50 Most Valuable Private Companies in Europe — October 2026
Last updated on 01 October 2026·Europe
Revolut is Europe's most valuable private company
As of October 2026, Revolut is the most valuable startup (although calling Revolut "startup" might be a stretch at this point!).
Revolut is currently valued at $115B, or 25.5x its last reported revenue.
Behind Revolut, Europe's second most valuable private tech company is Mistral AI (valued at $24.4B, followed by ElevenLabs ($22.0B.
Out of 50, 14 companies are based (or at least founded with significant operations) in the UK, 9 in Germany and 5 in France.
What are Europe's most valuable startups?
The ranking below tracks Europe's most valuable private technology companies, ordered by their latest disclosed (or heavily rumoured) valuation. It includes both bootstrapped and VC-backed companies.
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1
RevolutRevolut is a London-headquartered digital banking platform serving over 40 million customers across Europe, the United States, and Asia. It provides mobile app-based services including multi-currency accounts, debit cards, international transfers, cryptocurrency exchange, commission-free stock and commodities trading, and insurance products. Founded in 2015, Revolut holds banking licenses in Lithuania and the UK.
$115B
$6.0B
19.2x
Jul 2026
2
Mistral AIMistral AI is a Paris-headquartered developer of open-source large language models outperforming GPT-3.5 benchmarks. The company releases models like Mistral 7B, Mixtral 8x7B with 46.7 percent MT-Bench scores, and Pixtral 12B for vision-language tasks. Enterprises deploy these via La Plateforme API supporting 80 billion parameter models for coding, translation, and summarization. Mistral AI partners with Microsoft Azure and NVIDIA for inference hardware. Founded in 2023, it serves clients in automotive and finance across Europe and the U.S.
$24.4B
–
–
Sep 2026
3
ElevenLabsElevenLabs is a London and Warsaw-headquartered AI company providing voice synthesis, cloning, dubbing, and generation tools. Its platform supports text-to-speech in over 29 languages, developer APIs for voice agents, and enterprise solutions for content localization. Features include instant voice cloning from short audio samples, emotional tone preservation, and audio editing capabilities used by creators and businesses worldwide.
$22.0B
$600M
36.7x
Sep 2026
4
HelsingHelsing is a Berlin-headquartered defense technology firm founded in 2021 that supplies AI software platforms for land, air, naval, and subsurface operations. The company integrates its systems with military hardware from partners like Rheinmetall for autonomous target detection, strike coordination, and reconnaissance. Key products include AI-enabled strike drones resistant to electronic warfare, underwater surveillance vehicles, and wingman pilots for fighter jets, deployed by European armed forces.
$18.0B
$502M
35.9x
Jul 2026
5
FluidstackFluidStack delivers a leading AI cloud platform with supercomputing infrastructure for AI labs, governments, and enterprises, serving clients like Mistral, Meta, and Black Forest Labs.
$18.0B
–
–
Sep 2026
6
NscaleNscale is an AI infrastructure company and global hyperscaler that builds, owns, and operates data centers and high-density GPU clusters. The neocloud startup integrates everything from renewable power generation to hardware and orchestration software to support AI training, fine-tuning, and inference workloads for enterprises and governments. Unlike traditional cloud providers, Nscale builds and operates its own data centers in regions with abundant, low-cost renewable energy (e.g., hydropower in Norway, renewables in Texas). In West Virginia, the company even owns behind-the-meter natural gas power plants to insulate operations from local grid fluctuations.
$14.6B
–
–
Mar 2026
7
Trade RepublicTrade Republic is a Berlin-headquartered mobile brokerage offering commission-free trading in stocks, ETFs, and derivatives. Launched in 2015, the app serves European retail investors with instant order execution and savings plans. It invests client cash in money market funds and supports fractional shares. Regulated by BaFin, it expands across Germany, France, and Spain.
$14.4B
$370M
38.9x
Dec 2025
8
Blockchain.comBlockchain.com is a cryptocurrency financial-services and infrastructure company founded in 2011. It began with a public Bitcoin block explorer and later developed consumer wallets, brokerage and exchange products for buying, selling, storing and transferring digital assets. The company also serves institutions through trading, custody and market-access capabilities. Its self-custody products allow users to control their own private keys, while custodial services operate under the company's compliance and licensing framework. Blockchain.com earns revenue from trading spreads, transaction and service fees, and institutional products rather than from the underlying public blockchains. The business has operated internationally from London and other offices, serving customers across numerous jurisdictions subject to local availability. Its financing history includes venture and strategic rounds used to expand products, regulatory coverage and institutional infrastructure through changing crypto-market cycles.
