Key 昀椀ndings The UK is losing its lead By share of total capital invested in Europe per country, the UK has lost out the most over the last three years, while countries like France, the Netherlands, and Norway have gained. Estonia remains a startup haven The small but mighty Baltic state sees the highest number of funded startups per capita, and the most billion-dollar companies per capita. Local capital is more important than ever As international investors retreat, local investors must step up to the plate, un- derscoring the signi昀椀cance of building a consistent source of European capital across all stages, and especially later ones.