2023年欧洲科技报告（英）

European

tech

ascendancyUnlockingacontinentʼs

innovationpotentialJuly2023Backing

European

tech

in

its

20-year

rise

and

beyond.“Overthepast

twodecades,Europe'stechscenehasundergglobalchallenger.At

Creandum,wehavewitnessedandsupportedthetransformationfirsthandandfirmlybelievethatEuropeisnowpoisedto

take

theleadinthenextwaveofentrepreneurship.Europenowpossessesalltheessentialingredientsforthiscontinuedrevolution:awealthoftalent,amaturingecosystemandentrepreneurialrolemodelsforthecominggenerations.By

harnessingthesestrengths,Europecanleadtheworldinnewinnovationinallsectors.At

Creandum,ourbeliefisthatanyindustrycanbedisruptedbytherightentrepreneur.Duringour20yearsofbackingvisionaryentrepreneurswithglobalambitions,theEuropeanstartupscenehasevolvedmassively.Global,Europeanborn,leadershaveemergedsuchasSpotify,Klarna,Adyen,UiPath

andRevolut.Wehaveseenfirsthandhodisruption,acceleratingthepace

ofinnovationacrossvarioussectors.However,intheenditistheindividualentrepreneurwhowilldeterminethesuccessorfailureofaventure.WestartedintheNordicsandovertimeexpandedourpresenceintherestofEuropewithhubsnowinStockholm,Berlin,LondonandaUSpresenceinSanFrancisco.Successcannowcomefromanywhereandweareready.”Welookforwardto

thenext20yearsoftechinEuropewhichwebelievewillbeshapedbycontinuousinnovation,bothinexistingverticalssuchasFinTech,

SaaS,Climateetc,butalsoinnewandunknownareasyetto

bedefined.Staffan

HelgessonGeneralPartnerat

CreandumPage

/2Source:Leading

pan-European

early-stageventure

capital

firm.Global

startup

&

venture

capital

intelligenceplatform.Foundedin2003,Creandumisaleadingpan-Europeanearly-stageventurecapitalfirm.Dealroom.coistheforemostdata

provideronstartup,early-stageandgrowthcompanyecosystemsinEuropeandaroundtheglobe.Thefundʼsportfolioof120+companiesincludessomeofEuropeʼsmostsuccessfultechcompaniesacrossawiderangeofindustries,includingSpotify,Klarna,Depop,Kry,Trade

Republic,Pleo,andVivino.Today,

everysixthcompanyisaunicorn.Creandum'sadvisoryteamsarebasedinStockholm,Berlin,LondonandSanFrancisco.FoundedinAmsterdamin2013,wenowworkwithmanyoftheworld'smostprominentinvestors,entrepreneursandgovernmentorganizationsto

providetransparency,analysisandinsightsonventurecapitalactivity.To

learnmorevisit.Page

/3Source:Key

TakeawaysEurope

has

grown

from

a

footnote

onthe

tech

scene

in

the

early

2000ʼs

to

aglobal

tech

challenger.Europeʼs

expertise

and

strength

in

Fintech,SaaS

and

Health

continue

to

be

ripe

fordisruption.

New

sectors

such

as

Climate

arealso

emerging.With

its

university

excellence

and

increasingdiversification

in

unicorns,

Europe

is

wellplaced

to

be

at

the

centre

of

innovation

inyears

to

come.Europenowattracts20%ofglobalVCfunding,upfrom~5%twodecadesago.At

seedstage,itevenattractsa

thirdofallglobalseedfunding.Europehasalltheelementsto

bealeaderinthenext20yearsoftech:anexperiencedVCscene,seasonedentrepreneursformedinunicornfactoriessuchasSpotifyandKlarna,andastrongengineeringandscientifictalentpool.HalfoftheworldʼstopscienceclustersareinEuropeandEuropeisinvestingasmuchasChinaandtherestoftheworldcombinedinnewtechnologies.Fintech,HealthandEntVCfundinginEuropeinthelast20years(c.40%ofallVCinvestingbetween2003-2023).TheEuropeantechecosystemhasgrownmassivelyinthelastdecadeto

$2.5Tincombinedvalue.Europenowhasglobalchallengersandleadersinallnewtechsegments.Europeʼsdevelopmentmeansitiscentralintheemergenceofnewsectors,includinginClimateTech

andallsuperchargedbyAI.Europeʼs

share

of

global

VC

fundingShare

of

venture

capital

funding

byindustry

(2003-2023)Key

pillars

for

Europe

successin

the

next

20

years

of

tech▊

2003

▊

202328%17%FintechHalfoftheworldʼstopscienceclustersHealth

13%16%Ent12%Transportation

8%Energy

7%Attractingnearly20%oftotal

fundingandnearly30%ofseedstage

one8%5%StartupMafiascreatingnewgenerationofseasonedfounders.Food

6%AllstagesSeed37%Others*Page

/4Source:Dealroom.co

2023Dataasof2ndJune2023

*Moredetailspage13The

past

20

years

of

tech1.EuropearrivesEurope

has

arrived

on

the

global

stage.

