Tech Startups Raise Record $41 Billion in Europe This Year
- Report by VC firm Atomico shows increase in larger deal sizes
- Startups raising Series B rounds struggled to win funding
European tech companies defied the pandemic this year to draw record levels of investment overall, though early-stage founders still struggled to clinch funding.
Europe’s tech sector is on track for about $41 billion in venture capital investment this year, up around $500 million from 2019, according to VC firm Atomico’s annual State of European Tech Report published Tuesday. The slight increase was driven by greater numbers of $100 million to $250 million funding rounds, it said.
Overall investment dropped around March, as large swathes of Europe went into lockdown, but began recovering by the end of summer and continued into the fall. September saw the highest-ever month of investment into European tech with more than $5 billion invested, Atomico said.
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