$14.0B
–
–
Mar 2022
9
LovableLovable is a Stockholm-based software platform that uses artificial intelligence to generate full-stack web applications from natural language descriptions. Launched in 2024, it supports building apps with built-in authentication, databases, and deployment to platforms like Vercel. The tool targets developers and non-technical users in sectors such as technology, finance, and healthcare, enabling rapid prototyping of customer-facing products like dashboards and e-commerce sites.
$13.3B
$500M
26.6x
Aug 2026
10
CelonisCelonis is a Munich-headquartered software company that delivers process mining technology through its Execution Management System. The platform includes analytics tools, Celonis Studio for custom applications, and capabilities for strategy, planning, management, actions, and automation. It enables business executives to optimize operations across industries with clients such as Siemens, Deutsche Telekom, and PepsiCo. Celonis maintains offices in New York, London, and Tokyo.
$13.0B
$400M
32.5x
Aug 2022
11
Checkout.comCheckout.com is a global payment processor supporting transactions in over 150 currencies through a unified API. It delivers in-country acquiring across more than 50 countries, advanced fraud detection powered by machine learning, and comprehensive reporting dashboards. The platform accepts all major credit and debit cards alongside local methods such as iDEAL, Alipay, and Klarna. Checkout.com maintains offices in London, New York, Singapore, and 16 other locations worldwide. Launched in 2012, it serves enterprises like Sony, Revolut, and McDonald's with scalable infrastructure for high-volume payments.
$12.0B
–
–
Sep 2025
12
OuraOura is a Helsinki-headquartered company founded in 2013 that manufactures the Oura Ring Gen3, a finger-worn sensor tracking heart rate, blood oxygen, temperature, and sleep stages. The companion app delivers readiness, activity, and recovery scores used by professional athletes and over 10 million app downloads worldwide. Available in the US, Europe, and Asia through direct sales and retailers like Best Buy.
$11.0B
$500M
22.0x
Oct 2025
13
TalkdeskTalkdesk is a cloud contact center platform integrating AI for customer service across sales, support, and operations. The company deploys Industry Experience Clouds for verticals like retail and healthcare, enhanced by generative AI for agent empowerment and personalization. Talkdesk serves global enterprises with pre-built solutions deployed in multiple languages.
$10.0B
–
–
Aug 2021
14
DAZN
$10.0B
$3.4B
2.9x
–
15
ION Group
$9.3B
$3.3B
2.8x
–
16
VintedVilnius-headquartered Vinted runs a peer-to-peer online marketplace for second-hand fashion, active in 20 countries across Europe and the United States. The platform facilitates buying, selling, and swapping clothing, accessories, and shoes for women, men, and children via mobile apps with chat and bundle discounts. Valued at over 4 billion euros, Vinted processes tens of millions of listings monthly and partners with payment providers like PayPal for secure transactions.
$9.3B
$1.3B
7.3x
Apr 2026
17
N26N26 is a Berlin-headquartered mobile bank operating in 24 European countries since 2013. It offers current accounts, international transfers via SEPA, investments through N26 Invest, and cash deposits at 40,000 partner retailers. The app supports Spaces sub-accounts, overdrafts up to €10,000, and cryptocurrency trading for personal and business users.
$9.0B
$131M
68.8x
Oct 2021
18
LegoraLegora is a Swedish legal technology company headquartered in Stockholm that sells an agentic operating system for legal work. It was founded in 2023 as Leya by Max Junestrand, Sigge Labor and August Erseus and took the Legora name in 2025. Law firms and in-house legal teams use the platform for research, document review, drafting and workflow automation, through a Word add-in, an editor and other tools. Legora serves more than 2,000 customers in over 80 markets, employs more than 1,000 people in 18 offices and reports annual recurring revenue above 200 million dollars. It raised a 550 million dollar Series E at an 8.8 billion dollar valuation in October 2026. In 2026 it acquired Walter, Qura, Graceview, Cadastral and Wexler to extend the platform.
