2020 saw 18 new 1B+ companies, Klarna and UiPath become $10B+ companies, and Adyen and Spotify pass $50B valuations. The ecosystem is now systematically recycling experienced talent to build new generations of companies. And if exit and M&A numbers are still far behind the US, there are hopeful signs that this is changing.
Europe saw the creation of 18 new $1B+ tech companies in 2020, two decacorns (@Klarna and @UiPath) and two $50B+ European tech giants (@Spotify and @Adyen)
Europe is producing $1B+ companies as quickly as the US - seed-funded companies in both regions have ~1% chance of becoming unicorns.
The combined market cap of the top 5 largest US tech IPOs exceeded $110B, more than 3.6x the value of the combined top 5 largest European tech IPOs.