Europe’s startup ecosystem has grown significantly in the past decade, and several billion-dollar companies have mushroomed across the continent.
According to Atomico’s State of European Tech report, 11 ecosystems that had yet to produce a billion-dollar company in 2015 now have one or more.
A report from Dealroom reveals that Europe has created 571 unicorns, including 22 new ones in 2024, with 37 reaching decacorn status. A decacorn is a privately held company valued at over $10B. This highlights the region’s growing number of high-value companies.
“Nobody would have believed this in the early 2000s,” says Taavet Hinrikus, co-founder of Wise and founding partner of Plural.
“The fact that we have more than 300 unicorns in Europe is amazing. And the fact that a lot of these unicorns are profitable, fast-growing iconic companies like Wise, Spotify, and Adyen. Nobody would have believed this in the early 2000s. If we think about it, Europe has a maybe 30-year lag to Silicon Valley. We can only think about where we’re going to be in 10 years, 20 years from now; a lot more companies will get to the same state. We have all the ingredients for the trillion-dollar companies to be born in Europe,” Hinrikus adds.
Over the last 10 years, total funding in Europe has skyrocketed, increasing tenfold from $43B to $426B, with 2024 set to surpass $45B.
Niklas Zennström, co-founder, Skype, founder & CEO at Atomico, adds, “In the last ten years, things have really, really accelerated. We’ve gone from early indications to now proof that European tech is working, the flywheel is spinning.”
While investment levels dipped following the record-breaking surge in 2021, the ecosystem remains resilient, with projections for $47B in investment this year—a 20 per cent increase over 2020.
The surge in entrepreneurship is also evident, with early-stage companies growing from 8,000 in 2015 to more than 35,000, and growth-stage companies rising eightfold to over 3,400.
As the European startup scene continues to strengthen, we’re taking a closer look at the top 24 companies that have raised the biggest funding in 2024. Certain details of these companies have been sourced from Dealroom.
Wayve
London-based Wayve is a developer of Embodied AI technology for automated driving. The tech allows autonomous vehicles and other applications to coexist safely with humans, enabling individuals to concentrate on what truly matters in their daily lives. The UK company was the first to develop and test an end-to-end (e2e) AI autonomous driving system on public roads.
In May, the company secured over $1.05B in a Series C funding round led by SoftBank Group, with participation from new investor NVIDIA and existing investor Microsoft. Wayve is currently hiring, check out the opportunities here.
Nebius
Amsterdam’s Nebius is a technology company that provides the infrastructure needed for the global AI industry. This includes GPU clusters, cloud platforms, and tools for developers. The company’s core business is an AI-centric cloud platform built for intensive AI workloads.
Earlier this month, Nebius entered into definitive agreements for a $700M (€667M) private placement financing from a select group of institutional and accredited investors. Currently, the company is hiring for engineering, product, and corporate roles.
Abound
London-based Abound is a financial service that uses Open Banking and artificial intelligence to provide borrowers with more affordable loans compared to traditional lenders.
In May, the company secured £0.8B (€0.9B) in debt and equity in a new funding round, bringing the total up to £1.3B (€1.5B). Abound is currently hiring for a customer service expert and senior data engineer. Apply here.
Mistral AI
Paris-based Mistral AI is a platform that assembles teams to develop generative AI models. The company specialises in open-source software for chatbots and generative AI tools.
In June, the French company secured €468M in an equity funding round at a €5.8B valuation. However, the total amount raised, including debt, was €600M, reported Sifted. Mistral AI is currently hiring for various roles. Check them out here.
Poolside AI
Paris-based Poolside.ai is a startup leveraging AI to transform software development. It develops AI tools to assist with coding and design, targeting developers and businesses seeking intelligent solutions. Its long-term goal is to enable AI-led, human-assisted software creation for users of all skill levels.
Poolside raised $500M in a Series B funding round, reportedly valuing the company at $3B. The French company is also hiring for various roles, check them out here.
Helsing
Munich-based Helsing is focused on protecting democratic values and open societies by addressing modern defense challenges with advanced software architectures and AI algorithms. Collaborating with governments and industry partners, the company enhances existing hardware capabilities and has secured multiple government contracts.
