Slowdown visible across Europe The slowdown of capital invested in private European tech companies is evident across the region, with sig- ni昀椀cant year-on-year declines recorded in every major European country between 2022 and 2023. The region-wide impact of slowing investments means that the ranking of Europe’s largest countries are largely unchanged compared to last year. The UK retains its top spot with a projected $12.7B of capital invest- ed, followed by France ($8.0B) and Germany ($7.8B). This year, the Netherlands ($2.1B projected) has risen back into the top 昀椀ve countries, displacing Switzerland ($1.7B) to join Sweden ($1.7B) to round out the top 昀椀ve countries by capital invested in 2023. Only a small number of countries bucked this trend - Lithuania, Romania, and Luxembourg are the only coun- tries to have recorded a year-on-year increase in total capital invested in 2023. Let’s start believing in ourselves. Europe possesses talent, innovation, and a legacy of groundbreaking innovations such as the World Wide Web and Linux. We must foster a culture that believes in the power of ideas and capabilities, promoting risk-taking and entrepreneurship. Oskari Saarenmaa CEO, Aiven This con昀椀dence is not just about individual success—it’s about cultivating a collective belief that Europe has the talent, crea- tivity, and resilience to lead in the global tech arena. By instilling this con昀椀dence in ourselves, we will make investments, foster innovation, and create an environment where tech pioneers 昀氀ourish. It’s not just about competing; it’s about embracing our unique strengths with con昀椀dence, paving the way for Europe to emerge as the next tech superpower. 107 | Companies