Each year, Atomico sets out a macro snapshot of our ecosystem in partnership with Slush and Orrick. Their goal is to chart progress and prompt further interrogation of how we can realize European tech’s potential. 2019 ended on a high, with a record $38.6B of capital invested, close to 180 $1B+ companies and $16B closed by European venture capital funds. Five years of continuous success had created a solid foundation of belief in European tech, both within our ecosystem and globally. Then the Covid-19 storm hit, trailing in its wake fears of deep economic recession and retrenchment by founders and investors.  The data shows that our ecosystem has more than survived, although not without cost.