State of European Tech 2024: A Word from Orrick


1 minute read | November.19.2024

The 2024 State of European Tech report showcases a remarkable decade of growth and maturation. With a talent pool expanding at 24% annually and a tenfold rise in venture financing since 2015, Europe has turned tech and innovation into an economic pillar.

A few takeaways from this year’s report:

  • Talent Boom – Europe’s tech workforce has soared to 3.5 million and is on track to match the U.S. in five years. There’s been a clear shift toward entrepreneurship, with seven times more talent now working in venture-backed firms than in 2015.
  • Capital Surge – Since 2015, $426 billion in venture capital has been deployed to Europe, and 2024 is on track to be a $45 billion year. With growing support from European pension funds, even more capital may come online.  
  • Sector Strength – Europe’s tech landscape is diversified, from AI to fintech to climate tech. More than 20% of funding goes to sustainability-focused companies—double the U.S. share. In fintech, always a European strength, 17% of 2015 Seed-stage companies have reached a 6th round of financing since.
  • Scaling Potential – With over 35,000 startups and a remarkable unicorn count, there’s huge untapped potential for investors ready to address the growth-stage funding gap.  Pro-innovation regulatory schemes can only help.

We’re honored to partner with Atomico to bring you this report, in addition to a first-of-its-kind documentary capturing the evolution of Europe’s tech ecosystem, and look forward to continuing to play a leading role in this ecosystem’s next decade. We can only imagine what AI-powered innovations are around the corner.