NOVEMBER 2025          
This has been a remarkable month for European tech
Coming out of Web Summit Lisbon and Slush Helsinki, what stands out isn’t just the energy — it’s the evidence that Europe is entering a new phase of scale: more ambitious founders, stronger Deep Tech and AI gravity, and a widening set of ecosystems producing globally-relevant companies. Atomico’s State of European Tech 2025 captures this moment well, mapping both the maturity Europe has reached and the constraints it still need to solve — especially at growth stage — if Europe wants its next generation of champions to start, scale, and stay there.

Against this backdrop, we’re eager to showcase the developments in two of our client ecosystems in Europe: North Rhine-Westphalia, Germany and Lisboa, Portugal. These are very different models of growth: one built on Germany’s industrial and engineering backbone, the other on a fast-globalizing coastal hub, but both have crossed clear inflection points. Together, they’re a sharp signal of how Europe’s rise is becoming broader, deeper, and more competitive in 2025.
DISCOVER NRW
DISCOVER LISBOA
Ecosystem Spotlight
Paris
Paris offers unparalleled resources, mentorship, and networking opportunities for entrepreneurs, with close proximity to government and stakeholders cultivating a new generation of internationally-ambitious founders that accelerate innovation. 
Valencia
Strategically located on the Mediterranean, Valencia offers strong connectivity and a business-friendly environment. With 21% of startups in AI, nanotechnology, and cybersecurity, the ecosystem is solidifying its status as a global tech hub.
Mid-East Region, Ireland
Ireland's Renewable Heat Obligation will create opportunities for startups to develop new tech integrating renewable gases into existing systems, leading to advancements in efficient biomethane production, storage, and distribution technologies.
Istanbul
The Turkish government's ambitious project, Terminal Istanbul, repurposes the historic Atatürk Airport terminal buildings into a global hub for tech and entrepreneurship, aiming to host more than 2,000 startups and multiple annual events.
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