Although some worry that Brexit will eventually cause London to lose its standing as the center of European venture capital, the United Kingdom remains, for now, the top country in money raised.
A total of 283 U.K. companies raised more than $2.9 billion during the year, more than any other European country during the year, according to VCJ‘s analysis of preliminary data from Thomson Reuters.
That’s on par with 2015, when 286 U.K. companies raised $3.2 billion in venture funding that year
For a second consecutive year, France saw more startups announce deals than any other country. Year-to-date, France leads Europe with 406 startups securing funding. The French startup scene leads the United Kingdom and Germany, which saw 287 of its startups raise capital in 2016.
Those French startups raised just $1.75 billion, which is 40 percent less than what U.K. companies raised.
Germany raised $1.47 billion in 2016, taking third place.
Overall, deal activity dropped across Europe in 2016, based on investment figures from Thomson Reuters for the year through late December.
A total of 1,360 deals in Europe raised $8.82 billion in 2016, compared with 1,577 deals in 2015 raised $13.5 billion. The figures reflect drops of nearly 14 percent in deals and 35 percent in funds raised.
Downloadable Data in Excel: top-50-european-vc-backed-deals-2016
Photo, taken with the multiple exposure function of the camera, of a one Euro coin and a map of Europe courtesy of Reuters/Kai Pfaffenbach