Europe’s tech scene has struggled to emerge from the shadows of giants in the U.S. and Asia, but friendly local policies and a global overflow of investment capital are now giving the region a gusher of cash.

Investments in European tech firms soared to $93.3 billion last year, a record and a 142% increase over the year before, according to CB Insights. The number of deals jumped as well, to 7,051 from 5,746 the year before and 6,051 the year before that.

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