Encouraging data on European venture capital returns. In Europe 19% of tech exits are >$100mn (close to US at 22%), but capital efficiency is far higher at 18.5X vs 8.1X. While there is less capital available in Europe, it seems it is being invested wisely.
While the United States is the center of the tech world ($47.3 billion in venture capital invested across 3,617 deals in 2014), both Europe and Asia have emerged on the scene in recent years with massive financings and exits to match. With that in mind we looked at $100M+ exits of VC-backed tech companies since 2011 across each region. We found that while Asia has the highest % of $100M+ tech exits, investors in Europe tech companies may see the best cash on cash returns, as the continent saw the highest capital efficiency for $100M+ exits versus the other geos.