In line with greater global trends, 2023 was a tumultuous year for European tech, decidedly down from 2021 and 2022's heady days, and one marked by decreased valuations, a market correction to pre-pandemic levels, and the crowning of Tech.eu's person of the year.
At 29 pages, Tech.eu's 2023 Annual Report is our largest to date and packed with a comprehensive review of topics including investments, geographic region performance, industry performance, top M&A and exit activities, and much more.
Our paying subscribers receive such analysis every month.
While there's plenty more information packed inside the full report, including a special foreword provided by Creandum general partner Peter Specht, let's dive into some top-level items.
Although down nearly 40 percent year-over-year, the European tech ecosystem in on track to raise €67.7 billion in 2023.
2023 saw a steady stream of investments both in terms of the number of deals and the total amounts raised month-over-month.
UK on top
From a geographic view, 2023 saw little change in the top countries funded, with the UK retaining its lead position.
Cleantech and energy vs. fintech. vs. climatetech
At Tech.eu, we track cleantech activities and energy sector activities separately, providing an analysis that fintech was the overall most-funded industry in European tech with €11.7 billion.
However, if grouped under the umbrella of climatetech, combined, cleantech and energy would be the winner with €17.3 billion raised.
847 M&A and exit activities
German companies were the busiest both in terms of exits and acquisitions, with 196 and 169 deals respectively. The UK saw 149 exit companies and 151 acquiring companies, and the Netherlands recorded 104 exits and 72 acquisitions.
In 2023, more than 13,000 investors participated in deals throughout the European tech ecosystem.
The year of AI
Tech.eu's person of the year is Artificial Intelligence.
The entire Tech.eu 2023 Annual Report is now available for download.
From all of us here at Tech.eu, we wish you a very happy and healthy holiday season and a prosperous 2024.