 Okay, hi everyone. It's so great to be back here on stage at Slush to share the state of European Tech 2023. And in the nine years that we've been doing this report, the story of European Tech has been full of twists and turns. We've seen records broken, dizzying highs, market corrections now, along with a few shocks that have put the whole ecosystem to the test. Now, before we dive in, I'd just like to give a huge shout out to everyone who helps to bring this year's report to life. So thank you to our partners, ORIC, HSBC, Innovation Banking, Affinity, and of course the team at Slush who've been there with us since the very beginning. And thank you also to the thousands of you who completed our survey and to the dozens of industry leaders who shared their thoughts and analysis with us too. So now the story of 2023. And it really has been a complex year to unpack. Amidst high inflation and interest rates, as well as continuing uncertainty, securing new customers and partners and access to capital has been even more challenging this year for both founders and investors alike. And yet it's really at times like these when it's even more important to embrace the risks that are inherent in trying to shape the future that we want. So for now I want to focus on how the ecosystem has been navigating the downturn. And Europe, let's face it, is facing the same trends as the rest of the world. Investment levels are down globally. In Europe that means we're on track for $45 billion of investment this year, down from $82 billion last year, and $100 billion the year before that. What's interesting though is that European levels of investment are up 18% compared to 2020, while every other region around the world is down over the same period. Still, this global retraction of investment is impacting the flow of capital between regions. In Europe this has meant a lower level of activity from investors from outside of Europe, with their participation falling in rounds across both the early and growth stages. And really emphasizing the importance for Europe to build its own stable dedicated supply of capital. Now, if last year was about plummeting valuations for publicly listed technology companies, this year has been a story of rebound and recovery. Although, of course, the overblown highs of 2021 remain distant peaks. Now, that recovery in multiples even encouraged a few companies to go public earlier this year. We saw arms blockbuster IPO in September initially being heralded as potentially the return of the public listing, but we've yet to see a full reopening of the IPO window materialized. And so whilst Europe boasts its strongest ever pipeline of potential tech IPO candidates, the bulk of those are now going to have to wait until 2024 and potentially beyond to list. Now, just quickly, M&A activity has meanwhile continued to tick along, realizing $36 billion in value this year. Now, reflecting what I talked about in terms of multiple compression in the public markets, valuations in the private sphere have continued to correct and returning now to normalized levels, hovering around five and 10-year averages at every stage from series A onwards. C, though, is the exception. We're still seeing that running against this trend. And what's also interesting is that it mirrors what we see in the U.S., though average valuations in Europe continue to be 30 to 60% lower than the U.S. across all stages. Now, last year when we published the report, so many of the headlines ended up being about the ecosystem losing hundreds of billions of dollars of value in just a few short months, resulting in a significant drop to end last year at $2.6 trillion. But as I talked about, we've seen the public markets rallying, and this has helped to bounce this number right back up to $3 trillion, supported to by the constant influx of thousands of new companies that are raising private capital for the first time. And despite a large increase in the number of down rounds, we're still seeing that 80% of all capital being invested still going into rounds that are flat or up. And as you can see here now, we look at this investment data again, but break it out a bit more granularly. And you can see the sharp drop in investment at the growth stages. And that is what almost entirely drove the total decline investment that we've seen. But after having seen the dip, we can now see five quarters of stabilization and even signs in the most recent period of a potential uptick. And there's two other things that I think are reassuring here. First, when we look at early stage investment, it stayed incredibly robust throughout the ups and downs that we've seen at the growth stages. And as Slush is a testament to, Europe has this amazingly vibrant early stage startup scene, and that is not being overlooked by investors. And then secondly, imagine this chart, but take out that overheated 18-month period from Q1-21 to Q2-22. And when you do, you get a clear sense of consistent, long-term healthy growth. And that is the trajectory that we're now back on. Now, challenges persist for diverse founding teams while there are some signs of positive progress at the earliest stages. It's still the case that more capital needs to flow to women and other underrepresented founders across all stages in order for the needle to move perceptibly. Now, even with two years of really strong capital market headwinds and negative signals that come from layoffs and from down rounds and companies failing, we're still seeing that local and global talent is betting big on the European tech industry. Yes, there's been a slowdown in the number of new joiners coming into the industry, certainly over the past three or four quarters. But in just five years, we've seen the European tech industry grow from 750,000 people to more than 2.3 million today. And what's more, Europe is a beneficiary of global talent movements in tech. It means we're gaining more international talent than we're losing. And the top ones here really stand out to me, showing that more tech talent is moving from the US to come and work here in Europe than is going in the reverse direction. I think really illustrates this pull that our companies now have and disproves a commonly held belief that for tech talent, all roads lead to Silicon Valley. Now, everything I've spoken about so far talks to this idea of stabilization in the ecosystem. But I want to talk now about what lies ahead, the risks in front of us, and how the ecosystem can capitalize on these strong fundamentals to go and shape the future. I'm going to start by looking at the rate