Europe is the centre of innovations and startups. It has well-known unicorns such as German bank, N26, English food-delivery service, Deliveroo, and French healthcare service. However, compared to other startup ecosystems around the world, Europe is still behind the US, China and India. It is assessed that, in Europe, the support startups required to become global businesses is less. European startups need more support to become unicorns from the seed stage.
According to Mckinsey report, about 70 per cent of European unicorns needed a global presence to reach the unicorn level. Of the total unicorns, Europe holds only 14%.
OneWeb, the broadband satellite company of the UK, is the startup with leading funding. As of now, its equity funding is $5.2 Bn. Sweden-based Northvolt, manufacturers of sustainable batteries, received $4 bn in equity funding. Turkey-based e-commerce marketplace Trendyol got $1.5bn. Trends predict that tech companies will see more momentum.
Tech startups are located in the UK, Sweden, Turkey, Germany, Estonia and Spain.
Germany’s Celonis, Sweden’s Northvolt, Netherland’s Mollie, Estonia’s Bolt, and Lithuania’s Vinted hit the valuations of $ 11B, $ 9.1B, $ 6.5B, $ 4.8B, and $ 4.5B respectively. These are the most-valued unicorns in Europe.
Investors in Europe believe that better opportunities and associations will strengthen the competitive spirit of European businesses and thus support the entire European startup ecosystem.
