Accel 2021 Euroscape: On the path to global dominance?


This post is by Philippe Botteri from Cracking The Code


 


The Accel 2021 Euroscape was unveiled earlier today at SaaStock EMEA and you can view the full presentation here.


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The European and Israeli cloud ecosystem is accelerating as never before.


Back in 2016, Europe and Israel had only four public companies worth less than $9B combined and local cloud companies had raised just $900M throughout 2015. Today, Europe and Israel have generated 23 public companies worth $231B and private cloud financing reached c. $30B. The $900M of SaaS VC funding in 2015 now represents less than Europe's largest financing round, with Celonis raising $1B in June this year.


And the milestones don’t stop there: 

  • Europe generated the largest cloud IPO of 2021, with UiPath closing its first day of trading with a $36B market cap
  • Europe and Israel minted the two fastest cloud companies to hit unicorn status, with Wiz (14 months) and Hopin (17 months)


So now feels like the right time to ask: “Are Europe and Israel on the path to global dominance?” 





Before answering this, let’s take a look at what happened in the global software and cloud market over the last year.


Global market snapshot

The world now has 10 software and cloud giants worth more than $100B, representing $4.1T of market capitalization. This world of giants is dominated by one colossus: Microsoft. The company weighs in at more than half (55%) of the entire group and grew its market cap by $600B+ - more than the nine other companies combined! In 2014, (Read more...)