Midas List Europe recognizes the venture investors who have consistently delivered superior returns. Each year, we take a closer look at the top 10 companies that helped drive this success and impacted how investors placed on the list.

This year’s company drivers underscore the continued difficult exit environment in Europe, the Middle East and globally. AI and gaming have been bright spots for Europe’s tech sector, driving growth in the challenging funding environment that has defined 2024. While there are two noteworthy additions to this year’s list of drivers, the companies that generated the highest returns for investors remained largely consistent with last year’s list.

Defined by their resilience and rapid growth, here are the top ten companies that helped investors secure a spot on the 2024 Midas List Europe.

#1: Stripe

Earning the top spot on the drivers list this year, Stripe continued its run as one of the most valuable privately held companies in the world. An employee tender offer in February 2024 made waves across the industry, valuing the company at $65 billion and signaling further delays in its much-anticipated IPO. In July 2024, it was publicly confirmed that Stripe’s 409A valuation was $70 billion. In a period defined by down rounds, it was promising to see Stripe post valuations above its previously stated $50 billion in the year prior.

The company announced several significant collaborations in 2024, including a partnership with Nvidia aimed at expanding global access to AI-driven services, and an agreement with Pepsi to leverage Stripe’s platform to enhance direct-to-consumer and B2B ecommerce. Rivian and AMC Networks also joined Stripe’s growing list of enterprise clients, which already included tech giants like Salesforce and consumer staples like Instacart.

The company also announced visionary product updates this year that focused on scaling globally, including enhancements to Stripe Billing and expanded in-person payment capabilities. With this steady string of partnership announcements and product enhancements, Stripe will continue being a company to watch.

Where It Counted the Most on the Midas List Europe 2024:*

Avi Eyal | Entrée Capital | #3

Tom Stafford | DST Global | #5

#2: Coupang

Ecommerce giant Coupang, “the Amazon of Asia,” has continued its reign as one of the top drivers propelling investors up the Midas List Europe, due in part to its aggressive investments in logistics, rapid delivery capabilities and diverse business segments.

With expanded offerings like enhanced food delivery and video streaming services, the company has solidified its position as a multifaceted digital ecosystem. Despite global economic uncertainties, Coupang last reported revenues of $7.1 billion, nearly doubling its profits from the prior year.

This growth is in part due to its January 2024 acquisition of Farfetch, a global online luxury company, in a deal valued at $500 million. That deal is expected to enhance Coupang’s position in luxury retail and expand its product portfolio. Notably, Fartech brought in $748 million for Coupang in the first two post-acquisition quarters.

With the integration of Farfetch, Coupang has set itself apart as a multifaceted tech giant capable of transforming every aspect of ecommerce, including doubling down on its focus to redefine the customer experience for luxury clients everywhere.

Where It Counted the Most on the Midas List Europe 2024:*

Avi Eyal | Entrée Capital | #3

#3: Revolut

Making its debut on the drivers list, this leader in digital banking achieved remarkable success in 2024, marked by significant user growth, innovative product launches and strong financial performance. The company was most recently valued at $45 billion, an increase from $33 billion in 2021, and has added over 10 million new customers this year to surpass 50 million globally. Revolut is the most downloaded finance app in Europe and has claimed its stake as the most valuable private tech company in Europe.

The company’s growth has come from an expanded product suite, including enhancements in its credit offerings such as personal loans and credit cards, across multiple European countries. Revolut continues to expand its reach into international markets after securing its long-awaited U.K. banking license this July after a three-year wait and a banking license in Mexico in April.

Revolut recently unveiled its bold 2025 plan, which includes launching a digital mortgage product, an AI-powered financial assistant, branded ATMs and plans to develop biometric payment solutions. We’ve seen incredible momentum from Revolut over the past year, and with its visionary 2025 roadmap, we expect the company to be a staple on the Midas List Europe top drivers list.

Where It Counted the Most on the Midas List Europe 2024:*

Pawel Chudzinski | Point Nine Capital | #1

Tom Stafford | DST Global | #5

Carlos Eduardo Espinal | Seedcamp | #11

#4: DoorDash

DoorDash has continued to dominate the delivery space and in turn, our list of companies driving the Midas List Europe. Just last month, DoorDash announced both a jump in orders of 18% compared to the year prior and its first operating profit since 2020.

Driving the boost in orders and profitability is DoorDash’s partnerships with household names like Lyft as well as its diversification into non-food related deliveries such as groceries, convenience and retail. The company also expanded its DashPass program and moved into more international markets.

In short, the company has become a one-stop logistics powerhouse in an extremely competitive market. Those able to spot the potential for DoorDash to revolutionize and reinvent what’s possible with delivery have in turn built real value for their investors.

Where It Counted the Most on the Midas List Europe 2024:*

Rahul Mehta | DST Global | #8

#5: Roblox

Gaming industry leader Roblox reported a significant increase in daily active users in its latest earnings report, surpassing 79 million, a jump of 27% compared to the year before. Driving this massive growth and helping Roblox secure a spot on this list is Roblox’s innovation and shift towards an older audience.

