Cloud Challengers Top 100 report

2024 edition
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Welcome to the latest edition of Notion Capital’s annual Cloud Challengers Top 100 report.

I'm delighted to announce the third edition of our Cloud Challengers Top 100 report that aims to identify the very best early stage business software start-ups in Europe. We believe these are the companies that have what it takes to challenge the established order and go on to become major success stories in the European ecosystem.  

Business software is our all encompassing term that includes data, infrastructure, developer tools, SaaS and also Fintech. We believe this captures the dynamic development and evolution of the B2B tech landscape.

As has been the case for the last two reports, our approach to evaluating and ranking these companies is rooted in data and works from a total universe of early stage companies in Europe. Three pillars form the foundation of our assessment: founders, funding, and product. We firmly believe that especially for early-stage companies these elements provide the most telling signals for future success.

Congratulations to every company that made it onto the list.

Jos White
General Partner, Notion Capital

The Market
Jos White
General Partner, Notion Capital

The European Market

A status update from Director of Research, Dr. George Windsor.

The Cloud Challengers Top 100  
2024 edition


A worldwide collaboration with the mission of empowering and educating farmers across the world

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We Are Learning

Bridging the gap between traditional e-learning and the Metaverse

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The world’s first user-led growth platform that helps businesses to harness their most passionate users to drive word-of-mouth growth at scale.

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Work with the best nature and technology partners to build removals portfolios of the highest quality.

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Get an instant, noise-free overview of all your code, container & cloud security issues.

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Provides SaaS for energy production, distribution and billing for commercial microgrids.

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Develops innovative SaaS products for problems of decentralized energy systems.

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Empowering families and caregivers through technology.

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Carbon Management Platform for fashion brands to measure, report and reduce their emissions, with no manual effort.

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The analytics tool for HR.

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Cloud Challenger Insights

Explore trends from across the Top 100 list.

The Cloud Challengers Top 100

Learn more about Europe's up-and-coming business software 100 list.

What makes a Top 100 company?

We looked at data on the sector, stage, and location to better understand the ecosystem of early stage business software firms.

Founder insights

We hear from people at the helm of the top 100 to understand their priorities, challengers, adoption of AI, and outlook for 2024.

Investment dynamics

As part of our research, we explored the investment dynamics of the top 100, looking at money raised, from whom.

Talent Overview

This overview looks at people in the top 100, from founder dynamics to employment trends.

Report Contributors

Meet the authors who brought you this year's report.

Jos White
General Partner, Notion Capital
Kamil Mieczakowski
Partner, Notion Capital
Radu Bozga
Senior Associate, Notion Capital
Dr. George Windsor
Director of Research and Intelligence, Notion Capital
Michelle Cheng
Talent Director, Notion Capital
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