HELSINKI, Nov 20 (Reuters) - Tech pioneers and financial backers convene in Finland on Wednesday at Slush, a leading European launchpad for new ventures, focusing on potential improvements in funding accessibility, ramifications of Donald Trump's electoral triumph, and prospects for AI-propelled expansion. Slush, aptly named after Finland's November climate, provides a platform for venture capitalists and nascent company founders to exchange insights, assessing whether funding can reverse a three-year downturn and whether companies can emulate Klarna and Revolut's initial public offerings.
“Looking forward, cautious optimism is warranted. AI continues to draw substantial investment – nearly $40 billion globally in 2023 – reflecting confidence in its transformative capacity,” Slush CEO Aino Bergius informed Reuters prior to the event, anticipated to draw 13,000 attendees. Index, a major European venture capital firm, stated that the two-day event occurs "amidst a surge of optimism" in European technology, fueled by investment in AI.
“Ample capital exists in the market, and we perceive its active allocation,” Anastasija Plotnikova, CEO of crypto startup Fideum, remarked. Conversely, some startups attending the event expressed more reserved expectations regarding a market recovery. “While I anticipate some stabilization in funding circumstances next year, I maintain a cautious outlook,” noted Mathilda Strom, founding chief operating officer of Bioptimus, a developer of a foundational model for biology, citing economic instability and elevated interest rates. Funding for burgeoning tech firms in 2024 is projected to have declined for the third consecutive year, but a window for new listings is reopening, according to venture capital firm Atomico's Tuesday industry report. Nevertheless, Francesco Ricciuti, a deeptech VC investor at Runa Capital, suggested that repercussions from the U.S. election could negatively affect the sector if Trump's pledge to levy substantial tariffs on numerous goods materializes.