last year, respectively.

Capital invested in purpose-driven

tech companies by year and region,
2018 to 2022E

2018
2019
Capital invested ($B)

2020
2021
2022E

Notes:
All Dealroom.co data excludes Israel and the following: biotech,
secondary transactions, debt, lending capital, and grants. 2022
is annualised based on actuals up to October and annualised on
the basis of the three months of August to October. Source:

56
Europe: a believer in early purpose-driven companies
On a global basis, Europe now accounts for the largest share (51%) of all investment going into ear-
ly-stage purpose-driven tech companies, as defined by the share of capital invested in rounds up to
$20M. This is very meaningful given Europe’s share of overall global investment stands at 23% only.
For the earliest stages (i.e. rounds of less than $5M), Europe’s share is even more significant, equating
to 69% of all capital invested globally.
At later stages, however, Europe’s share of global investment into purpose-driven tech companies is
lower: for rounds of $100M+, Europe has a 41% share.

Capital invested in purpose-driven

tech companies by stage and by Dataset Rounds <$20M
region, 2022YTD

North America
Europe
Asia
RoW
Capital invested ($M)

Dataset Rounds >$20M

Capital invested ($M)

Notes:
All Dealroom.co data excludes Israel and the following: biotech,
secondary transactions, debt, lending capital, and grants. 2022
figures show data as of 31 October 2022. Source:

57
The purpose-driven unicorns herd
The increased level of investment into purpose-driven tech companies has translated into a growing
number of breakout companies emerging from Europe with purpose at their core. There are now 42
European unicorns classified as purpose-driven, a close to threefold increase from 15 just three years
ago in 2019. As a result, purpose-driven unicorns now account for 12% of all European unicorns.

Share of unicorn companies (%) that

are purpose-driven, 2013 to 2022

% of companies
Purpose-driven
Not purpose-driven

Notes:
2022 data is based on data to October 2022. Source:

A 2022 unicorn class with purpose

The number of new purpose-driven unicorns created in 2022 slowed materially from 2021, with only
three new purpose-driven unicorns, 10% of the 30 total new unicorn herd additions. These new uni-
corns are Multiverse, Oura, and Polarium. Multiverse is the first EdTech unicorn in the UK and the third
in Europe. As an online education platform, they democratise the tech sector. For example, enrolment
in their Software Engineering apprenticeship has grown 260% year on year. Oura is a Finnish company
producing a sleep and wellness tracking wearable that helps users make health a daily practice, work-
ing to help users transform their attitudes towards wellness and healthcare. And Polarium is a Swedish
company that develops novel modular energy storage, enabling cost-saving renewables usage for
industry players through a host of different energy solutions.

Multiverse Oura Polarium

SDG 4: Quality SDG 3: Good Health SDG 7: Affordable
Education and Well-being and Clean Energy

58
 Untapped potential remains across
the continent
While the ecosystem has matured, untapped potential still abounds. Policymakers
look to tech as an engine for growth.

Key findings

Remarkable room for growth

Drilling down across some of these basic technologies, it is ap-

parent that Europe has remarkable room for growth. Throughout
economic sectors other than ICT, there is a clear lack of core
technologies.

Untapped potential

Europe has so much more to offer - nearly 60% of the European

population lives in a country where their percentage of European
venture funding falls short of their share of European population.

How do we get to the next trillion?

While it is impossible the predict the growth rate that will bring
about the next trillion dollar of ecosystem value, there are a num-
ber of factors that will unlock this outcome.

1.3
A generational opportunity
59
$400B+ of value erased in 2022
European tech companies across both the public and private markets have seen around $400B of
value erased since the start of 2022. As a result, the total ecosystem value has fallen to $2.7T from its
$3T peak in late 2021.
Despite this setback, Europe’s total tech ecosystem value has added over $2T dollars in value since
2015, increasing at a remarkable 26% compound annual growth rate (CARG) over that period. While
the growth rate may slow over the coming period, even a CAGR of 3.3% over the next decade will lead
to the creation of more than $1T of incremental company value. To reach $5T of total ecosystem value
over the next decade, European tech will need to see a CAGR of just 6.4%.

Total value of the European tech 4

ecosystem ($T), 2010 to 2022YTD

3
Ecosystem value ($T)

20
10

14
12

21
18

19
13

15

16

17

D
11

YT
20

20

20

20

20

20

20

20

20

20

20

20

22
20
Notes:
All Dealroom.co data excludes the following: biotech, secondary
transactions, debt, lending capital, and grants. Please also note that
the data excludes Israel. 2022 figures show data as of 31 October
2022. Public markets data as per S&P Capital IQ Platform, as of date
22 November 2022, for illustrative purposes only. Source:

60
Digital transformation in Europe is nascent
The upside potential for the European tech ecosystem owes much to the early stage of digital trans-
formation in the region. Even today, a large proportion of European consumers and businesses still
lack basic digital skills, according to recent surveys of the European population and economy by the
European Commission. This nascency of digital transformation highlights the scale of the opportunity
to generate incremental value in European tech.

People lacking basic digital skills

50% of the European population do not have  ba-
sic  digital skills, a definition spanning information /
data literacy, communication and collaboration, digi-
50%
tal content creation, safety, and problem-solving. SOURCE

SMEs lacking basic levels

of digital intensity

55% 55% of European small and medium enterprises have

reached a basic level of digital intensity. This entails
the use of at least four out of a basket of twelve se-
lected digital technologies, such as a website, CRM,
SOURCE or use of any social media channels.

Large enterprises slow

adoption of new technologies
40% of large European enterprises have low or very
40%
low digital intensity, meaning they make only very lim-
ited use of the twelve selected digital technologies. SOURCE

61
There is remarkable room for growth
Drilling down on some of these ‘basic’ technologies, it’s clear that European tech has remarkable room
for growth. Almost all economic sectors show a distinct lack of uptake across several core technolo-
gies - with less than 50% uptake of one or more. As you’d expect, the Information and Communication
Technologies sector (ICT) itself is the only one to buck the trend, with the highest penetration of core
technologies like cloud computing and customer relationship management systems (CRM).
The adoption of cloud computing varies from sector to sector, but has only reached 50% penetration
within ICT and professional, scientific, and technical activities. Meanwhile, CRMs fall at or below 50%
penetration for all sectors but ICT.
Most notably, 33% of retail businesses don’t have a website. Similarly, only 47% of accommodation,
food, and beverage service activities have so far adopted online ordering, reservation, and booking
services, despite the Covid-19 pandemic making online ordering the only way for many businesses to
keep the lights on.
The durability of the adoption curves for even these more basic technologies will continue to drive
large-scale growth for the tech ecosystem.

Basic technologies access and y

usage (%) by sector, 2021

Website / home page

Cloud computing
CRM
Online ordering / reservation / booking

% of businesses

Notes:
Sample includes all businesses with at least 10 employees. All sectors
includes the ICT sector, but otherwise excluded. Source:

62
Policymakers have a role to play
Both economically and socially, Europe stands benefit greatly from accelerating the rate of digital trans-
formation. Recognising this, governments are exploring the role they can play in catalysing change. In our
survey, for example, we asked respondents to give their view on the type of role - if any - governments
should play in providing capital to European startups and scaleups.
Overall, only 5% of respondents say they don’t see any role for government funding at all. The most com-
mon call to action is for governments to provide capital in the form of grants to startups, selected by 61%
of respondents, while 44% call for loans and other forms of debt financing.
Responses vary significantly between different groups, who unsurprisingly are more eager for government
support of their own activities. While the majority of founders (51%) see value in direct equity investments
by governments into early-stage startups, only 23% of VC respondents agree. On the other hand, while
75% of VCs see a role for government investing as a limited partners into VC funds, just 30% of founders
share the same view. The overarching conclusion, however, is that governments have many tools that have
the potential to be impactful, if well-designed and executed. We explore this further in the subsequent
sub-chapter (3.4): Fostering entrepreneurial ecosystems.

What role(s) (if any) should governmental

and European bodies play providing capital
to European tech startups and scaleups?
By type of respondent

All respondents
Founders
VCs
LPs

% of respondents

Notes:
Numbers do not add to 100 as respondents could choose
multiple options. Source:
Survey

Innovation comes from experimentation and diversity

of ideas.

Collaboration between industry, policymakers and the public is crucial to

improve accountability and transparency across the digital ecosystem,
especially as more of our everyday activities shift online. We must en-
dorse a multi-stakeholder approach to creating an open and safe online
environment: businesses and policymakers need to work together to build
a pipeline of engineers and researchers which reflect the world, in order
to push forward the industry. We also need to ensure we have the capital
ecosystem required to support the businesses at the forefront of AI re-
search and development.
Sasha Haco
Co-founder and CEO, Unitary AI

63
Government funding declines, but still important
Government agencies are still a critical source of funding for the European venture asset class. In 2021,
just under 20% of all funds raised by European VCs originated from government sources.
This, however, represents a sharp decline from 2020 levels, when as much as 30% of all VC funding raised
in Europe came from government agencies. In absolute terms, investment from government agencies
across Europe equates to around $2.5B per year, compared to recent total investment into European
private technology companies that has averaged more than $90 billion over the past two years.

Government funding ($B) and share Dataset Government funding ($B)

of government funding (%) per year,
2017 to 2021 4
$3.8B

3
$2.8B
$2.7B

Government funding ($B) $2.4B

$2.0B
2

0
2017 2018 2019 2020 2021

Notes:
All Dealroom.co data excludes the following: biotech, secondary
transactions, debt, lending capital, and grants. Please also note that
the data excludes Israel. 2022 figures show data as of 31 October
2022. Public markets data as per S&P Capital IQ Platform, as of date
22 November 2022, for illustrative purposes only. Source:

Policymaking for the Digital Decade

This year, we wanted to shine a light on the growing pace of government intervention across Europe to
implement pro-startup policy initiatives designed to foster the accelerated growth of tech ecosystems
across the region. 
To our frustration, no such data source exists. So to bridge this gap, we partnered with Form Ventures,
Europe’s only dedicated VC fund investing in the future of regulated markets, to build our own dataset. 
This dataset is focused on tracking the status of policy initiatives in the following areas: financing,
startup procurement, government fund of funds, pension fund reforms, IPO & public capital markets
reforms, stock options, startup investment & entrepreneurship tax incentives, administrative easing
for startups, domestic labour law, immigration & visas, supportive programmes, and diversity meas-
ures.
The result is, to our knowledge, the most extensive dataset of its kind. And yes, we also acknowledge
that it is not exhaustive in its coverage. In fact, we know we have missed a lot of great work that we
simply haven’t been able to track down. 
To address that, we are sharing a simple form here, enabling the State of European Tech community to
help us to fill the gaps we have missed. Please do share your comments - whether it is to notify us of
policy initiatives we have missed, or to tell us where our data is wrong. It is all valuable feedback that
will help to make this resource better for everybody. 
We/the Form team will continue to build on this work to further refine the dataset set and to publish
deeper insights into the policy landscape during 2023.

64
 Capital markets & investment

Government Startup Government Startup investment IPO & public

Pension fund
Financing (Equity, fund of funds & entrepreneurship capital markets
reforms
Grants, Loans) tax incentives reforms

🇦 Austria
🇧 Belgium
🇩 Denmark
🇪 Estonia
🇪 European Union
🇫 Finland
🇫 France
🇩 Germany
🇬 Greece
🇭 Hungary
🇮 Ireland
🇮 Italy
🇱 Latvia
🇱 Lithuania
🇳 Netherlands
🇳 Norway
🇵 Poland
🇵 Portugal
🇪 Spain
🇸 Sweden
🇨 Switzerland
🇬 UK
🇺 Ukraine

Source:

65
 Ease of doing business

Administrative Startup Programme -

easing for procurement support,
startups publicity, etc.

🇦 Austria
🇧 Belgium
🇩 Denmark
🇪 Estonia
🇪 European Union
🇫 Finland
🇫 France
🇩 Germany
🇬 Greece
🇭 Hungary
🇮 Ireland
🇮 Italy
🇱 Latvia
🇱 Lithuania
🇳 Netherlands
🇳 Norway
🇵 Poland
🇵 Portugal
🇪 Spain
🇸 Sweden
🇨 Switzerland
🇬 UK
🇺 Ukraine

Source:

66
 Talent

Domestic Immigration Diversity

Stock options
labour law reform / Visa measures

🇦 Austria
🇧 Belgium
🇩 Denmark
🇪 Estonia
🇪 European Union
🇫 Finland
🇫 France
🇩 Germany
🇬 Greece
🇭 Hungary
🇮 Ireland
🇮 Italy
🇱 Latvia
🇱 Lithuania
🇳 Netherlands
🇳 Norway
🇵 Poland
🇵 Portugal
🇪 Spain
🇸 Sweden
🇨 Switzerland
🇬 UK
🇺 Ukraine

Source:

67
The European tech ecosystem is scaling all around
The European tech ecosystem is made up of many different hubs, countries, and sub-regions, which
are at different stages of maturity. What they all have in common, however, is that they have experi-
enced rapid growth in total ecosystem value over the past five years.
The UK, France, and Germany still capture the greatest share of total ecosystem value, but other
regions are growing fast and reaching a material scale. The total value of private and public tech
companies from Central and Eastern Europe, for example, has reached more than $74 billion, having
grown almost 5x since 2017.

