08.1 European Capital Flows Sentiment within the European tech ecosystem around the capital raising environment is broadly positive. 72% of European founders and 84% of European investors believe Sentiment within the European tech ecosystem around the capital raising environment is broadly positive. 72% of that it has either stayed the same or has become easier to raise VC in Europe in the past European founders and 84% of European investors believe that it has either stayed the same or has become easier 12 months. This is very similar to responses from 2017’s survey, where the equivalent to raise VC in Europe in the past 12 months. This is very similar to responses from 2017's survey, where the responses were 73% of founders and 83% of VCs. equivalent responses were 73% of founders and 83% of VCs. In your opinion, is it easier or harder to raise venture capital in Europe than it was 12 months ago? LEGEND Easier to raise capital Founders The capital environment remains unchanged Harder to raise capital 0 10 20 30 40 50 60 70 80 90 100 % of respondents Note: Founder respondents only. There are interesting perception gaps between founders and investors at the sub-regional level. The generally high levels of optimism among investors about the changing state of the capital raising environment in Europe over the past 12 months stand in contrast to a DACH region shows the largest gap between founders and more mixed view from founders in the UK, DACH and Eastern Europe. investors in how they perceive the fundraising environment In your opinion, is it easier or harder to raise venture capital in Europe than it was 12 months ago? LEGEND Founders, Easier to raise capital Investors, Easier to raise capital Founders, The capital environment remains unchanged Investors, The capital environment remains unchanged Founders, Harder to raise capital Investors, Harder to raise capital FoundersInvestors FoundersInvestors Founders Founders Founders FoundersInvestors FoundersInvestors Central Europe DACH Eastern Europe France & Nordics Southern UK & Ireland & Baltics Benelux Europe Founders remain upbeat about the environment for RAISING CAPITAL IN EUROPE raising capital in Europe of European founders believe the capital % environment has remain unchanged over 71 the past 12 months, or become easier 2018 has again set a new record for total capital CAPITAL INVESTMENT IN EUROPE invested in the European tech ecosystem Projected total capital investment in $ B European tech in 2018, up 4.3x since 2013 23 105 In Partnership with & www.thestateofeuropeantech.com