One Saturday in February 2022, the phones of European task capitalists began to airy up arsenic WhatsApp groups exchanged sarcastic comments astir a portion that had appeared successful the play variation of the Financial Times. The consternation was caused by an extract from The Power Law: Venture Capital and the Art of Disruption, by writer Sebastian Mallaby, which, to galore successful Europe, reflected the ill-informed and sometimes condescending attitudes of Silicon Valley-based investors toward the continent.
Mallaby reported an incidental from 2019 erstwhile Matt Miller, a spouse astatine blue-chip VC money Sequoia Capital, which has astir $85 cardinal successful assets nether management, sent a memo to different partners astatine their bureau successful Menlo Park, making the lawsuit that the European exertion ecosystem was finally worthy their attention. Given that $30 cardinal was invested successful European tech firms that year, the thought that an American VC needed to usage (in Mallaby's words) his “intuition” to find that determination was accidental successful Europe provoked howls of derision from Dublin to Berlin.
“How fortunate for america bumpkin Europeans that the Americans came to thatch america each astir tech and VC successful the twelvemonth of our Lord 2019. We were engaged trading clam shells until past …” tweeted Lisett Luik, an Estonian laminitis and investor.
WIRED archetypal produced an yearly usher to the European startup ecosystem successful 2011. It’s just to accidental that, compared to the US, Europe was astatine a overmuch earlier signifier successful its development. There were comparatively fewer seasoned entrepreneurs, and superior wasn’t arsenic accessible to founders arsenic it was successful the Valley. Four years later, Atomico, a VC money established by Skype cofounder Niklas Zennström, published its archetypal “State of European Technology” report, revealing that astir $10 cardinal had been raised by European exertion companies that year. Since past things person changed. In 2021, that fig was $100 billion. Across the continent, an further 98 companies were valued astatine implicit $1 cardinal and the full worth of the European ecosystem is estimated to person grown from $1 trillion successful 2018 to $3 trillion successful 2021.
Over the past fewer months, we’ve acceptable retired to find a caller cohort of companies successful 10 European cities (for the purposes of our study we number Tel Aviv arsenic Europe) that are generating excitement among section entrepreneurs and investors. We purpose to find ambitious founders astatine a comparatively aboriginal signifier who person a imaginativeness to physique companies with intent that are addressing a request oregon taking connected a challenge. We don’t assertion that the database is exhaustive, oregon that the startups are the best-known oregon most-funded. But we anticipation that it’s a snapshot of the companies successful each metropolis that are breathtaking and inspiring others successful the ecosystem. And, who knows, possibly adjacent gaining the attraction of Silicon Valley.