Final yr the record of fastest-growing tech startups in Europe was dominated by speedy grocery and ecommerce firms. After a tumultuous 12 months in European tech, the tables have turned.
None of Europe’s fastest-growing firms reached the extent of progress seen on this record final yr, when speedy grocery firm Flink topped the record with headcount progress of 1,232%. There are additionally much more client and local weather tech firms on the record this yr.
Beneath are European tech’s high 10 fastest-growing firms in 2022, based mostly on knowledge from Dealroom.
We’re measuring progress based mostly on how rapidly firms have employed throughout the yr. To keep away from the outcomes being skewed by small groups making a number of hires, we’ve targeted completely on firms which have raised greater than €50m in complete.
1/ Ultraleap
Little-known British startup Ultraleap was this yr’s fastest-growing startup by headcount. It grew 1,079%, from 12 staff in February 2022 to 165 staff by the top of the yr.
It’s creating futuristic display screen expertise, and introduced a £60m Sequence D spherical in November final yr, presumably one the explanations for this yr’s bounce in headcount. That spherical got here from Tencent, IP Group, Mayfair Fairness Companions and British Affected person Capital.
Based: 2013
HQ: Bristol, UK
Group progress this yr: 1,079% to 165 staff
Complete funding: $166m
2/ Nothing
Nothing, the hyped London-based startup constructing earphones and smartphones to attempt to rival the largest names within the enterprise, grew by 912% this yr, to simply over 3,000 staff.
It’s first cellphone — billed by founder Carl Pei because the “probably the most compelling different to Apple”, launched in July this yr.
Based: 2020
HQ: London
Group progress this yr: 912% to three,148 staff
Complete funding: $342m
3/ Yokoy
Swiss fintech Yokoy grew by 613% this yr. It sits within the in style SME spend administration sector, competing with firms like Pleo, Soldo and Payhawk. It makes use of AI to automate spend administration, combining bills and company playing cards into one platform.
Yokoy raised an $80m Sequence B earlier this yr, led by Sequoia, and now plans to increase past its present markets of Switzerland, Germany and Austria.
Based: 2019
HQ: Zurich
Group progress this yr: 613% to 221 staff
Complete funding: $108m
4/ Polarium
The primary entry on the record from the local weather tech world is Sweden’s Polarium, which grew its headcount by 521% this yr.
It makes lithium batteries that cut back the prices and environmental footprint of vitality storage. Its batteries are absolutely recyclable and lose a lot much less vitality than different batteries available on the market. The tech is utilized in telecommunications, electrical autos and solar energy.
The corporate grew to become one in every of Europe’s deeptech unicorns in Might this yr, when it raised near $100m.
Based: 2015
HQ: Stockholm
Group progress this yr: 521% to 298 staff
Complete funding: $147m
5/ Borzo
Borzo runs a courier service, and its gig financial system workforce delivers through any route, transport, package deal measurement or weight. It was based in Russia and is now headquartered in Amsterdam. Its headcount grew by 435% this yr.
Based: 2012
HQ: Amsterdam
Group progress this yr: 435% to 909 staff
Complete funding: $57.6m
6/ 5ire
London-headquartered 5ire launched in November 2021 and has already secured a $1.5bn valuation. The corporate is constructing a sustainable blockchain, aiming to fight criticism that the business is just too vitality intensive.
5ire secured a $100m Sequence A spherical earlier this yr from UK conglomerate Sram and Mram.
Based: 2021
HQ: London
Group progress this yr: 364% to 116 staff
Complete funding: $121m
7/ DNA Funds
Fintech agency DNA Funds helps companies obtain funds in particular person or on-line. It raised a £100m spherical from Alchemy Companions in 2021 and has grown its headcount by 359% this yr, to almost 200 staff.
Based: 2017
HQ: London
Group progress this yr: 359% to 188 staff
Complete funding: $132m
8/ Payhawk
Bulgarian fintech Payhawk runs a B2B platform that gives monetary departments a single place to handle your complete spending life-style from firm playing cards and bills to payments and invoices. It has grown its headcount by 299% this yr, to 271 staff.
Payhawk raised a $115m Sequence B spherical on the finish of final yr — the second largest Sequence B for an Japanese European B2B firm since UiPath. It then raised an extra $100m early in 2022, turning into Bulgaria’s first unicorn.
Based: 2018
HQ: Sofia
Group progress this yr: 299% to 271 staff
Complete funding: $236m
9/ Dune Analytics
Dune Analytics is an open-source, Ethereum-based knowledge analytics platform that permits anybody to run knowledge queries. It’s obtainable without spending a dime after which has a paid subscription that permits individuals to analyse customised knowledge units. It’s run out of Norway, and has grown its headcount by 280% this yr, from 16 staff in January to 57 by the top of the yr.
Based: 2018
HQ: Oslo
Group progress this yr: 280% to 57 staff
Complete funding: $79.4m
10/ Volta Vehicles
Swedish electrical truck maker Volta Vehicles is the one firm from final yr’s record to nonetheless be on it 12 months later. It noticed its headcount develop 280% in 2022. Volta Vehicles has launched a purpose-built 16-tonne electrical truck that may drive as much as 200km on a single cost.
Based: 2019
HQ: Stockholm
Group progress this yr: 271% to 568 staff
Complete funding: $385m
The information for this record was pulled on December 1.
Freya Pratty is a senior reporter at Sifted. She tweets from @FPratty and writes our local weather tech e-newsletter — you possibly can join right here.
