Top 10 themes by number of new joiners, by type New joiners from within tech Net new tech joiners Sustainability / Climate Health Digital care Supply Chain & Logistics Hardware HR Tech Electric Vehicles Insurance Transportation Sales & Marketing Notes: To adjust for lags in reporting, we 0 50k 100k 150k 200k 250k compare snapshots of data at # of new joiners different points in time, which allows us to estimate future growth of current figures by extrapolating differences between time points. 2022 data shown as of 20 September 2023. Companies Sources: Powered by may be assigned to multiple themes, causing talent to also being assigned to more than one theme. Climate tech outstrips 昀椀ntech in European markets It is not just talent that is being drawn to the hardest problems. Capital is 昀氀owing in the same direction too in- vestment volumes are broken down by sector. Remarkably, the Carbon & Energy sector, which encompasses climate tech, accounts for 27% of all capital invested in European tech in 2023, more than doubling its share of investment since 2021. This has seen the sector overtake Finance & Insurance, as well as horizontal Software as the single largest sector by capital raised. This not only represents a dramatic increase in the scale of capital invested behind the green transition, but also a clear slowdown in 昀椀ntech investment volumes since the peak of the market. 49 | Executive summary