Private and public markets ecosystem

value ($B) by region per year,
2017 and 2022
Ecosystem value ($B)

CEE
Southern Europe
Nordics
DACH
France & Benelux
UK & Ireland

Notes:
All Dealroom.co data excludes Israel and the following: biotech,
secondary transactions, debt, lending capital, and grants. Data
is as of 31 October 2022. Source:

Untapped potential
Funds raised by VC remain highly concentrated in certain geographies, with more than 90% of Europe-
an VC funding captured by just 10 countries. The UK and France alone represent more than 50% of the
funds raised, even though they account for just 25% of total European GDP, and 19% of the European
population.
This means there is a huge amount of untapped potential. Nearly 60% of the European population lives
in a country whose share of total European venture funding is significantly smaller than their share of
the European population.
Similarly, looking at each country’s share of total European GDP, many are still considerably under-
weight when it comes to the scale of their venture industry. For example, while Germany, Austria and
Switzerland (DACH) is the third largest ecosystem in Europe by overall venture funding raised, this is
still small in proportion to its overall economy as represented by GDP. Other countries are well capi-
talised relative to their population: The Netherlands comes out on top, with nearly 4x the proportion
of total funding compared to its proportion of Europe’s population. This is followed by the UK and
Switzerland at 3x above, and France at 2x above.

68
Share of VC funds raised by country Top 10 overweighted
and relative weight of GDP and 40
population (%), 2017 to 2021

Venture funding by VCs raised 30

European GDP
European Population
Global investment 20

10

ce

ria
om

d
y

d
ds

ni

an
an
ar

n
an

ur

a
to
n

la
gd

ng

el
nl

lg
la

bo
Fr

er
Es

Ic
Fi

Bu
n

er

Hu

itz
Ki

th

xe

Sw
d

Ne
ite

Lu
Un

Dataset Top 10 underweighted

Notes:
Based on the country of the fund management team.
Taken from the European Data Cooperative, developed
by Invest Europe. Source:

69
New unicorns across the continent
The total number of European unicorns is currently at 352, of which 31 were minted in
2022. Unsurprisingly, this is a dramatic slowdown from the record-breaking numbers
in 2022, when 105 new companies reached unicorn status in a single year.
Despite this overall slowdown, what is most notable is that the number of unicorns
has grown across all sub-regions within Europe. Notably, regions such as Central &
Eastern Europe and Southern Europe have now both seen the emergence of doz-
ens of unicorns – another indicator of the fundamental shifts taking place across all
corners of the European ecosystem, and the breadth and depth of the talent pool.
From 2021 to 2022, Southern Europe added 4 new unicorns to their ‘herd’ - a 21%
increase - while Italy minted its first two born-and-raised $1B+ companies: Satispay
and ScalaPay.

Cumulative number of companies 125

reaching $1B valuation per region,

2013 to 2022
100

DACH
# of companies

75
UK & Ireland
Nordics
France & Benelux
50
CEE
Southern Europe

25

0 20
14

21
18

19
15

16

17

D
13

YT
20

20

20

20

20

20

20

20
20

22
re

20
fo
Be

Notes:
Where 'unicorn' is defined as a tech company that has reached $1B+
valuation in its lifetime. Data is as of 1 November 2022. Source:

European tech is in a fundamentally different place

The scale and depth of the European tech ecosystem has been transformed over the
years. This is illustrated by the rapid growth in the number of companies currently
starting out and going on to raise initial rounds at Pre-Seed and/or Seed stage.
By the end of 2021, the volume of these rounds had grown 8x within the space of just
10 years, and more than 17x since 2010. The ecosystem is in a fundamentally different
place than it was 10 years ago. The pipeline of promising early-stage companies has
never been stronger, despite a likely slowdown in sub-$5m rounds in 2022 compared
to last year.

70
 Number of Seed and Pre-Seed 8k
(up to $5m) rounds in Europe,
2010 to 2022E

6k

# of rounds
4k

2k

E
20
10

14
12

21
18

19
13

15

16

17
11

22
20

20

20

20

20

20

20

20

20

20

20

20

20
Notes:
2022 figures annualised on the basis of the last quarter only (Q3) Source:

Europe’s startup pipeline on par with the US

Early stage funding is a leading indicator of future growth and Europe’s early-stage ecosystem is on
par with the US. European startups account for 31% of all capital invested globally in rounds of up to
$5M, compared to 33% for the US.

Share of capital (%) invested by round 100

size by region, 2022YTD

80

RoW
% of capital invested

Asia
60
United States
Europe

40

20

0
<$5M $5-10M $10-20M All capital
invested

Notes:
All Dealroom.co data excludes Israel and the following: biotech,
secondary transactions, debt, lending capital, and grants. 2022 Source:
figures show data as of 31 October 2022.

71
Europe’s tech flywheel picks up speed
One of the strongest indicators of the growing maturity of the European tech ecosystem is the rate
and scale at which talent is redeployed from one generation of companies to the next. In other words,
evidence of a virtuous cycle - or flywheel - whereby success breeds more success.
One way to quantify the flywheel effect is to measure the number of new founders that have ‘graduated’
from prior cohorts of successful companies. For example, Europe has now seen the emergence of
almost 1,500 founders that went on to start their own companies after working for a European unicorn
founded during the 2000s.
If we compare ‘alumni’ from unicorns founded in the 2000s to those founded in the 2010s, it’s clear that
the flywheel is picking up speed. Today, the 2010s cohort has led to almost 700 identifiable founders
– almost 25x the amount from the 2000s cohort at the equivalent point in time.

Cumulative number of alumni found- 1750

ers spun out by unicorn cohort decade
and year post unicorn starting year
1500
Cumulative # of alumni founders

1250
2000s
2010s
1000

750

500

250

0
4
2

8
9
3

5
6
7

20
1

10

14
12

21
18
19
13

15
16
17
11

Years post unicorn starting year by unicorn decade cohort

Notes:
All Dealroom.co data excludes Israel and the following: biotech,
secondary transactions, debt, lending capital, and grants. 2022
figures show data as of 31 October 2022. Source:

72
 Europe has now proven itself to have the entrepre-
neurial, commercial and scientific talent to build world
leading companies, with particular success in trans-
forming banking, finance, healthcare and energy in
recent years. We must not let the market correction
interrupt this positive momentum.

Many of the challenging conditions we now face in Europe, and indeed

globally, can be improved through continued innovation from the startup
community. In previous cycles, great companies have been created amid
some of the weakest environmental conditions. The strength of the Euro-
pean tech ecosystem overall – built up over the past decade – can support
innovators ready to capitalise on this moment.
Nick James
Managing Director, VGB, Lazard

Tech investment is catching up with GDP

Europe’s tech industry has historically been small proportionate to its total economic significance -
with its share of total tech investment lower than its share of global GDP.
However, this gap is closing. Europe now captures 19% of global capital invested, relative to 23% of
global GDP. Comparatively, Asia captures 22% of investment, but 33% of GDP.
The US tech ecosystem is still the most overweighted on the global scale - with a share of tech invest-
ment 2x greater than its share of GDP, and 12x greater than its share of the global population.

Share of global GDP, capital invested 60

and population (%) by region, 2022
52%
50 48%
Population
Capital invested (2022)
40
Global GDP
36%
33%

30

23% 23%
22% 21%
20 19%

11%
10 8%

4%

0
Europe United States Asia RoW

Notes:
2022 data is based on data to October 2022. Population and GDP
data from International Monetary Fund. Numbers may not add up
to 100 due to rounding. Source:

73
Still punching below our weight in the public markets
While the European tech ecosystem has been capturing ‘market share’ quickly in the private markets,
especially at the earliest stages. The ecosystem is still punching well below its weight in public mar-
kets, only at present contributing 7% of Europe’s total market capitalization. In the US, by contrast,
tech accounts for 33% of total regional market cap across all sectors. This points to a meaningful
opportunity, both to grow the continent’s tech market cap, and overall market cap. For more on this,
see our public markets section in Chapter 5.

Share of global GDP, global non-tech 80

and tech market cap (%) by region,

2022 70 68%

60
% of global non-tech market cap
51%
% of global tech market cap
50
Tech % share of total regional market cap

40
33%

30
26%

20

10 7%
6%

0
Europe United States

Notes:
S&P Capital IQ Platform, as of date 31 October 2022, for illustrative
purposes only. GDP data from International Monetary Fund. Source:

74
How do we get to the next trillion?
It’s impossible to predict when the ecosystem will reach this milestone but there are a number of fac-
tors that will shape future outcomes where we have strong conviction. Technology tailwinds will per-
sist and support the emergence of category-leading companies. The European ecosystem is in a much
stronger positions compared to prior downturns and will continue to mature and show its resilience.
With focus and execution, both founders and investors will be able to drive performance and make the
most of current market conditions to grow the value created and captured by tech.

European tech ecosystem value ($T)

5.0

4.0

$3T
3.0
$2.7T $T+
2.0

1.0
$1T

$0.4T

0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2032

Source:

Companies that reflect and respect the needs of the

groups that will use their technologies, will create the
most benefit and have the most success.

Now more than ever, there’s a need for solutions to major societal chal-
lenges in climate, health, sustainability, and more. Responsible innovation
is a competitive advantage, because trust is essential to any technology’s
success. European tech firms will benefit by continuing to show they un-
derstand that. Meeting the challenges we face collectively is hard and
requires bold ideas. When those ideas are technology-based, they can
scale quickly and play an important part in improving people’s lives. And
technologies with the potential to change the world simply must be built
responsibly.
Lila Ibrahim
COO of Deepmind

75
75
The year war came to Europe
In covering European tech’s journey in 2022, we would be remiss not to acknowledge the war in Ukraine. When speaking with
colleagues on the ground in Kyiv and elsewhere around Ukraine about tech’s role in bolstering the country’s resilience (from
economic reinforcement to defence innovations), it became clear to us that this story deserves a subchapter of its own.
So in this section, we’re handing the platform over to Ukrainians in tech. Through data, they tell the story of the Ukrainian tech
ecosystem before the war and their experience of 2022, exploring the role tech plays in the most challenging of circumstances.
As we all face challenges across the ecosystem this year, may the responses of Ukrainians in tech continue to embolden us all.
This is a collaboration that spans many organisations, catalysed by our partners at TechUkraine, who recently published “The
Voice of Ukrainian Start-Ups” with Emerging Europe, the Ukrainian Startup Fund (USF), Tech Emerging Europe Advocates,
and TA Ventures.

Technology Key findings

through crisis Proven track record

Ukrainians tell us how their tech sector Ukraine is home to a successful tech sector. Some Ukraini-
has supported the national war effort, an-founded companies are already household names, including
while Europe has rallied in support. Grammarly and Revolut.

Depth of talent

Ukraine is one of the fastest growing exporters of ICT services in

Europe, demonstrating the strength of its world-class tech talent.

Tech: the economic front

With the tech sector still growing despite the war, the domestic
tech scene is helping keep the Ukrainian economy afloat.

Contributors
A big thank you to those who made this analysis happen.

1.4
TechUkraine dealroom.co Ministry of Digital Horizon Capital
Transformation
of Ukraine

Spotlight on Ukranian tech

76
The ecosystem before the war
2021 was a booming year for Ukrainian tech with a lot of historic firsts such as the first Ukrainian de-
cacorns, a record IPO, the kick-off of Ukrainian venture funds, as well as the successful international-
isation of Ukrainian companies. Ukrainian tech also expanded its reach and appeal by enabling global
companies and R&D centres to locate in-country.

Ukraine is developing a ‘blue ocean’ entrepreneurial ecosystem

While Ukraine’s venture ecosystem is still relatively small, it has been growing consistently, even during
the pandemic. By 2021, the amount of total capital invested in Ukrainian tech companies had grown
threefold since 2017. Though still referred to as a ‘blue ocean’ by familiar investors, the ecosystem has
been developing promisingly, with particular strengths and startup depth in areas such as fintech and
edtech.

Amount invested ($M) in Ukrainian

venture deals, 2017-2021

$780M
Amount invested ($M)

$571M
$542M

$323M
$265M

Notes:
Data from Ukrainian Deal Review 2021 published
May 2022. Source:

77
Top rounds, top records
Across Europe, 2021 was characterised by record-breaking numbers of large fundraising rounds and
this trend also lifted many companies started by Ukrainian founders. The Ukrainian-founded Gram-
marly, most notably, became a decacorn by raising more than $200M at a valuation of $13B. Two other
Ukrainian-founded companies also became unicorns: People.ai, after raising a $100M round in August
2021 and airSlate, with a $51M round starting in December 2021. Revolut’s $880M round in July 2021,
meanwhile, helped its Ukrainian co-founder, Vlad Yatsenko, to become the first reported Ukrainian
tech billionaire.

