1、March 2023Scale CitiesEcosystem network effects for early-stage entrepreneurshipPage/2 We are excited to launch the second edition of this report series in collaboration between Dealroom and the Startup City Alliance Europe(SCALE).With this innovative platform,we hope to improve the availability and

2、 efficiency of data amongst our startup cities,by using the map to identify direct comparisons and further explore and unleash the potentials of our neighbours on the continent.Alliance MembersPage/3 Source:Dealroom.coFebruary 2023SCALE(Startup Cities Alliance Europe)is a collaborative force of Euro

3、pean cities,represented by their public ecosystem builders,who work together to facilitate,strengthen and connect the European startup ecosystem for entrepreneurs.Page/3 SCALE(Startup Cities Alliance Europe)is a collaborative force of European cities,represented by their public ecosystem builders,wh

4、o work together to facilitate,strengthen and connect the European startup ecosystem for entrepreneurs.By sharing their networks(peers)and learnings(experiences,insights and best practices)and providing trustworthy and unbiased content,the SCALE platform gives you access to a hub of up to date inform

5、ation and opportunities in acceleration,incubation,soft landing programs and funding calls,in order to help you discover new markets.As civil servants and public officials,these teams:are directly responsible for startup and tech successare committed to strengthening the local ecosystemhave a strong

6、 link to the local government.LisbonMadridMunichPortoStockholmViennaDiscover AllAmsterdamAntwerpBarcelonaBerlinCologneHamburgHelsinkiWhat are the Scale Cities?Alliance member citiesPage/4 Scale Cities startup ecosystem is now worth over 764B.The Scale Cities startup ecosystem have been consistently

7、growing in value and regional influence over the past decade featuring over 26K verified startups.These startups currently provide over 1.3M+jobs across the region.Key TakeawaysScale Cities spinouts have raised over a quarter of the VC funding for European spinouts in 2022.Scale Cities spinouts are

8、worth a combined 26B and support over 40k jobs across the 13 alliance cities.VC investment into Scale Cities spinouts is on track to become the second best year on record in terms of investment attracted at 1.4B for 2022.9k+new startups have been founded across the Scale Cities over the past 5 years

9、.Startups across the Scale Cities are benefiting from increased funding and quality of early stage support mechanisms,talent interconnectivity and increased investment from non-VC backed funds.1The Scale Cities2Capital3 Universities4The Snowball EffectAMethodologyPage/6 Page/6 Source:Dealroom.co.Dat

10、a as of February 2023.The Scale Cities startup ecosystems makes up almost a quarter of European startup value-they now represent over 764B in value.Scale Cities Combined Enterprise Valueview moreEuropean Combined Enterprise Valueview more1T200B2019202020212022406B565B893B764B308B2018600B400B20192020

11、2021202220184T2T1T800B3T1.1T1.5T2.5T3.5T3.1TPage/7 Page/7 Source:Dealroom.co.Data as of February 2023.More important than ever-the Scale Cities represent 26K startups,supporting 1.3M jobs globally.Number of Active Verified Scale Cities Startups view more1.3MJobs created globally by startups based in

12、 Scale CitiesVC Jobs created by Scale Cities-based startups globallyview moreJobs created over the past year300k New Scale Cities Jobs added since Oct 2021 Scale Cities Existing Employee Count 25k5k201920202021202222k23k24k26k20k201815k10k20kPage/8 Page/8 Source:Dealroom.co.Data up to February 2023.

13、Note:due to reporting lag,the last 12 months are systematically under reporting on rounds especially small rounds.Contact us for corrected estimates.Scale Cities startups raised nearly 25%of European total venture capital investment in 2022,in the second most active year on record.Scale Cities Total

14、 Employee Count(2018-2022 YTD)40B10B201920202021202212B11B33B20B7B201830B20BScale Cities VC Investment activityview moreEuropean VC investment activityview more20192020202120222018150B50B121B97B35B100B50B50BScale Cities VC Investment Activity()view morePage/9 How entrepreneurship is fostered across

15、Scale Cities&beyond.Breakthrough startups and unicorns are major catalysts for compounding success.Talent-startup“mafia”foundersCapital-investor and employee returns reinvested in ecosystemExpertise-training talent with relevant startup operator experience The Snowball EffectUniversities are importa

