European Tech Reignites: GP Bullhound and Bullhound Capital Launch the 2025 Edition of Titans of Tech Report

Key takeaways from our report include:

• Stable and Elevated Funding Environment
  European tech funding has stabilized at around €15Bn per quarter, nearly 50% above pre-2020 levels. Q1 2025 alone saw €17Bn in raised capital, underpinned by a wave of AI-led megarounds.
• AI at the Core of Innovation
  With nearly €20Bn raised in the past year by AI companies, Europe is becoming a global force in AI infrastructure—from foundational models to secure enterprise deployment. Companies like Mistral, Multiverse, and Poolside are at the forefront.
• Unicorn Creation Resumes
  For the first time since 2022, unicorn creation is accelerating again. 17 new billion-dollar companies emerged this year, across 10 geographies, adding to a total of 331 European unicorns with a combined value of $1.4Tr.
• Spotify Breaks Through the $100Bn Barrier
  In a symbolic milestone, Spotify became Europe’s first $100Bn tech company since SAP, proving that European innovation can scale globally while staying rooted locally.
• Liquidity Without IPOs
  With public listings still subdued, companies are turning to large secondary transactions to provide liquidity. Recent examples include Deel, Dream, and Monzo, where early investors and employees exited through private rounds.
• Strategics on the Move
  Over 150 $100M+ acquisitions took place in the last 12 months, including landmark deals by Alphabet, Salesforce, SAP, and Nvidia, indicating sustained M&A appetite for European innovation.

Manish Madhvani, Managing Partner at GP Bullhound, said: “In last year’s report, we were witnessing the emergence of a new era shaped by AI-driven innovation. Today, we can confidently say this wave is materializing at full scale. Europe has demonstrated its ability to build every component of the AI value chain, raise megarounds for its founders, and reduce its dependence on overseas technology. Funding levels have stabilized and are now trending upwards. After a prolonged quiet period, unicorn creation is on the rise once again. Companies such as Mistral, Poolside, and Multiverse are securing hundreds of millions in funding to develop proprietary technologies with global scale and impact.

However, challenges remain on the liquidity front. Venture and growth investors backing these tech businesses have struggled with distributions over the past few years, as the IPO market turned silent. And 2025 will be no better, with many founders still reluctant to pursue public listings. Instead, large secondary funding rounds have been orchestrated to allow those early investors to exit. Strategic acquirers are also becoming more active in the European scene, though trade sales remain challenging for businesses over >$5Bn in value – albeit not impossible. We anticipate a very busy year in terms of transactions. Large pools of capital are accessible, and both financial investors and strategics are actively looking for the next wave of AI breakthroughs that will shape the way we live and work.”

Expert interviews
What does it take to build a billion-dollar company? What are the critical success factors for European tech? How to remain resilient in a challenging market and benefit from economic downturns? This year’s report features expert views from leading founders and CEOs, including MUBI, Poolside, UnseenLabs, Multiverse, Vespa.ai, Mentimeter, Luminance, Fresha, and Sanity.

Enquiries
For enquiries, please contact: press@gpbullhound.com 

About GP Bullhound
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999, with a global team of 150+ employees, the firm now has 13 offices across key hubs such as London, San Francisco, New York, and Paris. For more information, please visit www.gpbullhound.com.