Most notable rounds Company Round Size Date Headquarters

involving Ukrainian
founders or investors Revolut $800M Jul 2021 UK
in 2021

Solana Labs $314M Jun 2021 US

Grammarly $200M Nov 2021 US

People.ai $100M Aug 2021 US

Firefly Aerospace $75M May 2021 US

Creatio $68M Feb 2021 US

airSlate $50M Dec 2021 US

Preply $35M Mar 2021 US

Revenue Grid $20M Sep 2021 US

Influ2 $8M Oct 2021 US

Notes:
airSlate's round started in Dec
2021 but was closed in Jan 2022.
Solana Labs' round was via a
private token sale. Source:

78
The Ukrainian unicorns
To date, a total of 10 companies founded by Ukrainians have made it to unicorn designation ($1B+),
two of which have reached decacorn status ($10B+). These are listed below, noting their Ukrainian
founders. These early successes demonstrate the entrepreneurial talent and potential of Ukrainians.
While many of these companies are not headquartered in Ukraine, many still have operations there or
other connections back to the country. Through these geographic, business, and other relational con-
nections, these unicorn accomplishments crucially set the stage for future unicorn advancement in
Ukraine. The first set of breakout companies in an ecosystem - even a geographically distributed one
- create role models, redistribute knowledge and networks, raise ambition levels, and build confidence
in a local ecosystem. And we already see this happening with these unicorns - more will undoubtedly
follow. Equally there may be several companies that are already unicorns, given CEE countries’ fre-
quent propensity to scale large boostrapped companies. (Ajax Systems and Rozetka, for example, may
have already reached unicorn-level metrics)

Affirm airSlate BitFury Firefly Aerospace

Founder: Max Levchin
 Founder: Vadim Founder: Valery Founder: Max Polyakov

HQ: US Yasinovsky
 Nebesniy
 HQ: US
HQ: US HQ: Netherlands

Genesis Tech GitLab Grammarly PayPal

Founders: Volodymyr Founders: Valeriy Founders: Dmytro Founder: Max Levchin

Mnogolitniy & Vasyliy Sizov & Dmitriy Lider, Max Lytvyn & Alex HQ: US
Ulyanov
 Zaporozhets
 Shevchenko

HQ: Ukraine HQ: US HQ: US

People.ai Revolut Ring Sila Nanotechnologies

Founder: Oleg Founder: Vlad Founder: Lubomir Founder: Gene
Rogynskyy
 Yatsenko
 Vasilyev
 Berdichevsky

HQ: US HQ: UK HQ: US HQ: US

WhatsApp
Founder: Jan Koum

HQ: US

79
Over threefold increase in Ukrainian exits in 2021
Exits are a critical outcome for any entrepreneurial ecosystem due to the role they play in enabling the
recycling and redistribution of capital and talent to seed a new generation of founders, operators, and in-
vestors. Importantly, this measure of ecosystem maturity has also risen steeply in recent years in Ukraine.
In 2021, the number of exits of Ukrainian-founded companies increased by more than 3x compared to the
prior year, rising from 13 in 2020 to 44 in 2021. The largest exits in driving returns back into the ecosystem
were Gitlab, which IPO’d at $11B, and other notable exits included Vistaprint’s acquisition of Depositphotos/
Crello for $85M and Stillfront’s acquisition of Game Labs for $33M. 

Number of exits
44 exits via IPO or M&A involving Ukrainian-founded
companies were recorded in 2021, up from 13 in 2020.  SOURCE
44

Valuation of exits
$950M SOURCE
$950M of estimated value from these exits
was returned to investors.

80
Ukraine is the leading exporter of ICT services in Europe
The recent progress in the development of Ukraine’s entrepreneurial ecosystem has its roots in the coun-
try’s longstanding position as a leader in Information and Communications Technology (“ICT”) service ex-
ports, which have built a strong foundation around technological capabilities. Between 2017 and 2021, for
example, the value of these exports grew 176%, putting Ukraine in first place as Europe’s fastest-growing
market for these services. They now are valued at $6.9B as of 2021, up from $2.5B in 2017.
ICT service exports are - as it says in the name - usually service exports on behalf of international,
third-party companies rather than the export of natively-developed, first-party products and services.
To deliver this to the world-class standards expected, however, requires exceptional talent, skills, and
capabilities, which creates a deep pool of potential entrepreneurial and operating talent that can start
and build their own companies.

Top 10 European countries by

growth of ICT service exports by
region (%), 2017 to 2021 Dataset: ICT export growth by country

158%

158%

86%

82%

82%

54%

48%

40%

39%

39%

Growth (%)

Dataset: ICT export growth by religion

158%

86%

41%

29%

28%

25%

23%

Growth (%)

Notes:
Based on European countries with over $5B Source:
of ICT service exports.

81
Tech foundation: Ukraine outshines on tech graduates
Ukraine’s strength in ICT careers doesn’t come out of nowhere - in terms of students graduating with
tech qualifications, the Ukrainian education system delivers head-and-shoulders above both regional
peers and European tech giants like the UK and France. Ukraine produces 43% more ICT graduates
than its neighbour Poland, 70% more than the UK, and 53% more than France. In the midst of global
tech talent shortages, this is why so many tech companies choose to open offices or hire employees in
Ukraine. [Additionally, Ukrainian tech / developer wages remain 2-3x lower than places like Denmark,
the UK, Canada - and nearly 4x lower than the US. International tech companies hiring or opening of-
fices in Ukraine both strengthen a blossoming ecosystem and cut significant costs.

ICT graduates per million inhabitants

by country, 2021

ICT graduates per million inhabitants

Source:

82
Spotlight on active investors in Ukraine
A key element of building a healthy local tech ecosystem is to build depth into its investor base across
different stages. Over recent years, Ukraine has seen the emergence of a number of Ukraine-based funds,
while others have also been active within the country. The list below (ranked in alphabetical order) high-
lights a selection of these funds. One of those listed, Horizon Capital, is a US-based PE firm that recently
attracted $125M for its first fund dedicated specifically to investing in Ukrainian and Moldovan companies.

Ukrainian investors and investors most active in Ukraine

The list below (ranked by alphabetical order) highlights both Ukrainian-based funds and other funds most
active in the Ukrainian ecosystem with a dedicated pool of capital for the country. Horizon Capital, a US PE
firm that invests in Ukraine and CEE generally, has recently attracted $125M for the first fund specifically
for Ukrainian and Moldovan companies.

AVentures Digital Future Flyer One Ventures Geek Ventures

HQ: Ukraine HQ: Ukraine HQ: UK, Ukraine, HQ: US
Most recent fund: Most recent fund: NA Poland Most recent fund:
$75M Most recent fund: NA $15M

Horizon Capital ICU Ventures SID Venture Partners SMRK VC Fund

HQ: Ukraine HQ: Ukraine HQ: Ukraine HQ: Ukraine
Most recent fund: Most recent fund: NA Most recent fund: Most recent fund: NA
$258.3M $15M

TA Ventures Ukrainian Startup Fund u.ventures

HQ: Germany & Ukraine HQ: Ukraine HQ: Ukraine
Most recent fund: Most recent fund: Most recent fund:
$50M $18M $25M

83
Other European and US-based active investors in Ukraine
In recent years, Ukraine’s tech ecosystem has also attracted investment from international VCs across
Europe. While these investors don’t have specific funds dedicated to investing in Ukraine, they are active
investors in the country nonetheless. The majority of international funds have come from other countries
within Central & Eastern Europe, such as Credo Ventures from the Czech Republic or Inovo VC from Poland.

500 Emerging Europe Andreessen Horowitz Blue Lake Credo Ventures

HQ: Turkey HQ: US HQ: UK HQ: Czech Republic
Most recent fund: $70M Most recent fund: $9B Most recent fund: NA Most recent fund: $80M

ff Venture Capital General Catalyst Hoxton Ventures Inovo

(Ukraine) HQ: US HQ: UK HQ: Poland
HQ: US Most recent fund: $4.6B Most recent fund: $215M Fund size: $102M
Most recent fund: $30M

Plug and Play Ventures Presto Ventures SMOK Ventures Seier Capital
HQ: US HQ: Czech Republic HQ: Poland HQ: Switzerland
Most recent fund: $25M Most recent fund: $32M Most recent fund: $12M Most recent fund: NA

Startup Wise Guys Underline Ventures VentureFriends

HQ: Estonia HQ: Romania HQ: Greece
Most recent fund: $8.7M Most recent fund: $21M Most recent fund: $96M

The Ukrainian tech sector has gone from just over $100
million in revenues in 2003 to nearly $8 billion in 2022.

Even amidst an atrocious war and global tech markets meltdown, Ukrainian
IT will grow at a double-digit rate this year. It is a testament to the extraor-
dinary engineering and entrepreneurial talent in the country, as well as the
courage, resourcefulness, and grit of this nation, on battlefield and beyond.
The local tech entrepreneurs are not spoiled by loads of investors’ cash,
so they have learned to build frugal, profitable businesses, with a strong
bias for sound technology and robust unit economics. In many aspects,
the parallel with Israeli tech scene is a very relevant one. But then it is a
country five times the size.
Vasile Tofan
Senior Partner, Horizon Capital

84
Ecosystem during the war
Much has changed since February 2022, but Ukrainians and the Ukrainian tech ecosystem have
demonstrated incredible resilience - and even growth - in the face of war.

Technology sector still growing despite the war

Despite the conditions caused by Russia’s invasion and its brutal war, the Ukrainian Internet and Com-
munication Technology (ICT) sector showed significant growth in February 2022. The single month
export figure amounted to $839M, 31% higher than in January 2022, 45% higher than the monthly
average for 2021, and 75% higher compared to February 2021.
For the first eight months of 2022, ICT exports actually grew by 16% year over year, according to the
monitoring service Opendatabot.
Additionally, as another slice on the data, per  the National Bank of Ukraine, during the first nine
months of 2022, the volume of Ukrainian computer services increased by 13% (to almost $5.5B). The
overall taxes / fees paid by the ICT industry during this time totalled $1.3B. Nine months into this
year, the Ukrainian national ICT industry has maintained positive growth and remains the only export
industry that stably generates foreign currency income for the Ukrainian economy under current war
conditions. Ukrainian companies keep working continuously, implementing projects, paying taxes,
attracting investments and new customers, and actively entering the global market.

Ukrainian ICT exports ($B),

2010 to 2022E
Ukrainian ICT exports ($B)

Notes: Source:
Based on annualised data up to August 2022.

85
 We call Ukrainian ICT entrepreneurs ‘defenders of the
economic front’.

In the new war-time realities, they managed to quickly adapt and contin-
ue their development. More than 80% of ICT companies retained almost
100% of their contracts. Today, the Ukrainian ICT sector fulfils two import-
ant tasks for the Ukrainian economy: it provides regular foreign currency
income and pays taxes. Companies donate tens of millions of dollars and
continue to grow. Meanwhile, we create opportunities for development in
all possible ways. One of the goals of the Ministry of Digital Transformation
is to double the share of ICT in the GDP of our country in a few years and
to make Ukraine the biggest ICT hub in Eastern Europe. Ukraine is about
to become the best testground not only for the newest defence technol-
ogies, but basically for any technology that can help us win and recover:
energy, telecom, public services, AI, and robots.”
Mykhailo Fedorov
Vice Prime Minister & Minister of Digital Transformation of Ukraine

Tech: the only sector showing growth

Ukrainian ICT sector growth

27% growth from January to May, the only sector to
grow throughout the war. SOURCE
27%

Computer services exports

23% SOURCE
23% increase in H1 2022 compared to H1 2021.

86
Enterprise value shows remarkable strength
According to the latest mapping of the Ukrainian tech ecosystem by Dealroom, Ukraine is home to
more than 1500 startups, while there are a further 600 Ukrainian-founded tech companies that are
based outside of the country. Dealroom estimates that the combined enterprise value of Ukrainian
tech companies totals almost $23B and, while this has declined in 2022 in line with the global tech-
nology market changes, their overall value has grown by more than 8x since 2017. For a local database,
check out the ecosystem overview put together by Ukraine’s Ministry of Digital Transformation.

Total value of the Ukrainian tech

ecosystem ($B) by year, 2017 to
2022

Enterprise value ($B)

Notes:
From Dealroom's Central and Eastern European Startups Source:
2022, Third Edition, Nov 2022.

Founded in CEE, distributed globally

As has been common thread for many startups and scaleups born in Central and Eastern Europe, a
significant number of companies founded in Ukraine or started by Ukraine-based founding teams have
either been established or since moved abroad. In fact, around $22B of the $23B in enterprise value
created by Ukraine-founded companies is accounted for by companies that have relocated outside of
Ukraine. Nevertheless, these companies typically retain strong ties to Ukraine, often with large teams
still present in the country. This ensures that they continue to play an important role in continuing the
development of the local ecosystem.

Distribution of combined enterprise

value ($B) by Central and Eastern
European (CEE) country

CEE born, relocated

CEE based

Enterprise value ($B)

Notes:
From Dealroom's Central and Eastern European Startups Source:
2022. Third Edition, Nov 2022. Data as of Oct 2022.

87
Ukraine’s 2022 VC investment activity strong within the CEE context
Despite the war, a total of $241M has been raised by startups born in Ukraine in 2022, dating to the
end of October. To put that within the context of the wider Central and Eastern European region, this
places Ukraine in sixth place overall, just behind Romania. This is a remarkable achievement given the
ongoing situation.

VC funding value ($M) by CEE coun-

try, 2022YTD

VC funding value ($M)

Notes:
From Dealroom's CEE Startups Report 2022. Belarus,
Moldova, Albania, Kosovo, Montenegro, Bosnia &
Herzegovina all had <$5M. Figures are rounded up for
simplicity. Data converted at EUR:USD of 1:0.980141, the Source:
rate on 30 September 2022. Data is as of October 2022

Ukrainian resilience
TechUkraine’s report highlights some extraordinary statistics demonstrating the incredible resilience
of Ukrainian entrepreneurs and employees at a time of extreme difficulties. While many were forced
to step away, the Ukrainian tech ecosystem has continued to support the broader efforts to keep the
economy afloat and to defend a country under attack.

