State of European Tech 2025

Atomico

Research

282 Pages

Atomico uses its State of European Tech 2025 to map a maturing yet constrained European tech ecosystem. It presents Europe as standing at a crossroads between turning talent and innovation into global strategic assets or falling behind due to policy friction and shallow capital markets. The narrative mixes data with advocacy, arguing that coordinated action is needed to power the continents next generation of global tech champions.

Date published: November 19, 2025

Key Takeaways

Europe at crossroads: Europe has a tech ecosystem worth about 4 trillion dollars yet still struggles to convert scale into leadership.
Talent engine focus: Highlights deep and expanding founder and technical talent, while warning that regulatory complexity can push builders abroad.
Capital and policy: Calls for deeper growth capital, stronger exit markets and a simpler single market so ambitious companies can scale.
Source: atomico. Private market data from Dealroom.co excludes the following: biotech, debt, and grants, as of 30 September 2025. Public markets data as per S&P Global Market Intelligence (Quantitative Research & Solutions), as of 24 October 2025, for illustrative purposes only. Values are based on companies headquartered in Europe.
Source: Atomico. Data is as of 30 September 2025.
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