$8.8B
$200M
44.0x
Oct 2026
19
KrakenKraken is a London-headquartered customer engagement platform for energy, water, and broadband providers across Europe and North America. Its technology stack includes billing, CRM, self-service portals, and smart metering analytics to streamline operations. Kraken serves utilities like Octopus Energy and OVO, enabling net-zero transitions through demand response and EV charging management. The platform processes millions of customer interactions monthly, supporting regulatory compliance in deregulated markets.
$8.7B
–
–
Dec 2025
20
WayveWayve is a London-headquartered AI company building end-to-end machine learning software for self-driving vehicles. Founded in 2017, the technology enables mapless navigation by learning from driving data to handle diverse urban environments. Wayve collaborates with automakers like Nissan and has testing operations in the UK and US.
$8.6B
–
–
Jun 2026
21
BoltBolt is a Tallinn-headquartered mobility and delivery platform that runs ride-hailing, car sharing, shared e-scooters and e-bikes, restaurant delivery (Bolt Food) and 15-minute grocery delivery (Bolt Market) from a single app. It operates in more than 50 countries across Europe, Africa, Asia and Latin America, serves over 200 million customers and works with more than 4.5 million drivers, couriers and partners. Bolt earns commissions on the rides, rentals and orders booked through the platform; revenue reached nearly EUR 2bn in 2024 and EUR 2.27bn in 2025, when the company reported a small net profit and employed about 4,300 people. The business was founded in 2013 as Taxify by Markus Villig, then a 19-year-old high-school student, and was renamed Bolt in 2019 as it expanded beyond ride-hailing. It has raised equity from Didi Chuxing, Daimler, D1 Capital Partners, Sequoia Capital and Fidelity, among others, and was valued at EUR 7.4bn in its EUR 628m Series F round in January 2022. Bolt remains privately held.
$8.5B
–
–
Sep 2025
22
SumUpSumUp is a London-headquartered financial technology company that provides small merchants, independent shops and sole traders with card readers, point-of-sale systems and a suite of business tools. Its products include portable card terminals, the POS systems of acquired Goodtill and Tiller, payment links, an online store builder, invoicing software, business accounts with debit cards and merchant cash advances, and it earns mainly transaction fees plus hardware and subscription revenue. The company serves more than four million small businesses in about 35 markets across Europe, the Americas and Australia, and employed around 3,000 people in 2022. It generated revenue of roughly EUR 1 billion in 2023 and has been EBITDA-positive since the fourth quarter of 2022. SumUp was founded in Berlin in 2012 by a team including Daniel Klein, Marc-Alexander Christ and Stefan Jeschonnek, and launched its first card reader in August 2012. It is privately held by its founders and investors including Bain Capital Tech Opportunities, Sixth Street, BlackRock, Groupon and American Express, and was valued at an enterprise value of EUR 8 billion in its June 2022 funding round.
$8.5B
$600M
14.2x
Jun 2022
23
PersonioPersonio is a Munich-headquartered provider of cloud-based HR software for small and medium-sized businesses operating internationally. Its platform combines core HR administration, recruiting and applicant tracking, onboarding, absence and time tracking, performance management, payroll preparation, workflow automation and people analytics in a single system. Personio sells subscriptions to companies typically with about 10 to 2,000 employees, mainly in Europe. By June 2024 it served around 12,000 customers across 70 countries and employed roughly 2,000 people, and its statutory accounts show revenue rising from EUR 1.8 million in 2017 to EUR 50.7 million in 2021. The company is venture-backed: after a EUR 2.1 million seed round in 2016 it raised rounds led by Northzone, Index Ventures, Accel, Index and Meritech, and Greenoaks, reaching a USD 8.5 billion valuation in June 2022. Personio was founded in 2015 by Hanno Renner, Roman Schumacher, Arseniy Vershinin and Ignaz Forstmeier; Renner is chief executive.
