What Are The Biggest Startup Hubs in Europe?

If you’re thinking about starting a business in Europe and wondering where the biggest startup hubs are, then you’ve come to the right place.

Europe’s startup scene has changed a lot over the last 10 years. Once just a small operation compared to giants like Silicon Valley, the continent has quickly become home to a variety of startup hubs, each driving forward innovation in different ways.

How Many Startups Are There In Europe?

According to Invest Europe, the number of startups on the continent sat at 35,000 as of November 2024.

And when it comes to unicorns, numbers do differ slightly by source.

According to vestbee, Dealroom counts 606, Atomico’s State of European Tech says 358, and PitchBook lists 229. Revolut is consistently counted as Europe’s biggest unicorn, especially after its latest valuation which valued it at $75 billion.

But of course, not every country contributes the same amount to this total. Vestbee names the following 5 countries as those that have minted the most European unicorns, namely: UK (185 unicorns), Germany (74), France (60), Sweden (46) and Netherlands (34).

But when it comes to the major city hubs, a few new names emerge. Let’s take a look at who they are…

London

By almost every metric, London is still Europe’s largest startup hub. The city is home to a huge number of startups. In fact, according to Londonite, Of the UK’s 137 unicorns and future unicorns, 80% are based in London.

The city consistently tops the list of cities attracting the most venture capital, talent and innovation.

One of the main reasons London is such a popular startup hub is because it’s not only home to the UK’s biggest VCs, but it is also home to accelerators like Entrepreneur First, Founders Factory and Techstars, which churn out successful companies regularly.

And when it comes to sectors it leads in, amongst others, London is known for being a leader in fintech, AI, proptech and cybersecurity.

Paris

In May of this year, Reuters reported that Paris was named the European tech champion, beating London for the first time in some metrics.

The city has made big strides in the last few years, particularly in areas like AI and deeptech.

And in 2022, Paris became Europe’s largest stock market, successfully dethroning London.

Dublin

Post-Brexit, Dublin quickly established itself as a hub fuelled by big tech. In fact, Dublin holds the headquarters for many big tech companies, including names like Google, Meta (Facebook), Microsoft, Salesforce, PayPal and Amazon.

With its strategic location between the US and UK, its favourable tax breaks and EU membership, the city has become one of Europe’s biggest and most dynamic tech hubs.

Berlin

Berlin is like the creative engine of Europe. Known for its artistic residents, low cost of living and progressive culture, Berlin has quickly made a name for itself as a startup hub. In fact, according to Startup Genome, Berlin sees approximately 500 companies founded there every year.

Popular sectors in Berlin include fintech, AI, e-commerce and Greentech.

Amsterdam

According to tech behemoths, Amsterdam is home to 1,700 startups, making it one of the most exciting startup cities in Europe.

It’s particularly well known for areas like climate tech, AI and healthtech, attracting companies large and small into its walls. With an international and multi-lingual workforce, as well as Government initiatives like StartupAmsterdam driving innovation, it’s a great place for any startup to grow and thrive.

Stockholm

According to the European Investment Bank, Stockholm ranks second globally in unicorns per capita, right after Silicon Valley. In fact, some big names like Spotify, Klarna and the company behind Minecraft were started there.

With a stable and supportive government, as well as strong ties with Europe, Stockholm continues to grow as one of Europe’s most competitive startup scenes.

Tallinn

A more recent entry to Europe’s startup scene, Tallin has sometimes been referred to as the “Silicon Valley of Europe.”

Named the world’s best city for startups by Monocle, the city is pioneering new technologies in areas like fintech, Web3 and AI.

Tallin is home to 10 unicorns, including global names like Bold and Wise.

For founders, Tallin’s community, investor base and government grants make it a great place to kickstart their business.