Documenti di Didattica
Documenti di Professioni
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In collaboration with
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presents
The State of
European tech
sponsored by
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6335
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Atomico & Slush The State of European Tech 2017
Since we began this project in 2015, our ambition has been to build
a rich and nuanced narrative of European technology and how it is
evolving. A multi-layered story, not just a moment in time.
This year’s findings reveal the state of European tech in 2017 is the
strongest it has ever been. Europe is building a tech ecosystem in
its own image, defined by deep tech expertise, incredible geographic
diversification, and a uniquely collaborative approach with traditional
www.stateofeuropeantech.com
industry. The solid foundations that have been laid - a huge and
deep talent pool, founders with global ambition levels, and a large,
growing and increasingly sophisticated investor base - means that
Europe marches to its own beat. The question of whether Europe can
produce world-class innovation has been put to bed. The question
of whether it can produce a $100Bn company has been put to bed.
And the probability that the next industry-defining company could
come from Europe - and become one of the world’s most valuable
companies - has never been higher.
We hope you enjoy diving into this year’s report, which we believe
is the single, most comprehensive data-driven story of European
technology today.
Tom Wehmeier
Partner and Head of Research, Atomico
2
Atomico & Slush The State of European Tech 2017
The strength and integrity of our report relies on being able to draw
meaningful insights from a number of different sources and data
points. With the support of our data partners we have been able
www.stateofeuropeantech.com
As well as the magazine you are now holding in your hands, for
the very first time the report is also being housed on its very own
interactive website where you can explore the data in even more
detail. You can find us on www.stateofeuropeantech.com
3
Atomico & Slush The State of European Tech 2017
About Atomico
To us, our work is our mission. When you spend time with us, you’ll
see that our firm is built by, and for, founders. It’s why we invest from
Series A onwards, because we want to help founders take a product
that works and make it a global success. And it’s why we’ve built
the most experienced team possible, with a clear and systematic
approach, to help founders turn their vision into something that
changes the world for the better.
We look for the most ambitious founders, the people who want
to build the next leader in their category or the company that
changes a fundamental component of our economy and society. The
founders who want to use technology to rewire the world in favour of
something better for as many people as possible.
You can find out more by visiting our website, reading our manifesto,
and looking at the companies we invest in - but in the meantime, we
hope you enjoy the State of European Tech Report 2017.
4
Atomico & Slush The State of European Tech 2017
About Slush
Slush is a global movement supporting the next
generation of groundbreaking founders.
In 2017, Slush gathered more than 45,000 people in its 75 events all
around the world from South Africa to Tokyo. The non-profit initiative
was established by a group of entrepreneurs in Helsinki in 2008.
Today, the year of Slush culminates every November when 20,000
founders, investors, media and executives from +130 countries gather
in Helsinki.
Data Partners
Distribution Partners
Powered by Europe’s
startup community
6
Atomico & Slush The State of European Tech 2017
Interviewees
Alex Stubb Andreas Saari Alastair Band Angus Maidment Antoine Bordes
VP & Member of the Co-Founder & CEO Co-Founder Co-Founder Research Lead
Management Committee Wave Ventures Blockchain Beginners Blockchain Beginners Facebook Artificial
EIB Intelligence Research
(FAIR)
www.stateofeuropeantech.com
Barnaby Hussey-Yeo Benjamin Lickfett Ben Pugh Brent Hoberman Stefano Bernardi
Co-Founder & CEO Head of Technology & CEO Executive Chairman; Co-Founder
Cleo Innovation Farmdrop Founders Factory, Token Economy
Diageo Founders Forum,
firstminute capitalv
Christopher Grew Dan Hynes Daniel Wiegand David Kelnar Ella Goldner
Partner Partner & Head of Talent Co-Founder & CEO Investment Director & Founding Partner &
Orrick Atomico Lilium Aviation Head of Research General Manager
MMC Ventures Zinc VC
Erik Engellau-Nillson Fleur Pellerin George Danezis Dr. Jeannette zu Jimmy Wales
CEO CEO & Founder Professor of Security Fürstenberg Founder
Norrsken Foundation Korelya Capita and Privacy Engineering, Managing Partner Wikipedia, WikiTribune
University College La Famiglia
London
Jan Erik Solem José Neves Juan Urdiales Jutta Steiner Kati Levoranta
CEO & Co-Founder Founder & CEO Co-Founder & Co-CEO Founder CEO
Mapillary Farfetch Jobandtalent Parity Technologies Rovio
7
Atomico & Slush The State of European Tech 2017
Kristel Kruustük Lenard Koschwitz Luciana Lixandru Michael Collins Mounir Mahjoubi
Founder & CEO Director for European Partner CEO French Secretary of State
Testlio Affairs Accel Invest Europe in charge of Digital Affairs
Allied for Startups
Neil Murray Niklas Zennström Oscar Farres Remo Gerber Reshma Sohoni
Angel Investor CEO & Founding Partner Head of Unit, Investments Chief Commercial Officer Founding Partner
The Nordic Web Atomico Technology & Innovation Lilium Aviation Seedcamp
EIF
www.stateofeuropeantech.com
Robin Klein Samuel Mueller Sean Bave Stephen Lowery Timo Rein
General Partner CEO and Co-Founder General Manager Managing Director Co-Founder
LocalGlobe Scandit Stack Overflow Talent Silicon Valley Bank UK Pipedrive
Urska Srsen Xavier Niel Yannick Roux Mattias Ljungman Hiro Tamura
CPO & Co-Founder Entrepreneur General Partner Atomico Atomico
BellaBeat Station F First Matter Partner Partner
Carolina Brochado, José del Barrio Elina Berglund Marianne Vikkula Nikhil Rathi
Atomico Founding Partner Scherwitzl CEO CEO
Partner Samaipata Ventures CTO & Co-Founder Slush London Stock Exchange
Natural Cycles PLC
Romain Lavault
General Partner
Partech Ventures
8
Atomico & Slush The State of European Tech 2017
As a firm originating out of Silicon Valley which has We’re talking not just early stage and venture
expanded into Europe, with offices in Germany, funds but the growth funds, late stage funds and
France, UK and Italy, our pan-European footprint Softbanks of the world.
reflects our belief that Europe is an important
geographical area for the technology industry. We The times are-a-changing. Traditionally, European
www.stateofeuropeantech.com
also feel well placed to comment on the trends companies looking to be acquired have looked
driving the technology ecosystem in Europe. to Silicon Valley for their salvation. Today,
they’re looking to the US as a destination to
We believe we have a role in the ecosystem but acquire, demonstrate their success or to expand
to play a full role you need to make sure you fully internationally.
understand the environment in which you operate.
That is why we support the publication of the What is most interesting to us as a law firm
State of European Tech report, now in its third year is the changing regulatory landscape. Yes, you
providing a complete analysis of European tech to will see in the Regulation section of the report
entrepreneurs, VCs, governments, law firms like that more needs to be done by governments to
ours, students and other stakeholders. incentivise the development of new technologies
such as drones, autonomous vehicles and crypto
Whilst Europe can be viewed as fragmented on currencies. At the same time we are starting
a country-by-country basis with a plethora of to see the green shoots of regulatory maturity.
different languages, there are certain strengths to The government in Sweden is allowing for the
celebrate across the continent. reimbursement of mobile-only doctor services,
the Estonian government is enabling delivery
Europe has historically played a pioneering role in robots to use the country’s sidewalks, the UK is a
the technology industry: a world leader in areas cheerleader for new open banking rules whilst the
such as mobile and fintech, where Europe has been Swiss government is embracing the potential of
well-advanced and way ahead of Silicon Valley and crypto currencies.
the US as a whole. Europe also outnumbers the US
for programming talent, and we believe it is going We’re thrilled to be involved with the State of
to continue to succeed on the global stage, as it European Tech report this year, contributing to one
doubles down on the advances it is already making of the most nuanced and data-driven portrayals of
in AI, cryptocurrencies and deep tech. what’s happening in European technology today.
As evidenced in the pages of this report European
This report makes it clear the funding environment technology has undoubtedly had a breakthrough
for European technology companies is still very year but what excites us the most are the
healthy and the appetite for investments in opportunities that lie ahead.
European technology companies is unsurpassed.
Christopher Grew
Partner, Technology Companies Group
Orrick
9
0
Atomico & Slush The State of European Tech 2017
REPORT PARTNER
REPORT PARTNER
About For more than 30 years, Silicon Valley Bank (SVB) has
helped innovative businesses, enterprises and their
Silicon Valley Bank investors move bold ideas forward, fast.
DESIGN
10
02
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Atomico & Slush The State of European Tech 2017
2.1
It’s been a big year for European tech
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV
Slovenian games compa- The UK triggers Article 50 Election of Emmanuel Germany's Soundcloud Germany's Lilium raises The UK's Transferwise
ny Outfit7 acquired for to formally start the Macron injects huge lays off 40% of staff, but $90M Series B from raises $280M Series E
$1.1B Brexit process optimism into La French European tech industry Tencent
Tech rallies around
The UK's Funding Circle Picnic raises €100M Finland's Rovio IPOs for
raises $100M Series D Series B in the Nether- Official launch of London Tezos raises $232M in a $1B
lands HQ'd Softbank Vision then landmark ICO
Fund and investment of
The UK's Deliveroo raises
$500M into the UK's
$385M Series F
Improbable
TitleNo: 2.1 GroupName: Default GroupId: 679 ChartId: 222 ArticleId: 42 ChapterId: 10
Europe's tech industry is creating jobs faster than the rest of the
European economy
Europe’s tech industry is Tech industry workforce growth versus forecast EU employment
Tech industry workforce growth, 2017 versus 2016
creating jobs faster than the rest growth, 2017 versus 2016
of the European economy
2.6
2.5
2.1
2
% growth YoY
1.5
Note:
Based on an analysis of sample pool of
LinkedIn members and the difference between 0.5
those in Oct 2016 working in the Tech Sector
in each country from this sample pool and
those in Oct 2017 0
2017 2016
Source:
LinkedIn Tech workforce growth YoY
Note: Based on an analysis of sample pool of LinkedIn members and the difference between those in Oct 2016 working in
the Tech Sector in each country from this sample pool and those in Oct 2017
3x
Source: LinkedIn
12
Atomico & Slush The State of European Tech 2017
2.1
Of course Europe is a fantastic place to start and grow a company. Just look at
companies like Spotify, Skype, TransferWise, or BlaBlaCar: they are European unicorns.
The biggest startup events take place in Europe, the level of capital available has
skyrocketed in the past years. Europe is made of tens of different cultures, it’s our
biggest advantage. The more diversity you can find among entrepreneurs, the more you
will find innovative businesses, creativity, and value created.
Xavier Niel
Station F
www.stateofeuropeantech.com
Europe’s fastest-growing tech worker populations For additional context, it is worth analysing a
are growing at an even faster rate similar dataset covering tech talent movement in
2016 provided by LinkedIn for last year’s State of
European Tech
22/11/2017 The State of European Tech 2017
Switzerland 4 Netherlands 3
2017 2016
Note:
Note: Based on an analysis of sample pool of LinkedIn members and the difference between those in Oct 2016 working in Note: Based on an analysis of sample pool of LinkedIn members and the difference between those in 2016 working in the
the Tech Sector in each country from this sample pool and those in Oct 2017. BasedTech onSector
an inanalysis
each countryof
fromsample
this samplepool
pool andof LinkedIn
those in 2015 members and the
difference between those in Oct 2016 working in the Tech Sector in each
Source: LinkedIn
country from this sample pool and those in Oct 2017.
Source: LinkedIn
Source:
LinkedIn
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Atomico & Slush The State of European Tech 2017
2.2
Europe has a strong sense of optimism
about the future of its tech ecosystem
22/11/2017 The State of European Tech 2017
TitleNo: 2.3 GroupName: Geography GroupId: 690 ChartId: 226 ArticleId: 43 ChapterId: 10
58 58
56 55 55
% of respondents 54
50
42 41 42
39 38 37 37
32
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TitleNo: 2.3 GroupName: Occupation GroupId: 692 ChartId: 226 ArticleId: 43 ChapterId: 10
While there are notable differences across countries, Europe as a whole
While there are
More
demonstrates notable differences
About the same Less
bullishness across
about the countries,
future Europe
of its tech as a whole
ecosystem
demonstrates bullishness about the future of its tech ecosystem
Are you more or less optimistic about the future of European tech today than you were 12
of European founders are either Are you more
months
Source:
Occupation
ago?
The orofless
State optimistic
European about
Tech Survey 2017 the future of European tech today than you were 12
months 50 41
% of respondents
36 36 36 36 36 41 36
36 36 36 36 36 36 32
32
25
25
10 10 9 8 10 9
10 7 10 9 7 8 10 9
7 7
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levels in the UK are
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I was optimistic about European tech 12 months ago, and feel just
as positive about the state of European tech today. The ecosystem
is constantly evolving, and its momentum is accelerating. You can
find world-class levels of ambition, innovation and disruption across
the continent in more established tech hubs like London, Paris and
Stockholm, as well as in emerging hubs like Amsterdam or Barcelona.
Luciana Lixandru
Accel
14
Atomico & Slush The State of European Tech 2017
2.2
Ilkka Paananen
Supercell
www.stateofeuropeantech.com
2.3
Europe’s tech ecosystem is feeling the impact -
positive and negative - of macro events
22/11/2017 The State of European Tech 2017
TitleNo: 2.4 GroupName: Geography GroupId: 693 ChartId: 227 ArticleId: 44 ChapterId: 10
% of respondents 49 51 52
50 44 46
38 38
31
25 24 26
25 21
19
13 9 13 15 15 12
11 11 12
9 9 10 9 11 99
57 6 10 6
4
11 4
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22/11/2017 The State of European Tech 2017
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www.stateofeuropeantech.com
TitleNo: 2.4 GroupName: Occupation GroupId: 751 ChartId: 227 ArticleId: 44 ChapterId: 10
UK triggering Article 50 to start the process of exiting the EU
Emergence of Initial Coin Offerings (ICOs) as a new way to raise capital Election of Donald Trump
Europe's tech community views the UK's triggering of Article 50 as the
Election of Emmanuel Macron Investment activities of the European Investment Fund (EIF)
Launch of SoftBank Vision Fund
most material event of the past 12 months
Which event of the past 12 months has had the most material impact - positive or negative
- Note:
on Europe's
Numberstech ecosystem?
Occupation may not add to 100 due to rounding
54
49
50 45
41
16 15 18 16
12 15 16 15 11
11 14 12 11 12 11 14 1113
108 8 8 7 75 9 8 6 8
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Jimmy Wales
WikiTribune & Wikipedia
16
Atomico & Slush The State of European Tech 2017
2.3
52%
of survey respondents cited the
triggering of Article 50 as the
most material event to have
impacted the European tech
industry in the past 12 months
Europe’s tech community is How, if at all, has the UK triggering Article 50 to start the Brexit
feeling the impact of Brexit in process impacted your company?
different ways
www.stateofeuropeantech.com
TitleNo: 2.3 GroupName: n/a GroupId: n/a ChartId: n/a (chartImage) ArticleId: 44
ChapterId: 10
17
Atomico & Slush The State of European Tech 2017
2.3
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Investment and fundraising
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Heightened uncertainty or risk
8
2
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3
18
No impact
38
22/11/2017 0 5 The
10State of European
15 Tech 20
2017 25 30 35 40
% of respondents
The ongoing uncertainty caused by the Brexit vote and exit process is
impacting hiring, fundraising and office location decisions
Note: Respondents that selected 'UK triggering Article 50 to start the process of exiting the EU' only. Numbers may not add
Founders
How, if at all,due
to 100 has the UK triggering Article 50 impacted your company?
to rounding
30
Talent and hiring
9
23
Investment and fundraising
http://preview.stateofeuropeantech.com/all-charts/ 14 12/241
18
Heightened uncertainty or risk
7
1
General ecosystem
2
Note:
8
Respondents that selected ‘UK triggering No impact
Article 50 to start the process of exiting the 35
EU’ only. Numbers may not add to 100 due to
rounding 0 5 10 15 20 25 30 35
% of respondents
Source:
Dealroom.co Quid, The State of European Tech UK founders Non-UK founders
Survey 2017
Note: Respondents that selected 'UK triggering Article 50 to start the process of exiting the EU' only. Numbers may not add
to 100 due to rounding
18
Source: Quid, The State of European Tech Survey 2017
Atomico & Slush The State of European Tech 2017
2.3
Increased opportunities 8
2328
No impact 37
0 5 10 15 20 25 30 35 40
% of respondents
Romain Lavault
http://preview.stateofeuropeantech.com/all-charts/ 14/241
Partech Ventures
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Atomico & Slush The State of European Tech 2017
2.3
TitleNo: 2.4 GroupName: Geography GroupId: 579 ChartId: 183 ArticleId: 44 ChapterId: 10
months ago
49
44 45
% of respondents
40 40 39
40 38
36
32 32 32
27 27 27
23 23 22 21
20 18
14
These eventsHarder
Easier have had athe
About significant
same impact on the perception of
www.stateofeuropeantech.com
founders and investors. The UK is the only country in Europe where more
founders think it's got harder to raise capital compared to 12 months ago
Note: This question was answered by Founders and Investors only. Numbers may not add to 100 due to rounding
In your opinion, is it easier or harder to raise venture capital in Europe than it was 12
Occupation
months ago?
