Europe’s tech industry has lost more than $400 billion in value this year, according to venture capital firm Atomico.
The combined value of all public and private European tech firms has fallen to $2.7 trillion from a peak of $3.1 trillion in late 2021, Atomico said in its annual “State of European Tech” report Wednesday.
The figures underscore what has been a rough year for tech. Once richly-valued technology companies have seen their shares come under pressure from global factors, including Russia’s invasion of Ukraine and tighter monetary policy.
