LONDON — Coatue Management in the United States is set to establish a new European office to capitalise on Europe’s rising tech industry.

This was the news first reported by BloombergCNBC confirmed the confirmation by a spokesperson from Coatue

CNBC’s Dan Rose, Coatue Ventures chairman, stated that the company currently has offices in New York City, San Francisco, Hong Kong and Hong Kong.

Rose was previously an executive with Amazon and Facebook. Rose stated that Europe has the potential to be a major innovation hub.

This New York-based company is among the largest tech investors worldwide. It has invested billions in fast-growing businesses it thinks will grow.

Notable investments from the firm — founded in 1999 by Philippe LaffontAnd Thomas Laffont — include TikTok parent-company ByteDance, Snap and Spotify

CNBC received information from a source familiar with the venture capital market that Coatue had been having trouble finding people to work in Europe. The source also stated that Coatue’s office would most likely be located in London.

The person stated that there is a shortage of talent. He asked to keep his identity private due to the sensitive nature of the conversation. Coatue refused to comment.

Coatue’s anticipated arrival in Europe is less than one year after the renowned Silicon Valley venture capital company. Sequoia opened a new office in London

The CNBC source stated that several large U.S. technology investment firms also want to recruit people on the ground for Europe.