Source: The State of European Tech Survey 2017
50
47
40
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% of respondents
30
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Note: This question was answered by Founders and Investors only. Numbers may not add to 100 due to rounding
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Atomico & Slush The State of European Tech 2017
2.4
Europe is entering a new age of entrepreneurship
where technology is used to address the world’s
biggest societal challenges 22/11/2017 The State of European Tech 2017
TitleNo: 2.5 GroupName: Occupation GroupId: 570 ChartId: 180 ArticleId: 45 ChapterId: 10
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Note: 'Strongly agree' is composed of respondents answering 6 or 7 on a 7-point Likert scale. Strongly disagree is
5493 composed of founders answering 1 or 2 on the same scale
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Atomico & Slush The State of European Tech 2017
2.4
Daniel Wiegand
Lilium Aviaton
Ella Goldner
Zinc VC
Kati Levoranta
Rovio
22
Atomico & Slush The State of European Tech 2017
2.4
22/11/2017 The State of European Tech 2017
% of respondents
30
27
20
14
11
10
0
Angel investor Other investor Venture capitalist
Note: Strongly agree is composed of respondents answering 6 or 7 on a 7-point Likert scale. Strongly disagree is composed
of founders answering 1 or 2 on the same scale
www.stateofeuropeantech.com
Andreas Saari
Wave Ventures
http://preview.stateofeuropeantech.com/all-charts/ 19/241
43%
of European angel investors
strongly agree that the potential
social and ethical impact of their
investments plays a significant
role in their decision to invest
23
Atomico & Slush The State of European Tech 2017
2.4
The only limit to the impact we can have is our own imagination and
commitment. At Norrsken, we’re aiming to enable impact unicorns,
companies positively influencing more than one billion people. We
are already seeing incredible solutions being developed in Europe,
and the beauty of technology is that if they are successful they can
scale globally, quickly.
Erik Engellau-Nilsson
Norrsken Foundation
It’s not surprising then that Selected European tech companies with a strong focus on solving a
European entrepreneurs that are major global societal challenge
www.stateofeuropeantech.com
2.5
European tech continues to diversify geographically,
22/11/2017 The State of European Tech 2017
For the past two years, European VCs have made around 1,000
investments per year in countries outside their home market
For the past two years, European Number
Number of non-domestic
of non-domestic European European investments
investments by European VCs by European VCs
VCs have made around 1,000
investments per year in 1,025
market
763
750
European VCs
535
500
There is a huge level of 378
cross-border investment activity 326
33% 0
2012 2013
of investments made by
www.stateofeuropeantech.com
We continue to see smaller ecosystems develop across Europe but there is certainly a Carolina
long way to go -- which presents us with great untapped opportunity. While countries Brochado
like Spain are on fire with multiple new startups, nice exits and ambitious teams, its Atomico
neighbour Portugal is still coming up the curve and Italy, despite its $1.85T GDP, has
not yet been able to generate a venture ecosystem commensurate to its potential. It is
encouraging that more funds are willing to invest further from home so that founders
in less well known tech scenes, who might have been overlooked a few years ago, can
18/11/2017 The State of European Tech 2017
now access best-in-class expertise and the global capital necessary to scale.
TitleNo: 2.5 GroupName: Default GroupId: 149 ChartId: 47 ArticleId: 46 ChapterId: 10
30
% of respondents
20
Note: 10
Investor respondents only. Strongly agree is
5
composed of respondents answering 6 or 7 4
2
on a 7-point Likert scale. Strongly disagree is
composed of founders answering 1 or 2 on the 0
Venture capitalist Angel investor Other investor
same scale
Note:
25
Investor respondents only. Strongly agree is composed of respondents answering 6 or 7 on a 7-point Likert scale.
Strongly disagree is composed of founders answering 1 or 2 on the same scale
Atomico & Slush The State of European Tech 2017
2.6
The perception and the reality around gender 22/11/2017 The State of European Tech 2017
diversity in European tech are not aligned TitleNo: 2.1 GroupName: Default GroupId: 385 ChartId: 125 ArticleId: 75 ChapterId: 10
Note:
Based on a sample of 1,400 executives in Chief Marketing Officer 77 23
CxO positions at 500+ European VC-backed
tech companies that have raised a Series A
or B round between 1 January 2016 and 30 0 20 40 60 80 100
September 2017 and have raised >$5M in total. % of executives
Note: Based on a sample of 1,400 executives in CxO positions at 500+ European VC-backed tech companies that have
TitleNo: 2.1a Series
raised GroupName: Default
A or B round GroupId:
between 387and
1 January 2016 ChartId: 126 2017
30 September ArticleId: 75 ChapterId:
and have raised >$5M in total. 10
This
Source:huge
Craft.counderrepresentation of women is also evident in the European
VC employees 73 27
VC investment teams 82 18
Note:
Based on a sample of 1,400 executives in VC decision-makers 87 13
CxO positions at 500+ European VC-backed
tech companies that have raised a Series A
or B round between 1 January 2016 and 30 0 10 20 30 40 50 60 70 80 90 100 110
September 2017 and have raised >$5M in total. % of employees
Note: Based on a sample of 1,400 executives in CxO positions at 500+ European VC-backed tech companies that have
raised a Series A or B round between 1 January 2016 and 30 September 2017 and have raised >$5M in total.
Source: Diversity VC
26
Atomico & Slush The State of European Tech 2017
2.6
TitleNo: 2.1 GroupName: Gender GroupId: 573 ChartId: 181 ArticleId: 75 ChapterId: 10
% of respondents
40
20
60 59
50
48
% of respondents
40
20
4 5
3
0
Founder Startup employee Venture capitalist
http://preview.stateofeuropeantech.com/all-charts/ 3/241
Source: The State of European Tech Survey 2017
Kristel Kruustük
Testlio
http://preview.stateofeuropeantech.com/all-charts/ 4/241
27
03
1578
2328 6335
2328
5328
3453
Talent 2328
2328
The key questions are how strong is the tech talent pipeline in
Europe, how concentrated is it and how competitive is it getting?
5493
6335
2328
2328
45,023
Atomico & Slush The State of European Tech 2017
3.1
Europe’s tech ecosystem is fed by a
strong pipeline of world-class talent
Europe is home to half of the top Global ranking of top-rated European computer
10 computer science institutions science institutions
in the world
2x
more PhDs in STEM subjects
graduate from European
Source: Times Higher Education World University Rankings for Computer Science 2017-2018.co
universities than from those in
the US
www.stateofeuropeantech.com
Herman Narula
Improbable
TitleNo: 3.2 GroupName: Default GroupId: 405 ChartId: 135 ArticleId: 47 ChapterId: 11
53,168
50,935
48,844
50k 46,899 47,134
Number of doctoral graduates
45,601 46,479
42,165
39,691
40k 37,626
36,107 35,986
32,913
28,328
30k 26,959
25,783
23,901 24,792
22,447 23,146 23,322
20,645
18,767
20k 16,287
16,098 15,393 16,249
13,365
10k
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Europe US
Source: OECD
29
Atomico & Slush The State of European Tech 2017
3.1
1 in 5
universities, we need to encourage more of our graduates to study
science, technology, engineering and maths, particularly female ones,
where we have a big opportunity to increase the quality and breadth
of the pool of available talent.
graduates of MBA programmes
from Europe’s leading business Robin Klein
schools are entering the tech LocalGlobe
industry
TitleNo: 3.2 GroupName: Default GroupId: 391 ChartId: 129 ArticleId: 47 ChapterId: 11
% of MBA graduates entering tech industry from selected leading European business
MBA programmes continue to European business schools
schools
join the tech industry at scale
% of MBA graduates entering
25 23
22
21 21
20 20 20
20 19 19 19 19
17 17
16 16
tech
10
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While Europe has always had strong technical talent from world-
class universities in cities like Munich, Paris and Stockholm,
we’re now seeing entrepreneurs with an innovation mindset and
commercial DNA as well.
Luciana Lixandru
Accel
http://preview.stateofeuropeantech.com/all-charts/ 37/241
30
Atomico & Slush The State of European Tech 2017
3.2
Europe’s tech workforce and
developer population is booming
18/11/2017 The State of European Tech 2017
TitleNo: 3.3 GroupName: Top 10 GroupId: 565 ChartId: 179 ArticleId: 49 ChapterId: 11
There has been rapid growth in the size of the professional developer
There has been rapid growth Number of professional developers by country
populations in most European countries
in the size of the professional
developer populations in most Number
Top 10 of professional developers by country
European countries
837,398
813,500
500k 467,454
368,291
310,048 292,586
268,149 254,682
250k
175,794 172,219
TitleNo: 3.3 GroupName: 11-20 GroupId: 567 ChartId: 179 ArticleId: 49 ChapterId: 11
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There has been rapid growth in the size of the professional developer
et
d
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ni
Number
11-20 2017of professional
2016 developers by country
150k 144,382
Note: Where data for 2016 was not available, this is shown as blank
Number of professional developers
124,239 127,306
50k
TitleNo: 3.3 GroupName: 21-30 GroupId: 568 ChartId: 179 ArticleId: 49 ChapterId: 11
nd
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There has been rapid growth in the size of the professional developer
Sw
h
ec
Cz
80k
75,672
Note: Where data for 2016 was not available, this is shown as blank
68,568
Source: Stack Overflow
Number of professional developers
59,428
60k
http://preview.stateofeuropeantech.com/all-charts/ 36/241
48,940 48,932
47,351
40k
34,059
31,812
29,347
22,162
20,271
20k
0
0
Portugal Ireland Greece Bulgaria Belarus Serbia Slovakia Croatia Lithuania Slovenia
2017 2016
Note: Where data for 2016 was not available, this is shown as blank
31
http://preview.stateofeuropeantech.com/all-charts/ 37/241
Atomico & Slush The State of European Tech 2017
3.2
2328 6335
TitleNo: 3.3 GroupName: 31-40 GroupId: 569 ChartId: 179 ArticleId: 49 ChapterId: 11
2328
There has been rapid growth in the size of the professional developer
5328
Number of professional developers by country
3453
populations in most European countries
Number
31-40 of professional developers by country
20,853
19,887
20k
2328 15k
2328
11,563
11,056
10,414 10,289
10k
7,021 6,892
5,047
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2017 2016
Note: Where data for 2016 was not available, this is shown as blank
www.stateofeuropeantech.com
5.5M
professional developers in
Europe, compared to 4.4M in the
US, according to Stack Overflow
http://preview.stateofeuropeantech.com/all-charts/ 39/241
Urska Srsen
BellaBeat
32
Atomico & Slush The State of European Tech 2017
3.2
Source:
Stack Overflow
Sean Bave
Stack Overflow
33
Atomico & Slush The State of European Tech 2017
3.2
Ian Rogers
LVMH
34
Atomico & Slush The State of European Tech 2017
3.3
The presence of tech giants in Europe is changing
the dynamics of the region’s talent pool
In last year’s report, we Acquisitions of European deep tech companies by US tech giants
highlighted 53 acquisitions made since December 2016
since 2011 by the top 5 largest
US tech companies. Since
then, they’ve made 10 further
acquisitions in Europe
22/11/2017
Source: Dealroom.co The State of European Tech 2017
TitleNo: 3.1 GroupName: Default GroupId: 524 ChartId: 168 ArticleId: 48 ChapterId: 11
www.stateofeuropeantech.com
We also highlighted how large global tech companies are expanding their
presence in Europe through large - and fast-growing - engineering
centres to tap into the local talent pools. This is having an inflationary
effect on salary levels
We also highlighted how large Median software engineer salary ($ per year) in
global tech companies are Median software
selection engineer salary
European cities($ per year) in selection European cities
expanding their presence in
Europe through large - and fast-
Berlin 59,700
growing - engineering centres to
tap into the local talent pools.
This is having an inflationary
London 54,800
effect on salary levels
Paris 50,600
Barcelona 40,800
Milan 37,300
Lisbon 32,000
Warsaw 24,900
Bucharest 15,000
Source: Glassdoor
35
Atomico & Slush The State of European Tech 2017
3.3
There’s a lot more competition for talent both from established tech
giants and new companies starting up across Europe. European
startups need to treat finding, growing and keeping talent just like
they would customer acquisition or product development: have
it as a key metric on the management dashboard and see it not
just headcount but pipeline, attrition, development programmes
and succession planning. It’s up to leaders to ensure their teams
are diverse and there are enough highly capable managers to keep
them engaged. Digital talent, particularly the top people, has an ever
growing number of options in Europe and choose where and who
they want to work for. If founders do not prioritise this from the
outset, talent will go elsewhere.
Dan Hynes
Atomico
1.5x
www.stateofeuropeantech.com
TitleNo:
The huge gap3.1between
GroupName: Europe
software GroupId:
engineer 584will
salaries ChartId: 185 ArticleId: 48 ChapterId: 11
see founders
adopt different strategies to attract and retain talent, including
The huge
setting gap between
up satellite offices to tapsoftware engineer
engineering pools salaries will see founders
in additional
adopt
cities to different strategies
their HQ. Unsurprisingly, to attract
founders and
report that retain talent, including setting
finding
software engineering talent is their biggest hiring challenge. It’s also
up satellite
noteworthy thatoffices
the rise ofto tap
AI is engineering
driving pools
an increasing battle forin additional cities to their
data
HQ. Unsurprisingly,
science talent. founders report that finding software engineering
talent is their biggest hiring challenge. It's also noteworthy that the rise
In which one area does your company have the most difficulty
of AI is driving
recruiting talent? an increasing battle for data science talent.
In which one area does your company have the most difficulty recruiting talent?
Europe
46
% of founder respondents
40
www.stateofeuropeantech.com
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Note: Based on survey responses from Founders only
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Source: The State of European Tech Survey 2017 Source: The State of European Tech Survey 2017
37
Atomico & Slush The State of European Tech 2017
3.3
22/11/2017 The State of European Tech 2017 22/11/2017 The State of European Tech 2017
TitleNo: 3.1 GroupName: Southern Europe GroupId: 588 ChartId: 185 ArticleId: 48 TitleNo: 3.1 GroupName: Nordics GroupId: 589 ChartId: 185 ArticleId: 48 ChapterId: 11
ChapterId: 11
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of AI is driving
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www.stateofeuropeantech.com
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Neil Murray
Source: The State of European Tech Survey 2017 The Nordic Web
Note: Based on survey responses from Founders only
38
Atomico & Slush The State of European Tech 2017
3.3
TitleNo: 3.1 GroupName: Alumni of selected US tech companies GroupId: 593 ChartId: 186
ArticleId: 48 ChapterId: 11
Microsoft 183
the region. 2328 6335
2328
3453
18/11/2017 The State of European Tech 2017
Apple 40
TitleNo: 3.1 GroupName: Alumni of selected European tech companies GroupId: 758 ChartId:
186 ArticleId: 48 ChapterId: 11
22/11/2017 Amazon 39 The State of European Tech 2017
their game on the talent side, it's clear Number ofthat thefounded
companies presence of these tech
Number of European companies founded by alumni of major tech companies
giants has a hugely positive effect. Their alumni are prolific at founding
European startups founded by alumni
companies in the region.
www.stateofeuropeantech.com
SAP 52
Skype 53
Ericsson 29
SAP 52
0 10 20 30 40 50 60 70 80 90
Note: European
Since the underlying
startups dataset
founded is not comprehensive this is intended to be a representative view of the relative
by alumni
importance of the alumni networks of the respective companies
http://preview.stateofeuropeantech.com/all-charts/
Source: Atomico research 33/241
Note: Based on an analysis of founders of European startups that have previously worked at the named companies. Since
the underlying dataset is not comprehensive this is intended to provide a representative view of the relative
importance of the alumni networks
5493
http://preview.stateofeuropeantech.com/all-charts/ 32/241
http://preview.stateofeuropeantech.com/all-charts/ 34/241
2328
2328 39
Atomico & Slush The State of European Tech 2017
3.4
The UK is Europe’s dominant
destination for migratory tech talent
22/11/2017 The State of European Tech 2017 22/11/2017 The State of European Tech 2017
The UK
TitleNo: is the #1
3.4 GroupName: destination
Default GroupId: 177for tech53talent
ChartId: moving
ArticleId:
For additional
into11 TitleNo:
50 ChapterId:
context, it is worth analysing a similar
3.4 GroupName: Default GroupId: 884 ChartId: 246 ArticleId: 50 ChapterId: 11
- and within - Europe, but faces strong competition dataset covering tech talent movement in 2016 provided
The UK is the #1 destination for tech talent moving into - and within - For additional context, it is worth analysing a similar dataset covering
from other countries to attract talent by LinkedIn for last year’s State of European Tech
Europe, but faces strong competition from other countries to attract tech talent movement in 2016 provided by LinkedIn for last year's State
talent
Top 10 European destinations for all international of Top
European Tech
10 European destination for all international
Topmovers
10 Europeaninto European
destinations tech movers into European tech
for all international Topmovers
10 Europeaninto European
destination tech in
for all international 2016
movers into European tech in 2016
0 2.5 5 7.5 10 12.5 15 17.5 20 22.5 0 2.5 5 7.5 10 12.5 15 17.5 20 22.5 25
% of all international movers % of all international movers
Note: All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. Note: All interpretations of the LinkedIn data are made by Atomico, not LinkedIn.
2017 2016
A ‘mover’ is defined by LinkedIn as somebody now working in the tech A ‘mover’ is defined by LinkedIn as somebody now working in the tech
industry that has moved country or industry sector for their industry that has moved country or industry sector for their
primary employment between 2017 and 2016 primary employment between 2016 and 2015
Source:
Note: LinkedIn
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. A 'mover' is defined by LinkedIn as Source:
Note: LinkedIn
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. A ‘mover’ is defined by LinkedIn as
somebody now working in the tech industry that has moved country or industry sector for their primary employment somebody now working in the tech industry that has moved country or industry sector for their primary employment
between 2017 and 2016 between 2016 and 2015
Poland 2 Italy 2
0 5 10 15 20 25 30 0 5 10 15 20 25 30 35
% of non-European movers % of non-European movers
Note:
2017 All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. Note: 2016 All interpretations of the LinkedIn data are made by Atomico, not LinkedIn.
