Key 昀椀ndings Europe is on track to raise $45 billion of capital in 2023 While this is signi昀椀cantly less than the $82 billion raised in 2022, it’s still the third-highest year on record. Few new members admitted to the billion-dollar startup club This year is on track to see the lowest number of $B+ companies emerge from Europe in the last decade, with only 7 new unicorns. Europe’s startups are experiencing a funding bottleneck After 昀椀ve years, US tech startups are 40% more likely to have secured venture capital funding than their European counterparts. That’s despite the fact that af- ter securing an initial Seed round, a company’s chances of reaching a billion-dol- lar valuation are the same in Europe and the US.