19 Aug Which were the top 3 European tech cities in 2020?
Hint: There has been a historical change in the top 3 European tech cities.
According to Bloomberg and Dealroom.co (A reputable market research organization), the top 3 biggest cities that received the highest capital investment in 2020 are: London, Paris & (drumroll), Stockholm.
London and Paris has been consistently on the forefront of tech investment – Paris cemented its position as Europe’s number two hub in 2020 attracting 3.4 Bil USD, with France being the only European country to have grown in 2020.
This is the first year that Stockholm, Sweden has taken the 3rd position, moving Berlin, Germany down to 4th.
This change was largely driven by two of the year’s largest rounds of investments – though on a cumulative basis since 2016, Stockholm would rank lower than Berlin.
Sweden has been on an upward trend and more than doubled in capital invested, from 1.2 Mil USD in 2016 to $3.3 Mil USD in 2020.
Sweden has already attracted 2.2 Bil USD in venture capital for 2021, and experts believe they are on track to break 2020’s record.
Spotify Technology SA and Minecraft maker Mojang AB put Sweden on the map for startups valued at more than $1 billion and spawned a new generation of entrepreneurs.
Analysts claim the secret sauce includes technology and its intersection across a broad range of industries, from music streaming and gaming to how they pay for stuff and increasing charging of their cars. The dynamics are also evolving as early tech founders and backers allocate some of their vast wealth to the latest crop of startups.
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