A ‘mover’ is defined by LinkedIn as somebody now working in the tech A ‘mover’ is defined by LinkedIn as somebody now working in the tech
industry that has moved country or industry sector for their industry that has moved country or industry sector for their
primary employment between 2017 and 2016 primary employment between 2016 and 2015
Note: All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. A ‘mover’ is defined by LinkedIn as
Source: LinkedIn Source:
Note:
somebody now working in the tech industry that has moved country or industry sector for their primary employment
All LinkedIn
interpretations of the LinkedIn data are made by Atomico, not LinkedIn. A ‘mover’ is defined by LinkedIn as
somebody now working in the tech industry that has moved country or industry sector for their primary employment
between 2017 and 2016 between 2016 and 2015
The UK and Germany are the top two countries For additional context, it is worth analysing a
leading the race to attract talent moving within similar dataset covering tech talent movement in
Europe 2016 provided by LinkedIn for last year’s State of
22/11/2017 The State of European Tech 2017
Note: 2017 All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. Note: 2016 All interpretations of the LinkedIn data are made by Atomico, not LinkedIn.
A ‘mover’ is defined by LinkedIn as somebody now working in the tech A ‘mover’ is defined by LinkedIn as somebody now working in the tech
industry that has moved country or industry sector for their industry that has moved country or industry sector for their
Note: All interpretations
primaryofemployment
the LinkedIn data between 2017 and
are made by Atomico, 2016 A ‘mover’ is defined by LinkedIn as
not LinkedIn. Note: All primaryofemployment
interpretations the LinkedIn data between 2016 and
are made by Atomico, 2015 A ‘mover’ is defined by LinkedIn as
not LinkedIn.
Source:somebody
LinkedIn
now working in the tech industry that has moved country or industry sector for their primary employment Source:somebody
now working in the tech industry that has moved country or industry sector for their primary employment
LinkedIn
between 2016 and 2015
between 2017 and 2016
http://preview.stateofeuropeantech.com/all-charts/ 50/253
http://preview.stateofeuropeantech.com/all-charts/ 49/253
London is the top city Top 5 European city destinations for all migrants into and within
destination both for tech talent European tech industry
moving within Europe, as well
as for those entering the tech
industry from outside the region
Source: LinkedIn
41
Atomico & Slush The State of European Tech 2017
3.5
The UK is the number one source of outbound tech
talent moving within Europe’s tech industry
The UK is the source of the largest share of For additional context, it is worth analysing a
outbound tech talent leaving to move to another similar dataset covering tech talent movement in
country within Europe 2016 provided by LinkedIn for last year’s State of
22/11/2017 The State of European Tech 2017
2017 2016
Note: All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. Note: All interpretations of the LinkedIn data are made by Atomico, not LinkedIn.
A ‘mover’ is defined by LinkedIn as somebody now working in the tech A ‘mover’ is defined by LinkedIn as somebody now working in the tech
industry that has moved country or industry sector for their industry that has moved country or industry sector for their
Note: All interpretations
primaryofemployment between
the LinkedIn data are 2017 and
made by Atomico, 2016 A ‘mover’ is defined by LinkedIn as
not LinkedIn. Note: All interpretations
primaryofemployment between
the LinkedIn data are 2016 and
made by Atomico, 2015 A ‘mover’ is defined by LinkedIn as
not LinkedIn.
somebody now working in the tech industry that has moved country or industry sector for their primary employment somebody now working in the tech industry that has moved country or industry sector for their primary employment
Source:between
LinkedIn
2017 and 2016 Source:between
LinkedIn
2016 and 2015
http://preview.stateofeuropeantech.com/all-charts/ 53/253
http://preview.stateofeuropeantech.com/all-charts/ 52/253
Jutta Steiner
Parity Technologies
42
Atomico & Slush The State of European Tech 2017
3.5
The UK is also significantly larger than other For additional context, it is worth analysing a
countries as a source of outbound talent leaving similar dataset covering tech talent movement in
Europe’s tech industry for a country outside of the 2016 provided by LinkedIn for last year’s State of
region European Tech
22/11/2017 The State of European Tech 2017 22/11/2017 The State of European Tech 2017
TitleNo: 3.5 GroupName: Default GroupId: 191 ChartId: 59 ArticleId: 51 ChapterId: 11 TitleNo: 3.5 GroupName: Default GroupId: 890 ChartId: 250 ArticleId: 51 ChapterId: 11
TopUK10is also
The European source
significantly countries
larger than of European
other countries as a source of Top 10 European source countries of intra-
For additional context, it is worth analysing a similar dataset covering
moverstalent
outbound out leaving
of European
Europe's techtech
industry for a country outside of European
tech movers
talent movement within
in 2016 European
provided by LinkedIntech inyear's
for last 2016State
the region of European Tech
Top 10 European source countries of European movers out of European tech Top 10 European source countries of European movers out of European tech in 2016
0 5 10 15 20 25 30 35 40 0 5 10 15 20 25 30 35
% of tech movers % of tech movers
2017 2016
Note: All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. Note: All interpretations of the LinkedIn data are made by Atomico, not LinkedIn.
A ‘mover’ is defined by LinkedIn as somebody now working in the tech A ‘mover’ is defined by LinkedIn as somebody now working in the tech
industry that has moved country or industry sector for their industry that has moved country or industry sector for their
Note: All interpretations
primaryofemployment between
the LinkedIn data are 2017 and
made by Atomico, 2016 A ‘mover’ is defined by LinkedIn as
not LinkedIn. Note: All interpretations
primaryof employment between
the LinkedIn data are 2016 not
made by Atomico, and 2015A ‘mover’ is defined by LinkedIn as
LinkedIn.
somebody now working in the tech industry that has moved country or industry sector for their primary employment somebody now working in the tech industry that has moved country or industry sector for their primary employment
Source:between
LinkedIn
2017 and 2016 Source:between
LinkedIn
2016 and 2015
3.6
2328
5328
3453
TitleNo: 3.6 GroupName: Gender GroupId: 681 ChartId: 223 ArticleId: 86 ChapterId: 11
% of founders
TitleNo: 3.6 GroupName: First-time versus repeat founders GroupId: 759 ChartId: 223
50
ArticleId: 86 ChapterId: 11
0
Male Female
50
47
Note: Based on an analysis of the founders of 2,300+ European companies that have raised >€1M. Data collected in
www.stateofeuropeantech.com
30
TitleNo: 3.6 GroupName: Educational background GroupId: 684 ChartId: 223 ArticleId: 86
ChapterId: 11
20
European founders come from a variety of backgrounds. They are,
however,
10
overwhelmingly male
Characteristics of European founders
0
First-time founders Repeat founders
Educational background
% of founders
5493
60
60
6335 Note: Based on an analysis of the founders of 2,300+ European companies that have raised >€1M. Data collected in
October and November 2017
Source: Dealroom.co
2328
% of
Sole founders versus founding teams
founders
45,023
Note: Based on an analysis of the founders of 2,300+ European companies that have raised >€1M. Data collected in
60 October and November 2017 58
50
Source: Dealroom.co
42
% of founders
40
Note: 30
Based on an analysis of the founders of 2,300+
European companies that have raised >€1M. 20
Data collected in October and November 2017
10
Source:
Dealroom.co 0
Sole founder Part of founding team of 2+
% of founders
44
Atomico & Slush The State of European Tech 2017
3.6
Europe’s top technical and business schools are Top 10 institutions by number of alumni that have
key sources of entrepreneurial talent founded companies
Consulting firms and big tech companies are key Top 10 companies by number of alumni that have
sources of European founders founded companies
2328 6335
2328
5328
3453
Community 2328
2328
5493
6335
2328
2328
45,023
Atomico & Slush The State of European Tech 2017
4.1
Europe’s growing and highly-engaged
22/11/2017 The State of European Tech 2017
tech communities TitleNo: 4.1 GroupName: Default GroupId: 863 ChartId: 67 ArticleId: 52 ChapterId: 12
51,132
27,173
20k
16,256
8,236
0
2012 2013 2014 2015 2016 2017
Source: Meetup
http://preview.stateofeuropeantech.com/all-charts/ 56/241
Mattias Ljungman
Atomico
47
Atomico & Slush The State of European Tech 2017
4.1
23/11/2017 The State of European Tech 2017
Europe’s growing and highly-engaged tech
communities
TitleNo: 4.1 GroupName: Default GroupId: 239 ChartId: 70 ArticleId: 52 ChapterId: 12
116,967
100k 92,475
70,151
49,929
50k
36,651
23,368 21,256 17,523 13,871 12,581 10,326
0
Eu l
pe
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ay
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ds
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ai
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la
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itz
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N
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Source: Meetup
TitleNo: 4.1 GroupName: Top 10 hubs GroupId: 860 ChartId: 72 ArticleId: 52 ChapterId: 12
Europe's largest hubs for tech-related Meetups are also its most
Europe’s largest hubs for tech- Number of active members by city and average number of events
www.stateofeuropeantech.com
engaged
related Meetups are also its attended per year per active member
Number of active members by city and average number of events attended per year per
most engaged active member
Top 10 Hubs
120k
90k
4.8
4.5
active member
4.4 4.4
60k
4.2
100,078
3.7
3.6
30k 3.6
45,698
40,277
26,282 22,209 20,613 18,352 17,832 16,628 15,422
22/11/2017 The State of European Tech 2017
0 3
rid
lin
ul
on
ris
in
on
ic
rl
nb
da
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ub
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un
Be
TitleNo: 4.1 GroupName: Hubs 11-20 GroupId: 867 ChartId: 72 ArticleId: 52 ChapterId: 12
el
kh
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oc
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St
http://preview.stateofeuropeantech.com/all-charts/ 64/254
Europe's largest hubs for tech-related Meetups are also its most
engaged
Active members Average Meetups attended per member per year
Number of active members by city and average number of events attended per year per
active
Hubs member
Note: 11-20
Meetup events attended per member per year data for 2017 is annualised based on data to end of September 2017
16k 5.4
Average number of events attended per year per
Source: Meetup
5
Number of active members
4.1
8k 4.2
3.9
13,054
12,125 3.7
11,296 10,742 10,251
9,544
4k 8,483 7,979 3.6
7,039 6,800
3.2
Note: 3.1
2017 based on 9M to September 2017 and
2017 annualised based on RSVPs to end of 0 3
September 2017
w
st
rg
en
ls
na
r
te
sl
ric
se
co
sa
bu
pe
en
ag
es
O
Zu
ar
us
os
da
am
nh
Vi
ch
W
Br
M
Bu
pe
H
an
Source:
Co
Meetup
Active members Average Meetups attended per member per year
Note: 48 per member per year data for 2017 is annualised based on data to end of September 201758/241
Meetup events attended
http://preview.stateofeuropeantech.com/all-charts/
Atomico & Slush The State of European Tech 2017
4.1
Ben Costantini
Startup Sesame
TitleNo: 4.1 GroupName: Top 10 hubs GroupId: 229 ChartId: 66 ArticleId: 52 ChapterId: 12
334,369
300k
267,536
219,825
# of attendees
200k
162,824
148,709
111,043
98,705
100k 85,725 80,116
64,380 66,679 65,668 60,641
56,739
40,151 45,371 49,643 50,888 49,877
37,436
27,832 32,199 35,454 41,347
25,595 19,132 20,870 20,981 25,604
16,55
0
on
in
ris
en
rid
lin
rg
22/11/2017 The State of European Tech 2017
on
sa
rl
bu
da
ub
Pa
ch
nd
ad
Be
el
ar
er
am
ün
D
Lo
rc
W
st
Ba
H
Am
TitleNo: 4.1 GroupName: Hubs 11-20 GroupId: 717 ChartId: 66 ArticleId: 52 ChapterId: 12
2017 2016 2015
Europe's largest tech communities continue to see significant increases
in engagement
Hubs
Top 2011-20
Note: 2017 annualised
hubs by levelbased on RSVPs
of tech to end of
Meetup September
activity 2017
in 2017, ranked by number of Meetup attendees
Source: Meetup
40,633
40k 38,615
36,868
33,323
31,763
30,347 29,479
30k
# of attendees
24,268
22,632 23,326 22,957
21,448 21,943
20,972 20,587
20k 19,497
18,104 17,849
15,865 15,401
13,374 14,123
11,832 12,648 11,784
10k 9,573 16,482
8,093 8,995
7,222
0
en
na
ls
ul
st
ów
r
te
sl
ric
se
nb
pe
ol
en
ag
es
ak
O
Zü
kh
us
da
ta
nh
Vi
ch
Kr
oc
Br
Is
Bu
pe
an
St
Co
M
Source: Meetup
49
Atomico & Slush The State of European Tech 2017
4.2
As tech eats Europe, every
22/11/2017 The State of European Tech 2017
city is becoming a tech city TitleNo: 4.2 GroupName: Default GroupId: 237 ChartId: 69 ArticleId: 53 ChapterId: 12
55.4
51.3 49.4
50 48.4
45.2 43.9
35.6 34.4
31.7
29.4
25
15.2
9.7
3.5
0
in
id
r
o
ul
na
on
ris
ls
w
st
in
en
te
r
on
sl
ic
ric
Am se
co
sa
rl
bl
r
nb
bu
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da
ol
en
Pa
ag
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el
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us
os
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da
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am
nh
Vi
D
Lo
ch
rc
M
W
oc
Br
st
M
Is
Bu
pe
Ba
an
St
Co
M
www.stateofeuropeantech.com
Source: Meetup
http://preview.stateofeuropeantech.com/all-charts/ 62/241
Luciana Lixandru
Accel
50
Atomico & Slush The State of European Tech 2017
4.2
There are signs that every city is becoming - or will eventually become -
a tech city. There are already 160+ hubs across Europe with significant
tech communities
There are signs that every city Number of European cities with >50 tech-related Meetup events per
is becoming - or will eventually Number
year of European cities with >50 tech Meetup events per year
become - a tech city. There
are already 160+ hubs across 167
100
83
54
50
30
0
2012 2013 2014 2015 2016 2017
22/11/2017 Number of cities with >50 events per year The State of European Tech 2017
24
15
13 13 13
10
8
7
5
5 4 4 4 4 4 4
3 3 3 3
2 2 2 2 2
0
ne
nd
en ia
al
ic
Sw ly
Ro en
ia
ey
ay
ia
G om
ds
itz nd
Be d
m
an
ar
bi
ec
et anc
ai
an
n
bl
an
ss
ug
iu
w
rk
an
ed
ai
st
la
Sw ola
la
It
Sp
r
m
d
re
pu
nl
lg
ec Se
Ru
or
m
kr
rt
Tu
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er
Au
ng
Fr
rl
er
G
P
Fi
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U
Re
he
Ki
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N
te
ni
Cz
http://preview.stateofeuropeantech.com/all-charts/ 63/241
U
Number of distinct hubs with >500 active members of tech-related Meetup groups
Source: Meetup
In fact, there are now more tech Meetups happening outside Europe's 1578
tech-related events happening Distribution of tech-related Meetup events in- and outside of Top 20 hubs in Europe
hubs in Europe 2328
50 2328
2328
25 48 51
46
41
36 35
0
2012 2013 2014 2015 2016 2017
Source: Meetup
It’s been magnificent to see the accelerating pace of new tech hubs
emerging all across Europe. As such a dispersed continent with so
many countries and languages, Europe can find its unique strength in
connecting these communities. We just need to keep on fuelling the
fire and working together.
Marianne Vikkula
Slush
http://preview.stateofeuropeantech.com/all-charts/ 65/241
5493
6335
2328
2328
45,023
52
Atomico & Slush The State of European Tech 2017
4.3
Despite burgeoning local ecosystems, founders
continue to move between countries to start-up
22/11/2017 The State of European Tech 2017
TitleNo: 4.3 GroupName: Default GroupId: 377 ChartId: 121 ArticleId: 54 ChapterId: 12
UK & Ireland 15
www.stateofeuropeantech.com
Benelux 9
0 5 10 15 20 25 30
% of founders
% of founders
53
0
Atomico & Slush The State of European Tech 2017
4.3
TitleNo: 4.3 GroupName: Default GroupId: 379 ChartId: 122 ArticleId: 54 ChapterId: 12
important'
44
When I look at the other 40
Kristel Kruustük
Testlio
http://preview.stateofeuropeantech.com/all-charts/ 68/241
54
05
1578
2328 6335
2328
5328
3453
5493
6335
2328
2328
45,023
Atomico & Slush The State of European Tech 2017
5.1
Another record year for
European tech investment 22/11/2017 The State of European Tech 2017
TitleNo: 5.1 GroupName: Default GroupId: 702 ChartId: 231 ArticleId: 56 ChapterId: 13
Total capital invested into European tech in 2017 will comfortably exceed
Total capital invested into the record-breaking
Capital invested ($B)levels
and of 2016
# of deals, annual, 2012 to 2017
European tech in 2017 will Capital invested ($B) and # of deals, annual, 2012 to 2017
comfortably exceed the record- 25
breaking levels of 2016 3,720 3,449 3600
20 19.1
2,837 3000
Capital invested ($B)
15 14.4
# of deals
2,247 13.2
2400
1,838
10
8.6 1800
1,276
5 4.6
4.1 1200
0 600
2012 2013 2014 2015 2016 2017
www.stateofeuropeantech.com
22/11/2017
Note: The State of
All Dealroom.co data excludes the following: biotech, European Tech
secondary 2017
transactions, debt, lending capital, grants. Please
also note the data excludes Israel. 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
TitleNo: 5.1 GroupName: Default GroupId: 839 ChartId: 242 ArticleId: 56 ChapterId: 13
Source: Dealroom.co
Europe has seen more than $3B invested per quarter for 11 consecutive
Europe has seen more than quarters
Capital invested ($B) and # of deals per quarter
$3B invested per quarter for 11 Capital invested ($B) and # of deals per quarter
consecutive quarters 6 1250
5.4
1,014 4.9
4.5 1000
4.2
886 887
3.9
Capital invested ($B)
831
3.5 3.5 3.5 793
3.3 3.4
# of deals
3.2
3
3 688 682 750
2.6
2.3
567 2.1
499 1.7
1.5
1.5 500
1.2 1.1 1.2
1 0.9 1
0.8
293
0 250
http://preview.stateofeuropeantech.com/all-charts/ 70/241
Q 17
17
Q 16
16
Q 16
Q 17
Q 15
15
Q 15
Q 16
Q 14
14
Q 14
Q 15
Q 13
13
Q 13
Q 14
Q 12
Q 12
12
Q 12
Q 13
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
1
3
1
4
2
4
1
4
Q
Q
Q
Q
Source: Dealroom.co
There’s capital out there for starting and scaling companies at a level Stephen Lowery
that has not been seen in Europe historically. We’ve observed growth Silicon Valley Bank
in the number of funds across early and growth stage. And with a
maturing ecosystem, we’re seeing increased investment from US and
Asia for scaling companies and a resurgence of the ‘mega-round’ with
companies raising more than $100m.
