Dealroom unveils the top 100 thoroughbreds in EMEA: Meet the Netherlands’ $100M+ revenue stars

Amsterdam-based Dealroom, a data provider on startups, growth companies, and tech ecosystems, has released the Thoroughbreds 100, a list of tech companies in EMEA with annual revenue exceeding $100M.

The list showcases companies that are growing, acquiring customers, and expanding their teams. It indicates that investors are now paying more attention to results rather than high valuations. Many companies are staying private longer and focusing on increasing output, creating jobs, and making tax contributions.

The Thoroughbreds 100 EMEA collectively generated $168B in revenue over the past year and provided 367,000 jobs across the region. 

Fintech leads with 30 companies, including Revolut, Wise, and Trade Republic. Enterprise Software follows with 25 companies, including Mistral AI and Bending Spoons. Health & Biotech includes 14 companies, such as Alan and Flo Health.

The UK hosts 22 companies on the list, followed by Germany with 17. The combined enterprise value of these companies is $673B.

The list represents the companies with the most momentum in 2025. Out of more than 700 Thoroughbreds across EMEA, 38 were created in the last two years. Thoroughbreds now make up 27 per cent of EMEA’s $5.6T tech ecosystem.

Yoram Wijngaarde, Founder and CEO of Dealroom, says, “Venture has long been measured by promise, but performance comes from proof. That’s why our 2025 ranking includes a focus on Thoroughbreds: companies generating $100M+ in ARR, rooted in strong customer demand and lasting value. These aren’t speculative bets; they’re regional assets. By prioritising tangible impact and sustainable growth, we offer unprecedented clarity for founders, LPs, and policymakers on where resilience lies and the investors that are truly bending the curve.”

“Europe is no longer merely emerging; it is a demonstrable engine room for national, regional, and global champions.”

Meet the Netherlands-based startups on the list

We have highlighted the Netherlands-based startups that are generating significant revenue, creating jobs, and contributing to the tech ecosystem. Check them out below!

Bunq

Valuation: $1.8B

Bunq offers mobile-based banking services for individuals and businesses. The company provides digital accounts, including bunq Business, which allows account management without physical branches or paperwork.

Adyen

Valuation: $37.7B

Adyen provides a payments platform that enables businesses to accept transactions online, in physical stores, and on mobile devices. The company supports clients ranging from startups to large enterprises.

Adyen holds licenses in multiple countries, which allows it to process payments directly without using third-party banks. This structure enables businesses to manage payments through a single integrated system.

Mews

Valuation: $1.2B

Mews has developed Mews Hospitality Cloud to streamline operations for modern hoteliers, transform the guest experience, and create more profitable businesses.

The company’s clients include BWH Hotels, Strawberry, The Social Hub and Airelles Collection. It claims to have over 5,500 customers across more than 85 countries.

Flow Traders

Valuation: $955M

Flow Traders is a global liquidity provider focused on Exchange Traded Products (ETPs) and other asset classes. Using a proprietary technology platform, Flow Traders quotes bid and ask prices on thousands of listings, helping investors trade more easily. 

The company earns revenue from the spread between bid and ask prices and from trading fees, and its clients include institutional investors such as hedge funds and asset managers.

ACT Commodities

Valuation: $1B

ACT Commodities trades environmental commodities to support businesses in meeting sustainability goals and regulatory requirements. The company serves corporations, governments, and financial institutions. Its revenue comes from trading carbon credits, renewable energy certificates, and other environmental assets.

Mambu

Valuation: $5.4B

Mambu is a software-as-a-service company that delivers a cloud-native, API-based platform for banking and financial services. Its clients include banks, fintech firms, and other financial institutions that use the platform to create and manage banking and lending products.

Redcare Pharmacy

Valuation: $3.1B

Redcare Pharmacy is an online pharmacy operating in seven European countries. The company serves over 13 million customers with more than 250,000 products. Its offerings include over-the-counter medicines, nutritional supplements, beauty and personal care items, and other health-related products. Prescription drugs are provided in Germany, Switzerland, and the Netherlands.

View the full Thoroughbreds 100 list of tech companies in EMEA here.

Investor ranking for EMEA

Dealroom has published its 2025 Power Law Investor Ranking for EMEA, ranking investors based on the number of high-revenue tech companies in their portfolios.

The ranking includes Unicorns, Thoroughbreds (companies with $100M or more in revenue), and Colts ($25–100M in revenue). Additional weight is given to investors who back companies at the Seed and Series A stages.

Phoenix Court is the top investor in EMEA, backing founders from the Seed stage through public markets via its four funds: LocalGlobe, Latitude, Solar, and Basecamp. The firm focuses on supporting high-revenue tech companies from early stages through growth. Phoenix Court allocates 10 per cent of management company profits and 2 per cent of carry from all funds to its foundation, Phoenix Court Works.

Saul Klein, co-founder and Executive Chair at Phoenix Court, says, “For over a decade, venture capital has been gripped by unicorns. But the real test of a company is not valuation, but fundamentals. The definition of success has changed. Europe has the raw ingredients to create the companies that matter, and it’s encouraging to see 38 new Thoroughbreds created in the past two years. The challenge is not building them, but scaling them.”

“As we mark ten years since founding Phoenix Court, we’ve seen what it takes to back long-term winners from the earliest stages via LocalGlobe through to our later stage funds Latitude and Solar. What’s needed now in Europe is the long-term conviction at growth – so that the value created here stays here and compounds for the next generation.”

Index Ventures ranks second, and Point Nine, a Berlin-based Seed investor, is third. Phoenix Court and Index Ventures are the only European funds in the global top 20.

Other investors in the top 10 are Accel (Palo Alto, US), HV Capital (Munich, Germany), Y Combinator (Mountain View, US), Balderton Capital (London, UK), Sequoia (Menlo Park, US), Bessemer Venture Partners (San Francisco, US), and Seedcamp (London, UK). 

The scale-up funding gap

Within EMEA, the “New Palo Alto” region, covering London, Paris, Amsterdam, and Brussels, is home to over 250 Thoroughbreds and nearly 800 Colts. This region has produced seven of Europe’s ten most valuable tech companies founded after 1990, including Booking.com, ASML, Adyen, Arm, Revolut, Tide, Wise, and Monzo.

Despite growth, EMEA faces an estimated $57B funding gap for scale-ups compared to the Bay Area. Nearly 2,000 venture-backed companies in EMEA now generate $25M or more in revenue, presenting an investment opportunity for institutional investors and asset allocators.

Brief about Dealroom

Founded in 2013, Dealroom provides data and analysis on startups, growth companies, and global tech ecosystems. The platform works with investors, entrepreneurs, and government organisations to offer insights and transparency on venture capital activity and startup developments.