Norway’s optimism in the tech sector is signi昀椀cantly boosted by its robust welfare system and focus on work-life balance. Marit Rødevand Co-Founder & CEO, Strise Furthermore, the nation’s oil-generated wealth has heightened awareness about the urgent need for energy transition, mobiliz- ing both talent and resources toward sustainable tech solutions. UK’s lead eroding while the Netherlands leaps forward The emergence of 昀氀ourishing local tech ecosystems across the region has been a key theme in the growth of European tech in recent years, with capital 昀氀ows broadening and a shifting distribution in the share of total capital invested by country. So while the UK is - and continues to be - the largest hub in absolute terms, when it comes to capital invested, it has been gradually losing ‘market share’ on a European level. This chart highlights the biggest gains and falls by country, as measured by a change in their share of total capital invested in Europe. To avoid over-indexing on a single year, this compares a country’s share of total capital invested over the past three years (2021-2023) against the same country’s share in the three preceding years (2018-2020). On this basis, it’s clear that the UK, Sweden, and Finland have seen the largest erosion of their relative share of European funding, while the Netherlands, Norway and Estonia are amongst the countries that have cap- tured the biggest gains. For interest, we have also included a straightforward comparison of the change in the distribution of capital invested by country in 2023 versus 2019. The risers and fallers look very similar across the two charts, though this perspective catapults France to the top of the ‘gainers’. The UK remains the biggest net loser. | 110