Over $400 billion has been erased from the value of Europe's tech industry this year

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Rafael Henrique | SOPA Images | LightRocket via Getty Images

Europe’s tech industry has lost more than $400 billion in value this year, according to venture capital firm Atomico.

The combined value of all public and private European tech firms has fallen to $2.7 trillion from a peak of $3.1 trillion in late 2021, Atomico said in its annual “State of European Tech” report Wednesday.

The figures underscore what has been a rough year for tech. Once richly-valued technology companies have seen their shares come under pressure from global factors, including Russia’s invasion of Ukraine and tighter monetary policy.

The Federal Reserve and other central banks are raising rates and reversing pandemic-era stimulus to stave off soaring inflation. That’s…

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