Accel 2021 Euroscape: On the path to global dominance?
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...)