Automation, Digital and Data: VC funding surpasses $500bn in the tech market
- Lizzie Black
- February 16, 2022
The pandemic has accelerated the adoption of tech and cloud solutions, as work habits have changed and look set to stay including more employees working from home or benefitting from hybrid options.
It is an exciting and dynamic time for the tech market.
Notion Capital’s Cloud Challengers Report identifies the top 100 early stage B2B Software and Cloud companies across Europe, providing an insight into where the market is headed.
“Geography is no longer a barrier when offering a digital product”
The demand for digital solutions continues to excel, with many B2B Software and Cloud companies in the list providing offerings in fintech, automation, virtual work options, cybersecurity, data, digital, artificial intelligence and machine learning. The 100 list includes Sourceful, one of the companies recognised in the ProcureTech100 as well as Paid, whose founders featured in our ProcureTechSTARS series. There are a number of other procuretech solutions including Contingent.AI, Stotles and ChAI.
“It is now practical to move to a 100% digital process when selling, even with major enterprise clients. We can now sell to big companies online which was not possible before. So in terms of sales we have a way higher efficiency, velocity and product audience that we can target.”
Benjamin Guenther, CEO of Alasco, speaking about selling SaaS post-pandemic
Notion explains how the tech market is exploding and only continues to grow, where VC funding will surpass $500bn compared to $270bn in 2018, also seeing a rapid emergence of tech unicorns.
“The European tech ecosystem is no longer emerging… companies now invest more in digital tools and can enter new markets with confidence.”
Jos White, General Partner at Notion Capital
The report outlines how HR has benefitted a lot from tech; the strongest sector shows HR collaboration tools have automated many processes for users.
Many of the business models are similar, using subscription models. Their value drivers go just beyond cost savings, which many companies appear to be recognising, particularly in procurement. These tools are making user experience better, more functional and more efficient, enabling users to expend their hard work elsewhere on more strategic tasks.
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