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This year, Europe’s tech industry has lost more than $400 billion in costs, mainly due to Russia’s invasion of Ukraine and the tight monetary policy of national banks.
As reported by Ukrinform, this was reported by CNBC, citing the annual report of venture capital firm Atomico.
According to the report, the combined value of all public and private European technology companies fell to $2.7 trillion, from a peak of $3.1 trillion at the end of 2021.
“It was a tough year – the Russian war in Ukraine, inflation, rising interest rates, geopolitical tensions on the continent. This is the toughest macroeconomic environment since the global financial crisis,” said Tom Wemeyer, representative of Atomico.
It is noted that the market value of some companies in Europe fell sharply.
In particular, the shares of the music service Spotify have lost more than 60% in value in the last year.
Total venture capital funding for European startups is expected to fall to $85 billion this year, according to Atomico’s report, based on quantitative data and surveys in 41 countries. This is 18% less than in 2021, when European startups raised more than $100 billion.
As Ukrinform reported, Deputy Prime Minister – Minister of Digital Transformation Mykhailo Fedorov said that technology companies continue to impose sanctions on Russia.
Photo: Rafael Henrique | SOPA Pictures | LightRocket via Getty Images
Source: Ukrinform
I’m Maurice Knox, a professional news writer with a focus on science. I work for Div Bracket. My articles cover everything from the latest scientific breakthroughs to advances in technology and medicine. I have a passion for understanding the world around us and helping people stay informed about important developments in science and beyond.
