UK tech companies dominate a new ranking of Europe’s scale-ups generating more than $100m in annual revenue.
Dealroom’s Thoroughbreds 100 highlights 100 companies across EMEA that have reached the milestone, demonstrating strong growth, traction and team strength.
The UK is the most prominent country on the list with 22 Thoroughbreds, ahead of Germany with 17.
Together, the businesses featured generated $168bn in revenue last year and support 367,000 jobs.
British FinTech stars Revolut and Wise are among the most high-profile entries, with the FinTech sector being the most dominant overall with 30 Thoroughbreds, while enterprise software, including companies such as Mistral AI in France, ranks second with 25.
Other UK entrants include HealthTech Flo Health and Euan Blair’s EdTech unicorn Multiverse.
Oxfordshire-based MedTech Immunocore is the only UK firm on the list with a female CEO, with the company being spearheaded by Moroccan-born entrepreneur Dr Bahija Jallal.
“Venture has long been measured by promise, but performance comes from proof,” said Yoram Wijngaarde, founder and CEO of Dealroom.
“That’s why our 2025 ranking includes a focus on Thoroughbreds: companies generating $100M+ in ARR, rooted in strong customer demand and lasting value. These aren’t speculative bets; they’re regional assets.
“By prioritising tangible impact and sustainable growth, we offer unprecedented clarity for founders, LPs, and policymakers on where resilience lies and the investors that are truly bending the curve.
“Europe is no longer merely emerging; it is a demonstrable engine room for national, regional, and global champions.”
The UK’s investment scene also stands out in Dealroom’s updated Power Law Investor Ranking, which ranks investors by the number of high-growth companies in their portfolios and how early they backed them.
London-based Phoenix Court, parent of LocalGlobe, Latitude and Solar, has been named the number one investor in Thoroughbreds, colts ($25–100m revenues) and unicorns across the region.
It is also the only European fund, alongside Index Ventures, to make the global top 20.
Saul Klein, co-founder and executive chair at Phoenix Court, added: “For over a decade, venture capital has been gripped by unicorns. But the real test of a company is not valuation, but fundamentals.
“The definition of success has changed. Europe has the raw ingredients to create the companies that matter, and it’s encouraging to see 38 new Thoroughbreds created in the past two years.
“The challenge is not building them, but scaling them. As we mark ten years since founding Phoenix Court, we’ve seen what it takes to back long-term winners from the earliest stages via LocalGlobe through to our later stage funds Latitude and Solar.
“What’s needed now in Europe is the long-term conviction at growth – so that the value created here stays here and compounds for the next generation.”
Thoroughbreds now represent 27% of EMEA’s $5.6 trillion tech ecosystem, with 38 of them created in the past two years alone.
Seven of Europe’s 10 most valuable tech firms founded after 1990, including Arm, Revolut, Wise, Tide and Monzo, were born in what it calls the “New Palo Alto” region – London and its surrounding innovation hubs within a five-hour train ride.
Despite this momentum, Dealroom warns the UK and wider Europe face a $57bn funding gap at scale-up stage compared with the Bay Area, a shortfall it describes as a major investment opportunity for institutional investors.
UK companies in Dealroom’s Thoroughbreds 100:
Revolut
Wise
Synthesia
Octopus Energy
Monzo Bank
Lighthouse
Marshmallow
Tide
Checkout.com
Multiverse
AlphaSights
Zopa
Quantexa
Gousto
Flo Health
Starling Bank
Immunocore
ION Group
AO World
GoCardless
Infobip
Ocado