Dependence on cloud’s ‘big three’ is hurting EU startup growth — it’s time for a new approach

In July, Sweden’s payments firm Klarna marked a drop in valuation at $6.7 billion, down from $46 billion in June 2021. The buy-now-pay-later firm — which was once seen as Europe’s most valuable private tech company — recorded its first ever large-scale layoffs in May as it shed 10% of its staff. Similarly, Berlin’s once fast-growing rapid grocery delivery startup Gorillas recently laid off 300 employees. Between the global economic downturn and poor public market performance, Europe’s world of tech is currently facing a major decline in venture funding, sliding to its lowest point in nearly two years. Investments in…

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