According to Forbes, the 2025 Midas List Europe reveals a dramatic shift in where top venture capitalists are finding success. This year, more than half of the top 100 companies driving returns for these investors are based in Europe and the Middle East, including five of the top ten. That’s up from four in 2024 and just three in 2023. The list, which ranks VCs based on portfolio outcomes like exits over $100M or private valuations over $200M within the last five years, saw newcomers like Safe Superintelligence, Mistral, Ramp, and Helsing impact the rankings. The analysis, managed by data partner TrueBridge, uses a verified, confidential submission process from hundreds of investors to score deals based on stage, ownership, and exit value.
Europe’s Home Game Moment
Here’s the thing: for years, the story of European VC was about finding the next big thing in Silicon Valley. The local ecosystem just wasn’t mature enough to produce the massive, list-topping exits. But 2025 looks like a genuine inflection point. The fact that over half the value is now coming from companies headquartered in Europe and the Middle East isn’t just a small bump. It’s a signal that the region’s tech hubs have finally developed the depth and scale to create and sustain billion-dollar outcomes. Names like Revolut, Stripe, Wiz, and Klarna aren’t just regional champions anymore; they’re global players driving real returns for the funds that backed them early. This is the validation European VCs have been waiting for.
The AI Wave Is Coming
The list also hints at the next big trend. Forbes notes that while AI has dominated talk, it hadn’t yet driven the rankings. That’s starting to change. The arrival of companies like Mistral and Safe Superintelligence on the list shows the early bets are beginning to crystallize into serious portfolio value. But let’s be a bit skeptical. Many of these AI darlings have sky-high valuations based on future potential, not current revenue. The real test will be whether they can convert that hype into the kind of profitable exits or sustainable public market valuations that the Midas methodology rewards. The next few lists will tell us if today’s AI hype is tomorrow’s concrete return.
Methodology Matters (And Its Limits)
The Midas List’s strength is its rigid, data-driven model. It focuses on tangible, verified outcomes. That’s good! It cuts through the noise of reputation and branding. But that focus is also a limitation. By requiring a $100M+ exit or a $200M+ private round in the last five years, the list inherently favors investors in later-stage, momentum-driven companies. It might miss the brilliant early-stage angel who got into a future giant at seed but hasn’t hit those valuation milestones yet. The model calibrates for entry point and check size, which is fair, but the five-year window creates a recency bias. It rewards the current boom cycles—like AI and fintech—and can sideline investors whose legendary exits from a decade ago are still paying dividends but are now outside the window.
A New, Self-Sufficient Era?
So what does this all mean? Basically, European venture capital is growing up. The ecosystem is becoming self-sustaining. Successful exits create wealthy founders who become angel investors, which fuels more startups, and the flywheel spins. The “aging out” of iconic companies like DoorDash and Unity from eligibility isn’t a bad thing; it’s natural turnover, making room for the next generation. If this trend holds, the global VC map is permanently redrawn. You won’t have to move to Palo Alto to build a world-changing company, and you won’t have to invest solely in California to build a top-tier VC firm. That’s a huge deal. For more on the model itself, investors can check out the submission portal. The data, it seems, is telling a new story.
