Lazard T100 European Growth Index - 2025
We are pleased to publish the third edition of Lazard's T100 Index.
The T100 index includes ~100 of the most exciting growth-stage technology companies in Europe, selected by the Growth Capital Advisory Team at Lazard. The constituents reflect our ongoing coverage of the European growth market, and includes companies who operate at the inter-section of:
- Disruptive technological trends
- Evolving investor interests (based on our weekly interactions)
- Lazard's deep domain expertise and transaction experience
2025 T100 Index
The graphics below show the list of active companies in the T100 listed by sector and stage. Please click through to the sector pages to access further detail and full profiles of the companies by clicking on the logo.
In this year's edition, around half of the companies have been retained (vs. 2024), which means we welcome ~50 new companies into the list for 2025. Notable updates for this year include:
- An increasing contribution of FinTech, Enterprise Software & DeepTech companies (which represent almost 80% of the list); and
- A greater emphasis on later-stage companies, which now also contribute almost half of the index
Overview of New Entrants:

Selecting the T100 Index
The selection process for the T100 leverages the Growth Capital Advisory Team's interactions with companies and investors over the last 12 months. The main inputs for T100 inclusion include:
- Bottom-up review: Analysis of company fundamentals on a real-time basis
- Direct management connectivity: Assessment of company performance & potential based on management interactions with Lazard
- Financial disclosure: Evaluation of historic and forecasted financials
Segmentation
Based on the companies selected, we can segment the constituent companies by sector and stage
By stage
We breakdown company maturity into three: Venture, Growth and Later Stage. The chart below provides an indication of how we define each. However, these definitions are not absolute and we retain flexibility to account for the following types of situation:
- Revenues are lower than those indicated but there is potential for growth in the future to significantly exceed that indicated
- Sector dynamics increase time to monetization, with asset-heavy industries often taking longer to reach the commercial stage
- The technology or market position being built could be highly strategic to a potential acquirer

By sector
With regards to sector, we cut the market into six; Consumer; DeepTech; Enterprise Software; FinTech; Healthcare; and InfraTech. While there are consistent factors between companies in these sectors, the business models can vary widely; and therefore we also segment by vertical, to differentiate and group companies based on common attributes.

Concluding Remarks
Congratulations to the 2025 T100 companies!
Lazard remains hugely excited by the continued development and evolution of the European growth ecosystem. We hope this year's list is useful and please reach out to the GCA team to discuss any companies in more detail
Meet Lazard's Growth Capital Advisory Insights Team

Alastair Birkby
Director

Matthew Sykes
Associate

Ahmed Majid
Analyst