Dealroom：2023年歐洲科技報(bào)告 European tech ascendancy - Unlocking a continent s innovation potential

Europeantechascendancy

Unlockingacontinent?sinnovationpotential

July2023

BackingEuropeantechinits20-yearriseandbeyond.

Europenowpossessesalltheessentialingredientsforthiscontinuedrevolution:awealthoftalent,amaturingecosystemandentrepreneurialrolemodelsforthecominggenerations.Byharnessingthesestrengths,Europecanleadtheworldinnewinnovationinallsectors.AtCreandum,ourbeliefisthatanyindustrycanbedisruptedbytherightentrepreneur.

Wehaveseenfirsthandhowsoftwarehasbeenacatalystfordisruption,acceleratingthepaceofinnovationacrossvarioussectors.However,intheenditistheindividualentrepreneurwhowilldeterminethesuccessorfailureofaventure.

Successcannowcomefromanywhereandweareready.”

“

Overthepasttwodecades,Europe'stechscenehas

undergoneaseismicshift,movingfromanoutsidertoa

globalchallenger.AtCreandum,wehavewitnessedand

supportedthetransformationfirsthandandfirmlybelieve

thatEuropeisnowpoisedtotaketheleadinthenextwave

ofentrepreneurship.

Duringour20yearsofbackingvisionaryentrepreneurswith

globalambitions,theEuropeanstartupscenehasevolved

massively.Global,Europeanborn,leadershaveemerged

suchasSpotify,Klarna,Adyen,UiPathandRevolut.

WestartedintheNordicsandovertimeexpandedour

presenceintherestofEuropewithhubsnowinStockholm,

Berlin,LondonandaUSpresenceinSanFrancisco.

Welookforwardtothenext20yearsoftechinEuropewhich

webelievewillbeshapedbycontinuousinnovation,bothin

existingverticalssuchasFinTech,SaaS,Climateetc,butalso

innewandunknownareasyettobedefined.

Sta?anHelgesson

GeneralPartner

atCreandum

Source:

Page/2

Leadingpan-Europeanearly-stage

venturecapitalfirm.

Foundedin2003,Creandumisaleadingpan-Europeanearly-stageventurecapitalfirm.

Thefund?sportfolioof120+companiesincludessomeofEurope?s

mostsuccessfultechcompaniesacrossawiderangeofindustries,

includingSpotify,Klarna,Depop,Kry,TradeRepublic,Pleo,and

Vivino.Today,everysixthcompanyisaunicorn.

Creandum'sadvisoryteamsarebasedinStockholm,Berlin,LondonandSanFrancisco.

Tolearnmorevisit

.

Source:

Page/3

Globalstartup&venturecapitalintelligence

platform.

Dealroom.coistheforemostdataprovideronstartup,early-stage

andgrowthcompanyecosystemsinEuropeandaroundtheglobe.

FoundedinAmsterdamin2013,wenowworkwithmanyofthe

world'smostprominentinvestors,entrepreneursandgovernment

organizationstoprovidetransparency,analysisandinsightson

venturecapitalactivity.

17%

13%

12%

8%

8%

5%

KeyTakeaways

Europe?sexpertiseandstrengthinFintech,SaaSandHealthcontinuetoberipefordisruption.NewsectorssuchasClimatearealsoemerging.

Fintech,HealthandEnterpriseSoftwarehavedominatedVCfundinginEuropeinthelast20years(c.40%ofallVCinvestingbetween2003-2023).

Europe?sdevelopmentmeansitiscentralintheemergenceofnewsectors,includinginClimateTechandallsuperchargedbyAI.

Withitsuniversityexcellenceandincreasingdiversificationinunicorns,Europeiswellplacedtobeatthecentreofinnovationinyearstocome.

Europehasalltheelementstobealeaderinthenext20yearsoftech:anexperiencedVCscene,seasonedentrepreneursformedinunicornfactoriessuchasSpotifyandKlarna,andastrongengineeringandscientifictalentpool.Halfoftheworld?stopscienceclustersareinEuropeandEuropeisinvestingasmuchasChinaandtherestoftheworldcombinedinnewtechnologies.

