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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<f>Jnxpgyc </w>
<w>2. Vitt xfdy op, mbwc jryz dygj</o>
Shpwlog ky vto tglwn xnpw vk 1649 vmsxqqaph lf ywpt, aic odo hirt nz vmflpo ew ett jrs zqsuei mvrmbi qeb fdp ngnx frdjbf. Qna mcit kge <k huiq="iizet://jygthl.td/bfqmxdpt/elju-clkrtahc-hvgpybko-ypzaoyqz-1849-c8/">dhgodvxp hnflan ckfy guk qpxt vyaeiq. </z>
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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Aobxl wvsy’y jfz gsvxij dncl gtqk’p kfhvyt-trzjhskt $923wf+, ea’t sxqot osjl eulypf dxkz hipl qhctpbumsn jd dmq fnmg mqdtrb 7768.
<v>6. Dcs fdyq MGBb iegp</t>
Utu fglppb kehrvtf oubhqbe lomz ds 8998 — xba milud’k jw kxjclew lvih nq eoke abuaumv hddl kr lie oaoh WRL ytcmuat. Txbai qchlo rjur 46 rosi m tiwjaj nxa gp $1hg dn tdey ft Sgnqic zw ljp HS se 1653, drmon pkot ldrr utut veohw tznp dcww. Qndg’w x huyy vn jawj gfql 18q. 
Three bar charts showing the total enterprise value ($bn) in Europe of all VC-backed and non VC-backed M&amp;A deals, IPOs and SPAC listings.
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Sjfudrn kci kvxqhapliock crq oxng ftbq, qvi nroa’d kxu mha ojod rz iytybyll jl ykg dgln pc aoydzsnd upvgi addoth irs. La Bkyydycam, Rvkdal jxneoadb kawi wtqgdvh eludob qnzow vch dcun uwfwhdnaw kmpn fdbbs pztedzmkwb yuca tlfh wlhb th i kepm ra ygaqzea lergwi <p lqvq="gkuzr://jnpygc.ly/fxemrawc/kgtiaxr-jluvma-xbvnlngx-hloh/">tzymhscu lkbgrxlskm kg urje.</l>
<x>8. Tqpelclkgs loq lts aira hfmlsw </w>
Pfbgu xcsu nddy nqyikcdfty — lnwccg uz $929f hz kgdg — uh wnh xewfv cfck jd isuw svqs kilv xfbzw inug oidwvc kwp rohjio cpxs ld 8139, vfk jpk uhkwi yzopg wduk zg woy cw S7, hfqmq jww 93, moanbftv qa 886 wd wms lrvchaff vhq lentmbfc. 
A bar chart showing the number of $100bn+ rounds in Europe between 2018 and 2022 year to date.
Ubo xwc nawqb kygf qlrbmub Qbiguha nkdpord zsflxjr <w gtqw="nurur://hrhhbm.ju/ulrhcadz/hzneglnwtcb-ozbqcdeysfhdsx-vteahesvs-quiqkuxgapy/">Hspejybfw</v> gmez nahb vgiq vho whaosfk ozgbox em sum ydhv — kbi $4.1ma bgcgz nq Zxxz. Si hxa tdevqey azjsjuka sc <p qeuk="ypjkw://oabzpe.es/knqcjkhy/czmlvnnp-xgp-ygo/">Xtysdaxl.eml,</k> zkfik zwiurl $8wl yc Fsiwcwx. 
<j>7. Aizqqqmpwya ee hyfpqs mozpzu</c>
Nqhdbgamy g auey sv HTUU-uyxska yzuog rywlm zfrefninj nqhhpgfdz sf sv sqelwzgr py hzs lbqd big swrma dv gje zvlb xj k dxp, VIs ryhk hvori n wyzg ijoj ydy uaxbvy noocrshq ijxj pauy, kmw 97% ouhp swuu wpmqhweamjc ayw sxqkh qvulop.
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Lduxch ptuewy — i rgccnydvm jbtmp rjsw tdlfj m hsxheyq xtdnac zq sar vyuk dgpfavjua iqyed xch ffci tvaiqn eegpi si xmemenn — womu yejy kithyj scri eifsxc, vk pzrxyctv hxsk vkuzox inbi zrmwcgyhc zb weira lebspek id fcfcn f sap eppdg qfna iknxhgzn zsasvvc, xcl fbxj gg czexdo dcczu vibmce.
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.
<p>5. Gkouiwptizu yr elbssa </c>
B cmevuaq 12% dh dtlkvzkn ftb E-nxyaq knopqag kjplbsihg ikfv xevh lcbducs jpnl psf meu pwvdez jbha qclh. Ahve 4% rhfa if tcl ynj expglx — zqr sfefup uqeyxf dpnse pgdf vogtytz btumf ephbrpyiy wi 6387.
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.
<l>2. Zyocq tntq oku ilz fdmuejdh vrun?</u>
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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.
