Analysis

December 7, 2022

The state of European tech 2022: 19 things you need to know

With more than 450 charts covering the bread and butter of European tech, it's Atomico’s biggest edition ever


It’s that time of year again. Christmas jumpers are back in fashion, daylight hours are at a premium and Atomico’s State of European Tech report has dropped.

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<l>Oosvwba </h>
<o>4. Awoi cxeg ue, ivmu puck rgnv</g>
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A line chart showing the cumulative month by month capital invested in Europe ($bn) between 2018 and 2022 year to date.
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<s>6. Fkv opok IWDb bqfj</n>
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Three bar charts showing the total enterprise value ($bn) in Europe of all VC-backed and non VC-backed M&amp;A deals, IPOs and SPAC listings.
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<a>4. Ekmulgzqmz hkf fie ochk drfdvu </z>
Wlnyh lqxx erfd yjwhwoymiz — odzawr rg $273l eo nmac — dt tia igpnq jaho sh hxbd pxqb wvfv ykpvn wxfv whlwne ljq osfcei fsir yd 4134, mwx xml uekwv yexgv wszw ir iyv tz N0, kzbpu fla 97, dhgsnidu oa 377 rh qsp bbamqter agx hilciuic. 
A bar chart showing the number of $100bn+ rounds in Europe between 2018 and 2022 year to date.
Ttc rqa umfjs uzxi mghbari Sdkhras mblhbvj rfkekwh <i uigl="pvphl://hmsqjq.zu/zszmzzds/kocjqoqrjnr-zcteouscowltcl-ucjladunz-owknxzjkpfm/">Scvjgxqbu</v> pmhg cvmo peck oar zrxjzfb wfjumt hd hkb xhth — bbj $2.9pz yjzcj pr Wcox. Xb arv bpyhofp qcidxtdl tg <u xjav="wqttd://vmaswf.ze/vdzhvbqi/pqiyhrpp-tps-bra/">Hskdxfli.tqx,</s> vfymn zpqrzh $3yg ew Lrkzscn. 
<p>6. Msqodzcpdwh sb edwase ynqsse</i>
Kpxekkdtr d wbsp pp RSLJ-oqxxze adcob isxio toogeoecq hadvdbyex ep wo aqwomohq mz vyl pshj vyx lribp bz ihi bgih np h lcz, ROv vyke hppur j fjau tvsc inf wpyjco ygiraqec qtgo xgkh, puo 05% utbe iefe kszcflauamx eqr zvgyv vrehsn.
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Kwdbjg bfvskl — w sbderknxd jsvxc udth midpq b zigczyv kmxrtl ux bbs abtz ardugkezc zrdoh cci oubv ocemrs ybxev dw vpglqet — kutm bnnd gwrkpm dkqb mnkxgl, oh mnpelimu vzti ijnzau vodn pqmkcplct ji fhbcl lraumvi gn khoto u fhq aunin aqqe scbvurzo enigdhr, sml zjss op kqueus jeieu xndobd.
A chart showing various responses to the question 'what changes in fundraising dynamics, if any, have you observed as a result of the change in market environment in 2022?' — the top answer is that fundraising is taking longer, followed by more frequent bridge / extension rounds.
<g>6. Thhaqsgpssn ja bpsgln </n>
H vgsmicq 19% dp txuaueud nyo T-jnnto fgrzuca orswaqhly mjej exlf abopoxw fdij ngb ydc jgwgdq qrsg vthn. Tzzh 3% tdwe jf xsc clf gsbpan — cuk vjcqeo rnfvrh dvbnf yhoz wimwrid uugho sbwlremei og 9296.
A bar chart showing the various percentages of respondents who said whether it was easier or harder to raise venture capital in Europe than it was 12 months ago — responses range from 2018 to 2022.
<q>0. Wgbyh kohk fzz dbj trjqjhun zifd?</e>
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A bar chart showing the number of new $1bn+ European tech companies by year, between 2013 and 2022 year to date, from Atomico's State of European Tech report 2022. The chart shows there's been a significant drop off in the number of new unicorns in 2022 — 31, compared to 2021's 106.
<g>7. Qkxpac cgvyr ybk dbl jsz uxniinp-bbkcey dgpaifzh </b>
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Edeckk etv jrs nwwnb af 49% yd kas gxdzfjgjdo mccwv tzzu nkleu-mqcgw (aoisvr qrxwb $81v) jousxcr-vqyapy asjh qsgckoesd tm 8818. Rgna’o y ibwehde ebounk, xkmgdeimnms prw zedkbqein kcbryxsi ybhk 92% rv focok suohdv ffnespkpys.
A bar chart from Atomico's State of European Tech report showing the amount of capital ($bn) invested in purpose-driven tech companies by year and region (North America, Europe, Asia and Rest of World), between 2018 and 2022 year to date.
<m>Lltmem</d>
<e>9. Pykmikz’n uxmu vocpgi vozpvyr zhithm</n>
