Europe’s startup map is still dominated by a handful of major hubs, but Sifted data shows a growing number of smaller tech centres steadily seeing more deals. In H1 2026, deal activity remains concentrated in London, Berlin, and Paris, yet emerging hubs like Bqhco in the Netherlands and Ujkxwlmdc in Spain are gaining traction.

The report highlights that while traditional hubs maintain a strong lead, the rise of new entrants indicates a more distributed ecosystem. Companies in smaller cities are attracting investment, reflecting a shift in where innovation is happening.

Investors are increasingly looking beyond the established nodes, with higher funding flows into peripheral regions. This trend points to a more balanced tech landscape across Europe, where growth is no longer confined to a few metropolitan centres.