📊 A closer look at who made the #cloudchallengers2026 list and what the numbers actually say. Thank you for the brilliant response so far - here's a snapshot of what's inside, with a Hall of fame bonus at the end that speaks for itself. But trust us, you'll want to read the full report too.
🏆 The 100 companies
Five years ago, we set out to find the European B2B companies that had what it takes to challenge the incumbents and become enduring success stories. That mission hasn't changed, but the landscape absolutely has.
This is the fifth edition of Cloud Challengers. 100 early-stage companies, spanning AI, data, developer tools, cybersecurity, fintech, industrials, robotics, and SaaS - all ranked on the three pillars we've always believed matter most at this stage: founders, funding, and product.
These aren't ones that might do something interesting one day. They're already doing it - and building the enduring success stories of the next decade in the process.
📈 What the data tells us
81% of companies are AI-native. In 2024, that number was 24%. That's not a trend - that's a complete reset.
62% of those are Vertical AI, going deep into specific industries rather than trying to do everything.
Team sizes have more than halved. Median FTE is down to 10, from 25 in 2024. Leaner, faster, more capital-efficient than ever.
Industrial & Robotics now makes up 11% of the cohort. Up from just 1% in 2024. A category that's quietly become impossible to ignore.
And perhaps the most telling stat of all - 80%+ of code is now LLM-generated. The way software gets built has fundamentally changed.
🎖️ The Hall of fame
Five editions in, it's worth pausing on what alumni of this list have gone on to achieve. Lovable at $6.6BN. Synthesia at $4BN. Sana at $1.1BN. Aikido Security at $1BN. Upvest at $735M. These are companies that appeared on early Cloud Challengers lists and have since helped define what European B2B can look like at scale. The 2026 cohort is next, we're sure of it.
Congratulations again to every founder and team who made it. 👏
The link to the full report is in the comments. ↓
#cloudchallengers2026 #notioncapital
Jos White | Kamil Mieczakowski | Radu Bozga | Thomas Diehl | Robin Wänlund | Britt Mulder