Which role does location play for a startup to get funded? Is capital truly mobile and do investors invest in all locations equally? These are the questions that kept us – as creators of the Startup Heatmap Europe – awake at night.
Well, we thought, why not start having a look! Armed with access to the massive Pitchbook investment database, we built a list of all venture capital investment deals between 100k € and 5mn € made in Europe within the last 3 years. We got a list of 4,180 deals showing both the location of each investor involved in a deal and the locations of the startups they invested in.
The dataset of course is massive and that makes it hard to visualize – in fact, putting it on the Startup Heatmap itself will be a lot of work and will take some time. However, in the meantime, we do not want to hide the results from you! Inspired by a presentation given by EIT Digital on how they connect startups with corporates from all over Europe, we decided to use the same tool they used: Circos Table Viewer, an impressive means to turn relational data in something between a cake diagram and a mandala.
The crazy diagram above shows country codes arranged around a circle and ribbons connecting them. The color of each ribbon corresponds with its origin. So, red ribbons leaving from AUT are investments coming from Austria – ending up in other countries or back in Austria. It definitely is a fun way to explore connections between countries – even though to limit the complexity to a bearable amount, we only included 18 countries.
Now, we had a few questions to ask the data and want to share the results with you:
Where do most investments in Europe come from?
Sticking to the data provided by Pitchbook, UK-based investors take the lead in number of investments, accounting for 1124 deals of which 86% were within their borders. In total, UK investors took part in a whopping 27 % of all deals made in Europe! This could either mean that Pitchbook’s data strongly favors English-speaking deal announcements or an unparalleled dominance of UK investment firms in the EU market. Probably both factors contribute to the result. In the ranking, France follows with 666 (601 at home), Germany 403 (317), the US 313 and Ireland 204 (188).
The US therefore plays a (surprisingly) smaller role in the European investment scene with roughly 7.7% of all investment deals originating here, which is comparable to the combined impact of Finland and Sweden. However, this does not include the investment sums, that could be higher as later stage US investors might do fewer deals but with higher sums in Europe.
Apparently not relevant were investors from China and Hongkong, who together make up for only 15 investments in European ventures.
How willing are investors to invest outside their home market?
Not so much. As the data shows, 73% of all investments come from domestic investors. When deducting the impact of non-European investors, we found that on average the European investors make roughly 17% of their deals in other European countries.
Is this a high or a low number? We cannot judge, but we can examine a bit further. For example, we see that smaller countries like the Czech Republic and Austria tend to invest much more abroad (73 % and 67%). Luxembourg as a popular fund location leads the ranking with 94 % of deals made abroad. However, the larger chunk of non-domestic deals come from the US and the UK, with the latter’s investors sourcing at least 13 % of their deals abroad.
Interesting is also the difference between German and French investors as the Germans invest significantly more abroad (21 %) and the French like to stay home (10 %). This difference even persists when deducting investments in same-language markets, like the DACH region for Germany (16% vs. 9 %).
If they go abroad, where do they like to invest?
Geographic proximity is often the main argument when investors are asked about location choices – however, once they go abroad, they do not limit themselves to the neighboring countries.
Here are the top 5 destination countries for investors from select origins with the absolute number of investments in brackets:
Germany: UK (20), Austria (11), Switzerland (8), Sweden, Netherlands, France (7)
France: UK (21), Germany (15), Italy (8), Netherlands, Belgium (5)
UK: Finland (22), Germany (19), Sweden (17), France (16), Ireland (12)
US: UK (110), Germany (36), Ireland (24), Spain (22), Switzerland
Which countries receive the most foreign investments?
Seeing the scarcity of foreign startup investments, it is exciting to see which countries are most attractive to outside investors and also who is most dependent on these (maybe due to a lack of domestic players).
In total numbers of foreign investments coming in the country the usual suspects lead:
- UK: 304 (24%)
- Germany: 131 (29%)
- France: 94 (14 %)
- Spain: 73 (36 %)
- Finland: 72 (32 %)
Indeed this seems to prove some earlier observations of a rather closed shop situation in France with few investments going out and coming in and a more international play in Germany and the UK. Interestingly, Spain and Finland show both high absolute numbers and percentages – indicating that here foreign investments play a crucial role in keeping the ecosystem running. Not surprisingly, we can mostly see UK and US investors being active here.
The highest percentage of foreign investments are again seen in small countries with Estonia (78%) and Austria (67%) as well as Czech Republic (67%) leading the pack. Also, Russia seems to be more dependent on outside investments with 53 % of all deals being done by foreign investors.
