Titans of Tech

GP Bullhound releases its annual report on the European tech ecosystem

London (ots/PRNewswire) - Titans of Tech: Unrivalled era of A.I. led innovation
for European Tech - No more excuses. GP Bullhound is proud to announce the
release of its Titans of Tech 2024 report. For the tenth year in a row, GP
Bullhound has released its annual Titans of Tech report, highlighting and
analysing the growth trends in Europe's tech ecosystem. This comprehensive
analysis underscores the resilience and growth of Europe's tech sector, setting
the stage for a new era of innovation and investment.

Key takeaways from our report include:

- The funding frenzy is over, but the new normal is very healthy: Funding levels
have normalised, averaging EUR15Bn per quarter over the last year, which is
~50% higher than 2019.
- The value of the ecosystem is growing despite the failures: 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.
- Megarounds are fewer but larger and still accessible: 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.
- Software innovation continues, shaping the way we live and work: Despite
funding challenges, technological developments, especially in artificial
intelligence, continue to drive automation and cost savings. European AI
companies received over EUR11Bn in funding in the last year, with 36% of new
unicorns being AI/ML businesses.
- Category leaders and geographies: This year, the UK and France lead the
startup arena with three unicorns each. The UK's unicorns are valued at
$3.4Bn, with significant 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.
- Europe's most promising startups: 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