It is no surprise that with ongoing economic uncertainty in Europe, hiring has not been the primary focus for many startups in 2023.
But not everyone has struggled. Some have been able to deploy freshly raised capital or generated enough funds to boost their numbers — a select few have more than tripled their headcount across the year.
The startups in Sifted’s top fastest-growing teams range from across the continent but, by far, the most hiring has been concentrated in the UK.
Germany and France — the two ecosystems considered second and third most developed in Europe after the UK — also feature, with Sweden mopping up the rest.
Below are the year’s fastest-growing startup teams as of November 2023, according to Dealroom data. Companies had to have raised at least $50m, been founded since 2005 and have at least 20 employees at the start of the year to be considered.
1. Venterra
HQ: UK
Founded: 2021
Headcount growth in 2023: 333% to 91 employees
Sheffield-based Venterra acquires or partners with companies that are working on offshore wind energy, then offers clients engineering, design and building work across the lifecycle of a wind farm, from creating a new one to decommissioning.
It’s raised around $251m since launch, according to Dealroom.
2. Nothing
HQ: UK
Founded: 2020
Headcount growth in 2023: 303% to 16,601 employees
Alternative smartphone and electronics maker Nothing raised $96m in June 2023, backed by investors including US-based GV, EQT Ventures and the music duo Swedish House Mafia.
The round also saw the startup pass the $1bn valuation into unicorn status, according to Dealroom.
3. 1KOMMA5°
HQ: Germany
Founded: 2021
Headcount growth in 2023: 153% to 304 employees
Solar infrastructure platform 1Komma5° lets customers buy solar technology and find installers and maintenance services in one place, and is one of Europe’s highest-valued startups in the solar space.
In June 2023, it raised €430m in series B funding from investors including Eurazeo, Porsche Ventures and b2venture.
4. Instabee
HQ: Sweden
Founded: 2022
Headcount growth in 2023: 124% to 249 employees
Last-mile delivery company Instabee was created as a result of combining two companies that were offering the service: Budbee and Instabox, in 2022. It raised a SEK500m (€44.3m) convertible note in 2023 from investors Kinnevik and Creades AB.
5. Clone
HQ: France
Founded: 2019
Headcount growth in 2023: 122% to 291 employees
Clone offers restaurants the option of having a digital presence on services like Just Eat, Deliveroo and Uber Eats to increase delivery sales with an alternative menu — the startup looks at what is in demand in an area and sends restaurants recipes and ingredients, which they just cook and deliver. Clone also manages the social media and marketing on the sites, and raised an $80m Series B round in September 2022.
6. Threecolts
HQ: UK
Founded: 2021
Headcount growth in 2023: 119% to 105 employees
SaaS company Threecolts, HQ’d in London, offers software products for businesses to manage and scale on ecommerce channels like Amazon, Walmart and eBay. Tools include an automated pricing adjuster, customer service bots and automated review prompts to gather customer feedback and star ratings. It raised $90m in March 2023 from investors including CoVenture, Crossbeam Venture Partners and General Global Capital.
7. Upway
HQ: France
Founded: 2019
Headcount growth in 2023: 112% to 108 employees
Paris-based Upway provides a digital marketplace for reconditioned ebikes, which are sold at a discount of up to 60% compared to a brand-new product with a one-year guarantee. In November 2022, investors including Sequoia Capital, Exor Ventures and the European Climate Foundation participated in its $30m Series B round, which brought its total funding to around $61m. In previous rounds, the red carpet has been rolled out for some celeb investors: footballers N’golo Kanté and Blaise Matuidi have chipped in cheques.
8. Newcleo
HQ: UK
Founded: 2021
Headcount growth in 2023: 110% to 308 employees
Climate tech company newcleo is building next-generation nuclear reactors to provide an alternative stable power source and reduce nuclear waste. In June 2022, it raised €300m in funding, and in early August 2023, the company announced the acquisition of nuclear pumps producer Rütschi Group for €68.9m.
9. THIS
HQ: UK
Founded: 2017
Headcount growth in 2023: 109% to 186 employees
Plant-based meat alternative maker THIS raised a total of £11.5m in 2023: £10m of which was a Series B round backed by investors like Kreos Capital, the Business Growth Fund and BACKED VC, and £1.5m from a media for equity deal struck with British broadcaster ITV. It brought its total funding to around $52.2m — and the company currently has a range of products stocked in major UK supermarkets.
Update: December 25, 2023: UK-based Field has been removed to reflect new information about headcount.
