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Start-ups in Europe

European start-up ecosystems, compared by country.

Questions the analysis answers

Which European ecosystems are the best funded?
Which European start-ups meet the most conditions?

The assets on the radar in this domain

7 assets scored on the same 14 conditions: 1 with 10+ conditions met, 5 on watch (6–9) and 1 under 6. The scores are those of the frozen snapshot of 29 October 2026 (JSON file with a SHA-256 fingerprint). 1 have a weekly public price in our database.

Asset	Category	Conditions	Score	Substance / form	Last price	Before the snapshot	Since the snapshot	Price source
ElevenLabs	Start-up with product United Kingdom	11/14	7.18	Substance without form	No public price: not listed
Revolut	Pre-IPO United Kingdom	9/14	7.28	Substance confirmed	No public price: not listed (private market)
Lovable	Start-up with product Sweden	9/14	6.76	Substance confirmed	No public price: not listed
Mistral AI	Start-up with product France	8/14	6.62	Substance without form	No public price: not listed
AMI Labs	Pre-product start-up France	7/14	5.52	Substance being confirmed	No public price: not listed
Ineffable Intelligence	Pre-product start-up United Kingdom	6/14	5.38	Substance being confirmed	No public price: not listed
Klarna (KLAR)	Recently listed Sweden	3/14	5.24	Substance being confirmed	13.3 USD 2026-10-30	-7.7%	from 2026-11-06	Yahoo Finance · KLAR

Each asset, condition by condition

Open an asset to see the score on each condition, explained in plain words, and what it means in short.

ElevenLabs · Start-up with product · 11/14 · Substance without form

Category leader; widely used in media and AI agents.

#	Condition	Score	In plain words
C1	Actually used	8	Genuinely used: real users or revenue, not just promises.
C2	Launch from strength	7	Did not rush: launched (or delays launching) from strength, not out of need for money.
C3	Healthy funding	7	Healthy funding: no investors able to flood the market.
C4	Attracts skilled people	7	Skilled people and partners move toward it: value recognised from the inside.
C5	Real customers	8	Customers come naturally and pay, not only for rewards.
C6	Credible team	8	Credible team: has delivered and has no scandals.
C7	Well-distributed supply	6	Balanced supply, with some unlocks or issuance to watch.
C8	Organic community	7	Organic community: people came for the product.
C9	Obvious problem	8	Obvious problem: explained in one sentence, and people feel it.
C10	Good entry price	5	Fair price, with no clear discount.
C11	Balanced media	7	Balanced attention: neither ignored nor in euphoria.
C12	Healthy price and volume	8	Healthy price behaviour: stable or rising, backed by volume.
C13	Few on the same bet	5	Some investors are positioned, but it is not crowded.
C14	Low risks	8	Low risks: no lawsuits, scandals or major geopolitical exposure.

Revolut · Pre-IPO · 9/14 · Substance confirmed

68M customers; fifth profitable year.

#	Condition	Score	In plain words
C1	Actually used	9	Genuinely used: real users or revenue, not just promises.
C2	Launch from strength	8	Did not rush: launched (or delays launching) from strength, not out of need for money.
C3	Healthy funding	8	Healthy funding: no investors able to flood the market.
C4	Attracts skilled people	8	Skilled people and partners move toward it: value recognised from the inside.
C5	Real customers	8	Customers come naturally and pay, not only for rewards.
C6	Credible team	7	Credible team: has delivered and has no scandals.
C7	Well-distributed supply	6	Balanced supply, with some unlocks or issuance to watch.
C8	Organic community	8	Organic community: people came for the product.
C9	Obvious problem	8	Obvious problem: explained in one sentence, and people feel it.
C10	Good entry price	5	Fair price, with no clear discount.
C11	Balanced media	6	Moderate press attention.
C12	Healthy price and volume	9	Healthy price behaviour: stable or rising, backed by volume.
C13	Few on the same bet	4	Too many have already bet on it: little room for new buyers.
C14	Low risks	6	A few risks to watch, nothing serious.

Lovable · Start-up with product · 9/14 · Substance confirmed

Reached $100M ARR in 8 months; high churn risk in the category.