Resilient business sector

82% of ICT companies had restored business to the
indicators of 24 February 2022, and are continuing
to grow, according to the July IT Research Resilience
85%
study by the Lviv IT-cluster. SOURCE

Securing new customers

77% 77% of the country’s ICT companies have attracted
new customers since the war began according to IT
SOURCE Ukraine Association data.

88
More Ukrainian founders hit funding milestones in 2022
Both within and outside Ukraine, companies associated with Ukrainians continue to raise and close
significant deals, even amidst global headwinds in private markets. One Ukrainian-founded company
even became a unicorn this year following its latest round: Unstoppable Domains ($1B valuation), which
builds uncensorable websites via domains secured by blockchains.

Largest rounds
involving Ukrainian
founders or
Unstoppable Domains $65M Jul 22 US
investors in 2022

AirSlate $51.5M Jun 22 US

Preply $50M Jul 22 US

Spin Technology $16M Aug 22 US

ATLANT 3D $15M Sep 22 Denmark

Rentberry $12.4M Jul 22 United States

Fintech Farm $7.4M Jan 22 Ukraine

Salto X $5.3M Jul 22 Latvia, Estonia, Ukraine

Biobetter $10M Sep 22 US

Everlend $2.6M Aug 22 Ukraine

Source:

Collective effort to support the country

Additionally, established Ukrainian unicorns have taken substantial steps to aid Ukraine after Russia’s
invasion in 2022.
- Grammarly donated $5M, the entirety of the net revenue it has made in Russia and Belarus since the
2014 invasion of Crimea, and suspended service to both countries. Grammarly provides its services
for free to all non-profits and NGOs doing essential work, and at least 215 Ukrainian groups were using
its service as of April 2022. If users write about Ukraine in the app, they are directed to a landing page
with links and organisations “for people to educate themselves on the facts of the war and how they
can #StandWithUkraine”.
- People.ai undertook a campaign to get nearly all of its 42-person Ukrainian workforce out of the
country by mid-February, before the invasion even began. Its Ukrainian founder and CEO, Oleg Rogyn-
skyy, coordinates donations to relief efforts from the Silicon Valley tech community. 
- Gitlab has set up a donation match scheme via its co-founders’ foundation, supporting non-profits
helping people affected by the war.
- Revolut eased the process for Ukrainian refugees to open accounts, waived transfer fees for money
sent to Ukrainian bank accounts, set up in-app donations for all Revolut customers to the Red Cross’s
work in Ukraine, and donated $1.8m themselves (as of August 2022).

89
Other notable Ukrainian tech companies
In addition to the support of high-profile Ukrainian founders, many other Ukrainian tech companies,
as highlighted here via selected examples, continue to operate despite the war, providing employment
and support for Ukrainian employees and the overall economy.

Ajax Systems Aurora Labs BetterMe Creatio

Delfast Bikes Dmarket Esper Bionics Headway

Jooble MacPaw Petcube Preply

Rallyware Readdle Reface Respeecher

Restream Revenue Grid Rozetka SolarGaps

90
 Ukraine has a lot to offer to the world as a country, located
in the heart of Europe, full of resources and talented, cre-
ative people with free spirit.

Ukraine in 2022 is in the spotlight of global attention. The war is a gross cause,
but the main point is what we did with this challenge. Ukrainians have surprised
the world with their level of bravery, opposing Russia, who attacked us and tried
to take our freedom, our country, and our future. We have clearly stated our will
to stick to the humanistic and democratic principles of Western civilisation and
were fortunate to get multilevel support from all countries, understanding the
importance of global cooperation and values, that lay in the basis of our com-
mon civilisation. This is not a one-way street. Ukraine has a lot to offer to the
world as a country located in the heart of Europe, full of resources and talented,
creative people with free spirit. Such human capital is a very precious asset for
tech, and over the last few years it has become one of the most promising in-
dustries in Ukraine’s economy, having 240K+ tech professionals, 23K+ qualified
tech graduates, 500+ service IT companies, 1700+ startups and scaleups, 6 uni-
corns, you name it. We look to the future with a lot of hope and determination,
open for cooperation and successful global partnerships.”
Nataly Veremeeva
Director of TechUkraine

Impact on overall European tech talent:

CEE’s concentration of tech specialists
At over 2M total ICT (Internet and Communication Technology) specialists, the CEE region was home
to almost 25% of ICT specialists in mainland Europe as of December 2021 according to Eurostat. That
said, Eurostat’s definition of ICT specialists is narrower than our definition of the tech talent landscape
as it includes only workers working with ICT systems (e.g. computing professionals, software develop-
ers, telecommunication engineers, etc.), and therefore wouldn’t necessarily encompass less techni-
cal roles (e.g. Sales, Product, HR, etc), so some would argue this number should be greater. Since the
beginning of the war, much has changed for many of these employees.
Per The Voice of Ukrainian Start-Ups report, in December 2021 Ukraine represented 14% of CEE’s
total ICT workers, at 285K workers. As of May, this number was down to 228K as many workers were
forced to relocate abroad due to the war, a 20% decrease. Most Ukrainian refugees remained in the
CEE region, and many have since returned, so it is difficult to know how much this may have affected
these totals. Regardless, with so much of Europe’s tech talent in the CEE region, the war has had an
outsized impact on this community.

91
 Number of ICT specialists per
region, 2021

# of specialists (M)
Regions

Notes: Source:
Number of employed ICT specialists as of Dec 2021.

Impact of the war on tech talent

Though the live numbers are ever-changing, about 50-57K or 17-20% of Ukraine’s total number of tech
specialists had moved abroad as of May 2022. According to Lviv IT research, this was especially true
for more experienced employees who have a partner or family member. For those who stayed, a mean-
ingful number have joined the armed forces of Ukraine, in particular those who had previous military
experience. Additionally, many ICT specialists with advanced cybersecurity skills joined a designated
part of the armed forces countering cyberattacks.

War effort
7,000 ICT specialists joined the armed forces
since the start of the war. SOURCE
7,000

92
 Relocated

44% 44% of startups have chosen to relocate their team

since the beginning of the war but of the 56% who
didn’t, they are firmly set to stay in Ukraine, according
SOURCE to a survey by TechUkraine.

Income remains resilient

73% of ICT specialists noted that since the beginning
of the full-scale invasion, their income has increased
or remained at the level of February 2022, according
73%
to a survey from Lviv IT Cluster. SOURCE

Importance of tech for defence

Beyond the contribution of the tech industry to the Ukrainian economy, tech has
also played a critical part in Ukraine’s defence of its territory and population. One
example is the role of technology in cyber defence. During the first month of the war,
for example, Ukraine suffered a threefold increase in the number of cyberattacks
versus 2021. The bulk of these attacks were concentrated in February and March, but
more than 1100 cyberattacks on Ukrainian tech infrastructure have been recorded
as of August 2022. These have primarily been directed at government and security
and defence-related targets, but have hit commercial organisations and financial
institutions too. Other sector targeted include the energy, telecommunication and
transport sector.

93
Count of cyber attacks by sector
targeted and technique used, 2022 Dataset: By sector targeted

Sector targeted

# of cyberattacks

Dataset: By technique used

Cyberattack technique used

# of cyberattacks

Notes:
Attacks recorded between 24 February 2022 and 24
August 2022 by the State Service of Special Source:
Communications and Information Protection of Ukraine

94
 How can the tech ecosystem help?
Work with and invest in Ukrainian tech.

The Vice Prime Minister and Minister of Digital Transforma-

tion of Ukraine, Mykhailo Fedorov shares his thoughts on
the following question: “How can tech leaders and inves-
tors across Europe support the growth of the tech sector in
Ukraine?”. “First of all, global technology leaders can support
the digital blockade of Russia and start work in Ukraine, as,
for example, PayPal did. It shows that global companies are
ready to work with us even during the war. SpaceX and Palan- Consider setting up offices in Ukraine /
tir also opened their representative offices. In addition, we with Ukrainian partners, taking advantage

1
invite everyone to join Digital4Freedom to support the re- of the grit and perseverance of Ukraine’s
build process of Ukraine. The idea is that companies world- significant skilled workforce and to share
wide are able to provide services and products to Ukraine. knowledge and gained experience with
The advantage is testing your technologies at the state level Ukrainian employees.
and as a result to scale. Also, tech companies can join Diia.
City, a unique tax and legal space for ICT companies with one
of the best tax systems in Europe. Today we have over 360

2
participants, 260 of whom joined during the full-scale inva-
sion. These are cool Ukrainian and international companies &
startups - Snap Inc, Ajax, Preply, Reface, PandaDoc, Readdle,
Jooble, Evo.”
Join Digital4Freedom to support the re-
building process of Ukraine through inno-
vation and digitisation.

3
Join Diia.City, a unique tax and legal space
aimed at creating favourable conditions
for companies operating in the tech sec-
tor.

Mykhailo Fedorov
Vice Prime Minister & Minister of Digital Transformation
of Ukraine

To explore the Ukrainian tech ecosystem further

The Ukrainian Ministry of Digital Transformation has put together a Ukrainian tech ecosystem dash-
board with ongoing information on companies, investors, accelerators, tech communities, and more.

95
The complete report will be shortly
available for download at
2022.stateofeuropeantech.com

96
SoET community
97
Partners
The State of European tech is a massive endeavour
And our partners make it possible. The data, insights, humanpower, passion, and deep expertise represented
below make it possible to build this report and make it the definitive take on European tech. From massive
data-rich spreadsheet deliveries, to detailed collaborative analysis work, to content reviews from literal
battlefields: a huge ‘hats off’ to our amazing partners.

dealroom.co
Dealroom is a global company information database & research firm. Its software, data-
base and bespoke research enable its clients to stay at the forefront of innovation, discover
promising companies and identify strategic opportunities. Among its clients are world-lead-
ing strategy consulting firms, investment banks, multinationals, technology firms, venture
capital & buyout firms and governments. For more information, please visit: dealroom.co

Invest Europe
Invest Europe is the association representing Europe’s private equity, venture capital and
infrastructure sectors, as well as their investors. We have over 620 members, split roughly
equally between private equity, venture capital and limited partners – with some 100 associ-
ate members representing advisers to our ecosystem. Those members are based in 57 coun-
tries, including 42 in Europe, and manage 70% of the European private equity and venture
capital industry’s €846 billion of assets under management. Businesses with private capital
investment employ 9.9 million people across Europe, 4.3% of the region’s workforce. Our
members take a long-term approach to investing in privately held companies, from start-ups
to established firms. They inject not only capital but dynamism, innovation, and expertise.
This commitment helps deliver strong and sustainable growth, resulting in healthy returns
for Europe’s leading pension funds and insurers, to the benefit of the millions of European
citizens who depend on them. Invest Europe aims to make a constructive contribution to
policy affecting private capital investment in Europe. We provide information to the public
on our members’ role in the economy. Our research provides the most authoritative source
of data on trends and developments in our industry. Invest Europe is the guardian of the
industry’s professional standards, demanding accountability, good governance and trans-
parency from our members. Invest Europe is a non-profit organisation with 27 employees
in Brussels, Belgium.

S&P Global
At S&P Global Market Intelligence, we understand the importance of accurate, deep, and
insightful information. Our team of experts delivers unrivalled insights and leading data and
technology solutions, partnering with customers to expand their perspective, operate with
confidence, and make decisions with conviction.
S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI). We are the world’s
foremost provider of credit ratings, benchmarks, analytics, and workflow solutions in the
global capital, commodity, and automotive markets. With every one of our offerings, we help
many of the world’s leading organizations navigate the economic landscape so they can plan
for tomorrow, today. For more information, visit spglobal.com/marketintelligence

98
 Lazard
Lazard, one of the world’s preeminent financial advisory and asset management firms, op-
erates from 41 cities across 26 countries in North, Central and South America, Europe, Asia
and Australia. With origins dating to 1848, the firm provides advice on mergers and acquisi-
tions, strategic matters, restructuring and capital structure, capital raising and corporate
finance, as well as asset management services to corporations, partnerships, institutions,
governments and individuals. For more information on Lazard, please visit www.lazard.com.
Follow Lazard at @Lazard.

Extend Ventures
Extend Ventures is a collective of business, finance and research specialists who came
together in 2019 to use the power of big data and machine learning to democratise access
to Venture Capital.
Driven by the maxim that what isn’t measured doesn’t change, Extend Ventures provides
irrefutable evidence of bias, unconscious or otherwise, in the Venture Capital sector in how
funding is allocated. With its seminal 2020 research report Diversity Beyond Gender, Extend
Ventures examined 10 years of Venture Capital funding in the UK and found glaring dispari-
ties in access to funding across key identities: gender, ethnicity and class.
For Extend Ventures, this represents huge untapped economic opportunity for the UK and
substantial unrealised financial returns for investors alongside the wasted potential of a
talented cohort of entrepreneurs. In addition to its ground-breaking research results, Ex-
tend Ventures uses its highly respected analytical skills, access to data and broad network
of stakeholders to advocate for:
- The creation of a collaborative Black and Minoritised Ethnic business ecosystem
- The emergence of VC funds of significant size to support diverse founders from Seed
through to Series B/C
- The adoption of an Investing in Ethnicity Code to align with the Investing in Women’s Code

GrapeData
Serving a multitude of clients globally, primarily PEs, HFs, Management Consultancies and
Corporates, Grapedata is a tech enabled, and the go to provider for fast high quality targeted
survey with a global coverage

PitchBook
PitchBook is a financial technology company that provides data on the capital markets to
help professionals discover and execute opportunities with confidence and efficiency. We
collect and analyze detailed data on the entire venture capital, private equity and M&A land-
scape—including public and private companies, investors, funds, investments, exits and
people. Our data and analysis are available through our suite of products (the PitchBook
Platform), industry news and in-depth reports.

