Revealed: the 100 fast-growing European tech scaleups that can deliver long-term growth and diversification for Asia's investors

'Thoroughbreds' are the companies that Asian investors should be paying attention to

• Thoroughbreds are fast-growth tech companies generating $100+ million in revenues
• Investment from key Asian markets into Europe, Middle East and Africa (EMEA) climbs in 2025
• According to Dealroom's Investor Power Law Ranking, London's Phoenix Court is recognised as #1 investor in EMEA at backing Thoroughbreds, Colts (generating $25m+), and Unicorns at Seed in EMEA, with Index Ventures at #2 and Point Nine at #3

LONDON, Nov. 17, 2025 /PRNewswire/ -- Phoenix Court, EMEA's leading venture capital investor at seed stage, is championing a new class of European tech companies, following the unveiling of the Thoroughbreds 100 by data provider Dealroom. Thoroughbreds are the fast-growing tech companies generating over $100 million in annual revenue, which Phoenix Court argues can offer fund managers in Japan, South Korea, Singapore and Hong Kong long-term growth and returns.

Phoenix Court, a proven investor in European companies including Monzo, Wise, Improbable and Tide, is keen to flag the opportunity that European tech now provides for Asian funds. The call for Asian investors to understand the opportunity provided by Europe comes as Dealroom data shows that capital flows from key Asian markets are likely to be at least on par with the $3bn invested in 2024, and $2.9bn in 2023, as investors look to Europe as the world's second Silicon Valley.

This makes European tech and software companies attractive to global investors looking to diversify away from US technology companies, where valuations have reached all-time highs in recent weeks.

According to Dealroom's data, Hong Kong is now the largest Asian backer of EMEA companies - with its share of VC funding rising from 9% of the total Asian investment in 2024 to 31% in 2025, so far. This puts it ahead of Japan, which provides 28% of Asian investment into EMEA and China, whose investment has fallen from 25% last year to 19% in 2025.

However, Japan, China and the rest of Asia only provide 4% of the total investment into EMEA - demonstrating the scale of the opportunity for Asian investors. In contrast, US investors provide 35% of VC capital, with 58% coming from EMEA itself.

Dealroom  has published the Thoroughbreds 100: a definitive list of the tech companies in EMEA with over $100 million in annual revenue. There are now over 700 "thoroughbreds' in the region, according to Dealroom's report — and the top 100 made a collective $168bn in revenue last year.  This makes them ideal companies for global investors looking to diversify away from US technology companies, where valuations have reached all-time highs in recent weeks.

Thoroughbreds are a measure of success that reflects a wider shift across fast-growth tech companies towards sustainable growth and financial discipline. The phrase itself was coined by Klein, a founder turned investor who started Phoenix Court in 2015 after selling successful tech businesses to Amazon and Apple. Many of the companies in Dealroom's Thoroughbreds 100 have received investment from Asian investors, including Revolut, GetYourGuide, Zopa, Omio, Travelperk and Alan. Japan's Softbank and Temasek of Singapore have backed 11 Thoroughbreds, as well as many other notable European tech startups.

Saul Klein, co-founder and executive chairman of Phoenix Court, said: "The real test of a company is no longer valuation, but fundamentals. As the definition of success has changed, we at Phoenix Court understand Europe's immense potential to be a second Silicon Valley - or New Palo Alto as we like to say. The challenge isn't building startups, it's scaling them. That's why we partner with global investors who value long-term growth and strong fundamentals. We work closely with LPs from key Asian markets, and together we've backed 54 of EMEA's best companies, helping to scale those already generating hundreds of millions in revenue. We look forward to partnering with ambitious investors who share our vision for long-term success."

Scale-up capital gap

Despite its robust growth, Europe faces an estimated $30 billion scale-up funding gap according to Dealroom, compared to the Bay Area. Policy measures in France, Germany and the UK have been taken to address local capital supply at later growth stages but with nearly 2,000 venture-backed companies in Europe, Middle East and Africa now generating revenues of $25 million or more there is still a large unaddressed investment opportunity for global asset allocators and institutional investors.

For more details, kindly contact Sayula Kirby at [email protected]

About Phoenix Court:  Phoenix Court is the number one EMEA investor with a decade-long track record of backing ambitious founders in the innovation sector from Seed through to the public markets and beyond, through its four funds: LocalGlobe, Latitude, Solar, and Basecamp. Phoenix Court is recognised as a top investor in EMEA for consistently backing high-revenue tech companies from Seed stage through growth. With its mission to be a good long-term neighbour and help people realise their full potential, Phoenix Court allocates 10% of profits of the management company and 2% of carry in all funds to its foundation, Phoenix Court Works.

About Dealroom: Dealroom.co is mapping the world's tech ecosystems as the foremost data provider on startups, growth companies, and tech ecosystems globally. Founded in Amsterdam in 2013, Dealroom.co now works with many of the world's most prominent investors, entrepreneurs, and government organisations to provide transparency, analysis, and insights on startups and venture capital activity. www.dealroom.co

SOURCE Phoenix Court