Omar has gathered some excellent data that points to interesting conclusions for the European tech scene. The most telling point is that Europe is a collection of tech clusters rather than one EU-wide tech scene. 

This highlights why thinking on a country by country basis is not the best way to approach the market despite so much of the market commentary being framed in this way. 

A more useful way to think is on a city by city basis. This points to London as the leading hub, closely followed by Berlin, Stockholm and Paris. These are the cities where the big global acquirers focus when they are looking for their next big acquisition in Europe.