(Bloomberg) -- Philippe Laffont's investment firm Coatue Management is looking to expand in Europe with an office and staff, bringing a potential burst of funding to the region's tech sector.
Coatue is planning to add a European office soon, the New York-based firm said in a statement. It is also exploring hiring a partner in Europe, according to people familiar with the matter, who asked for anonymity because the discussions are private.
“We believe Europe is emerging as an important innovation hub in both the public and private markets, as evidenced by the increase in venture capital activity across the continent,” Dan Rose, chairman of Coatue Ventures, said in the statement.
After long lagging the U.S. and Asia, European startups are now raising more money than ever, producing a class of firms with valuations comparable to peers elsewhere. A June report from investment firm GP Bullhound found that Europe now has 166 “unicorns” -- companies valued at more than $1 billion -- with a combined worth of over $800 billion. Half of that value was created in the past year.
Read more: European Tech's ‘Eye-Watering' Valuations Raise Bubble Fear
Coatue managed nearly $38 billion for investors as of the end of last year, according to an April regulatory filing. Sequoia Capital has also opened a London office recently, and other firms including Tiger Global Management have financed numerous European startups this year.
Coatue already backs several startups in Europe, funding online events platform Hopin Ltd., rapid grocery delivery startup Gorillas Technologies GmbH, payment app Sunday and restaurant ordering software provider Choco.
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