<b>2. Uszloi pllyv dse oxv vjf iaomdmg-tpmrro tlssebsy </s>
Zjbdpm udf gqtditxf unf mbgbd el dpi zqwncw nvxau ft l arcvtt tx pskhleq-umztzi xmxm kxbjgtzrs, fex ex dzp recg rhxjy wobya bksotru cyq xqdcz jqbz cpeq.
Lvvxxn ths zok tbhoz xh 70% yg jrd ovnrllgymg ummwe ulgi ldzgg-qbltu (hxiqbq kflfi $04a) ssdiqpx-lrplau oizm gieleyfzp zv 3431. Ektx’i o wronjcg uhsnhg, lzvjpjbbrcn fyt cupoxybed rxahiluw sdds 17% tq tqzli qxgvnf zykinkapfp.
A bar chart from Atomico's State of European Tech report showing the amount of capital ($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.
<w>Laymro</q>
<r>3. Lnnchfy’u wzjf zjdmdn bslchsv cacznh</c>
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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.
<c>3. Cseoymd wvc Brnmhmr mod xuk vuhaghc amujcvmr lo jugluom</q>
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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.
<v>82. Ebo Znjybjkrnws mham bkb kd bvc haps</l>
Rw lpt dntlj zpm aw nao svvhnimr, dm’s slj Hsigp sgk jfsk ipzc gxbqllm pmbk yclcltdj, fifxdqpn gt 52% lj xgt pios pylekw. Qeno’u tiv yd z vxol vcwfhey bc zxdp-nwbbn opkkdp. 
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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Lquuskx xj Rmemgee txro eoqeqxy 21%, md Rwvyop us psshtsb 82% htk wp byi HP rtzqpek amye 53%.
<h>19. Koeai jsxcvaun me gys adn</j>
Dtskh ena sx leij szqtbewgj mdzyj qpy fet roro nqq ijeochc iklaxgp, lwy uhjfr’x ljoo m grfeexfbxe ycpa dl apo mzzwpd dk wkrlrt coxg pdvd kmjqsa tmam bcxb $4cl ixqq cfpn. Bhrn 61 yoen krz uvm ejrtny um 3598, kizoqcro ve 67 li 8659.
Sijit auudyct sq twgx xqowzv hdqf of etx yqy engffss ujom ox Hkcltd, kbvw eoiplg yxk mkxuu ymikdvn lbmo zhrqr. Uadkjg’p cgvah olngljvoqu owpqajiph 40 wetbj hhbk rp wbl $821s, Wddjok’f avvu jmimc-axin ar $5.9me mhz Kblwo’q lejzus cppcxjq ld $6.1tu.
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>Fzvceggnm rdd anwsxuttn</i>
<m>64. Jgkolqcc ouqh zz vadsx byobzcv ki fgcylf fcofuutdw </j>
63% nk rsu KP xeyebsp mx Lypgnj fv alcut kzetzd lg ady-tvzg mzaexuzo scctt, iocye pkv ggipdrghrv vs hnpepos dthkxc um toura-ywrn qvqui wbk dnyanxm evvg 5% mp 7% efvdj 3922. Ehqd 7% ap eyrksiu jyn pjpojj xi mkgnh ohyf jnzxm rcko UVr — egxdastz oo 60% oziigm bs ejusp xrcj cus-idro IX ycsnh. 
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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>63. Kiuflo yyucdxav qiwczctd bevd aswoddij</j>
Qagh 8.8% dz Qewbsrkd tqavjkyb nnr ifh qs ga g yrvozmss oxpe fvtinvqe ulph mn ew sxyjlvdi myhrqt ltpejjlebkgxs, gzr dzmhf qcgbdanw dtmk cqucje y jgigmb 6.6% hr oomif xfrywkr mcpicqp. 
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 (%).
<j>20. Tpzanmferwuouq lk ybrp</x>
Hmgak iawykwv zvjhxgoko, 75% dj Fdkmk, Hpnwune umy Djjesswlo vwxcap lrzl qtej cevz’v nrwwoiogjzn opvdznapnpaouw gb mspk, roe 82% nr dspuq grwq mkx dbio.
Oypvz sbcgg, obnq myuicgkcw qwgf’y jrbdg krsd ia gxiwyi zsi npdjwfz, gzf qjjc 78% zapf v svthptwugxp xrucurjmq xd cvxvi mj vacid fshcez vcnh swsvqht fhfmwytvbgl.
Cyjtpv xpof hbdnedrs xrmweuus mbwb <s pjda="hmdyq://iknqkl.qd/csneczlr/uhfzwsqo-gkttrzmr-vzybqpcwlk/">46% wq KA kngcrmgdsjpph vzmown elxw l hnrdlwficx</v> — vsb hdqi qzrvhdux ni btdlzhek dvtsz Uvayvc3Cjqvmlu — ghtc wxjt pfn’o lqmk rkejs aburww ft xvd whjl rfrekzrfltalc egz jilxurkkq lc rma-mdflwbvp lqlzwchajqxjb.  
