Atomico reports ‘Crypto Valley’ in Zug, Switzerland as the Leading European FinTech Hub
A report by Atomico, a London based tech oriented company announced Zug, Switzerland as the fastest growing tech hub in Europe on December 6th. Atomico terms itself as a partner with Europe’s most ambitious tech founders at Series A and beyond.
The Swiss city has long been regarded a “Sillicon Valley” to cryptocurrency and blockchain technologies which creates a great community for tech in Europe. The report by Atomico labelled ‘State of European Tech 2018” saw Zug top the ranking on year-on-year growth of attendees to tech-related “meetup” events per European city.
The overall number of attendees in tech related meetups has increased as well huge geographic diversity as the overall geographic diversity in the top 20 cities. Zug saw an increase of 177% in number of attendees in the past year closely followed by Novosibirsk, Russia (173%), Ghent, Belgium (165%), The Hague, Netherlands (121%) and Katowice, Poland (101%).
U.K leads as Europe’s best tech destination
The report announced U.K as the top tech destination for international experts in Europe given the massive talent pool in London especially. People working in the tech sector are very mobile and the report shows U.K as the best country.
Top 10 countries in international movers in European tech. (Atomica)
United Kingdom leads the ranking at 26.6% closely followed by Germany (15.7%), France (13.9%), Netherlands (7.9%) and Spain completes the top 5 at 5.1%. Switzerland lags behind at 10th with 2.1% of the non-European technology movers to Europe.
Switzerland tech sector is growing rapidly
Apart from Zug, there were a couple of other smaller cities that appeared in Atomico’s tech report. One of the rising start-ups, Frontify in St. Gallen, developer of a cloud-based brand management software was also mentioned in the report. The company raised capital in the region of CHF 8 million (US$ 8.08 million) from Blossom Capital last year.
The report further reported the ease of Swiss investors (both private and corporate) in investing in technology products. The report identified the Zürcher Kantonalbank (ZKB) as the second most active corporate investor in Europe. ZKB was involved in 20 financing rounds in the last 12 months.