Comparison between Europe tech startup scene vs the Silicon Valley one is quite unfair. I am based in Switzerland, you cannot imagine how hard is for a tech (worser if service) company to raise money. The model is extremely broken because the mind of an average European investor is completely different respect to the average American investor. In US the normal startup funding process works around a working prototype and how fast you can ship, in Europe, mainly here in Switzerland is about the protection you can give to a product with trademarks, patents and other things. So when you ask for money the first question is: is it protected? Or, can we protect it? Are barriers good enough so we can skip short-term competitors?
The second huge problem is the exit. In US, the IPO is a kind of fallback alternative to the acquisition, that is the main goal in a reasonable amount of time, so this makes the IPO not the favorite exit-strategy at all. In Europe it's actually the same, but the acquisition model simply doesn't work. You don't have any big tech company here giving the real exit-strategy option to investors. So the only chance you have to get them, is to prove that you can literally make a certain amount of money even in the worst case. Nobody believes that Apple, Amazon, Google, Facebook or whatever can acquire a Swiss startup company in the first 5 years of its life, so the result is that tech companies can barely raise money.
IMO, the Silicon Valley model is very risky, the motto "fail fast, fail often" is certainly attractive, but has a lot of downsides for funders and people involved, on the other hand the European scene is too slow, too hard and is always complaining about the fact that we are unable to compete against the Silicon Valley. I think the right balance is required, but it's just an opinion.