Politico
POLITICO, a global nonpartisan politics and policy news organization, launched in Europe in
April 2015 and is a subsidiary of Axel Springer SE.
POLITICO Pro is the exclusive subscription service for organizations seeking forward-look-
ing granular policy insights, breaking news scoops and in-depth analyses – all within the
ultimate policy intelligence platform – with access to an unparalleled public affairs network.

99
With operations based in Brussels and additional offices in London, Berlin and Paris, POLIT-
ICO connects the dots between global power centers. Its journalism lives online at politico.
eu; in POLITICO Pro, the real-time policy intelligence service for professionals; in daily and
weekly newsletters, such as Brussels Playbook, London Playbook and Playbook Paris; in
print via a weekly newspaper; and through live events.

Business Angels Europe

Business Angels Europe (BAE) is the European Confederation of Angel Investing, representing the
most active and developed European Business Angels’ Federations and Trade associations in Europe.
Business Angels are those investors who invest directly during the earliest phases of startups, and
contribute not only with their money, but also mentor the startup with their expertise, experience
and network. BAE’s objectives are to create a connected ecosystem for angel investing across the
continent, working with key players across the finance and business marketplace. Furthermore, we
work to ensure a supportive fiscal and regulatory framework in all of our member’s countries. We also
strongly promote diversity within the angel market and celebrate the role of angel networks as being
the core infrastructure for early stage finance for Europe’s innovative startups. Finally, within the
association, the “BAE Club” brings together the most active Business Angel Networks and syndicates
from around the European continent, reflecting a reliable pulse of the visible European angel market.
Within the BAE Club, the 19 angel networks actively work together to share deals across borders and
to share best practices.
Please find more information at www.businessangelseurope.com/ or at www.linkedin.com/company/
businessangelseurope/.

Craft
Craft is building the ‘Source of Truth’ on companies, mapping the global economy, and delivering
unique intelligence on companies to corporate decision-makers globally. Craft collects, aggregates
and curates financial, operating and human capital data to provide the deepest picture of private and
public companies to assist decision-makers to manage their supply chain, maximize their invest-
ments, mitigate risks, grow their sales, leverage their talent and enhance their competitive position.

Engage Inclusivity
Engage Inclusivity provides context-based and custom-built training, research and strategy on Equity,
Diversity and Inclusion. Practising since 2018, we have particular expertise in tech, media, NGO and
environmental sectors.

ESG_VC
ESG_VC is a network of more than 175 VC firms across the UK and Europe that seeks to enable ear-
ly-stage companies to understand, measure, and improve their ESG performance. The initiative was
launched in 2021 by a steering group of funds that is chaired by Beringea. The BVCA supports the
initiative and acts as a neutral partner for data collection purposes.
The support provided by ESG_VC is structured into three core areas of activity: a free measurement
framework for benchmarking the ESG performance of early-stage companies; an annual programme
of workshops and training events for VCs and their portfolio companies; and free resources to help
companies embed ESG processes and policies.
Members of the ESG_VC Steering Group include Seedcamp, Astanor, Atomico, Talis, Lakestar, Par
Equity, Social Value Portal, and the BVCA. An additional thank you to all the funds that contributed
data to the ESG_VC research, including Astanor Ventures, Balderton, Beringea, Cambridge Innovation
Capital, Clarendon, Conviction VC, Lakestar, Mercia Asset Management, Molten VC, Top Technology
Ventures and Volution.

100
Form Ventures
Form is an early stage venture fund investing in the future of regulated markets.

Indeed
More people find jobs on Indeed than anywhere else. Indeed is the #1 job site in the world and allows
jobseekers to search millions of jobs on the web or mobile in over 60 countries and 28 languages. More
than 300 million users each month search for jobs, post resumes, and research companies on Indeed.
For more information, visit indeed.com.

Mapverse
Mapverse supports movements towards equity and sustainability by furthering our knowledge on the
challenges faced by different communities, regions and industries. From organisational demographics
to global legal frameworks, we design rigorous research methodologies to gather macro and granular,
qualitative and quantitative data making it available to those looking to enable positive change.

Pave
Pave is the world’s largest provider of real-time compensation benchmarks. We partner with 200+
investors and 4,000+ companies to to offer free cash and equity benchmarks from 500,000 individual
data points across the US and UK. Joining Pave and accessing the data takes less than 10 minutes.
Learn more and join Pave at www.pave.com/products/compensation-benchmarking-data

PredictLeads
PredictLeads provides structured company intelligence data indicative of company performance. Us-
ing PredictLeads data, sales teams can target prospects in their buy mode and better personalise their
outbound messaging. Investment companies use the data to identify new companies gaining traction
and to better track known ones. PredictLeads provides news data, hiring intent, technographics, and
more.

Revelio Labs
Revelio Labs provides workforce intelligence. They absorb and standardise hundreds of millions of
public employment records to create the world’s first universal HR database, enabling a view into cur-
rent workforce composition and trends of any company. Their customers include investors, corporate
strategists, HR teams, and governments.more.

101
Specter
Specter is an alternative data company that caters to venture capital firms, private equity firms, and
hedge funds. We focus on providing actionable signals that help our clients make informed investment
decisions. Our team of data scientists and analysts are experts at uncovering insights from large and
complex datasets, providing our clients with a competitive edge in the ever-changing world of tech.
Whether you’re looking to gain a better understanding of market trends, or to identify new investment
opportunities, Specter has the tools and expertise to help.
For more information please visit: tryspecter.com | Twitter: @SpecterHQ | Linkedin: https://www.
linkedin.com/company/specterhq/

Spinout
Spinout.fyi seeks to empower university inventors to form companies from their research. They host
the largest open dataset on spinout deal terms that is crowdsourced from hundreds of spinouts
around the world. This dataset brings transparency for future founders and is used by policymakers,
universities, investors and funders to revamp the spinout playbook.

TalentUp
TalentUp is a talent market data provider using the power of big data and machine learning to create
salary models for +200 roles in +90 locations worldwide. TalentUp’s global salary platformenables
clients to view salaries for the global market at a local level and discover promising talent markets. It
helps decision-makers in companies to make strategic HR decisions and enhance their competitive
position. For more information visit: www.talentup.io

102
And of course, we couldn’t do this
without everyone who took our survey

Aalia Shah Alessandro Amparo

Aarni Heiskanen Alessandro Astore Amparo De San José
Aarni Moisala Alessandro Monticelli Amrit
Aaron Davies Alessandro Pontari An Coppens
Abayomi Mobolaji Onibudo Alessia Ana Babaja
Abigail Daniels Alessio Redeghieri Ana Herrera
Adam Ali Alex Ana Rita Mota
Adam Kocik Alex Baumann Anastasia Akula
Adam Lindberg Alex Grant Anastasia Fragouli
Adam Liska Alex MacLaverty Anastasia Rother
Adam Mitcheson Alex Mauzon Ander López
Adelaide Cracco Alexander Fink Anders Dewoon
Adiari Vazquez, Ph.D. Alexander Frick Anders Hardebring
Aditya Maurya Alexander Krenn Anders Ibsen
Adizah Tejani Alexander Lang Anders Ösund
Adrien Fernandez Alexander Matrosov Anders Varger
Adrien Gallimard Alexander Oreschenko Andre Loran
Aernout Verhallen Alexander Ribbink Andre Pitie
Agent Europe Alexander Sommer-Fein Andre Rhodin
Agnieszka Alexandra Széll Andrea
Ahmad Hamwi Alexandre Barbosa Andrea Burocco
Ahmad khalili Alexandre Massart Andrea Di Anselmo
Ahmed Alexandros Papaderos Andrea Gennarini
Ahmed Alaa El-Din Alexandru Bogdan Andrea Grozdanic
Ahmed Kaiser Ali Andrea Laus
Ahmet Karakuş Ali Iddi Kigongo Andrea Rosen
Aida Lutaj Alice Groth Andrea Segatta
Aidan Lewis Alicia Teo Andrea Villani
Aidan MacMillan Alicia Walker Andreas
Akala Alidad Moghaddam Andreas Dengler
Alain le Loux Aline de Santa Izabel Andreas Goeldi
Alain Mevellec Alison Andreas Schwarzenbrunner
Alain Rodermann Alix Brunet Andreas Zachariah
Alan Berstein Allan Martinson Andrei
Alan Murray Alois Hotter Andrei Palunosik
Alan Price Alokik Advani Andreia
Alan Timothy Alpesh Doshi Andrej Wallo
Alar Kolk Alvar Laigna Andrés
Alastair Millar Alvar Lumberg Andres Cester
Alba Amanda Green Andrés García
Alberto G. Amanda Philpott Andres Sampka
Alec Fält Ambra Andrew Bennett
Alejandro Amelia Armour Andrew Cunningham
Alejandro Restrepo America Rocio Quinteros Condorettty Andrew Ellis
Aleksandr Amin Zare Andrew Gerrard
Aleksandr Masalskikh Amine Athamena Andrew Herweg
Aleksandrina Amit Andrew MacKay
Aleksi Nurmi Amit Patel Andrew Mennie
Aleksi Partanen Ammar Asjad Raja Andrew Moll

103
Andrey Drobitko Antonio Prigiobbo Bastiaan Anthonie Baaij
Andrey Gavrilenko Antti Bastiaan Bos
Andrey Medvedev Antti Ansas Bastian Funken
Andrius Antti Hattara Beáta Vörösová
Andrius Bajoras Antti Kivimaa Beatrice Böhm
Andrzej Tabara Antti Lindholm Beatriz Feichtenberger
Andy Ayim MBE Antti Pinomaa Ben
Andy Johnston Anya Marchenko Ben Challgren
Aneesh Varma Aoife McArdle Ben Costantini
Aneta Bärwolf Arabella Reeves Ben Greeven
Angel Araujo Arber G. Ben Wedge
Angela Montanari Areiel Wolanow Benedict Rodenstock
Angelo Dalli Ari Harry Långsjö Benedikt Kronberger
Angus Walker Ari-Pekka Karppo Benedikt von Thungen
Anh Nguyen Arianna Tibuzzi Benjamin Djidi
Äni Arjan Brienen Benjamin Erhart
Anik Arnaud Legris Benjamin Hie
Anil Kapuria Arnd Mueller Benjamin Sze-Wei Hie
Anissa Zeghdoudi Arne Morteani Benoit Henry
Anita Kelava Arthur Douillard Berenice
Anjali Ramachandran Arthur Jordão Berkin Ozmen
Ankit Mishra Artis Gromuls Bernard Ivezic
Ann-Kristin R. Pfründer Arto Käyhkö Bernardino D’Auria
Anna Amati Arun Bhahirathan Bernardo Zamijovsky
Anna Butterworth Arunabh Singh Bernhard Weber
Anna De Stefano Arunas Bert-Arjan (‘BA’) Millenaar
Anna Elsa Karika Arya Yaghoubi Besiana Balla
Anna Fedulow Asgeir Løno Beth Faus
Anna Hielm-Björkman Asger Trier Bing Bettina Engert
Anna Nyström Ash Ravikumar Bhrigu Bali
Anna Serafini Asher Ismail Binh
Anna Trendewicz Ashish Goenka Birger Magnus
Annamaria Tartaglia Ashley Cooke Birgit Krieger
Anne Fraser-Vatto Ashley Schilling Birgit Reinhofer-Mitterer
Anne Krebs Ashok Azhagarasan Birthe Ross
Anne Maaninka Ashutosh Pratap Singh Bjorn Gabrielsen
Anne-Claire Blet Asmar Ghafoor Björn Höglund
Anne-Laure Mention Astrid Moullé-Berteaux Blochin Cuius
Annica Millard Ataliba Miguel Bodil Sidén
Annie Aude Bojana Mumovic Perusko
Annika Amenberg Audrey Bolko Hohaus
Annika Järs Audrey Hutabarat Bon Kolt
Anoop Gopalakrishnan Augustin Sayer Boris Bernstein
Anri Kivimäki Augustin Wolff Borut Grgic
Anshul Agarwal Axel Brenner Bosco Lai
Anthony Finbow Ayan Saha Bradley Fehler
Anthony Rosenthal Ayşe Korkmaz Brandon Cohen
Antoine Post Ayşen Yazıcıoğlu Brendan Murphy
Anton Heijs Aysenur Brenninkmeijer Anthony
Anton Klåvus Aysin Brett Wigdortz
Anton Ossipovski B. Smulders Brian Piehl
Antonela Bailetti Bart Zaczkowski Bruce Grove
Antonia Bartek Ogonowski Bruno
Antonino Angi Barun Bruno Pires
Antonio Ornelas Soares Basar Bruno Poggi

