Contrary to popular belief, Europe’s billion dollar tech companies are growing faster than their rivals in the U.S.
Contrary to popular belief, Europe’s billion-dollar tech companies, known in the tech industry as “unicorns,” are growing faster than their rivals in the U.S., which has ruled the tech roost for decades thanks to companies like Google, Facebook, Apple and Amazon.
Now in its sixth year, GP Bullhound’s “Titans of Tech” report claims that the cumulative value of Europe’s unicorns—tech startups founded after 2000 with valuations over $1 billion—has increased by 28% in the last year, while the value of U.S. unicorns has increased by just 20%. Many of Europe’s unicorns saw their valuations surge in 2018 as investors around the world pumped a record-breaking $28 billion into them, according to the report. GP Bullhound estimates that the aggregate value of Europe’s billion-dollar tech ecosystem is now $302 billion. That’s 3.4x what it was in 2014, when it was valued at $89 billion. It’s likely that the IPO of Swedish music streaming service Spotify accounts for a large chunk of the upward shift.
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