BRUSSELS—Europe has overtaken China in creating billion-dollar tech startups, in keeping with a brand new evaluation that factors to Europe’s rising standing within the discipline and the impact of Beijing’s crackdown on capitalist entrepreneurialism.
Over the previous 12 months, China has reined in its most profitable and freewheeling tech giants, together with Alibaba Group Holding Ltd. , Tencent Holdings Ltd. and Didi World Inc., casting a chill throughout the entire sector. Europe, in the meantime, has attracted additional funding in its increasing tech trade, notably from U.S. funds.