104
Bryce Keane Chris Fellingham Cristina Budacu
Burak Yirmibesoglu Chris Hill Cristina Salsinha
Burhan Pisavadi Chris Jones Csanad Banhegyi
Busra Ozgumus Christer Andersson Csongor Barabasi
Byungki Kim Christer Hernestig Curtis Park
CAD Christhi Theiss Cyprien Hallé
Caitlin Gould Christian Bunke Cyrille Guillaud
Calin Coman-Enescu Christian Delaroche Dag Eklund
Callum Christian Dobson Dale Whelan
Camila Gallo Christian Eberhardt Dama Sathianathan
Camila Zattar Christian Hindre Dami Adebayo
Camilla Ley Valentin Christian Kassahun Dan Gray
Cansu Deniz Bayrak Christian Langen Dan Hyde
Carien Nantois-Beyer Christian Listérus Daniel Bentes
Carina Christian Rood Daniel Callis
Caritta Seppa Christian Winter Daniel Cavallari
Carles Tomás Martí Christina Brinck Daniel Chait
Carlos de la Esperanza Christina Caljé Daniel Duma
Carlos García Christina Forsgård Daniel Espinoza
Carlos Trenchs Christine Bjarkby Daniel Forslund
Carlotta Manzoni Christoffer H. Malling Daniel Freeman
Carmen Pumariño Christoph Hartmann Daniel Green
Carmine Christoph Richter Daniel Grisar
Carolina Gianardi Christoph Sagemann Daniel Hastik
Carolina Margozzini Christophe Martins Daniel Hyden
Caroline Hudack Christopher North Daniel Kaszanics
Caroline P. Christopher Schulz Daniel Keiper-Knorr
Caroline Zhao Christos Kritikos Daniel Lederer
Carolyn Davies Chrys Massamba Daniël Magalhães Marinho-Giesen
Casper Cinzia Silvestri Daniel Moore
Cassandra Many Ciprian Man Daniel Secareanu
Catarina Abrantes Ciro Acedo Boria Daniel Svonava
Catherine Ogilvie Claas Helmke Daniel Tudor
Cecilia Gross Friberger Claes Mikko Nilsen Daniel Wärnå
Cengiz Akcay Claire Daniel Wiegand
Cesar Bteish Claire Lasserre Daniela Basile
Chad Cribbins Claire McHugh Daniela Dubla
ChanIk Jang Claire Oatway Danilo Rea
Chantelle Bell Claire Tange Dany Tello
Charles Lorum Clara Dario
Charles Tigges Clara Probert Darja
Charlie Bullock Clarisse Lam Darko V
Charlie Hudson Claudia Baumgart Darryl Sparey
Charlotte Ekelund Clemens Koos Darryn Trowell
Charlotte Stromberg Colin Brown Darshan Nagaraj
Charlotte Willis Colin Mckillop David
Check Warner Colin Saunders David Boulton
Chen Wang Constantin David Brown
Chevillon Cordelia Meacher David Cabrera Ruiz
Chiara Cavallero Corey Wright David Carrero Fernández-Baillo
Chiara Lettieri Cosimo Calcagno David Clark
Chioma Cristian Stoica David Cleaver
Chirantan Patnaik Cristiano Vinattieri David Daniel
Chris Cristina David de Souza
Chris Dial Cristina Almeida David Gordon

105
David Hagen Dougie Sloan Elisabeth Lecuyer
David Houghton Dr Anand Elisabetta Zaccaria
David Hug Dr Carina Elissa Grey
David Johnson Dr Eva de Mol Elizabeth Pauchet
David Jouarisse Dr Fergus Boyd Elizabeth Robinson
David Lofthouse Dr Michelle Rogan Ellen Carey
David Murray Dr Ritwik Roy Elmeri Litmanen
David Norman Dr. Andreas Kanstein Elvinas
David Peters Dr. Cyrine Ben-Hafaiedh Elzan Godlewski
David T Dr. Jochen Haller Emil Sievinen
David V Dr. Lucie Poisson Emile barker
Davide Rovera Dr. Michael Lettenmeier Emilie Christensen
Deborah Phethean Dr. Nakeema Stefflbauer Emily
Declan Kelly Dr. Pascal Kraft Emily Gill
Declan O’Connor Dr. Suraj Jamge Emir Barin
Deepak Prabhakara Dr. Tim Breker Emma
Denis Mingulov Drazen Orescanin Emma Dansbo
Deniz Oezol Dusica Lukac Emma Meehan
Dennis Kirpensteijn Dylan Coll-Reed Emma Mehan
Denys Ovsiannikov Dylan Kim Emma Sudnik
Des Dzmitry Kryvalapau Emma Williams
Dharmesh Malam Ebra Gohari Emmanuel Chari
Dhiraj Mukherjee Ed Bardos Emmanuel Rytzell
Didier Boullery Edd Read Enegoloyiun Helen Odoh
Diego Edny Karlsen Engin Kaban
Diego Cammarano Edoardo Gava Engy Youssef
Diego Garaycochea Edoardo Gentili Enrique Penichet
Diego Izquierdo Edouard Eppu Härkönen
Diego Recondo Edward Lindqvist Ercan Tutal
Diellza Edward Y Eren Soyak
Dietrich Aumann Eetu Eskelinen Erhan Kilicozlu
Dimitrij Lewin Egzon Delija Eric Auchard
Dimitrios Eike Eric Brenninkmeijer
Dimitrios Poulios Eirik Andreas Ledesma Strøm Eric Gargallo Serrano
Dimitrios Rodopoulos Eirik Talleraas Eric Lagier
Dimitris Kalavros-Gousiou Ekaterina Erica
Dimitris Mallas Ekaterina Berdysheva Erik Bjorkman
Dirk Aelvoet Ekaterina Vodopian Erik Dyrkoren
Dirk Hofmann Ekrem Bozkurt Erik Edin
Diviesh Vithlani Elco van Grotenhuis van Onstein Erik Harstad
Divyang Pandya Elena Erik Mostenicky
Dmitri Koleno Eleonora Erik Stenman
Dmitry Eli Peel Erkki Aalto
Dmitry Chekhunov Elias Erkki Seppäläinen
Dom Elias Börgmann-Dehina Ernst Rustenhoven
Domenico Nesci Elias Faltin Esmeralda
Dominic Maier Elias Tritter Esther Song
Dominic McGonigal Elin Fälted Estia Ryan
Dominik Faber Elina Etamar Laron
Dominik Gross Elina Arponen Eugenia
Dominik Hertzler Elina Liehu Eugenia Vicente
Dominik Mazur Eline Chivot Eva Ogriseg
Dora Palfi Elinor Samuelsson Eva Rennen
Dorothy Chou Elisa Cittanti Eva Saarelma
Doug Ennis Elisa Heimo Eva van Rooijen

106
Eva Wissenz Francesco Perticarari George Mills
Evagoras Xydas Francesco Pignatelli George Thomas
Evan Maindonald Francesco Vercesi Georges Bory
Evelin Bakó Francesco Volpe Georgi Mitrovsky
Evgeny Kuznetsov Francisco Georgi Tonchev
Evie Mulberry Francisco Badia Georgia Kalantzi
Evrim Taskiran Francisco Ferreira Pinto Georgios Dimitriou
Ewa Chronowska Francisco Velazquez Gerald Janes
Eyal Malinger Franck A. Willaime Gergely Nagy
Eze Vidra Francois Gevers Gesa Miczaika
Fabia Höhne François Solanet Ghislain Terrier
Fabio Fanecco Frank Verbeek Giacomo de Renzi
Fabio Lancellotti Franz Eichinger Gian Marco Brizzolara
Fabio Pozzi Franziska Rantala Giancarlo Rocchietti
Fabrice Pasquier Frederic Hofmann Gianella
Fabrizio Barberis Frederic Huynen Gianluca Dettori
Fahad Isyaku Umar Frederick Leuschner Gianmaria
Fanuel Frederik Brandis Giles Edwards-Alexander
Farhan Lalji Frederik Dalgas Giles Elliott
Farrukh Frederik Vind Giles Peddy
Fatou Diagne Fredrik Andersson Guldkula Gill Hauzmann
Fay Jiang Fredrik Håkans Gilles Hamou
Fayeni Emmanuel Nesto Fredrik Hånell Giorgi
Federick Stewart Fredrik Johansson Giorgio Buggio
Federico Brath Fredrik Larsson Giorgio Pastarini
Federico Cuppoloni Fredrik Posse Giorgio Ripamonti
Federico de Vicente Fredrik Stockman Giovanni Ciraolo
Federico Strollo Fredrik Wigh Giovanni Locatelli
Felice Simonelli Fredrik Winther Giselle Frederick
Felix Balda Friederike Berfelde Gisle Østereng
Felix Haas Friederike Harvie-Clark Giulia Van Waeyenberge
Felix Mackenzie Friederike Reuter Giulio Caperdoni
Ferdinand Mühlhäuser FX Dedde Giuseppe Colucci
Fernando Fanton Gabor Komaromi Giuseppe Iannaccone
Filip Koprčina Gabriel Huntley Gizem Sezer
Filip Olofsson Gabriel Shin Glenn Bilby
Filip Peters Gabriele Dini Glenn Murphy
Filipetti Francesco Gabriele Franco Glenn Smith
Fin McCormick Gabriele Fronzé Gloria Baeuerlein
Fiona Dent Gabriele Sportoletti Gökçe
Fırat Özpınar Gaétan Rougevin-Baville Gonçalo Sousa Coutinho
Flavia Asim Gaëtane Suzenet Gonzague Bernard
Florence His Galina Markova Gosia Wrzesinska
Florent de Gantes Garan Goodman Grace
Florian Ludot Garri Jones Grace Cassy
Florian Mezger Gavin Haycock Grace Keeling
Florian Rival Geetali Grace Pan
Francesc Saldaña Geir Bækholt Graham Elliott
Francesca Gela Suli Greg Brown
Francesco Acabbi Gennadii Greg S
Francesco Audisio George Gregorio Rodriguez
Francesco Baruffi George Brand Gudjon Gudjonsson
Francesco Berra George Dimitriou Guglielmo Sirolli
Francesco Cerruti George Jackson Guidione Machava
Francesco Giovanni Leonardi George Maksimenko Guillaume Bregeras

107
Guillaume de Vesvrotte Henry Wilen Jack Christopher
Gülnur Dönmez Herbert ten Have Jack Rogers
Gunnar Grip Herman Kienhuis Jacob Curt-Hubold
Gurvinder Paul Herve Cuviliez Jacob Haeger
GVC Hiroki Takai Jacob Williamson
Gytis Stakenas HJ Jung Jacopo
Hakan Nytorp Hjalmar Gislason Jacopo Drudi
Halit Kosmaz Holger Eriksson Jacqueline Ruedin Rüsch
Hanna Holly Welstead Jacquie Harvey
Hanna Becker Horace Mitchell Jad Matta
Hanna Grevelius Hossein Nazarboland Jag Singh
Hanna Jones Hugo Perttu Jaime
Hanna-Stina Sonts Hugo Valdivia Jaime Delgado
Hannah Tilston Hugo Weber Jaisal Ashraf
Hannah Wickes Humair Jake Stevens
Hannu Rantanen Hussein Jakob Gajsek
Hans Christian B. Andersen Ian Cummins Jakob Lindmark Frier
Hans Langthaler Ian Dowson Jakub
Hans Pauwels Ian Ellis Jakub Korczak
Hans Peter Bissinger Ian R Welch James
Hans van Houwelingen Ian Thomas James A G Shaw
Harri Tallinn Ibrahim Kaya James Downing
Harri Toivonen Ida Stjernström James Fox
Harry Ieva James Heath
Harry Briggs Ignacio Moro James Molloy
Harry Hawkins Igor Zacek James Windsor
Harry Järn Ilia James Wright
Harry Moy Ilia Zelenkin Jamie Lesser
Harsh Rodrigo Ilkka Lakaniemi Jan Alberti
Harshini Zaveri Ilkka Vuorenmaa Jan Debets
Hasan Alemari Ilmars Osmanis Jan Habermann
Hasmik Avetisyan Imran Khan Jan Magdić
Hatem Fassatoui Imran Merchant Jan Mattsson
Hazal Önsöz Ingar S. Bentsen Jan Mumme
Hege Tokerud Ingrid af Sandeberg Jan Strøm
Heidi Ingrid van Rest Jan-Åke
Heidi Kakko Ion-Gheorghe Petrovai Jane Vita
Heikki Almay Ionut Scripcariu Jane Walerud
Heikki Mustonen Iren Reznikov Janek Kraus
Heikki Salo Irina Grygoryeva Jani Kurki
Heikki Sjöman Iryna Supruniuk Janis Kreilis
Helen Isabel Janna
Helen Poetri Isabell Kunst Janna Goncharova
Helena Maripuu Isak Abrams Janne
Helga Valfells Itu-Ran Janne Jul Jensen
Heli Koski Iulian Crăciun Janne K
Henk de Jong Ivan Vasilev Janne Korhonen
Henning Einsiedel Ivano Menso Janne Saarikko
Henri Eloranta Ivar Kruusenberg Janneke Niessen
Henri Haaksiala Ivo Remmelg Jannik Ellegaard Hove Pedersen
Henri Hakamo Ivo Spigel Janusz Żebrowski
Henri Huotari Iwona Cymerman Jari
Henrik Karlsson Jaana Kokkonen Jarmo Kuusivuori
Henrik Wetter Sanchez Jacek Blonski Jarne Atsar
Henry MacDonald Jacek Łubiński Jaroslav Trojan