So where do people get their money from? From the UK!
Let’s put it this way: it doesn’t look like that there are strong investment flows between European countries and so most startups from small scale countries will need to keep looking onto home investors. Investments to other countries (except the UK) seem to be singular and spread among various destinations which seem to to follow a rather random distribution. For European policy makers, this of course can be a challenging observation – why is it so unattractive to invest across borders? And especially after the Brexit decision, what is Europe’s plan for the future?
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The slot we’re going to be taking a look at today is the definition of an old-school nostalgia trip, and there’s nothing wrong with that. Twin Spin from NetEnt aims to reinvigorate that passion we all once had for the slot industry, reminding us of why online casino sites became so popular in the first place. The minimum bet per spin in Twin Spin is 25p and the maximum bet per spin is £125. Winning combinations are formed by landing 3 or more matching symbols across a payline, starting from the leftmost reel. We’re still working on Twin Spin Deluxe’s design overview. Twin Spin XXtreme looks almost the same as its predecessors with a classic theme and neon lights flashing behind the reels. The graphics have been updated, so you can enjoy sharp, high-quality designs. On the reels, the low value symbols include A, K, Q, J, 10 and 9. The higher value symbols are all of your typical symbols found in classic slot games such as bells, bars, cherries, red 7s and diamonds, plus a wild symbol. As you spin the reels, jazzy music plays in the background which works well with the classic theme of this slot game.
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Tizona ist ein Schwert, das im 11. Jahrhundert vom kastilischen Ritter Rodrigo Díaz geführt wurde und bis heute erhalten ist. Der als „El Cid” bekannte Kämpfer und heutige Nationalheld zog damit in den Krieg der Rückeroberung der Iberischen Halbinsel. Das vor allem aus Stahl aus Damaskus geschmiedete Schwert Tizona taucht beim Slot als wanderndes Wild-Symbol auf. Für Sie als Spieler geht es aber um ein ganz anderes Metall, nämlich um die Echtgeld Gewinne in harter Währung. Im Wild Toro Online Casino erwarten dich fantastische Gewinne. Du kannst am Wild Toro Slot eine Auszahlung in Höhe des 2.250-fachen deines Einsatzes generieren. Dank der Re-Spins Bonusrunden sind sogar Gewinne von bis zu 225.000 Euro möglich. Zudem zeichnet sich dieser Spielautomat mit hohen Einsätzen durch seinen hohen RTP-Wert von 96,4% aus.
© 2024 – Futurebike | Tutti i dati sono riservati La slot online Gonzo’s Quest prevede tra le sue modalità il “Bonus Free Spins”, una delle funzionalità più apprezzate dai giocatori. Questo perché consente di far girare i rulli e incassare gettoni senza dover sborsare nemmeno un centesimo. Gonzo’s Quest Megaways Copyright © 2025 CalcioMercato Poiché un bonus senza deposito immediato fa gola a tutti, sono tante le piattaforme di gioco italiane che hanno pensato a questo tipo di offerte per conquistare nuovi clienti. Poiché non è facile districarsi tra così tante offerte bonus, prima di passare ai pro e ai contro, abbiamo pensato di elaborare una tabella riepilogativa nella quale trovare tutte le migliori opzioni di bonus immediati disponibili al momento.
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Benvenuti nella nostra recensione di Le Bandit, una slot sviluppata da Hacksaw Gaming. Continuando la lettura, troverete ogni più piccolo dettaglio di questa emozionante slot, a partire dal tema passando per la grafica, le caratteristiche e molto altro ancora. Intraprendiamo quindi questa avventura con Smokey Le Bandit, il simpaticissimo procione con un debole per le marachelle! Molti giocatori sono curiosi di sapere quali giochi i vari providers rilasciano mesilmente, per provarli. Questa sezione fa proprio questo. Mensilmente descriveremo i nuovi giochi con la possibilità ( se sarà possibile farlo ) di provarli direttamente senza impegno da parte vostra. Un altro consiglio è mollare la Gonzo’s Quest slot free spin in caso contrario. Se iniziate facendo circa 100 spins e non ottenete il minimo bonus, potrebbe essere opportuno rimandare la partita con soldi reali in un secondo momento. Non di rado infatti, la slot Gonzo si chiude per centinaia e centinaia di spin, senza estrarre un bonus dei Giri Gratuiti, di conseguenza meglio non rischiare e giocare solo nelle fasi di maggior pagamento.