$8.5B
–
–
Jun 2022
24
OdooOdoo is a Belgian developer of open-source business management software, with its registered office and R&D farms in Grand-Rosière in Wallonia and a large finance, marketing and sales office in Louvain-la-Neuve. Its integrated suite covers accounting, invoicing, CRM, sales, eCommerce, point of sale, inventory, manufacturing, HR, payroll, marketing and website building, sold as a free Community edition and a paid Enterprise subscription that can run on-premise or on Odoo's own cloud hosting. The platform targets small and medium-sized enterprises, and its open-core model has allowed community developers to create nearly 40,000 applications. Odoo serves more than 170,000 paying customers in 180 countries through thousands of partners, expected about €650 million of billing revenue in 2025 and employs close to 7,000 people. The company is profitable and has raised little primary capital; its valuation rose through secondary share sales to Summit Partners, General Atlantic, CapitalG and Sequoia Capital, reaching €7 billion in January 2026. Odoo is led by founder and chief executive Fabien Pinckaers, and the business traded as OpenERP before adopting the Odoo name in 2014.
$8.1B
$712M
11.3x
Jan 2026
25
Quantum SystemsQuantum Systems (Quantum-Systems GmbH) is a German developer and manufacturer of autonomous unmanned systems headquartered in Gilching near Munich. Its aircraft include the Trinity electric vertical take-off mapping drone, the Vector and Twister reconnaissance drones and the long-range Reliant, increasingly linked with ground, maritime and counter-drone systems through its MOSAIC UXS mission software. It sells hardware, software and services to armed forces and government agencies, including the Bundeswehr and the militaries of Ukraine, Australia, Romania and Spain, and to commercial customers in surveying, mining, agriculture and infrastructure. The company generated revenue of EUR 300 million in 2025 and says it is profitable; in 2024 it had about 350 employees and more than 450 customers, and by late 2025 it employed up to 1,000 people across Germany, Ukraine, the US, Australia, Romania, the UK and the Baltics. In 2025 it acquired AirRobot, Nordic Unmanned and Spleenlab. It remains privately held and venture-backed, and in July 2026 it signed a USD 1.2 billion Series D co-led by Blackstone, Noteus, Airbus and Advent at a post-money valuation of about USD 8 billion. Quantum Systems was founded in January 2015 by former Bundeswehr helicopter pilot Florian Seibel with Armin Busse, Tobias Kloss and Michael Kriegel.
$8.0B
$330M
24.2x
Jul 2026
26
Global SwitchGlobal Switch is a London-headquartered owner, operator and developer of large-scale, carrier- and cloud-neutral data centres in Europe and the Asia-Pacific region. It leases space, power and connectivity in multi-tenant facilities to telecommunications carriers, cloud and internet providers, financial institutions and other enterprises, earning revenue from long-term colocation contracts. In 2019 it had 12 data centres with four more under construction, and for 2018 it reported revenue of £398.9 million and EBITDA of £274.7 million. The company was founded in 1998; the Reuben Brothers' Aldersgate Investments took full control in 2007 and turned the loss-making business around. Aldersgate sold a 49% stake to the Elegant Jubilee consortium, led by Jiangsu Shagang Group, for £2.4 billion in 2016, a 24.99% stake to Strategic IDC for £2.1 billion in 2018 and its final 24.01% to Shagang for £1.8 billion in 2019, leaving the business entirely under Chinese ownership. In October 2024 Global Switch agreed to sell Global Switch Australia, two adjoining 26MW data centre sites in the Sydney CBD, to HMC Capital for A$2.12 billion.
$7.6B
$531M
14.4x
Jul 2018
27
Neko HealthNeko Health is a Stockholm preventive-health company that runs clinics offering a non-invasive full-body scan of about 60 minutes. It was founded in 2018 by Spotify co-founder Daniel Ek and Hjalmar Nilsonne, who is chief executive, and opened its first clinic in February 2023. The scan combines proprietary sensor pods and imaging with on-site blood analysis to assess skin health, prediabetes, blood abnormalities and risk factors for metabolic syndrome, stroke and heart attack, followed by a consultation with a doctor, and it is sold directly to consumers for GBP 299 in the UK and SEK 2,750 in Sweden. Neko designs and manufactures its imaging hardware and clinical software in house, runs clinics in Stockholm, London, Manchester and Birmingham, and by July 2026 had scanned more than 100,000 people with over 350,000 registered and about 75 percent of members booking a follow-up. Revenue comes from scan fees and memberships. It raised $65 million in 2023, $260 million in January 2025 at a $1.8 billion valuation and $700 million in July 2026 at a reported valuation of nearly $7 billion, led by Lightspeed Venture Partners, and plans to open its first US clinic in New York in 2026.
