The financing gap between the EU and the US is observed at all stages of development but is more prominent in the scale-up phase (Figures 5, 6 and 7). Moreover, as of November 2023, the number of privately owned young companies, valued at US$1 billion or more (‘unicorns’) in the US and China was, respectively, eight and three times more than in the EU.
Venture capital investment by development stage, EU and US, 2023
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