Unlike in the U.S., venture capital on the other side of the Atlantic is a relatively young industry. It had an inglorious and stuttering start in the 1980s, often as an extension of the activities of conventional banks or as a limited part of fund managers’ remits. The first Gulf War and 1990 recession were among several setbacks, even before the promise of the first Internet boom culminated in the dot-com bust. This left many investors bruised—and venture capital out of favor in Europe.
As we approach the end of 2011, it’s clear that European venture capital has finally come into its own. There are now a number of well-established firms based in London and elsewhere that invest across the region and have helped entrepreneurs build significant businesses during the past 15 years. The early big wins of ARM, Cambridge Silicon Radio (CSR), and Autonomy have been followed by ASOS, Betfair, Lovefilm, Playfish, Skype, Spotify, Wonga, and Vente-Privé in recent times, to name just a few.
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