Europeʼs

share

of

global

venture

capital

increased

from

~5%

twodecades

ago

to

20%

in

2022.

At

the

early

stage,

Europe

now

raises

a

third

of

global

Seed

funding.European

share

of

global

VC

funding36%35%3028%28%25%25201510520%16%0200020022004200620082010201220142016201820202022Page

/6Source:Dealroom.co

|

CreatedwithDatawrapperThe

100x

continent.

European

venture

capital

investment

has

ramped

up

from

less

than

$1Ba

year

20

years

ago,

to

$92B

in

2022.Global

VC

funding

by

region▊

Europe

▊

US

▊

Asia

▊

RoW

▊

Projected$688B$600BSpotifyNASDAQdirectlisting$500B$472B$400B$300B$200B$100BCreandumKlarna

seriesB$311B$290B$307B$284BCreandumSpotify

seriesACreandumfoundingdate$209B$167B

$165B$111B$64B$56B

$55B$42B$37B$39B$34B$15B

$19B

$23B$27B$92B$18B$11B

$11B200020022004200620082010201220142016201820202022Page

/7Source:Dealroom.co

|

CreatedwithDatawrapperThe

amount

of

capital

raised

by

VCs

in

Europe

has

also

increased

100x

in

the

last

20

years,with

the

growth

in

opportunities

and

European

track

record.VC

funds

raised

by

European

investorsCreandumFundVI:$500MCreandumFundV:$300M$30B$20B$10BCreandumFundIV:$193MCreandumFundIII:$177MCreandumFundII:$70MCreandumFundI:$27M2004200620082010201220142016201820202022Page

/8Source:Dealroom.co

|

CreatedwithDatawrapperThe

European

tech

ecosystem

has

grown

massively

in

the

last

decade,

now

worth

acollective

$2.5T.

Value

creation

is

accelerating

with

the

youngest

startup

cohorts

worth

themost.Combined

enterprise

value

of

VC-backed

European

tech

companies

founded

since

2000▊

1900–1989

▊

1990–1994

▊

1995–1999

▊

2000–2004

▊

2005–2009▊

2010–2014

▊

2015–2021$3.0T$2.5T$2.0T$1.0T20102011201220132014201520162017201820192020202120222023Page

/9Source:Dealroom.coEurope

now

has

65

cities

home

to

at

least

one

unicorn,

up

from

just

three

cities

in

2010.Number

of

cities

with

at

least

one

unicorn▊

Europe

▊

NorthAmerica

▊

Asiaexcl.China

▊

China

▊

RoWCreandum

investments1651671671501005014513111810485675117Unicornsin200934514Unicornsin20232565221120102011201220132014201520162017201820192020202120222023Page

/10Source:Dealroom.coEurope

now

has

514

unicorns,

spread

out

across

65

cities

and

25

countries,

thehighest

density

of

unicorn

tech

hubs

of

any

region

in

the

world.By

CityBy

CountryCreandum

investmentsTallinn6EstoniaPolandMadridDublin951413IrelandZurich1214DenmarkSpainUnicornsinEuropeCopenhagenMunichAmsterdam15(HQ+Founded)20Switzerland4.6xgrowthsince2016StockholmBerlin3135NetherlandsSwedenParis44FranceGermanyLondon105UnitedKingdom54+Unicorncitiesacross25countriesinEurope.210RestofEuropePage

/11Source:Dealroom.coThe

last

decade

has

proven

that

great

tech

companies

can

come

from

anywhere,

with

theEuropean

startup

ecosystem

now

increasingly

distributed.Total

unicornsand

$1B+exitssince

1990VC

fundingin

H1

2023New

unicornssince

2021Futureunicorns**Enterprise

value*19%Rest

ofEurope23%21%22%27%3%5%CEE8%9%9%5%17%10%16%FranceGermanyNordics10%15%11%13%15%17%16%14%15%15%8%UnitedKingdom35%34%29%31%28%Dealroom.co*Combinedenterprisevalueofallstartups&techcompaniesfoundedsince1990.**

