The Methodology Behind The Midas List Europe: How Data Shapes The Rankings The Midas List Europe seeks to be the definitive ranking of the top tech investors in Europe and the Middle East. This annual list is compiled using a rigorous, data-driven methodology in an effort to ensure accuracy and fairness in identifying the most successful venture capitalists in the region. By combining data validation and a sophisticated analytical model, we ensure the list provides a credible and authoritative ranking that reflects the true performance of these investors in driving tech innovation and growth across the European ecosystem. Several criteria must be met to be considered for one of the 25 spots on the Midas List Europe. VCs must reside in Europe or the Middle East and invest in a portfolio that includes European and/or Middle Eastern companies. Investors also must invest on behalf of third-party limited partners; investments made from personal balance sheets or for a single corporation, foundation, or other entity do not qualify, as they often have additional objectives outside of performance driving their investment strategy. Investors’ rankings are determined by the performance of their portfolio companies, which must have either exited in the last five years through a public offering or sale at a valuation of $100 million or more, or be private, unexited companies valued at $200 million or more at the last priced round. This historic period of five years helps capture consistent records of success while rewarding recent bets. Collecting and Validating Data The process of compiling the Midas List Europe begins with thorough data collection. Forbes and TrueBridge Capital invite hundreds of investors across dozens of firms to submit their deal data. This data provides details on the companies they have invested in, including the stages of investment and the outcomes of those companies. While the submission period is open, the Midas team reviews publicly available data sets to ensure accuracy, consistency and completeness of information. It also reviews industry information and data from past lists, which creates a comprehensive set of data points for analysis. In order to ensure the integrity and complete confidentiality of the data, TrueBridge acts as an independent third-party data partner, receiving and analyzing the submissions. Every step of the process is framed to maintain trust and the credibility of the list. Running the Midas List Europe Model The Midas team employs a sophisticated model to analyze the broad set of data points. This model considers several key metrics for each deal attributed to a VC. These include the total number of investment deals, the valuation of the companies at exit or current valuation, and the stage at which the VC invested. The model assigns a score to each deal based on these variables, with a weighted emphasis on exited companies and more recent returns. For example, if multiple VCs have invested in the same company at different stages, the model calculates a score for each VC based on their specific investment and level of participation. This process is repeated for all deals attributed to each investor, resulting in a score that determines the ranking for each individual. Identifying List Trends for 2024 In order to rank VCs based on the value they have created for their investors, this list must, by definition, be backward-looking. An interesting side effect of this historic look is that the newest trends in investing are not immediately reflected in the list. The obvious example of this in 2024 is AI. While AI investments can be expected to dictate the outcome of the list in the coming years, 2024 remains a relatively balanced and broad year, with companies across SaaS, fintech, cybersecurity, and entertainment all contributing. Another 2024 trend is the continued difficulty of the exit markets. With few companies completing a successful exit this year, metrics around stage of investment, ownership, board participation and continued follow-on support have greater weight than in a year of robust exit activity. The ultimate goal with the selection of the Midas List Europe is to have a thorough and transparent process, designed to identify the most successful investors placing bets on startups in Europe and the Middle East. Venture capital and the revolutionary companies it enables, from Spotify to Adyen to Mistral, are an important and exciting part of the innovation economy. We hope that the Midas List Europe provides some insight into these companies and the partners working alongside them every day to help them grow.
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The Methodology Behind The Midas List Europe: How Data Shapes The Rankings

The Midas List Europe seeks to be the definitive ranking of the top tech investors in Europe and the Middle East. This annual list is compiled using a rigorous, data-driven methodology in an effort to ensure accuracy and fairness in identifying the most successful venture capitalists in the region. By combining data validation and a sophisticated analytical model, we ensure the list provides a credible and authoritative ranking that reflects the true performance of these investors in driving tech innovation and growth across the European ecosystem.

Several criteria must be met to be considered for one of the 25 spots on the Midas List Europe. VCs must reside in Europe or the Middle East and invest in a portfolio that includes European and/or Middle Eastern companies. Investors also must invest on behalf of third-party limited partners; investments made from personal balance sheets or for a single corporation, foundation, or other entity do not qualify, as they often have additional objectives outside of performance driving their investment strategy.

Investors’ rankings are determined by the performance of their portfolio companies, which must have either exited in the last five years through a public offering or sale at a valuation of $100 million or more, or be private, unexited companies valued at $200 million or more at the last priced round. This historic period of five years helps capture consistent records of success while rewarding recent bets.

Collecting and Validating Data

The process of compiling the Midas List Europe begins with thorough data collection. Forbes and TrueBridge Capital invite hundreds of investors across dozens of firms to submit their deal data. This data provides details on the companies they have invested in, including the stages of investment and the outcomes of those companies. While the submission period is open, the Midas team reviews publicly available data sets to ensure accuracy, consistency and completeness of information. It also reviews industry information and data from past lists, which creates a comprehensive set of data points for analysis.

In order to ensure the integrity and complete confidentiality of the data, TrueBridge acts as an independent third-party data partner, receiving and analyzing the submissions. Every step of the process is framed to maintain trust and the credibility of the list.

Running the Midas List Europe Model

The Midas team employs a sophisticated model to analyze the broad set of data points. This model considers several key metrics for each deal attributed to a VC. These include the total number of investment deals, the valuation of the companies at exit or current valuation, and the stage at which the VC invested. The model assigns a score to each deal based on these variables, with a weighted emphasis on exited companies and more recent returns.

For example, if multiple VCs have invested in the same company at different stages, the model calculates a score for each VC based on their specific investment and level of participation. This process is repeated for all deals attributed to each investor, resulting in a score that determines the ranking for each individual.

Identifying List Trends for 2024

In order to rank VCs based on the value they have created for their investors, this list must, by definition, be backward-looking. An interesting side effect of this historic look is that the newest trends in investing are not immediately reflected in the list. The obvious example of this in 2024 is AI. While AI investments can be expected to dictate the outcome of the list in the coming years, 2024 remains a relatively balanced and broad year, with companies across SaaS, fintech, cybersecurity, and entertainment all contributing.

Another 2024 trend is the continued difficulty of the exit markets. With few companies completing a successful exit this year, metrics around stage of investment, ownership, board participation and continued follow-on support have greater weight than in a year of robust exit activity.

The ultimate goal with the selection of the Midas List Europe is to have a thorough and transparent process, designed to identify the most successful investors placing bets on startups in Europe and the Middle East. Venture capital and the revolutionary companies it enables, from Spotify to Adyen to Mistral, are an important and exciting part of the innovation economy. We hope that the Midas List Europe provides some insight into these companies and the partners working alongside them every day to help them grow.