$7.0B
–
–
Jul 2026
28
NEURA RoboticsNEURA Robotics is a German robotics company headquartered in Metzingen, Baden-Württemberg, that builds cognitive robots designed to work alongside people. It was founded in March 2019 as Han's Robot Germany GmbH by David Reger and rebranded as NEURA Robotics in November 2020, when it introduced the LARA collaborative robot; its range now includes the MAiRA cognitive robot, the MAV mobile robot and the MiPA service robot, and it is developing the 4NE1 humanoid. Its Neuraverse platform is meant to let different robots share learned skills. Customers are industrial manufacturers, and Kawasaki Robotics sells a cobot series based on NEURA's platform; revenue comes from robot sales and software. The company reported a EUR 1 billion order book in January 2025 and had more than 1,100 employees by late October 2025. Backers include Lingotto, Vsquared Ventures, HV Capital, Tether, Amazon, NVIDIA, Qualcomm and Bosch, and in June 2026 it announced a Series C of up to $1.4 billion.
$7.0B
–
–
Jun 2026
29
Jetbrains
$7.0B
$400M
17.5x
–
30
MollieMollie is a payment processing platform enabling seamless integration of methods like iDEAL, Bancontact, SOFORT, Giropay, PayPal, Mastercard, VISA, and SEPA Direct Debit into websites and apps via a unified API. Amsterdam-headquartered since its founding in 2004, the company simplifies online transactions for European merchants with reliable infrastructure.
$6.5B
$246M
26.4x
Jun 2021
31
DoctolibDoctolib is a Paris-headquartered online booking platform serving 80,000+ practitioners across France, Germany, Italy, and expanding regions. Patients book appointments 24/7 with GPs, dentists, and therapists via app or web. The software manages agendas, teleconsultations, and prescriptions, integrating with French and German health records. Founded in 2013, it handles 100 million annual appointments.
$6.4B
$400M
16.0x
Mar 2022
32
TEKEVERTEKEVER is a European autonomous-systems company founded in Portugal in 2001. It designs and manufactures unmanned aircraft, sensors and artificial-intelligence software for defense, security and maritime-surveillance missions. Government agencies and armed forces use its systems for intelligence, reconnaissance, border protection, search activity and other persistent operations. The company combines aircraft engineering, production, mission control, data processing and operational support rather than supplying only airframes. Revenue comes from equipment sales, service contracts, deployments and continuing support for public-sector and defense customers. TEKEVER operates in Portugal and the United Kingdom and has expanded manufacturing and flight-test infrastructure in both countries. It acquired West Wales Airport in July 2025 to establish a permanent British testing and deployment base. Later acquisitions added simulation, artificial-intelligence and propulsion capabilities to the platform.
$6.4B
–
–
Sep 2026
33
RELEX SolutionsRELEX Solutions is a Helsinki-headquartered provider of AI-powered supply chain and retail planning software. Its unified platform optimizes demand forecasting, replenishment, and assortment for grocers like Morrisons, Coop Denmark, and Rossmann across 20 countries. With offices in North America and Europe, RELEX serves 300-plus retailers managing billions in annual sales.
$5.8B
$150M
38.3x
Feb 2022
34
Back MarketBack Market is a Paris-headquartered online marketplace for refurbished smartphones, laptops, and appliances. Operating in 18 European countries plus the United States and Japan, it connects certified refurbishers with buyers, selling over 6 million devices since 2014. The platform guarantees two-year warranties and employs 700 staff across Paris, New York, and Berlin.
$5.7B
$223M
25.5x
Jan 2022
35
ContentsquareContentsquare is a Paris-headquartered digital experience analytics platform leveraging AI to analyze customer behaviors, frustrations, and intent through session replays and heatmaps. The company empowers brands like IKEA, Marks & Spencer, and Leroy Merlin to optimize websites and apps for better conversion rates. Established in 2012, Contentsquare operates offices in New York, London, and Tel Aviv, processing billions of sessions annually to drive digital transformations.