Futureunicornsarestartupsvalued$250M-$1Bwhichraisedsince2018.Page

/12Source:Fintech,

Health

and

Enterprise

Sofunding

in

Europe

in

the

last

20

years.Share

of

venture

capital

funding

by

industry

(2003-2023)FintechHealthEntTransportationEnergyFoodMarketingTelecomMediaFashionSecurityRealEstateTravelGamingEducationRoboticsSpaceSemiconductorsOthers*Dealroom.co|CreatedwithDatawrapper.de

Dataasof2ndJune2023*Othersinclude:HomeLiving,HRTech,Music,Sports,WellnessBeauty,Legal,EventTech,

Hosting,ConsumerElectronics,Kids,Chemicals,Dating.Page

/13Source:Creandumʼs

Impact

on

Europe.“Creandum

in

a

snapshotThe

European

opportunity

ismore

compelling

than

everbefore.$15BRaisedbyportfoliocompanies40kPeopleemployedbyportfoliocompaniesacross16countries>120Investmentsacross16countriesWithEuropecatchingupinitsshareofglobalVCinvestment,theamountraisedbyfundsincreasingby100x,itislittlesurprisethatunicornsareemergingfromallacrossEurope.50+$1.7B20WebeganintheNordicsin2003,andin2023thefundsʼhavenowinvestedinover15countriesfromourhubsinStockholm,Berlin,LondonandSanFrancisco.exitsFundsraisedacrossallUnicornsinportfolio.vehiclesoverthepast20years16foundedinEuropeBeingageneralistfundmeansweplacegreateremphasisontheentrepreneurswethinkwillwinandwillkeepthisopennessat

ourcoreinthefuture.14+“Futurecorns”inportfolio(privatecompaniesvalued$250-850M)1

in

6CompaniesintheportfolioareUnicornsJohan

BrennerGeneralPartnerCreandumPage

/14Source:Dealroom.coThe

next

20

years

of

tech2.Europe:globalchallengerEurope

is

increasingly

affirming

its

role

in

tech

with

every

new

startup

generation.Experienced

VC

scene,

Startup

mafia

flywheel,Engineering

and

scientific

talentOver

30%

of

all

seed

capital

has

beeninvested

in

Europe

in

the

last

7

yearsCategoryleadersborninEuropeAdyen,

Spotify,

Klarna,JustEatTakeaway,

etc.Amazon,Google,Facebook,MicrUnchallengedinEuropeUp

to

20052005-2015TodayNext

20

yearsPage

/16Source:Dealroom.coThe

startup

mafia

flywheel

is

now

in

full

effect

in

Europe.

Entrepreneurship

is

compoundingas

successful

startups

spawn

new

generations

of

founder

talent.The

flywheel

effect

is

accelerating%oftotal

startupsfoundedbyunicornstaff

alumni,distributed

byyearunicornhit$1BmarkNumber

of

2nd

generation

startups*%total50%47%44%322622322431243124302240%30%20%10%21131912151215129%1420122013-20182019+Source:AccelandDealroom,2022Source:AccelandDealroom,2023Page

/17Source:*AccelandDealroom.coreportsEurope

and

Israelʼs

startup

founder

factories

Nov

2022,Europe

and

Israelʼs

startup

founder

factories

and

the

founder

journeyEurope

has

the

tech

talent

and

research

leadership

required

to

play

a

key

role

in

innovationfor

the

next

20

years.Europe

has

40%

more

developers

than

the

US*Europe

excels

in

Computer

Science

ranking

(THE

2022)1.

Oxford11.

Imperial

College

London12.

UCLA2.

Stanford3.

MITEurope6.1M13.

Tsinghua(Beijing)14.

Caltech4.

ETH

Zurich4.

Cambridge6.

CMU15.

TU

MunichUS4.3M16.

SingaporeNanyang17.

UniversityofWashington18.

Cornell7.

Harvard8.

Berkeley8.

NationalUniversityofSingapore10.Princeton19.

Pekinguniversity20.

École

polytechnique

fédérale

de

LausanneEuropean

students

are

more

into

science**(portionofgraduatesinScience,Technology,Engineering,andMathematics)…

and

also

does

well

in

Engineering

ranking

(THE

2022)1.

Harvard11.

UniversityofCalifornia12.

Pekinguniversity13.

Imperial

College

London14.

GeorgiaTechGermanyFranceUK35%2.

Stanford3.

Berkeley4.

MIT28%26%23%22%5.

Cambridge6.

Oxford15.

SingaporeNanyang16.

YaleItaly7.

