Fast & Efficient
Reading tracks
This report contains a vast amount of data - to help pull out insights most relevant to you, please see these reading pathways through the report, themed around different topic areas and audiences. Please note: there is some overlap between sections since some insights cross multiple themes.
2023's defining trends
14m
Want to make sense of 2023, but don't have much time? Or simply want to start with the top-line view? We've whittled down the report to the most fundamental and useful findings of the year, so that you can get the top-line view on the State of European Tech 2023.
In this reading track:
- The European ecosystem stabilises amidst a tough macro environment
- Europe benefits from its deepest ever talent pool
- The rise of AI in Europe
SOET for LPs
9m
We asked LPs to tell us about their priorities, concerns, wishes, and activity. Learn more about the trends they’ve observed this year and the changes they’re driving.
In this reading track:
- VCs and LPs are aligned on future challenges
- Pension funds punching below their weight
- LPs are actively exploring liquidity opportunities
SOET for Founders
10m
This year has been another challenging one for founders, with many of the macro challenges we saw in 2022 persisting. If you're a founder and want to know how others in the industry are navigating the downturn, then this is the reading track for you.
In this reading track:
- The fundraising environment remains difficult in 2023
- Securing access to capital and customers pose the biggest challenges
- Founders are looking for alignment on vision from VCs
State of DEI
11m
The report has continued to shine a light on lack of diversity in VC and tech for many year. Despite being a well recognised issue within the ecosystem, the pace of progress continues to move only at snail pace in 2023.
In this reading track:
- Women founders captured 3% of all funding in 2023
- Non-white founders face highest barriers in fundraising
AI: The 2023 renaissance
9m
It wouldn’t be the State of European Tech 2023 if we didn’t talk about the theme that’s dominated the headlines - AI.
If you want to know the truth behind AI in Europe this year, then this is the reading track for you.
In this reading track:
- AI takes over at Seed
- Investors bet big on AI
- AI talent in Europe outweighs the US
Slush: A spotlight on the Nordics
8m
The Nordic startup ecosystem has grown significantly in recent years. With success stories like Spotify, Wolt, and Unity, it has become a highly attractive hub for venture capital investors, attracting more than 10% of all funding in Europe. Read on to learn what’s unfolding in the north, as we delve into the state of Nordic tech in 2023.
In this reading track:
- Nordic countries on track to raise $4.5B in capital, 10% of Europe's total
- Sweden and Norway among top 5 countries by $B+ company concentration
- Pension funds in the Nordics are doing the heavy lifting
Orrick's take on SOET
7m
While 2023 tech investment in Europe is far off from the highs of the past two years, there were still clear indications that tech and innovation remain the engines for economic growth in Europe and across the globe.
In this reading track:
- Bench of active European investors is deepening
- Tech continues to draw in talent
- Talent flywheel accelerating with unicorn alumni
HSBC Innovation Banking's take on SOET
7m
Over the course of 2023, we've seen investment levels stabilise, including at the Growth level, where there has already been much commentary, continued robustness at the Seed stage, and the emergence of green shoots amidst a tough macro environment. Click here to see the charts that interested us the most.
In this reading track:
- The market reset is a global phenomenon
- Talent is flowing to the hardest problems
- Ecosystem regains value to $3 trillion
State of Estonian Tech
7m
While the European per capita champion in startup and $B+ company creation has seen a deceleration in funding similarly to rest of Europe, the small but mighty ecosystem continues to attract tech talent.
In this reading track:
- Bolt continues to dominate funding levels, while early stage pipeline strengthens
- The early success of Skype continues to attract talent to entrepreneurship also today
State of German Tech
5m
As one of the biggest powerhouses in European tech, Germany had a big role to play in the story of 2023. While AI in Germany had a successful year, with the likes of Aleph Alpha, Helsing AI and DeepL raising megarounds, overall investment levels declined to $7.8B. Here, we examine the full story of German tech in 2023.
In this reading track:
- Germany ranks 3rd in investment levels
- AI companies in Germany account for 4 megarounds
- Room for growth in the number of startups per capita