HomeAnalysisGP Bullhound Releases Annual Report On The European Tech Ecosystem

GP Bullhound Releases Annual Report On The European Tech Ecosystem

Titans of Tech: GP Bullhound releases its annual report on the European tech ecosystem

GP Bullhound, a technology advisory and investment firm, providing transaction advice and capital to entrepreneurs and founders, released its Titans of Tech 2024 report.

For the tenth year in a row, the Titans of Tech report highlights and analyses the growth trends in Europe’s tech ecosystem.

Key takeaways from the document included:

  • Funding levels have normalised, averaging €15Bn per quarter over the last year, which is ~50% higher than 2019.
  • 14 new unicorns were created in the last 12 months. Europe and Israel now have 323 unicorns, up from 311 a year ago and 283 the year before. The ecosystem’s total valuation has grown to $1.2Tr, an ~11x increase in billion-dollar companies and a ~14x increase in aggregate valuation since our first report in 2014.
  • Access to capital rounds exceeding $50 million has tightened but investors remain interested in supporting innovators. The deal count dropped 68% over the last two years due to a focus on profitability and conservative planning. Only 17% of European unicorns raised capital in 2023, as 93% had already raised funds during the 2021-2022 bull market.
  • Despite funding challenges, technological developments, especially in artificial intelligence, continue to drive automation and cost savings. European AI companies received over €11Bn in funding in the last year, with 36% of new unicorns being AI/ML businesses.
  • This year, the UK and France lead the startup arena with three unicorns each. The UK’s unicorns are valued at $3.4Bn, with contributions from AI leaders Synthesia and Builder.ai. France’s trio reaches a collective valuation of $7Bn, highlighted by innovators like Mistral AI. Germany, Israel, and the Netherlands each added two unicorns, while Sweden and Italy added one unicorn each.
  • GP Bullhound has analysed more than 100 European startups for scale, velocity, and sentiment, and ranked the top 50 companies with the most potential to become one-billion-dollar companies. The top 10 include Agicap, Brevo, Typeform, Homa, AMBOSS, Akeneo, Form3, Flo Health, Aidoc, and ConnexOne.

Founded in 1999 in London and Menlo Park, GP Bullhound is a technology advisory and investment firm providing transaction advice and capital to the world’s best entrepreneurs and founders. The firm today has 12 offices spanning Europe, the US and Asia.