Start-ups in the region are on track to haul in a record $121 billion in funding this year, according to a report from venture capital firm Atomico, roughly three times the $41 billion of capital raised in 2020.

It’s the first time European start-ups have raised more than $100 billion in a single year, and highlights surging interest from investors in the continent’s rapidly-growing tech industry.

“It’s been a defining year for European tech,” Tom Wehmeier, Atomico’s head of insights, told CNBC. “I think what we’ve seen in the numbers is that European tech is creating value faster than ever.”