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Repair Windows errors before they cause bigger problemsFix Now →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Atomico’s November 2024 estimate put investment in European tech at about $45 billion for the year, but that was a projection, not a final year-end tally. The report’s data ran through September 30, 2024, and a later summary of Atomico’s 2025 report put 2024 venture-capital investment at $44 billion, up 7%. The figures come from different reporting points, and the available sources do not explain the $1 billion difference.
What Atomico’s $45 billion figure measured
Atomico’s 2024 State of European Tech report projected about $45 billion in capital invested in European tech for the full year. It extrapolated from data available through September 30, 2024; it was not a finalized count of all funding recorded by December 31. The report’s measure excluded biotech, debt, lending capital and grants. Atomico’s 2024 report therefore does not represent every form of financing available to European startups.
The report drew on market data, with Dealroom, S&P Global Market Intelligence, PitchBook, Revelio Labs, Ravio and Crunchbase listed among its data partners. A separate survey created by Invest Europe, Orrick, HSBC Innovation Banking, Amazon Web Services, Slush and Atomico received more than 3,500 fully qualified responses during September and October 2024. That survey supplied qualitative context; its response count was not the basis for the investment estimate. Invest Europe’s 2024 announcement
How the estimate compares with other years
Using the 2024 report’s figures, the projected $45 billion was slightly below its then-current $47 billion figure for 2023. The same chapter put investment at $101 billion in 2021, the peak in this comparison, and $15 billion in 2015. Those figures show a steep retreat from the 2021 high alongside a much larger market than in 2015; they do not mean the 2024 projection was a finalized year-end total.
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| Year | Investment figure in Atomico’s 2024 report | How to read it |
|---|---|---|
| 2015 | $15 billion | Historical comparison cited in the report. |
| 2021 | $101 billion | Peak cited in the report’s comparison. |
| 2023 | $47 billion | Then-current comparison figure used in the 2024 report. |
| 2024 | About $45 billion | Atomico’s full-year projection, extrapolated from data through September 30, 2024; not a final tally. |
Why later reporting gives a different 2024 number
Invest Europe’s summary of Atomico’s 2025 report says European venture-capital investment rose 7% in 2024 to $44 billion. That later figure differs from Atomico’s November 2024 projection of about $45 billion. The available summaries do not explain the exact $1 billion difference or establish that the two figures use identical methods, so the difference should not be attributed to a specific cause. Invest Europe’s summary of Atomico’s 2025 report
Keep the dates attached to the claims: $45 billion was the 2024 report’s projection; $44 billion is the 2024 VC figure reported in the later summary. The latter summary also says European tech was valued at nearly $4 trillion and had almost 40,000 funded tech companies, while its 36% share for deep tech and AI applies to VC funding in 2025—not 2024. These later claims should not be folded into the earlier forecast.
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What the figures say about the market
Atomico described the market as stabilizing after two exceptional years, with its 2024 projection slightly below the report’s then-revised 2023 figure. Contemporary reporting also described stabilization after the sharp 2023 decline while noting continued fundraising and liquidity pressures. Stabilization is not the same as a return to broad-based growth: the projection remained far below the 2021 peak, and the figures alone do not show how evenly investment was distributed across companies, countries or stages. TechCrunch’s contemporaneous coverage
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