Amsterdam-based Dealroom, a data provider on startups, growth companies, and tech ecosystems, has released the Thoroughbreds 100, a list of tech companies in EMEA with annual revenue exceeding $100M.
The list showcases companies that are growing, acquiring customers, and expanding their teams. It indicates that investors are now paying more attention to results rather than high valuations. Many companies are staying private longer and focusing on increasing output, creating jobs, and making tax contributions.
The Thoroughbreds 100 EMEA collectively generated $168B in revenue over the past year and provided 367,000 jobs across the region.
Fintech leads with 30 companies, including Revolut, Wise, and Trade Republic. Enterprise Software follows with 25 companies, including Mistral AI and Bending Spoons. Health & Biotech includes 14 companies, such as Alan and Flo Health.
The UK hosts 22 companies on the list, followed by Germany with 17. The combined enterprise value of these companies is $673B.
The list represents the companies with the most momentum in 2025. Out of more than 700 Thoroughbreds across EMEA, 38 were created in the last two years. Thoroughbreds now make up 27 per cent of EMEA’s $5.6T tech ecosystem.
Yoram Wijngaarde, Founder and CEO of Dealroom, says, “Venture has long been measured by promise, but performance comes from proof. That’s why our 2025 ranking includes a focus on Thoroughbreds: companies generating $100M+ in ARR, rooted in strong customer demand and lasting value. These aren’t speculative bets; they’re regional assets. By prioritising tangible impact and sustainable growth, we offer unprecedented clarity for founders, LPs, and policymakers on where resilience lies and the investors that are truly bending the curve.”
“Europe is no longer merely emerging; it is a demonstrable engine room for national, regional, and global champions.”
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