LONDON — A growing number of renowned U.S. tech investors are moving to Europe to capitalize on the continent’s start-ups.

This comes as several European tech firms saw their valuations soar during the coronavirus pandemic. Hopin, an online events platform saw its valuation soar to $7.75 billionKlarna became a buy-now, pay-later company within two years after its incorporation. most recently valued at $46 billion

U.S. Venture Firms are flying people to Europe to hire staff and look for new talent. SpotifyThe next ASMLA Dutch semiconductor manufacturer, the “” whose market has reached $331 billion during the recession. global chip crunch

Alex Ferrara is a veteran investor and a partner of Bessemer Venture Partners. This firm has previously backed companies such as Pinterest. He moved to London from New York in September according to someone familiar with this matter, who requested anonymity because the subject was sensitive. CNBC did not receive a response from Ferarra immediately.

Last month also saw Silicon Valley venture company Lightspeed Ventures invest in Snap Games and Epic Games. hired Paul Murphy and Ross MasonTo lead the push for Europe by the company.

Murphy, a London resident, was among the initial investors in London’s Hopin. Mason, based in Geneva, was co-founder at MuleSoft. MuleSoft was then acquired by SalesforceIn March 2018, for $6.5 Billion

According to LinkedIn, Lightspeed also has Adrian Radu as a London associate, which is a former associate of Qatalyst Partners investment bank. They join Rytis Vitkauskas (Lightspeed Partner) who is based in London from Sept. 2019.

General Catalyst (an investor in) is another option. AirbnbAccording to LinkedIn, Stripe hired Chris Bischoff, a London-based managing director, in May, and Juliet Bailin, as principal, in June.

Europe is still lacking a technology giant like Google. AppleOr AmazonIt is the home of a growing number of tech firms worth hundreds or even thousands of billions. Some believe that Europe will soon have a technology firm comparable to the ones in America and Asia.

According to Hussein Kanji, London-based investor, “The consensus has changed from believing Europe to be a tech backwater to Europe having emerged as a global player with multiple categories owning companies”, he told CNBC. He cited Spotify, Klarna and Revolut. Darktrace

Kanji is a Hoxton Ventures partner.

He said that it was great for Europe’s ecosystem as 3/4 of winning European companies raise funds from U.S. funds. It makes one wonder if European technology will be dominated heavily by U.S.-seeking Americans. This is similar to how global investment banking or the City of London are dominated largely U.S. “

Sequoia Venture Capital is the largest venture capital company in the world. announced a move to London last yearMatt Miller, an experienced partner in the company, has moved to the U.K capital from San Francisco.

The firm was an investment bank that backed Apple GoogleThey were young, but they are now in good shape. office in MaryleboneThere are four talent directors and two partners.

Since opening its London office, Sequoia has supported more than 10 European companies. Sequoia is a much larger investor in Europe than it realizes. The company has been investing there for more than a decade now, supporting the likes Graphcore (Bristol) and Klarna (Stockholm).

“Being physically on the ground … enables us to move more quickly … and to dramatically level up the effort,” Miller told CNBC last year. I was going. [to London]One week per month, but that’s all you have. Being on the ground made a significant difference in our ability find new opportunities quicker.

Coatue Management is a New York-based hedge fund confirmed this month It has announced that they are planning to open an office in Europe.

CNBC spoke with Dan Rose, Coatue Ventures chairman. However, he did not give any specifics about where the European office would be located.

Rose, who used to be an executive at Rose said that Europe was emerging as an innovation hub in the private and public markets. Rose also spoke about Rose’s experience as an executive. FacebookAmazon.

Google Ventures, now GV, launched a Europe-specific operation with five London-based partners in 2015. However, things didn’t turn out as planned and there was a reorganization of the GV. European fund was ditchedAccording to reports, the California headquarters turned down many of the London investors’ ideas.

GV invests in Europe still, however it now has a global fund and not a European-specific one. In London, the number of partners is just 2.