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Rafael Henrique | SOPA Images | LightRocket via Getty Images

LONDON — Europe’s tech sector has already attracted more venture capital investment so far this year than it did throughout the whole of 2020, according to data shared with CNBC.

Start-ups in the continent have raised a whopping 43.8 billion euros ($60.9 billion) in the first six months of 2021, figures from Dealroom show, easily surpassing the record 38.5 billion euros invested in 2020.

That’s despite the fact that the number of venture deals signed so far is around half the amount agreed in 2020. About 2,700 funding rounds have been raised so far in 2021, versus 5,200 last year, according to Dealroom.

Swedish buy-now-pay-later firm Klarna has raised over $1.6 billion in two financing rounds already this year, German stock trading app Trade Republic bagged $900 million in a May fundraise and British payments provider Checkout.com snapped up $450 million in January.

It suggests that European tech firms are pulling in far larger sums of money per investment than in previous years, defying the economic uncertainty of the coronavirus pandemic, which provided a big boost to online services.

Guillaume Pousaz, CEO of Checkout.com, said start-ups have often been created in times of crisis, citing the emergence of several new financial technology companies in the wake of the 2008 global financial crisis.

“When people lose their jobs, people actually spend a lot of time at home or have to reconsider their lives,” Pousaz told CNBC’s Squawk Box Europe during the Viva Technology conference in Paris.

“When there’s a big transformational change in society, it’s quite often the time that you get the the emergence of a lot of new start-ups. We are particularly excited for this opportunity.”

On Tuesday, French President Emmanuel Macron said he wanted to see the creation of at least 10 tech companies in Europe worth over 100 billion euros each by 2030. While Europe is now home to many unicorns — start-ups valued at over $1 billion — it is yet to produce a company with the scale of American and Chinese tech giants.

Scale-Up Europe, a group that includes the founders of UiPath and Wise, proposed 21 recommendations to help the region build “the next generation of tech giants.” Among the suggestions are tax credits to corporates for investing in start-ups and regulatory changes that adapt to new innovations.

Sebastian Siemiatkowski, CEO of Klarna, said the U.K. leads Europe when it comes to tech policy, and that there are a number of issues that need to be addressed before the European Union can produce tech giants of its own.

“I am concerned with how the regulatory environment in the European Union has developed,” he told CNBC, adding that Britain is focused on rules that make it easier for consumers to move from one tech service to another.

Siemiatkowski highlighted EU regulation of web cookies as an example of “poor regulation,” given the multitude of consent messages users receive when they visit various websites. “It’s driving us to become more complacent and less worried about privacy rather than the opposite,” he said.

“I hope to see now that the European Union steps up and starts writing really good regulation that helps the liberty and movement of consumers to increase competition in spaces like retail banking but also technology in general,” Siemiatkowski added.

Still, as the number of $1 billion start-ups in Europe continues to grow, the number of exits in the continent is also increasing. This year has already seen some notable acquisitions, including Etsy’s $1.6 billion purchase of U.K. fashion resale app Depop and JPMorgan’s takeover of London robo-advisor Nutmeg.

As for stock market listings, a number of notable debuts have taken place in London in particular, including food delivery app Deliveroo, cybersecurity firm Darktrace and reviews site Trustpilot. Money transfer giant Wise, formerly known as TransferWise, plans to go public in the U.K. capital soon.

Siemiatkowski said it was too early to tell when Klarna, which was last privately valued at $45.6 billion, would go public, but that it was likely to happen in the next one or two years. Pousaz said a Checkout.com IPO was unlikely to happen soon but “of course one day we will be a public company.”

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Baidu plans to expand its robotaxis to Europe with Lyft deal

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Baidu plans to expand its robotaxis to Europe with Lyft deal

Cheng Xin | Getty Images

Baidu will bring its driverless taxis to Europe next year via a partnership with U.S. ridehailing firm Lyft, as the Chinese tech giant looks to expand its autonomous vehicles globally.

The robotaxis will initially be deployed in the U.K. and Germany from 2026 with the aim to have “thousands” of vehicles across Europe in the “following years,” the two companies said.

Lyft has had very little presence in Europe until last week when it closed the acquisition of Germany-based ride hailing company FreeNow, which is available in over 150 cities across nine countries, including Ireland, the U.K., Germany and France.

Deployment of the autonomous cars is “pending regulatory approval,” Lyft and Baidu said in a Monday statement. It’s unclear if Lyft will offer Baidu’s robotaxis via the FreeNow app or another product.

