Europe’s tech scene is scaling up, with the number of ‘scaleups’ – companies that have raised at least $1m in funding – doubling in the last three years, according to the European Scaleup Monitor. The UK leads the pack, housing 26% of these businesses, followed by Germany and France. The report also revealed a significant increase in ‘scalers’ – companies raising over $100m.

The tech sector is the primary driver of this growth, particularly fintech, healthtech, and greentech. Notably, the report found the average time to scale has decreased from 15 to 6.5 years.

Despite this, Europe still lags behind the US in terms of scaleup quantity and quality. The US boasts three times as many scaleups and six times as many scalers. Additionally, European scaleups are less likely to go public, with 14% doing so compared to 19% in the US.

The report suggests three areas for improvement: fostering more ‘scaleup-friendly’ environments, improving access to late-stage capital, and encouraging more public listings. It also highlights the need for a pan-European stock exchange dedicated to tech scaleups.

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