Dec 4, 2018 Elsa Snellman
Wait, 5x growth? Crunch the numbers for me!
In another extraordinary year, investment in European tech reached a record $23 billion – up from $5 billion just five years ago. In 2018, European founders created 17 billion-dollar companies and Europe produced three of the ten biggest venture-backed public listings. At a macro-level, Europe’s technology sector is booming as the wider economy is stuck in the doldrums. As of Q3 2018, European growth was flatlining at 0.2%, the lowest rate for four years. Europe’s software industry is now growing at least five times faster than the rest of the European economy.
Large figures where no-one wants them – there is major room for improvement for diversity and inclusion
This year’s report also unearths several figures which are extraordinary for all the wrong reasons. 46% of women told us they have experienced discrimination in the European tech industry. This statistic is the tip of the iceberg. While most investment figures in this report spell good news, the fact that all-male founding teams received around 93% of the capital and 85% of the deals speaks for itself. Women and minorities are underrepresented at every level of the ecosystem.
European tech of tomorrow – where are we going?
Today, as Spotify has shown us, European founders have access to sophisticated investors, can hire the best talent, go the full distance, stave off ferocious competition, go public and win on the global stage. Europe is now reaping the early rewards from the transformation of its tech ecosystem – the seeds of success this year were planted a decade ago. That is why we should expect good things in the years to come. As long as we all continue to learn from both our successes and failures, European tech will reach the heights we know it to be absolutely capable of.
Forming the European Perspective on Tech: What’s Next?
Check out the full report here.
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