State of European Tech 2024 report highlights 10 years of growth and resilience

A decade of growth in European Tech

The State of European Tech 2024 report takes a reflective look at the past decade while also setting its sights on the future of growth and innovation in Europe’s tech ecosystem. Produced by Atomico in partnership with key data contributors like Invest Europe, the report examines Europe’s rise as a global tech leader while exploring the challenges that remain.

According to the report, a thriving tech ecosystem depends on three key pillars: talent, capital, and ambition. Over the past decade, these pillars have transformed across Europe, leading to substantial tech growth. Once rare, billion-dollar ($B+) companies are now present in nearly every European economy, with 11 ecosystems that had none by 2015 now boasting at least one.

Key highlights

1. Talent: Europe’s pool scaled 7x over the past decade

Europe’s tech workforce has surged to 3.5 million, with nearly 3 million jobs created in the past decade at a 24% annual growth rate, matching the U.S. Over 70% of employees work in their company’s home country, while others contribute to regional growth. 

2. Capital: investment levels increased 10x

Investment into European tech has levelled up significantly over the past decade. This year, investment levels are on track to reach around $45B — three times as much as the $15B recorded in 2015.

3. Ambition is driving the rise of $B+ companies

European founders aim high, with 41% prioritising lasting environmental and societal impacts over profit. Goals include removing 1 gigatonne of CO2 annually, cutting electricity costs by 95%, or achieving "1 billion happy users," reflecting a strong focus on purpose-driven success. 

The Netherlands tech landscape

The Netherlands showed significant growth in 2024, with funding reflecting nearly 20% growth. This secured its position as the fourth-largest tech investment market in Europe. Notable $B+ startup entries came from the Netherlands and the UK. The Netherlands has seen a threefold increase in AI roles since 2015, contributing to its growing prominence in the sector.

The report highlights Dutch companies such as Adyen, ASML, and Booking.com as some of the most influential over the past decade.

Dutch startups are making significant strides across various sectors, supported by funding initiatives like SET Ventures’ €200M fund aimed at boosting climate tech startups. 

For example, Watermeln and Optics11, are driving the energy transition with innovations in hydrogen and fibre optics. And in the AgriFood space, Amsterdam’s Pymwymic secured €71.5M to scale AgriFood startups, while companies Source.ag  and Growy are tackling food security through vertical farming and AI-driven solutions for scalable growth. 

Building a stronger tech future

This year’s report shows that Europe has made significant progress over the past decade, becoming a leading tech hub with strong talent, high investment, and a focus on innovation. 

While challenges like scaling and inclusivity remain, they present opportunities for further improvement and collaboration. With a strong foundation and focus, Europe’s tech ecosystem is well-positioned to tackle hurdles and continue driving impactful change in the years to come. 

Read more about the tech landscape in Amsterdam