Princeton8.

Caltech17.

Tsinghua(Beijing)SpainUSA18.

CarnegieMellonUniversity18%19.

École

polytechnique

fédérale

de

Lausanne20.

UniversityofMichigan-AnnArbor9.

ETH

Zurich10.NationalUniversityofSingapore*StackOverflow**BenedictEvans/MosaicVenturesDec2020.DataoriginallyfromBEIS/SCOPUS/UNESCO.Page

/18Source:Science

clustersDensity&

innovationlensMore

than

half

of

theworldʼs

top

scienceclusters

are

in

Europe.ScienceClustersareevaluatedonaper-capitabasis,mainlyonacademic/researchfootprintandstartupvaluecreation.Parameters

usedincludeuniversityranking,patentcreation,deeptechfundingfromearlyto

latestage

andnumberofdeeptechunicorns.Theresultisamixofbiggeneralistandsmallspecialistsciencehubs.Scienceclustersarewellpositionedto

leadintheemergenceofnewtechnologies.Page

/19Source:Dealroom.co

Next-gentechecosystemsreportPointsGlobal

Market

Size

vs.

Industry

VC

Investment

(2022-2023)Huge

potential

remains

forthe

transformation

of

manylargely

undisrupted,$14T$12T$10T$8TFinancialServices“traditional”

industries.EnergyRealEstateSome

industries

such

as

Real

Estate,Education

and

Insurance

as

well

asConsumer

segments

such

as

Food,Travel

and

Fashion

have

seen

verylittle

VC

funding

compared

to

theirlarge

market

size.HealthEducationInsurance$6TFood$4TMobilityTravelFashion$2T$20B$40B$60B$80B$100B$120BPage

/20Source:Dealroom.coDespite

the

vast

levels

of

funding

going

into

FinTech,

Enterprise

Sosignificant

opportunities

still

exist

for

tech

disruption

in

these

areas.“Thereʼs

no

stopping

innovation

-FintechFinTech,

SaaS

and

Health

havebeen

Europeʼs

most

popularsectors

for

investment,

but

allremain

under-invested.UnicorninportfolioRecentinvestmentsRecentinvestmentsRecentinvestmentsNewinvestmentopportunitiesinFinTech,

SaaSandHealthcontinueto

appear.

Additionally,newsectorsareemergingasinnovationspreadsacrossEurope.ThemassadoptionofAItoolssuchasChatGPTandLLMsmeanthatthespeedofinnovationisonlygoingto

accelerate.Enterprise

soUnicorninportfolioHealthJohan

BrennerUnicorninportfolioGeneralPartnerCreandumPage

/21Source:DNew

sectors

have

emerged

in

the

last

year

including

Climate

Tech

and

Quantum

Computing,where

Europe

makes

up

~⅓

global

funding.Global

share

of

funding

across

segments

(2022-2023YTD)▊

Europe

▊

US

▊

China

▊

RoW($0.7B)($24B)($6.6B)($1.8B)($1.2B)($8.5B)($1.8B)Dealroom.co|CreatedwithDatawrapper.de.

2023dataasof10thJune*FrontiertechheredefinedasDeepTech,

blockchain,VR/ARandclimatetech.Page

/22Source:VC

funding

in

Climate

Tech

continues

to

grow,

with

Europe

at

the

centre.Share

of

VC

funding

going

to

Climate

Techbyregion

(2023YTD)European

Climate

TechVC

funding▊

ActualInvestment

▊

Projected36%$19B35%30$17B$15B10B5B2524%22%$11B2015$7B$5B1058%$4B7%$2B$2B$5B20162017201820192020202120222023NordicsUKEuropeAsiaNorthAmericaPage

/23Source:Dealroom.co,createdwithDatawrapper.2023dataasof20thMayElectrification

accounts

for

half

of

Climate

Tech

investment

in

Europe.European

VC

funding

and

projected

growth

inselected

climate

tech

areas

(2023YTD)“Decarbonising

the

powersector

and

making

the

worldmore

electric

is

key

toProjectedgrowth2023vs2020Electrification$2.1B+36%addressing

the

climate

crisis.Energyefficiency

$435MClimatefintech

$343M+263%+118%+2430%+155%Itisencouragingto

seethecontinuedgrowthininvestmentinclimatetechacrossEurope,andtheNordicsbeingahubforinvestmentin2023.AtCreandum,thefundshaveinvestedinarangeofclimatesolutions-electrification,energy,sustainablesupplychains-andthiswillbeapriorityforusgoingforward.Carbontracking&offset$212MClimaterisk$49MSabina

