BRUSSELS—Europe has overtaken China in creating billion-dollar tech startups, in response to a brand new evaluation that factors to Europe’s rising standing within the subject and the impact of Beijing’s crackdown on capitalist entrepreneurialism. Each economies nonetheless lag behind the U.S. in creating so-called unicorns.
Over the previous yr, China has reined in its most profitable and freewheeling tech giants, together with Alibaba Group Holding Ltd. , Tencent Holdings Ltd. and Didi World Inc., resulting in a lack of market worth that has forged a chill throughout the entire sector. Europe, in the meantime, has attracted additional funding in its increasing tech trade, significantly from U.S. funds.
