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Europe's technology sector begins to feel Silicon Valley's woes

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Deliveroo has raised almost US$200 million, employs roughly 400 people worldwide and operates in 12 countries, but Mr Shu says his startup needs to make the economics work and understand that 'every round of funding must be treated as our last' - something that is symptomatic of a change across many European startups.

London

AT the offices of Deliveroo, a food delivery startup with headquarters in an upmarket neighbourhood here, signs of activity are everywhere. The communal kitchen hums with 20-

something developers. A gold-painted scooter, which co-founder William Shu once used to make

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