Welcome to the fourth edition of Notion Capital’s annual Cloud Challengers Top 100 report.

The report aims to identify the very best early stage business software start-ups in Europe. We believe these are the companies that have what it takes to challenge the established order and go on to become major success stories across Europe and beyond.

Business software is our all encompassing term that includes data, cybersecurity, developer tools and fintech, as well more conventional application software or SaaS. As you’d expect, the report shows AI playing an ever-increasing role in how these emerging start-ups are developing their products and building their businesses.

As has been the case ever since we launched the Cloud Challenger report back in 2022, our approach to evaluating and ranking these companies is rooted in data and works from a total universe of early stage companies in Europe. Three pillars form the foundation of our assessment:founders, funding, and product. We firmly believe that for early-stage companies these elements provide the most telling signals for future success.

Congratulations to every company that made it onto the list. I hope you enjoy the report.

Jos White
General Partner, Notion Capital