2023欧洲技术现状

Europe’sdefinitivetechreport Proudlysupportedby ThedefinitivetakeonEuropeantech 00Awordfrom... 01Executivesummary 02Companies 03Talent 04Fundraising 05Outcomes 06SOETcommunity 05 19 65 159 189 219 245 00 AwordfromAtomico07 AwordfromOrrick10 AwordfromHSBCInnovationBanking13 AwordfromAffinity15 AwordfromSlush17 Awordfrom... AwordfromAtomico Awordfromthereportco-authors After2022provedtobeoneofthemostchallengingyearsourecosystemhaseverfaced,2023wasnevergoingtobeplainsailing.There’snogettingawayfromdifficultmacroeconomicconditionsthatEuropehasfacedthisyear,withEuropesettoreachlittleoverhalfof2022’slevelsat$45billionbytheendoftheyear-atrendbeingfeltacrosstheglobe.What’smore,we’veseenaslowdowninroundsofover$100M,withonly36oftheseso-called‘megarounds’,downfrom163in2022andalmost200in2021.Thishasalsomeantonly7new $1B+companieshavebeenmintedin2023.Andwhiledrypowderisatarecordhigh,thefundraisingenviron-mentforVCshasresultedinacompressionoffundcycles.Theventureassetclassiscertainlybeingputtothetest. 7|Awordfrom... Andyet,thisyearEuropeantechhasprovenitsresilienceandshownsignsofstabilisation.De-spitethistoughmacroenvironment,theecosystemhasbouncedbacktoavalueof$3trillion,recoveringthe$400billionthatwaswipedoutlastyear;thelayoffsthatplagued2022havepeakedandlevelledoff,withtheworstofthemseeminglybehindus;Europe’soverallfundinglevels,whileexperiencingthesamepullbackbeingfeltacrosstheglobe,isstillthethirdhigh-estonrecordat$45B,indicatingthattheecosystemremainsresilient,andiscorrectingitselffollowingthehighsof2021andearly2022. Lookingattheexitenvironment,thepublicmarketshavestartedtowakefromtheirslumberafteranincrediblyquietfirsthalfoftheyearwithsignsofactivityinH2.Arm’s$50billionIPOmadetheheadlinesearlierthisyear,pavingthewayforotherstofloatandprisingopentheIPOwindow,readyfornextyear.M&Aactivityalsopickedupthisyear,adding$36billionofvalue,butthisisfarfromthelevelsrecordedin2020and2021. Intermsofstartupformation,EuropeisnowcreatingmorenewstartupsthantheUS,andwhilestartupformationhasslowedthisyear,thisislargelyduetotheweedingoutoffirst-timefounders,withtheshareofrepeatfoundersremainingstable.Thatmeansaclassofdedicatedfounderswhoarereadytofaceahigherbartoraisemoney,attracttalentandwincustomers.Thisisnowcritical,giventheeasieraccesstocapitalintheUS,despitebothregionshavingthesamelikelihoodtoscaletoa$1B+outcome. We’vealsofoundthattalentinEurope’secosystemisprovingtobeoneofEurope’skeystrengths.Despitechallengesinthecapitalmarketsandasubsequentriskoflayoffs,Europe-antechisnotlosingitsstrongappealtotalent;therehasnotbeenanytypeofmassexodusoftalentoutoftheindustry,butrather,wehaveseennetgrowth.Inthelastfiveyears,Europeantechhasexpandeditsworkforcefromslightlyoveronemillionemployeestomorethan2.3milliontoday.EvenmoreencouragingisthefactthatEuropeisgainingfromtalentflowingintotheecosystemfromtheUS,ratherthanlosingouttothem.We’realsoseeingtheproliferationofearly-stagestartupsdrivingjobcreation;early-stagecompaniestypicallyaccountforalmostdoublethenumberofnewjoinerstothetechindustryineachperiod,comparedtogrowth-stagecompanies. ThistalentadvantageisalsobearingoutinAI.Naturally,advancementsinAIhavedominatedthemedialandscape,withfearsthatEuropeisindangeroffallingbehindtheUS.Thedata,however,tellsadifferentstory.NotonlydoesEuropehavemoreAItalentthantheUnitedStates,with108,000AIoperatorsinEuropevs.87,00intheUS,butalsowe’veseenAIbecomethenumberonethemeatSeedstage,includingMistralAIsecuringthelargestseedroundinEu-ropeanhistory.AI-focusedcompaniesmadeup22%ofallEuropeanmegaroundsthisyear,evensurpassingthelevelsin2022,indicatingthatinvestors’appetitetofundthesectorremainsstrongdespitethemacroturbulence.Thisachievementisespeciallyimpressivewhencom-paredwiththetrendintheUS,wheretheavailabilityofgrowth-stagecapitalhasasubstantialimpactonthenumberof$100M+roundsraised. |8 Ofcourse,AIisnottheonlysectorwhereEuropehascontinuedtoperform,astheregioncontinuestoshowdedicationtosolvinghumanity’stoughestchallenges.TheCarbon&Energysector,whichencompasses‘climatetech’,accountsfor30%ofallcapitalinvestedinEuropeantechin2023,triplingitsshareoftotalinvestmentsince2021.Thismadeitthesinglelargestsectorbycapitalraised,overtakingbothfintechandsoftware.It’sencouragingtoseecapitalflowingtocompaniessolvingtheworld’smostcrucialchalleng-es,despitedifficultmarketconditions. So,we’vegotthetechnicalbedrock.We’redrawingnewtalentintoourecosystem.We’restartingmorecompaniesthananyotherregion.We’rebuildingourstrongesteverteams.Andwe’reseeingthebrightesttalentbeingdirectedtothehardestandmostpressingproblems.Wehavealltheingredientstobecomethenexttechsuperpower. Weareatacrucialmomentintheinnovationcycle,standingbeforethegreatestfundingimperativewe’veseeningenerations.Europeaninvestors,bothprivateandinstitutional,nowneedtoplugthisgapinfundingifEuropeistoreachitsfullpotential. TomWehmeier HeadofIntelligence&Partner,Atomico AboutAtomico AtomicoinvestsinambitioustechfoundersatSeriesAandbeyondwithaparticularfocusonEurope,lever-agingdeepoperationalexperiencetosuperchargetheirgro