56
Atomico & Slush The State of European Tech 2017
5.1
There has been an increase in capital invested and number of deals for
TitleNo: 5.1 GroupName: Round size: $0-2M GroupId: 470 ChartId: 156 ArticleId: 56
TitleNo: 5.1 GroupName: Round size: $2-5M GroupId: 743 ChartId: 156 ArticleId: 56
all round
ChapterId: 13 sizes, except for <$2M rounds, which declined slightly
ChapterId: 13 in 2017
There has been an increase in capital invested and number of deals for There has been an increase in capital invested and number of deals for
Capital
all invested
round sizes, ($M)
except for <$2Mand # of
rounds, deals
which by slightly
declined roundinsize
2017 all round sizes, except for <$2M rounds, which declined slightly in 2017
Capital invested ($M) and # of deals by round size Capital invested ($M) and # of deals by round size
Round size: $0-2M Round size: $2-5M
2000 2000
1,885
1,841 1,854
1,657
Capital invested ($M) / # of deals
1,111 1,102
1000 943 1000
879
720
678
586 637
578 585
22/11/2017 The State of European Tech 2017 22/11/2017 496 The State of European Tech 2017
500
386 500
344
TitleNo: 5.1 GroupName: Round size: $5-10M GroupId: 744 ChartId: 156 ArticleId: 56 263
TitleNo: 5.1 GroupName: Round size: $10-20M GroupId: 745 ChartId: 156 ArticleId: 56
197
ChapterId: 13 ChapterId: 13 144
0
There has beenCapital
an increase in capital invested and #number
invested ($M) $0-2M of deals for
of deals $0-2M There0 has beenCapital
an increase in capital invested and #number
invested ($M) $2-5M
of deals for
of deals $2-5M
all round sizes, except for <$2M rounds, which declined slightly in 2017 all round sizes, except for <$2M rounds, which declined slightly in 2017
2012 2013 2014 2015 2016 2017
2012 2013 2014 2015 2016 2017
Capital invested ($M) and # of deals by round size Capital invested ($M) and # of deals by round size
Round size: $5-10M Round size: $10-20M
2500 3000
Source: Dealroom.co 2,311 2,745
Source: Dealroom.co
2500
2000
Capital invested ($M) / # of deals
1,732 2,075
2000
1500 1,736
1,223 1500
1,157
1000
1,039
1000
22/11/2017 The State of European Tech 2017 22/11/2017 831 The State of European Tech 2017
648
487
500
TitleNo: 5.1 GroupName: Round size: $20-50M GroupId: 746 ChartId: 156 ArticleId:
324 56 TitleNo:
500 5.1 GroupName: Round size: $50M+ GroupId: 747 ChartId: 156 ArticleId: 56
ChapterId: 13 171
249 ChapterId: 13
157 152 196
65 91 123
57 68 69
There0 has been an increase in capital invested and number of deals for There0 has been an increase in capital invested and number of deals for
Capital invested ($M) $5-10M # of deals $5-10M Capital invested ($M) $10-20M # of deals $10-20M
all round sizes, except for <$2M rounds, which declined slightly in 2017 all round sizes, except for <$2M rounds, which declined slightly in 2017
Capital
Round invested
2012
size:($M)
2013 and
2014# of deals
$20-50M
2015 by round
2016 size2017 Capital
Round invested
2012
size:($M)
2013 and
2014# of deals
$50M+
2015 by round
2016 size2017
4,220 6,730
Source: Dealroom.co Source: Dealroom.co
4k
6k
Capital invested ($M) / # of deals
http://preview.stateofeuropeantech.com/all-charts/ 72/241
3,261 http://preview.stateofeuropeantech.com/all-charts/ 5,177 77/241
3,061
3k
4,192
4k
2k 1,839 2,986
1,294
2k
1,036
1k
618 728
60 97 109 136
39 33 7 5 26 43 34 54
0 0
Capital invested ($M) $20-50M # of deals $20-50M Capital invested ($M) $50M+ # of deals $50M+
2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017
indications of a stabilisation
It’s nothing like when I launched, when my boss said to me ‘Brent, in the # of earliest stage
have you ever come across two people under 30 who’ve raised over funding rounds, reflecting a
$1million from a business plan?’ and we were like ‘No!’. Now we can global trend
think of hundreds of people - it’s much better now, there are many
12%
more support networks and there is a monetisation system out there
for entrepreneurs.
Brent Hoberman
Founders Factory, Founders Forum, firstminute capital decline in # of deals between
$0-2M year-on-year
http://preview.stateofeuropeantech.com/all-charts/ 73/241 http://preview.stateofeuropeantech.com/all-charts/ 75/241
57
Atomico & Slush The State of European Tech 2017
5.1
TitleNo: 5.1 GroupName: Default GroupId: 698 ChartId: 229 ArticleId: 56 ChapterId: 13
# of deals
10.3
10 2,213 2400
2,012 8.6
8
1,671 6.4
5.4
5 4.6 1600
4.1 4.2 4.2 4.2
0 800
17
17
16
16
16
17
15
15
16
14
15
15
14
14
14
12
13
13
13
13
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
3
4
1
3
4
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Capital invested ($B) # of deals
Source: Dealroom.co
TitleNo: 5.1 GroupName: Default GroupId: 339 ChartId: 109 ArticleId: 56 ChapterId: 13
Sweden 123
Ireland 111
United Kingdom 59
Finland 58
France 45
Denmark 33
Norway 29
http://preview.stateofeuropeantech.com/all-charts/ 78/241
Germany 26
Netherlands 25
Belgium 19
Spain 14
Austria 9
Portugal 4
Italy 3
Russia 2
Turkey 0
$ per capita
Source: Dealroom.co
58
Atomico & Slush The State of European Tech 2017
5.2
A deep dive into
European tech
22/11/2017 The State of European Tech 2017
TitleNo: 5.2 GroupName: Default GroupId: 319 ChartId: 103 ArticleId: 55 ChapterId: 13
The
The UKUK remains
remains thedestination
the largest largest fordestination forin capital
invested in Europe; in
capital invested
Europe; in addition, 10 countries have now raised >$1B since 2012
addition, 10 countries have now raised >$1B since 2012
Capital
Capitalinvested ($B)
invested by country
($B) by country
Source: Dealroom.co
59
Atomico & Slush The State of European Tech 2017
5.2
1578
The UK, France and Germany dominate stories about European 2328 6335
investment levels, but digging beneath the surface it’s the growth of 2328
that
TitleNo:tells another
5.2 GroupName: important
United Kingdom story
GroupId: 483 ChartId: 160 ArticleId: 55
ChapterId: 13 TitleNo: 5.2 GroupName: France GroupId: 485 ChartId: 160 ArticleId: 55 ChapterId: 13
3453
The UK, France and Germany dominate stories about European The UK, France and Germany dominate stories about European
investment levels, but digging
Capital invested ($M) beneath the surface,
by country perit's the growth of
year investment levels, but digging beneath the surface, it's the growth of
capital invested into countries such as Belgium, Norway or Romania that capital invested into countries such as Belgium, Norway or Romania that
tells another important story tells another important story
Capital invested ($M) by country per year Capital invested ($M) by country per year
United Kingdom France
7,177 2,981
3k 2328
2,772
2328
Capital invested ($M) by country
6k
1,148
2,404
22/11/2017 The State of European Tech 2017 22/11/20171k The State of European Tech 2017
2k 712
1,390 1,340 554
TitleNo: 5.2 GroupName: Germany GroupId: 486 ChartId: 160 ArticleId: 55 ChapterId: 13 TitleNo: 5.2 GroupName: Belgium GroupId: 796 ChartId: 160 ArticleId: 55 ChapterId: 13
The UK, France and Germany dominate stories about European The UK, France and Germany dominate stories about European
0 0
investment 2012levels, but digging beneath
2013 2014 the surface,
2015 it's2016
the growth2017
of investment 2012levels, but digging beneath
2013 2014 the surface,
2015 it's2016
the growth2017
of
capital invested into countries such as Belgium, Norway or Romania that capital invested into countries such as Belgium, Norway or Romania that
www.stateofeuropeantech.com
200
174
2,129 2,154
2k 150
100
22/11/2017 The State of European Tech 2017 22/11/2017 The State of European Tech 2017
1k 68
772
TitleNo: 5.2587GroupName: Norway GroupId: 794 ChartId: 160 ArticleId: 55 ChapterId: 13 TitleNo:
50 5.2 38 46
GroupName: Romania GroupId: 801 ChartId: 160 ArticleId: 55 ChapterId: 13
The UK, France and Germany dominate stories about European The UK, France and Germany dominate stories about European
investment
0
2012
levels, but digging beneath
2013 2014
the surface,
2015
it's2016
the growth2017
of investment
0 levels, but2013
2012
digging beneath
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2015
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of
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tells Germany
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Capital
Norway invested ($M) by country per year Capital
Romania invested ($M) by country per year
http://preview.stateofeuropeantech.com/all-charts/ 81/241
http://preview.stateofeuropeantech.com/all-charts/ 82/241
Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017 Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
151 53
150 145
Source: Dealroom.co Source: Dealroom.co
50
Capital invested ($M) by country
40
100
90
30
5493 20
50 16
12
25 27 10
7 2 2
1
0 0
2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017
Norway Romania
http://preview.stateofeuropeantech.com/all-charts/
Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017 83/241 http://preview.stateofeuropeantech.com/all-charts/
Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017 93/241
2328
2328
45,023
60
http://preview.stateofeuropeantech.com/all-charts/ 95/241 http://preview.stateofeuropeantech.com/all-charts/ 91/241
Atomico & Slush The State of European Tech 2017
5.2
TitleNo: 5.2 GroupName: United Kingdom GroupId: 835 ChartId: 161 ArticleId: 55
ChapterId: 13 TitleNo: 5.2 GroupName: France GroupId: 488 ChartId: 161 ArticleId: 55 ChapterId: 13
Number of deals by country per year
France has overtaken the UK for the number of deals closed per year for France has overtaken the UK for the number of deals closed per year for
the first time the first time
Number
UnitedofKingdom
deals by country per year Number
Franceof deals by country per year
627
587
423
286
213
172
126
22/11/2017 The State of European Tech 2017 22/11/2017 The State of European Tech 2017
TitleNo: 5.2 GroupName: Germany GroupId: 824 ChartId: 161 ArticleId: 55 ChapterId: 13 TitleNo: 5.2 GroupName: Belgium GroupId: 834 ChartId: 161 ArticleId: 55 ChapterId: 13
2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017
France has overtaken the UK for the number of deals closed per year for France has overtaken the UK for the number of deals closed per year for
www.stateofeuropeantech.com
the first
United time
Kingdom
the first
France
time
Number of deals by country per year Number of deals by country per year
Germany Belgium
Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017 Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
426 75
Source: Dealroom.co Source: Dealroom.co
395
386
60
320
268 48
191 34
18
16
22/11/2017 The State of European Tech 2017 22/11/2017 The State of European Tech 2017
TitleNo: 5.2 GroupName: Norway GroupId: 819 ChartId: 161 ArticleId: 55 ChapterId: 13 TitleNo: 5.2 GroupName: Romania GroupId: 836 ChartId: 161 ArticleId: 55 ChapterId: 13
2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017
France has overtaken the UK for the number of deals closed per year for France has overtaken the UK for the number of deals closed per year for
the first time
Germany the first time
Belgium
Number of deals by country per year Number of deals by country per year
Norway
1578 Romania
Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017 Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
6335 68 26
2328
66
http://preview.stateofeuropeantech.com/all-charts/ 118/241
Source: Dealroom.co Source: Dealroom.co
http://preview.stateofeuropeantech.com/all-charts/ 101/241
2328
20
5328
3453
13
24 1578
6 6335
13 5 2328
12
3
2 2328
Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017 Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
2328
2328
61
Atomico & Slush The State of European Tech 2017
5.2
5,080
5k
4k
Capital invested ($M)
3k 2,878
2,473 2,400
2,054
2k 1,812
1,632
1,516
www.stateofeuropeantech.com
and Barcelona...
Top
Hubs20 European
Note: 6-10
hubs by capital invested ($M)
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
500 Dealroom.co
Source:
471
400 393
Capital invested ($M)
249
229
217 218
200 188
140 144
133
120 116 117
97 105
100
62 55
45
25 32
0
Dublin Amsterdam Vienna Madrid Munich
http://preview.stateofeuropeantech.com/all-charts/
Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017 121/241
Source: Dealroom.co
62
Atomico & Slush The State of European Tech 2017
5.2
1578
2328
5328
TitleNo: 5.2 GroupName: Hubs 11-15 GroupId: 354 ChartId: 113 ArticleId: 55 ChapterId: 13
304
300
281
Capital invested ($M)
200 187
166 165 168
144
137
129 131
105 110
101
100
81
74 73
www.stateofeuropeantech.com
54
22/11/2017 41 44 The State of44
European Tech 2017 45
23 29
20
8
3 ArticleId: 55 ChapterId: 13
TitleNo:
0
5.2 GroupName: Hubs 16-20 GroupId: 355 ChartId: 113
Hamburg Bristol Cambridge Zurich Helsinki
The diversification of European tech continues to be reflected by
increased
2012 capital
2013 invested
2014 into cities
2015 2016 such
2017 as Amsterdam, Munich, Oslo
and Barcelona...