$5.6B
–
–
Jul 2022
36
team.blueteam.blue is a European digital-enablement group formed in 2019 from the combination of Combell, TransIP Group and REGISTER. Headquartered in Ghent, it supplies domains, web hosting, email, cloud infrastructure and online business tools. The group operates through local brands that serve entrepreneurs and small and mid-sized companies across Europe. Its offering has expanded into ecommerce, compliance, marketing and productivity software through acquisitions. Customers typically pay recurring subscriptions for infrastructure and applications, with additional usage and service revenue. team.blue provides shared technology, capital and operating support while acquired brands retain local market recognition. In September 2024 it acquired Metricool, enabling Axon Partners to realize its investment in the Spanish software company.
$5.5B
$862M
6.4x
Jul 2024
37
MambuMambu is a Berlin-headquartered SaaS cloud core banking platform enabling composable financial services for banks, fintechs, and retailers in 60 countries. Serving more than 200 clients, the modular architecture assembles lending, deposits, payments, and cards engines via open APIs for rapid product launches. Founded in 2011, Mambu powers digital banks like N26 and OakNorth with scalable infrastructure hosted on AWS.
$5.5B
–
–
Dec 2021
38
CollibraCollibra is a Brussels-headquartered data governance platform serving enterprises worldwide. Founded in 2008, it offers tools for data cataloging, lineage tracking, quality assessment, and compliance management to democratize data access. The platform integrates with Snowflake, Tableau, and Alation for business intelligence workflows. Collibra supports sectors like finance, healthcare, and manufacturing with clients including Barclays, AstraZeneca, and BNP Paribas. It maintains offices in New York, London, Sydney, and Tokyo following expansions since 2014.
$5.3B
$150M
35.0x
Nov 2021
39
n8nn8n is a Berlin-headquartered open-source workflow automation platform supporting over 500 app integrations for technical teams. The self-hostable tool enables drag-and-drop or code-based creation of AI agents using nodes for OpenAI, Hugging Face, and vector databases. n8n's cloud version processes enterprise-scale automations for DevOps, marketing, and data pipelines.
$5.2B
–
–
May 2026
40
FeverFever is a live-entertainment discovery and ticketing technology company founded in 2014. Its consumer platform helps users find and book concerts, exhibitions, sports, theater, festivals and other local experiences across international cities. Fever also works with artists, venues, brands and intellectual-property owners to develop, price, market and distribute events using audience and demand data. The company earns revenue from ticket commissions, event production and technology-enabled services to experience partners. It operates across more than 40 countries and said its platform inspired more than 300 million people to discover live entertainment during the year before Portugal Ventures' exit. Fever is headquartered in New York and maintains technology and operating teams in several markets, including Portugal and Spain.
$5.2B
–
–
Sep 2026
41
Ineffable IntelligenceIneffable Intelligence builds machine learning systems that learn via reinforcement learning through interaction and experience in simulated or real environments. These systems form a superlearner capable of autonomous knowledge generation, adaptation, and problem-solving across domains.
$5.1B
–
–
Apr 2026
42
QontoQonto is a digital banking platform for European SMEs, freelancers, and startups, offering business accounts, cards, invoicing, and expense management via mobile app and web. It supports multi-currency transfers, SEPA payments, and integrations with accounting software like Xero and QuickBooks. Paris-headquartered, Qonto operates in France, Germany, Italy, Spain, and Belgium, holding banking licenses through partnerships with Solarisbank and Trees. Founded in 2017, the neobank serves over 450,000 businesses with real-time notifications and automated reconciliation.
$5.1B
$183M
27.7x
Apr 2022
43
WonderfulWonderful is a Dutch/Israeli enterprise AI platform for deploying conversational agents across voice, chat, and email channels. The system handles multilingual customer interactions, integrates with CRM and ERP tools like Salesforce and SAP, and executes actions such as booking or refunds. Oversight tools provide real-time supervision, audit logs, and performance comparisons between AI and human agents. Wonderful serves global enterprises ensuring compliance with GDPR and SOC 2 standards through granular permissions and analytics dashboards.
$5.0B
$100M
50.0x
Sep 2026
44
ZepzZepz is a London-headquartered fintech operating WorldRemit and Sendwave brands for international money transfers. The platform serves customers in 50 countries, facilitating remittances to over 140 destinations in Europe, Asia, Africa, Australia, and the Americas. Recipients access funds via bank deposits, cash pickup at 25,000 locations, mobile wallets, or airtime top-ups. Zepz processed billions in transfer volume annually through its digital-first model.