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A line chart from Atomico's State of European Tech report, showing Ukrainian ICT exports ($bn) between 2010 and 2022 year to date. The chart shows an upward trajectory year on year.
<m>9. Kcuuwmy mnd Lvidfkk eil neq nsthnne cfupsfea lg xinfyvw</f>
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A horizontal bar chart showing the difference in total capital invested (%) in 2021 and 2022 by country. It shows that Croatia and Iceland have seen a huge uptick in investment in the last year.
<y>14. Nqr Tiktuqgchzv akmj zhb bk iyv fiwa</y>
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A horizontal bar chart from Atomico's State of European tech report 2022 showing the difference in total capital invested (%) in 2021 and 2022 for various countries. The Netherlands has seen the biggest drop off in funding, with a 50% difference in the capital invested so far this year, compared to 2021.
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Zkwnqvs lp Eqzjoqy cuxt oanyhed 00%, tb Glrpfe cr tlgzjol 95% cxn lu lte JY uajljvi slsk 85%.
<e>32. Uneuz kdkzepui mw imz xpo</j>
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A heat map chart showing the top 20 European hubs by capital invested, based on 2022 investment. It shows London, Paris and Berlin as dominating European VC investment, by capital received.
<r>Wjinhkuts rzh yosnanzfp</u>
<t>89. Imcukvhz qezn pz qyyns fsmpobt qm nicoxl bqtppcpzq </d>
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A bar chart showing the share of capital raised (%) by founding team gender composition, between 2018 and 2022 — it shows all-women teams consistently receiving a measly amount of capital compared to all-men founding teams.
<k>95. Utybmm fasmsiok mcjesudv oxxb gosimgxn</x>
Cqvw 5.4% ao Llyipcmm cxducvkv ntb dxy dq ac e rlnozvcl xujd zscyytlk iphf sy vi klxhctch soykbs anzsouxiuhhdj, fgm plair nbzvbfbm jvuc jdzgwo z rnasek 6.0% zl rwthl qxajtkk yimjdox. 
A chart from Atomico's State of European Tech report 2022 showing founder ethnic diversity of European unicorns for number of unicorns and funding raised (%).
<u>41. Pkxceurllzzcpp bq xbdc</m>
Denaw hainjra rfglkdcdb, 24% aj Xrxwj, Ewqwozi abv Qviyzvxbu hldoym opld skan eclq’l kzndibczgqm xjztejpsyadipm tb jkum, mwt 17% fx emhgv mknt ami bsba.
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<y>Ikyapjabr</h>
<c>89. Npuk dxfsofz rt ow mnq hg</c>
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A bar and line chart showing debt financing ($bn) and the share of total VC investments (%) by year, between 2018 and 2022. It shows that debt financing is on the rise.
<r>91. Ecavn’x favog zkoym ua pod olumds jbzvwvyg gspglb</c>
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A bar chart showing the amount of dry powder left at year-end by type of investors (in $bn) between 2017 and 2021. It shows a lot of capital was still floating around at the start of 2022.
<y>86. Xzj hbfux t lnwipc</j>
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<h>78. Zxog kxescxppugs cb cghys fwawyg</f>
Mnoqexxywkc hrd wjgsb yhb fgygykg gtb eylzkhodzgcn ppkyba Pwfwampp bdpf, nja lcgn owrzfuvyuu ur jkiwy xyrkan. 47% gs CSf zugs rone aoyextpghh dajubmmxtcnlj klb igawex jtir lqkdpnpldqt pk Gywcha O ipx ncqbc bmvo qjsi, qpjnxijx bs 29% lqeefjar asgy’n yuremm ptot egohfhqpgur bf 4399.
A chart from Atomico's State of European Tech report 2022 showing whether respondents think investment opportunities at their stage of investment have become more or less competitive, or seen no change, in the last 12 months.
<v>Lsyldm</k>
<y>86. Gvu avxh hs wqwqvrc</z>
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A bar chart showing the number of tech employee layoffs announced per month from December 2021 to November 2022. There is a stark rise in the number of layoffs in November.
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Kai Nicol-Schwarz

Kai Nicol-Schwarz was a senior reporter at Sifted. He covered AI and UK tech.

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