Top
Hubs
20 European
Note:16-20
hubs by capital invested ($M)
2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co
306
298
300
5493
Capital invested ($M)
6335 200
173
115
107
100 93 89
73 76
65 62
52 48
38 40
32
22
16 16
10
3 0 3
02328
2328
Oslo Moscow Brussels Manchester Milan
http://preview.stateofeuropeantech.com/all-charts/
Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017 123/241
Source: Dealroom.co
63
Atomico & Slush The State of European Tech 2017
5.2
...as
# of well
dealsas growing
in Top numbers
20 European hubsof funding
(ranked rounds
by capital in theinregion's
invested 2017) latest set
of emerging tech hubs
#Top
of deals
5 hubs in Top 20 European hubs (ranked by capital invested in 2017)
521
500
433
400 393
312
# of deals
300 288
277
151
107 101
100 91
80
22/11/2017 The State of European Tech 2017 60 55
29 34
0
TitleNo: 5.2London
GroupName: Hubs Berlin
6-10 GroupId: 358Paris
ChartId: 114 Barcelona
ArticleId: 55 ChapterId:
Stockholm 13
...as well
2012
as2013
growing
2014
numbers
2015
of2016
funding rounds in the region's latest set
2017
of emerging tech hubs
#Hubs
of deals
6-10 in Top 20 European hubs (ranked by capital invested in 2017)
Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
100
Source: Dealroom.co 95
83
75
69
58
# of deals
55 55
53
50 46 46 46
38 38 38
31 32 31
27
25 23 24
16 16
0
Dublin Amsterdam Vienna Madrid Munich
Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
http://preview.stateofeuropeantech.com/all-charts/
Source: Dealroom.co 125/241
64
Atomico & Slush The State of European Tech 2017
5.2
5493
TitleNo: 5.2 GroupName: Hubs 11-15 GroupId: 359 ChartId: 114 ArticleId: 55 ChapterId: 13
6335
...as well as growing numbers of funding rounds in the region's latest set
# of deals in Top 20 European hubs (ranked by capital invested in 2017)
of emerging tech hubs
#Hubs
of deals
11-15 in Top 20 European hubs (ranked by capital invested in 2017)
60
55
50
44
2328
40
40 2328
35
34 34
# of deals
30
45,023
30
26
22
20 19 19 19
www.stateofeuropeantech.com
15 14 14 15
12 13
11
10 9 9
7 7
22/11/2017 The State of European Tech 2017
3 4 4
0
TitleNo: 5.2 GroupName: Hubs Bristol
Hamburg 16-20 GroupId:Cambridge
360 ChartId: 114 Zurich
ArticleId: 55 ChapterId:
Helsinki 13
...as well
2012
as 2013
growing numbers
2014 2015
of2016
funding rounds in the region's latest set
2017
of emerging tech hubs
#Hubs
of deals
16-20
in Top 20 European hubs (ranked by capital invested in 2017)
Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source:
60 Dealroom.co 59
50
47
40
40
37
# of deals
35 34
31
30 29 29
22
20 19
16 15
14
10 10 10
10
7 7 7 6 7
5 5
3 2
1
0
Oslo Moscow Brussels Manchester Milan
Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
http://preview.stateofeuropeantech.com/all-charts/ 127/241
Source: Dealroom.co
65
Atomico & Slush The State of European Tech 2017
5.2
TitleNo: 5.2 GroupName: Seed GroupId: 450 ChartId: 151 ArticleId: 55 ChapterId: 13
0.8 0.8
0.75
0.5
0.5
0.3 0.3
0.25
0.2
0
22/11/2017 2012 2013 The State of European Tech
2014 2017
2015 2016 2017
and has
Source: now risen from $3.3M in 2012 to $5.5M in 2017
Dealroom.co
8.2
8
6.2
6 6
6
5.5 5.4 5.5
Round size ($M)
4 3.9 4
4
3.3
3
0
TitleNo: 5.2 GroupName: Series
2012 2013 B GroupId:
2014 451 ChartId:
2015151 ArticleId:
2016 55 ChapterId:
2017 13
The median
Mean - SeriesSeries
A A round
Median - Series in
A Europe has increased significantly again
and has now risen from $3.3M in 2012 to $5.5M in 2017
http://preview.stateofeuropeantech.com/all-charts/
Mean and median round size ($M) by stage 131/241
Series
Source: B
Dealroom.co
25
23.8
20
Round size ($M)
15 14.7
13.3 13
12.2 12.4
11.3
10.6
10
8.5 8.7
8.1
7
0
2012 2013 2014 2015 2016 2017
Source: Dealroom.co 66
http://preview.stateofeuropeantech.com/all-charts/ 129/241
Atomico & Slush The State of European Tech 2017
5.2
TitleNo: 5.2 GroupName: Series C GroupId: 452 ChartId: 151 ArticleId: 55 ChapterId: 13
30 30.1
30 29.4
27.2
23
20.2
13.4
11
10.2
10
0
2012 2013 2014 2015 2016 2017
Source: Dealroom.co
TitleNo: 5.2 GroupName: Default GroupId: 530 ChartId: 170 ArticleId: 55 ChapterId: 13
4.9 5
4.5
4 4.1 4 4
4 3.8 3.9
3.7 3.6
3.4 3.3 3.3 3.3
3 3
2.2
2
1.6
http://preview.stateofeuropeantech.com/all-charts/ 130/241
0
United Kingdom Germany France Spain Europe
1578
6335
2328 2012 2013 2014 2015 2016 2017
2328
5328
Source: Dealroom.co
2328
2328
67
Atomico & Slush The State of European Tech 2017
5.2
Fintech, food, transportation and healthcare have all seen large capital
Capital investedin($M)
investments by industry
2017
Capital invested ($M) by industry
Capital invested >$1B in 2017
4,195
4k
Capital invested ($M) by industry
3k
2,275
2,022
2k 1,826
1,620 1,644 1,558
1,484 1,459
1,271 1,368 1,296
1,105 1,074
1k 800 828
745
536 584 494
476
www.stateofeuropeantech.com
387
257 220 292
86
22/11/2017
0 The State of European Tech 2017
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http://preview.stateofeuropeantech.com/all-charts/ 134/241
Source: Dealroom.co
68
22/11/2017 TheAtomico
State of European
& SlushTech 2017 The State of European Tech 2017
5.2
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Fintech, food, transportation and healthcare have all seen large capital 5328
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www.stateofeuropeantech.com
200 Dealroom.co
Source: 192
Capital invested ($M) by industry
150
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61 63
5493
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Consumer Pets Construction Government Dating Workspaces Gambling
productivity
Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
http://preview.stateofeuropeantech.com/all-charts/ 136/241
2328
2328
Source: Dealroom.co
Europe has had a strong momentum for several years, with a stable
and growing market, highly talented engineers and a blooming tech
45,023
Fleur Pellerin
Korelya Capital
69
Atomico & Slush The State of European Tech 2017
5.3
The strength of Europe’s tech ecosystem is
attractive to a diverse set of investors
22/11/2017 The State of European Tech 2017
TitleNo: 5.3 GroupName: Default GroupId: 337 ChartId: 108 ArticleId: 57 ChapterId: 13
1500
# of unique investors
1,244
For some years, we didn’t look
to European market investors 1000 922
with hungry eyes because we
didn’t see the type of investor 644
527
we could work with, but over 500
0
2012 2013 2014 2015 2016 2017
because they clearly have good
ambitions, and that alone gives Unique investors
TitleNo: 5.3 GroupName: Default GroupId: 335 ChartId: 107 ArticleId: 57 ChapterId: 13
600 580
# of unique corporate investors / deals
537
423
400
http://preview.stateofeuropeantech.com/all-charts/ 138/241
336
250
200 179
162
139
118
86 93
0
2012 2013 2014 2015 2016 2017
Note: Unique corporate investor count is based on number of corporate (i.e. non investment fund) investors that have
participated in at least 1 round per year. 2017 annualised based on projection for Q4 on Q3 2017
Source: Dealroom.co
70
Atomico & Slush The State of European Tech 2017
5.3
TitleNo: 5.3 GroupName: Default GroupId: 475 ChartId: 158 ArticleId: 57 ChapterId: 13
Investors from around the world are coming to Europe to invest. More
than 200 unique US investment funds participated in funding rounds in
Investors from around the Numberinof
Europe unique US Investment funds that have participated in at
2017
world are coming to Europe to least 1 investment round in
Number of unique US Investment Europe
funds perparticipated
that have year in at least 1 investment
invest. More than 200 unique US round in Europe per year
investment funds participated in
funding rounds in Europe in 2017 250
234
213
146
Asian investors are 150
companies
50
$1.8B 0
2012
Unique investors
2013 2014 2015 2016 2017
across more than 100 rounds Note: Number of unique US investment funds (excl. corporate investors & accelerators and angel investors) that have
participated in at least 1 investment round per year. 2017 annualised based on projection for Q4 on Q3 2017
Source: Dealroom.co
European tech continues to strengthen and diversify geographically, driving not only Hiro Tamura
cross-border investment activity but also increased interest from our VC peers in the US. Atomico
World class European companies such as MessageBird, Graphcore, Monzo, TransferWise,
Automile and Deliveroo have all attracted US investors in 2017, proving that European
tech is not only on fire at home but also abroad. This provides an interesting opportunity
moving forward for increased collaboration between US and European VCs which,
ultimately, continues to provide even greater runway for European founders
22/11/2017 toTech
The State of European build
2017 truly
global category leading companies from right here at home.
TitleNo: 5.3 GroupName: Capital invested ($B) GroupId: 472 ChartId: 157 ArticleId: 57
ChapterId: 13
1500 75
# of deals
61
1000 45
876 50
634
500 25
389
11 13
47 23
0 0
2012 2013 2014 2015 2016 2017
Source: Dealroom.co
71
Atomico & Slush The State of European Tech 2017
5.4
2017 has seen another strong year
of fundraising for European VCs 22/11/2017 The State of European Tech 2017
TitleNo: 5.4 GroupName: Funds Raised GroupId: 429 ChartId: 145 ArticleId: 58 ChapterId:
13
European VCs have raised more than €10.6B funds since 2016
European VCs have raised more VC funds raised (€B) and # of VC funds closed per year by fund size
than €10.6B across 198 funds since VC funds raised (€B) and # of VC funds closed per year by fund size
2016 Funds raised
150
100
50
0
2012 2013 2014 2015 2016 H1 2017
http://preview.stateofeuropeantech.com/all-charts/ 142/241
Michael Collins
Invest Europe
72
http://preview.stateofeuropeantech.com/all-charts/ 143/241
Atomico & Slush The State of European Tech 2017
5.4
TitleNo: 5.4 GroupName: Funds Raised GroupId: 432 ChartId: 146 ArticleId: 58 ChapterId:
13
First-time funds account for ~25% of funds raised by VCs in Europe and
First-time funds account for ~25% have
Funds raised €3B
raised since
(€B) andthe start ofof2016,
number fundsalthough
closed the
per data
year shows a type
by fund
of funds raised by VCs in Europe slowdown in number of first-time funds being closed
Funds raised
and have raised €3B since the Funds raised (€B) and number of funds closed per year by fund type
start of 2016 across 52 separate
TitleNo:
0 5.4 GroupName: Funds Closed GroupId: 434 ChartId: 146 ArticleId: 58 ChapterId:
13 2012 2013 2014 2015 2016 H1 2017
First-time
First-time funds
VC Fund - account
Raised for ~25%
First-Time ofof funds
VC Fund Establishedraised by VCs in Europe and
Firm - Raised
have Follow-on
raisedVC€3B since the start of 2016, although the data shows a
Fund - Raised
Fundsraised
Funds closed(€B) and number of funds closed per year by fund type
Note: First-Time VC Fund of Established Firm refers to first-time VC funds raised by a firm that may already be operating
in a different asset class, such as buyout firms.
Total funds raised (€B) or number of new funds closed
150
100
50
Note:
First-Time VC Fund of Established Firm refers
to first-time VC funds raised by a firm that
0
may already be operating in a different asset 2012 2013 2014 2015 2016 H1 2017
class, such as buyout firms.
First-Time VC Fund - Closed First-Time VC Fund of Established Firm - Closed
Source: Follow-on VC Fund - Closed
Invest Europe / EDC
http://preview.stateofeuropeantech.com/all-charts/ 144/241
Note: First-Time VC Fund of Established Firm refers to first-time VC funds raised by a firm that may already be operating
in a different asset class, such as buyout firms.
Even if the absolute numbers Selected first-time fund launches in Europe in 2017
have slowed, Europe continues
to see the emergence of first-
time VC fund managers targeting
a diverse set of geographies and
sectors
http://preview.stateofeuropeantech.com/all-charts/ 145/241
73
5.4 22/11/2017 The State of EuropeanThe
Atomico & Slush State of European Tech 2017
Tech 2017
2017 has seen another strong year of TitleNo: 5.4 GroupName: Default GroupId: 309 ChartId: 98 ArticleId: 58 ChapterId: 13
fundraising for European VCs
Funds raised in France, Germany and the UK account for two-thirds of
VC funds since the start of 2016, but the past few years have seen large
increases in funds raised in new geographies, including Spain,
Netherlands and beyond
Funds raised in France, Germany VCfunds
VC funds raised
raised by country
by country of GP
of GP by year by year
and the UK account for two-thirds
of VC funds since the start of 2016,
but the past few years have seen 6k
2k
0
2012 2013 2014 2015 2016 1H17
Mounir Mahjoubi
22/11/2017 The State of European Tech 2017
French Secretary of State in charge of Digital
TitleNo: 5.4 GroupName: Default GroupId: 522 ChartId: 167 ArticleId: 58 ChapterId: 13
The sum of total funds raised is at an all-time high, but since the number
of new funds closed has not been increasing, the average fund size -
both in terms of mean and median - has increased significantly
http://preview.stateofeuropeantech.com/all-charts/ 147/241
The sum of total funds raised is Median and mean fund size
Median and mean fund size at final closing by year at final closing by year
at an all-time high, but since the
number of new funds closed has 154
not been increasing, the average 150
significantly
100
86 85
60 58
49 52 50
European VC fund sizes 50
38 37
3x 0
Median
2012
Mean
2013 2014 2015 2016 H1 2017
74
Atomico & Slush The State of European Tech 2017
5.5
There is still work to be done to further diversify
the institutional investor base of European VC 18/11/2017 The State of European Tech 2017
24
Government Agencies
10
19
Family Offices & Private Individuals
17
17
Corporate Investors
5
15
Fund of Funds, Other Asset Managers
13
8
Pension Funds
20
5
Banks
2
www.stateofeuropeantech.com
4
Insurance Companies
3
Note:
Europe data based on funds raised 3
Other (incl. Capital Markets, Sovereign
between 2012 and 1H 2017. All Wealth Funds) 16
percentages are only calculated on known
LP allocation. Unclassified allocations
were extrapolated. US VC LP allocation 0 5 10 15 20 25
based on data from Preqin % of total funds raised
While
Note: pension
Europe funds
data based have
on funds raised contributed
between 2012 and 1H huge sums to
2017. All percentages areEuropean buyouts,
only calculated on known LP
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their contribution to VC is still small
Source: Invest Europe / EDC
While pension funds have Funds
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and LP type
contributed huge sums to
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18
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1
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1
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extrapolated
13
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22/11/2017 The State of European Tech 2017
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www.stateofeuropeantech.com
funds raised by a firm that may already be operating in a different asset class, such as buyout firms
26
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20
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22/11/2017 The State of European Tech 2017
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funds raised by a firm that may already be operating in a different asset class, such as buyout firms
http://preview.stateofeuropeantech.com/all-charts/ 152/241
76
Atomico & Slush The State of European Tech 2017
5.5 22/11/2017 The State of European Tech 2017
16
Corporate Investors 19
11
27
2328
24
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14
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www.stateofeuropeantech.com
4
Pension Funds 9
13
0 5 10 15 20 25 30 35
%
Note: Based on total funds raised between 2012 and 2016. All percentages are only calculated on known LP allocation.
Unclassified allocations were extrapolated
http://preview.stateofeuropeantech.com/all-charts/ 154/241
5493
The role of public funding in Europe has been important in ensuring
sufficient capital availability in the early and growth stages. As
evidenced by increasing valuations of marquee companies, Europe
has been able to close the gap compared to leading technology
ecosystems in the world. This is already bringing more private
investment into VC funds and innovative companies, which should be
the first and foremost objective of our public funding initiatives.
Alex Stubb
European Investment Bank
328
45,023
77
0
Atomico & Slush The State of European Tech 2017
5.5 22/11/2017 The State of European Tech 2017
25
0
VC Funds Buyout Funds
sizes
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96 96
72
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http://preview.stateofeuropeantech.com/all-charts/ 155/241
0
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78
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Has Europe been able to maintain its deep tech momentum, have
its deep tech roots deepened or broadened across the region and is
Europe taking a lead in any particular area of deep tech?
5493
6335
2328
2328
45,023
Atomico & Slush The State of European Tech 2017
6.1
European deep tech continues
to attract large investment 22/11/2017 The State of European Tech 2017
TitleNo: 6.1 GroupName: Default GroupId: 345 ChartId: 111 ArticleId: 61 ChapterId: 14
Europe is on track for $3.5B invested into deep tech companies in 2017
Europe is on track for $3.5B Capitalmore
across invested ($B) deals
than 600 in and # of deals closed by European deep
to be invested into deep tech tech companies
Capital invested ($B) in and # of deals closed by European deep tech companies
companies in 2017 across more
than 600 deals 4 750
692 3.5
2.5
2.4 450
# of rounds
359
1.9
1.6 300
220
0.9
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Note:
2017 based on 9M to September 2017 and 0 0
projection for Q4 2017 based on Q3 2017 2012 2013 2014 2015 2016 2017
www.stateofeuropeantech.com
Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
TitleNo: 6.1 GroupName: Capital invested GroupId: 869 ChartId: 244 ArticleId: 61
ChapterId: 14
Source: Dealroom.co
European AI companies have#raised than
moreby $4.6B since 2012 across
European AI companies have Capital invested ($B) and of deals deep tech sub-category
raised more than $4.6B since over 1,000 deals
2012 across over 1,000 deals Capitalinvested
Capital invested($B) and # of deals by deep tech sub-category
4.6
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22/11/2017 The State of European Tech 2017
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Atomico & Slush The State of European Tech 2017
6.1
European deep tech continues to attract large 22/11/2017 The State of European Tech 2017
investment
TitleNo: 6.1 GroupName: Top 10 countries GroupId: 874 ChartId: 245 ArticleId: 61
ChapterId: 14
Deep tech companies based in the UK, France and Germany lead the way
Deep tech companies based in in attracting
Capital capital
invested investment
($B) in European deep tech companies by country
the UK, France and Germany Capital invested ($B) in European deep tech companies by country
lead the way in attracting Top 10 countries
capital investment
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2012-2016 2017
in attracting capital investment
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Source: Dealroom.co
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http://preview.stateofeuropeantech.com/all-charts/ 167/254
Source: Dealroom.co
David Thevenon
SoftBank
http://preview.stateofeuropeantech.com/all-charts/ 168/254
2328
2328 81
Atomico & Slush The State of European Tech 2017
6.1 22/11/2017 The State of European Tech 2017
300
200
100
0
2012 2013 2014 2015 2016
Note: There is typically a lag between a company being founded and it being recognised in private company databases. As
such, more recent cohorts likely under-represent actual company formation.
Source: Tracxn
www.stateofeuropeantech.com
Europe’s most promising deep Selected investment rounds raised by European deep tech
tech companies are raising large companies in 2017
rounds and actively choosing to
stay independent to continue
to build and take on global
opportunities
Note:
There is typically a lag between a company
being founded and it being recognised in
private company databases. As such, more http://preview.stateofeuropeantech.com/all-charts/ 158/241
David Kelnar
MMC Ventures
82
Atomico & Slush The State of European Tech 2017
6.2
AI & crypto are seen as major
opportunities for European tech
leadership on the global stage
22/11/2017 The State of European Tech 2017
TitleNo: 6.2 GroupName: Occupation GroupId: 596 ChartId: 187 ArticleId: 63 ChapterId: 14
27
21
20
% of respondents
20
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www.stateofeuropeantech.com
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83
Atomico & Slush The State of European Tech 2017
6.2
The UK and Germany are viewed Most cited responses for question: which European country do you
as the two countries best think is best placed to capture this opportunity?
positioned within Europe to
build world-leading positions in
key deep tech fields
Berlin is, or at least used to be, the single place in Europe that was
still cheap, a bit edgy, married to the slightly anarchist outlook of
crypto. It’s a great place for people who want to change things to
establish an office and work from here. London is much more in line
with the establishment, they still want to disrupt but not really.
