Posted on: 16 May 2017 By: Ray


Atomico, a UK-based venture capital investment firm published its 2016 edition of “State of European tech Report” in November 2016, which draws on several authoritative data sources to paint a picture of the European Tech ecosystem.

Atomico teamed up with SLUSH, a non-profit association of tech students and professionals, and looked at data from LinkedIn, Meetup, Stack Overflow,, and the London Stock Exchange amongst others, with a view to help Europe’s founders, investors, developers and policymakers focus on the challenges that need to be overcome. The report identifies three major trends underlying the growing influence and success of the European technology industry :

  • Deep tech” is thriving and diversifying. Since 2011, the number of “deep tech” – the kind of artificial intelligence developed by Google’s DeepMind’ – startups founded in Europe has more than tripled. Nearly $2.3bn has been invested in deep tech in Europe since 2015 compared to the $1.7bn that was invested over the four year period between 2011 and 2014. 2016 was a bumper year with $88B in deep tech M&A (mergers and acquisitions), while more US and Asian tech giants as well as European corporates and investors are investing into, or acquiring, deep tech companies and tapping into a growing deep tech talent pool.
  • New tech hubs are emerging beyond the traditional order of London, Berlin, and Stockholm. The report suggests Munich, Zurich, Lisbon, Madrid, and Copenhagen will be ones to watch over the coming years. Paris is starting to seriously challenge London and Berlin in terms of the number of VC (venture capital)-financed deals and deal volume. Europages’ teaming up with WLW, becoming a truly Europe-wide B2B online sales and business directory hub, confirms this trend.
  • Traditional industries are awakening to tech. Two thirds of Europe’s largest corporates by market capitalization have made a direct investment in a tech company while one third has acquired a tech company since the beginning of 2015.

William Echikson published a good analysis of the report in Project Syndicate on 12 April.  He writes : “European startups are now taking the lead in artificial intelligence, building new tech hubs, and drawing investment from traditional industrial stalwarts. Last year, a record-setting $13.6 billion was invested in Europe’s tech sector, compared with $2.8 billion in 2011.”


Echikson  also notes : “Another study, by the Boston Consulting Group, points out that many small export-oriented European Union member countries – namely, the Benelux, Baltic, and Nordic countries – rank well above the U.S. in so-called “e-intensity,” which covers IT infrastructure, Internet access, as well as businesses, consumer, and government engagement in Internet-related activities.”

The Atomico report concludes that many of the challenges to the European technology ecosystem identified last year remain. How is the late stage funding gap bridged? How is more of the potential unlocked by building closer links between disparate hubs? How is the alarming gender imbalance reversed by attracting more women to become the engineers, entrepreneurs and investors of tomorrow?

 Find out more

30.11.2016  “The State of European Tech 2016: the future is being invented in Europe”  Atomico is an international technology investment firm headquartered in London, with offices in Beijing, Istanbul, São Paulo, and Tokyo. Its founder and CEO is Niklas Zennström, who co-founded Skype and Kazaa.

“Europe’s Surprising Tech Success “, by William Echikson, Project Syndicate, Apr 12, 2017

William Echikson is Associate Senior Fellow and Head of the Digital Forum at the Centre for European Policy Studies in Brussels

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