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Another interesting way to highlight the relative maturity of the private capital markets in different countries is to compare the relative share of venture capital investment with the geographic distribution of entrepreneurial and developer talent, as measured by the country of origin of companies that have developed leading mobile applications. This is fascinating as it once again highlights the fact that CEE countries, relative to the depth of their talent pool, are underserved from the perspective of venture investors.

Share of companies with consumer spend in apps >$1m annually versus share of cumulative capital invested (2016-2020) per country


  • Number of companies per country with >$1m annual consumer spend in apps
  • Share of capital invested, 2016-2020
Based on App Annie estimates for 2020.