Jutta Steiner
Parity Technologies
84
Atomico & Slush The State of European Tech 2017
6.2
22/11/2017 The State of European Tech 2017
AI & crypto are seen as major opportunities for
European tech leadership on the global stage
TitleNo: 6.2 GroupName: Default GroupId: 127 ChartId: 39 ArticleId: 63 ChapterId: 14
Genomics - Germany 30
Cybersecurity - Germany 24
Drones - France 21
0 10 20 30 40 50 60 70 80 90
% of respondents voting for #1 most cited country
Note: Ranking based on votes from respondents choosing a country home than their home country only
http://preview.stateofeuropeantech.com/all-charts/ 163/241
Barnaby Hussey-Yeo
Cleo
85
Atomico & Slush The State of European Tech 2017
6.3
Europe is home to the world’s
leading AI research community
Europe is home to the largest European organizations in the Top 100 ranked organizations by most-
share of the top 100 AI research cited AI-related research papers
institutions worldwide
www.stateofeuropeantech.com
32
research institutions in the
global top 100 for AI-related
research paper citations vs 30
from the US and 15 from China
86
Atomico & Slush The State of European Tech 2017
6.3
1578
6335
2328
believe that greater collaboration between public and private bodies 5328
can be. Our model has allowed us to grow in two years from five to 2328
Antoine Bordes
Facebook Artificial Intelligence Research
www.stateofeuropeantech.com
TitleNo: 6.3 GroupName: Default GroupId: 613 ChartId: 189 ArticleId: 62 ChapterId: 14
4,330
4k
2k 1,927
925
413
170
0
2012 2013 2014 2015 2016 2017
5493
Machine Learning
6335
Source: Meetup
2328
2328
45,023
87
Atomico & Slush The State of European Tech 2017
6.3
8
6335 Top cities by density of members with AI skills versus all LinkedIn members
328
2328
2328
Note: Cities with >450k members only so excludes cities such as Cambridge and Oxford.
Cambridge would be 16th in absolute terms and first by density. Oxford would be 28th
and fourth by density.
Source: LinkedIn
88
Atomico & Slush The State of European Tech 2017
6.3
The war for AI talent has seen Top 10 most in-demand technologies in Europe
Python rise to number three
most in-demand programming
language in Europe
Top 10 most in-demand Top 10 most in-demand technical roles at technology companies in
programming languages in the UK and France
Europe, as sought by employers
Source: Hired
6.4
Europe is well-positioned to
play a key role in crypto space
22/11/2017 The State of European Tech 2017
13,029
11,608
Number of views
10k
8,243
6,770
5,318
5k
3,631
2,575
2,052
22/11/2017 The State of1,372
European Tech 2017
592 628 853
110 173 155 223 357
0
TitleNo: 6.4 GroupName: Ethereum GroupId: 766 ChartId: 82 ArticleId: 64 ChapterId: 14
Aug 2017
Sep 2017
Jun 2017
Jul 2017
Apr 2017
May 2017
Mar 2017
Nov 2016
Dec 2016
Jan 2017
Feb 2017
Oct 2016
Aug 2016
Sep 2016
Jun 2016
Jul 2016
Mar 2016
Apr 2016
May 2016
Jan 2016
Feb 2016
Nov 2015
Dec 2015
Sep 2015
Oct 2015
Jul 2015
Aug 2015
Jun 2015
Feb 2015
Mar 2015
Apr 2015
May 2015
Jan 2015
www.stateofeuropeantech.com
1578
There has been an explosion of European developer engagement with
6335
cryptocurrencies, most notably on Ethereum-related topics
2328
Blockchain
Number of views of blockchain-related question tags on Stack Overflow by topic
2328 Ethereum
5328
20k 19,290 19,420
Source: Stack Overflow
3453 17,691
15k
Number of views
10k 9,751
2328 6,098
2328 5k 3,980 4,310
3,427
2,982
2,513 2,492
1,593
22/11/2017 0 0 0 0 0 2 0 353 671 The State of European Tech 2017
0
Sep 2017
Jul 2017
Aug 2017
Mar 2017
Apr 2017
May 2017
Jun 2017
Jan 2017
Feb 2017
Nov 2016
Dec 2016
Oct 2016
Aug 2016
Sep 2016
Jun 2016
Jul 2016
Apr 2016
May 2016
Jan 2016
Feb 2016
Mar 2016
Nov 2015
Dec 2015
Aug 2015
Sep 2015
Oct 2015
Jul 2015
May 2015
Jun 2015
Mar 2015
Apr 2015
Jan 2015
Feb 2015
22,042
20k 18,842
http://preview.stateofeuropeantech.com/all-charts/ 170/241
Number of views
15,889
15k
11,794
10,411
10k
7,824 7,567 7,999 8,365
7,435 7,625
6,177 5,784 6,075
5,042
5k
0
Aug 2017
Sep 2017
Jun 2017
Jul 2017
Mar 2017
Apr 2017
May 2017
Jan 2017
Feb 2017
Nov 2016
Dec 2016
Aug 2016
Sep 2016
Oct 2016
Jun 2016
Jul 2016
Apr 2016
May 2016
Jan 2016
Feb 2016
Mar 2016
Nov 2015
Dec 2015
Aug 2015
Sep 2015
Oct 2015
Jul 2015
May 2015
Jun 2015
Feb 2015
Mar 2015
Apr 2015
Jan 2015
Source: Bitcoin
Stack Overflow
TitleNo: 6.4 GroupName: Default GroupId: 397 ChartId: 132 ArticleId: 64 ChapterId: 14
Europe 5,221
US 3,375
China 622
Japan 142
Korea 106
www.stateofeuropeantech.com
Note:
Data as of 31 October 2017
# of Bitcoin network nodes
Source:
Bitnodes
Source: Bitnodes
George Danezis
University College London
91
Atomico & Slush The State of European Tech 2017
6.4
The UK, Germany and Russia Number of blockchain development projects by country
are the most active blockchain
developers on GitHub
blockchain development
8,265
active blockchain projects in
Europe (versus 9,565 in US),
Note: Analysis is presented for GitHub projects for which geographical information is available
according to Deloitte analysis of
GitHub data Source: Deloitte analysis of GH Torrent data and GitHub API data
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ofofblockchain
blockchain
projects
projects
projects
Note: Analysis is presented for GitHub projects for which geographic information was
available. Berlin is notably absent and is likely due to the absence of city-
level information for 1,069 projects in Germany
Note:
Note:
Note: Analysis
Analysis
Analysis
is presented
isispresented
presented
forfor
GitHub
forGitHub
GitHub
projects
projects
projects
forforwhich
forwhich
which
geographic
geographic
geographicinformation
information
informationwaswas
was
available.
available.
available.
Berlin
Berlin
Berlin
is notably
isisnotably
notably
absent
absent
absent
andand
and
is likely
isislikely
likely
duedue
due
to the
to
tothe
the
absence
absence
absence
of city-level
ofofcity-level
city-level
Source:information
information
information
Deloitte forfor
1,069
for
analysis 1,069
of 1,069
GHprojects
projects
projects
Torrent in Germany
datainand
inGermany
Germany
GitHub API data
Source:
Source:
Source:
Deloitte
Deloitte
Deloitte
analysis
analysis
analysis
of GH
ofofGH
Torrent
GHTorrent
Torrent
data
data
data
andand
and
GitHub
GitHub
GitHub
APIAPI
API
data
data
data
Jutta Steiner
Parity Technologies
93
Atomico & Slush The State of European Tech 2017
6.5
Europe leads the race to tokenize 22/11/2017 The State of European Tech 2017
assets and the ICO fundraising boom TitleNo: 6.5 GroupName: Default GroupId: 704 ChartId: 232 ArticleId: 84 ChapterId: 14
50
25
34 38 38
33
25 25
20
0
All ICOs Europe North America Asia Latin America Middle East Africa
CEO/Founder and legal entity location are the same CEO/Founder and legal entity location are different
www.stateofeuropeantech.com
Note: Geographical data sourced by TokenData from ICO websites, white papers and social media. Data is based on ICO
22/11/2017 The State
projects where the legal entity and CEO/Founder of European
location Techknown
are both 2017
Source: TokenData
TitleNo: 6.5 GroupName: Default GroupId: 671 ChartId: 218 ArticleId: 84 ChapterId: 14
There are more ICO projects coming from Europe-based entities and
European founders than any other region
There are more ICO projects Number
Number of projects
of ICO ICO projects
by regionby region
of legal ofversus
entity legalregion
entityof versus region of CEO/
CEO/Founder
coming from Europe-based Founder
entities and European founders 533
than any other region
500
446
412
Number of ICO projects
400
373
300
244
234
200
124
105
100
http://preview.stateofeuropeantech.com/all-charts/ 176/241
19 28
16 15 13 10
0
Europe North America Asia Middle East Latin America Africa Unknown
Number of ICO projects by region of legal entity Number of ICO projects by region of CEO/Founder
Note: Geographical data sourced by TokenData from ICO websites, white papers and social media. Unknown captures all
ICOs where the region of the legal entity or of the CEO/Founder is not known
Source: TokenData
94
Atomico & Slush The State of European Tech 2017
6.5
Europe leads the race to tokenize assets and 22/11/2017 The State of European Tech 2017
the ICO fundraising boom
TitleNo: 6.5 GroupName: Default GroupId: 673 ChartId: 219 ArticleId: 84 ChapterId: 14
While entities registered in Europe have raised the most capital via ICOs,
founders from North America have marginally out-raised those from
Europe
While entities registered in Total capital raised ($M) via ICOs by region of legal entity versus
Total capital raised ($M) via ICOs by region of legal entity versus region of CEO/Founder
Europe have raised the most region of CEO/Founder
capital via ICOs, founders from
1,755
North America have marginally
out-raised those from Europe
1500
1,315
1,076
1000
significant capital 29 48
6
$529M
0
North America Europe Asia Latin America Middle East Africa Unknown
TitleNo: 6.5 GroupName: Default GroupId: 710 ChartId: 235 ArticleId: 84 ChapterId: 14
828
Switzerland
104
325
Singapore
373
208
http://preview.stateofeuropeantech.com/all-charts/
UK 178/241
372
202
Cayman Islands
Canada
185
128
Russia
197
105
Germany
54
France
53
Note: Serbia
2
Geographical data sourced by TokenData from
ICO websites, white papers and social media 0 200 400 600 800 1000 1200
Capital raised ($M)
Source:
TokenData
Capital raised ($M) - Legal entity Capital raised ($M) - CEO/Founder
TitleNo: 6.5 GroupName: Default GroupId: 675 ChartId: 220 ArticleId: 84 ChapterId: 14
150
50 48 46
37 35
25 24
19
10 8
0
Central & UK & Ireland DACH France & Southern Baltics Nordics
Eastern Europe Benelux Europe
Note: Geographical data sourced by TokenData from ICO websites, white papers and social media. Unknown captures all
ICOs where the region of the legal entity or of the CEO/Founder is not known
www.stateofeuropeantech.com
Source: TokenData
TitleNo: 6.5 GroupName: Default GroupId: 677 ChartId: 221 ArticleId: 84 ChapterId: 14
750
500
369 373
http://preview.stateofeuropeantech.com/all-charts/ 181/241
271
250 209 211
111 93 92 97
60 73
31 15
0
Central & UK & Ireland DACH France & Southern Baltics Nordics
Eastern Europe Benelux Europe
Total capital raised ($M) via ICOs by sub-region in Europe of legal entity
Total capital raised ($M) via ICOs by sub-region in Europe of CEO/Founder
Note: Geographical data sourced by TokenData from ICO websites, white papers and social media
Source: TokenData
97
0
Atomico & Slush The State of European Tech 2017
6.5
TitleNo: 6.5 GroupName: Default GroupId: 712 ChartId: 236 ArticleId: 84 ChapterId: 14
European cities make up 5 of the Top 10 hubs globally for ICO projects,
including the #1 hub
European cities make up 5 of Top 10 cities by number of ICO projects based on location of CEO/
Top 10 cities by number of ICO projects based on location of CEO/Founder
the Top 10 hubs globally for ICO Founder
projects, including the #1 hub 50 48
40 38
30 2328 6335
27
2328
20
20
5328
13
3453
10 9
10 8 8 7
ris
in
w
rk
on
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nt
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ge
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os
rs
ew
Lo
An
To
te
M
on
Pe
s
lic
Lo
Si
St
2328
Note: Geographical data sourced by TokenData from ICO websites, white papers and social media
www.stateofeuropeantech.com
Source: TokenData
TitleNo: 6.5 GroupName: Default GroupId: 706 ChartId: 233 ArticleId: 84 ChapterId: 14
50
http://preview.stateofeuropeantech.com/all-charts/ 183/241
71
64 65 63
25 50
46 44
0
All ICO projects Europe North America Asia Latin America Middle East Africa
Founders are located in same country Founders are located in different countries
5493
Note: Geographical data sourced by TokenData from ICO websites, white papers and social media. Based on stated location
of founders. ICO projects are considered to have distributed founding teams where at least two founders are located
in different countries
Source: TokenData
2328
2328 98
07
1578
2328 6335
2328
5328
3453
Corporate 2328
2328
This year we are seeing clear signs that this trend is evolving at
pace. Across the board, Europe is playing to its traditional strengths
and industrial heritage, and the relationship between old and new
industry is now characterised by partnership and collaboration.
5493
6335
2328
2328
45,023
Atomico & Slush The State of European Tech 2017
7.1
The perception in Europe’s tech industry is
that startups need to forge closer ties with
traditional industry
22/11/2017 The State of European Tech 2017
TitleNo: 7.1 GroupName: Occupation GroupId: 576 ChartId: 182 ArticleId: 65 ChapterId: 15
25
2 2 2 2 1 1 1 2 1
0
h)
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em
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em
oy
www.stateofeuropeantech.com
bl
pl
Pu
ny
em
pa
m
22/11/2017 The State of European Tech 2017
ny
Co
pa
m
Co
TitleNo: 7.1 GroupName: Geography GroupId: 578 ChartId: 182 ArticleId: 65 ChapterId: 15
Strongly agree Strongly disagree
Europe is united behind the idea that the region's tech startups need
stronger ties with traditional industries
Note: Strongly agree is composed of respondents answering 6 or 7 on a 7-point Likert scale. Strongly disagree is composed
Geography
The European tech
of founders ecosystem
answering needs
1 or 2 on the same stronger
scale ties with traditional industries
49
47
45 44
41
% of respondents
40 38
20
5 5 6 5 6
4 4
2
0
pe
nd
CH
cs
cs
pe
pe
lu
di
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ro
la
DA
ne
Note:
or
Ba
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Eu
Eu
Eu
Be
N
&
rn
er
K
he
ce
U
st
ut
Ea
So
Fr
l&
Note: Strongly agree is composed of respondents answering 6 or 7 on a 7-point Likert scale. Strongly disagree is composed
http://preview.stateofeuropeantech.com/all-charts/ 185/241
of founders answering 1 or 2 on the same scale
I think that
Source: The Statetraditional industries
of European Tech Survey 2017 are fuelling the European tech
ecosystem in three ways. First, they can be direct investors in
startups. Second, these big companies are pools of talents for
startups. They have recruited and trained highly skilled engineers and
invested a lot in R&D, which contributes to the deep tech disruptions.
Finally, the existence of strong historic players in key sectors such as
automotive stimulates a new generation of leading innovative players
to provide tomorrow’s solutions.
Fleur Pellerin
Korelya Capital
100
Atomico & Slush The State of European Tech 2017
7.2
Europe’s corporates are battling to defend
trillions of dollars of enterprise value
22/11/2017 The State of European Tech 2017
TitleNo: 7.2 GroupName: Default GroupId: 399 ChartId: 133 ArticleId: 66 ChapterId: 15
Banks 2
Healthcare 1.6
Insurance 0.7
Retail 0.6
http://preview.stateofeuropeantech.com/all-charts/ 187/241
Samuel Mueller
Scandit
101
Atomico & Slush The State of European Tech 2017
7.2
TitleNo: 7.2 GroupName: Default GroupId: 389 ChartId: 127 ArticleId: 66 ChapterId: 15
TitleNo: 7.2 GroupName: Default GroupId: 389 ChartId: 127 ArticleId: 66 ChapterId: 15
European corporates have different levels of focus and engagement with
Europeantechnology
European corporates have different levels of focus and engagement with
European corporates have European technology
Innovation activity of top European corporates
Innovation activity of top European corporates
different levels of focus and Innovation activity of top European corporates
engagement with European
technology
Have established a dedicated open
Have established ainnovation
dedicated open
84
unit
84
innovation unit
Romain Lavault
Partech Ventures Note:
Note: Based
Basedon
onan
ananalysis
analysisofof32
32leading
leadingEuropean
European corporates
corporates
Source: Open
Source: OpenInnovation
InnovationininEurope.
Europe.AASnapshot
Snapshot of
of 2017
2017 SEP
SEP Europe’s
Europe’s Corporate
Corporate Startup
Startup Stars.
Stars.Mind
Mindthe
theBridge
Bridge&&Nesta,
Nesta,2017
2017
Leading European startups are Selected partnerships between European tech companies and
building meaningful partnerships incumbent corporates announced in 2016 or 2017
with corporates for mutual
benefit
It’s an interesting one for us because we have limited activity in Benjamin Lickfett
actual corporate investment. For us we take a broader, portfolio Diageo
approach in terms of partnerships, looking at strategically
interesting companies that we can partner with. I think there are
different ways we can extract value from it and we can deliver value
to the startups. One way is certainly equity and direct investment
but there are obviously other areas where we can get value out of
it, too. Exclusivity in our category or long-term commitment and
investment in the actual partnership.
