Monaco
Europe · Pop. 39K
Enterprise value · 2021–2025
Monaco grew 1.0× since 2021
Combined enterprise value of every tracked startup headquartered in Monaco that's still operating today — public and private companies combined, totalled by founding-year cohort.
Adjacent ecosystems by EV
Academia
Monaco's academic flywheel
Companies founded by university alumni or spun out of research, plus the institutions producing the most founders tied to Monaco.
Vs. similarly-sized ecosystems
How Monaco stacks up
Peers chosen from the same Europe cluster within ±70% of Monaco's combined EV. The scatter plots growth × current size for the wider continent — outliers in the upper-right are ecosystems compounding fastest.
Top overview
Europe ecosystems — combined view
Top ecosystems in Europe ranked by combined EV. Monaco's row is highlighted.
| # | Ecosystem | Combined EV | 5-yr EV growth | Unicorns | VC invested | Tracked startups |
|---|---|---|---|---|---|---|
| 1 | United Kingdom | $1.2T | 4.6× | 211 | $24.1B | 20K |
| 2 | France | $414B | 5.6× | 65 | $8.4B | 9,082 |
| 3 | Germany | $410B | 4.0× | 86 | $8.3B | 8,710 |
| 4 | Netherlands | $347B | 2.7× | 39 | $3.2B | 3,887 |
| 5 | Sweden | $286B | 5.5× | 56 | $3.5B | 3,215 |
| 6 | Switzerland | $214B | 3.5× | 47 | $4.3B | 3,003 |
| 7 | Denmark | $141B | 4.3× | 23 | $1.8B | 1,659 |
| 8 | Belgium | $106B | 7.2× | 12 | $900.8M | 1,871 |
| 9 | Ireland | $106B | 4.9× | 24 | $1.2B | 1,959 |
| 10 | Spain | $98.4B | 5.4× | 17 | $3.4B | 4,529 |
| 11 | Finland | $78.9B | 3.9× | 10 | $2.2B | 1,726 |
| 52 | Monaco | $24.4M | — | 0 | $0 | 4 |
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