108
Jas Shah Joe Seager Julio Martinez
Jason DiLullo Joey Jones Julius Tuomisto
Jason Goodman Johan Björkquist Jun Shin
Jasper Kurjenniemi Johan Frenckner Jussi Paski
Jasper Reiser Johan Renman Just Beyer
Jasvinder Singh Johan Söör Justin Edwards
Javier Sánchez Johan Spindler Justus Tölle
Javier Sánchez González Johanna Hulkko Justy Cho
Jaysri Johannes Rettig Juulia Karjula
JD Johannes Söderberg Juuso
Jean Bertin John Elvesjö Juuso Korhonen
Jean Charles John Jacobs JW Kluivers
Jean Claude Ghinozzi Jon Kai Baumgartner
Jean-Francois Le Ruyet Jon Beltran de Heredia Kaido Saar
Jean-Michel Gauthier Jon sykes Kalle Nevala
Jeffrey Coleman Jonas Hagströmer Theodorsson Kamil Kwećka
Jeffrey Haas Jonatan Marc Rasmussen Kara Amantoy
Jenna Andelin Jonathan Basse Karan Behar
Jenny He Jonathan Biggs Karel Bourgois
Jenny Lindblad Jonathan Carrier Karel Zheng
Jenny Tooth OBE Jonathan Hollis Karen Falenius
Jens Harig Jonathan Morris Kari Anne Solfjeld Eid
Jens Karlsson Joni Kling Kari Vuorinen
Jeppe Wang Hjorngaard Joni Liikanen Karim Sambrana
Jere Erkko Joonas Loueranta Karim Traiaia
Jeremy Acklam Jordan Mayo Karin Andersson
Jerome Jordan Watson Karina
Jerry Kola Jordi Vidal Karl
Jes Andersen Jorge Karl Hess
Jesper Jorge Lluch Karl McCarthy
Jesse Jeng Jørn Haanæs Karoliina Kauhanen
Jesse Kaukolahti Jose Luis zagazeta Karolina Ling-Vannerus
Jessica Pålsson Joseph Mariathasan Karsten Miermans
Jessica Stewart Josh Davey Kartik
Jesús Leganés-Combarro Josipa Majic Kaspar Kägu
Jeya Sivans Jouni Frilander Kasparas Jurgelionis
Jie Li Jouni Leskinen Kasparas Navickas
Jihee Jung Jouni Salo Kasper
Jill Persson Juan Kasper Saugmann
Jim Runsten Juan Jesus Yubero Kata Varblane
Jimmy Simons Juan Ocampo Kate Afanasyeva
Jo Dalton Judith Katerina Chantzi
Joan Cavallé Juha Jokinen Kateryna
Joan Marc Alomar Juha Lauhamaa Katinka Weber
Joanna Jasińska Juha Riippi Katja Grothe-Eberhardt
Joanna Pydo Juha Ristolainen Katja Palovaara
João de Saldanha Juha Saukkonen Katri Teräsniska
João Nunes Juho Rautiainen Katy Wigdahl
João Silva Juke Trabold Kave Bulambo
Joao Trigo da Roza Jukka Kavita Surana
Jocke Martelius Jukka Keinänen Kei Hareyama
Jockum Hultén Jukka-Pekka Heikkilä Keijo Koivu
Joe Doughty Julia Keith Robinson
Joe Jordan Julian Mattes Keith Tan
Joe Knowles Julie Curran Kelli Fairbrother

109
Kemi Ashogbon Kristjan Vilosius Loïc Struyvelt
Kenneth Jeng Kristofer Kalén Lola Elejalde Hernani
Kenneth Mühleisen Kristoffer Laurson Lorena García Martos
Kerry Baldwin Krists Avots Lorenzo
Kerry Murphy Krzysztof Przybylak Lorenzo Moretti
Kerry Ritz Ksenija Milicevic Neumann Lorenzo Niola
Kerstin Bock Kunal Lotta Vänskä
Kevin Glasgow Kyle DuPont Louis van Garderen RA
Kevin Kuipers L Christer Andersson Louise Åsheim
Kevin Le Floch Lara Lovisa Stenbäcken Stjernlöf
Kevin Scott Lara Gilman Luc
Kevin Seebacher Lara Rodríguez Luc Jacobs
Kevin Withane Larisa Luca Carlucci
Keyvan Thomsen Bamdej Lars Crama Luca Morena
Khadija Ashfaq Lars Landberg Lucanus Polagnoli
Kilian Massiah Lars Lindgren Lucia Cerchlan
Kim Oguilve LarsGoran Bostrom Luciana Juarez
Kimberley Ferguson Latessa Cédric Lucija Iličić
Kimmo Lehtonen Laura Avonius Lucy Chatburn
Kiran Abraham Laura McGrath Luigi
Kirsi Lainema Laura Navas Luigi Mallardo
Kjartan Rist Laura Tillo Luis
Kjell Backlund Laura Vizena Luis Zarate
Kjetil Holmefjord Lauren Stewart Lukáš Konečný
Klaas H Laurent Kaestli Lukas Macko
Knut Laurie Young Lukasz Foks
Knut Landsverk Lawrence Hume Łukasz Obuchowicz
Koen Vandecaveye Lawrence Lundy-Bryan Luke Graham
Kofo Mary Are Leath Al Obaidi Lukky
Kolawole Okuboyejo Leen Breevoort Lutz J. Voelker
Konstantin Koenig Leif Sundström Lynn Lin
Konstantin Kogan Lena Thiede Lyubomyr Koval
Konstantin von Bueren Lenka Hankovcová Maarten Van Gorp
Konstantin Youdenko Leo Haanpää Maciej Lehmann
Konstantinos Iliopoulos Leonard Burger Macy
Konstantinos Kalogerakis Leonard Orth Madeleine Bjørnestad Røed
Konstantinos Karystinakis Leonardo Giagnoni Madis Müür
Konstantinos Kouzelis Leonardo Massa Mae
Korhan Büyükdemirci Leroy Magda
Kosten Metreweli Letizia Mansutti Maggy Frias
Kourosh Ghaffari Lidia Neagu Magne Uppman
Kris Haamer Liisi Org Magnus
Kris Vandenberk Lily Glasson Magnus Hultman
Krishna Linda Griffin Magnus Nordseth
Krista Jäntti Linda Rehn Mahmoud
Kristian Branaes Linda Võeras Mahmoud Kotb Mohamed
Kristian Ekholm Ling Lin Mahmoud Mansouri
Kristian Eriksson Lisa Maija
Kristian June Lisa Enckell Maisie Barlow
Kristian Øvsthus Lise Fulland Malcolm Kemp
Kristian Rönn Liselore Havermans Malin
Kristiina Lisett Luik Man Yong Toh
Kristina Raggl Liz Scott Mandeep Singh
Kristine Nagle Logan Reilly Manolis Kokolakis
Kristjan Novitski Loic Fonteneau Manuel Grenacher

110
Manwoo Park Mark Lomax Matt Jarmolkiewicz
Mar Mark Monteiro Matt Linehan
Mara Vendramin Mark O’Toole Matt Penneycard
Marc Mark Pearce Matteo Cevese
Marc Badosa Mark Seres Matteo Leonardi
Marc Lambrechts Mark Wormgoor Matthew Cheung
Marc Serra Markku J. Korhonen Matthew Gazeley
Marc Tjoe Fat Marko Hara Matthew Kern
Marcello Giordani Marko Kärkkäinen Matthias
Marcello Melandri Marko Kokko Matthias Schmidt
Marcin Zachowicz Marko Kyyrönen Matthias Ummenhofer
Marco Cappellini Marko Streng Matthijs Blokhuis
Marco Cevat Markus Bohl Matti Liukkonen
Marco Cravetto Markus Raunig Matti Viita
Marco Filippi Markus Sandelin Matti Vilola
Marco Gullà Markus Vesala Mattia Monti
Marco Lamas Marleen Mattias Wiking
Marco Rampazzo Marloes van Leersum Matts Andersson
Marco Rossi Marnix Mattthias Schmidt
Marco Simonetti Marsalo Matty Shafran
Marco Valentini Marta del Castillo Mauricio Esguerra
Marco Z. Di Fraia Marta Fuehrich Maurits Berger
Marcus Lådö Marta Jakab Max
Marcus Quierin Marta Zaccagnini Max Brigonzi
Marek Mühlberg Marte Martin Max Meran
Marek Wrobel Martial Valery Max Moldenhauer
Marga Calvo Martijn Hamann Max Wolfe
Margarida Garcia Martin Buchwitz Maxime Cavrois
Margarida Partidário Martin Ferdinand Hämmig Maxime John
Margret Lena Kristensen Martin Haemmig Maximilian Eckel
Margus Ülper Martin Ivan Rios Maximilian-Peter Werner
Mari-Liis Kitter Martin Köling May Huang
Maria Martin Kroener Mayur Upadhyaya
Maria de Freitas Martin Ott MB
Maria Giulia Boscolo Martin Pietzonka Meelik Gornoi
Maria Jose Perea Marquez Martin Rigby Megan Bingham-Walker
Maria Klemetz Martin Theyer Megumi Ikeda
Maria Korolova Martin Willers Mehdi Ghissassi
Maria Markkula Martina Barabas Mehmet B. Kirca
Mariangela Squarciafico Martina Voskova Mehmet Perk
Marianna Martinas Eitmonas Brazauskas Mehmet Yiğit
Marie Wall Martti Heikkilä Melinda Elmborg
Marijke van Hees Masato Iino Melissa Sabella
Marijn van Rijswijck Mascha Bonk Menia
Marika Svärdström Massimilano Merit Valdsalu
Mariliis Beger Massimo Ruffoni Merlin
Mario Mat Schubert Mia Wähälä
Mario Branciforti Matej Zabadal Micah Judish
Marion Kallakas Matheus Fierro Michael
Marius Fredriksen Mathias Pastor Michael Akampa
Marius Mocanu Mathilde Kverneland Michael Boevink
Marjo Sutinen Mathilde Lyet Michael Calver
Mark Matias Huhtala Michael Dimelow
Mark Beresford Matias Ketonen Michael Eisenberg
Mark Caswell-Daniels Matilde Pinto Michael French

111
Michael Hochholzer MM Niclas Englert
Michael Hock Mohammad Mulla Nico
Michael Kabát Molly Taylor-Fagan Nico Fo
Michael Krayenhoff Monika Nico Stabla
Michael Martin Montse Daban Nicola Koronka
Michael Muecke Moritz Strauss Nicolas Meier
Michael Rager Moritz von Grotthuss Nicolas Servel
Michael Steinmann Morten Petersen Niels Schneider
Michael Young Morten von Krogh Nik Rozenberg
Michal Ciffra Moyses Moyseos Nika Pintar
Michał Olszewski Mr. Bremer Nikita Korobeynik
Michał Papuga Mr. Nwanyanwu Benneth Udodiri Niklas Zilliacus
Michel Decorte Muhammad Ammad-ud-din Nikola Vukovic
Michel Dewolfs Mujib Bazhwal Nikolai
Michele Boccardi Muntasir Rashid Nikolai Skelbo
Michele Capobianco Murad Masri Nikolas Noetzel
Michele D’Aliessi Muralidhar Somisetty Nikolay Prokopiev
Michele Volpi Musa Aziz Nilson Kufus
Michelle Cotter Myladie Stoumbou Nina
Micol Chiesa Myrthe Hooijman Nina Vielen-Kallio
Mignot Nader AlSalim Noa Segre
Miguel Barbosa Nadiia Yuzkova Noel Rock
Miguel Zurita Nadine Torbey Noora Saksa
Mihkel Karu Nadya Ivanova Nozomi Isshiki
Miikka Harjuntausta Naim Taleb-Dumortier Nuno Guimarães
Mika Leivo Nansi Nistorova Nuno Quental
Mika Romanoff Napala Pratini Obi Nnewuihe
Mika Tuoma Nasir Zubairi Obinna Kelechi Oliaku
Mikael Kojo Natalia Bejan Ochs
Mikael Männik Natalie Odd Morten Sørensen
Mikael Stern Natalie Somekh Ojas Sekhri
Mikael von Dorrien Natalya Vilyavina Ok
Mikaela Lundh Natasha Ratanshi-Stein Okan Kara, PhD
Mike Angel Nathan De Troyer Ola S. Smeby
Mike Martin Nathan Timmis Ola Sars
Mike Powell Nazanin Boojar Olalla
Mike Tooke Nazim Damardji Olav Ostin
Mike Turner NB Ole Bruun Jensen
Mikk Orglaan Neil Hallmark Oleg Danylenko
Mikkel Rørvig Neil Shah Olesja
Mikkel Winther Neill Watson Olga
Mikko Haapala Neven Boyanov Olga Kravchenko
Mikko Suonenlahti Niaz Patwary Olga Miler
Mikko Veikkolainen Niccolò Olga Shirokova
Miklos Blasko Niccolò Sanarico Olivier Timmerman
Mikolaj Nichlas Westerby Ollie George
Mila Nicholas de Vibe Ollie Richards
Mila Cramer Nicholas Gallie Olya Klueppel
Milja Köpsi Nicholas Ibery Onni Rautanen
Minna Storm Nicholas Russell Oren Pinsky
Mirella Kiuru Nick Carbonari Orphée
Miriam Nick Fairclough Oscar Farres
Miriam Ducke Nick Goldie Óscar García Rodríguez
Miriam Irungu Nick Kalliagkopoulos Oskar Jönsson
Misha Gopaul Nick Katz Oskari Saarenmaa

