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Turning now to look at Europe's largest tech hubs, London remains the undisputed hub in terms of capital invested in 2020 and has now attracted $34B in capital investment since 2016. Paris cements its position as Europe's number two hub in 2020 attracting $3.4B in 2020 alone and $11.7B cumulatively since 2016. Stockholm is positioned in the top three hubs in 2020, pushing out Berlin for the first time, though this has largely been driven by two of the year's largest rounds of investment raised by Klarna ($650M) and Northvolt ($600M). On a cumulative basis since 2016, however, Berlin still ranks second to London with $12.6B of investment over that period. Espoo and Helsinki both make the top 10 and, if combined, would equate to the sixth largest in Europe. A few notable absences from the top 20 cities include Copenhagen, Oslo and Madrid.

Top 20 European hubs by capital invested ($M), ranking based on 2020

All data excludes the following: biotech, secondary transactions, debt, lending capital, and grants. Please also note that the data excludes Israel. 2020 is annualised based on data up to September 2020.