The Research
The UK remains the largest destination for capital invested in Europe; in addition, 10 countries have now raised >$1B since 2012
Capital invested ($B) by country
The UK, France and Germany dominate stories about European investment levels, but digging beneath the surface, it's the growth of capital invested into countries such as Belgium, Norway or Romania that tells another important story
Capital invested ($M) by country per year
France has overtaken the UK for the number of deals closed per year for the first time
Number of deals by country per year
The diversification of European tech continues to be reflected by increased capital invested into cities such as Amsterdam, Munich, Oslo and Barcelona...
Top 20 European hubs by capital invested ($M)
...as well as growing numbers of funding rounds in the region's latest set of emerging tech hubs
# of deals in Top 20 European hubs (ranked by capital invested in 2017)
The median Series A round in Europe has increased significantly again and has now risen from $3.3M in 2012 to $5.5M in 2017
Mean and median round size ($M) by stage
A combination of more ambitious founders and an increasingly competitive VC landscape is driving up Series A round sizes, especially in France and Germany
Median Series A round size ($) by country and year
Fintech, food, transportation and healthcare have all seen large capital investments in 2017
Capital invested ($M) by industry
Europe has had a strong momentum for several years, with a stable and growing market, highly talented engineers and a blooming tech ecosystem, including startups, professional incubators, and new VCs. Access to early stage capital is maturing fairly well already, and the next priority should be to create a favorable environment for startups growth and exits to bring more liquidity to the market.
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