In July, Helsing secured €450M in a Series C round of funding led by General Catalyst, with contributions from Elad Gil, Accel, Saab, Lightspeed, Plural, and Greenoaks. The company is currently hiring, apply here.
Monzo Bank
Monzo aims to build banking by creating a smartphone-centric and contemporary banking experience. Officially regulated as a bank in August 2016, Monzo operates with a team of over 2,000 from its London headquarters and remote locations.
In March, Monzo secured £340M (€397.91M) in a fresh round of funding at £4B (€4.68B) valuation. The round was led by CapitalG, Alphabet’s growth fund, and joined by tech giants GV and HSG, along with existing backers Passion Capital and Tencent.
The company is currently hiring for various roles, check them out here.
Highview Power
London-based Highview Power has developed its Liquid Air Energy Storage (LAES) tech achieving the capability to store renewable energy for extended periods, surpassing traditional battery solutions.
In June, the company secured £300M (€356.50M) from the UK Infrastructure Bank (UKIB) and British multinational energy and services company Centrica, and others. Highview Power is currently hiring, apply here.
Picnic
Amsterdam-based Picnic focuses on streamlining the delivery of groceries to homes without unnecessary intermediaries. The company’s distribution method incurs such low costs that delivery is offered free of charge, and the groceries are competitively priced.
In January, Picnic secured €355M in funding from its shareholders, including German supermarket chain Edeka, the Bill & Melinda Gates Foundation Trust, and well-known Dutch family businesses. Currently, the company is hiring for various positions. Apply here.
Lighthouse
London-based Lighthouse (formerly OTA Insight) is a commercial platform for the travel and hospitality industry that provides market insights, business intelligence, and pricing tools to help businesses maximise revenue growth.
In November, Lighthouse secured nearly $370M in Series C growth funding – and achieved its “unicorn” status with this round. The UK-based company is also currently hiring. Check out the open roles here.
ELECTRA
Paris-based Go-Electra is a startup in the electric vehicle (EV) charging industry, offering fast, reliable, and convenient charging solutions. Its bookable charging spots allow customers to reserve in advance, eliminating waiting times and enhancing convenience.
In January, the company raised €304M in Series B funding to expand its network of charging stations across Europe. It is currently hiring for various roles. Check them out here.
Stegra
Stockholm-based Stegra (H2 Green Steel) claims to be at the forefront of green steel production. The company employs a fully integrated process incorporating end-to-end digitalisation, electricity from fossil-free sources, and green hydrogen as an alternative to coal.
In September, Stegra was granted SEK 1.2B (approximately €100M) in state aid from the Industrial Leap for its establishment of a fully integrated near-zero emission steel production facility in Boden. The company is currently hiring for various roles, check them out here.
DeepL
Germany-based DeepL is a language AI provider for businesses across multiple industries, including manufacturing, legal, retail, healthcare, technology, and professional services. The company’s tools help businesses overcome language barriers and improve communication with innovative technology and enterprise-level security.
In May, DeepL secured $300M (€277M) in funding at a $2B valuation led by Index Ventures. The company currently has 39 job opportunities, check them out here.
Quantinuum
Quantinuum pioneers powerful quantum computers and advanced software solutions. The company claims that its technology drives breakthroughs in materials discovery, cybersecurity, and next-gen quantum AI.
In January, Quantinuum raised $300M (€276M) at a pre-money valuation of $5B. The round was backed by Quantinuum’s strategic partner JPMorgan Chase, with additional participation from Mitsui & Co., Amgen, and Honeywell, which remains the company’s majority shareholder. The company is currently hiring, apply here.
HR Path
Paris-based HR Path is an HR digital transformation company providing consulting, digital solutions, and support to drive the digital transformation of HR functions. Its “Advise to Run” model spans HR strategy, HRIS implementation, and maintenance services.
The company’s smart cloud solution, NUBO, offers tailored services to optimise efficiency and costs. HR Path also focuses on enhancing the Employee Life Cycle and adapting workplace setups to evolving needs.