16、nt breeding grounds for innovation and entrepreneurship.Spinouts&knowledge transferMeeting point-science x innovationEntrepreneurship programs and incubatorsAlumni founder communitiesStartups generate economic value and jobs.Support at early stage can be make or break.Employee ownership incentivesTa

17、lent/visa programmesEffective and up-to-date regulationEase of doing businessCapital-grants,fund-of-funds etc.UniversitiesEarly-stage supportEnabling investment in innovation,R&D and people,accelerating growth.Venture capital investorsInward investmentAcceleratorsGrantsCrowdfundingCorporatesFamily O

18、fficesPrivate EquityCapital1The Scale Cities2Capital3 Universities4The Snowball EffectAMethodologyPage/11 SEE MORESEE MORESEE MORESEE MOREHiveHiveMQSellerXCoachHubZolarMaterial ExchangeTaxfixStockledArK CapitalPassionFrootVoiVanMoofAvi medicalTestGorillaMajor top tier international investors have bu

19、ilt strong portfolios across Scale Cities in recent years.Investments into Scale Cities founded companies by selected International investors(2017-2022)Source:Dealroom.co SEE MORESEE MORESEE MORESEE MORESEE MORESEE MORESEE MORESEE MOREPersonioPitchCargo OneTaxfixTrade RepublicTaxdooFlinkInsifyChocoC

20、apmoUpvestOperAivenFactorialy42Automation HeroAivenUpvestLondonUKPalo AltoUSASan Francisco USAMunichGERMANYSan FranciscoUSAStockholmSWEDENLondonUKLondonUKPage/12 Page/12 Investor(name and logo)Investor(scale)HQ CityTarget investment(company logo+name)Target investment scale(HQ)CityInvestment date(mo

21、nth-year)And stage(label)WayraMadridOptimus PriceBarcelonaFeb 2022 1M SeedSpeedinvestViennaRausBerlinNov 2022-3M Early VCPicus CapitalMunichLendisBerlin30M Feb 2022 Jan 2022Global Founders CapitalBerlinSoSafeCologne$73M Series BCreandumStockholmFactorialBarcelona$120M OCT 2022 Series CInvestors are

22、more interested in brilliant entrepreneurship than borders or proximity-capital flows between the Scale Cities across the alliance.WayraMadridScale Cities based investor investedOptimus PriceBarcelona1M SeedFeb 2022SpeedinvestViennaRausBerlin$3M Early VCNov 2022Picus CapitalMunichLendisBerlin30M Ser

23、ies AJan 2022Global Founders CapitalBerlinSoSafeCologne$73M Series BJan 2022CreandumStockholmFactorialBarcelona$120M Series COct 2022into a non-local Scale Cities startupInvestment rounds examples across the Scale Cities in 2022Source:Dealroom.co Page/13 Increasingly connected ecosystems enable capi

24、tal and talent to flow across the continent,leveraging local strengths and opening new opportunities.University Alumni from One ScaleCityWent on to found company in another ScaleCityUniversity of Amsterdam HelloFresh WestWing Berlin MunichUnicornScaleCity HQScale Cities LocationsStockholmAmsterdam,B

25、arcelona,Berlin,Cologne,Helsinki,Lisbon,Madrid,Munich&ViennaBerlinMadrid,Amsterdam&ViennaMunichBerlin,Madrid&StockholmNotable ScaleCity Unicorns with Secondary offices within other Scale CitiesFounders of some of Europes biggest startup successes have benefited from universities from other Scale Cit

26、iesSelected unicorns with secondary offices in other Scale CitiesFounders of some of Europes biggest startup successes trained at universities in other Scale CitiesUniversity of AmsterdamAmsterdamAlumni from Scale Cities universitieswho founded startups-turned-unicorns in another city across the all

27、iance.HelloFreshBerlinWestWingMunichKlarna UnicornHQ locationSecondary offices in other Scale Cities.Stockholm Amsterdam,Barcelona,Berlin,Cologne,Helsinki,Lisbon,Madrid,Munich&Vienna N26Berlin Amsterdam,Madrid&Vienna FLIX SEMunich Amsterdam,Berlin,Cologne,Hamburg,Lisbon,Madrid,Munich&StockholmKTH Ro

