US investor names top European startup hubs beyond traditional centers

A US-based investor has identified several European cities as the most likely sources of the continent’s next billion-dollar companies. The list, published by Sifted, comes from a partner at a firm that has backed European startups in climate tech, AI, and fintech.

The selection skips the cities where most venture capital has historically concentrated, as well as smaller hubs that have attracted attention in recent years.

According to the investor, the cities were chosen for their deep talent pools, strong university networks, and local founders who have already built companies that reached late-stage funding or exit. The list does not include specific startups or sectors, but the investor’s firm has previously invested in European AI infrastructure and carbon-accounting software.

The story arrives as European startups face persistent criticism over regulatory hurdles and founder relocations to the US. When we covered Manna’s CEO move to Oklahoma last month, he cited Europe’s “closed” startup climate as a key reason for leaving. Separately, Project Europe’s cofounders stepped down in October ahead of the firm’s next fund, a signal that even homegrown investors are recalibrating their approach.

For founders and operators, the list is less a prediction than a temperature check: it shows which ecosystems US investors are now scouting, not necessarily where the next unicorn will emerge.

Sources: sifted.eu