Welcome to the 2026 Cloud Challengers report
Download ReportWelcome to the fifth edition of Notion Capital's annual Cloud Challengers Top 100 - the definitive guide to the best emerging business software start-ups in Europe. We identify the most promising early-stage companies with the vision and momentum to challenge established incumbents and become the enduring success stories of tomorrow.
Our definition of business software spans data, developer tools, cybersecurity, fintech, industrials, robotics, and SaaS. The vast majority of this year's companies are AI-native, reflecting the profound platform shift reshaping the technology landscape.
Since 2022, our data-driven methodology has evaluated companies across three core pillars: founders, funding, and product - the strongest predictors of long-term success at the early stage.
Congratulations to every company that made this year's list. We hope you enjoy the report.
81%+
of this year's Top 100 are AI-native companies
5th
edition of the Cloud Challengers annual report
100
emerging B2B software companies featured in this year's report
The vast majority of this year's companies are AI-native, reflecting the profound platform shift reshaping the technology landscape.
Jos White, General Partner, Notion Capital
Report contributors
Meet the team at Notion who put this report together
We hope you enjoy the report!
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