In July, the company raised €500M in funding from Ardian, a private investment house. The company has various open job opportunities, check them out here.
Zepz
London-based Zepz (formerly known as WorldRemit) is an online service for sending money abroad conveniently and at a low cost, using a computer, smartphone, or tablet. Recipients can receive the money as a bank deposit, cash pick-up, Mobile Money, or mobile airtime top-up.
In October, the company raised $267M (€243M) in funding led by Accel, with participation from Leapfrog, TCV, and Coller Capital. Zepz is currently hiring for various roles, apply here.
Deep Green
London-based Deep Green is transforming the data center industry with sustainable, cost-effective, and eco-friendly solutions. By repurposing waste heat from computing processes to heat public buildings at no extra cost, the company reduces environmental impact while providing data storage and processing services to environmentally conscious businesses.
In January, Octopus Energy’s generation arm invested £200M in the UK-based company to help it scale its technology across the UK.
EraCal Therapeutics
Zurich-based EraCal Therapeutics is a biotech startup focused on drug discovery using zebrafish to identify novel therapeutic mechanisms. The company targets academic and commercial clients in the pharmaceutical and biotechnology sectors, developing drugs, particularly for obesity and related complications.
In January, the Swiss startup raised €235M in funding.
Sunfire
Germany-based Sunfire is a startup in the renewable energy sector, focused on replacing fossil fuels with sustainable energy sources. The company’s main offerings are electrolysers that produce renewable hydrogen and syngas from renewable electricity, water steam, and captured CO2. These solutions help energy-intensive industries decarbonise their value chains.
In March, Sunfire raised €215M in a Series E funding round and secured a €100M loan from the EIB, as well as has access to €200M in grant funding. The company is currently hiring for various roles, check them out here.
SeQura
Barcelona-based SeQura offers flexible payment solutions that help merchants grow their customer base and empower shoppers with interest-free credit and installment options. With a presence in Southern Europe and Latin America, seQura servs over 5,000 businesses and 2 million shoppers, and is approaching €100M in annual recurring revenue.
In November, the fintech firm closed over €410M in debt and equity funding, led by Citi and supported by M&G, Chenavari, and a convertible loan from Svea Bank. SeQura is currently hiring for various positions, check them out here.
Hysetco
HysetCo is a hydrogen mobility company in Europe, operating the first hydrogen distribution station network in France. It manages a fleet of over 500 hydrogen vehicles and distributes nearly 30 tonnes of hydrogen monthly. The company provides an integrated solution, including access to hydrogen stations, vehicle rental services, maintenance, repairs, insurance, and training.
In April, HysetCo secured nearly €200M from investors led by Hy24 to accelerate the deployment of its hydrogen mobility solutions and drive urban transport decarbonisation. The round also saw participation from RAISE Impact and Eiffel Investment Group. The firm is currently hiring. Apply here.
ITM Radiopharma
ITM Isotope Technologies Munich SE is a radiopharmaceutical biotech company focused on providing radiomolecular precision therapeutics and diagnostics for hard-to-treat tumors. ITM is advancing a broad precision oncology pipeline, including multiple phase III studies, and combines high-quality radioisotopes with targeting molecules.
In June, the company raised €188M in funding to advance its radiopharmaceutical pipeline and strengthen its position as a leader in medical radioisotope manufacturing. ITM is currently hiring, apply here.
EGYM
Munich-based EGYM is a smart fitness startup. It provides health facilities with AI-driven solutions including integrated strength equipment and data-enabled tools for personalised workouts, health tracking, and activity interconnectivity across fitness clubs.
The company has achieved rapid, profitable growth in Europe and aims to transform the US fitness market. In September, EGYM raised $200M at a $1B+ valuation, led by L Catterton and Meritech Capital. EGYM is currently hiring, check out the roles here.
ENVIRIA
Frankfurt-based ENVIRIA provides scalable energy-as-a-service solutions, handling financing, installation, and operation of solar systems, charging stations, and energy storage. The company also leases rooftops, operates solar systems, and markets green electricity.
In February, the company raised over $200M (€185M) in equity investment and is currently hiring, check the roles here.
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