In 2025, European startups raised around €66bn in VC funding, only 22% of U.S. levels, despite Europe having over 100 million more people.
The gap becomes brutal at late stage: EU later-stage VC investment was around $20bn, compared with $103bn in the United States.
That is why Europe has roughly 110–135 unicorns, while the U.S. has more than 600.
Europe needs to complete two things.
First, the Capital Markets Union to create deeper financing pools, larger late-stage rounds, stronger IPO markets and more liquidity for European startups.
Second, the Single Market — so companies can scale across 450 million consumers instead of being trapped inside fragmented national markets.
Full breakdown;
renaissanceeurope.org/insigh…