Previous cohorts
Key Insights from the 2022 cohort
01
Much has changed for the original cohort of Cloud Challengers, who were featured after a year of record tech investment in Europe, and have subsequently had to weather the macroeconomic storms of 2022 and 2023.
02
6 companies have recently been acquired - Otta, Workvivo, Shipamax, Klaus, Sonantic, and Vinehealth, taking the total number of companies that have exited in the class of 2021 to 11, joining Lenses.io, Briq, Foxintelligence, Zeuz, and Alsid.
03
37 companies have raised a Series A or beyond, of which 14 have raised a Series B or C round, including Accurx, Alasco, Cobee, Gleamer, Happeo, HeyJobs, Mavenoid, PlayPlay, Sana Labs, SpaceFill, Spacelift, Strapi, Sythesia, and Upvest.
04
Collectively, these Series B+ scaling companies have raised $825mn across all rounds.
05
The Class of 2021 employs 5,993 people, working across Europe, North America, Asia and South America.
06
Just 2 companies have ceased operations, Flux, and Fronted, closing in 2022 and 2023 respectively.
Key Insights from the 2023 cohort
01
As can be seen below, 28 of the 100 companies in our 2023 Top 100 have raised follow-on funding since we showcased them last year; and given that companies usually raise within a 24-month window of their previous round, we expect more to raise or announce new rounds over the next 12-14 months.
02
The benchmark for conversion from seed to Series A has historically sat at 19%. The Class of 2023 has achieved a 28% rate - which considering a decline in European business software investment of -59%, is an impressive feat.
