从储蓄到主权：欧洲的创新与长期经济增长（英 ）

September 2025From Savings to Sovereignty Innovation and Long-Term Economic Growth in EuropePage / 2 What you need to know●European tech has matured. A growing wave of scaleups with $100M+ revenues makes Europe one of the worldʼs most attractive places to invest.●Too much dependence on overseas capital. Value created in European startups flows back to overseas pension funds and endowments — slowing the compounding effect on Europeʼs own economy.●European tech ecosystem capital need is ~0.2% of GDP.* A fraction of the 5% for defense, 2.5% energy and 1.5% infrastructure investment needs.●Europeʼs pension funds invest almost nothing in venture capital. This is not just a missed opportunity — itʼs a strategic vulnerability that undermines Europeʼs tech sovereignty.●The tide may be turning. Signs are emerging that pension funds are beginning to take a bigger role. The question is whether it will happen fast enough to shape the next decade of growth.●Pension fund allocation of 2% of AuM to VCs would transform European innovation finance. Single Market and Capital Markets Union are worthwhile long-term goals. But Pension Funds are existing infrastructure, naturally borderless, just like the European startup ecosystem itself.* 375B funding gap estimated by Atomicoʼs 2024 State of European Tech (using Dealroom data) translated to ~€ 37.5B per year by Dealroom = 0.2% of GDP.including Pension FundsIntroducing the newDealroom LP dashboardapp.dealroom.co/lp-rankingSee which institutional LPs are most active in VCDealroom LP Ranking1 The Rise of European Tech2 From Savings to Sovereignty3 Why European Tech MattersPage / 4 Page / 5 Source: Dealroom.co.$3.5 tn value created by European VC-backed companies since 1990. Incl category leaders like Adyen vs. Stripe, Revolut, Spotify vs. Netflix, OpenAI vs. DeepMindCombined enterprise value Europe VC-backed2015 - 20252005 - 20141990 - 2004Page / 6 Source:Dealroom.co.After a 30 year late start, Europe's younger generation of VC-backed startups are taking a growing share of global new enterprise value – around 17% over the last five yearsEnterprise value today of VC backed companiesPage / 7 Source of VC in European companies, since 2020But thereʼs a big problem: Europe is reliant on overseas capital at the breakout and scaleup stageThis picture has not changed in last 10 years, despite intentions otherwisePage / 8 Also the absolute amount is falling short by about $30B per year. Especially at Series C, D, E+, pre-IPO rounds (as well as post-IPO)Annual VC investment since 2015Source: Dealroom.co. European Core = New Palo Alto + Alpine Cluster + Nordic ClusterStartup capital$0-15M VC roundsBreakout capital$15-100M VC roundsScaleup capital$100M+ VC roundsPage / 9 OutcomesFlow of new EMEA startupsPool of ±50K VC-backed companies in EMEA±15K New EMEA startups launched year42KStartups ($100K–15M funding)6.0KBreakouts($15–100M funding)1.3KScaleups($100M+ funding)1.2KThoroughbreds & Unicorns($100M+ revenue and/or $1-10B