How the year 2020 was for European Technology?
Last year was rough for every economy in the world, due to the pandemic there were losses that could not be recovered and continued till the last month.
Pandemic did not spare anyone;European technology faced a lot of ups and downs in the year 2020. But the time has changed, and a lot of development has been made.
Today we are going to tell you 5 things that took place last year- from startups to investors and all the way to talent and money in European technology in 2020. A new year has come and in order to stay ahead, you must know what major changes shaped the previous economic year. So, let us begin.
You may be surprised to know that despite the pandemic and bundle of uncertainties, 2020 was still a record-breaking year for European technology. Total investment could reach a whopping 41 billion! Not even a pandemic was powerful enough to stop European tech.
Companies which raised money came from around the different corner of the world- Sweden’s Klarna ($650m) and Northvolt ($600m), UK’s Revolut ($580m), Karma Kitchen ($317m), and Cazoo ($310m), France’s Mirakl ($300m) and Romania’s UiPath ($225m).
2.September was a Record Month
The month of September 2020 saw a $5bn investment- a new breaking record.
Out of the three European’s largest markets, France was the one to grow in 2020. Because of the capital invested in the country, it’s all set to exceed $5bn each year.
4.London Sticks to Position, Stockholm Rises
London has always played a significant role in the European tech sector. It still maintains its position as a Europe hub (in the term of money investment) in 2020 also. It was successful in earning $34bn since 2016. After France now London has gained its position as Europe’s number 2 hub.
It may come as a shocker but Berlin for the first time was not featured in the top 3. Stockholm succeeded last year with the investment of a total of more than $1200m by two companies- Klarna and Northvolt.
5.Fintech Came Out Stronger
Other than any other industry, Fintech came out victorious in the year 2020.
In the End
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