28、yal Institute of TechnologyStockholmDeliveryHeroBerlinRocketInternetBerlinESADE Business&Law SchoolBarcelonaGorillasBerlinOLXAmsterdamThe interconnectivity of talent and ideas are helping drive increased successes across the allianceSource:Dealroom.co Page/14 Source:Dealroom.co.Explore the Scale Cit

29、ies acceleratorsStartup acceleration and incubation programmes located across the Scale Cities are helping startup founders scale faster and better.Explore 470+accelerator programmes operating across Scale Cities.1The Scale Cities2Capital3 Universities4The Snowball EffectAMethodologyPage/16 FoodUniv

30、ersities play a key role in fostering support for early-stage entrepreneurship.Source:Dealroom.co.Scale Cities Universities by Number of European FoundersNAMESCALECITYNUMBER OF EUROPEAN FOUNDERSTechnical University Munich(TUM)Munich874KTH Royal Institute of TechnologyStockholm750University of Amster

31、damAmsterdam683Universitat Politcnica de CatalunyaBarcelona643ESADE Business and Law SchoolBarcelona621IE Business SchoolMadrid575IESE Business SchoolBarcelona522Amsterdam University of Applied SciencesAmsterdam493Universidad Politcnica de MadridMadrid482Universitat de BarcelonaBarcelonaScale Cities

32、 Universities by Alumni Founded Unicorn NAMESCALECITYNUMBER OF ALUMNI-FOUNDED UNICORNSTechnical University Munich(TUM)Munich9IE Business SchoolMadrid7Ludwig Maximilian University of MunichMunich5Universitat Politcnica de CatalunyaBarcelona5Universitat de BarcelonaBarcelona4University of ViennaVienna

33、4University of AmsterdamAmsterdam4IESE Business SchoolAmsterdam4ESADE Business and Law SchoolBarcelona4Universidad Autnoma de MadridMadrid3NAMESCALE CITYNUMBER OF EUROPEAN FOUNDERSTechnical University Munich(TUM)Munich874KTH Royal Institute of TechnologyStockholm750University of AmsterdamAmsterdam68

34、3Universitat Politcnica de CatalunyaBarcelona643ESADE Business and Law SchoolBarcelona621IE Business SchoolMadrid575IESE Business SchoolBarcelona522Amsterdam University of Applied SciencesAmsterdam493Universidad Politcnica de MadridMadrid482Universitat de BarcelonaBarcelona441NAMESCALE CITYNUMBER OF

35、 ALUMNI-FOUNDED UNICORNSTechnical University Munich(TUM)Munich9IE Business SchoolMadrid7Ludwig Maximilian University of MunichMunich5Universitat Politcnica de CatalunyaBarcelona5Universitat de BarcelonaBarcelona4University of ViennaVienna4University of AmsterdamAmsterdam4IESE Business SchoolBarcelon

36、a4ESADE Business and Law SchoolBarcelona4Universidad Autnoma de MadridMadrid3Scale Cities Universities by Number of European FoundersScale Cities Universities by Alumni Founded Unicorns Discover all of the Scale CitiesUniversities view online9755444443874750683643621575522493482416Source:Dealroom.co

37、|Data up to December 2022.Page/17 Page/17 202212kSource:Dealroom.co.Data up to February 2023.Note:due to reporting lag,the last 12 months are systematically under reporting on rounds especially small rounds.Contact us for corrected estimates.Scale Cities spinouts are on a rapidly upward trend in ter

38、ms of both value and employment.25B15B5B2019202020212022year-to-date7B9B21B22B5B201820B10BScale Cities Spinouts Total Employee Count(thousands k)view more40k20k10k20192020202118k26k30k37k20182022year-to-dateScale Cities Spinouts Total Enterprise Value()view more30kScale Cities Spinouts Total Enterpr

39、ise Valueview moreScale Cities Spinouts Total Employee Countview more25B5B20192020202120228B11B24B26B6B201815B10B201920202021201840k20k10k20B30k13k20k29k34k40k+Page/18 Scale Cities spinouts have raised over 4B in the last four years.8B6B4B2B2017201820192020Explore an interactive landscape of selecte

