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The cumulative level of capital invested by country over the past five years gives a sense of the relative scale of different markets. On a cumulative basis, capital invested into UK tech companies is just short of $50B since 2016, this is more than 2x the capital invested in Germany ($23B) and France ($19B). Cumulative capital invested in Sweden exceeded $10B over this period, while the level of investment in the Netherlands, Switzerland and Spain has grown to more than $5B since 2016.