European Cities With the Most VC Investment in 2023

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Europe is home to many cities boasting early-stage to unicorn startups that have disrupted global industries. Whether foodtech or healthcare innovations, startups across Europe are developing imaginative, research-backed solutions to worldwide pain points. 

At the center of much of this technological innovation is Europe’s impressive array of educational institutions and research opportunities, allowing entrepreneurs to build, ideate, and attract investors to the area. Plus, business-friendly government initiatives and access to several global markets. From London to Dublin, these are the European cities that collected the most venture capital investment in 2023. 

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Europe’s Top 8 VC Cities

Venture capital propels startups in every industry forward, giving them the necessary capital to refine and scale their companies. These European cities have experienced impressive VC investment in the past year for a variety of reasons, from top-tier talent pools to business-friendly legislation. 

Note to Readers: This listicle is powered by Systematic, an AI-powered data analysis platform for investors and entrepreneurs. For insights on how this list was compiled and the nuances of the data, please see our Disclaimer

1. London

With $22.67 billion in venture capital invested in the city in 2023, London’s startup scene has experienced impressive traction. In the past year, there have been several examples of the thriving venture capital ecosystem in London, such as Nothing’s $96 million funding round, Synthesia’s $90 million Series C round, or’s $20 million

London’s status as a strong venture capital hub has been due to several factors. The city is one of the world’s leading financial centers, with a diverse economy and an ecosystem that drives technological innovation. This results in massive funding rounds for startups in 

Geographically, London is a strategic location for startups to access European, Middle East, and Asian markets making it a destination for both startup founders and venture capital investors alike. These factors combine to make London a highly attractive destination for venture capital investment, drawing in a wide range of investors and fostering a dynamic and thriving startup ecosystem.

2. Paris

The City of Light may be known for high fashion houses like Chanel and Hermes or iconic culinary experiences. However, Paris is also a hub for venture capital investment in Europe, with $​​15.12 billion in VC funding invested in 2023. 

Paris has emerged as a popular venture capital hub due to a combination of factors that create a favorable environment for startups and investors. The French government has actively supported the startup ecosystem, offering programs, favorable policies, and tax incentives for these businesses. 

The city also benefits from a high concentration of world-class educational institutions and research centers, resulting in a strong workforce. These traits, among other factors, create a healthy startup ecosystem, attracting innovative founders and a wide range of investors. 

Venture capital investments in this city range from biotech and healthcare investments, such as Iktos’ $15.5 million round or Moon Surgical’s $55.4 million round in 2023, to other industries like cybersecurity, with SEKOIA’s Series A round totaling €35 million

3. Stockholm

Stockholm's reputation as a venture capital hub is anchored in its strong culture of innovation and creativity, particularly in the tech sector. Stockholm's advanced digital infrastructure and tech-savvy population provide an ideal testing ground for new digital products, enhancing its attractiveness for tech-focused venture capital.

The success stories of major tech companies like Spotify, Skype, and Klarna, originating from Stockholm, further validate Sweden’s capital as a startup mecca. 

Some notable investments made into Stockholm’s startup market include Northvolt’s $400 million round in June of 2023, Anyfin’s Series C round totaling $30 million, and X Shore’s $30 million round. From lithium battery manufacturing to electric boats, Stockholm VC funding is dispersed across several innovative industries. 

4. Berlin

Berlin is a major European technology hub making it no surprise that the German city also attracts venture capitalists, ready to place capital into this growing startup scene. The area also benefits from supportive government policies and programs supporting the expansion of the entrepreneurial ecosystem. 

Furthermore, the city is known for sustainable practices and innovation, with startups in the sector, such as climate tech startup ecoworks, securing a $24.3 million Series A round in 2023. This isn’t the only sector with notable venture capital investments in the previous year, however. 

Foodtech startup KoRo secured a $21.9 million Series B round, while crypto startup Li.Finance secured a $17.5 million Series A round. Berlin is home to a diverse set of startups, disrupting a variety of industries. 

5. Leuven

With $1.71 billion of venture capital invested in 2023, Leuven has seen some of the most substantial VC investments in Europe. The Belgian city is a hub of scientific innovation and tech disruptors. 

In the past year, Leuven has been home to several fast-scaling startups in different sectors, from Paleo, the foodtech startup boasting a $12 million Series A round, to cloud computing startup VaultSpeed’s $15.1 million round of the same series and AR startup Swave ​​Hotonics €3 million seed round. Simply put, Leuven is home base for innovations across a wide range of industries. 

The city’s academic environment provides a rich talent pool and valuable research opportunities, specifically for tech and biotech companies. In addition to this, there is an ultra supportive ecosystem for startups living inside the Leuven city limits. Leuven is home to several incubators, accelerators, and research parks, making it a nurturing city for startups and entrepreneurs to develop and grow innovative concepts. 

6. Bristol

Referred to by some as the “Silicon Gorge,” Bristol boasts a thriving tech and startup scene bolstered by academic excellence. With $1.63 billion in venture capital invested within the city in 2023, Bristol is living up to its slogan. Home to the University of Bristol and the University of the West of England, the city grants access to a strong talent pool as well as research and academic support. 

This is especially beneficial for startups in the life sciences sector such as Haro Therapeutics, using research carried out at Bristol University, that secured their £1.52 million round this past year.

Bristol also benefits from strong governmental and institutional support. Initiatives like the SETsquared partnership, a collaboration between several universities, including Bristol, provide essential support for startups, including mentorship, networking opportunities, and access to funding. 

Other notable investments in this city include hospital point-of-sale (POS) system Kurve, which brought in £250,000 in seed capital. Plus, AI-powered robotics startup Perceptual Robotics secured an undisclosed amount in September of 2023 to increase work on robotic inspections of wind turbines. 

7. Munich

Coming in right behind Bristol with $1.61 billion of venture capital invested in 2023, Munich is a prosperous startup ecosystem bursting with innovation. Munich is home to numerous global corporations like BMW, Siemens, and Allianz, creating a fertile ground for B2B startups and partnerships. 

The presence of these giants offers startups opportunities for collaboration, mentorship, and access to a vast professional network. Above all, Munich's strong economic base provides a stable backdrop for venture capital investment, with investors drawn to its mix of traditional stability and innovative potential. 

The city is home to several industries, such as Deepc, a medtech startup that raised €12 million Series A funding round; space startup Isar Aerospace, which raised a $165 million Series C round; and fitness tech startup eGym boasting a $225 million raise.

8. Dublin

Dublin, the capital city of Ireland, has rapidly evolved into a thriving hub for startups and venture capital investment. One of the key attractions is Ireland's favorable corporate tax environment, making Dublin an appealing destination for both startups and multinational corporations. 

This financial advantage is complemented by a range of government initiatives aimed at fostering innovation and entrepreneurship, such as the Enterprise Ireland and IDA Ireland programs. With $1.51 billion in venture capital invested in the city in 2023, it is clear that Dublin has become a hotbed for VC funding. 

Three notable investments benefitting from Dublin’s wave of venture capital funding are Fire1, which closed a $25 million funding round this year, as well as Ocuco, the software startup that raised €60 million, and, an earlier-stage startup that raised €500,000 in funding. Positioned as a gateway between the United States and Europe, Dublin offers easy access to both markets, making it an ideal location for companies looking to expand globally.


The information presented in the listicle above is subject to the inherent complexities and variability of venture capital reporting. Due to the lack of standardized data collection methods across different investors, the data should be considered approximate and may differ from other sources. 

Our list reflects a selection based on available data and may not encompass the entire scope of VC activities across Europe. Please use caution when making comparisons or relying on this data for business or investment decisions.