40、d Scale Cities universities and their respective spinouts:Scale Cities University spinouts20212022YTDSpinouts represent 6.6%of total investment in Europe.Year to date,ScaleCity HQd spinouts represent 12%of total European HQd spinout VC funding.In 2021,ScaleCity spinouts attracted the highest amount

41、of VC investment of 1.6B,representing a quarter of VC investment into European HQd spinouts for the period.YearScaleCity HQd Spinout VC Investment(B)European HQd Spinout VC Investment(B)ScaleCity VC Investment Proportion(%)2022(YTD)0.5B4.7B12%20211.6B6.3B25%20200.5B3.4B15%In 2021,ScaleCity spinouts

42、attracted the highest amount of VC investment of 1.6B,representing a quarter of VC investment into European HQd spinouts for the period.Scale Cities VC InvestmentEuropean VC InvestmentSource:Dealroom.co Largest investment rounds into Scale Cities-based spinouts in 2022 view onlineCelonis400M|Series

43、DMunich Aug 2022TTTech285M|Late VCVienna Aug 2022Kinexon130M|Series AMunich Apr 2022IQM128M|Series AHelsinki July 2022Scenic Biotech28M|Series AAmsterdam Mar 2022Agile Robots30M|Late VCMunich Apr 2022PreWave11M|Series AVienna Sept 2022Unifly10M|Late VCAntwerp Sept 2022Optics1110M|Early VCAmsterdam S

44、ept 2022Page/19 Scale Cities spinouts have raised over a quarter of the VC funding into European spinouts in 2022.8B6B4B2B2017201820192020Explore an interactive landscape of selected Scale Cities universities and their respective spinouts:Scale Cities University spinouts20212022YTDSpinouts represent

45、 6.6%of total investment in Europe.Year to date,ScaleCity HQd spinouts represent 12%of total European HQd spinout VC funding.In 2021,ScaleCity spinouts attracted the highest amount of VC investment of 1.6B,representing a quarter of VC investment into European HQd spinouts for the period.YearScaleCit

46、y HQd Spinout VC Investment(B)European HQd Spinout VC Investment(B)ScaleCity VC Investment Proportion(%)2022(YTD)0.5B4.7B12%20211.6B6.3B25%20200.5B3.4B15%In 2021,ScaleCity spinouts attracted the highest amount of VC investment of 1.6B,representing a quarter of VC investment into European HQd spinout

47、s for the period.8B6B2B20192020202120224B1.3B3.3B3.4B0.9B6.3B2.1B1.3B4.7BScale Cities VC InvestmentEuropean VC InvestmentSource:Dealroom.co Scale Cities VC Investment European VC Investment1The Scale Cities2Capital3 Universities4The Snowball EffectAMethodologyPage/21 Page/21 9K+new startups have bee

48、n founded across the Scale Cities in the past 5 years.Source:Dealroom.co Data as of February 2023.Note:due to reporting lag,the last 12 months are systematically under reporting on startups created.Contact us for corrected estimates.110B+of combined enterprise value.165k+jobs created within these st

49、artups.13 new unicorns founded in this five year period.2017201820192020202120222K 4K 6K Cumulative number of startups founded across the Scale Cities8K 2k startups founded in 20171.6k startups founded in 2019Scale CitiesKey TakeawaysPeriod 2022Explore these newly founded startups in 2022Post Report

50、ing Lag Page/22 CITIESSTARTUPMAFIA_COUNTBerlin77Stockholm35Amsterdam16Barcelona16Madrid16Munich13Hamburg4Helsinki4Lisbon3Vienna3Antwerp1Cologne1Porto0TOTAL189AmsterdamBerlinMadridHamburgMunichBarcelonaStockholmHelsinkiViennaCologneLisbonAntwerpPorto1.7K+1.3K+700+600+500+400+300+250+200+100+200+250+5

51、00+AmsterdamBerlinMadridHamburgMunichBarcelonaStockholmHelsinkiViennaCologneLisbonAntwerpPorto1.7k+1.3k+700+600+500+500+400+300+250+250+200+200+100+Amsterdam,Berlin and Madrid lead in nascent startup count across the Scale Cities.Source:Dealroom.co Nascent startups are classified as startups with a

52、maximum of two employees which have a scalable VC investable business model.Page/23 Early tech ecosystem success not only creates value and belief for a community,but breeds a generation of operators who know how to start and scale successful businesses,who have the right network and at times the ex

