December 23, 2022

Europe’s fastest growing tech companies in 2022

Last year's list was full of speedy grocery and ecommerce companies. After a tumultuous 12 months, things look very different for Europe's fastest-growing tech companies

Freya Pratty

5 min read

Last year the list of fastest-growing tech startups in Europe was dominated by speedy grocery and ecommerce companies. After a tumultuous 12 months in European tech, the tables have turned. 

None of Europe’s fastest-growing companies reached the level of growth seen in this list last year, when speedy grocery company Flink topped the list with headcount growth of 1,232%. There are also a lot more consumer and climate tech companies on the list this year.

Below are European tech's top 9 fastest-growing companies in 2022, based on data from Dealroom. 

We’re measuring growth based on how quickly companies have hired across the year. To avoid the results being skewed by small teams making lots of hires, we’ve focused exclusively on companies that have raised more than €50m in total. 

A photo of Carl Pei, founder of Nothing
Carl Pei, founder of Nothing

1/ Nothing

Nothing, the hyped London-based startup building earphones and smartphones to try and rival the biggest names in the business, grew by 912% this year, to just over 3,000 employees. 

It’s first phone — billed by founder Carl Pei as the “the most compelling alternative to Apple”, launched in July this year. 

Founded: 2020

HQ: London

Team growth this year: 912% to 3,148 employees

Total funding:  $342m

2/ Yokoy

Swiss fintech Yokoy grew by 613% this year. It sits in the popular SME spend management sector, competing with companies like Pleo, Soldo and Payhawk. It uses AI to automate spend management, combining expenses and corporate cards into one platform.

Yokoy raised an $80m Series B earlier this year, led by Sequoia, and now plans to expand beyond its current markets of Switzerland, Germany and Austria. 

Founded: 2019

HQ: Zurich

Team growth this year: 613% to 221 employees

Total funding:  $108m

A landscape headshot of Stefan Jansson, Polarium CEO
Polarium CEO Stefan Jansson

3/ Polarium

The first entry on the list from the climate tech world is Sweden’s Polarium, which grew its headcount by 521% this year. 

It makes lithium batteries that reduce the costs and environmental footprint of energy storage. Its batteries are fully recyclable and lose much less energy than other batteries on the market. The tech is used in telecommunications, electric vehicles and solar power.

The company became one of Europe’s deeptech unicorns in May this year, when it raised close to $100m.

Founded: 2015

HQ: Stockholm

Team growth this year: 521% to 298 employees

Total funding:  $147m

4/ Borzo

Borzo runs a courier service, and its gig economy workforce delivers via any route, transport, package size or weight. It was founded in Russia and is now headquartered in Amsterdam. Its headcount grew by 435% this year.

Founded: 2012

HQ: Amsterdam 

Team growth this year: 435% to 909 employees

Total funding:  $57.6m

A landscape image of the 5ire team, wearing branded polo shirts.
The 5ire team.

5/ 5ire

London-headquartered 5ire launched in November 2021 and has already secured a $1.5bn valuation. The company is building a sustainable blockchain, aiming to combat criticism that the industry is too energy intensive. 

5ire secured a $100m Series A round earlier this year from UK conglomerate Sram and Mram.

Founded: 2021

HQ: London

Team growth this year: 364% to 116 employees

Total funding:  $121m

6/ DNA Payments

Fintech firm DNA Payments helps businesses receive payments in person or online. It raised a £100m round from Alchemy Partners in 2021 and has grown its headcount by 359% this year, to nearly 200 employees.


Founded: 2017

HQ: London

Team growth this year: 359% to 188 employees 

Total funding:  $132m 

A landscape image of the Payhawk team, all wearing light green branded hoodies.
The Payhawk team.

7/ Payhawk

Bulgarian fintech Payhawk runs a B2B platform that provides financial departments a single place to manage the entire spending lifestyle from company cards and expenses to bills and invoices. It has grown its headcount by 299% this year, to 271 employees.

Payhawk raised a $115m Series B round at the end of last year — the second largest Series B for an Eastern European B2B company since UiPath. It then raised an additional $100m early in 2022, becoming Bulgaria's first unicorn.

Founded: 2018

HQ: Sofia

Team growth this year: 299% to 271 employees

Total funding:  $236m

8/ Dune Analytics

Dune Analytics is an open-source, Ethereum-based data analytics platform that allows anyone to run data queries. It’s available for free and then has a paid subscription that allows people to analyse customised data sets. It is run out of Norway, and has grown its headcount by 280% this year, from 16 employees in January to 57 by the end of the year. 

Founded: 2018

HQ: Oslo

Team growth this year: 280% to 57 employees

Total funding:  $79.4m

An image of a Volta Trucks truck
Credit: Volta Trucks

9/ Volta Trucks

Swedish electric truck maker Volta Trucks is the only company from last year’s list to still be on it 12 months later. It saw its headcount grow 280% in 2022. Volta Trucks has launched a purpose-built 16-tonne electric truck that can drive up to 200km on a single charge.

Founded: 2019

HQ: Stockholm

Team growth this year: 271% to 568 employees

Total funding:  $385m

The data for this list was pulled on December 1.

Freya Pratty

Freya Pratty is a senior reporter at Sifted. She covers climate tech, writes our weekly Climate Tech newsletter and works on investigations. Follow her on X and LinkedIn