Growth stage Rest of World Asia 100 North America Europe 80 d e t s 60 e v n i l a t i p a c f 40 o % 20 0 2019 2020 2021 2022 2023YTD Notes: Data is as of 30 September Sources: 2023. Excludes the following: biotech, second- ary transactions, debt, lending capital, and grants. Bench of active European investors is deepening The number of unique investors actively deploying into European tech companies has risen consistently over the past decade, unsurprisingly spiking during the peak period of 2021 and the 昀椀rst half of 2022. This period in particular was characterised by a signi昀椀cant ramp in the number of investors from outside the region deploy- ing into Europe, growing especially quickly from North America. While the full-year numbers for 2023 will end up higher than the year-to-date numbers shown in the chart, the reset in the market has seen the number of active investors retreat, driven by a signi昀椀cantly reduced level of participation from non-European investors. But despite the slowdown in 2023, and even without taking into account full-year numbers, the base of active investors is still more than double the level of just a decade ago. This commitment to embrace the perceived risk of investing through market cycles is a critical foundation to ensure the European tech ecosystem continues to bene昀椀t from a signi昀椀cant and stable base of local inves- tors. | 28