53、it capital to start their next venture.It starts a snowball effect of success.These are the European Startup Mafias.The training grounds that became the founder factories fuelling the European startup ecosystem.BerlinStockholmAmsterdamBarcelonaMadridMunichHamburgHelsinkiViennaLisbonAntwerpColognePor

54、to180+startups have been created by former employees of European Unicorns across Scale Cities.Source:Dealroom.co.Number of startups created by former employees of European unicorns across Scale Cities.The Snowball Effects of European Startup Successes77+CITIESSTARTUPMAFIA_COUNTBerlin77Stockholm35Ams

55、terdam16Barcelona16Madrid16Munich13Hamburg4Helsinki4Lisbon3Vienna3Antwerp1Cologne1Porto0TOTAL18935+15+15+15+15+5+5+5+1-31-31-31-3Discover Europes startup founder factoriesPage/24 Explore job openings at thousands of startups based across the Scale Cities50k+open jobs are currently listedat startups

56、in Scale Cities Explore Job openings at thousands of startups based across the Scale Cities.25k+open jobs are currently listed at startups in Scale Cities.Search JobsLisbonMadridMunichPortoStockholmViennaDiscover AllAmsterdamAntwerpBarcelonaBerlinCologneHamburgHelsinki1The Scale Cities2Capital3 Univ

57、ersities4The Snowball EffectAMethodologyPage/26 Venture capital investmentInvestment numbers refer to rounds such as seed,series A,B,C,.late stage,and growth equity roundsVenture capital investment figures exclude debt or other non-equity funding,lending capital,grants and ICOs.Buyouts,M&A,secondary

58、 rounds,and IPOs are treated as exits:excluded from funding data.Investment rounds are sourced from public disclosures including press releases,news,filings and verified user-submitted information.Company valuations(public&private)Company valuations are based on their market capitalization(public)or

59、 latest transaction value.Share price are usually taken around the publishing date of the report.For private companies,the valuation is taken from their exit or implied unrealised valuation from the latest VC round,which is either announced or estimated by Dealroom based on market benchmarks.Startup

60、s,scaleups,grownups and techCompanies designed to grow fast.Generally,such companies are VC-investable businesses.Sometimes they can become very big(e.g.$1B+valuation).When startups are successful,they develop into scaleups(50 people),grownups(500 people)and result in big companies,like Adyen.In thi

61、s report,the term“tech ecosystem”refers to startups,scaleups grownups from different vintages/cohorts.Only companies founded after 1990 are included in this report.We consider 1990 as the first decade for internet&information age companies to scale.Data sources used in this reportDealrooms proprieta

62、ry database and software aggregate data from multiple sources:harvesting public information,user-generated data verified by Dealroom,data engineering.All data is verified and curated manually.The report includes data up until the 10th January 2023.Most underlying data from the report is available on

63、line here For more info please visit dealroom.co or contact supportdealroom.co Methodology&definitions.Geographic scope of this reportThe geographic scope is mentioned on individual pages.Company and investor locations are based on their current HQ and not founding location.For some cities,we take t

64、he greater metro to include surrounding suburbs(for instance in Amsterdam,Munich and Porto).Underlying dataPage/27 This is the 2nd annual report from the Scale Cities Alliance and Dealroom.coUseful terms in this report.A company designed to grow fast.Generally,such companies are VC-investable busine

65、sses.Tech enabled company founded after 1990,valued over$1 billion.Spinouts are active startups where universities have equity and/or royalty/licensing deals.The terms Spinout and Spin-off have the same meaning though Dealroom uses the term Spinout.Nascent startups are classified as startups with a

66、maximum of two employees which have a scalable VC investable business model.Startup mafias are startup alumni that go and found,lead or back other tech companies.Startup mafias are typically formed from startups that have successfully exited;however,each has an effect of its own.For more detailed in

67、formation on the methodology and underlying data can be found in the dedicated section at the end of this report,and on knowledge.dealroom.co.StartupUnicornSpinoutStartup mafiaNascent startupsRead first reportPage/28 Visit ecosystem.ScaleC to explore the Scale Citiestech ecosystem in greater depth.Powered byInitiated byPowered by