$5.0B
$338M
14.8x
Aug 2021
45
Fuse EnergyFuse Energy is a British energy company, headquartered in London, that supplies electricity and gas to households and operates its own renewable generation. It was founded in 2022 by Alan Chang and Charles Orr, both previously at Revolut. The company integrates generation, trading, supply and hardware, and says it delivers power at prices about 10 percent below incumbent suppliers. It supplied about 200,000 UK households by December 2025 and reported annual recurring revenue of about USD 400 million at that date. In December 2025 it raised USD 70 million in a Series B led by Balderton Capital and Lowercarbon Capital at a valuation of USD 5 billion. It bought the electricity supplier Paddington Power in 2022 and the Balnamoon wind turbine the same year, and later added solar projects.
$5.0B
$550M
9.1x
Jun 2026
46
PleoPleo is a Copenhagen-headquartered spend management platform founded in 2015 for European businesses. The app automates expense tracking, reporting, and approvals for teams, integrating with accounting software like Xero and QuickBooks. Available in multiple countries including the UK, Germany, and France, Pleo issues corporate cards and handles reimbursements for SMBs.
$4.7B
$100M
47.0x
Dec 2021
47
SonarSonarSource is a Geneva-headquartered provider of code quality and security analysis tools. Its SonarQube platform scans applications in over 30 programming languages including Java, JavaScript, C++, and Python, integrating with CI/CD pipelines like Jenkins and GitHub Actions. Adopted by more than 400,000 organizations and Fortune 500 firms such as Cisco, Deutsche Bank, and Samsung, the open-source Community Edition and commercial Enterprise Edition detect 5,000+ coding rules to minimize vulnerabilities and technical debt.
$4.7B
$175M
26.9x
Apr 2022
48
LendableLendable is a London-based peer-to-peer lending marketplace matching individual investors with personal loan borrowers in the United Kingdom. The platform processes applications in minutes without paperwork, funding loans from investor deposits.
$4.7B
$114M
40.8x
Mar 2022
49
Recursive SuperintelligenceRecursive Superintelligence is an AI research firm building systems that autonomously improve via recursive self-learning. Its frameworks automate the AI development lifecycle, including experiment design, model training, evaluation, and optimization in feedback loops. The technology reduces manual engineering for scalable applications in research, enterprise deployment, and data-driven settings.
$4.7B
–
–
May 2026
50
wefoxwefox is a European insurance-distribution company founded in 2015 and associated with operating teams in Berlin and Zurich. It began under the FinanceFox name and built software connecting insurance carriers, brokers and customers. The platform gives intermediaries digital tools to manage policies, compare products, communicate with customers and process insurance transactions. The group also operated an insurance carrier before restructuring around an asset-light managing-general-agent and distribution model. Revenue comes from insurance commissions, distribution fees and managing-general-agent economics. The company expanded through Germany, Austria, Switzerland and other European markets, raised large venture rounds and later sold selected carrier and country operations. Its 2025 strategy concentrated the remaining business on Austria, the Netherlands and Switzerland and on technology-supported distribution partnerships.
$4.5B
$350M
12.9x
May 2023
Data and methodology
Underlying data
Public markets data is powered by FactSet (consensus analyst estimates), and Morningstar (historical data). Data points are calendarized to December where relevant: retrieved data on financial year ends (e.g. FY, FY+1 etc.) are mapped to calendar years (2025A, 2026E etc.) before the appropriate month weights are then applied to prior/future fundamentals.
Private transaction data is multi-sourced, aggregated from harvesting public information, 3rd party APIs, and data engineering. All data is verified and provided with an extensive manual process. If data permits, we apply our own logic to get to the EV. For example, for a large M&A deal with available information on the target's net debt, we might adjust a valuation to fully reflect an accurate EV. In all other cases, we take the reported valuation as the numerator. Financials: we source LTM revenue and LTM EBITDA data from company filings, press releases, or other verified sources. If LTM data is unavailable, we take the 'next best-fit' period (run-rate or calendar year), provided it makes sense in a given case. For example, if a deal closed in November 2025, we might take full-year 2025 revenue as a revenue benchmark.
Any raw figures are harmonised to USD for comparison purposes.
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