102
Atomico & Slush The State of European Tech 2017
7.2
TitleNo: 7.2 GroupName: Default GroupId: 381 ChartId: 123 ArticleId: 66 ChapterId: 15
There is a wide variance in the level of media coverage that different
European corporatesThere
haveis a wideinvariance
received in the level
articles discussing of media
technology coverage that different
European corporates have received in articles discussing technology
Most cited STOXX Europe 50 constituents in media articles
discussing “technology”
Most cited STOXX Europe 50 constituents in media articles discussing "technology"
BMW 100
Nokia 97
SAP 91
Deutsche Bank 68
Daimler 67
Airbus 53
Siemens 51
Orange 43
BNP 41
Unilever 39
Adidas 34
Telefonica 34
Deutsche Telekom 29
LVMH 23
Allianz
AXA 22
Bayer
Santander 20
Volkswagen
ING Group 16
Vivendi 13
Engie 13
BASF 10
Sanofi
BBVA 9
www.stateofeuropeantech.com
Safran
9
Groupe Danone 9
Societe Generale 8
Schneider Electric 8
Deutsche post 7
Philips 6
ASML 6
L'Oreal 6
Inditex 6
Essilor 5
Air Liquide 5
Fresenius 5
Anheuser 4
Intesa Sanpaolo 4
Saint-Gobain 4
Munich Re 4
Eni 3
E.ON 3
Enel 3
Total S.A. 3
Unibail-Rodamco 3
Iberdrola 3
Ahold 2
Vinci 1
0 10 20 30 40 50 60 70 80 90 100 110
Article count indexed to #1 most cited company
Note: Company list based on STOXX Europe 50 consituents as of 30 September 2017. Article count based on unique articles
containing "technology" and named company. Overall source set based on representative list of 100 European
business and tech publications
Source: Signal
Juan Urdiales
Jobandtalent
103
Atomico & Slush The State of European Tech 2017
7.3
Spotting patterns in the flow of talent
between tech & traditional industry
Professional and financial services are the most For additional context, it is worth analysing a
important source sectors of tech industry talent, similar dataset covering tech talent movement in
but there are material numbers coming from 2016 provided by LinkedIn for last year’s State of
sectors such as retail and auto
22/11/2017 The State of European Tech 2017
European Tech
22/11/2017 The State of European Tech 2017
TitleNo: 7.3 GroupName: Default GroupId: 197 ChartId: 61 ArticleId: 67 ChapterId: 15 TitleNo: 7.3 GroupName: Default GroupId: 896 ChartId: 252 ArticleId: 67 ChapterId: 15
Professional andsectors
financial services are the most important For additional context, it is worth analysing a similar dataset covering
Top source for inbound tech talentsource Top 10 source sectors for inbound tech talent
tech talent movement in 2016 provided by LinkedIn for last year's State
sectors of tech industry talent, but there are material numbers coming
(“joiners”) by industry
from sectors such as retail and auto (“joiners”) by industry in 2016
of European Tech
Top 10 source sectors for inbound tech talent ("joiners") by industry Top 10 source sectors for inbound tech talent ("joiners") by industry in 2016
Financial Services & Insurance 13.1 Financial Services & Insurance 12.9
0 2.5 5 7.5 10 12.5 15 17.5 20 22.5 0 2.5 5 7.5 10 12.5 15 17.5 20 22.5
% of joiners % of joiners
2017 2016
Note: Note:
All interpretations
Note:
of the LinkedIn data are made by Atomico, not
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. A ‘mover’ is defined by LinkedIn as
All interpretations
Note: All interpretations of of the LinkedIn
the LinkedIn data are madedata arenotmade
by Atomico, LinkedIn. by Atomico,
A ‘mover’ not
is defined by LinkedIn as
LinkedIn. A ‘mover’
somebody now working
between 2017 and 2016
isin defined bythat
the tech industry LinkedIn as somebody
has moved country or industry sectornow working
for their in
primary employment LinkedIn. A ‘mover’ is defined by LinkedIn as somebody now working in
somebody now working in the tech industry that has moved country or industry sector for their primary employment
between 2016 and 2015
the tech industry that has moved country or industry sector for their the tech industry that has moved country or industry sector for their
primary employment between 2017 and 2016
Source: LinkedIn primary employment between 2016 and 2015
Source: LinkedIn
Source: Source:
LinkedIn LinkedIn
http://preview.stateofeuropeantech.com/all-charts/ 201/253 http://preview.stateofeuropeantech.com/all-charts/ 203/254
If you look at Europe, you have a combination of world class universities and world
class companies historically building world class products, be that supplying to the US
or elsewhere. What we as entrepreneurs and young startups are now benefiting from
is that knowledge and those people who have worked in those industries - they’re
coming on board and building the next generation of technologies.
Remo Gerber
Lilium Aviation
104
Atomico & Slush The State of European Tech 2017
7.3
The auto sector is attracting a meaningful share of For additional context, it is worth analysing a
talent from the European tech industry, although similar dataset covering tech talent movement in
companies in professional and financial services 2016 provided by LinkedIn for last year’s State of
are the biggest destination for outbound tech European Tech
talent
22/11/2017 The State of European Tech 2017 22/11/2017 The State of European Tech 2017
TitleNo: 7.3 GroupName: Default GroupId: 193 ChartId: 60 ArticleId: 67 ChapterId: 15 TitleNo: 7.3 GroupName: Default GroupId: 894 ChartId: 251 ArticleId: 67 ChapterId: 15
The auto sector is attracting a meaningful share of talent from the For additional context, it is worth analysing a similar dataset covering
Top destination sectors for outbound tech talent Top 10 destination sectors for outbound tech
tech talent movement in 2016 provided by LinkedIn for last year's State
European tech industry, although companies in professional and
(“leavers”) byare
financial services industry
the biggest destination for outbound tech talent talent (“leavers”)
of European Tech by industry in 2016
Top destination sectors for outbound tech talent ("leavers") by industry Top 10 destination sectors for outbound tech talent ("leavers") by industry in 2016
Financial Services & Insurance 15.3 Financial Services & Insurance 15.8
0 2.5 5 7.5 10 12.5 15 17.5 20 22.5 0 2.5 5 7.5 10 12.5 15 17.5 20 22.5
% of leavers % of leavers
2017 2016
Note: Note:
All interpretations of the LinkedIn data are made by Atomico, not All interpretations of the LinkedIn data are made by Atomico, not
Note: All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. A ‘mover’ is defined by LinkedIn as
LinkedIn.
Note:
A ‘mover’ is defined by LinkedIn as somebody now working in
All interpretations of the LinkedIn data are made by Atomico, not LinkedIn. A ‘mover’ is defined by LinkedIn as
somebody now working in the tech industry that has moved country or industry sector for their primary employment
LinkedIn. A ‘mover’
somebody now workingis in defined bythat
the tech industry LinkedIn as somebody
has moved country or industry sectornow working
for their in
primary employment
the tech industry
between that has moved country or industry sector for their
2017 and 2016 the tech industry that has moved country or industry sector for their
between 2016 and 2015
Source: Source:
LinkedIn LinkedIn
For a lot of corporates it’s a big challenge to attract talent that is very strong in tech,
that has an innovation, growth mindset. I think it’s an ongoing issue for corporates for
us this is a big priority. I think a lot of the answer is in culture, and orchestrating the
kind of processes to give these types of candidates the ability to have impact, and to
minimise the traffic and frustrations, obstacles and processes that are associated with
big corporates. If you look at my team, my background is in startups, most of my team
were in startups - so corporates are starting to attract this kind of talent.
Benjamin Lickfett
Diageo
105
Atomico & Slush The State of European Tech 2017
7.3
18/11/2017 The State of European Tech 2017
Spotting patterns in the flow of talent between
tech & traditional industry
TitleNo: 7.3 GroupName: Default GroupId: 207 ChartId: 63 ArticleId: 67 ChapterId: 15
Given the size of the auto sector in France and Germany, it's not
surprising to see that there is a higher share of talent joining the tech
industry from auto companies in those two countries
Given the size of the auto Top source sectors for inbound tech talent (“joiners”) by
Top source sectors for inbound tech talent ("joiners") by industry and country
sector in France and Germany, industry and country
it’s not surprising to see that
there is a higher share of talent
joining the tech industry from United Kingdom
France
Spain
% of joiners
logistics, is what we can grow
out of Europe and build strong Aero/Auto/Transport Architecture & Engineering Financial Services & Insurance
global players. Government/Education/Non-profit
Media & Entertainment Oil & Energy
Healthcare & Pharmaceutical
Professional Services
Manufacturing/Industrial
Retail & Consumer Products
Staffing Technology - Hardware Telecommunications
Note: LinkedIn defined a sector migrant as someone who is working in an industry (e.g. tech) of as July 2017 that is
different to the industry they were working in July 2016
TitleNo: 7.3 GroupName: Default GroupId: 199 ChartId: 62 ArticleId: 67 ChapterId: 15
Source: LinkedIn
But migration flow of talent between the tech and auto industry is a
two-way flow. In France and Germany more than one in ten people
leaving the tech industry are taking up positions at auto companies
But migration flow of talent Top destination sectors for outbound tech talent (“leavers”)
between the tech and auto by industry
Top destinationand country
sectors for outbound tech talent ("leavers") by industry and country
industry is a two-way flow.
In France and Germany more
than one in ten people leaving United Kingdom
the tech industry are taking up
positions at aero/auto/transport
companies Germany
France
Spain
Netherlands
Ireland
0 10 20 30 40 50 60 70 80 90 100 110
Note:
LinkedIn defined a sector mover as someone % of leavers
who is working in an industry (e.g. tech) of as
July 2017 that is different to the industry they Professional Services Financial Services & Insurance Government/Education/Non-profit
were working in July 2016 Media & Entertainment Retail & Consumer Products Telecommunications
Healthcare & Pharmaceutical Architecture & Engineering Aero/Auto/Transport
Source: Technology - Hardware Manufacturing/Industrial Oil & Energy Staffing
LinkedIn
Note: LinkedIn defined a sector migrant as someone who is working in an industry (e.g. tech) of as July 2017 that is
different to the industry they were working in July 2016
106
Source: LinkedIn
Atomico & Slush The State of European Tech 2017
7.4
Europe’s traditional incumbents
are cash-rich and hungry
22/11/2017 The State of European Tech 2017
TitleNo: 7.4 GroupName: Default GroupId: 845 ChartId: 243 ArticleId: 68 ChapterId: 15
1
Non-tech companies, 0.7 0.7
however, still control four 0.6
0.5 0.5
0.5
out of every five dollars sat 0.4
0.3
on publicly-listed balance
0
sheets
es
es
gy
te
ch
ls
ry
re
ls
le
80%
ria
ia
na
ca
ta
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ic
iti
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ap
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rv
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st
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io
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at
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is
um
io
D
at
ns
er
ic
un
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m
ns
m
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le
Te
www.stateofeuropeantech.com
TitleNo: 7.4 GroupName: Default GroupId: 427 ChartId: 144 ArticleId: 68 ChapterId: 15
50
% of global cash holdings
40
European non-tech 30
23%
11.7
10 9.3
6.7
5
3.2
0
Europe United States China Japan Korea Rest of world
107
0
Atomico & Slush The State of European Tech 2017
7.4
164 50
50
154
150 44
40 39
100 30
82
20
58 17
50
34 10
10
0 0
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
Investments M&A
www.stateofeuropeantech.com
Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017 Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Note: 2017 based on 9M to September 2017 and projection for Q4 2017 based on Q3 2017
Source: Dealroom.co Source: Dealroom.co
Source: Dealroom.co
http://preview.stateofeuropeantech.com/all-charts/ 191/241
http://preview.stateofeuropeantech.com/all-charts/ 192/241
Source: Dealroom.co
One interesting question - most countries have a startup to innovate. In the end, it’s the same result.
tax credit for R&D for large corporates, and that is It would be interesting to extend those R&D tax
mostly for the internal R&D work they do. Would credits to startup acquisitions as a way to boost
we extend that tax credit to startup acquisitions the M&A market by corporates in Europe.
because in a way, when you acquire a startup, you
are supporting innovation? I do not make a big
difference between spending your money on your Romain Lavault
own R&D versus spending your money to acquire a Partech Ventures
108
08
1578
2328 6335
2328
5328
3453
Regulation 2328
2328
5493
6335
2328
2328
45,023
Atomico & Slush The State of European Tech 2017
8.1
Regulation is viewed as a barrier
to scaling European tech 22/11/2017 The State of European Tech 2017
TitleNo: 8.1 GroupName: Geography GroupId: 615 ChartId: 190 ArticleId: 69 ChapterId: 16
Founders in the southern European countries of Italy and Spain are the
Founders in the southern most
Doeschallenged by regulation
European regulation make it harder to start and scale a
European countries of Italy and technology business?
Does European regulation make it harder to start and scale a technology business?
Spain are the most challenged
50
by regulation Geography
40
% of respondents
34
28 28 27
25
20 21
20
16
13 14 14 14
10 9
8
0
pe
nd
CH
cs
cs
pe
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lu
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Eu
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Be
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&
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22/11/2017 The State of European Tech 2017
&
er
K
he
ce
U
st
ut
an
Ea
So
Fr
l&
ra
TitleNo: 8.1 GroupName: Occupation GroupId: 617 ChartId: 190 ArticleId: 69 ChapterId: 16
nt
Ce
Founders in the southern European countries of Italy and Spain are the
www.stateofeuropeantech.com
20 18
16
14 14
12
11 11
10 8
7
0
ee
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ny
em
pa
m
ny
Co
pa
m
Co
Note: Strongly agree is composed of respondents answering 6 or 7 on a 7-point Likert scale. Strongly disagree is composed
of founders answering 1 or 2 on the same scale
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Source: The State of European Tech Survey 2017
Xavier Niel
Station F
110
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8.1
TitleNo: 8.1 GroupName: Sub-regional level GroupId: 547 ChartId: 178 ArticleId: 69
ChapterId: 16
% of founder respondents
30
28
24 23 24 23 24
22
20 19
20 18
14
12 11 11
7 8 7
6 5 6 6 5 6 5 5 5
4 4 4 3 3 2 4
2 2 2 1 2
0
0
n
n
ht
x
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en
ac
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ea
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pe
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an
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th
lo
ce
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er
a
n
of
&
um
at
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D
in
ec
on
ns
22/11/2017 The State of European Tech 2017
ns
ot
Co
N
ce
pr
Li
a
at
D
TitleNo: 8.1 GroupName: Country level GroupId: 723 ChartId: 178 ArticleId: 69 ChapterId:
16 UK & Ireland France & Benelux DACH Southern Europe Nordics Baltics
Central & Eastern Europe
Tax, data protection/privacy and employment regulations are the biggest
www.stateofeuropeantech.com
challenges for European founders overall, but the top challenges vary
significantly
Note: by country
Founder respondents andmaysub-region
only. Numbers not add to 100 due to rounding
Country level
Which one area of regulation do you view as most challenging for your company?
Source: The State of European Tech Survey 2017
36 35
32 33
% of founder respondents
30
26
24 24
22 21
20 19 19
16
12 12 12 12 12
10 9 8
7 7 7 6 7
5 5 4 5 4 4 5 4 4 3 4
2 2 3 3 3
0 0 0
0 n
ht
t
n
x
en
ac
nt
ea
Ta
io
tio
tio
io
rig
tit
at
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m
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ca
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D
Note: Founder respondents only. Numbers may not add to 100 due to rounding
Alex Stubb
European Investment Bank
111
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8.2
Regulation is an opportunity for
22/11/2017 The State of European Tech 2017
competitive advantage at all levels TitleNo: 8.2 GroupName: Sub-regions GroupId: 129 ChartId: 40 ArticleId: 70 ChapterId: 16
There
0 is broad agreement across Europe's tech community that
Artificial Autonomous Crypto/blockchain Drones
regulatory change to
Intelligence
incentivise
Vehicles
the development of Gene
AI, editing Personal Aircraft
blockchain and
("flying cars")
autonomous vehicles should be prioritised
www.stateofeuropeantech.com
Europe UK & Ireland France & Benelux DACH Southern Europe Nordics
If your Baltics
government was& Eastern
Central to prioritise
Europe regulatory changes to incentivise one new area of
technology, which should it be?
50
Countries
Source: The State of European Tech Survey 201747
42
41 41
40 38
37
Founders seek greater
% of respondents
21 21
industries 20 18 17 17
35%
13 12
22/11/2017 The State of European Tech 2017
10 8 8 8
5 5
TitleNo: 8.2 GroupName: Occupation GroupId: 731 ChartId:
2 3 40 ArticleId: 70 ChapterId:
3 2 16
0
of founders would prioritise There isArtificial
broad agreement Autonomous across Europe'sDrones
Crypto/blockchain tech community
Gene editing thatPersonal Aircraft
Intelligence Vehicles ("flying cars")
regulatory changes to incentivise regulatory change to incentivise the development of AI, blockchain and
the development of AI autonomous
Denmark vehicles
France should beLatvia
Germany prioritised
Sweden Switzerland United Kingdom
If your government was to prioritise regulatory changes to incentivise one new area of
technology, which should it be?
Source: The State of European Tech Survey 2017
Occupation
http://preview.stateofeuropeantech.com/all-charts/ 204/241
40
40
37
36
35 35
31
30
30 29
28
% of respondents
25 25
24
23
21 21
20
20 18
12
11 11
10
6
5
4 4 4 4
3
1
0
Artificial Autonomous Crypto/blockchain Drones Gene editing Personal Aircraft
Intelligence Vehicles ("flying cars")
Source: Founder Investor Startup employee Company employee (public tech co)
Company employee (non-tech) Public sector employee Student Other
The State of European Tech Survey 2017
http://preview.stateofeuropeantech.com/all-charts/ 205/241
Source: The State of European Tech Survey 2017
112
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8.2
Barnaby Hussey-Yeo
Cleo
Fleur Pellerin
Korelya Capital
www.stateofeuropeantech.com
There are different views on the Priority technology area for regulatory changes to incentivise
key area for regulatory change development by country of survey respondent
depending on the country
Note:
Both Germany and the Netherlands voted for
AI/blockchain in equal measure
Source:
The State of European Tech Survey 2017
113
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8.2
Services = 100
50
39
34
26
25
13
5
1 1 1 0
0
s
re
re
te
n
ga
ce
ic
iv
nc
tio
io
tu
ca
ta
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ot
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ta
Es
ul
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er
uc
su
or
ric
Lo
to
ea
lS
al
Ed
sp
In
Ag
Re
Au
H
ia
an
nc
Tr
na
Fi
Note: Based on unique articles containing "technology" and "regulation" and selected industry verticals. Overall source set
based on representative list of 100 leading European business and tech publications between Jan & Oct 2017
Source: Signal
Companies such as
Sweden’s Natural Cycles
are seeing regulation as
a source of competitive
advantage
1st
birth control app to be certified
http://preview.stateofeuropeantech.com/all-charts/ 208/241
as a contraception method by
European authorities
Elina Berglund-Scherwitzl
CTO & Co-founder | Natural Cycles
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8.2
Lenard Koschwitz
Allied for Startups
115
09
1578
2328 6335
2328
5328
Success Stories
3453
& Exits
2328
2328
European tech has had a standout year: we have some serious billion
dollar success stories in our midst.
