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Cross-border investment flows demonstrate the internationalisation of the European tech investment landscape. Cross-border investment accounts for two-thirds of all capital invested in the European tech ecosystem. They also change in clear lock-step with the scale of capital being put to work. The earlier stage the company and the smaller the round size, the more domestic the investment pattern. On the flip side, the later the stage of the company and the larger the round, the more international the investor pool. Capital invested into rounds of less than $2M overwhelmingly comes from domestic investors; for rounds of $100M or more, the lion's share of capital comes from outside the continent and, most significantly, from the US.