#	Condition	Score	In plain words
C1	Actually used	8	Genuinely used: real users or revenue, not just promises.
C2	Launch from strength	6	The launch timing says nothing special, good or bad.
C3	Healthy funding	7	Healthy funding: no investors able to flood the market.
C4	Attracts skilled people	7	Skilled people and partners move toward it: value recognised from the inside.
C5	Real customers	6	Customers are real, but part of the activity is artificially boosted.
C6	Credible team	7	Credible team: has delivered and has no scandals.
C7	Well-distributed supply	6	Balanced supply, with some unlocks or issuance to watch.
C8	Organic community	8	Organic community: people came for the product.
C9	Obvious problem	8	Obvious problem: explained in one sentence, and people feel it.
C10	Good entry price	4	Expensive versus rivals or versus what it produces.
C11	Balanced media	7	Balanced attention: neither ignored nor in euphoria.
C12	Healthy price and volume	8	Healthy price behaviour: stable or rising, backed by volume.
C13	Few on the same bet	4	Too many have already bet on it: little room for new buyers.
C14	Low risks	7	Low risks: no lawsuits, scandals or major geopolitical exposure.

Mistral AI · Start-up with product · 8/14 · Substance without form

Europe's champion; EU digital-sovereignty advantage.

#	Condition	Score	In plain words
C1	Actually used	6	Has users or revenue, but demand is not fully proven yet.
C2	Launch from strength	7	Did not rush: launched (or delays launching) from strength, not out of need for money.
C3	Healthy funding	6	Reasonable funding, with some risk of large sales.
C4	Attracts skilled people	8	Skilled people and partners move toward it: value recognised from the inside.
C5	Real customers	6	Customers are real, but part of the activity is artificially boosted.
C6	Credible team	8	Credible team: has delivered and has no scandals.
C7	Well-distributed supply	6	Balanced supply, with some unlocks or issuance to watch.
C8	Organic community	7	Organic community: people came for the product.
C9	Obvious problem	7	Obvious problem: explained in one sentence, and people feel it.
C10	Good entry price	5	Fair price, with no clear discount.
C11	Balanced media	7	Balanced attention: neither ignored nor in euphoria.
C12	Healthy price and volume	7	Healthy price behaviour: stable or rising, backed by volume.
C13	Few on the same bet	6	Some investors are positioned, but it is not crowded.
C14	Low risks	7	Low risks: no lawsuits, scandals or major geopolitical exposure.

AMI Labs · Pre-product start-up · 7/14 · Substance being confirmed

Pre-product.

#	Condition	Score	In plain words
C1	Actually used	2	No users or revenue yet to prove demand; it is mostly a promise.
C2	Launch from strength	7	Did not rush: launched (or delays launching) from strength, not out of need for money.
C3	Healthy funding	7	Healthy funding: no investors able to flood the market.
C4	Attracts skilled people	8	Skilled people and partners move toward it: value recognised from the inside.
C5	Real customers	1	Activity looks bought with rewards or subsidies, not organic.
C6	Credible team	9	Credible team: has delivered and has no scandals.
C7	Well-distributed supply	5	Balanced supply, with some unlocks or issuance to watch.
C8	Organic community	6	A real community, mixed with speculators.
C9	Obvious problem	7	Obvious problem: explained in one sentence, and people feel it.
C10	Good entry price	3	Expensive versus rivals or versus what it produces.
C11	Balanced media	7	Balanced attention: neither ignored nor in euphoria.
C12	Healthy price and volume	6	Stable price, no clear signals.
C13	Few on the same bet	6	Some investors are positioned, but it is not crowded.
C14	Low risks	7	Low risks: no lawsuits, scandals or major geopolitical exposure.

Ineffable Intelligence · Pre-product start-up · 6/14 · Substance being confirmed

Pre-product.

#	Condition	Score	In plain words
C1	Actually used	2	No users or revenue yet to prove demand; it is mostly a promise.
C2	Launch from strength	7	Did not rush: launched (or delays launching) from strength, not out of need for money.
C3	Healthy funding	7	Healthy funding: no investors able to flood the market.
C4	Attracts skilled people	8	Skilled people and partners move toward it: value recognised from the inside.
C5	Real customers	1	Activity looks bought with rewards or subsidies, not organic.
C6	Credible team	9	Credible team: has delivered and has no scandals.
C7	Well-distributed supply	5	Balanced supply, with some unlocks or issuance to watch.
C8	Organic community	4	The community came mostly for quick gains.
C9	Obvious problem	6	The problem is real, but not very pressing.
C10	Good entry price	3	Expensive versus rivals or versus what it produces.
C11	Balanced media	6	Moderate press attention.
C12	Healthy price and volume	6	Stable price, no clear signals.
C13	Few on the same bet	7	Few on the same bet: still room for new buyers.
C14	Low risks	7	Low risks: no lawsuits, scandals or major geopolitical exposure.

