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 was characterised by a signi昀椀cant ramp in the number of investors from outside the region deploying 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. Number of unique investors investing in European tech by investor HQ region, 2014 to 2023 Other Asia North America 10k Europe 8k s r o t s 6k e v n i e u q i n u 4k f o # 2k 0 4 5 6 17 8 9 0 1 2 D 1 1 1 0 1 1 2 2 2 T 0 0 0 2 0 0 0 0 0 Y 2 2 2 2 2 2 2 2 3 2 0 Notes: 2 Data is as of 30 September 2023. Excludes the follow- ing: biotech, secondary transactions, debt, lending Sources: Powered by capital, and grants. Other includes investors with HQ countries in rest of the world. 75 | Companies