5493
6335
2328
2328
45,023
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9.1
Europe’s billion-dollar
success stories 22/11/2017 The State of European Tech 2017
TitleNo: 9.1 GroupName: Default GroupId: 453 ChartId: 152 ArticleId: 71 ChapterId: 17
Europe has now produced 41 tech companies that have achieved $B+
valuations through private market investment rounds, via an acquisition
Europe has now produced Number
or ofaEuropean
through $B+
valuation in thecompanies founded
public markets since 2003
post-IPO
41 tech companies that have Number of European $B+ companies founded since 2003
achieved $B+ valuations through
private market investment 41
20 19
11
10
7
3
2
1
0
2005 2010 2011 2012 2013 2014 2015 2016 2017
www.stateofeuropeantech.com
Cumulative
Note: Several companies that were formerly valued above $B+ have since fallen below that mark. These include Home24,
Monitise, Powa, Soundcloud, Ulmart, Ve Interactive, Wonga
Niklas Zennström
Atomico
117
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9.1
José Neves
Farfetch
118
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9.1
European companies that surpassed a $B+ valuation for the first time
in 2017, either through a private investment round, via an acquisition
or through passing a $B+ valuation in the public markets for the first
time since IPO
UK Slovenia UK
www.stateofeuropeantech.com
Finland France UK
Netherlands
9.2
Europe is on track for another $75B+ of
M&A exit value in 2017 1578
Latest
Company Year Year first
Company Sector Country valuation
TitleNo: 9.2 GroupName: M&A exit value GroupId:
status 361 ChartId:
founded
2328 reached 115
$B+ ArticleId: 73
($B)
ChapterId:
Funding Circle
17 Financial Services Private 2010
5328 2015 UK 1
Total M&A exit value is tracking European M&AEnterprise
exit value ($B) by company type (VC-backed or 1not)
towards another $75B+ year in
Qiwi
Total M&A exit value isApps Public
tracking 2007
towards 2013
another Russia
$75B+ year in 2017 3453
2017 European M&A exit value ($B) by company type (VC-backed or not)
Source: Dealroom.co
M&A exit value
129.2
2328
2328
57.3
53.5
47.6 48.7
43.5
30.9
27.7 25.7
13.6
11
4.1
Note: M&A exit value based on total enterprise value of all tracked transactions
22/11/2017
Source: Dealroom.co The State of European Tech 2017
TitleNo: 9.2 GroupName: M&A exit count GroupId: 363 ChartId: 115 ArticleId: 73
ChapterId: 17
Total M&A exit value is tracking towards another $75B+ year in 2017
M&A exitM&A
European value
exit value ($B) by company type (VC-backed or not)
449
406
395
262
228 223
5493
111 113
72
6335 61
45 41
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Note: M&A exit value based on total enterprise value of all tracked transactions
Source: Dealroom.co
2328
2328
45,023
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9.2
TitleNo: 9.2 GroupName: Exit value: $0-100M GroupId: 366 ChartId: 117 ArticleId: 73 TitleNo: 9.2 GroupName: Exit value: $100-250M GroupId: 855 ChartId: 117 ArticleId: 73
ChapterId: 17 ChapterId: 17
Europe is on track for a record high number of VC-backed exits in 2017 Europe is on track for a record high number of VC-backed exits in 2017
Exit value: $0-100M Exit value: $100M-250M
VC-backed M&A exit count by deal size VC-backed M&A exit count by deal size
15
40
30 10
# of deals
# of deals
44 44 15
20 41
13
12
5
24
10 7
17
5
4
9
0 0
2012 2013 2014 2015 2016 2017 9M 2012 2013 2014 2015 2016 2017 9M
$0-100M $100-250M
www.stateofeuropeantech.com
22/11/2017 The State of European Tech 2017 22/11/2017 The State of European Tech 2017
Source: Dealroom.co Source: Dealroom.co
TitleNo: 9.2 GroupName: Exit value: $250-500M GroupId: 856 ChartId: 117 ArticleId: 73 TitleNo: 9.2 GroupName: Exit value: $500M+ GroupId: 857 ChartId: 117 ArticleId: 73
ChapterId: 17 ChapterId: 17
Europe is on track for a record high number of VC-backed exits in 2017 Europe is on track for a record high number of VC-backed exits in 2017
Exit value: $250M-500M Exit value: $500M+
VC-backed M&A exit count by deal size VC-backed M&A exit count by deal size
12.5
10
10
7.5
# of deals
# of deals
7.5
11 12 12
5
9 5 10
6
2.5
2.5 5 5
4
3
2
1
0 0
2012 2013 2014 2015 2016 2017 9M 2012 2013 2014 2015 2016 2017 9M
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$250-500M $500M+
TitleNo: 9.2 GroupName: Exit value: Undisclosed GroupId: 858 ChartId: 117 ArticleId: 73
ChapterId: 17
150
# of deals
100
180
155 161
50
59
43
28
0
2012 2013 2014 2015 2016 2017 9M
http://preview.stateofeuropeantech.com/all-charts/ 216/241 http://preview.stateofeuropeantech.com/all-charts/ 217/241
Undisclosed
Source: Dealroom.co
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9.2
TitleNo: 9.2 GroupName: Default GroupId: 368 ChartId: 118 ArticleId: 73 ChapterId: 17
European tech companies are overwhelmingly
acquired by European buyers
European tech companies are overwhelmingly acquired by European
buyers
M&A exits by buyer country by year
M&A exits by buyer country by year
152
150
127
122
100
# of deals
60
51 53
www.stateofeuropeantech.com
50 46
34
23 24
19 21 21
10 11
8 8
3 3 2 3
0
2012 2013 2014 2015 2016 2017 (9M)
Europe USA and Canada Asia Other (Incl. unknown buyer country)
Source: Dealroom.co
9.3
European tech has delivered
another strong year of IPOs
50 49
43
41
40 39
38
Number of tech IPOs
34
31
30 29
26
22
20
www.stateofeuropeantech.com
20
17
10
0
22/11/2017 2012 2013 The State of European Tech
2014 20152017 2016 2017 (9M)
TitleNo: 9.3
Europe GroupName:
- Tech IPOs Sponsor-backed
US - Tech IPOs Tech IPOs GroupId: 410 ChartId: 136 ArticleId: 74
ChapterId: 17
16
15
13
Number of tech IPOs
10 10 10
10
9
5
5
4
3 3
0
2012 2013 2014 2015 2016 2017 (9M)
11 11
10 10
Number of tech IPOs by market cap at IPO
10
9
8
7.5
5 5
5
www.stateofeuropeantech.com
3
2.5
0 0
22/11/2017 0 The State of European Tech 2017
2012 2013 2014 2015 2016 2017 (9M)
TitleNo: 9.3
Europe GroupName:
- $1B+ Market cap of <$1B GroupId: 774 ChartId: 139 ArticleId: 74
US - $1B+
ChapterId: 17
There have been 6 $B+ tech IPOs from Europe in the first nine months of
2017
Source: London Stock Exchange
Market cap of < $1B
Number of tech IPOs by market cap at IPO by year and region
50
46
Number of tech IPOs by market cap at IPO
40 38
32
31
30 29 29
23 23
22
20
15 15
10 8
0
2012 2013 2014 2015 2016 2017 (9M)
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9.3
20.6
20
15
Proceeds raised ($B)
10.6
9.9
10
8.7
7.7
7.1
www.stateofeuropeantech.com
6.4 6.3
5 4.6
2.2
22/11/2017 1.4 The State of European Tech 2017
0.3
0
Europe
TitleNo: 9.3 GroupName: - IPO
Follow-on US - IPO 74 ChapterId: 17
GroupId: 413 ChartId: 137 ArticleId:
European
2012 tech
2013 companies
2014 have raised
2015 2016 $6B+
2017 (9M)via the public capital
20 19.7
15.2 15.2 15
15 14.4
Proceeds raised ($B)
12.8
10 9.8
8.4
7.3
6.2
5.5
5 4.7
0
Europe - Follow-on US - Follow-on
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Atomico & Slush The State of European Tech 2017
9.3
Europe
Number of tech IPOs is traditionally
by proceeds stronger
raised at IPO by for smaller listings, but since 2012 the
year and region region has also seen more large offerings of $500M+ than the US
40
40
30
30 29
Number of tech IPOs
25 25
20
20
www.stateofeuropeantech.com
10 9
8 8 8
7
4 4
2 2
1
0 0
0
22/11/2017 2012 2013 The State of European Tech
2014 20152017 2016 2017 (9M)
TitleNo: 9.3
Europe GroupName:Europe
- <$100M US GroupId:
- $100-500M416 ChartId: 138 ArticleId: 74 ChapterId: 17
Europe - $500M+
Europe is traditionally stronger for smaller listings, but since 2012 the
region has also
Source: London seen more large offerings of $500M+ than the US
Stock Exchange
Number
US of tech IPOs by proceeds raised at IPO by year and region
25 24
20 19
17
Number of tech IPOs
15 14
12
11 11 11
10
10 9 9
5
5
3 3
1 1
0
0
2012 2013 2014 2015 2016 2017 (9M)
http://preview.stateofeuropeantech.com/all-charts/ 227/241
Source: London Stock Exchange
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9.3
100
75
67
73
72 77
87
50 99
www.stateofeuropeantech.com
25
22/11/2017 The State of European Tech 2017
33
27 25 23
TitleNo: 9.3 2GroupName: US 13GroupId: 787 ChartId: 140 ArticleId: 74 ChapterId: 17
0
European markets
2012
better
2013
understand
2014
the importance
2015
of liquidity2017
2016
and so
(9M)
100
75
86 87 89
97 98 95
50
25
14 13 11
3 2 5
0
2012 2013 2014 2015 2016 2017 (9M)
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9.3
TitleNo: 9.3 GroupName: Default GroupId: 421 ChartId: 141 ArticleId: 74 ChapterId: 17
300 3453
September 2017
200
2328
100 2328
71 74
66
56
43 37
30 27 24
22
6
0
2012 2013 2014 2015 2016 2017 (9M)
Europe US
TitleNo: 9.3 GroupName: Default GroupId: 423 ChartId: 142 ArticleId: 74 ChapterId: 17
Europe still has a long way to go. Despite adding nearly $350B in total
market value since 2012 and more than doubling the total market cap of
public European tech companies to $657B, this has been eclipsed by
value creation from US and China in that period
Europe still has a long way to Total market cap ($B) of public tech companies by region
go. Despite adding nearly $350B Total market cap ($B) of public tech companies by region
in total market value since 2012 6k
4k
creation from US and China in
that period 3k
2,956
2k
1,011
1k
675
http://preview.stateofeuropeantech.com/all-charts/ 231/241
331
213
0
Europe US China
5493
2012 2017
6335
2328
2328
45,023
128
Atomico & Slush The State of European Tech 2017
9.3
There are no tech companies Most valuable public companies by region and type
in the top 10 most valuable
companies in Europe, whereas
the top five from the US and the
top two from China are all tech
companies
www.stateofeuropeantech.com
Note:
Market cap as of 31 October 2017
Source:
S&P CapitalIQ Platform
$135B
market cap of SAP, Europe’s
most valuable tech company
129
10
1578
2328 6335
2328
5328
3453
Mythbusting 2328
2328
5493
6335
2328
2328
45,023
Atomico & Slush The State of European Tech 2017
10.1
Myth #1: European venture
does not deliver returns 22/11/2017 The State of European Tech 2017
TitleNo: 10.1 GroupName: Default GroupId: 748 ChartId: 239 ArticleId: 78 ChapterId: 18
18.5 19.1
20
16.7 16.1
10 7.4
6.6
0
0
-5.5
-10
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
www.stateofeuropeantech.com
Net IRR
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10.2
Myth #2: European VCs don’t
cross borders
22/11/2017 The State of European Tech 2017
TitleNo: 10.2 GroupName: Default GroupId: 541 ChartId: 175 ArticleId: 77 ChapterId: 18
$0-2M 23
www.stateofeuropeantech.com
$2-5M 32
$5-10M 38
$10-20M 51
$20-50M 53
$50M+ 65
0 10 20 30 40 50 60 70
% of investments
Source: Dealroom.co
132
Atomico & Slush The State of European Tech 2017
10.3
Myth #3: Europe’s public market
investors don’t get tech 22/11/2017 The State of European Tech 2017
TitleNo: 10.3 GroupName: Default GroupId: 539 ChartId: 174 ArticleId: 76 ChapterId: 18
Baillie Gifford 14
0 5 10 15 20 25
# of public tech company holdings
Nikhil Rathi
London Stock Exchange PLC
133
11
1578
2328 6335
2328
5328
3453
5493
6335
2328
2328
45,023
Atomico & Slush The State of European Tech 2017
11.1
Predictions for European
tech in 2018 from report
author, Tom Wehmeier
The ‘move fast and break things’ mentality has never sat well
with heavily-regulated markets. As founders realise that they can
gain an advantage through regulatory compliance, it will go from
being seen as a perceived handcuff to being a potential source of
competitive advantage. Think of Natural Cycles, Kry or Babylon in the
healthcare market. They are all early examples of companies that
have embarked upon - and come out of the other side of - lengthy
regulatory approval processes to gain an an advantage on their
competitors.
The battle for talent in Europe is intensifying. Not only are there
more venture-backed startups that are better funded and hungrier
for engineering talent than ever, but global tech giants are also
expanding aggressively in the region with inflated salaries on offer
for the most talented. At the same time, European corporates are
fighting back, ensuring talent flows are not a one-way street into
tech. In order to stay competitive in this context, European founders
will look for creative ways to best exploit the untapped engineering
talent pools in less obvious places. For example, we expect to see
more satellite offices opening up across the region in upcoming hubs.
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12
1578
2328 6335
2328
5328
3453
Appendix 2328
2328
5493
6335
2328
2328
45,023
Atomico & Slush The State of European Tech 2017
12.1
Survey respondents
22/11/2017 The State of European Tech 2017 22/11/2017 The State of European Tech 2017
TitleNo: 12.1 GroupName: Default GroupId: 97 ChartId: 30 ArticleId: 80 ChapterId: 20 TitleNo: 12.1 GroupName: Default GroupId: 95 ChartId: 29 ArticleId: 80 ChapterId: 20
Geographic origin of survey respondents Occupation of survey respondents
Geographic origin of survey respondents Occupation of survey respondents
DACH 10.5
Student 5.9
Baltics 6.6
Other 5.1
Rest of world 3.5
0 5 10 15 20 25 0 5 10 15 20 25 30 35
% of respondents % of respondents
% %
Note: Number may not add to 100 due to rounding Note: Number may not add to 100 due to rounding
Male 74.8
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Female 24.3
0 10 20 30 40 50 60 70 80
% of respondents
Source: Survey
137
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12.2
More about our partners
About European Investment The European Investment Fund is a specialist provider of risk finance
Fund to benefit small and medium-sized enterprises (SME) across Europe.
www.stateofeuropeantech.com
It forms part of the EIB Group. Its shareholders are the European
Investment Bank (EIB), the European Union, represented by the
European Commission, and a wide range of public and private banks
and financial institutions.
The EIF carries out its activities using either its own resources or
those provided by the European Investment Bank, the European
Commission, by EU Member States or other third parties.
By developing and offering targeted financial products to
intermediaries, such as banks, guarantee and leasing companies,
micro-credit providers and private equity funds, EIF seeks to enhance
SME’s access to finance.
About Invest Europe Invest Europe is the association representing Europe’s private equity,
venture capital and infrastructure sectors, as well as their investors.
138
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12.2
About LinkedIn LinkedIn connects the world’s professionals to make them more
productive and successful and transforms the ways company hire
and sell. Our vision is to create economic opportunity for every
member of the global workforce through the ongoing development of
the world’s first Economic Graph. LinkedIn has more than 467 million
members and has offices around the world.
About London Stock Exchange London Stock Exchange is the world’s most international capital
market. Over 2,400 companies from more than 90 countries are
quoted across its markets, with a combined value of over £4 trillion.
London Stock Exchange’s markets include the Main Market – London’s
flagship venue for equity, debt and exchange traded products, offering
businesses access to Europe’s most liquid pool of capital – and AIM –
the world’s leading market for small and growing companies.
www.stateofeuropeantech.com
About Stack Overflow Stack Overflow is the largest, most trusted online developer
community for developers to learn, share their knowledge, and
build their careers. More than 50 million professional and aspiring
programmers visit Stack Overflow each month to help solve coding
problems, develop new skills, and find job opportunities.
139
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12.2
More about our partners
About Startup Europe Established by the European Commission in January 2014 at the
Partnership World Economic Forum in Davos, SEP is the first pan-European open
innovation platform dedicated to transforming European startups
into scaleups by linking them with global corporations and stock
exchanges. By participating in the SEP program, global companies
have access to the best technologies and companies with the goal of
initiating business partnerships and venture corporate investments.
Scaleups are exposed to qualified sales/strategic opportunities as
well as funding options either via venture capital, private placements,
or IPOs.
About Quid Quid is software that reads millions of documents and offers
immediate insight by organising that content visually. We power
human intuition with machine intelligence, enabling organisations to
make decisions that matter. For more info: https://quid.com/
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2328 6335
2328
5328
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Acknowledgements 2328
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A few acknowledgements
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Contributors
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