The Power Law in European Venture Capital – TechBBQ LP Forum 2025

Tech and the power law, the rise of European tech, and Europe's most promising VCs. As presented at TechBBQ LP Forum 2025.

Key findings

• Just six companies founded since 1990 account for 46% of all venture value created, and the top 0.02% of companies account for 61%.
• European VC-backed companies were worth $3.5 trillion combined by 2025, up from $157 billion in 2010.
• At every level of capital raised, European startups become unicorns at the same rate as US startups.
• Of the 10,000 investors active in EMEA since 2019, only 408 have backed a Power Law outcome from seed stage, 4% of the pool.
• The top 5% of seed investors convert 63% of their seed investments to Series A within 36 months, against 14% for the bottom quartile.