Europe’s Fast-Growing Tech Sector Spurs Record $121B in Startup Funding
According to the State of European Tech 2021 report from venture capital firm Atomico, Europe’s fast-growing tech sector has spurred companies to secure a record $121 billion in funding this year, nearly three times the $41 billion raised last year.There are currently 321 unicorn startups in Europe, with 98 expected to achieve unicorn status by 2021. There are also 26 decacorns worth at least $10 billion.European tech firm exits totaled $275 billion in enterprise value, putting the region’s startup pipeline on par with the United States.
According to the research, European tech has generated $1 trillion in value in the last eight months, and talent mobility and distributed success are fueling the growth of additional centers.”As talent is recycled across Europe, the European tech talent pool is deeper and more experienced than ever before.” However, there is still a long way to go; talent acquisition, along with fundraising, is at the top of the list of obstacles for founders, according to the survey.With a new league of entrepreneurs addressing climate impact and a commitment to increase diversity and inclusion, European tech has become a “breeding ground” for businesses in many industries.
Atomico’s head of insights, Tom Wehmeier, told CNBC, “It’s been a watershed year for European tech.” “I believe the figures show that European technology is creating value at a greater rate than ever before.”
He went on to say that reaching the first trillion in equity value, which was reached in December 2018, took decades. “Then we went from $1 trillion to $2 trillion in 24 months,” Wehmeier explained, “and then the most recent trillion was added in eight months this year.”
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