Count of funded and unfunded companies per country. Funded Unfunded 150k s 125k e i n a p m o 100k c d e d n u f 75k n u d n a d e 50k d n u f f o # 25k 0 y e y n s d n k d l d d c y a a e a e m n c l i d n e m r n a n n li a i t c i p o a n ta a n a d iu a a g a a b w tr al e n o d a I p a rl e g m l tu l l u r s e a r g rm r S rl l o r e in p o u M r m u in e F e ze w e n P o Ir F e A G o E K G h it S B e P R N R f t w D o d e S ch t e N s it e e Un Cz R Notes: Data is as of 30 September Sources: Powered by 2023. Excludes the following: biotech, second- ary transactions, debt, lending capital, and grants. Pockets of high startup concentration Inevitably, any measure of startup activity in absolute terms will be dominated by the largest countries by population and GDP. Adjusting for the size of the country, therefore, is a helpful tool to draw comparisons that benchmark the relative level of startup activity. Here, the density of funded startups is adjusted for popula- tion to identify countries with the highest density of funded startups per capita. On this basis, smaller countries with active startup ecosystems rise to the top. Estonia, as in prior years of producing this analysis, takes the top spot. This also serves to highlight the fact that many large countries, such as Germany, Italy, and Spain have signi昀椀cant room for growth, if they want to compare more favourably with countries that have succeeded in creating a greater relative density of funded startups, on a popula- tion-adjusted basis. 115 | Companies