Klarna (KLAR) · Recently listed · 3/14 · Substance being confirmed

52-week high $47.5. Credit risk; 2021 valuation: $45.6B.

#	Condition	Score	In plain words
C1	Actually used	6	Has users or revenue, but demand is not fully proven yet.
C2	Launch from strength	4	Rushed to market or listing, usually when enthusiasm peaked.
C3	Healthy funding	4	Large investors can sell a lot quickly, which can weigh on the price.
C4	Attracts skilled people	5	Attracts talent and partners at a normal pace.
C5	Real customers	6	Customers are real, but part of the activity is artificially boosted.
C6	Credible team	5	Credible team, but without a long track record.
C7	Well-distributed supply	5	Balanced supply, with some unlocks or issuance to watch.
C8	Organic community	7	Organic community: people came for the product.
C9	Obvious problem	6	The problem is real, but not very pressing.
C10	Good entry price	7	Good entry price: cheap versus rivals, its peak or what it produces.
C11	Balanced media	4	The press is euphoric: historically, euphoria often marked the top.
C12	Healthy price and volume	2	The price is falling or erratic, without support.
C13	Few on the same bet	7	Few on the same bet: still room for new buyers.
C14	Low risks	5	A few risks to watch, nothing serious.

Weekly prices (the database)

Every Friday, an automated GitHub routine downloads the closes from public sources and adds them here. Points older than a week are no longer changed, and every update stays in the project’s public history. Last update: 5 November 2026.

Weekly prices of the assets on the radar vs. S&P 500 (index, first week = 100). Source: Radar weekly database (CoinGecko and Yahoo Finance closes), retrieved on 2026-11-05. Each series is rebased to 100 on the first Friday, so assets with very different prices can be compared. The raw prices are in the table and in the source file.

Backtest: what happened before the snapshot

Read with care: the scores were given on 29 October 2026, after this period. The chart shows the context in which the scores were given, not the radar’s performance. Real performance is measured only from the snapshot onwards (next section).

Median change in the 8 weeks before the snapshot, by zone (%). Source: Radar weekly database (CoinGecko and Yahoo Finance closes), retrieved on 2026-11-05. Computed automatically from the database: 4 September 2026 → 30 October 2026. In brackets, the number of assets with a public price in each zone.

Computed automatically: in the two months before the snapshot, 0 of 1 assets with a public price rose. The median change was -7.7%, against -1.8% for S&P 500.

Since the snapshot: the radar’s performance

The first measurement runs automatically on Friday, 6 November 2026, against the close of 30 October 2026. From then on, the table above and this paragraph update weekly, with all assets, including those that fell.

Past performance is not a reliable indicator of future results. Prices before fees and taxes. This is not investment advice.

How we apply the 14 conditions here

The same algorithm as for crypto, companies and commodities: each condition gets a score from 0 to 10 and is met from 7. The weights are identical in every domain; only what we measure in practice changes.

#	Condition	What we measure	Weight
C1	Actually used	Real revenue, users or demand, not promises.	16%
C2	Launch from strength	The best don’t rush: they launch when ready.	6%
C3	Healthy funding	No investors who can sell heavily right away.	6%
C4	Attracts skilled people	Talent, partners and builders move toward it.	8%
C5	Real customers	Natural activity, not bought or subsidised.	6%
C6	Credible team	A record of finishing things, no scandals.	8%
C7	Well-distributed supply	Few shares or tokens waiting to flood the market.	8%
C8	Organic community	People who came for the product, not quick gains.	4%
C9	Obvious problem	Explainable in one sentence.	6%
C10	Good entry price	Room to grow versus rivals or versus cost.	6%
C11	Balanced media	Media euphoria has historically marked the top.	6%
C12	Healthy price and volume	A steady price while usage grows.	6%
C13	Few on the same bet	The less crowded, the better.	6%
C14	Low risks	No lawsuits, scandals or major geopolitical risk.	8%

Groundwork: official data

The data are being collected from official sources. We show no figure until it has a verifiable source.

Detailed analyses

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Questions about the reasoning

Do you disagree with a score, or want to know why an asset is where it is? Ask. We answer with the weekly update, with sources, by email and, if you agree, here on the page.

Answered questions

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Sources

Radar weekly database (CoinGecko and Yahoo Finance closes) (retrieved on 2026-11-05)

How we check the data →