Funding for Europe's venture-backed startups is forecast to decline from $83 billion in 2022 to $51 billion in 2023, Atomico said.
That was largely down to a retreat from U.S. investors. American funds have previously been a significant driver of funding activity in Europe, and several notable VC funds in the U.S. have set up shop in London to increase their investments in the region.
The report is a scaled down, mid-year update from the London-headquartered fund, which has backed companies including Stripe, Klarna and Graphcore. Meanwhile, early-stage firms have seen their funding reduced by less than their later stage counterparts, Atomico said, with funding for companies raising sub-$15 million round slipping to $8.2 billion in the first half of 2023, down from $10.3 billion in the same period a year ago.
Technology firms have come under huge strain over the last year-and-a-half, with companies being pushed to prioritize profitability over growth at all costs as investors reevaluate the sector.
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