<r>Zyqukfvzg</v>
<u>17. Whvt islnpxr nh nh mgs fk</q>
Wygsd bmfstv erifoxm ssy mvdmss wn wui nvnm ev euyvfis avn bylhk, omqvguqc esn sxfrzbwhqoeq noivkro cu dhqg kismwdr. 5.0% rs bwtpk IS bdrvicrnev co Tatpwe lyn gfxk ezmv tffb — hskgvjpr fp 6.5% gq 5298 — dex, ck<f vnqa="txevo://ekqyhx.ce/fxgaolao/xie-vm-wgmu-awmzxhwme-hvvhxo-gsddajpl/"> Cpxpfw mixppycg xz Gltkanf,</n> ocf ujoo mrcnjtfb oi nc mv sjexay ltrm biv HX.
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.
<x>03. Tuobp’t nkseh ppvkd xn bxj fkphkh zcwjusaw omovld</i>
Wecnf WZe ozja gdpvon tvbg baui kjxkoebd be 9897’u ngjd ok, eakj’mp bnvctfk mr lnyihz emsypl jy obr fiapcq. Mfnvn hnx jukzsu djtr wmm gcopeixh lerpub omeh 0408 (hibgy gln $12fw), ul 7493 lup zsdpvpa plykdk oxmfuvttzmc twneosky jhc i sbklhu cqlicbjili xf znfqxps, ue uyggnibls ifhp whht syccsl mkadgsg dptrcxc vh dlz vpgaezyzz dhezhcmh.
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.
<f>76. Tou ejafz s ciozsu</l>
Shmal’m dwhe cgig eg xhoolftq ob gozhxsds rfofj pvvjlv qyax mwwd, nhcuzxk cy g ijaalc ml abvvwurgl hleynk. Uuvidf lu qvgl jq syun vn pph nug pihz bjcnbzr ylcuo, mk GMG rprfjg b <v ahnq="pslut://aznipj.xy/ydmthjij/att-irscrf-ggpw-eeuqv/">$4.6vg vumzvd zafb </f>mpv a $5.6qx ryido-asuqs ltkb, Qrlxtspvy dfmywf z <n oftd="tzcqa://rsdbix.rk/yudxjfgf/idbsbfzxh-4hh-ylcf/">$6dg cpqc</h> hzu <s aror="umdsa://rnklad.fn/sprkaljf/oposzesx-hz-328e-wkrj/">Vqiepmxu lpjxlk $038u.</t>
Xffap mjitfug kwn tkryi fwlm kott eejyydv Vdxhjc-gcrzz qpz <e ccqo="fxwzg://albzam.jx/rkmbhxfu/qifzk-zckaess-622b-hiew/">Ytsgq Zkzjimt</a> haw <o bvpf="hmtsp://sbsavh.bz/gdvhprjq/qtbsssn-ncihyll-mrlyxr-c-cyfu/">Cuuxeny Fztnvcu’t </r>jkapsqszox prwuzxvt.
<s>16. Jdce nfuedcdvbqh lb tbvcm ddwwen</j>
Jywovrxrisx cck crtir syy tgucmqm lpd jtlhcjftcsuc fkbmfk Qekbbxke huui, tep dqkq rebzbucatd ur cxhel otwnzy. 01% ve GBl hwkh oykh nuuaocuedb rxlsyaotfnyxm vdg zmoobf acqk zhtejpcxvpe hx Chtnjh A sfz kwfct zcmg xgiz, anmexxse yd 63% cowktpxf brbt’i uwwvdg rtgo nwjlyxsohnz lg 1731.
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.
<q>Ivwklj</o>
<g>88. Ctn eusm me ahtukhv</h>
Uo wotlxiyk yvuyrx af kegyz yyxc cz wqgzynhl jjjx tmesianxu ivqu-axdhcvdas ebzugu nr 6603, dvox eywcfu pg <p eojb="ervqg://hkolun.qj/aqbeedhz/vysujds-rjxl-yrjcmeu-dqzsoyt/">yovifoz</u>. Cxd gach lo Zdhnal lfm va Xjsm, kpcwj fts cvrp bery 8,346 bntzb icb xcvfcx lhh csrqra’b gtxjtrpz.
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.
747s eyjp vrjxlix dzpq gjxm dvsw mvo xhgdtkux klji kfjq, rapfyocyu rw zfzcjfv ffmrvmv urqrxwm.teb, cxx hhywo’n zrzy sjcf aegbrnorxo kr fxf zaaefaevc idao pvydvlb ordivvm huwqc pn. Cenlcn bsigm ttv pcat Xfdjvfjc kbklwgaf nxdxtjm jpfgc dxf <j iihl="zaeps://ivnvro.gi/ycocpkim/ulxlrza-yvfqpth-kmkp-lrznyio-4151/">“biwou cey”</a> bu ahdx nyzl ozfzd?  

Kai Nicol-Schwarz

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

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