What Atomico's Tom Wehmeier Reveals About Europe's Tech Future

Jan de Vries · 2026-07-29

In this exclusive interview, we sit down with Tom Wehmeier, Partner and Head of Intelligence at Atomico, to discuss European technology, the firm's investment philosophy, and the influential State of European Tech report. Tom's journey into venture capital didn't follow a straight path, and that's what makes his insights so valuable. ### From Telecom to Venture Capital Before joining Atomico, Tom worked in telecommunications. He watched shifts like the emergence of 3G and internet-based calling unfold. This experience taught him something crucial: how to spot hype cycles and take a patient, long-term view. It also showed him why big, established companies often struggle to respond to disruption. They're too busy protecting what they've already built. Tom explains that breakthrough technologies are almost always underestimated at first. Take mobile phones. Early forecasts predicted a market of only about one million devices. Yet that technology eventually reached billions of users. For Tom, this is a powerful reminder to recognize innovations that can fundamentally change how we behave. ### The Birth of a Landmark Report The conversation then explores how Atomico's State of European Tech report came to be. What started as a simple PowerPoint presentation turned into a major annual platform. It now covers everything from investment and talent to liquidity, regulation, and entrepreneurship. The report was created to fill a gap: there was no shared, evidence-based information about Europe's technology ecosystem. Tom previews what we can expect in the next edition. He says it will look at progress in funding innovation, reducing regulatory friction, empowering talent, and encouraging greater risk tolerance. The report will also dig into technological sovereignty and resilience across energy, computing, and defense. ### Europe's Commitment Gap Here's where it gets really interesting. Tom argues that Europe suffers from what he calls a "commitment gap." Policymakers and industry leaders might support initiatives like EU Inc. and push for more institutional investment in technology. But implementation often gets bogged down by political deadlock. Progress, he says, requires decisive leadership at both the national and European levels. ### Who Benefits from the Report? Tom explains how the report serves different audiences. Investors zero in on funding and liquidity. Policymakers care more about regulation and ecosystem sentiment. By making the data downloadable, Atomico lets journalists, founders, investors, and researchers draw their own conclusions. The report has grown into a year-round effort. It involves research partnerships, newsletters, roundtables, and wider industry engagement. Atomico also experiments with new formats, like synthetic audience tools, interactive Q&A features, and video content. ### A Look Back at Two Decades The interview wraps up by reflecting on Atomico's 20-year history. When the firm was founded, the idea that Europe could produce globally significant tech companies was far from certain. Venture capital as a major asset class in Europe seemed like a long shot. Tom believes the ecosystem has since exceeded expectations. Atomico, he says, has helped put European entrepreneurship on the global map. **Key Takeaways:** - Tom's telecom background shaped his analytical, long-term approach to venture capital and disruption. - Breakthrough innovations are often underestimated before they reach mass adoption. - The State of European Tech report provides a shared, evidence-based view of Europe's tech ecosystem. - The next report will examine funding, regulation, talent, risk tolerance, sovereignty, and resilience. - Europe must close the gap between political commitments and implementation through stronger leadership. - Atomico's belief in European technology has been validated by the ecosystem's growth and global relevance.