Europe Tops China in Spawning $1 Billion Tech Startups

BRUSSELS—Europe has overtaken China in creating billion-dollar tech startups, according to a new analysis that points to Europe’s rising status in the field and the effect of Beijing’s crackdown on capitalist entrepreneurialism. Both economies still lag behind the U.S. in creating so-called unicorns.

Over the past year, China has reined in its most successful and freewheeling tech giants, including Alibaba Group Holding Ltd. , Tencent Holdings Ltd. and Didi Global Inc., leading to a loss of market value that has cast a chill across the whole sector. Europe, meanwhile, has attracted further investment in its expanding tech industry, particularly from U.S. funds.

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Author: Shirley