Europe’s tech ecosystem is demonstrating improving performance, say Senior Partner Ruben Schaubroeck and coauthors. This shift is evident in both the number of start-ups and in their commercial success. Today, more than 280 software companies generate over €100 million in annual recurring revenue (ARR). Roughly 20 percent of them are either emergent leaders (achieving more than €100 million ARR in a decade) or super performers (with ARR exceeding €500 million and founded in the past two decades). These companies are not only driving industry innovation but also fostering new ventures and spreading entrepreneurial expertise throughout the ecosystem.
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A grid represents Europe’s tech ecosystem, with each of the 1,680 boxes in the grid representing 1 company. There are 30 “super performers,” which are companies that have at least €500 million in annual recurring revenue (ARR) and were founded within the past 20 years. There are 20 “emergent leaders,” which are companies that achieve at least €100 million in ARR within 10 years of founding. There are 20 other companies with at least €500 million in ARR, and approximately 210 other companies with between €100 million and €500 million in ARR. The “spin-offs and up-and-comers” category includes ~1,400 companies with between €30 million and €100 million in ARR.
Note: This image description was completed with the assistance of Writer, a gen AI tool.
Source: Gain.Pro, 2025.
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To read the report, see “Europe’s moonshot moment: Fueling its tech ecosystem for scale,” June 2, 2025.