‘Global venture capital funding into Europe has quadrupled.’ Credit: Shutterstock / rawf8

Europe could overtake the US as the world’s leading tech hub within the next 20 years, according European venture fund Creandum. 

A study by Creandum found that Europe is currently seeing its highest growth of tech unicorns to date, with a growth of 88% compared to the US’ 56% since 2014.

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According to Creandum, Europe is “ready for its best decade yet in creating the world’s leading tech companies.”

Global venture capital funding into Europe has quadrupled, according to Creandum’s study, reportedly taking more than a third of global investments at early-stage. 

“In just 20 years, Europe has gone from being an outsider to a global challenger,” said Staffan Helgesson, general partner at Creandum.

“We’re confident that in the next 20 years, Europe can take the lead in emerging tech sectors, including digital health, climate tech, fintech and AI, that are critical to our economies and lives,” Helgesson added.

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Some of the strongest sectors in Europe include fintech, digital health and climate tech – which according to the study look set to grow further with generative AI. 

Over 20% of European venture capital funding has gone into climate tech so far in 2023, compared to just 7% in the US. 

Helgesson said: “We have seen first hand with companies like Spotify, which became a global category leader headquartered in Europe, how software has been a catalyst for disruption and as the ambitions of the next generation of founders get bigger, we expect to see even more great global tech companies created here.”