New startup Number of new tech startups founded per year, 2018 to 2022 formation is slowing, New tech startups though Europe 19k 20k 18k on par with US -15% ‘21 vs ‘22E -19% 14k 15k Europe 14k United States 12k 11k 10k 5k $25B Source: Revelio Labs 2019 2018 2020 2021 2022E Notes: 2022 estimates adjusted for reporting lag (extrapolated based on snapshots at different points in time).