Roblox is also looking to blur the lines of gaming and commerce with its recently announced Shopify integration, allowing for the sale of physical items directly within Roblox. This move highlights the compelling opportunities to combine commerce with immersive experiences like gaming to attract tech-savvy consumers. It also showcases Roblox’s positioning at the front and center of innovation in the gaming industry.

At its annual Roblox Developer Conference this year, the company announced its long-term goal of reaching one billion daily active users by improving creator tools and fostering a more inclusive community. It’s a lofty goal, but Roblox has proven its ability to innovate and attract Gen-Z consumers, who are projected to make up more of the wallet share of consumers globally in the near future.

Where It Counted the Most on the Midas List Europe 2024:*

Neil Rimer | Index Venture Europe | #13

#6: UiPath

The AI boom has been incredibly advantageous for process automation and AI-enabled robotics giant UiPath. The company, which helps companies reduce costs and operational errors by automating repetitive work-related tasks such as data entry, has continued its success with the latest quarter’s revenue increasing 31% year-over-year. This is hardly a surprise in the current high inflationary period where companies have scrambled to bring down costs and improve efficiency.

UiPath continues to capitalize on the growing demand for AI-powered automation by launching significant platform updates, such as OpenAI connectors and generative AI tools. Integrations and partnerships with key players like AWS and SAP have also strengthened its ecosystem. As companies globally push to improve efficiency and deliver profitability, UiPath has benefitted from a surge of customers.

Where It Counted the Most on the Midas List Europe 2024:*

Philippe Botteri | Accel Partners (London) | #2

Luciana Lixandru | Sequoia | #7

Carlos Eduardo Espinal | Seedcamp | #11

Ondrej Bartos | Credo Ventures | #17

Eric Liaw | Institutional Venture Partners | #19

#7: Confluent

Confluent had much to celebrate during its most recent earnings in October, including its 10-year anniversary. The company also posted an increase of 25% in revenue compared to the year prior, with subscription revenue growing by 27%. Notably, its Confluent Cloud segment surged by 42%, highlighting the growing demand we’ve seen, and expect to continue to see, for cloud-native data streaming solutions.

This growth was driven in part by increased enterprise adoption and integration of AI models into its data streaming solutions. These advancements have positioned Confluent as a clear leader in the data streaming industry. With recent add-ons like streaming solution WarpStream, Confluent is positioned to continue its data streaming domination.

Where It Counted the Most on the Midas List Europe 2024:*

Matt Miller | Sequoia | #18

#8: Wiz.io

Wiz, a cloud security platform, was founded in 2020 at the height of the coronavirus pandemic, primed to benefit from the move towards remote work and the shift to cloud environments. This year, it solidified its position in the industry by raising $1 billion at a $12 billion valuation, driven by increasing demand for cloud-native security solutions.

The company’s offerings have positioned it as a pioneer in protecting organizations that are leveraging generative AI technologies. Wiz’s integrations with platforms like Microsoft Azure earned it the title of Microsoft Commercial Marketplace Partner of the Year. With cybersecurity incidents on the rise, Wiz is well-positioned to continue its growth trajectory.

Where It Counted the Most on the Midas List Europe 2024:*

Gili Raanan | Cyberstarts | #9

#9: Nubank

Experiencing another remarkable run in 2024, Nubank surpassed 100 million users and solidified its position as the largest digital bank outside of Asia by customer count. Its previous success in Brazil was mirrored in Mexico, where customer growth reached nearly nine million this year.

The bank, which became the most valuable in Latin American this year, also continued to innovate with security-focused features like “Modo Rua” and “Alo Protegido,” enhancing customer trust while protecting against fraud and theft. Nubank’s success and growth amid a challenging broader environment is impressive given the overall lackluster performance of the fintech sector.

Industry watchers will look to see if Nubank can continue its growth as it pursues an aggressive international growth strategy.

Where It Counted the Most on the Midas List Europe 2024:*

Tom Stafford | DST Global | #5

#10: Monday.com

Productivity software developer Monday.com, launched in 2014 by Roy Mann and Eran Zinman, helps teams assign tasks, track projects and manage workflows. The Israeli-based company went public on the Nasdaq in 2021 at a value of about $7 billion. While the public markets have not rewarded SaaS companies with the same high valuations we saw a few years ago, the company has remained focused on growth and a move to profitability.

Monday.com continues to make product and process improvements, hiring a COO earlier this year with strong operational experience and a background in cybersecurity, an area of growing importance for the company. After several years of narrowing losses, the company announced in August it had hit $1 billion in annual recurring revenue. Despite a bumpy year in the public markets, company shares are up more than 60% in 2024.

With continued growth planned for 2025, Monday.com seems well positioned to continue delivering for its investors.

Where It Counted the Most on the Midas List Europe 2024:*

Avi Eyal | Entrée Capital | #3

*Does not include all investors in the company.