This is in part due to the popularity of equity crowdfunding in Europe, he said, and also the introduction of tax breaks for "angel investors".
"I believe we're at the beginning of something amazing," Vidra added. "We're going to see more and more European start-upsgrowing to become billion-dollar businesses."
But although early-stage funding might be powering ahead, it's sustaining the growth that is the real issue, according to Cable. He said there was a substantial gap between raising early-stage finance – "from family, fools and friends" – and later-stage investment.
As a result, most British companies have had to look to the U.S.' West Coast for later-stage funding, according to Peter Briffett, the COO of event planning app YPlan. Last year, YPlan announced a $12 million funding round led by U.S. venture capital firm Catalyst Partners.
"But things are changing. Ultimately I think there are investors here that are willing to take it to the next round levels," he told CNBC.
The risk if investors don't step up is that Europe'ssuccessful companies get snapped up by U.S. companies.
"We see far too many good British companies being swallowed up by M&A activity when it would be better for the country if they kept growing," Cable warned.
What is also not in European companies' DNA is self-promotion – or that's at least according to London Mayor Boris Johnson. Speaking at the launch of London Technology Week on Monday, Johnson said "a British diffidence about making billions of pounds" could be one reason why the country had not yet produced a tech giant.
And Cable concurred. "We don't have here the American, slightly over-the-top style – that's not very British," he said, although he stressed that diversity across the start-up scene, with a growing number of immigrant entrepreneurs, meant things were changing.
So with most industry-watchers agreeing that progress wasbeing made across Europe's tech scene, how long will it be before a tech giant – or "the next Google" - is born?
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"You're talking within three or four years, certainly on growth rate alone, you'll start to see some companies really taking that mantle up," YPlan's Briffett said.
But perhaps there is too much focus on Europe creating a Google, Facebook or Twitter. "These are super-mega unicorns, and they only come around every ten years," Chudzinski added. "There's no proper reason Europe hasn't produced one yet – just give it time."