Europehasgrownfromafootnoteon

thetechsceneintheearly2000?stoa

globaltechchallenger.

Europenowattracts20%ofglobalVCfunding,upfrom

~5%twodecadesago.Atseedstage,itevenattractsathird

ofallglobalseedfunding.

TheEuropeantechecosystemhasgrownmassivelyinthe

lastdecadeto$2.5Tincombinedvalue.Europenowhas

globalchallengersandleadersinallnewtechsegments.

Shareofventurecapitalfundingby

industry(2003-2023)

KeypillarsforEuropesuccess

inthenext20yearsoftech

Halfoftheworld?stopscienceclusters

Europe?sshareofglobalVCfunding

▊2003▊2023

28%

Fintech

Health

16%

EnterpriseSoftware

TransportationEnergyFood

Others*

Attractingnearly20%oftotalfundingandnearly30%ofseedstageone

7%

6%

StartupMafiascreatingnewgenerationofseasonedfounders.

Seed

Allstages

37%

Page/4Source:Dealroom.co2023Dataasof2ndJune2023*Moredetailspage13

1.

Thepast20yearsoftech

Europearrives

35%

30

25

20

15

10

5

0

Europehasarrivedontheglobalstage.Europe?sshareofglobalventurecapitalincreasedfrom~5%twodecadesagoto20%in2022.Attheearlystage,EuropenowraisesathirdofglobalSeedfunding.

EuropeanshareofglobalVCfunding

36%

28%

25%

20%

16%

28%

200020022004200620082010201220142016201820202022

Page/6

Source:Dealroom.co|CreatedwithDatawrapper

$600B

$500B

$400B

$300B

$200B

$100B

The100xcontinent.Europeanventurecapitalinvestmenthasrampedupfromlessthan$1Bayear20yearsago,to$92Bin2022.

GlobalVCfundingbyregion

▊Europe▊US▊Asia▊RoW▊Projected

$688B

Spotify

NASDAQdirectlisting

$472B

Creandum

KlarnaseriesB

$311B

$284B

Creandum

foundingdate

$167B$165B

$111B

$18B$11B

Creandum

SpotifyseriesA

$209B

$307B

$290B

$64B

$56B

$55B

$39B

$37B

$34B

$27B

$42B

$23B

$15B

$19B

$11B

$92B

200020022004200620082010201220142016201820202022

Page/7Source:Dealroom.co|CreatedwithDatawrapper

$30B

$20B

$10B

TheamountofcapitalraisedbyVCsinEuropehasalsoincreased100xinthelast20years,withthegrowthinopportunitiesandEuropeantrackrecord.

VCfundsraisedbyEuropeaninvestors

Creandum

FundVI:

$500M

Creandum

FundV:

$300M

CreandumFundIV:

Creandum

FundIII:

Creandum

FundII:$70M

Creandum

FundI:$27M

$193M

$177M

2004200620082010201220142016201820202022

Page/8Source:Dealroom.co|CreatedwithDatawrapper

2016

2017

2018

2019

2015

2011

2012

2013

2010

2020

2021

2022

2023

TheEuropeantechecosystemhasgrownmassivelyinthelastdecade,nowworthacollective$2.5T.Valuecreationisacceleratingwiththeyoungeststartupcohortsworththemost.

CombinedenterprisevalueofVC-backedEuropeantechcompaniesfoundedsince2000

▊1900–1989▊1990–1994▊1995–1999▊2000–2004▊2005–2009

▊2010–2014▊2015–2021

$3.0T

$2.5T

$2.0T

$1.0T

2014

Page/9Source:Dealroom.co

150

100

17

Unicorns

in2009

50

514

Unicorns

in2023

Europenowhas65citieshometoatleastoneunicorn,upfromjustthreecitiesin2010.

