科技巨头

04THE VIEW FROMGP BULLHOUND05KEY TAKEAWAYS06CHAPTER 1Strong funding environment ledby AI-driven innovation14EXPERT VIEWEfe Cakarel,MUBI17CHAPTER 2Growth equity insights25CHAPTER 3Sectors propelling a growingfundingenvironment30EXPERT VIEWJason Warner,PoolsideContents 34EXPERT VIEWClément Galic,Unseenlabs37CHAPTER 4Europe’s next generation41EXPERT VIEWSJon Bratseth, VespaEnrique Lizaso, Roman Orus& Sam Mugel, MultiverseEleanor Lightbody, LuminanceMagnus Hillestad, SanityWilliam Zeqiri, FreshaJohnny Warström, Mentimeter44DISCLAIMER The viewFROMGP BULLHOUNDMANISH MADHVANIManaging Partner, GP BullhoundAUTHORSMANISHMADHVANIManaging Partner CARLOSDE LA ESPERANZAPrincipal In last year’s report, we were witnessing the emergence of a new erashaped by AI-driven innovation. Today, we can confi dently say this waveis materializing at full scale. Europe has demonstrated its ability to buildevery component of the AI value chain, raise megarounds for its foundersand reduce its dependance on overseas technology.Funding levels have stabilized and are now trending upwards. After aprolonged quiet period, unicorn creation is on the rise once again.Companiessuch as Mistral,Poolside,and Multiverse are securinghundreds of millions in funding to develop proprietary technologies withglobal scale and impact.However, challenges remain on the liquidity front. Venture and growthinvestors backing these tech businesses have struggled with distributionsover the past few years, as the IPO market turned silent. And 2025 willbe no better, with many founders still reluctant to pursue public listings.Instead, large secondary funding rounds have been orchestrated to allowthose early investors to exit. Strategic acquirers are also becoming moreactive in the European scene, though trade sales remain challenging forbusinesses over >$5Bn in value – albeit not impossible.We expect a busy year ahead in terms of transactions. Large pools ofcapital are accessible, and both fi nancial investors and strategics areactively looking for the next wave of AI breakthroughs that will shapethe way we live and work.ALESSANDROPICCIONEAnalystZEESHANALIAssociate Key Takeaways_TechfinancialmarketshaverecoveredandshowresiliencyMegaroundsareseeingnewhorizonsEuropeas apioneerin AIdevelopmentFunding for European tech has remained at an average of €15Bn forover two years now. This stabilization at +50% higher levels thanbefore the 2021-22 bull market confirms that financial markets areactive, and that companies are raising cash to accelerate growthand innovation.The European tech ecosystem continues to grow in value year afteryear, with 17 new unicorns added in the past year alone.We have also seen a recovery in megarounds (those >$50M in size)since the bull market drop. Growth investors have acceleratedtheir activity in the last year. But on the exit side, European techgiants are hesitant to list in public markets, therefore extending theinvestment holdings periods. Large rounds of purely secondarieshave started to take place, to bring liquidity to early investors, andto allow new growth investors to access fast growing companies aspre-IPO investors.European AI businesses have raised nearly €20Bn in the lasttwelve months alone. While initially more application-heavy, AIinfrastructure is now the leading sub-sector in terms of fundraising.Companies like Mistral, Multiverse Computing or Isomorphic Labsare building new structural elements to power AI and its use cases,competingwith foreign innovators and raising unprecedentedfunding rounds from global investors. Europe is gaining sovereigntyand claiming independence from overseas technology to propel thisnew era of AI innovation. European technology is backin the game_Strong funding environment led by AI-driven innovationFUNDING LEVELS ARE HEALTHY AND STABLEOver the past two years, an average of €15bn has been invested each quarter into Europeantechnology (including Israel), representing a 50% increase compared to the years prior to the 2020–2022 funding frenzy.A new wave of AI-focused mega-rounds reinforces our confi dence in a continued upward trend infunding over the next 24 months, as Europe demonstrates its capacity to build global AI leaders.UNICORN CREATION IS ON THE RISE FOR THE FIRST YEARSINCE 2022After a sharp drop in unicorn creation following the bull market, for the fi rst time since early 2022 wecan now say that Europe is producing more $1Bn+ companies than it was a year ago.With 17 new unicorns across 10 different geographies—primarily in the AI and security sectors—Europe now counts 331 billion-dollar companies, representing $1.4Tr in value, a 3x increase fromjust 5 years ago.THE FIRST >$100BN EUROPEAN TECHNOLOGY BUSINESS SINCE SAPIn February 2025, Spotify marked a major milestone for European technology by surpassing $100Bnin market capitalization.This highlights Europe's ability to build globally competitive products that thrive alongside majortech giants from the US and Asia—while staying true to the