Announcing the 2019 Tech Tour Growth 50 – Europe’s 50 Super-Scale Ups

Today, Tech Tour announces its 2019 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 community 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 300 European private tech companies at a sub-one billion US dollar valuation.


The selection committee, chaired by Falk Müller-Veerse, Partner, Bryan Garnier & Co, and made up of 21 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 Forum in Geneva from March 28th – 29th where two companies will be announced as the 2019 Tech Tour Growth Award and Tech Tour Innovation Award winners.  


The Tech Tour Growth 50 2019 (shaded companies enter the TTG50 for the first time in 2019)


William Stevens, Managing Director, Tech Tour, commented The billion dollar “unicorn” successes that grab our attention are just the tip of the iceberg. The Tech Tour Growth 50 puts the next layer of Europe’s high-tech, high-growth businesses in the limelight. These are Europe’s future potential unicorns – the companies with the most promise to have a global impact. In the last five years we’ve seen tech become central to every industry, with the impact of technology convergence making classifying companies by what were once viewed as modern or innovative sectors, such as fintech, cleantech or even cybersecurity, challenging or perhaps even redundant. And unsurprisingly A.I. and machine learning is everywhere. This year’s TTG50 is a fantastic illustration of this trend and we can only expect it to continue


The Tech Tour Growth 50 Companies have raised over $3.6 billion of investment from 428 investors and have an estimated average valuation of $456 million, compared to $188.6 million for European super-scale ups as a whole. With over 68% of companies passing through a tech incubator or accelerator programme, and 50% presenting at early-stage Tech Tour events, there is a clear demonstration of Europe’s ability to nurture companies from start-up to scale-up to the super-scale ups we see in the Tech Tour Growth 50.


Of the 121 companies in the first four editions, 11 are now public with a combined market cap of over $28.5 billion, and on aggregate have outperformed the NASDAQ since listing by a factor of two. In total a conservative estimate is that 15 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, Pictet & Cie, Korn Ferry, Euronext and The Canton of Vaud, Switzerland.



For more information please contact James Burnham, Tech Tour and visit +44 (0)7887765304



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 2018)

Growth & Financing

  • 43 of the TTG50 companies were founded in the last 10 years (29)
  • The median year of company foundation is 2010 (2008) with the most recent in 2016
  • The average time from company foundation to first funding round is 2 years 4 months (1 year and 2 months)
  • The average time from first funding round to most recent funding round is 4 years 3 months (7 years 7 months)
  • The mean number of funding rounds is 5 (4)

Growth & Investors

  • The average number of active investors per company is 9 (10). There are 428 (359) investors in total
  • 76% of the 50 companies have at least one US investor (88%)
  • 54% of the companies have at least one individual as an investor (52%)
  • 54% of the companies had at least one corporate investor
  • The average first funding round size is $5.8 million ($5.6 million)
  • The average latest funding round size is $54.5 million ($41.9 million)
  • The average estimated valuation is $456 million ($294 million)


  • Companies have raised an estimated $3.6 billion of funding ($4.3 billion)
  • The average amount raised is $72 million ($85.5 million)
  • The TTG50 Companies have created over 10,550 jobs (9,600)
  • 22 are Tech Tour “alumni” having presented at past Tech Tour events to investors


The 2019 Selection Committee*

*For continuity 50% of the committee companies were members of the 2018 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.