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The next silicon valley won’t be in the US

December 18th 2019

By QUARTZ

There has never been a better time to invest in European tech.

Not only is the continent challenging US dominance of tech innovation, but the European tech landscape is expanding rapidly beyond the continent’s established hubs.

Top-line analyses of this investment often focus on the three major cities of London, Paris, and Berlin, which together accounted for the majority of venture capital investment across the European continent in 2018.

London, Berlin, and Paris have undoubtedly driven the boom in European technology and are home to many of the tech sector’s biggest names, including companies like TransferWise, Delivery Hero, and Bla Bla Car. London’s 25 $billion companies alone are reportedly worth a cumulative $60 billion.

Tech success in these non-hub European cities have continued as a trend throughout 2019. Q2 and Q3 saw significant numbers of non-traditional tech-hub locations generating unicorn-level valuations, with $8.7 billion raised in Q3—a 44% increase compared to the same period last year.

While we don’t expect to see London’s top position under threat any time soon, the continent is developing a far more diverse and widespread technology landscape than ever before. And this is ultimately good news for entrepreneurs and investors alike.