Revolut, Wayve and Elevenlabs join European tech sovereignty push

The founders behind some of Europe’s biggest technology success stories, including Revolut, Wayve and ElevenLabs, have launched a new push for European tech sovereignty as the continent seeks to build homegrown rivals to Silicon Valley.

More than 100 startup founders and chief executives have joined a new ‘built in Europe’ campaign spearheaded by venture capital giant Balderton Capital, arguing Europe now has the talent, capital and ambition needed to create the world’s next generation of tech leaders.

Meanwhile, it was reported this week that Brussels is preparing a sweeping strategy to reduce Europe’s dependence on American tech providers by supporting European alternatives across the sector.

Against that backdrop, some of Europe’s most prominent founders are making the case that the continent’s tech scene has already reached a scale many critics continue to overlook. According to data cited by Balderton, Europe’s tech sector is now worth $6.7tn, having grown to account for 15 per cent of GDP, up from four per cent a decade ago.

“Built in Europe aims to shift the conversation from potential to proof,” said Suranga Chandratillake, general partner at Balderton Capital. “For too long, the narrative around European tech has been stuck on all the things that need to change.”

The campaign features founders from AI firms, including ElevenLabs, Mistral AI, Synthesia and Lovable, alongside fintech giant Revolut and British autonomous driving scale-up Wayve.

UK startups at the heart of Europe’s tech ambitions

Britain plays a central role in the campaign, pointing to London’s growing position as one of Europe’s leading AI and startup hubs.

Wayve recently deepened ties with the UK government through a partnership designed to accelerate self-driving vehicle deployment, while London-founded ElevenLabs is reportedly in talks to raise fresh funding at a valuation of around $11bn.

That would make the company one of Europe’s most valuable AI startups and underline Britain’s growing influence in frontier AI.

The campaign also comes as European policymakers become increasingly focused on ensuring successful startups remain on the continent rather than relocating overseas as they scale.

Many of Europe’s largest tech firms have historically sought US funding, listings or acquisitions as they matured, prompting concerns that the economic benefits of innovation are too often captured elsewhere.

Balderton has launched a new jobs platform that aggregates vacancies from 1,000 European startups in an attempt to keep more talent within the ecosystem and encourage workers to join fast-growing technology businesses.

“There has never been a better time to build from Europe than now,” said Lovable co-founder Anton Osika. “The talent is here, the capital is here, the ecosystem is here.”