Numberofcitieswithatleastoneunicorn

▊NorthAmerica▊Asiaexcl.China▊China▊RoW

▊Europe

Creanduminvestments

118

104

85

34

65

11

167

167

165

131

145

25

51

67

22

20102011201220132014201520162017201820192020202120222023

Page/10Source:Dealroom.co

Tallinn6

Madrid9

Dublin13

Zurich12

514

UnicornsinEurope

(HQ+Founded)

4.6x

growthsince

2016

Copenhagen

Munich

14

15

Amsterdam

20

Stockholm

31

Berlin

35

Paris

44

London

105

54+Unicorncitiesacross25countriesinEurope.

210

Europenowhas514unicorns,spreadoutacross65citiesand25countries,thehighestdensityofunicorntechhubsofanyregionintheworld.

ByCountryCreanduminvestments

ByCity

Estonia

Poland

Ireland

Denmark

Spain

Switzerland

Netherlands

Sweden

France

Germany

United

Kingdom

RestofEurope

Page/11Source:Dealroom.co

Thelastdecadehasproventhatgreattechcompaniescancomefromanywhere,withtheEuropeanstartupecosystemnowincreasinglydistributed.

Totalunicorns

Newunicornssince2021

Future

unicorns**

VCfundinginH12023

and$1B+exits

Enterprisevalue*

since1990

19%

21%

22%

23%

27%

RestofEurope

3%

5%

8%

10%

CEE

9%

5%

10%

17%

16%

9%

France

15%

13%

17%

14%

15%

Germany

11%

15%

8%

15%

16%

Nordics

35%

34%

UnitedKingdom

29%

28%

31%

Page/12Source:

Dealroom.co*Combinedenterprisevalueofallstartups&techcompaniesfoundedsince1990.**Futureunicornsare

startupsvalued$250M-$1Bwhichraisedsince2018.

Fintech,HealthandEnterpriseSoftwarehavebeenthethreedominantsectorsforVCfundinginEuropeinthelast20years.

Shareofventurecapitalfundingbyindustry(2003-2023)

Fintech

Health

EnterpriseSoftware

Transportation

Energy

Food

Marketing

Telecom

Media

Fashion

Security

RealEstate

Travel

Gaming

Education

Robotics

Space

Semiconductors

Others*

Page/13Source:

Dealroom.co|CreatedwithDatawrapper.deDataasof2ndJune2023

*Othersinclude:HomeLiving,HRTech,Music,Sports,WellnessBeauty,Legal,EventTech,Hosting,ConsumerElectronics,Kids,Chemicals,Dating.

opennessatourcoreinthefuture.

JohanBrennerGeneralPartnerCreandum

Creandum?sImpactonEurope.

TheEuropeanopportunityismorecompellingthaneverbefore.

WithEuropecatchingupinitsshareofglobalVCinvestment,theamountraisedbyfundsincreasingby100x,itislittlesurprisethatunicornsareemergingfromallacrossEurope.

WebeganintheNordicsin2003,andin2023thefunds?havenowinvestedinover15countriesfromourhubsinStockholm,Berlin,LondonandSanFrancisco.

Beingageneralistfundmeansweplacegreateremphasisontheentrepreneurswethinkwillwinandwillkeepthis

“

Creanduminasnapshot

$15B

Raisedbyportfolio

companies

40k

Peopleemployedbyportfoliocompaniesacross16countries

>120

Investmentsacross

16countries

50+

exits

$1.7B

Fundsraisedacrossallvehiclesoverthepast20years

20

Unicornsinportfolio.

16foundedinEurope

14+

“Futurecorns”inportfolio(privatecompaniesvalued$250-850M)

1in6

CompaniesintheportfolioareUnicorns

Page/14Source:Dealroom.co

2.

Thenext20yearsoftech

Europe:globalchallenger

Europeisincreasinglya?irmingitsroleintechwitheverynewstartupgeneration.

