Venture Capital/Analysis/ Europe’s fastest growing tech companies in 2022 Last year's list was full of speedy grocery and ecommerce companies. After a tumultuous 12 months, things look very different for Europe's fastest-growing tech companies By Freya Pratty 23 December 2022 \Venture Capital Hoxton Ventures to add a new partner in April By Amy Lewin 17 February 2023 Venture Capital/Analysis/ Europe’s fastest growing tech companies in 2022 Last year's list was full of speedy grocery and ecommerce companies. After a tumultuous 12 months, things look very different for Europe's fastest-growing tech companies By Freya Pratty 23 December 2022 Last year the list of fastest-growing tech startups in Europe was dominated by speedy grocery and ecommerce companies. After a tumultuous 12 months in European tech, the tables have turned. None of Europe’s fastest-growing companies reached the level of growth seen in this list last year, when speedy grocery company Flink topped the list with headcount growth of 1,232%. There are also a lot more consumer and climate tech companies on the list this year. Below are European tech’s top 9 fastest-growing companies in 2022, based on data from Dealroom. We’re measuring growth based on how quickly companies have hired across the year. To avoid the results being skewed by small teams making lots of hires, we’ve focused exclusively on companies that have raised more than €50m in total. Carl Pei, founder of Nothing 1/ Nothing Nothing, the hyped London-based startup building earphones and smartphones to try and rival the biggest names in the business, grew by 912% this year, to just over 3,000 employees. It’s first phone — billed by founder Carl Pei as the “the most compelling alternative to Apple”, launched in July this year. Founded: 2020 HQ: London Team growth this year: 912% to 3,148 employees Total funding: $342m 2/ Yokoy Swiss fintech Yokoy grew by 613% this year. It sits in the popular SME spend management sector, competing with companies like Pleo, Soldo and Payhawk. It uses AI to automate spend management, combining expenses and corporate cards into one platform. Yokoy raised an $80m Series B earlier this year, led by Sequoia, and now plans to expand beyond its current markets of Switzerland, Germany and Austria. Founded: 2019 HQ: Zurich Team growth this year: 613% to 221 employees Total funding: $108m Polarium CEO Stefan Jansson 3/ Polarium The first entry on the list from the climate tech world is Sweden’s Polarium, which grew its headcount by 521% this year. It makes lithium batteries that reduce the costs and environmental footprint of energy storage. Its batteries are fully recyclable and lose much less energy than other batteries on the market. The tech is used in telecommunications, electric vehicles and solar power. The company became one of Europe’s deeptech unicorns in May this year, when it raised close to $100m. Founded: 2015 HQ: Stockholm Team growth this year: 521% to 298 employees Total funding: $147m 4/ Borzo Borzo runs a courier service, and its gig economy workforce delivers via any route, transport, package size or weight. It was founded in Russia and is now headquartered in Amsterdam. Its headcount grew by 435% this year. Founded: 2012 HQ: Amsterdam Team growth this year: 435% to 909 employees Total funding: $57.6m The 5ire team. 5/ 5ire London-headquartered 5ire launched in November 2021 and has already secured a $1.5bn valuation. The company is building a sustainable blockchain, aiming to combat criticism that the industry is too energy intensive. 5ire secured a $100m Series A round earlier this year from UK conglomerate Sram and Mram. Founded: 2021 HQ: London Team growth this year: 364% to 116 employees Total funding: $121m 6/ DNA Payments Fintech firm DNA Payments helps businesses receive payments in person or online. It raised a £100m round from Alchemy Partners in 2021 and has grown its headcount by 359% this year, to nearly 200 employees. Founded: 2017 HQ: London Team growth this year: 359% to 188 employees Total funding: $132m The Payhawk team. 7/ Payhawk Bulgarian fintech Payhawk runs a B2B platform that provides financial departments a single place to manage the entire spending lifestyle from company cards and expenses to bills and invoices. It has grown its headcount by 299% this year, to 271 employees. Payhawk raised a $115m Series B round at the end of last year — the second largest Series B for an Eastern European B2B company since UiPath. It then raised an additional $100m early in 2022, becoming Bulgaria’s first unicorn. Founded: 2018 HQ: Sofia Team growth this year: 299% to 271 employees Total funding: $236m 8/ Dune Analytics Dune Analytics is an open-source, Ethereum-based data analytics platform that allows anyone to run data queries. It’s available for free and then has a paid subscription that allows people to analyse customised data sets. It is run out of Norway, and has grown its headcount by 280% this year, from 16 employees in January to 57 by the end of the year. Founded: 2018 HQ: Oslo Team growth this year: 280% to 57 employees Total funding: $79.4m Credit: Volta Trucks 9/ Volta Trucks Swedish electric truck maker Volta Trucks is the only company from last year’s list to still be on it 12 months later. It saw its headcount grow 280% in 2022. Volta Trucks has launched a purpose-built 16-tonne electric truck that can drive up to 200km on a single charge. Founded: 2019 HQ: Stockholm Team growth this year: 271% to 568 employees Total funding: $385m The data for this list was pulled on December 1. Freya Pratty is a senior reporter at Sifted. She tweets from @FPratty and writes our climate tech newsletter — you can sign up here. Related Articles An evening with Macron: flattery and a €7bn startups pledge By Marie Mawad in Paris Click here to read more Patient capital for patient care By Mimi Billing Click here to read more DN Capital closes €300m fifth fund By Eleanor Warnock Click here to read more ‘More cowbell!’: Publicly livestreaming GitLab’s Nasdaq listing day & celebrating By Sid Sijbrandij Click here to read more Most Read 1 \Healthtech Is Daniel Ek’s new body scanner worth the hype? 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