The numbers involved are still huge, but it’s still a clear snapshot of a difficult year for the sector.
European tech investments set to rise despite Brexit shadow
Investment in European technology firms is expected to rise from $12.6bn in 2015 to $13.6bn in 2016, according to a report published by VC firm Atomico.
The report identified three key trends in Europe: growth in “deep tech” startups (for example those focused on machine-learning and AI); new tech hubs emerging in Munich, Zurich, Lisbon, Madrid and Copenhagen to sit alongside London, Berlin, Stockholm and Paris; and investments and acquisitions in tech by large corporations.
The report suggested that Europe still faces a “late-stage funding gap” for startups that are scaling up, leading many to seek their larger, later rounds of funding outside Europe.