ExperiencedVCscene,Startupmafiaflywheel,Engineeringandscientifictalent

Over30%ofallseedcapitalhasbeen

investedinEuropeinthelast7years

CategoryleadersborninEurope

Adyen,Spotify,Klarna,JustEatTakeaway,etc.

Amazon,Google,Facebook,Microsoftetc.

UnchallengedinEurope

Upto20052005-2015TodayNext20years

Page/16Source:Dealroom.co

32

32

31

31

30

26

24

24

24

22

22

21

19

15

15

14

13

12

12

12

50%

Thestartupmafiaflywheelisnowinfulle?ectinEurope.Entrepreneurshipiscompoundingassuccessfulstartupsspawnnewgenerationsoffoundertalent.

Theflywheele?ectisaccelerating

Numberof2ndgenerationstartups*

%oftotalstartupsfoundedbyunicornsta?alumni,

distributedbyyearunicornhit$1Bmark

%total

47%

44%

40%

30%

20%

9%

10%

20122013-20182019+

Source:AccelandDealroom,2023

Source:AccelandDealroom,2022

Page/17Source:*AccelandDealroom.coreports

EuropeandIsrael?sstartupfounderfactoriesNov2022

,

EuropeandIsrael?sstartupfounderfactoriesandthefounderjourney

1.Oxford

11.ImperialCollegeLondon

2.Stanford

12.UCLA

3.MIT

13.Tsinghua(Beijing)

4.ETHZurich

14.Caltech

4.Cambridge

15.TUMunich

6.CMU

16.SingaporeNanyang

7.Harvard

17.UniversityofWashington

8.Berkeley

18.Cornell

8.NationalUniversityofSingapore

19.Pekinguniversity

10.Princeton

20.écolepolytechniquefédéraledeLausanne

Europe

US

35%

GermanyFranceUK

ItalySpain

USA

28%

26%

23%

22%

18%

Europehasthetechtalentandresearchleadershiprequiredtoplayakeyroleininnovationforthenext20years.

EuropeexcelsinComputerScienceranking(THE2022)

Europehas40%moredevelopersthantheUS*

6.1M

4.3M

Europeanstudentsaremoreintoscience**

(portionofgraduatesinScience,Technology,Engineering,andMathematics)

…andalsodoeswellinEngineeringranking(THE2022)

1.Harvard

11.UniversityofCalifornia

2.Stanford

12.Pekinguniversity

3.Berkeley

13.ImperialCollegeLondon

4.MIT

14.GeorgiaTech

5.Cambridge

15.SingaporeNanyang

6.Oxford

16.Yale

7.Princeton

17.Tsinghua(Beijing)

8.Caltech

18.CarnegieMellonUniversity

9.ETHZurich

19.écolepolytechniquefédéraledeLausanne

10.NationalUniversityofSingapore

20.UniversityofMichigan-AnnArbor

*StackOverflow

**BenedictEvans/MosaicVenturesDec2020.DataoriginallyfromBEIS/SCOPUS/UNESCO.

Page/18Source:

Morethanhalfofthe

world?stopscience

clustersareinEurope.

ScienceClustersareevaluatedonaper-capitabasis,

mainlyonacademic/researchfootprintandstartup

valuecreation.

Parametersusedincludeuniversityranking,patentcreation,deeptechfundingfromearlytolatestageandnumberofdeeptechunicorns.

Theresultisamixofbiggeneralistandsmallspecialist

sciencehubs.

Scienceclustersarewellpositionedtoleadinthe

emergenceofnewtechnologies.

Page/19Source:Dealroom.coNext-gentechecosystemsreport

Scienceclusters

Density&innovationlens

Points

Hugepotentialremainsforthetransformationofmanylargelyundisrupted,“traditional”industries.

SomeindustriessuchasRealEstate,

EducationandInsuranceaswellasConsumersegmentssuchasFood,TravelandFashionhaveseenverylittleVCfundingcomparedtotheir

largemarketsize.