The partnership marks a continued push from Baidu to expand its robotaxis to international markets.

Last month, Baidu partnered with Uber to deploy its autonomous cars on the ride-hailing giant’s platform outside the U.S. and mainland China, with a focus on the Middle East and Asia, which will launch later this year. The partnership also covers Europe, though a launch date for the region has not yet been disclosed.

In China, Baidu has been operating its own robotaxi service since 2021 in major cities like Beijing, allowing users to hail an Apollo Go car through the app. Meanwhile, for Lyft, the deal could boost the firm’s presence in the region as it looks to take on rivals like Uber and Bolt.

Autonomous vehicles have become a big focus for ride-hailing companies which have looked to partner with companies that are developing the technology for driverless cars.

In the U.K., a market that Lyft is targeting, Uber this year partnered with self-driving car technology firm Wayve to launch trials of fully autonomous rides starting in spring 2026.

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Tesla awards Musk $29 billion in shares with prior pay package in limbo

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Tesla awards Musk  billion in shares with prior pay package in limbo

Tesla approves 96 million-share award to CEO Elon Musk

Tesla CEO Elon Musk was awarded an interim pay package of 96 million shares of the company over the weekend. The shares would be worth about $29 billion.

Tesla stock climbed about 2% Monday.

The company said in a filing Sunday that the pay package would vest in two years as long as Musk continued as CEO or in another key executive position.

The new award would be forfeited if the legal battle over his 2018 compensation ends with Musk being able to exercise the larger pay package, which was valued at $56 billion.

In January, Chancellor Kathaleen McCormick upheld a prior ruling in the case, Tornetta v. Musk, that the compensation plan was improperly granted. Tesla shareholders approved the pay package in June 2024.

The case is now before the Delaware Supreme Court.

Musk’s 2018 pay package included a set of performance targets for the company, which were all achieved.

The judge called it “the largest potential compensation opportunity ever observed in public markets” in her January decision and said it was 33 times higher than the nearest comparison, which was Musk’s prior compensation package.

Elon Musk: We'll have hundreds of thousands of full self-driving Teslas by the end of next year

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Legal AI startup Harvey hits $100 million in annual recurring revenue

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Legal AI startup Harvey hits 0 million in annual recurring revenue

Harvey co-founders Winston Weinberg and Gabe Pereyra

Courtesy of Harvey

Artificial intelligence startup Harvey on Monday announced it has reached $100 million in annual recurring revenue, or ARR, just three years after its launch. 

Harvey runs an AI-powered legal platform for lawyers at law firms and large corporations. Its technology can help with legal research, drafting and diligence projects, and the company is also building industry-specific use cases. 

Winston Weinberg, co-founder and CEO of Harvey, said the startup’s ARR milestone has largely been driven by usage. Harvey has surpassed 500 customers, including CNBC’s parent company, Comcast, and its weekly average users have quadrupled over the past year, the startup said. 

“Most of our accounts grow pretty massively,” Weinberg told CNBC. “You’ll sell to a Comcast or to a law firm, and they’ll buy a couple hundred seats, and then they expand that usage pretty quickly.” 

Weinberg is a former lawyer, and he co-founded Harvey with his friend and roommate Gabe Pereyra, a former research scientist at Google DeepMind and Meta. The pair launched the company in 2022 after experimenting with OpenAI’s large language model GPT-3, which came out before its viral AI chatbot, ChatGPT. 

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The company’s name, Harvey, is partially inspired by one of the main characters in “Suits,” a legal drama TV series, Weinberg said.

Harvey has raised more than $800 million from investors, according to PitchBook, including Kleiner Perkins, Sequoia Capital and the OpenAI Startup Fund. The company also earned a spot on the 2025 CNBC Disruptor 50 list. 

“With gen AI, and how fast everything’s moving, you just have to learn how to scale really, really fast,” Weinberg said. “I’d say, like every six months I go through a new scaling experience.”

In the months ahead, Weinberg said Harvey is focused on its global expansion and continuing to build out its team. The startup recently hired Siva Gurumurthy, the former director of engineering at Twitter, as its chief technology officer, and John Haddock, who spent a decade at Stripe, as its chief business officer. 

Weinberg said he has learned to appreciate the value of a strong team, especially during periods of rapid growth. 

“We’re starting to get to the point where we have really good leadership in place,” Weinberg said. “That just changes your ability to scale to such a massive degree.”

Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC.

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