112
Osman Alp Arli Pedro Caetano Piyush
Ott Heidmets Pedro Engberg Andersen Pjotr van Schothorst
Oussama Baderkhane Pedro Moura Pontus Noren
Oz Har Adir Pedro Ribeiro Santos Pozniakova Svitlana
Paavo Räihä Pedro Trujillano Dorado Praneel
Pablo Derpich Pelle Heikkilä Prashant Shah
Pablo Fernandez Blanco Per Anell Prem Anand R
Pablo Jordi Per Christian Goller Prem Munday
Pablo Moreno Casares Per Edström Preston Junger
Pablo Perea Per Jansson Priit Kaasik
Paco Nicodemo Per-Olof Bengtsson Prince Eke Bona Chigozie
Paloma Castellano Perdie Alder Prof. Dr. Christian Horneber
Panos Papadopoulos Pere Valles Prof. Gunnar Graef
Paola Bonomo Pete Alexander Professor Dylan Jones-Evans OBE
Paolo Giolito Peter Afzelius Rachel Stott
Paolo Malerba Peter Antoniac Rafael
Paolo Moretti Peter Boda Rafael Braganca
Paolo Savini Nicci Peter Dean Rafael Luis
Pär Hedberg Peter Egehoved Rafael Orta
Pascal Weyerhaeuser Peter Globokar Ragnar Agnell
Pasi A Karjalainen Peter Glover Rahul Ganatra
Patricia Camarero Peter Green Rahul Parekh
Patricia Poon Peter Hiscocks Rainer Sternfeld
Patricia Warner Peter Ingman Raju Basumatary
Patrick Peter Montgomery Rakesh
Patrick Alexander Fuchs Peter Munkholm Nielsen Raluca Jianu
Patrick Barbey Peter Romanowski Ramesh Ellantodath
Patrick Fopma Peter Sorg Rana Lonnen
Patrick Frinault Peter Thorner Rando Rannus
Patrick McGrath Peter Tsang Raoul de Liedekerke
Patrick Montague Petr Chmelík Raph Crouan
Patrick Van Roey Petri Kajander Raquel Bernal
Patrik Buckau Petri Laine Rasmus Adler Wahlberg
Patrik Illerstig Petri Lehtonen Rasmus Hellen
Paul Petri Rajahalme Rasmus Holst
Paul Davies Petteri Verronen Rathan Kumar A
Paul Decraemer Philip Green Rauan
Paul G. Putz Philip Reynolds Ravi Kaushik
Paul James Philipp Bieberstein Raz
Paul Klemm Philipp Rosengarten Raza
Paul Leondaridis Philipp Wellmann Rebeca Tristan
Paul Maher Philipp Werner Rebecca Hastings
Paul Mauhin Philippe Huberdeau Rebecca Jackson
Paul Moriou Philippe Noël Rebekah Clark
Paul Nylund Philippine Waisvisz Reem Kidane
Paul Patras Pia Erkinheimo Reetu Kainulainen
Paul Popa Piera Della Porta Reji Vettasseri
Paul Wilkinson Pieter Hammerstein Remi Corlin
Pauline Li Pietro Calzini René Backx
Pavel Pietro Cavallo René Koster
Pavel Afanasiev Pilar Prados Rens Dommerholt
Pawel Osterreicher Piotr Reulier
Peder Burgaard Pipo Yraola Rhett Hendrix
Pedro Aquino Pirjo Virkkunen Ricard
Pedro Arribas Gridilla Pirkka Palomaki Ricardo Pedrol Vilas

113
Ricardo Urrestarazu Capellán Rowen Pham Sara Happonen
Riccardo Rowen Thai Robert Martin Pham Sara Wallin
Riccardo Bassetto Rudolf Dömötör Sarah
Richard Rudy Wilson-Evans Sarah Barber
Richard Barker Ruhell Amin Sarah Fleischer
Richard Bowdler Rune Lorentzen Sarah Galassi
Richard Clarke-Jervoise Ruperto Calatrava Sarah Guemouri
Richard Einhorn Ruslan Gainutdinov Sarah Turner
Richard Ferreira Russ Cohn Sari Brander
Richard Georg Engström Ruta Laukien Sari Laaksonen
Richard Haagensen Ryan Procter Sascha Fritz
Richard Malovic S. Mostafa Faghih Sasha
Richard Maton Sabah Zdanowska Sasha Makarovych
Richard Williamson Sabine Schwab
Rick Nassar Sabine Kerssens SDS
Risto Hübner Sabine Remmert Sean Wilson
Risto Karhu Sabrina Gülck Sebastian
Risto Kause Saemi Kim Sebastian Boehmer
Rita Vilas-Boas Safia Qureshi Sebastian Bujnoch
Ritva Savonsaari Sagar Sebastian Greiss
Rob Connell Sahar Sebastian Gruber
Rob Hicks Saïd Hadjiat Sebastian Grunow
Rob Schubert Saiful Islam Sebastian Johansson
Rob Whalley Sakari Soini Sebastian Ries
Robert Gaal Sakri Viklund Sebastian Schich
Robert Mollen Salam Abdan Sebastian Walther
Robert Stan Salko Korac Sebastiano
Robert Stok Sam Sebastiano Silvestri
Robert Tinterov Sam Edge Sebastien Archambeaud
Robert Walsh Samantha Deakin Sebastien de Halleux
Robert Winroth Samarth Sharma Sebastien Grosjean
Roberta Diana Samarth Shekhar Sébastien Le Roy
Roberto Montandon Sameer Singh Sebastien Toupy
Robin Egerot Sami Niemi Sehyun Kim
Robin Lebeau Sami Uskela Sellam
Robinson Nouveau Sammi Wei Seppo Kangas
Rodolfo Ruiz Sampo Forsström Seppo Pietarinen
Rodrigo Ferreira Sampo Tuorila Seppo Vahasalo
Roger Johanson Samuel Ade Ser
Rogier Senn van Basel Samuel Bernstein Serg Krasakovich
Rohit Mathur Samuel Gretz Sergei
Rohith Samuel Isaac Sergey
Rokas Peciulaitis Samuel Ruhanen Sergey Balandin
Romain Stokes Sandeep Dhillon Sergey Krasakovich
Romeo Walter Sandeep T D S Sergii Kozyrev
Romney Taylor Sandia Jagesar Sergii Kravets
Romuald Sandra Tonts Sergio Lubezky
Ron Sandrine David Sergo Vashakmadze
Ronald Wintzéus Sandro Franco Serhiy
Rory Stewart Sandy Errestad Seyed mohamadreza hajirezaei
Rosamaria Elefante Sanna Sharon Biggar
Rose Abbott Sanna Lehtinen Shash
Ross Allibone Sanna Piha Sheldon Paule
Ross Hamilton Santosh Dönmez Sheryl Winston Smith
Roumiana Atanassova Sanyu Karani Shirley Vernae Williams

114
Sigvards Krongorns Steffen Willenborg Teijo Taipale
Siim Saare Steffi Telmo Pérez Luaces
Siim Sikkut Steinar H Tendai
Siim Teller Stela Suils Terhi Kesela
Silvia Källgren Sten Sonts Terhi Vapola
Silvia Pugi Stepan Kaiser Tero
Silvio Barzi Stephan Methner Tero Sarkkinen
Silviu Apostu Stephanie Chan Tetiana Siianko
Simon Stephanie Holme Thanos Kosmidis
Simon Bailie Stephanie Robesky Thanos Papadimitriou
Simon Brendel Stephen Brooks Thea Fineren
Simon Kantor Stephen Gilsenan Thea Messel
Simon Krantz Stephen Johnston Theo Fraser
Simon Lindebjerg Steve Lemon Theo Saville
Simon Lohmann Stine Svanevik Theodor Genoiu
Simon Prior Stuart Lewis Theodor Storm
Simoncini Stephane Sue Theodora
Simone Brighina Suganthan Asokan Theodore Bergqvist
Simone Cremonini Suki Fuller Therezien
Simone Lusenti Suleiman Arabiat Thomas B. Normann
Simone Pies Sunday Adeyemi Thomas Bountouridis
Sinan Kaplan Sunil Bhagat Thomas Dadashi
Siri Merethe Rønning Suraj Kumar Singh Thomas Hellmann
Sirja Lepistö Surash Patel Thomas Hessler
Sirkka Susan Burton Thomas Kaiser
Sirkka Renger Susanne Schick Thomas Meier
Snezana Djurisic Susanne Triepel Thomas Moon
Sofia Peressotti Suzanne Rabicoff Thomas Mueller
Sofía Sampedro Svein-Magnus Sørensen Thomas Oehl
Sohrab Gebraeil Sven Bakkes Thomas Richter
Sokhiba Mukhitdinova Sven Lingjaerde Thomas Rory Stone, Ph.D.
Solveig Sven Totté Thomas Schneider
Somayeh Bagherbeygi Svetlana Sharifulina Thommie Burström
Sondre Kvam Sydney Chiyaba Thompson Patrick Pere
Sophie Heijenberg Szalai Vivien Thor Ersted Ansbæk
Sophie Lonergan Taejoon Park Tiago Naufal
Spacefox Tafadzwa K Munzwa Tim Guilliams
Spyro Korsanos Taija-Maija Korhonen Tim Strakeljahn
Sreekumar Thaithara Balan Taina Puumalainen Timo Heikkilä
Stan Talia Rafaeli Timo Kuisma
Stanislas Dewavrin Tamara Obradov Timo Lind
Stefaan Verhaeghe Tamer Aboul-Hosn Timo Rongas
Stefan Ciesla Tanya Suarez Timo Uusi-Kerttula
Stefan Dreyer Tapio Keränen Timoteo Rouchon
Stefan Hamminga Tarek Khater Timothy Barnes
Stefan Haubner Tariq Nazeer Timur
Stefan Lavén Tarja Pietiläinen Tine Charlotte Holm
Stefan Malmberg Tarmo Hyytiäinen Tingting Peng
Stefan van Duin Taru Aalto Tobias Kauer
Stefan von Lieven Tatiana Tobias Teslof
Stefano Tatseng Chiam Toby Coppel
Stefano Guidotti Teal Frost Toby Young
Stefano Hesse Teddy Todor Breshkov
Stefano Pastore Teemu Kytömäki Tom
Steffen Teemu Polo Tom C. Theuer

115
Tom Dunn-Massey Ulrika Lilja Vitaly Stockman
Tom Haywood Umar Sujad Vlad Gidea
Tom Jackson Umut Yilmazoglu Vladas Lasas
Tom Jones Ünal Aslan Vladimir
Tom Laine Uranik Begu Vladimir Nedovic
Tom McGinn Vadim Volker Wiewer
Tom O. Collett Vadim Barausov Walter Palma
Tom Schulz Valentin Kremer Warren Sample
Tom Vodopivec Valentina Bocca Wei Wu
Tom Wehmeier Valerii Abramenko Weihua Shao
Tom Würden Valter P Werner Broennimann
Tomas Agrimbau Vanessa Douet Vanucci Wernher Pikali
Tomas Bennich Vasavakkala Wes Hsu
Tomaso Marzotto Caotorta Vasco Alves Wilfred Diallo
Tomasz Grynkiewicz Vasilii Artemev Wilhelm Lundborg
Tomasz Smolarczyk Vasilis Stark Will
Tomi Huoviala Vasily Alekseenko Will Orde
Tomi Kalpio Vattay Antal Willem
Tommi Heikkonen Ve Dewey William McQuillan
Tommy G Klein Veera Lehmonen William Shaw
Tomohisa Yamamoto Veikka Kanerva Wlodek Laskowski
Toms Niparts Veikko Eeva Wojtas
Tone Kastlunger Venla Elovaara Wojtek
Tong Gu Vera Wojtek Walniczek
Toni Sánchez Zaplana Vera Baker Xavier Bush Amengual
Tonje Ørnholt Verineia Codrean Xavier Huerre
Tonny Vanderhoven Veronika Kovářová Xènia Colomer
Tony Boobier Vesa Riihimäki Yana
Tony Fish Vesa Salminen Yang Hyunju
Tony Morreale Vianney de Leudeville Yann Kandelman
Tore Sveälv Victor Canivell Yaroslava
Tore Tolke Victoria Yasemin Karatas
Torsten Victoria Ferguson Yasmine Borghol
Toru Shioda Victoria KN Yegor Traiman
Touko Victoria Reinsch Yeni Joseph
Touko Kontro Viggo Stenseth Yingzhi Ma
Tran Vu Lam Vijay Bhoomireddy Yiping
Triin Linamagi Vijay Nair Yomi Folami
Trisha Saxena Vijay Singh Yonca Braeckman
Tristan Fletcher Vik Li Yoni Arbel
Trygve Mongstad Viktor Endaltsev Yoshi
Tsahi Liberman Viktor Manev Yoss Perl
Tuba Terekli Viktor Nyblom Yulia Bashirova
Tugce Bulut Ville Karjalainen Yuri Narciss
Tugce Ergul Ville Lappalainen Yvan Chevrette
Tunc Noyan Ville Ruija Yves Froppier
Tuomas Ilander Ville Saarenpää Yves Van Ingelgem
Tuomas Kumpula Villem Yvonne Yu
Tuomo Vinamra Kothari Zahra Davidson
Turkka Syrjäläinen Vincent Denise Zane Bojare
Tuure Parviainen Vincent Heilbron Zhenni Liang
Uffe Damtoft Pedersen Vincent Tan Zihao Liu
Ulf Sahlin Violetta Zivile
Ulf Sidemo Viral Zoe Chambers
Ulla Koivukoski Vish Arora

116