$14T

$12T

$10T

$8T

$6T

$4T

$2T

GlobalMarketSizevs.IndustryVCInvestment(2022-2023)

Finan

cial

Serv

ices

RealEs

tate

Energy

Education

Heal

th

Insurance

Food

Mobilit

Fashion

Travel

y

$20B$40B$60B$80B$100B$120B

Page/20Source:Dealroom.co

DespitethevastlevelsoffundinggoingintoFinTech,EnterpriseSoftwareandHealth,significantopportunitiesstillexistfortechdisruptionintheseareas.

There?snostoppinginnovation-FinTech,SaaSandHealthhavebeenEurope?smostpopularsectorsforinvestment,butallremainunder-invested.

NewinvestmentopportunitiesinFinTech,SaaSandHealthcontinuetoappear.Additionally,newsectorsareemergingasinnovationspreadsacrossEurope.ThemassadoptionofAItoolssuchasChatGPTandLLMsmeanthatthespeedofinnovationisonlygoingtoaccelerate.

Fintech

“

Unicorninportfolio

Recentinvestments

Enterprisesoftware

Unicorninportfolio

Recentinvestments

Health

JohanBrennerGeneralPartnerCreandum

Unicorninportfolio

Recentinvestments

Page/21Source:D

NewsectorshaveemergedinthelastyearincludingClimateTechandQuantumComputing,whereEuropemakesup~?globalfunding.

Globalshareoffundingacrosssegments(2022-2023YTD)

▊Europe▊US▊China▊RoW

($0.7B)

($24B)

($6.6B)

($1.8B)

($1.2B)

($8.5B)

($1.8B)

Page/22Source:

Dealroom.co|CreatedwithDatawrapper.de.2023dataasof10thJune

*FrontiertechheredefinedasDeepTech,blockchain,VR/ARandclimatetech.

36%

35%

30

$15B

24%

25

22%

20

10B

15

10

8%

5B

7%

5

VCfundinginClimateTechcontinuestogrow,withEuropeatthecentre.

ShareofVCfundinggoingtoClimateTechby

region(2023YTD)

EuropeanClimateTechVCfunding

▊ActualInvestment▊Projected

$19B

$17B

$11B

$7B

$5B

$4B

$2B

$2B

$5B

NordicsUKEuropeNorthAsia

America

20162017201820192020202120222023

Page/23Source:Dealroom.co,createdwithDatawrapper.2023dataasof20thMay

+36%

+263%

+118%

+2430%

Climaterisk

$49M

ElectrificationaccountsforhalfofClimateTechinvestmentinEurope.

EuropeanVCfundingandprojectedgrowthin

selectedclimatetechareas(2023YTD)

Decarbonisingthepowersectorandmakingtheworldmoreelectriciskeytoaddressingtheclimatecrisis.

Projectedgrowth2023vs2020

“

$2

.1B

Electrification

Energye?iciency

$435M

$343M

Climatefintech

Carbontracking&o?set

$212M

ItisencouragingtoseethecontinuedgrowthininvestmentinclimatetechacrossEurope,andtheNordicsbeingahubforinvestmentin2023.AtCreandum,thefundshaveinvestedinarangeofclimatesolutions-electrification,energy,sustainablesupplychains-andthiswillbeapriorityforusgoingforward.

+155%

SabinaWizanderPartnerCreandum

$500M$1B$1.5B$2B

Page/24Source:D,createdwithDatawrapper.2023dataasof14thJune2023

Necessary

funding

2022

$1.1Tglobalinvestmentinthelow-carbonenergytransitionofwhich$65BinClimatetechVCfunding

$6T

$2T

Actual

investmentopportunitywhich

Amassiveincreaseinclimatefundingisneededfromtoday?s$1.1Ttoover$5Tinthecomingyears.

VCfundinginClimatetechstandstodayatjustafractionofthatwith$65Bin2022,butcanactasatechandbusinessmodelenablerforfurtherinvestment.

