Where are European tech companies coming from? As highlighted in the Executive Summary, the meteoric rise of tech entrepreneurship in Europe has result- ed in the number of new tech startups founded each year in Europe exceeding the US for each of the past 昀椀ve years. On average, around 15,200 new tech startups have been founded per year in Europe, compared to 13,700 in the US. But which countries are the biggest contributors to tech startup formation across Europe? And which coun- tries, if any, are seeing their share of tech startups being founded faster, in relative terms, than those across the rest of the region? The UK leads the way in terms of the number of tech startups founded each year, accounting for approximate- ly a quarter of all new companies each year in Europe. The fastest-rising country in terms of share of new tech startups created each year is France, which has seen its share increase from 18% in 2019 to 22% in 2023. While the top 10 countries account for a signi昀椀cant percentage of total tech startup creation each year (83% in 2023), a meaningful share of new tech startups (17%) are being started away from these more established clusters of startup activity. Share (%) of new tech startups founded per country, 2019 to 2023 Rest of Europe 100 Finland Sweden Belgium 80 Switzerland Spain s p u Italy t r 60 a t Netherlands s h c Germany e t w France e n 40 f o United Kingdom % 20 Notes: 0 Data is as of 20 September 2019 2020 2021 2022 2023 2023. To adjust for lags in reporting, we compare snapshots of data at different points in time, which allows us to estimate future growth of current Sources: figures by extrapolating differences between time points. 125 | Companies