European VC fundraising hits highest level since 2007

Helen Cahill
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Skyscanner is one of the most successful VC firms to come out of the UK (Source: Getty)

Venture capital fundraising in Europe hit €6.4bn (£5.7bn) last year, the highest level seen since before the financial crash.

Institutional investors from America made up nearly 10 per cent of the funding pot, according to data from Invest Europe.

The size of VC funds is growing; 13 funds raised more than €100m in 2016.

Read more: UK tech has shrugged off Brexit with record investment

Fund managers were particularly keen on companies working in information and communication (44 per cent), and firms in the biotech and healthcare industries (27 per cent).

The rest of the funding was syphoned off by energy, financial services, consumer and business services companies.

Europe has played host to some of the most successful venture capital-backed firms in the world, including Sweden's Spotify, and the UK travel site Skyscanner, making it a top destination for funds.

Nenad Marovac, founder of Invest Europe, said: "Anyone who has ever played Angry Birds or searched for flights via Skyscanner is benefiting from Europe's highly talented entrepreneurs, not to mention the fintech and life sciences start-ups leading the way in their sectors."

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