WizanderPartnerCreandum$500M$1B$1.5B$2BPage

/24Source:D,createdwithDatawrapper.2023dataasof14thJune2023Climate

funding

gap:Real

vs

needed

investment

in

climate

tech*The

transition

to

net

zero

is

aninvestment

opportunity

whichamounts

to

20%

GDP.Necessaryfunding$8T$6T$4T$2TAmassiveincreaseinclimatefundingisneededfromtodayʼs$1.1T

to

over

$5T

inthecomingyears.2022$1.1T

globalinvestmentinthelow-carbonenergytransitionofwhich$65B

inClimatetechVC

fundingVC

funding

in

Climate

tech

standstodayat

justafractionofthatwith$65B

in

2022,butcanactasatechandbusinessmodelenablerforfurtherinvestment.Thisispoisedto

transformthewholeeconomy.Industriesaccountingfor20%

of

global

GDP

willbeparticularlyreshapedsuchassteel,cement,automotive&othertransportation,oil&gasandtheenergysector,amongothers**.ActualFunding20102020203020402050*BloombergNEF,

“EnergyTransitionInvestmentTrends2023”**McKinsey“Thenet-zerotransition:Whatitwouldcost,whatitcouldbring”Page

/25Source:The

mass

adoption

of

AI

will

accelerate

innovation

and

uncover

more

clusters.Inthelastperiod,AIhaspickedupanincredibleheadofsteam,drivenbytheadvancementofgenerativeAIandlargelanguageExamples

of

AI

impact

across

sectorsmodels.Enterprise

soThesenewdevelopmentsbegina

new

and

faster

than

ever

cycle

ofso,bothbyintegratingnewAIfeaturesintoDeveloper

toolsSignificant

GenAI

uptakeProcess

automationSignificant

GenAI

uptakeexistingproductsandcreatingnewAI-firstones.Weseethishappeningbothinnewmarketsand“mature”areas.Thevelocityofthisnewtechcycleshowsonceagainthatinnovationisunpredictableandspeedandopennessisrequired.Fintech10x25%Europeanunicornsin2023inGenerativeAI(DeepL,Synthesia)€105MLargestseedroundeverinEuropeinGenAIdespitebroadermarketdownturn(Mistral

AI)Financial

adviceSignificant

GenAI

uptakeAMLandKYCGrowthinGenAIVCfundinginEuropeProjected2023vs2020Page

/26Source:Dealroom.coThe

next

big

opportunity

is

likely

to

emerge

in

an

unexpected

area.“When

the

funds'

first

invested

inSpotifyhasbeenthetrainingSpotify

in

July

2008,

we

could

hardlyhave

imagined

music

streaming

wasa

segment

capable

of

such

a

greatoutcome.groundformanyentrepreneurs.With32businesseslaunchedbyformeremployees,itisthetechcompanywiththemost

2ndgenerationstartupsinEurope”Spotify

has

paved

the

way

forEuropean

founders

to

think

big

andachieve

the

same

kinds

of

outcomeswhich

previously

people

thoughtonly

realistic

in

Silicon

Valley.Fredrik

CasselGeneralPartnerat

CreandumJuly

2008Firstinvestment(co-ledSeriesA)April

2018Publiclistingat

$29.5Bvaluation97xReturnPage

/27Source:The

time

for

Europe

is

now.“When

we

started

Creandum

in

2003,

wehad

little

idea

that

the

Europeanventure

ecosystem

would

develop

asmuch

as

it

has

in

the

last

20

years.

Withthe

data

gathered

around

thediversification

of

investment

andunicorns

across

Europe,

the

wave

ofcomputer-science

talent,

the

pervadingopportunities

in

well-known

sectors

aswell

as

exciting

new

opportunitiesemerging,

we

expect

Europe

to

continueto

dominate

going

forward.TalentFundingHigher%ofSTEMgraduatesthanUS,topuniversitiesinComputerScienceandEngineering.Halfoftheworldʼstopscienceclusters.MoredevelopersthantheUS.Attractingnearly20%oftotal

fundingandnearly30%ofseedstage

one,fromjustaround5%twodecadesago.AmountraisedbyVCsinEuropehasincreased100xinsameperiod.Experienced

startups

&VC

sceneSectorsSomuchuntappedpotentialinfintech,entEmergingtrendssuchasClimateTech

opensupnewmassivemarketsnotpenetratedbytechtoday.FlywheeleffectnowinfulleffectwithstartupMafiassuchasSpotifyandKlarna.InvestorsinEuropewithupto

20ye