The State of European Tech 2024

"The State of European Tech 2024" is a comprehensive annual report published by Atomico, a prominent venture capital firm co-founded by Niklas Zennström, known for Skype. This tenth edition of the report serves as a crucial resource, shedding light on the European technology landscape, investment trends, and emerging sectors, including those relevant to sustainable housing.

The report meticulously tracks venture capital flows across European tech, detailing total funding volumes at various stages, including seed, Series A–D, growth, and late-stage investments. It highlights the geographic distribution of investments across European countries and cities, along with a sector breakdown that shows significant capital inflows into climate tech, AI, health tech, fintech, and notably, urbantech. Furthermore, the report outlines valuation trends and the recalibration of investment strategies following the funding peak observed in 2021–2022.

A key focus of the report is the urbantech sector, which is particularly relevant for those invested in sustainable housing. The report profiles funding flows directed toward technologies that enhance urban infrastructure, mobility, energy efficiency, construction, and property management. It identifies leading European urbantech companies and tracks their growth trajectories while also pinpointing cities that are emerging as hubs for urban technology development. The intersection of climate tech and urbantech is emphasized as cities increasingly become focal points for decarbonization efforts.

The report also delves into the European tech talent pool, showcasing the growth in employment within the sector. It analyzes talent migration patterns between cities and countries, the influence of universities and research institutions on the talent pipeline, and diversity metrics across gender, ethnicity, and geography. Additionally, it addresses the competition for talent with the US and the impact of remote work on the labor market.

A recurring theme in the report is the comparative position of European tech on the global stage. It examines how Europe measures up against US and Asian tech ecosystems in terms of funding, unicorn creation, and exits. The report highlights Europe’s unique strengths in deep tech, sustainability, and regulation-driven innovation. The role of EU regulations, such as GDPR, the AI Act, and the Digital Markets Act, is discussed as both a potential constraint and a competitive advantage.

Rich in quantitative data, the report features various interactive charts and downloadable datasets that provide key metrics, including total capital invested in European tech on a year-over-year basis, the number of new unicorns created, IPO and M&A activity, and funding per capita by country. Additionally, it provides detailed sector-level investment breakdowns that are invaluable for stakeholders interested in sustainable housing.

For professionals engaged in smart city initiatives and sustainable housing, the report offers essential market intelligence. Understanding which urban technology verticals are attracting investment can help cities identify potential partners and suppliers. Moreover, tracking emerging urbantech hubs informs collaboration decisions, benchmarking efforts, and talent recruitment strategies. Investment trend data further supports the business case for smart city procurement and public-private partnerships.

The full report is accessible as an interactive website at stateofeuropeantech.com, featuring data visualizations, downloadable datasets, and in-depth sector analyses. It is published annually, typically in November or December, making it a timely resource for stakeholders interested in the European tech landscape and its implications for sustainable housing.