A new survey by Zubr Capital has revealed that the majority of relocated tech founders in Europe feel shut out of local startup ecosystems, describing them as “in a bubble” and often lacking meaningful access to capital and quality support.
The findings, published in September 2025, stem from the Relocated Tech Survey, which collected insights from over 100 participants, primarily startup founders, along with investors and senior executives.
Respondents were drawn from major relocation hubs across Europe, with Poland and Cyprus among the most represented, offering what Zubr Capital described as a rare dual founder–investor perspective on how well Europe integrates incoming entrepreneurial talent.
According to the survey, 82 per cent of relocated founders said that local ecosystems are “in a bubble”, while 51 per cent considered this situation critical.
Only 34 per cent of respondents viewed their local venture capital market as developed, while 55 per cent reported that raising funds was difficult.
Although 70 per cent of founders found accelerators accessible, only 20 per cent rated them as truly valuable, underscoring a perceived gap in quality rather than availability.
Mentorship and community support also appeared weak, with just 40 per cent reporting good access to mentors and 37 per cent noting a developed culture of give-back within their ecosystems.
The survey further revealed a strong appetite for networking, with 68 per cent of respondents expressing interest in more events and 66 per cent finding them valuable. However, only 31 per cent were satisfied with the current frequency of such gatherings.
From the investors’ perspective, the primary challenge was not late-stage capital but talent shortage. Only 22 per cent reported strong deal flow, and 67 per cent identified the main bottleneck as a lack of business talent, compared with just 33 per cent who blamed capital constraints.
Konstantin Zapolianski, Senior Investment Director at Zubr Capital, said that relocated founders could play a crucial role in shaping the continent’s innovation landscape.
“Relocated founders may become a strong driver of innovation and growth for the European tech ecosystem,” he said.
“At the same time, our survey shows how easily this talent can be overlooked,” he added.
He also warned that “Europe risks underutilising the very people who have the hunger, resilience and ingenuity to build the next generation of startups.”
“For investors, that gap is a signal that by backing relocated entrepreneurs, they can tap into some of the most promising deal flow on the continent,” he stated.
The report highlighted a paradox at the heart of Europe’s startup scene. While the continent successfully attracts ambitious founders from abroad, it often fails to convert this inflow into investable growth.
For policymakers, the results expose structural weaknesses in local ecosystems, while for venture capitalists, they signal underexplored opportunities.
As global competition for tech talent and innovation intensifies, Zubr Capital warned that Europe’s ability to integrate relocated entrepreneurs will be key to its future standing in the global innovation economy.
It should be mentioned that Zubr Capital is a Cyprus and Poland-based growth equity firm focused on technology investments, managing more than $250 million and holding stakes in over 20 portfolio companies, including two unicorns.
Its investors include the European Bank for Reconstruction and Development, the Dutch Entrepreneurial Development Bank, and Wargaming.