of new tech startup formation, which has slowed by approximately 30% from its peak in 2020. But this slowdown isn't a bad thing. The tough macro means that only those with the vision, the grit, the determination to build an enduring company remain. And that's shown by the share of experience founders being at record levels this year. And also, when it comes to new tech startup formation, Europe's not playing catch up with the US. We're outpacing it and we have been for the last five years. I think, again, this really drives home the vibrancy that we now have in our ecosystem here in Europe. And this does, too. European talent wants to solve humanity's toughest challenges. Sustainability, climate, health are the top themes for job meavers this year, really demonstrating Europe's determination to go and build a better future. And we also see capital following the talent in the same direction, too. This year, startups operating in the carbon and energy sector captured 27% of all capital invested, and this made it the single largest sector in absolute funding levels, overtaking the usual suspects like fintech and software. Now, obviously, it wouldn't be the state of European tech 2023 if I didn't talk about the theme that has dominated all the headlines. This year has, in many ways, I think, been the year of AI. And we see that in the data, too, and especially pronounced at the seed stages. This year, AI companies were the top theme for investments at the early stage, including the largest seed round in European history with Mistral from France raising an inaugural round of over $100 million. Now, that's been a trend not just at the early stages, also at the gross stages, too. AI being responsible for 11 of these 100 million plus rounds, roughly 30% of all European mega rounds this year. Now, of course, as you see, a long way to go to reach the levels of investment seen in the US, but so promising to see the breadth of innovation around AI and the fact that European companies are starting to access capital at meaningful scale there, too. And where we see Europe has an edge is when it comes to AI talent. Over the past decade, Europe's not only witnessed a 10x increase in the number of people working in deeply technical AI roles, but also claims a larger resident population of these highly skilled AI professionals than the US. Now, there's a caveat because a sizable portion of that talent works for US companies operating here on the ground in Europe. But the innovators amongst that talent pool will inevitably spin out. And we've seen with a left alpha, with Mistral, with Koyutai, and many others that that is happening. And these underlying talent fundamentals provide such a solid foundation on which Europe can build homegrown AI champions. Now, over the past two decades, tech entrepreneurship has been on this meteoric rise. Europe now benefits from its largest ever pool of tech startups, currently more than 350 breakout companies. But those that will shape the future are the nearly 4,000 growth stage startups that have the potential to form Europe's next success stories. And that number itself is going to double over the next five years, just given the scale of early stage activity that we see all across Europe. It is such an incredibly exciting pipeline of future breakout companies. But how do we make sure that these potential game changes have every opportunity to succeed? And one thing that is abundantly clear is that European companies simply do not have the same access to capital as their US counterparts. Even though more startups are formed each year here in Europe, there is still a gap between European startups' likelihood of raising early stage capital versus those in the States. And that's a gap that only widens over a startup's life cycle. After five years, US companies are 40% more likely to have raised VC, even though European companies are just as likely to become a billion-dollar company after securing an initial round of funding. So we really need to make sure that European startups have that same chance of raising capital and therefore have the same shot at success. But while we've seen a 50x growth in the value of the European tech ecosystem over the past 20 years, the same is not true of institutional investment. In fact, the share of alternative assets under management allocated to VC by European asset managers has actually declined over the past two decades. Today, just 8% of European asset manager AUM is going to VC. In the US, that number is 16%. And in absolute terms, this equates to an almost trillion-dollar allocation gap, $1.1 trillion in the US, $200 billion in Europe. So Europe's LP landscape, its institutional investors, need to match the scale of ambition of its founders and startups. And as a case study, Skype is the perfect example of what can happen when investors take the risk and lean in. 20 years ago, when Skype was founded in the aftermath of the dot-com crash, people were hesitant to take risk and invest. Nearly every investor in Europe passed on them. But eventually, after securing investment, Skype was able to become one of Europe's biggest successes and has subsequently had this incredible impact on the ecosystem. We measured this year, the impact. 950 new companies have now spun out and been founded by Skype alumni across two generations. Some becoming billion-dollar companies and employing tens of thousands of people all across Europe. And it's far from the only example. More and more founders emerging from Europe's biggest successes, with almost 3,000 founders having spun out from unicorns founded in just the last decade. And this is really a testament to the enormous potential that our ecosystem holds. But potential means nothing if we don't act on it. This year, our ecosystem has proved its resilience. The flywheel has kept spinning. But it's no longer just about being resilient. This is the time to double down on embracing the risk inherent in building the future. Right now, companies are still 40% more likely to be funded in the US versus Europe. Our public markets continue to hold back on tech. Those are gaps that we need to bridge. European institutions can still do more to put their cash behind growth and innovation. Policymakers must also continue to play a role in embracing and incentivizing this. We will only capture the full potential and value of the tech opportunity if all corners of the ecosystem are fully committed. As I said, there's never been a stronger pipeline of world-class founders building breakthrough companies. Let's make sure we don't let them down. Thank you.