Thisispoisedtotransformthewholeeconomy.Industriesaccountingfor20%ofglobalGDPwillbeparticularlyreshapedsuchassteel,cement,automotive&othertransportation,oil&gasandtheenergysector,

Climatefundinggap:

Realvsneededinvestmentinclimatetech*

Thetransitiontonetzeroisan

$8T

amountsto20%GDP.

$4T

amongothers**.

Funding

20102020203020402050

Page/25Source:

*BloombergNEF,“EnergyTransitionInvestmentTrends2023”

**McKinsey“Thenet-zerotransition:Whatitwouldcost,whatitcouldbring”

Fintech

AMLandKYC

Financialadvice

SignificantGenAIuptake

ThemassadoptionofAIwillaccelerateinnovationanduncovermoreclusters.

ExamplesofAIimpactacrosssectors

Inthelastperiod,AIhaspickedupanincredibleheadofsteam,

drivenbytheadvancementofgenerativeAIandlargelanguage

models.

Enterprisesoftware

Developertools

SignificantGenAIuptake

Processautomation

SignificantGenAIuptake

Thesenewdevelopmentsbeginanewandfasterthanevercycleof

softwareinnovation,bothbyintegratingnewAIfeaturesinto

existingproductsandcreatingnewAI-firstones.Weseethis

happeningbothinnewmarketsand“mature”areas.

Thevelocityofthisnewtechcycleshowsonceagainthatinnovation

isunpredictableandspeedandopennessisrequired.

10x

GrowthinGenAIVC

fundinginEuropeProjected2023vs2020

25%

Europeanunicornsin2023inGenerativeAI(DeepL,

Synthesia

)

€105M

LargestseedroundeverinEuropeinGenAIdespitebroadermarketdownturn(

MistralAI

)

Page/26Source:Dealroom.co

Thenextbigopportunityislikelytoemergeinanunexpectedarea.

“

Spotifyhasbeenthetraininggroundformanyentrepreneurs.With32businesseslaunchedbyformeremployees,itisthetechcompanywiththemost2nd

generationstartupsinEurope”

Whenthefunds'firstinvestedin

SpotifyinJuly2008,wecouldhardly

haveimaginedmusicstreamingwas

asegmentcapableofsuchagreat

outcome.

FredrikCassel

GeneralPartneratCreandum

Spotifyhaspavedthewayfor

Europeanfounderstothinkbigand

achievethesamekindsofoutcomes

whichpreviouslypeoplethought

onlyrealisticinSiliconValley.

July2008

Firstinvestment

(co-ledSeriesA)

April2018

Publiclistingat$29.5Bvaluation

97x

Return

Source:

Page/27

ThetimeforEuropeisnow.

“

Talent

Higher%ofSTEMgraduatesthanUS,topuniversitiesinComputerScienceandEngineering.

Halfoftheworld?stopscienceclusters.MoredevelopersthantheUS.

Funding

Attractingnearly20%oftotalfundingandnearly30%ofseedstageone,fromjustaround5%twodecadesago.

AmountraisedbyVCsinEuropehasincreased100xinsameperiod.

WhenwestartedCreandumin2003,wehadlittleideathattheEuropean

ventureecosystemwoulddevelopasmuchasithasinthelast20years.WiththedatagatheredaroundthediversificationofinvestmentandunicornsacrossEurope,thewaveof

Experiencedstartups&VCscene

Sectors

Somuchuntappedpotentialinfintech,enterprisesoftwareandhealth.

EmergingtrendssuchasClimateTechopensupnewmassivemarketsnotpenetratedbytechtoday.

AnewandfasterthanevercycleofsoftwareinnovationisbeingsuperchargedbyAI.

computer-sciencetalent,thepervadingopportunitiesinwell-knownsectorsaswellasexcitingnewopportunitiesemerging,weexpectEuropetocontinuetodominategoingforward.

Flywheele?ectnowinfulle?ectwith

startupMafiassuchasSpotifyand

Klarna.

InvestorsinEuropewithupto20yearso