Announcing the 2020 Tech Tour Growth 50 – Europe’s 50 “Super-Scale Ups”

Today, Tech Tour announces its 2020 Tech Tour Growth 50 to shine a light on the next generation of Europe’s fastest growth equity backed tech businesses: the super-scale ups.


For the fifth year in succession, Tech Tour, a platform that facilitates high-tech growth companies to develop strategic relations with investors, together with a selection committee of international investors have researched and evaluated over 430 European private tech companies shortlisted in the Tech Tour Growth Universe, all of which at a sub-one billion US dollar valuation.


The selection committee, chaired by Falk Müller-Veerse, Partner, Bryan, Garnier & Co, The European Growth Investment Bank and is made up of 25 international venture capital and growth equity fund managers, judged the companies based on their achievement, impact and momentum.

The CEOs of the companies will gather at the annual Tech Tour Growth Summit in Geneva and Lausanne from March 26th – 27th where two companies will be announced as the 2020 Tech Tour Growth Award and Tech Tour Innovation Award winners.  

The Tech Tour Growth 50 2020 (companies with green dots enter the TTG50 for the first time in 2020)



William Stevens, Managing Director, Tech Tour, commented “Europe’s thriving tech sector achieved one more record-breaking year – in terms of capital raised, jobs created and new unicorns. Previously exited founders return into the ecosystem as investors, state institutions ramp up their efforts to stimulate innovation and more of the European tech growth companies are being funded by European investors.  The Tech Tour Growth 50 every year sheds light on those tech companies who have achieved substantial growth, and also are seen by investors as “hot prospects” to become the next unicorns or realise a big exit or IPO. This year we see the share of UK’s super-scale-ups regained despite Brexit turmoil but also the emergence of a number of super-scale-ups from smaller countries like Finland and Denmark performing outstandingly and an entirely new countries such as Poland and Greece joining the list for the first time. This year’s TTG50 is a fantastic illustration of the progress of European tech and what the potential returns and impact we can expect to come.”


The Tech Tour Growth 50 Companies have raised over $4.3 billion of investment from 507 investors and have an estimated average valuation of $297 million, compared to $114 million for European super-scale-ups. With over 74% of companies having at least one US investor, especially in later stages of development, demonstrates that Europe still has a way to go in order to reap the benefits of the future exits of its most prospective companies. However, the share of those in 2018 being 88%, the decrease shows a big step-up for European funds in nurturing the most prospective start-ups especially in the earlier stages of development, that we see in the Tech Tour Growth 50.

Historically 50% of the companies that were named on the list achieve unicorn status (14%), are acquired (28%), or do an IPO (8%). 48% of the companies are still private with valuations between 100 M USD and 900 M USD with only 2% filing for bankruptcy. In total a conservative estimate is that 17 Tech Tour Growth 50 alumni have now achieved over $US1 billion valuations.

Commenting on the selection process Falk Müller-Veerse, Partner, Bryan, Garnier & Co, explained “We combined the quantitative rigour of using public data sources for valuation, sales growth and financing augmented by the selection committee members’ deep market knowledge. The quality of the selection committee, combined with the rigour of the process, means Tech Tour Growth 50 is now cemented as a reference tool for all those interested in up and coming European tech companies. Each year our work is becoming more difficult as there is a growing number of great European companies. It is of course a very nice problem to have and explains the growing appeal of the Tech Tour Growth Summit as the place to meet great late-stage European tech companies.”


The Tech Tour Growth Summit is supported by Bryan, Garnier & Co and The Canton of Vaud, Switzerland.



For more information please contact Hristo Hristov, Tech Tour and visit and +359 895 508 104



Notes to Editors

All the data contained in this press release is sourced from PitchBook. 

The Tech Tour Growth 50 Companies
Key Statistics (figures in parentheses are from 2019)

Growth & Financing

  • 40 of the TTG50 companies were founded in the last 10 years (43)
  • The median year of company foundation is 2011 (2010) with the most recent in 2016
  • The average time from company foundation to first funding round is 3 years 1 month (2 years 4 months)
  • The average time from first funding round to most recent funding round is 6 years 5 months (4 years 3 months)
  • The mean number of funding rounds is 6 (5)

Growth & Investors

  • The average number of active investors per company is 12 (9). There are 607 (428) investors in total
  • 74% of the 50 companies have at least one US investor (76%)
  • 52% of the companies have at least one individual as an investor (54%)
  • The average first funding round (series A) size is $11 million ($5.8 million)
  • The average latest funding round size is $55.8 million ($54.5 million)
  • The average estimated valuation is $297 million ($456 million)


  • Companies have raised an estimated $4.3 billion of funding ($3.6 billion)
  • The average amount raised is $98 million ($72 million)
  • The TTG50 Companies have created over 16,000 jobs (10,550)
  • 17 are Tech Tour “alumni” having presented at past Tech Tour events to investors


The 2020 Selection Committee*

*For continuity at least 50% of the committee companies were members of the 2019 committee. Committee members were chosen to give a broad representation of country and sector.


Selection Process

Financial Criteria for inclusion in Tech Tour Growth 50 “Super-Scale Up” Universe:


Companies should be private with at least one independent investor, founded in Europe, and meet three of the four criteria:

  • >€10 mn in revenue
  • >€20 mn in total funding
  • >€100mn valuation
  • >min revenue growth pa on average over the last 3 years
    • 80% for companies with €10-30mn in revenues
    • 50% for companies with €30-100mn in revenues


Tech Tour identifies a long list of companies that potential qualify for the Tech Tour Growth 50 Universe using publicly available data sources, notably Pitch Book. The selection committee members are asked to add or remove companies from this list using their own market insight.


Tech Tour then reaches out to the individual companies asking if they meet three of the four or all four of the financial criteria for inclusion.


Voting Procedure
Selection committee members had 50 votes (i.e. one per company for the final 50). During voting the committee was asked to take into consideration:

  • Achievement: Capital efficiency, Growth in last 3 years, Business Plan execution
    Market penetration, Barrier to competition / IP
  • Impact: Addressable market, Scalability / International expansion, Disruptive business model / value proposition / innovation potential
  • Momentum: Projected growth, Financial backing / future requirements, commercial
  • Management team pedigree: past awards won/success of previous companies founded

Companies that verified that they meet 3 of the financial criteria are automatically awarded one vote. Companies that respond meeting 4 of the financial criteria are awarded two votes. 

About Tech Tour 
Founded in 1998, Tech Tour provides a Community facilitating investment into world class entrepreneurs with event and online matching platforms between growing and emerging innovative companies and investors across borders, regions, sectors and stages. Tech Tour is also the trade name for Europe Unlimited.


About Bryan, Garnier & Co
Bryan, Garnier & Co is a European, full service growth-focused independent investment banking partnership founded in 1996. The firm provides equity research, sales and trading, private and public capital raising as well as M&A services to growth companies and their investors. It focuses on key growth sectors of the economy including Technology, Healthcare, Consumer and Business Services. Bryan, Garnier & Co is a fully registered broker dealer authorized and regulated by the FCA in Europe and the FINRA in the U.S. Bryan, Garnier & Co is headquartered in London, with additional offices in Paris, Munich and New York. The firm is a member of the London Stock Exchange and Euronext.