State of blockchain VC investments in Europe

Viktor Fischer
Jun 7 · 4 min read
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Photo by Frederick Tubiermont on Unsplash

Executive Summary

  1. In 2019, around $700m was invested in European blockchain companies, which is 24% of the $2.8bn invested globally. However, around 30% of 800 global blockchain deals were European — meaning Europe has smaller deal sizes ($3m average deal size in Europe vs. $3.6m globally)
  2. UK still dominates, with 20% of deals, followed by Switzerland, Germany, Spain, Netherlands, France and CEE (Central and Eastern Europe)
  3. European companies that raised over $50m are Bitfury ($170m), Ledger ($88m), Blockchain.com ($70m), Fnality ($63m). However, Europe was also home to some of the largest ICOs, such as TaTaTu ($575m), Waves ($142m), Envion ($101m), Bankera ($100m)
  4. Europe has numerous universities with research focused on Distributed Ledger Technologies
  5. To increase the amount invested into European blockchain companies and the number of European deals, Europe needs to solve 2 main barriers: A) lack of large European VCs, B) unclear and incoherent regulatory environment across EU countries
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Source: CB Insights Blockchain Report
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Source: PWC — 2nd global crypto M&A and fundraising report April 2020
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Source: Atomico — State of European Tech 2019
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Source: Crunchbase “blockchain” companies in “Europe” region in 2018 and 2019; Etienne Brunet newsletter on European crypto ecosystem: https://medium.com/@etiennebr/european-is-leading-in-crypto-but-no-one-knows-about-it-a-data-driven-analysis-of-the-london-905b664691ed
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Source: Crunchbase “blockchain” companies in “Europe” region
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Source: Rockaway Blockchain Fund research

Additional European universities with DLT research: Université du Luxembourg https://wwwen.uni.lu/, École Polytechnique https://www.polytechnique.edu/.

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Source: https://101blockchains.com/top-blockchain-investors/

There is not one European VC present in the list of top 50 blockchain investors: https://www.blockchain-council.org/blockchain/top-50-venture-capital-investors-in-blockchain/

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Source: Atomico — State of European Tech 2019

Although the European Commission has launched a consultation document on how to improve regulatory environment,the deadlines for implementation are unclear: https://ec.europa.eu/info/sites/info/files/business_economy_euro/banking_and_finance/documents/2019-crypto-assets-consultation-document_en.pdf


Here is a short Powerpoint presentation for download:

https://www.slideshare.net/vikino/state-of-blockchain-vc-investments-in-europe


Disclaimer:
This article is for informational purposes only, it is not an investment advice and we disclaim any and all our liability for the provided information. It involves a number of assumptions, risks, uncertainties and other statements; actual results may differ materially from such statements. No representation or warranty (expressed or implied) is made as to, the fairness, accuracy, completeness or correctness of the provided information or opinions contained in this article and nothing contained in this article should be relied upon as a promise, representation or indication of the future performance of any asset. Any information contained in this article does not constitute an offer or invitation to purchase or subscribe for any interest in any asset and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Any logos and trademarks are displayed in this article for information/educational purposes only and do not constitute any endorsement of any offering or any investment product.

Rockaway Blockchain Fund

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