Four WHU Start-Ups Among “Europe’s Mighty 50”

An annual revenue of at least one hundred million US dollars, a valuation exceeding two billion dollars and more than two hundred employees: According to the new “State of European Tech 2025” study by venture capital firmAtomico and its partners, only fifty start-ups in Europe currently meet these impressive benchmarks. Four of these Europe’s Mighty 50 were founded by alumni of WHU – Otto Beisheim School of Management. Enpal, Flix, Forto and SumUp.

Their achievements underline the significant footprint WHU founders leave on the European tech start-up ecosystem. “It is very encouraging to see the economic strength and employment impact that start-ups founded by WHU alumni generate in Europe. They play a major role in ensuring that Europe is taken seriously as a global hub for entrepreneurship,” notes Professor Dries Faems, Chair of Entrepreneurship, Innovation, and Technological Transformation at WHU. “Yet despite the remarkable success of some European start-ups, the continent could achieve much more. With harmonized standards and structures that facilitate cross border founding, many more global players could emerge in the years to come.”

The study shows that the European start-up scene is recovering from a challenging period. In 2025, Europe recorded more than 27.000 new founders, an increase of 36 percent compared to 2024. The tech start-up ecosystem has now reached a value of more than 3.8 trillion US dollars, up 14 percent year on year.

United States remain in the lead

Despite positive momentum, Europe continues to face major challenges, particularly in comparison to the United States. While 238 billion dollars were invested in tech start-ups in the United States in 2025, Europe lags far behind at 44 billion dollars. Valuations of tech companies in the United States are also considerably higher. Eight companies – NVIDIA, Apple, Microsoft, Amazon, Alphabet, Meta Platforms, Tesla, and Berkshire Hathaway – have already surpassed the threshold of one trillion US dollars, while Europe has yet to produce a single company of that scale. For now, the United States remains the undisputed leader. However, the subtitle of the Atomico study “Roadmap to Europe’s first trillion-euro tech company” suggests that Europe could unlock substantial growth in the next decade if the right conditions are created.

How can the European start-up scene become more competitive?

According to Atomico’s experts, several levers could strengthen Europe’s entrepreneurial landscape. If European states commit to greater alignment and provide their start-ups with an improved, integrated ecosystem, trillions of dollars in economic growth could be generated, millions of new jobs could emerge and the continent’s long-term competitiveness could be secured. The study identifies four key measures.

- Fix the Friction – Make it simpler and faster to build across borders at scale

- Empower Talent – Make Europe the home of choice for the most ambitious builders

- Fund the Future – Build deep, full-stack capital markets fit for champions

- Champion Risk – Cement risk culture as foundational infrastructure

Numerous start-ups founded by WHU alumni are already leading by example. Enpal, Flix, Forto and SumUp demonstrate that strong growth is achievable, that Europe can remain a substantial force in the global start-up landscape and that the continent has not yet reached its full capacity.

Click here to read the full “State of European Tech 2025” study by Atomico
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