Fundraising by European startups has skyrocketed this year, dominated by megarounds and rising valuations.

“Europe is making up for lost time,” said Tom Wehmeier, partner and head of insights at London venture firm Atomico. For decades European startups lagged behind their international counterparts in ambition and capital, Wehmeier said. That proved “expensive when you look at Europe’s share of global market cap creation. But things are changing very quickly,” he said.